The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The.
tilluntrciat
Volume 135
1/
financial
lirtitude
New York, Saturday, October 22 1932.
Number 3513
The Financial Situation
ME has been another sale of Treasury bills 110,000. The average price in this instance was
\
by the United States Government the present 99.965, making the rate on a bank discount basis no
week, and the experience of all recent previous more than 0.14% per annum. Thus we have three
periods has been repeated in that the bills have been successive bill issues, each establishing a new low
disposed of at a merely nominal cost, the bids ruling record, and all of them at rates so diminutive that
so high that the income return to the purchasers of the proceeding becomes absolutely farcical. On
the bills is close to nothing. It had been supposed Monday next, according to announcement made on
that a minimum figure had been reached in the cost Wednesday, tenders are to be received for another
of this class of borrowing to the Government in the $80,000,000 of these Treasury bills. These will also
abnormally low rates previously reached, but with be 91-day bills, and the proceeds are meant to retire
each succeeding offering of these bills the prices $83,317,000 of maturing bills, no portion of the issue,
realized by the United States has kept rising still therefore, representing an addition to the public
higher, thereby making the rate of return to the debt.
purchasers of the bills and the cost to the GovernAs things are now going, the United States should
ment correspondingly smaller. We made reference soon be able to borrow at no cost whatever. In fact,
to the anomalous state of the financial markets at the prices now 'being realized for Treasury bills
which permits, and, in fact,
the Government may be
forces a situation of that
said to be doing virtually
Our A. B. A. Number.
kind in our remarks in this
this, at the present time,
We send to our subscribers to-day along
article two weeks ago, and
the cost having dropped to
with the "Chronicle" itself our "American
the further sales of bills
such trifling figures that,
Bankers' Convention" Section.
which have occurred since
as already stated, it is
This is an exceedingly valuable publicathen give additional emphareally inconsequential.
tion, inasmuch as it gives the papers and
sis to this feature and the
Let the reader well unaddresses read before the Annual Convencomments made thereon.
derstand what a rate of distion at Los Angeles, Calif., October 3 to 6,
In our remarks two weeks
inclusive, of the American Bankers' Assocount of 0.14% per alinum
ago we pointed out that on
ciation and its Divisions and Sections, at
actually means. The 0.14%,
which were discussed banking, financial,
Sept. 26 the Treasury had
it will be observed, is less
industrial and economic questions touchsold $100,665,000 of bills at
. than one-seventh of 1% per
ing intimately the interests and the welan average price of 99.941
year. Now translate this
fare of the entire community.
(the bills are sold on a dis0.14% in its application to
count basis and hence rethe amount of bills sold—
ceive no interest at maturity), being an average rate that is, convert the whole operation into
actual dolon a bank discount basis of only about 0.23% per lars and cents. The tenders accepted aggregated
annum. This was the lowest rate of interest ever en- $75,110,000, and that is the amount
that will have
joyed by the Government up to that time. We also to be repaid by the Government
to the purchasers
noted that on Oct. 7 the Treasury disposed of $75,- of the bills at maturity on
Jan. 18 next, the total
954,000 more of these bills, these running for 92days, given being the face amount
of the bills, no interest
and realized a price of 99.951, making the average accruing thereon. The price realized
was, as stated,
rate on a discount basis only about0.19% per annum. 99.965. Applying this to the
$75,110,000 of bills
This established a still lower record, and made a cor- issued the proceeds of the sale are
found to have been
respondingly closer approach to absolute nil. The $75,083,711.50. The
difference between this figure
proceeds of the Sept. 26 issue at 0.23% went to retire and the face amount of
the bills is only $26,289, and
substantially the same amount of maturing bills, but accordingly, the
Treasury gets a loan of $75,110,000
of the proceeds of the $75,954,000 sale of bills on for three months at the trivial cost of $26,289.
Oct. 7 at 0.19% per annum only $50,278,000 went to
We need hardly say that such a state of things is
take up maturing bills, the remainder representing full of menace. It not only puts a premium upon
an addition to the public debt in that amount.
Government borrowing, since it can be done with
Now comes this week's sale, establishing a still such facility and at such insignificant cost, thereby
lower record. This occurred on Monday and con- encouraging debt-incurring and reckless expendisisted of $75,000,000 of 91-day bills, issued to meet ture, but reflects a state of the money market which
maturing bills of substantially the same amount, and carries serious independent menace in a number of
the Treasury accepted tenders aggregating $75,- different ways. Let no one suppose that the price
2696
Financial Chronicle
paid for these Treasury bills, representing short-term
bori;qwing, is indicative of the high state of credit
of the United States. It is nothing of the kind. It
reflects a wholly abnormal condition of the money
market, artificially created, one manifestation of
which is that there is a vast accumulation of idle
funds at the financial centers for which no employment can be found. Accordingly,they find their way
into _Government obligations as the readiest means
at hand. It is common to hear it said that the flow
of funds into short-term Government obligations
grows out of a desire on the part of banks and financial institutions to keep themselves in a liquid condition, and there has hitherto been a basis of truth
that when
in the statement, and yet it would seem
or next to nothing,
the rate gets down to nothing,
over
the banks and financial institutions who take
retain the funds in
these bills might just as well
their own vaults. Obviously there is no sense or
reason in going through the process of making investments that are barren of any income return.
The truth is, the artificial state of the money market is due to artificial causes, and the remedy must
be found (and certainly a remedy is called for when
a point is reached where Government borrowing can
be conducted free of cost) in the removal of these
in two
causes,, These causes are found,in the main,
the large-scale holdings of
circumstances, namely
United States Government obligations by the Fedthe
eral Reserve banks and the easy money policy of
System, to which the Reserve auFederal Reserve
thorities have so persistently adhered through all the
years of the depression, on the theory that it would
lead to a revival of trade and business, whereas the
precise opposite has been the result, and business
depression has widened and grown in intensity.
There would be no such congestion of funds if the
Federal Reserve, by its fatuous course, had not cooperated to bring it about. The Federal Reserve
banks have recently discontinued adding to their
acquisitions of United States Government securities,
which acquisitions at one time ran at the rate of
about $100,000,000 a week, but their holdings of such
Government securities stand at the huge figure (according to this week's return) of $1,850,999,000. At
the same time the volume of Reserve credit outstanding, as measured by the total of the bill and security
holdings, stands at $2,203,558,000, while there are
likewise $2,717,430,000 of Federal Reserve notes in
actual circulation. All these things betoken a high
state of inflation.
In the last analysis, therefore,it is Federal Reserve
inflation that is responsible for the artificial and
abnormal state of the money market. Is this a
healthy or a sound state? What has it led to? We
have already seen that in the case of Treasury bills
a point has been reached where Government borrowing costs practically nothing. And in the case of
other forms of borrowing, what do we find? The
call loan rate on the Stock Exchange, after having
remained pegged at 2% per annum for months, was
last week dropped to 1% per annum, and outside the
Stock Exchange money is obtainable on call at only
34 qf 1% per annum. Time loans on security col4
lateral are quoted at 3 of 1% for all dates from 30
days to four months. The rate for prime commercial
4%.
paper running from three to four months is 13
for acceptances of the Federal ReThe buying rate
serve Bank of New York on maturities up to 90 days
is f%, and the open market rate for acceptances
Oct. 22
1932
eligible for purchase or rediscount by Federal Reserve banks is only % of 1% per annum bid and Y2 of
1% asked.
The banking business cannot be successfully carried on at such abnormally low rates of return; in
fact, it will mean starvation if long continued. The
Government is now engaged in active efforts through
the Reconstruction Finance Corporation to prevent
further bank failures, but here is a state of things
which,if continued, must eventuate in the extinction
of many banking institutions, if not in their insolvency. Why should it any longer be tolerated when
the cause is artificial and easy of removal. In its
present inflationary course, the Federal Reserve
System is being perverted from its right use. It
must never be forgotten that Reserve credit is super.
credit imposed on the credit of the ordinary banks,
and hence is to be sparingly used and only for seasonal purposes and in the case of emergency. During recent years the country has passed through a
number of crises or emergencies where the liberal
use of super-credit was warranted and even demanded. There was more or less hoarding at times,
and there were large withdrawals of gold for export.
But the situation is now changed. Hoarding is no
longer being practiced to any great extent, and gold
is now flowing towards this country in large volume.
At the same time, business is now so depressed that
it has little need of banking credit or banking accommodation while speculation is absolutely dormant,
both in the security market and in the commercial
market. We do not hesitate to say that at such a
time the proper functioning of the Federal Reserve
System would require that there should not be a
single dollar of Reserve credit outstanding, nor a
single Reserve note, and all efforts ought to be
directed towards that end in correction of a monetary
/
situation which is full of peril unless a remedy is
applied.
Yet the country seems still to be wedded to the
notion that what is needed to promote or bring about
business revival is unlimited banking credit, and
that there can never be too much of it, whereas the
exact opposite is the case. In this frame of mind,
whenever a further plunge downward in money rates
to the zero point occurs, instead of there being a
demand in current comment for the removal or reduction of excess banking credit, about all that one
hears is the question how soon the Federal Reserve
banks may be expected to make a further cut in
their rates in order to be in line with money conditions—which is tantamount to suggesting that
there shall be further inflation when there is already
too much inflation. The Financial Editor of the
New York "Evening Post," Ralph West Robey,in his
article on Wednesday gave expression to a thought
which might well find wider application. He expressed himself to the following effect:
"It is regrettable that we do not have a group of
bankers who will talk to our Federal Treasury in as
frank terms as the New York bankers talked to New
York City a few days ago. Superficially, of course,
it appears that there is little occasion for such an
outspoken admonition to the United States Government, but any one who will take the trouble to look
under the surface cannot help but be convinced that
economies in our Federal Treasury are about as
necessary as in the case of New York City.
"We have gone about as long as possible under
the guidance of politicians who maintain that Government expenditures cannot be reduced. Of course,
Volume 135
Financial Chronicle
they can be reduced. All we need is a real will to put
through economies.
"New York City politicians maintained that there
could be no substantial economies just the same as
other city, State and Federal officials have refused
to admit that there could be any real reduction in
expenses. New York City changed its mind when
it ran up against a stone wall and no longer was able
to get hinds. Unless some real public pressure is
brought at other places the same situation will develop and ultimately other public bororwers will find
that they are against the same kind of a stone wall.
"In the case of the Federal Government the Treasury has just borrowed at the astounding rate of 0.14
of 1%. As mentioned above this indicates super'
ficially that never in the history of the world has
there been a central government with a better credit
standing. It should be remembered, however, that
never in, the history of the world has there been a
central government that had a Federal Reserve System willing to go to the eztent that ours has in making a market for its securities."
There is a world of truth in what is said in the
afbove excerpt, only we would go a step further and
say that in order to lay the foundation for a lasting
period of business revival it is necessary that our
money market shall be restored to a normal condition where excess credit will no longer be the
menace which it surely is now, where inflationary
tendencies will be held in check; where the banks
will be permitted to earn a living return which they
cannot do now, and where Government borrowing
will be held in rigid restraint because of increasing
cost instead of being invited and encouraged by rendering the process easy and virtually free of cost.
2697
The trade advantages are mainly in trade with
the silver-using countries of the Far East. These
advantages were pointed out by us in our annual
"Cotton Crop Report," published in our issue of
Sept. 24. The review of the cotton trade in Europe
contained in that annual report was written by a
well-informed British specialist, and he pointed
out that while spinners and manufacturers in the
English cotton industry during the first nine months
of 1931 suffered a very depressing period, a dramatic
change took place in September when the British
Government surprised the world by suspending the
gold standard. As a result, it is pointed out,
Lancashire's yarn and cloth, owing to the fall in the
value of the pound, declined in price from 15 to 20%
as compared with yarn and cloth produced in co`untries which remained on the gold standard, and these
countries included, of course, Japan, Lancashire's
biggest competitor in the Far East and Eastern markets. Prior to the suspension of the gold standard,
production in Lancashire was about 50% of capacity,
but by the middle of October it had advanced to 80%.
There was a much bigger demand for cloth,and prices
became more remunerative.
For the first time in a number of years individual
spinners and manufacturers were able to employ all
their machinery. In some sections, particularly in
the Yorkshire doubling industry, it was found impossible to complete the orders on hand, with the
suit that the mills began working in excess of the
48 hours per week. Later, however, Lancashire's advantage in the export market was impaired to some
extent by other governments following Great Britain's example and abandoning the gold standard.. In the middle of December 1931 the Japanese
Government followed in the footsteps of Great
Britain, and within a very short time, our chrrespondent says, nearly two-thirds of the world's export trade in cotton piece goods was being done by
countries which had abandoned the gold standard.
The value of the yen depreciated, and this enabled
Japanese manufacturers to produce cloth and ship
it to India and other markets at a lower price 'than
Lancashire. Great Britain, therefore, lost some of
the advantage which she had gained in India and
China, where Japan is her chief competitor. The
effect was less severe on the Continent, in West
Africa and in South America, though in the Middle
and Near East Lancashire also lost some ground to
Japan.
Speaking generally, however, the depreciation in
the pound sterling which followed the suspension of
gold payments in September of last year has been
a distinct advantage to Great Britain, and continues
to be an advantage with Far Eastern countries, with
which countries so much trade is done by Great
Britain. It was explained by Neville Chamberlain
after the recent British World Conference at Ottawa
that Great Britain had no intention of an early
return to the gold standard, and world conditions
were given as the reason for the reluctance, but trade
conditions with the Far East furnish still another
consideration, and it may be that this has been an
influence in letting the level of support for the pound
sterling drop to a lower basis this week than before.
NE of the events of this week has been another
bad break in the rate for sterling exchange.
Tuesday the rate dropped over 4c. to the pound
On
sterling, and Wednesday there was a further downward dip of nearly 3c., though followed by a rally in
which part of the loss on that day was recovered.
In other words, taking cable transfers as a basis, the
rate dropped from a high of $3.44 11/16 on Monday
/
to $3-3734 on Wednesday, with a recovery to $3.39%
before the close of that day, since then the rate has
remained comparatively stable, with the range on
Thursday $3.391 8@$3.40, and on Friday $3.39 11/16
/
15/16. A variety of explanations has been
offered for this further depreciation in the pound
sterling. It was hinted that Great Britain had definitely decided to make the December payment on its
indebtedness to the United States and was making
preliminary preparations to that end by accumulating the necessary exchange or gold for the purpose,
but both statements met with official denial. On
the other hand,it was perfectly plain that the British
authorities had for the time being withdrawn support, though the reason for such withdrawal, after
it had been continued so long, was not forthcoming.
There have also been intimations that the L150,000,000 Exchange Equalization Fund,especially created for the purpose, had been exhausted, but this
found little credence, and the fact that support again
came at the lower levels to which the rate had been
allowed to fall showed that there was no basis for
the rumor.
A fact which is quite generally overlooked is that
there are certain trade advantages to Great Britain
EW YORK CITY finances still remain in a Very
in the low rate of exchange, and that, accordingly,
.
tangled state. The Tammany bloc in the
a low rate is not viewed altogether with disfavor,
though obviously there would be a desire not to let Board of Estimate has this week yielded very gri?dgingly to the requirement that the city budget must
any decline in the rate proceed too far.
O
N
2698
Financial Chronicle
be very substantially reduced in order to restore the
credit of the city to the point where a market can
be found for the obligations the city will be obliged
to float in order to take care of current maturities
and to provide for current needs in the shape of payrolls, interest charges, and the like. Charles E.
Mitchell, Chairman of the National City Bank,speaking for himself and his institution, and also on behalf
of Winthrop W. Aldrich, Vice-Chairman of the Governing Board and President of the Chase National
Bank, which is acting in conjunction with the National City Bank, presented the situation with great
force and clearness when he pointed out that in
insisting on a drastic cut in the budget the banks
were simply acting out of the dictates of necessity
and were far from being governed •by a desire to
impose any particular policy upon the city administration. Before the banks could undertake to purchase any considerable amount of the city's new
obligations they must be certain that they can dispose of these obligations to the investing public, and
the credit of the city has been so seriously undermined by reason of the growth in the size of the
budget, and the absence of any positive indications
that the appropriations are to be materially reduced,
notwithstanding the promise made by the Walker
Administration at the beginning of 1932, as a result
of which promise the bankers marketed a $100,000,000 issue of three to five-year notes of the city
(which, by the way, were floated by the banks and
banking institutions without a dollar of profit to
themselves, though Mr. Mitchell in his address before the Board of Estimate did not make any mention of this fact) that without positive assurance
that a drastic cut in the appropriations is really to be
made it would be absolutely impossible for the
bankers to sell even a moderate amount of any
new obligations. The expression he used was that
the credit of the City was actually "crumbling".
This is a strong word and Mr. Mitchell used it
simply because no other word could so aptly describe
the disturbing situation existing.
In response the Board of Estimate evolved a
budget which is nominally $72,959,696 less than
that of the present year, having been reduced from
the record figure of $631,366,297 to $558,406,601,
but it is only necessary to observe that $49,750,000
of this represents merely a change in the program
of financing the subways, from the present fouryear bond plan to the 50-year bond method, to make
it plain that the greater part of the cut consists
merely of a bookkeeping readjustment and that there
is no genuine saving or actual reduction in odtlay.
In these circumstances it becomes a positive duty
on the part of the citizens to see to it that the
Tammany candidate for Mayor in the person of
John P. O'Brien be defeated, notwithstanding his
high character, and be replaced by the opposition
candidate, Lewis H. Pounds, who can be depended
upon to see to it that real economy is practiced in
the administration of city affairs. ConsicreTing
the huge majority rolled up by Mayor Walker three
years ago and considering also that there are 140,000 office holders, who, along with their relatives
and friends are certain to rally to the support of
Tammany, the task seems almost impossible of
accomplishment and certainly it is an herculean
undertaking but in view of the Seabury revelations
it cannot be deemed hopeless if pains are taken to
Oct. 22 1932
arouse public sentiment to do its duty in the
premises.
As it happens, too, the huge registration of voters
which has just taken place would seem to indicate
that public sentiment has really become aroused,and
very intensly aroused. This years registration is
almost 50% larger than that of last year, which was
an off year. No less than 2,334,131 persons qualified
to vote on last week's registration days as against
only 1,542,996 in 1931 giving an increase of almost
800,000. Of course registration is always largest
in Presidential years, but even as compared with
1928, the previous Presidential election, there is an
increase of over 300,000, the number this year at
2,334,131 comparing with 2,029,618 in 1928. Accordingly there ought to be at least a fair chance of
beating the Tammany contingent two weeks hence.
Certainly no effort to that end ought to be relaxed
since it will mean so much for the city, and at the
same time benefit will accrue to the entire nation
through the knowledge that the finances of the
metropolis of the Western Continent are once more
to be placed on a sound and efficient basis.
NE source of anxiety has been removed the
present week by the announcement of Governor Roosevelt relative to his attitude concerning
the soldier bonus proposal. Mr. Roosevelt made
his attitude known in the address which he delivered
at Pittsburgh on Wednesday of the present week
and did this by simply recalling a statement made
by him last April, when he said: "I do not see how,
as a matter of practical sense, a government running
behind $2,000,000,000 annually can consider the anticipation of bonus payment until it has a balanced
budget, not only on paper, but with a surplus of cash
in the Treasury." This is plain and unmistakable,
and Mr. Roosevelt takes pains to say that his views
have not changed since then. We say this removes
a source of anxiety, since in the public mind greater
concern has been felt with reference to this soldier
bonus demand than with reference to any other
single thing, and Mr. Roosevelt's statement puts him
in opposition to the payment the same as President
Hoover, removing all ground for anxiety on that
point, no matter which candidate may be elected, and
affording assurance that the public mind may rest
in peace in that respect.
O
MONG the changes in corporate dividend declarations the present week may be mentioned
action of the Atlantic Coast Line RR.in announcthe
ing that no interest can be paid Nov. 1 1932 on the
$135,100 4% certificates of indebtedness outstanding, as "no income, after payment of mortgage
bond interest and expenses, has been earned this
year." Inasmuch as this interest takes precedence
over any dividend on stock, no dividend is to be paid
Nov. 10 on the outstanding 1,967 shares of 5% noncumul. pref. stock, par $100. Last May the regular
/
semi-annual payment of 21 2% was made on these
shares. The Shawinigan Water & Power Co. declared a dividend of only 12c. a share on the common
stock for the quarter ended Sept. 30, payable Nov.15,
and a dividend of 13c. a share for the quarter ended
Dec. 31, payable Feb. 15 next. The distribution
was 25c. a share on Aug. 15 and on May 16 last, and
this compares with still larger payments at previous
quarterly dates, namely, 50c. a share on .Tan. 11 1932
and Oct. 10 1931, and 62%c. a share each quarter
A
Volume 135
Financial Chronicle
from January 1930 to and including July 1931. The
Minneapolis-Honeywell Regulator Co. made the
quarterly dividend on common stock only 25c. a share
payable Nov. 15 as against 50c. a share on Aug. 15,
and 75c. a share at previous quarterly dates. The
Keystone Telephone Co. of Philadelphia on Oct. 21
voted to defer the quarterly dividend of 75c. a share
on the $3 cumul. preference stock and the quarterly
dividend of $1 a share on the $4 cumul. preference
stock.
HE changes in the Federal Reserve statements
this week are along previous lines and call for
no extensive comment. The amount of Federal Reserve notes in circulation has been further reduced
from $2,737,843,000 Oct. 12 to $2,717,430,000 Oct. 19,
a contraction which is to be hailed with satisfaction,
seeing that National bank circulation continues to
increase under the recent change in the law. The
volume of Reserve credit outstanding, as measured
by the bill and security holdings, has also been further reduced,this time from $2,217,263,000 to $2,203,558,000. In the different items going to make up
this total the only change is a further decrease in
the discount holdings of the 12 Reserve institutions
from $327,667,000 to $313,539,000, reflecting diminished borrowing on the part of the member banks.
The acceptance holdings remained virtually unchanged, standing at $33,583,000 the present week
and $33,278,000 last week, and the total of United
States Government securities held also remains virtually unchanged, with the amount the present week
$1,850,999,000 as against $1,850,896,000 last week,
though some important changes have occurred in the
component parts of these holdings of Government
securities, the amount of Treasury notes held having
been reduced during the week from $390,578,000 to
$352,086,000, while the amount of certificates and
bills held has been increased from $1,039,550,000 to
$1,078,050,000. Gold holdings have further risen
from $2,931,958,000 to $2,955,605,000. In the ratio,
however, of total reserves to deposit and Federal Reserve note liabilities combined there has been an
increase only from 61.3% to 61.7%, notwithstanding
the increase in the gold holdings and the concurrent
econtraction in the volume of Reserve notes outstanding. The explanation is found in the fact that there
has been a big increase in the deposit liabilities,
mainly by reason of the fact the Reserve deposits of
the member banks increased during the week from
$2,245,791,000 to $2,325,546,000.
The amount of United States securities held as
-part collateral for Reserve notes has further diminished during the week from $495,000,000 to $464,-500,000. The amount of acceptances held by the
Reserve institutions for account of foreign central
banks has fallen during the week from $45,227,000
-to $41,766,000. On the other hand, foreign bank
deposits are slightly larger, having risen from
$8,177,000 to $10,280,000; a year ago, on Oct.21 1931,
these foreign bank deposits aggregated $160,910,000.
T
OME recovery appears in the figures of the foreign
trade of the United States for the month of
September. Merchandise exports for that month
were valued at $132,000,000 and imports at $98,000,000. As to exports, the above figures were the
largest since May, and imports the largest since
June. The greater part of the increase in the value
of exports was in the case of raw cotton, shipments
S
2699
abroad of that important product exceeding each
month since March. The foreign trade, however,
continues very greatly reduced as compared with
last year—in fact, both exports and imports are
very much lower in amount than for many years
back, excepting for the preceding two or three
months. In September 1931 merchandise exports
were valued at $180,228,000 and imports at $170,384,000. The decline in September exports compared
with a year ago is $48,228,000, or 26.8%, and in imports $72,384,000, or 42.5%. For the nine months
of the current year, exports have amounted to
$1,188,894,00 against $1,841,775,000 last year, a
reduction of $652,881,000, or 36.0%, and imports
$1,015,301,000 compared with $1,618,674,000 for the
nine months of 1931, this year's figures showing a
loss of $603,373,000, or 37.3%.
On the percentage basis, exports for September
have improved somewhat over a year ago compared
with the report for nine months, although the decline for September continued quite heavy. The
reduction as to imports for the past month, however,
was relatively very much greater than for the nine
months, and is even more unsatisfactory than for
exports. The balance of trade for September continues largely on the export side, shipments from
this country exceeding imports by $34,000,000, the
ratio of the latter amount to imports being 34.7%;
for the nine months of 1932 the excess of exports was
$173,593,000, or only 17.1% of imports.
The export trade balance for September was relatively much higher than that for the year to date.
For September 1931 exports exceeded imports by
$9,844,000, the latter being only 5.8% of imports.
For the nine months of 1931, January to September,
inclusive, the excess of merchandise exports over
imports is $223,101,000, the ratio in the latter case
being 13.8%.
Cotton exports this year have been very much
better than last year, and for most of the months
in excess of those of 1929 and 1930. Shipments of
cotton to foreign countries last month totaled 749,461
bales compared with 462,760 bales in August and
562,523 bales in September 1931. Prices, too, for
September this year were higher, the value of cotton
exports in that month being $32,127,200 against $18,125,100 in August and $23,457,000 in September of
last year. Cotton exports last month increased in
value over August $14,000,000, and exports other
than cotton were also higher than in the preceding
month, the increase being nearly $8,800,000. September was the first month showing an increase in
the value of merchandise exports of any amount in
nearly a year.
It is necessary to go back to August 1931 for any
month with a smaller amount of gold exports than
appeared for September, while gold imports for the
month just closed were again slightly higher, and
were in excess of any month back to February last.
Gold exports in September were only $60,000, and
imports $27,957,000. For the nine months of 1932
gold exports have amounted to $809,438,000 and imports to $217,013,000, the excess of gold exports for
the year to date being $589,425,000. For the same
period in 1931 gold exports were $30,545,000 and
imports $367,261,000, the latter being higher by
$336,716,000. It was in October of last year that
the enormous movement in export shipments of gold
from this country began, which continued with little
interruption until last June. Silver exports last
2700
Financial Chronicle
month were again considerably reduced, amounting
to only $869,000, while silver imports were larger,
the total for September being $2,352,000.
HE New York stock market this week has again
been more or less depressed, though with no
pronounced weakness until Friday. Trading has
been of small volume, and the fluctuations generally
within narrow limits until the break on Friday.
Prices the rest of the week drifted more or less from
day to day. Developments have not been very important except that there has been continued weakness in the commodity markets, or more particularly
in wheat and cotton. The December options for
4c. on Thursday
wheat in Chicago got down to 473
/
and closed yesterday at 4834c. as against 4818c. on
/
Friday of last week. Spot cotton in New York was
down to 6.35c. on several days during the week, and
yesterday was quoted at 6.30c. against 6.55c. on
Friday of last week; on the other hand,the steel trade
appears to be developing slightly rising activity from
week to week, the "Iron Age" reporting the mills of
/
the country as now operating to 191 2% of capacity
as against 19% last week, 18% the previous week,
and 17 % the week before, though, as the "Age"
/
1
2
puts it, "still lacking conspicuous support from such
important consumers as the railroads, the automobile manufacturers and the construction enterprises."
The big drop in sterling exchange on Tuesday and
Wednesday attracted some attention, though it cannot be said to have been a market influence of any
great consequence, while yet being an unfavorable
factor. The Presidential campaign speeches continue to exercise a deadening effect upon trading,
the disposition being to await the outcome and watch
the effects before entering upon definite commitments on one side or the other of the market. Late
on Wednesday rumors gained currency that Governor Roosevelt would announce his stand in opposition to the soldier bonus, and this induced a rally
in the market which was carried a little further
on Thursday, but did not reach any greatproportions,
and was followed by a slight reaction at the close of
the day. The tobacco stocks have been under pre&
sure most of the week on account of increased competition from 10c. cigarettes, and the tObacco group
may be said to have been the one group with a distinct trend downward nearly the whole week. The
railroad list has perhaps displayed greater firmness
than the average, but the only explanation vouchsafed for this has been that carloadings were now
increasing from week to week, and this necessarily
meant a larger volume of traffic and better earnings.
Bond prices have been well maintained, and this has
been an encouraging feature, though some bonds
showed a sagging tendency on Friday. Not a great
many new records of prices for the year were established during the week, only six stocks touching new
low levels for the period since the first of the year,
while 14 stocks recorded new highs for 1932. The
call loan rate on the Stock Exchange has continued
to rule at the 1% figure adopted last week.
Trading continued very light. At the half-day
session on Saturday last the sales on the New York
Stock Exchange were 593,510 shares; on Monday
they were 770,310 shares; on Tuesday, 1,020,900
shares; on Wednesday, 1,303,330 shares; on Thursday, 1,055,950 shares, and on Friday, 1,241,695
shares. On the New York Curb Exchange the sales
T
Oct. 22
1932
last Saturday were 75,325 shares; on Monday,97,160
shares; on Tuesday, 111,500 shares; on Wednesday,
145,105 shares; on Thursday, 111,040 shares, and on
Friday, 150,020 shares.
As compared with Friday of last week, prices are
irregularly changed, but mostly lower. General
Electric closed yesterday at 151 8 against 1578 on
/
/
Friday of last week; Brooklyn Union Gas at 78
against 74 .bid; North American at 28 against 294;
1
Standard Gas & Elec. at 16% against 1814; Con/
solidated Gas of N. Y. at 5478 against 55%; Pacific
/
Gas & Elec. at 27% against 28; Columbia Gas & Elec.
at 12% against 14; Electric Power & Light at 7%
against 87 Public Service of N. J. at 46 against
8;
461 2; International Harvester at 21 against 22%;
/
J. I. Case Threshing Machine at 401/s against 42;
Sears, Roebuck & Co. at 183 against 193 Mont4
4;
gomery Ward & Co.at 11% against 1234; Woolworth
/
at 361 4 against 3634; Safeway Stores at 49 against
/
/
/
1
4
50; Western Union Telegraph at 26% against 28%;
American Tel. & Tel. at 10118 against 106; Int. Tel.&
/
Tel. at 918 against 10; American Can at 491 2 against
/
/
5112; United States Industrial Alcohol at 2418
/
/
against 25 ; Commercial Solvents at 83 against
/
1
4
4
9%; Shattuck & Co. at 8 against 814, and Corn
/
Products at 4918 against 5018
/
/
.
Allied Chemical & Dye closed yesterday at 70%
against 72% on Friday of last week; Associated Dry
Goods at 6 against 612; E. I. du Pont de Nemours
/
1
4
/
at 321 against 363 ; National Cash Register "A"
4
4
at 103s against 1178; International Nickel at 8
/
/
against 8%; Timken Roller Bearing at 1414 against
/
1512; Johns-Manville at 2034 against 22%; Gillette
/
/
Safety Razor at 15% against 1612; National Dairy
/
Products at 17% against 18; Texas Gulf Sulphur at
20% against 2014; Freeport-Texas at 20 against
/
214; American & Foreign Power at 7% against 818;
/
1
/
United Gas Improvement at 181 against 18; Na4
tional Biscuit at 38 against 39%;Coca-Cola at 94 bid
against 94%; Continental Can at 313 against 31;
4
Eastman Kodak at 50 against 52; Gold Dust Corp. at
16 against 16%; Standard Brands at 1518 against
/
1478; Paramount Publix Corp. at 3 against 3/
/
/
1
2
8;
Kreuger & Toll at 1 against 14; Westinghouse Elec.
4
/
/
& Mfg.at 2538 against 28; Drug,Inc., at 3218 against
/
35; Columbian Carbon at 253 against 28; Reynolds
4
Tobacco class B at 29 against 31; Liggett & Myers
/
1
4
class B at 54 against 63%; Lorillard at 1234 against
/
13%; American Tobacco at 602 against 69, and
/
1
Yellow Truck & Coach at 4 against 4 .
/
1
4
The keel shares are mostly lower. United States
Steel closed yesterday at 35 against 38 on Friday of
last week; Bethlehem Steel at 17 against 18%, and
Vanadium at 13 against 14. In the auto group Auburn Auto closed yesterday at 40 against 4414 on
/
1
4
Friday of last week; General Motors at 12% against
14; Chrysler at 13% against 1418; Nash Motors at
/
1234 ex-div. against 1414; Packard Motors at 3
/
/
against 3; Hudson Motor Car at 51/4 against 5%,
and Hupp Motors at 2 8 against 234 In the rubber
7
/
/.
group Goodyear Tire & Rubber closed at 141 2 against
/
15 on Friday of last week; B. F. Goodrich at 5
/
1
2
against 6; United States Rubber at 518 against 5%,
/
and the preferred at 10 bid against 112
/
1
.
The railroad shares show moderate losses. Pennsylvania RR. closed yesterday at 14 against 15 on
/
1
4
Friday of last week; Atchison Topeka & Santa Fe
at 40% against 42; Atlantic Coast Line at 20%
against 21; Chicago Rock Island & Pacific at 618
7
against 714; New York Central at 22 against 22%;
/
Volume 135
Financial Chronicle
/
Baltimore & Ohio at 117 8 against 13%; New Haven
4;
at 14% against 143 Union Pacific at 63 against 65;
Missouri Pacific at 5 bid against 5%; Southern Pa/
/
cific at 1878 against 1978; Missouri-Kansas-Texas at
/
1
2
7 4 against 7 ; Southern Railway at 8% against
1
/
4;
/
918; Chesapeake & Ohio at 2178 against 211 North/
/,
8 against 1838 and Great Northern
/
ern Pacific at 167
/
at 111 2 against 12%.
The oil shares show only slight changes. Standard
Oil of N. J. closed yesterday at 29 against 30 on
/
Friday of last week; Standard Oil of Calif. at 2414
/
/,
against 25; Atlantic Refining at 1578 against 161 2
4. The copper
4
and Texas Corp. at 123 against 131
group has also moved within narrow limits. Ana4
/
conda Copper closed yesterday at 83 against 1012
/
1
on Friday of last week; Kennecott Copper at 102
/
1;
against112 American Smelting & Refining at 15%
against 15½; Phelps Dodge at 6 against 6½; Cerro
/
1
2
/
1
2
de Pasco Copper at 7 against 7 , and Calumet &
/
1
2
4
at 33 against 3 .
Hecla
UIET dealings and uncertain price trends were
reported on all the stock exchanges in the
important European financial centers this week.
The London Stock Exchange was fairly steady
throughout, while the Paris Bourse wavered downward and upward in a narrow range of quotations.
The Berlin Boerse was easy in almost all sessions,
as there is little investment interest in advance of
the Parliamentary election of Nov.6. The approaching election in the United States and the lack of a
definite trend on the New York Stock Exchange
also contributed to the unsettlement on the European
markets. European trade and industrial reports
continue to reflect very modest improvement, and
it is perhaps noteworthy that the heavy industries
are partaking in the upswing to a somewhat greater
extent than formerly. The gains are accompanied
by a slight upward tendency in wholesale price levels,
and by downward revision of the unemployment
totals. The improvement is purely internal in every
case, however, as foreign trade statistics of the
British and German Governments for September
'show further declines. The monetary aspect remains
exceptionally favorable in all industrial countries,
as rates are phenomenally low.
Great interest attaches, in the present circumstances, to analyses of the world's economic disorder made this week in well informed European
quarters. Montagu Norman, Governor of the Bank
of England, confessed his bewilderment with refreshing frankness in a speech at a dinner given by the
Lord Mayor of London, Thursday. "The difficulties
are so vast and unlimited that I approach the subject not only in ignorance but in humility," he said.
The only conclusion he would venture was that "we
must take for the moment a short view, but we must
plan a long one." Mr. Norman urged that British
industry be placed in a robust and rationalized condition in preparation for the end of the depression.
Overseas bankers, he suggested, should co-operate in
granting short-term foreign credits so as to avoid
in future the disastrous loans of recent years. Dr.
Hans Luther, President of the Reichsbank, appealed
for a freer international exchange of goods in an address made before the Overseas Club in Hamburg,
Thursday. He warned Germany that import quotas
and embargoes would lead to reprisals by other
countries and a further catastrophic reduction in
trade.
Q
2701
The London Stock Exchange was steady at the
opening, Monday, but business dwindled in subsequent dealings of the day and the tone became uncertain. British funds lost all their initial gains
and closed with small losses. There were a few consistently strong features among the industrial stocks,
but most issues sagged. International stocks were
dull and lower. The tendency was firm, Tuesday,
in all sections of the market with the exception of
British funds. An adverse movement of sterling
exchange affected British Government securities
similarly. Gold mining stocks were favored for the
same reason, while most industrial securities were
cheerful. The Anglo-American group of stocks also
advanced. Dealings, Wednesday, were again affected by the unusually wide movements in sterling
exchange. British funds lost ground at first, but
recovered almost all the losses in the later dealings.
Industrial issues were firm, and transatlantic stocks
also maintained their favorable trend. Business
was quieter, Thursday, but the price tendency was
fairly good in all departments of the market. British
funds were in demand much of the day, and profittaking toward the close reduced the gains only a
little. Industrial securities resumed their upswing,
and sharp gains were recorded in some instances.
A degree of uncertainty was apparent in yesterday's
session. Gilt-edged issues lost a little ground, but
industrial stocks were steady.
The Paris Bourse was unsettled, Monday, owing
to substantial mid-month liquidation. The selling
was increased by the unsatisfactory political outlook which followed the German refusal to attend
a four-Power conference on disarmament at Geneva.
A soft tone prevailed among both French and international stocks, notwithstanding extreme ease in
money, which was only 18 of 1% for the fortnightly
/
settlement. The trend was reversed after a further
uncertain opening Tuesday, and prices moved upward. Owing to the early weakness, gains were not
large for the session. Suez Canal and the gold mining shares attracted the most attention. The opening was firm Wednesday, but on this occasion prices
turned downward in the latter part of the session.
Gold mining issues alone remained firm. The Bourse
was steady, Thursday, until the last hour, when a
further burst of selling occasioned some modification of early gains. Net changes were in most
instances slightly upward. A slight downward
trend prevailed in the dealing on the Bourse
yesterday.
The Berlin Boerse was dull, Monday, as the political campaign diminished investment interest almost
to the vanishing point. Small buying or selling
orders sufficed to effect large changes, in this situation. The tone was soft in all sections of the list,
but only a few issues showed sizable net losses. Further moderate recessions were recorded, Tuesday, on
the Boerse. The weakness was ascribed not only to
the local political uncertainty, but also to the unsettlement on other stock exchanges. Net declines exceeded a point in only a few stocks. The general
trend was unchanged, Wednesday, prices resuming
their slow decline in a stagnant market. Fixedincome securities held a fairly firm tone, but stocks
showed small losses. There was no increase in public
interest Thursday, despite some favorable reports
of industrial trends, and the Boerse continued its
quiet tendency. There was a better tone in some of
the mining and steel shares, but most issues again
2702
Financial Chronicle
showed small declines for the session. After a firm
opening, yesterday, prices again declined.
HE question of the large payments due the United
States Government from Great Britain and
France on Dec. 15 next was widely discussed in the
press this week, but no more conclusively than in
the past. It is obvious enough that both the EurOpean governments mentioned, as well as all others
that owe sizable sums, are hoping for some action
by the United States which will lead to postponement or cancellation of the payments. Neither
Great Britain nor France has made any provision
for such payments in their budgets. Despite this circumstance, it was reported from Paris, Wednesday,
that both Britain and France are preparing to pay
11w installments due Dec. 15. The British authorities, a dispatch to the New York "Times" said, have
been building up dollar balances in order to meet
the payment. If Great Britain is going to pay, the
French do not see what excuse they could offer for
not meeting their payment, particularly in view
of their enormous holdings of gold, the report
added.
Against such rumors must be placed a reference
to the debts by the British Foreign Secretary, Sir
John Simon, Thursday. Speaking in the House of
Commons, Sir John rebuked the Liberal Ministers
who resigned recently from the National Cabinet at
a period when many grave questions still are unsolved. Among the questions he mentioned "the
whole problem of the American debt." The French
Cabinet discussed financial measures, Thursday, but
took no step toward including the scheduled debt
payment in the tentative budget under consideration. In a discussion before the Foreign Affairs
Commission of the French Chamber of Deputies, the
same day, Premier Herriot was reported in the
French press to have distinguished between the war
debts and the commercial debt of $407,000,000 owed
for American war stocks bought by France after
the end of the conflict. M. Herriot proclaimed that
the commercial debt must be paid, the accounts said.
A semi-official note was issued yesterday stating that
Premier Herriot is not responsible for the published
accounts of his statements before the Foreign Affairs
Commission. "The debt question remains in its
entirety," the note added. Reports were current in
Paris that French officials had gone to London to
discuss the debt problem with British officials, but
these were denied by the Quai d'Orsay.
T
EGOTIATIONS on disarmament among the
leading world Powers remain inconclusive,
and there is ever less indication as time goes by of
any notable achievement at the General Disarmament Conference in Geneva. The German Government declined this week to discuss disarmament in
Geneva,notwithstanding the efforts by Great Britain
and France to have the Reich return to the League
city. At the close of the London conversations between Prime Minister MacDonald and Premier Herriot, Oct. 14, these officials definitely abandoned the
British idea of holding a meeting in London of
British, French, German and Italian representatives to consider the German demand for equality in
armaments. In compliance with a French request,
it was intimated, the British agreed to use their good
offices in the endeavor to hold the four-Power meeting in Geneva, within the framework of the League.
N
Oct. 22
1932
But German diplomats in London promptly explained, a dispatch to the New York "Times" said,
that their Government has no intention of being
dragged back to the main disarmament conference
at Geneva through "the side-show tent of a fourPower meeting." Disregarding these indications,
the London Government made a further attempt
through diplomatic channels, Monday,to induce Germany to attend the Geneva gathering. Foreign Minister Bonstantin von Neurath made it clear, in reply,
that under no conditions would Germany accept
Geneva as the seat of such a conference. The Hague,
or even Lausanne, might be acceptable, it was stated,
but not the League city. In a speech at London,
Monday, Prime Minister MacDonald expressed profound regret that Germany, while declaring her
readiness to attend such a conference, "refuses to
go to Geneva for reasons the substance of which
it is difficult for me to detect."
Ordinary activities of the League of Nations have
been almost completely discontinued while the
nations debated the German demand for equality
of armaments and the subsequent withdrawal of
Berlin from the General Disarmament Conference.
It has long been recognized that the prestige of the
League depends in large part on the progress made
toward disarmament in the general conference,
which began early last February. Prospects are
gloomy, however, and it is now generally believed
that full sessions of the General Disarmament Conference will not be resumed until after the world economic conference. Several subcommittees of the Disarmament Conference, which had been sitting in
Geneva, adjourned Wednesday, on the plea that they
required more information. The thirteenth Assembly of the League adjourned, Monday, after a month
devoted largely to discussions of such questions as
the equality of the sexes in The Hague nationality
treaty. The Assembly attempted also to reduce the
budget of the League from its figure of $6,500,000,
but finally adopted a budget $20,000 higher than last
year's. The League Council voted in a secret session,
last Saturday, to nominate Joseph A. Avenol of
France to succeed Sir Eric Drummond as SecretaryGeneral of the League. The Council adjourned Monday, after making the nomination formally in open
meeting. League activities will be resumed in November, when a special session of the Assembly will
consider the Lytton report on Manchuria, the nomination of M. Avenol and other questions.
HE British House of Commons reassembled in
London, Tuesday, after a three months' recess
and promptly started consideration of bills which
will implement the Empire trade agreements reached
in Ottawa. In connection with the presentation of
these measures, it was disclosed by J. H. Thomas,
Secretary for the Dominions, that the British Government had renounced,as of Oct.13, the trade agreement made with the Soviet Government of Russia
in 1930. New tariff arrangements already are under
discussion with Argentina, Mr. Thomas indicated,
while Denmark, Norway and Sweden have been invited to send representatives to London for a discussion of tariffs. These steps aroused keen interest
in the House, and some protest from leaders of the
small minority groups. Passage of the legislation
is assured, however, as the National Government is
able to count on the support of 517 member', whereas
the Opposition can muster only 95. In a division
T
Volume 135
Financial Chronicle
on a minor point of procedure, Wednesday, the vote
was 291 with the Government and 69 against.
In announcing the first practical steps by the
British Government toward fulfillment of the Ottawa
agreements, Mr.Thomas remarked on the importance
of maintaining the Empire preferences against State
action by any foreign country which might stultify
the intentions of the preferences. Denunciation of
the commercial treaty of 1930 with the U. S. S. R.
was necessary, he said, as it assured the Soviet of
most-favored-nation treatment and therefore might
stand in the way of import prohibitions conceivable
under the Ottawa obligations. Six months' notification of the termination of the Soviet trade treaty
was therefore given, in accordance with the requirements of the 1930 agreement. The Soviet Government was informed at the same time, Mr. Thomas
said, that Britain remained anxious for the furtherance of trade and was prepared to enter into a
discussion for the promotion of this end at the earliest moment. Announcements regarding the negotiations with Argentina and the Scandinavian countries
were also made by the Foreign Office in London the
same day.
Debate was brief on the Ottawa agreements and
the termination of the treaty with the Russian Soviet
Government. George Lansbury, leader of the Opposition group of Laborites, asked why such drastic
action was taken without any investigation to determine whether Soviet trade conflicted with Dominions trade. Mr. Thomas replied that no investigation was needed to convince the Government that
"sweated" Soviet goods were being dumped in England. Mr. Lansbury maintained, however, that the
Dominions had driven a bargain by which they were
getting great Immediate advantages, while the people of Great Britain were getting nothing that would
decrease the cost of living or the number of unemployed. Sir Herbert Samuel, who resigned recently
from the National Cabinet and resumed his leadership of one of the minority groups of Liberals, declared that the arrangements with the Dominions are
going to make trade questions a matter of vehement
controversy throughout the Empire. "Worst of all,"
he added,"they will bring the daily urgent needs of
the poor people of this country into direct conflict
with claims made for imperial patriotism." Prime
Minister Ramsay MacDonald closed the day's debate, a dispatch to the New York "Times" said, by
pointing out that neither protection nor free trade
could be held responsible for unemployment, because
it existed in countries regardless of their tariff
systems.
While this official debate was in progress, protests
'against the new British trade policy were being
drawn up by some powerful British trade groups. It
was noted in a London report of Tuesday to the New
York "Herald Tribune," that representations were
being made to the Government by the fruit trades
against the tariffs, on the score thFt the increased
prices will reduce consumption materially. Platforms of the Labor and Liberal groups have been
revised at party conventions held in recent weeks,
and it is'evident that a protracted political fight
will be waged in the future around the Ottawa agreements. An incident of some importance was the
resignation, Tuesday, of Arthur Henderson as leader
of the official Labor party, his place being taken by
George Lansbury. The general unrest prevalent in
England, as in all other countries, was reflected the
2703
same day in a riotous idemonstration of approximately 4,000 unemployed in London. Processions
of unemployed converged on the London County
Council Hall, where a debate on direct aid was in
progress. The demonstrators found a number of
policemen guarding the building and missiles soon
began to fly. In the struggle that followed, three
policemen and a score of civilians were hurt, while
many of the demonstrators were arrested.
OPES for an early settlement of the land annuities dispute between the British and Irish Free
State Governments were again disappointed, last
Saturday, when a two-day conference in London
came to a fruitless end. This controversy is viewed
with a good deal of anxiety in both countries, as it
is the direct cause of retaliatory duties imposed by
each side on the products of the other. Several
attempts to reach a settlement already had failed
when the further conference was started in London
by President Eamon de Valera of the Irish Free
State, and J. H. Thomas, Secretary of State for the
Dominions in the National Cabinet. The end of the
conference last week was signalized by an official
communication, in which the Dominions Office in
London announced simply that it had, unfortunately,
been found impossible to reach an agreement. The
Free State Government carried the dispute one step
further, Wednesday, when it was announced in Dublin that heavy increases would be made the following
day in the import duties on a long list of manufactured articles and semi-finished goods which are
purchased in large part in England.
Official versions of the negotiations on the
£3,000,000 land annuities were presented by Mr.
Thomas before the House of Commons, Tuesday, and
by Mr. de Valera before the Dail on the following
day. Mr.Thomas indicated that the Irish Free State
Executive had countered the British request for payment of the sums due under the financial agreements of 1923 and 1926 with a demand for the repayment of £400,000,600 which he claimed was due Ireland as reparations for British financial "injustices"
since the days of Queen Elizabeth. "There was a
frank, free exchange of views," Mr. Thomas continued. "His Majesty's Government not only did not
accept the figure of £400,000,000, but if it was to
continue the discussion on that basis there would
be a lot to say on the other side. We expressed the
view that there was neither a moral nor a legal
.
basis for the Free State's claim with respect to overtaxation in the past and we supported our view by
illustration and argument." The willingness of the
London Government to have the land annuities question arbitrated by an Empire tribunal was reiterated
by the Dominions Secretary.
President de Valera stated before the Dail Eireann,Wednesday,that the London discussions showed
the British were not ready to admit a "matter of
simple justice." The London Government declined
to examine the situation on what he called its merits,
but relied on the inviolability of the financial agreements. The demand for repayment of £400,000,000
was made seriously, Mr. de Valera said, as a final
financial settlement between the two countries
should include every claim. "While playing the part
of Shylock as regards this country, the British are
going as petitioners to the United States, and playing the role of Lady Bountiful on the Continent," he
continued. "They themselves are petitioning in
H
2704
Financial Chronicle
America for relief from debts which are morally and
legally due. Everybody realizes that if there is to
be restoration of economic life on the Continent of
Europe the huge intergovernmental payments must
cease. We are not prepared to pledge our people to
continued payment of these sums. We are not prepared to put our country's future in pawn. The payments in dispute are neither morally nor legally due
to Great Britain, and we propose to stand up for
our rights." The tariff increases which were announced the same day were defended by Mr. de
Valera on the ground that they will help to free the
Free State of its "dangerous" economic dependence
on Great Britain. "The position now is that Great
Britain can use the Free State's dependence on the
British market to try to compel us to bow to her
will," he said. "This Government will not bow. It
will defend the people's rights and make whatever
economic adjustments that may be necessary."
INANCIAL difficulties are multiplying for the
French Government, which is faced with a
budgetary deficit of approximately $140,000,000 in
the current fiscal year, while the indicated deficit
for the following year is $340,000,000. The Cabinet
is anxiously discussing the problem of raising money,
reports from Paris indicate, as it is believed that the
limit of taxation has nearly been reached. Among
the measures contemplated for balancing the budget
is a heavy reduction in the salaries of officials,
whereby $52,000,000 might be saved annually. Other
economy measures, such as the suppression of pensions to remarried war widows, also are contemplated. Public works expenditures are likely to be
met in greater part by bond issues, rather than out
of the budget. Sales tax exemptions probably will
be decreased, while increases in the coffee and housing taxes are under debate. Despite such measures,
the Government will have to do further borrowing,
a Paris dispatch to the New York "Herald Tribune"
remarks. Political sentiment in France, as reflected
in the elections for 111 Senate seats last Sunday,
shows no important change in the period since the
general election of last May. The swing to the
moderate Left groups that occurred last May was
repeated in the Senate elections and a small gain
was made by the factions supporting Premier
Edouard Herriot and his Cabinet. The Senate previously was oriented predominantly to the Left, and
the gains will merely strengthen these groups.
F
LTIMATE consolidation of the German long
and short-term private indebtedness to foreigners was forecast by Chancellor Franz von Papen,
in a speech delivered last Sunday before a group of
Westphalian industrialists. This pronouncement by
the Chancellor, like most others currently made in
the Reich, was doubtless designed largely for domestic political effect, as the campaign for the Parliamentary elections of Nov. 6 is in full swing. It
was indicated Monday, in dispatches from Berlin,
that the German Government is not expected to take
any early action in regard to foreign private indebtedness. The surplus of exports over imports, if continued at the present rate, is believed sufficient to
meet debt service charges at least until expiration
of the stand-still agreement on short-term credits
next March, a dispatch to the New York "Times"
states. Decisive action by the German Government
with regard to debts is most unlikely, the report
U
oct. 22
1932
added, in advance of the world economic conference,
which probably will begin in January.
German debts to other countries can only be paid
by the sale of goods, the Chancellor asserted in his
address, and he maintained that trade barriers
should be lifted to make this possible. The German
Government will seek to impress this point on creditor nations of the Reich at the world economic conference, he declared. Impressive evidence of German economic strength has been afforded by the
repayment of approximately $1,000,000,000 in private debts to foreigners, but further withdrawals of
credits could not now be countenanced as they would
entail serious consequences on German economy, the
Chancellor said. If trade barriers are reduced and
German export prospects brightened, the burden of
20,000,000,000 marks of private debts owed abroad
will be made tolerable and will no longer constitute
a paralyzing factor in German economy, Colonel
von Papen pointed out. The import quota policy
of his own Government was defended by the Chancellor on the familiar score of urgent necessity.
ANGUINARY battles are being waged in the
informal war between Paraguay and Bolivia
over the boundary lines of the disputed Gran Chaco
territory. Efforts made by the League of Nations
Assembly to secure a peaceful adjustment of this
dispute have come to naught,and the more persistent
endeavors of the Commission of American Neutrals
in Washington also have been without effect. In
reply to the protestations of these official agencies
for peace, the two Latin American countries continue to affirm their peaceful intentions. Paraguayan troops, estimated to number 14,000, are
slowly advancing toward the Bolivian stronghold
of Fort Arce, deep within the Chaco. The capture
of Rift Boqueron, two weeks ago, cleared the way
for this advance. The Paraguayans hope to take
the larger fort as well, it is said, in the expectation
that Bolivian military activities would be ended
thereby until the end of the rainy season, five or six
months hence. It was announced at Asunsion, Tuesday, that Paraguayan forces have captured 10 forts
within one month in the undeclared war with Bolivia. Four of these forts were manned by Paraguayans before the military activities were started
by the Bolivians last June, while six were accredited
to Bolivia. Fort Arce; which is now under attack,
is the strongest Bolivian fort in the entire Chaco
area.
Diplomatic endeavors to adjust the dispute between Colombia and Peru over the seizure by Peruvian citizens of the tiny Amazon River port of
Leticia also are proving unsuccessful. The Colombian Government is understood to have refused an
offer of arbitration made by the Conciliation Commission in Washington. The Peruvian Government
has disclaimed responsibility for the developments
at Leticia, but Bogota newspapers insist that Lima
is supplying the Leticia insurrectionists with arms,
ships and airplanes. Rumblings of further revolutionary movements are heard, meanwhile, in Chile,
where the Government of Provisional President
Oyanedel only recently was installed. It was admitted in official circles late last week that another
revolt had started, apparently under the leadership
of adherents of former President Ibanez. The Brazilion Government, on the other hand, is speedily
settling the problems occasioned by the defeat of
S
Volume 135
Financial Chronicle
2705
the Sao Paulo insurrectionists. Only the instigators
of the revolt are to be punished, it was announced
late last week, and preparations were started for the
release of 6,000 prisoners of war. President Vargas
issued a decree, last Saturday, extending for 60 days
the moratorium on domestic debts throughout
Brazil.
937,178,765 francs and the previous year at 73,301,796,235 francs. A decrease appears in advances
against securities of 26,000,000 francs, while bills
bought abroad remains unchanged. The proportion
of gold on hand to sight liabilities stands at 77.45%
in comparison with 55.07% a year ago. Below we
furnish a comparison of the various items for three
years:
HE Bank of Poland reduced its discount rate on
Thursday (Oct. 20) from 73/2% to 6%. Rates
are 10% in Greece; 83/2% in Bulgaria; 7% in Rumania, Portugal and Lithuania; 63/2% in Spain and
in Finland; 6% in Austria and Poland; 532% in
Estonia; 5% in Italy, Hungary and Colombia; 432%
in Chile and in Czechoslovakia; 4.38% in Japan; 4%
in
in Germany, Norway, Danzig and India; 3
Sweden, Denmark, Belgium and in Ireland; 23/2% in
France and in Holland, and 2% in England and in
Switzerland. In the London open market discounts
for short bills on Friday were 11-16% as against
5/@11-16% on Friday of last week, and 9®13-16%
for three months' bills as against 13-16@/% on
Friday of last week. Money on call in London on
Friday was %. At Paris the open market rate
continues at 1%%, and in Switzerland at 13/2%.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Oct. 14 1932. Oct. 16 1931. Oct. 17 1930.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ __ -Inc. 6,910,069 82,651,268,261 62.154,598,359 50,567,354,167
Credit bids. abr'd_Inc. 9,000,000 2.909.293,447 17,078,596,619 6,474,757,095
&French commerc'l
bills discounted_Inc. 126,000,000 2,934.200,069 7,391,845,885 4,925,050,697
2,082,017,792 12,433.769,462 19,119,507,093
bBills bought abr'd Unchanged.
Adv. agt. secur__Dec. 26,000,000 2,754,322,811 2,811,753,295 2,883,796,330
Note circulation_ _Dec.678,000,000 81,100,143,520 81.937,178,765 73,301,798,235
Cred. curr. accts__Ine. 726,000,000 25,620,533,905 30,917,664,410 20.092,629,652
Proportion of gold
on band to sight
54.14%
55.07%
77.45%
0.02%
Dec.
liabilities
T
HE Bank of England statement for the week
ended Oct. 19 shows a gain of £19,974 in gold
and as this was attended by a loss of 0,197,000 in
circulation, reserves rose £2,217,000. The Bank's
bullion holdings amount to £140,416,047 in comparison with £137,035,232 a year ago. Public deposits increased £15,719,000, while other deposits fell
off £13,095,552. Of the latter amount £11,600,421
was from bankers' accounts and £1,495,131 from other
accounts. The reserve ratio is now at 41.19%, as
compared with 40.34% last week and 42.90% a year
ago. Loans on Government securities decreased
£1,870,000 and those on other securities rose 0,286,253. The latter consists of discounts and advances
which decreased 07,258 and securities which increased 0,323,511. The 2% discount rate is unchanged. Below we show comparisons of the
different items for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1929.
1930.
1931.
1932.
Oct. 24.
Oct. 23.
Oct. 22.
Oct. 21.
Oct. 19.
L
Circulation.s
359.217.000 355,230,909 354,527,879 357,386,753 133,178,785
30.750,000 10,093,860 27,932,990 15,788,487 10.123.407
Public deposits
105,674,988 113,292,220 89,604,033 96,247,990 102.170,074
Other deposits
Bankers accounts 71,933,830 60.515.285 55,504,890 59,111,334
33,741.158 52.776,935 34,099,143 37,136,658
accounts
Other
.
Governm't securities 66,238,094 53,800,908 41,836,247 69,461,855 37.300.308
31,654,679 39,469,086 27,947.706 24,640,597 39,396,388
Other securities
Disct. dt advances 11,606.495 10.421,878 4,978.750 4,199.821
20,048,184 29,047,208 22,968,958 20,440,776
Securities
Reserve notes ,t coin 56,198,000 56.804,323 65,597,781 35,634,291 53,308,010
Coin and bullion_ _140,416,047 137,035,232 160,125,680 133,021,044 166,738,795
Proportion of reserve
31.80%
55.80%
42.90%
41.19%
475%
to liabilities
6%%
3%
4%%
6%
2%
Bank rate
On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France statement for the week
ended Oct. 14 shows an increase in gold holdings
6,910,069 francs. Total gold holdings are now
of
82,651,268,261 francs, in comparison with 62,154,598,359 francs last year and 50,567,354,167 francs
the previous year. French commercial bills discounted, credit balances abroad and creditor current
accounts record increases of 126,000,000 francs,
9,000,000 francs and 726,000,000 francs respectively.
Notes in circulation contracted 678,000,000 francs,
reducing the total of notes outstanding to 81,100,143,520 francs. Last year circulation stood at 81,-
T
a Includes bills purchased in France. b Includes bills discounted abroad.
HE Bank of Germany in its statement for the
second quarter of October shows an increase
in gold and bullion of 436,000 marks. The Bank's
gold now stands at 796,804,000 marks, as compared
with 1,155,963,000 marks a year ago and 2,180,463,000 marks two years ago. Increases are recorded in reserve in foreign currency of 310,000
marks, in silver and other coin of 41,723,000 marks,
in notes on other German banks of 2,191,000 marks,
in investments of 19,000 marks and in other liabilities
of 2,285,000 marks. Notes in circulation show a
decline of 99,320,000 marks, bringing the total of
the item down to 3,518,998,000 marks. Circulation
last year was 4,526,676,000 marks and the previous
year 4,674,978,000 marks. Bills of exchange and
checks, advances, other assets and other daily maturing obligations register decreases of 170,266,000
marks, 9,395,000 marks, 7,413,000 marks and 45,310,000 marks respectively. The proportion of gold
and foreign currency to note circulation is up to
26.5% from 25.7% the previous quarter. A comparison of the various items for three years is shown
below:
T
REICIISBANK'S COMPARATIVE STATEMENT.
Changes
Oct. 15 1932. Oct. 15 1931. Oct. 15 1930.
for Week.
Reichemarks. Reichsmarks. Rekhsmarks.
Reichsmarks.
Assets—
436,000 796,804,000 1,155,963,000 2,180,463,000
Inc.
Gold and bullion
90.025.000 149,788,000
63,351,000
Of which depos.abr'd_ Unchanged.
173,882,000
310,000 135,113,000 138,136,000
Res've in for'n curr_ _ _Inc.
Bills of each. & checksDec. 170,268,000 2,777,774,000 3,829,651.000 2,084,823,000
95,481,000 167,925,000
Silver and other coin_ _Inc. 41,723,000 211.454,000
18.014,000
8,808,000
9,235.000
Notes on 0th. Ger. bksInc. 2,191,000
66.412,000
92,109.000 202,900.000
Dec. 9,395,000
Advances
19,000 362,227.000 102,884,000 102,493,000
Inc.
Investments
Dec. 7,413.000 812,687,000 841,752,000 766,906,000
Other assets
Liabilities—
Notes in circulation Dec. 99,320,000 3,518,998,000 4,526,676,000 4,674,978,000
0th. daily mat. oblig_Dec. 45,310.000 366,929,000 551,443,000 355,445.000
Inc. 2,285,000 744,100,000 810,125,000 249,877,000
Other liabilities
Propor.of gold dc for'n
50.4%
28.6%
26.5%
0.8%
curr. to note circul_Inc.
ONEY rates have been stable in the New York
market this week, at the extremely low figures
reached in the downward adjustments of last week.
The only noteworthy change has been in the rate at
which the Treasury borrowed on discount bills. An
issue of $75,110,000 in 91-day bills was awarded
Monday, at an average discount of only 0.14%. A
week earlier the Treasury sold a similar issue at an
average discount of 0.19%, which was the low record
to that time. Call loans on the New York Stock
Exchange have been 1% for all transactions, whether
renewals or new loans, but in the unofficial "street"
market funds have been available every day at Yi%.
Time loans have held to earlier levels. The total
of brokers' loans against stock and bond collateral
M
2706
Financial Chronicle
was unchanged in the report of the Federal Reserve
Bank of New York, covering the.week to Wednesday
night. Gold movements at New York for the same
period consisted of exports of $35,000, imports of
$3,454,000 and a net decrease of $10,170,000 in the
stock of the metal held earmarked for foreign account.
in detail with call
on the
DEALINGExchange from day toloan rates was the
Stock
day, 1%
rulingtquotation all through the week both for new
loans and renewals. The time money market has
been practically without movement this week.
Rates are quoted nominally at %@13.% for all
dates. The demand for prime commercial paper
has been fairly active this week. A little more
paper is available and transactions have correspondingly increased. Quotations for choice names of
four to six months' maturity are 1%@2%. Names
less well known are 23'%. On some very high class
paper occasional transactions at 13/2% are noted.
prime bankers' acceptances
week, but sales
THE market for on accountthis the shortagehas
been moderately strong
of
of
have been limited
paper. Rates are unchanged. The quotations of
the American Acceptance Council for bills up to and
2% asked;
including three months are %% bid, Y
4% bid, and 58% asked; for five
/
for four months, 3
/
and six months, 1% bid and 78% asked. The bill
buying rate of the New York Reserve Bank is 1% for
/
1-90 days; 11 8% for 91-120 days, and 1 % for ma/
1
2
turities from 121-180 days. The Federal Reserve
banks show a trifling increase in their holdings of
acceptances, the total having risen from $33,278,000
last week to $33,583,000 this week. Their holdings
of acceptances for foreign correspondents decreased
from $45,227,000 to $41,766,000. Open market rates
for acceptances are as follows:
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days—
Bid. Asked.
Md. Asked.
1
1
X
j4
—120 Days—
Bid. Asked
X
X
—90 Days— —60Days— —30 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Yi
Prime eligible bills
H
H
H
H
H
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
1% bid
1% bid
Eligible non-member banks
been no changes this week in the
THERE have ratesscheduleFederal Reserveinbanks.
rediscount
of the
The following is the
of rates now
effect
for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Rate in
Effect on
Oct. 21.
Date
Established.
Previous
Rate.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City
Dallas
3X
234
334
314
334
334
234
334
334
334
314
Oct. 17 1931
June 24 1932
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
June 25 1932
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
2X
3
3
Ran Frmultnn
2L
Clot
Federal Reserve Bank.
21 1011
3
4
3
334
234
4
3
4
2H
exchange broke
its moorings
STERLINGof whenweek and fromoff sold down on
Tuesday this
again sharply
was
cable transfers
to
on Wednesday,
3
3.37%, the lowest level since Jan. 11 and within
2% cents of the low for the year. The range this
week has been between 3.44 11-16 down to 3.37 11-16
for bankers' sight bills, compared with a range of
4
between 3.437 and 3.46 last week. The range for
Oct. 22 1932
3
cable transfers has been from 3.443 down to 3.37%,
4
compared with a range of between 3.43 15-16 and
3.46 1-16 a week ago. The sharp drop in sterling
took markets everywhere by surprise and had a
marked effect on quotations for all other currencies
both in this and in foreign markets. As already
noted, many reasons have been offered in explanation
of the sudden turn in exchange. For many months
foreign exchange traders have been of the opinion
that the London authorities would hold sterling at
between 3.45 and 3.50. Last week, when the rate
for cable transfers dropped to 3.43 15-16, bankers
were inclined to believe that nothing more important
was happening than the ordinary seasonal pressure,
and it was believed that official support would restore
the rate to a higher level as it has been frequently
declared in London the authorities regarded with
disfavor extremely wide fluctuations in the rate.
Bankers say that since the establishment, in April,
of the Exchange Stabilization fund of £150,000,000
the London authorities have not operated through
its agency except when the swings in exchange
threatened to become too wide. The present weakness is attributed partly to the fact that for a week
or more official support has not been apparent.
Support appeared in the New York market on
Wednesday when the rate dropped to 3.37%. This
rate compares with a low for 1932 of 3.35 and a high
of 3.83%.
According to some bankers the British Government withdrew its support in New York, London,
and Paris apparently because the 3.45 level was
proving too expensive to maintain. In quarters
where this opinion is held it is believed that sterling
may go even lower, but hardly below 3.25. However, conservative opinion does not look for such
low rates. This is normally the season for weakness
in sterling because of the preponderance of imports
during the wheat and cotton seasons. This factor,
combined with recent purchases of securities here,
is thought sufficient to explain the sharp drop.
After the decline in the rate in Tuesday's trading
there was considerable selling of sterling on the
Continent, which aggravated the situation and precipitated the extreme lows recorded on Wednesday.
According to London dispatches no alarm is felt in
Lombard Street, and it is pointed out there that the
decline corresponds to the movement last December,
when the low of 3.24 was touched. Reports that the
Exchange Equalization Fund is exhausted are
emphatically denied in London where bankers state
that sterling has received no considerable support
recently and point out that the function of the fund
is only to arrest abnormal movements and not to
interfere with the natural course of exchange. A
special dispatch to the "Wall Street Journal" from
London stated in reference to the drop in the pound:
"Although Britain's financial position has improved
materially since a year ago there are still several
factors militating against the recovery of sterling
exchange. In the first place, while the visible import
surplus has been reduced, invisible items, such as
interest on foreign investments, receipts from shipping and freights and commissions of all kinds
including those on insurance and acceptance financing, must have declind since last year. The cheapness of financing of cotton and wheat imports through
London, instead of through New York, also probably
has had the effect of concentrating the normal
seasonal strain on sterling at this time. Furthermore,
Volume 135
Financial Chronicle
very considerable sums must have been transferred
to New York recently for stock market operations,
particularly for the purchase of Australian external
bonds which offer higher yields in New York than
in London. Although some operators may have
taken their profits, most of these are believed to
have been left in New York rather than brought
home. An additional factor has been the recent
renewal of withdrawal of sterling balances by Continental central banks in the form of gold. The
metal has been paid for out of their sterling deposits,
thus depriving the arbitrage market of the usual
supplies of foreign gold currencies eventuating from
these operations."
From the action of sterling exchange during the
past two weeks bankers are inclined to believe that
the restoration of the gold standard is more remote
than was hoped by the optimistic. It is understood
that proposals will soon be submitted by the Bank
for International Settlements for the restoration of
the gold standard in England and elsewhere, but it is
hardly probable that these recommendations will
carry any weight with the British Government.
It would seem certain in view of past experience
that the Treasury will move very slowly in the
matter, and will not take formal action until such
time as the London authorities are fully convinced
that sterling can be permanently anchored to gold
when stabilized. The foreign trade statements show
disappointing results with respect to the influence
of lower sterling on British exports. The London
money market continues extremely easy and the vast
amount of short term funds on balance in London is
almost unemployable. There is some compensation,
however, in the fact that the Treasury has partly
lifted the embargo on new capital issues. For the
present offerings of new securities are much below
the visible demand and quasi-famine is developing
in high grade stocks. It will be noted that the
Federal Reserve Bank of New York reports the
arrival this week of another small shipment of gold
from England totaling $284,000. More than £5,250,000 in gold has been sent from London to New York
since the beginning of the year. The influx started
in volume in July and at first represented gold returning to the United States from London after the raid
on the dollar during May and June. Since then the
movement has continued because of the decline in
sterling and because of the opportunities for arbitraging which arise from time to time out of the
remunerative positions of francs, dollars and sterling.
At present the movement has virtually ceased, but
shipments of gold from India to the United States
are increasing.
Most of the open market gold reaching London
continues to be taken for Continental account.
Despite the low rates in the open market, bankers
are inclined to believe that there will be no further
reduction in the Bank of England's rate of rediscount, which continues at 2%. Call money against
bills in London was plentiful this week at M% to
34%. Two-months' bills are 11-16%, three-months'
7
bills %% to 13-16%, four-months' bills 4% to
0
and six-months' bills 1 1-16% to 137.
15-16%,
week gold seems to have sold in the London
This
open market from 119s 10d to 121s 10d. The Bank
of England statement for the week ended Oct. 19
shows an increase in gold holdings of £19,974, the
total standing at £140,416,047, which compares
with £137,035,232 a year ago.
2707
At the Port of New York the gold movement for
the week ended Oct. 19, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$3,454,000, of which $2,360,000 came from India,
8411,000 from Holland, $301,000 from Mexico,
$284,000 from England, and $98,000 chiefly from
Latin-American countries. Exports were $35,000
to Switzerland. The Reserve Bank reported a
decrease of $10,170,000 in gold earmarked for foreign
account. In tabular form the gold movement at
the Port of New York for the week ended Oct. 19,
as reported by the Federal Reserve Bank of New
York, was as follows:
GOLD MOVEMENT AT NEW YORK,OCT. 13—OCT. 19,INCLUSIVE.
Exports.
Imports.
$35,000 to Switzerland
$2,380,000 from India
411,000 from Holland
301,000 from Mexico
284,000 from England
98,000 chiefly from Latin
American countries
$35,000 total
$3,454,000 total
Net Change in Gold Earmarked for Foreign Account:
Decrease: $10,170,000.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of the metal. Gold earmarked for foreign
account on that day decreased $7,459,300. Yesterday
$34,300 of gold was received from Mexico. There
were no exports or change in gold held earmarked
for foreign account. During the week approximately
$6,076,000 of gold was received at San Francisco,
of which $3,352,000 came from Japan $856,000,
came from China, and $559,000 came from Australia.
Canadian exchange, while still at a severe discount,
is more in favor of Montreal than at any time since
September 1931. On Saturday last Montreal funds
4
were at a discount of 77 %. On Monday the discount rose to 8%. On Tuesday the discount was
again 8%, on Wednesday 83'%, on Thursday 81
4%,
4
but on Friday 73 %. The appreciation in the Canadian dollar has been due in part to accumulation of
funds in Canada for grain account.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in limited trading.
Bankers' sight was 3.44/@3.44 11-16 cable transfers
3.44M@3.4434. On Monday sterling continued
dull and steady. The range was 3.44/@3.44% for
bankers' sight and 3.44 7-16@3.44 11-16 for cable
transfers. On Tuesday the pound went off sharply.
2
g
Bankers' sight was 3.403/@3.433/; cable transfers
. On Wednesday sterling was under
2
3.403@3.433/
severe pressure. The range was 3.37 11-16@3.39 5-16
4
4
for bankers' sight and 3.373 @3.393 for cable transfers. On Thursday exchange found official support.
/
%
Bankers' sight was 3.387 @3.397 3; cable transfers
(P.40. On Friday sterling continued steady,
8
3.393/
on official support. The range was 3.39 9-16@
3.39 13-16 for bankers' sight and 3.39 11-16@
3.39 15-16 for cable transfers. Closing quotations
on Friday were 3.39 11-16 for demand and 3.3934
for cable transfers. Commercial sight bills finished
at 3.393'; 60-day bills at 3 383/2; 90-day bills, at
.
3.383j; documents for payment (60 days) at 3.38%,
and seven-day grain bills at 3.393.. Cotton and
grain for payment closed at 3.393•
XCHANGE on the Continental countries and
all the gold units was noticeably affected by
the unexpected drop in sterling exchange. French
francs were especially firm though seasonal factors
are against francs and European currencies as compared with the dollar. The heavy selling of sterling
E
2708
Financial Chronicle
in Paris, together with the purchase of francs and
the shipment of gold from London to the Continent,
sufficed to account for the higher franc rate, though
on commercial account the franc should be ruling
lower. Present movements in Continental rates are
not indicative of the real course of exchange. If
sterling can be held steady even at present levels,
the market believes that francs should recede from
the current high quotations. The trade balance
is unfavorable to France. The unit has had very
little support from tourist traffic this year and it is
believed that the next tourist season will show little
improvement. Paris financiers assert that the Bank
of France gold holdings will be diminished before
long and are inclined to believe that the major
portion of this gold will come here because practically no other country shows a trade balance favorable to the home market or on its general foreign
account is more largely creditor than debtor in its
relation to foreign countries. The Bank of France
statement for the week ended Oct. 14, shows an
increase in gold holdings of 6,910,069 francs, the
total standing at 82,651,268,261 francs, which compares with 62,154,598,359 francs on Oct. 16 1931,
and with 28,935,000,000 francs when the unit was
stabilized in June 1928.
German marks have not been affected by the
swing in sterling, as the mark is under the strict
control of the Reichsbank. The unit is virtually
anchored to the dollar and the Reichsbank pays
little or no heed to the movements of either sterling
or the Continental exchanges. Despite the fluctuations in other exchanges for many weeks, the Reichsbank has maintained its dollar quotation unchanged.
It advances or lowers its rates on Paris, Amsterdam,
or Zurich as occasion demands. The practical effect
of this polciy is to tie the mark to the dollar. President Luther of the Reichsbank has protested to the
Government against the imposition of quotas, especially on agricultural imports. Dr. Luther's view
seems to be that Germany's saving of foreign exchange through reduction in agricultural imports will
be more than offset by loss of exchange by reason
of diminished exports,• if, as is expected, foreign
countries, should retaliate. It is reasoned that
retaliatory measures would threaten Germany's export surplus, thereby affecting the Reichsbank's
reserves and compelling the Reichsbank to impose
still more stringent restrictions on foreign remittances, from which foreign holders of German bonds
and short-term credits might suffer. The quotas
threaten to bring Germany into serious tariff conflicts with Italy, Holland, Denmark, and other
countries. The quotas have encountered stiff resistance in Italy, which has already been expressed
in a decree forbidding the Bank of Italy to furnish
foreign exchange to importers of German goods.
German industrial leaders and bankers are urging
upon Chancellor von Papen the necessity of changing
his ideas in this respect.
The London check rate on Paris closed at 86.30
on Friday of this week, against 87.78 on Friday of
last week. In New York sight bills on the French
center finished on Friday at 3.93% against 3.9231
on Friday of last week; cable transfers at 3.93%
against 3.929/8, and commercial sight bills at
3.933/ against 3.92. Antwerp belgas finished at
13.913' for bankers' sight bills, and at 13.92 for cable
transfers, against 13.88 and 13.883/2. Final quotations for Berlin marks were 23.79 for bankers' sight
Oct. 22
1932
bills and 23.793/2 for cable transfers, in comparison
with 23.773/ and 23.78. Italian lire closed at 5.113 t
,
for bankers' sight bills and at 5.119 for cable
%
transfers, against 5.113 and 5.1178. Austrian
2
2
schillings closed at 14.103/, against 14.103/;exchange
A
on Czechoslovakia at 2.961 , against 2.963/8; on
Bucharest at 0.601 , against 0.603; on Poland at
4
11.243/, against 11.243/, and on Finland at 1.50,
2
2
against 1.503/2. Greek exchange closed at 0.60 for
bankers' sight bills and at 0.603/ for cable transfers,
2
against 0.60 and 0.603/.
EXCHANGE on the countriesofneutral during the
war, with the exception
Spanish pesetas,
have been subject to wide fluctuations this week as
a result of the drop in sterling exchange. The
Scandinavian currencies, which are practically anchored to sterling exchange, all went off sharply on
Tuesday and Wednesday, and of course made a
correspondingly slight recovery when the pound
moved up fractionally on Thursday. The Swiss
and Dutch rates are firmer, as the markets in these
two countries are closely identified with financial
movements affecting the London market. The
present fluctuations in the neutral exchanges are of
temporary significance and as the market readjusts
itself the main factors affecting these currencies will
assert themselves. For the time being and until
after the middle of January, exchange is normally
against the neutral countries and in favor of New
York. If sterling should remain steady for a period
and the London investment market should show
improvement, a flow of funds from Switzerland and
Holland to London may be expected. Swiss and
Dutch funds are now coming to the New York
market, but not in such volume as in July and
August. Spanish pesetas are steady and seem not
to have been affected by the course of sterling or the
other European exchanges.
Bankers' sight on Amsterdam finished on Friday
at 40.29 against 40.183' on Friday of last week;
cable transfers at 40.30 against 40.19, and commercial sight bills at 40.25 against 40.12. Swiss
francs closed at 19.333 for checks and at 19.34 for
4
cable transfers, against 19.31 and 19.3131. Copenhagen checks finished at 17.68 and cable transfers
at 17.683/ against 17.863/b and 17.87. Checks on
Sweden closed at 17.583 and cable transfers at
17.59 against 17.683/ and 17.69; while checks on
Norway finished at 17.183' and cable transfers at
17.19 against 17.32 and 17.323. Spanish pesetas
closed at 8.203 for bankers' sight bills and at 8.21
for cable transfers, against 8.18 and 8.183.
XCHANGE on the South American countries
presents no new features of importance. For
the past few weeks exchange on both Buenos Aires
and Rio de Janeiro has been displaying a better tone.
All the South American units are hampered by
exchange restrictions and most of them are further
impaired by moratoria. The improvement in Brazilian exchange is a result of the cessation of the
embroglio between the State of Sao Paulo and the
Federal Government, which threatened civil war.
Recent dispatches from Rio state that the Banco do
Brazil has remitted approximately $1,075,305 to
London and New York under the foreign debt
funding plan and approximately $461,332 to Rothschild of London for liquidation of a credit granted
to the Government of former President Washington
E
Volume 135
Financial Chronicle
2709
UR,SUANT to the requirements of Section 522
Luis, which was overthrown in 1930. A totaliof
of the Tariff Act of 1922, the Federal Reserve
approximately $11,651,000 of the Brazilian foreign
Bank is now certifying daily to the Secretary of the
debt has been amortized thus far this year. ConTreasury the buying rate for cable transfers in the
fidence in the business situation in Argentina is
countries of the world. We give below a
greatly improved. According to Buenos Aires dis- different
for the week just passed:
patches, important business interests there are record
RESERVE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
endeavoring to arrange a revolving credit of $200,BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
OCT. 21 1932. INCLUSIVE.
OCT. 15 1932 TO
000,000 with American bankers to be used exclusively
the payment of interest and sinking fund obligafor
Noon Busing Rate for Cable Transfers tn New York.
Value In United States Money.
tions on Argentine loans in the United States. New Country and Monetars
Oct. 15. Oct. 17. Oct. 18. Oct. 19. Oct. 20. Oct. 21.
about
York bankers declare that they know nothing
$
$
$
$
$
$
EUROPE139437 .139437 .139562 .139437 .139437 .139437
such a project. Agitation continues both in the Austria,schilling
.138869 .138942 .138811 .138896 .139088 .139092
Belgium, belga
007200
Argentine Congress and in business and industrial Bulgaria. lev ia, krone .029602 .007200 .007200 .007200 .007200 .007200
.029605 .029604 .029609 .029604 .029606
on of payments on the Czechoslovak
178523 .178446 .178008 .175830 .176038 .176192
Denmark, krone
organizations for a suspensi
England, pound
3.444250 3.445375 3.410458 3.390416 3.394250 3.396833
sterling
foreign debt. American business interests in Argen- Finland. markka
014860 .014850 .014850 .014866 .014816 .014833
.039260 .039276 .039233 .039281 .039313 .039340
handicapped by the restrictions France.franc
tina are severely
.237650 .237721 .237785
.237639 .237667 .23756
Germany. reichsmark
.006008 .006010 .006014 .006016 .006001 .006001
which the Government has placed on exchange Greece, drachma
.402053 .402321 .401785 .402285 .402514 .402632
Holland, guilder
.174500 .174500 .174500 .174500 .174500 .174500
operations so that it can buy up dollar drafts and Hungary, pengo
.051173 .051168 .051143 .051127 .051133 .051125
Italy, lira
.173130 .173130 .172483 .171230 .171346 .171461
Norway, krone
meet payments on the American loans without ship- Poland. zloty
.111710 .111810 .111710 .111810 .111710 .111710
.031200 .031266 .031066 .030800 .030733 .030800
more gold from the gold conversion office. Portugal, escudo
ping
.005985 .005985 .005983 .005966 .005968 .005966
Rumania. leu
.081825 .081835 .081776 .081814 .081921 .082010
peseta
Alberto Hueyo, Minister of Finance, is opposed Spain. krona
.176938 .176907 .176046 .174561 .174730 .175208
Sr.
Sweden.
.193089 .193210 .192888 .193139 .193216 .193301
Switzerland, franc
g of any kind at this time. He argues Yugoslavia. dinar-- .013475 .013675 .013250 .013425 .013250 .013350
to borrowin
ASIAthat the country must solve its present financial China315208 .315625 .313541 .313333 .315000 .311458
Chefoo tad
310208 .310208 .307291 .307916 .309583 .306041
Hankow tael
problems by its own resources and believes that the
.302656 .302968 .301093 .300937 .302187 .298906
tael
Shan:hal
.321458 .321458 .318541 .319583 .321250 .317708
Tien••in tael
Government can take care of all its obligations
.228750
.230468 .229843
Hong Kong dollar- .231093 .230937 .212187 .211562 .230000 .210000
.211875
is
Mexican dollar.- .213437 .214375
until the end of the year and that if the harvest
Tientsin or Peiy
.213750 .215416 .212500 .211666 .212500 .209583
dollar
good and the country can dispose of its grain, the
.210416 .216250 .209166 .208333 .209166 .205833
Yuan dollar
.260235 .260735 .258850 .255450 .256050 .256375
India, rupee
general situation will improve.
234750 .235125 .234875 .234250 .232250 .231250
Japan. yen
.398125 .393125 .393750 .394375
Argentine paper pesos closed on Friday nominally Singapore(8.8.) dol .399375 .400300
NORTH AMER..920520 .932187 .917656 .918020 .917395 .919270
at 25% for bankers' sight bills, against 25% on Canada, dollar
999046 .999112 .999112 .999112 .999112 .999112
Cuba, peso
.313500 .312666 .312166 .311833
transfers at 25.80, against Mexico, peso (silver) .313666 .313833 .915625 .915124 .915000 .916625
Friday of last week; cable
.918375 .930760
Newfoundland. dol
SOUTH AMER..585835
25.80. Brazilian milreis are nominally quoted at 7.45 Argentina. peso (gold) .585835 .076175 .585833 .585835 .585835 .585835
.076175 .076175 .076175 .076175
076175
milrels
060250 .060250 .060250 .060250 .060250 .060250
bankers' sight bills and 7.50 for cable transfers, Brazil,peso
for
Chile.
473333 .473333 .473333 .473333 .473333 .473333
Uruguay. peso
.952400 .952400 .952400 .952400 .952400 .952400
against 7.45 and 7.50. Chilean exchange is nominally nninrnhta nn
.
quoted 63/g, against 6 8 Peru is nominal at 18.00,
HE following table indicates the amount of gold
against 18.00.
bullion in the principal European banks as of
countries shows Oct. 20 1932, together with comparisons as of the
XCHANGE on the Far Eastern
no new developments from recent weeks. corresponding dates in the four previous years:
Chinese units are steady, as silver has been quoted
1928.
1929.
1930.
1931.
1932.
Banks of%
£
steady during the week in New York at 273 cents.
£
£
£
£
166,736,795
140,416,047 137.035,232 160.125,660 133.021,044
England_
Japanese yen have fluctuated within narrow limits. France a _ ___ 661,210,146 497,236,786 404,538,833 318,168,636 246,010,811
_
52.773.850 101,533,750 103.458,250 119.754.200
36,672,650
Germany!).
Seasonal factors are now favoring yen exchange. Spain
99,029.000 120.599.000 104.358,000
91,071.000
90,289,000
54,221.000
55.932.000
57.221.000
58,486,000
62,393.000
36,249.000
36,911.000
Japanese exports to Manchuria and Mongolia during Italy
32.962 000
66.521,000
86,226.000
Netherlands
23.082.000
29,312.000
36,922.000
72.431.000
74,157,000
Nat. Belg'm
18,510.000
August amounted to yen 12,000,000 and imports Switzerland 89,164,000 42,684.000 25,588 000 21.306.000 13,209.000
13.431.000
13,449.000
11,032,000
11,442,000
9,605.000
9.584 000
9.565.000
9,118,000
from these regions to yen 4,000,000. This represents Sweden_ _
7,400,000
Denmark
8,163,000
8,153.000
8,140.000
6.558.000
7.911.000
Norway
an increase of 95% in exports and a decline of 35%
3 1,044,946,868 949.074.243 831,875,930 799,898.806
Tot. week 1,267,280,84
799.833.901
in imports, as compared with the previous year. Pr., work 1 2511 ant 7551.032 983 IRI 937 681.267 831.284.373 the new form
France as reported in
a These are the gold holdings of the Bank of Germany are exclusive of gold held •
d to yen
Exports to China during August amounte
of statement. b Gold holdings of the Bank ofis £3,167,650.
year
17,000,000, yielding an export surplus of yen 12,- abroad, the amount of which the present
months of the year the
000,000. For the first eight
New International Groupings in Trade and
export surplus has amounted to yen 54,000,000, a
Politics.
decrease of yen 14,000,000 from the 1931 period.
ement on Tuesday, at the reopening
The announc
During September Japanese exports to Central
required six months' notice
were 3% above the 1931 month. Those to of Parliament, that the
China
been given for terminating the commercial
Northern China increased by 1.3%, and exports to had
1930, with Soviet Russia, folSouthern China declined by 73%. Imports from agreement of April 16
lowed on Wednesday by the approval by the House
Northern China increased by 8%, from Southern
291 to 69, of a motion auChina they declined by 47% and from Central China of Commons, by a vote of
of India thorizing consideration of some twenty-two tariff
by 39%. Now that the Nationalist party
made necessary by the imperial trade agreehas lifted the embargo on British goods, it is believed changes
must of necessity ments concluded at Ottawa, marks the first steps
that the Japanese exports to India
taken by the British Government to give effect to
show a decline.
preference and imClosing quotations for yen checks yesterday were the new imperial tariff policy of
port restriction adopted by the Ottawa Conference.
A
23 3-16, against 231 on Friday of last week. Hong The
denunciation of the Russian treaty, it was exKong closed at 23@23 5-16, against 23%@23 7-16;
plained by J. H. Thomas, Secretary for the Domin/
Shanghai at 30@30 5-16, against 30%@3058; Manila
5
5 against 49%; Singapore at 39%, against ions, was made necessary by the fact that the treaty
at 49%,
contained a most-favored-nation provision which
8
40%; Bombay at 25%,against 26 1-16, and Calcutta
"would stand in the way of a prohibition which might
at 25%, against 26 1-16.
P
T
E
2710
Financial Chronicle
Oct. 22 1932
in conceivable circumstances be necessitated by the that the agreements would deprive
Great Britain of
Ottawa obligation." The prohibition referred to is freedom of action in case the
Economic Conference
the one which provides that if either party to the were to call for a general remova
l of tariff impediagreement between the United Kingdom and the ments to trade. Prime Ministe
r MacDonald, in reDominions "is satisfied that any preferences granted ply, insisted that
"neither protection nor free trade
on any particular class of commodities are likely to can cure unemployment
," since unemployment is due
be frustrated by reason of maintenance of prices for to "the breakdown
of the present social system" and
such commodities through State action on the part is found in every
country regardless of the tariff arof a foreign country," the Government so satisfied rangements. "I
am not afraid," he declared, "to
will undertake to "prohibit the entry from such face the World
Economic Conference with these
foreign country of such commodities for such time Ottawa Confere
nce agreements, but the failure of
as may be necessary to maintain the preferences" to Ottawa would have
made a world conference imwhich the Ottawa Conference agreed. It was in this possible." Mr. MacDon
ald was doubtless correct in
form that Premier Bennett of Canada secured ap- holding that tariffs
alone are not responsible for
proval of his strong opposition to dumping.
unemployment, but his remarks threw no light upon
Mr. Thomas made it clear that the British Govern- the question of how
Great Britain, with a new imment, in denouncing the treaty, had no intention of perial tariff system more
highly and deliberately
ending British trade with Russia, and announced protective than the Empire
has ever known, proposed
that the Russian Government had been informed of to co-operate in a general
lowering of world tariff
Great Britain's readiness to negotiate a new agree- barriers if the Economic
Conference should declare
ment "at the earliest moment." Obviously, how- for such a policy.
ever, if a most-favored-nation privilege stands in
The opposition of Laborites and free trade Liberals
the way of continuing the present trade agreement is quite insufficient to
prevent the completion of the
with Russia, other commercial treaties containing Government progra
m, as the vote in the Commons
the same privilege may have to be changed if Great on Wednesday, and a
similar but much larger vote of
Britain's tariff policy is to be adapted to the Ottawa 452 to 85 on Thursday,showed
. The Labor party, inrequirements. A policy involving new imperial deed,seems destined to move
still farther to the Left.
preferences and new limitations upon imports from It has not only notified Mr.
MacDonald, Mr. Snowforeign countries can not, of course, be carried on den and Mr. Thomas that
they need not expect to be
under existing commercial treaties if its applica- received back into party
fellowship after their
tion is found to work discrimination. That such apostasy in serving in
the National Government, but
changes, possibly on a considerable scale, are con- at its recent party
conference declared outspokenly
templated is evidenced by the announcement from for a Socialist
Britain. The resignation of Arthur
the Foreign Office, coincidently with Mr. Thomas's Henderson on Tuesda
y as party leader, and the constatement in the House of Commons,that the Danish, sequent elevati
on of George Lansbury to the leaderSwedish and Norwegian Governments had been in- ship, does little
more than give official form to what
vited to send delegates to London to negotiate new for some time has
been a fact. Mr. Henderson was
tariff agreements, and that the invitations had been defeated in the general
election last October, but was
accepted and negotiations would begin early in No- continued
as party leader in the expectation that a
vember.
by-election would offer him an opportunity to
reWhether, in view of the Ottawa agreements, it will turn to the House
of Commons, but no such opporbe possible for either the United Kingdom or the tunity has present
ed itself, and in his prolonged
Dominions to adhere any longer to the most-favored- absence at Geneva
as President of the Disarmament
nation principle is not quite clear. It may still be Conference
the duties of party leadership have defound practicable so to adjust imperial tariffs and volved upon Mr.
Lansbury. The new leader, howthe trade agreements based upon them as to preserve ever, is
by no means to be counted on to go the
a general tariff structure in which the most-favored- Sociali
st lengths that the party now demands, and
nation principle will be recognized, but the practical a further
change may be looked for. In any case,
.effect of the Ottawa policy, it would seem, will be to
national Socialism, as distinguished from the Socialencourage, if not actually require, special agree- ism
that is or hopes to be international, is not comments with foreign countries in which the principle, mitted
to free trade, so that the free trade banner
in the comprehensive form in which it now applies, is
now left to be carried by the handful of free trade
will virtually disappear. If that course is followed,
Liberals.
we shall have, as far as the British Empire is conIt was evident, before Parliament met, that
the
cerned, a group of tariffs based in each case upon tariff
issue would be made prominent in the Ecospecial bargaining, each party obtaining or concednomic Conference. In a speech before a
body of
ing something of special advantage to itself, someWestphalian industrialists at Paderborn on Sunday
,
what in the manner, perhaps, of the reciprocity
Chancellor von Papen declared that "our
creditors
treaties in which the United States was at one time abroad
can reckon on repayment of Germany's
interested.
foreign indebtedness only if they are prepare
d to take
Whatever course imperial tariff-making may take, German
commodities in payment, and this
prehowever, it is difficult to see how it can fail to em- supposes
they are willing to open their trade
frontiers
barrass the general reduction of tariffs which the to our goods.
To expect repayment of debts while
world so greatly needs for its economic recovery, confronting us
with trade barriers suggests both
and which the Economic Conference, whose meeting crass and indefen
sible violation of all economic
is planned for November, is expected to consider. logic." The German
contention, he said, would be
The point was stressed in the debate in the Commons pressed upon the Econom
ic Conference at London.
on Tuesday. Sir Herbert Samuel, who recently reImportance attaches to this latter stateme
nt besigned as Home Secretary because of his opposition cause the agenda of the
Conference is to be drawn
to the Ottawa agreements, reiterated his contention up at a preliminary conference
at Geneva—a meet-
Volume 135
Financial Chronicle
2711
and four upon what he believes to be Germany's rights may
ing for which two American delegates
It serve to cut a knot which the diplomacy of the former
State Department advisers have already set out.
the Allies has proved helpless to untie.
reject
is difficult to see how the conferees can
demand, nor how they can act upon it withGerman
The Measure of a "Span of Life."
in which
out paying attention to some other matters
An Italian physician has, after twenty years of
Germany has come to be an important if not a deconcocted an elixir which is said to lengthen
termining factor. The German Government has re- study,
the span of life ten years, and his patrons number
fused to discuss, at either London or Geneva, its
of the wealthiest persons in the world. The
claim to arms equality, and M. Herriot's attempt to some
wealthiest, many of whom struggled long
dispose of the question by working it into an elabor- world's
and labored hard to accumulate vast fortunes and
ate solution of disarmament and French security has
them, no doubt desire a new lease of life
obviously failed. Unless the demand for arms equal- to preserve
to enjoy the fruit of their toil as long as
in order
ity is granted, there is still the danger that Germany
human nature.
withdraw formally from the Disarmament Con- possible. That is
may
But the man who does not enjoy his work whether
ference as it has already virtually withdrawn in
a prospective magnate engaged in amassing a
fact, while if something practical is not done about he be
is grave large fortune, or the humble toiler who is dependent
tariffs and other trade restrictions there
day's labor, is missing the best part of
doubt about Germany's ability or willingness to pay upon his
The exhileration of success in any worthy enits foreign debts. Politics and economics, in other life.
joy difficult to surpass except by deeds
words, are here inextricably bound together. It was deavor is a
deserving beneficiaries.
reported on Wednesday that M. Herriot was ready of kindness to
The days of all men are numbered,and many of the
to accept a substantial reduction in armaments if
brilliant die young. It is given to a coma way could be found to prevent the grant of Ger- most
to live, as did Edison, to witness the
many's demand for equality from opening the way paratively few
benefits to mankind which have grown out
to an armament increase, but although there is a great
considerable body of opinion in France that agrees of their life's work.
Altogether apart from the magic influence of any
that the German demand must in some way be con, the span of life has really been
ceded, no practical method of achieving that result elixir, however
ned in other ways, if length of living may be
which would leave Germany's armaments where lengthe
measured by accomplishment. Each age has brought
they now are has as yet been brought forward.
its practical magicians and the Twentieth Century
The situation is further complicated by the report,
of sages who have existed
which persists in spite of semi-official denial, that is endowed with the work
time ever since there was "Light."
the visit which M. Herriot is expected to pay to from time to
to look back a few
Madrid on Oct. 31 is connected with plans for a Americans of to-day have only
this continent was inFranco-Spanish alliance. The suggestion that Spain centuries to the time when
mode of living was
might agree to let France use the Balearic Islands, habited by savages whose crude
level of wild beasts
little above the
in the Mediterranean, as a naval base in the event advanced but
perhaps, only a political trial balloon, but which shared with them the primeval forests.
of war is,
Then came the white man to blaze the way for
in the present tangled state of European politics
which was to discover and deit is hardly possible for the European mind to dis- modern civilization
the vast and rich resources which
sociate a French approach to any country from the velop and utilize
y now known
persistent effort of France to secure some kind of a Nature had bestowed upon the territor
States of America.
security compact. Security, of course, envisages as the United
The arduous tasks of the early settlers, so well
war, and the impotence of the disarmament negotiahardships, were necessary
tors is due primarily to the obvious fact that no one performed amid great
preparation for what may well be termed the
of the principal Governments represented in the Dised by the candle, the
armament Conference is taking peace for granted, mechanical age, first evidenc
bumpy corduroy road, the canal
or actually expecting the Kellogg-Briand anti-war domestic loom, the
rt freight and packets for paspact to be of any real avail if war is threatened. With boats to transpo
a horse or a mule
"When talking of disarmament prepare for war" sengers, moving no faster than
habitations, the scythe
might \ell be written above the door of the assembly could walk, the log houses for
and cradle for the reapers and crude flint-lock firehall at Geneva.
arrow of the Indian.
We must repeat, what has been said many times arms to displace the poisonous
brought the oil lamp,which
Discovery of petroleum
before, that world tariffs, the American tariff ingenerated from
ought to be drastically lowered, and that served a good purpose until gas was
cluded,
by pipes for illumination of
until they are lowered there can be no general busi- coal and distributed
The mechanical age
ness recovery. Tariffs alone are not responsible for homes, stores and streets.
ity than which no better means of
the world depression, but more than any other single brought electric
It brought also a
factor they have tended to aggravate and prolong it, illumination has been found.
on in machinery which is still being developed
and until international trade is allowed to move with revoluti
s and to make them
rational freedom the depression will go on. It is to make better and new product
bound up at present quickly. It brought the steam engine for navigating
unfortunate that the question is
and seas and for pushing the steam horse
with that of disarmament and the determination of the rivers
to the Pacific, aided later by the
Germany to get rid of treaty restrictions, but if from the Atlantic
not only for the railroads but
Chancellor von Papen, by keeping Germany's situa- use of electric current
supplying new power generated by water and
tion to the front, can achieve both arms reduction for
distributed wherever needed by wires. No bird can
and tariff reduction, the accomplishment will be a
or so fast as an aviator. Huge and swift
universal gain. German diplomatic methods have fly so far
steamships navigate the seven seas, while suboften been "full-fisted" and sometimes bungling, but
sturdy insistence marines share the ocean depths with whales.
it is possible that the Chancellor's
2712
Financial Chronicle
Oct. 22 1932
To the mechanical age we owe the development in affairs. To his surpri
se, they were not only willing
communications which gave us first the telegraph to talk, but
seemed really proud of what they were
and cable, then the telephone and now the wireless, doing. They even appea
red anxious to prove their
which amplified by the radio, serves as a means for figures of costs
from their book records.
disseminating knowledge and entertainment to milThe facts which were disclosed are of great interest
lions of homes and by broadcasting puts this country for the light they
throw upon trucking methods and
in almost instantaneous communication with people upon the stand
ard of employment which may be
across the seas. It has given us the automobile for uncovered in that
industry, in its present unreguprivate transportation over supurb highways and lated condition.
the tractor which aids the farmer, whose arduous
It seems that the brothers were elderly men, and
labor had already been modified by the mower and physically incapable,
themselves, of driving trucks
reaper, the thresher and other agricultural imple- for long distances and
long hours. They operate a
ments. Hand plows, drawn slowly first by oxen and small gasoline station
which enables them to purthen by horses, have almost disappeared.
chase fuel at wholesale. Earlier in life they had
In the mechanical line there has been perhaps no had some experience in
the retail fruit business.
more marvelous advancement than that of the print- They were well aware, also,
of the cheapness of used
ing press. The old Franklin and Washington hand trucks and the existence
of the great army of the
presses printed only one side of a sheet of paper unemployed. In these factor
s they believed they
which had to be placed upon the type by hand and sensed an opportunity.
then removed for drying before a second impression
Accordingly the brothers purchased,for very little
might be made upon the reverse side of the paper. It money, two second-hand trucks
, one of 2 and the
/
1
2
would be impossible to publish the editions of the other of 31 2 tons capacity.
/
To strengthen these
daily newspapers and those of the magazines to-day vehicles for the extremely
heavy overloads they exwithout a modern press.
pected to haul, they fitted each with an extra pair
Inventive genius alone is not sufficient to benefit of wheels.
the world as it is organized to-day. Valuable disTheir town is located in a farming section.
In
coveries would lie dormant without capital to de- the neighborhood are many young
farm hands out
velop them and make them available for human of work and with no prospect
of any. Numbers of
needs. Money has been spoken of as the sinews of them, however, can drive cars
and hold drivers'
war. Capital is just as essential for the promotion licenses. The distress of
agricultural prostration
of material welfare in times of peace. The aid of has supplied the brothers with
their most important
bankers and private investors is required in all ma- resource, the ability to utilize
destitute labor.
terial steps of progress. The United States has been
It is their practice to engage, as driver
s of their
blessed with financiers who knew how and with trucks, young farm boys who are
willing to make the
investors who possess the pluck to risk a part of their journey for no money wages at
all, merely meals and
fortunes in putting into practical use the discoveries lodging on the way and the
supposed opportunity
of inventors. The triple combination has worked to see something of Florida and
the South. One of
wonders.
the brothers accompanies each truck,
but does little
Men are still studying, still experimenting in every or no driving. The round-trip
journey is 2,400 miles.
line of endeavor to bring greater perfection.
It is made in five days, or an average
of 480 miles
With all the marvelous advantages of the Twen- per day. This is accomplished
by continuous drivtieth Century it is up to each individual not only to ing from three o'clock in the
morning to nine o'clock
get the full measure of enjoyment out of life each at night, with the boy at the
wheel practically all of
day but to help to build a still greater and better the time.
world for future generations and if he works inIn order to avoid the payment of
gasoline taxes
dustriously and honestly on these lines his energy in the Southern States, the brothe
rs carry sufficient
will bring contentment and happiness during the gasoline with them for the round
trip. To make this
years allotted to him and he will enjoy a well rounded-. possible, they attach drums
permanently to the
out life without any artificial elixir.
truck bodies so as to form large suppl
ementary fuel
tanks and thus provide a sufficient
supply for the
Trucking Methods—Board and Lodging Wages. entire journey going and coming.
The 21 2-ton truck is loaded with six
/
tons of oranges
The Railway Employees' and Taxpayers' Associa- and grapefruit.
The 31 2-ton truck carried eight
/
tons.
tion of Virginia recently issued a statement disclos- The
trucks are operated through eight
States, but
ing some very interesting facts concerning "boarding hear
the license plates of only one.
and lodging" wages paid to destitute labor in unreguThe motor expert checked all the
items of cost in
lated motor trucking.
this extraordinary business. He found
the estimate
As the story goes, two brothers were discovered of
not over eight cents per mile was
correct, includin one of the Northern States who were regularly ing
depreciation and an allowance which
the brothers
supplying small merchants and fruit stands with made
of $20 each per week for their own
wages. No
Florida oranges and grapefruit at prices which
doubt this is cheap transportation, but
is it the sort
allowed their customers to undersell even the chain
of business the American public
would like to see
stores, despite the latters' immense advantages
in encouraged?
large-scale purchasing. It was reported that the
What can be said of the supposed
American standbrothers had devised an unusual scheme of motor
ards of living, and of the dignity of
American labor,
truck operation which enabled them to cut their
when a business depends for its
profit upon the
costs to a phenomenally low figure, said to be not abilit
y to hire young men for board
and lodging
over eight cents a mile.
wages and then work them 18 hours
a day at the
A motor expert investigating the situation ex- trying
, nerve-racking and dangerous trade
of driving
pected to find the brothers reluctant to discuss their a greatl
y overloaded truck at high speed
s?
Volume 135
Financial Chronicle
The lodging averages less than $1 a night, and the
meals less than 40c. each. No claim is made that
the hiring of truck drivers for board and lodging
wages is a general or even a frequent practice. The
fact that it is done at all merits widespread attention. It is well known that there are no recognized
standards either of pay or working conditions in
the trucking business, and that both are, for the
most part, on far lower levels than the wage scales
and the conditions of employment of railroad
workers.
The boys who drive the trucks have considerably
less than six hours' sleep per night during the five
days they are on the road. Can it be supposed that
is sufficient rest for safe driving?
Is it just, or in the public interest, that established
merchants, selling fruit carried to market by agencies of transportation which pay fair wages and
work their employees only reasonable hours, should
be subject to competition based on the employment
of destitute labor in transportation service?
Is it just, or in the public interest, that railroad
employees, or the railroads themselves, should be
exposed to such competition?
The owners of these two trucks use the highways
of seven States (one a border commonwealth and
six in the South) without paying a single cent for
that privilege, as they pay license fees in only one
State, and buy their gasoline in the market of that
State, where gasoline taxes are low.
Are Railway Valuations of Any Use?
A great deal of doubt has been expressed concerning the wisdom of continuing the valuation of railway properties, the duration and cost of which has
so far exceeded all expectations both to the railways
and to the Government. Those who are fully conversant with the work maintain that this colossal
task which was imposed upon the Inter-State Commence Commission is not so important now as it was
thought to have been when the work was started.
They maintain that the railways have but one real
question: Are they able to pay to the investors in
their properties a reasonable interest upon the money
they have invested to serve the public; are they able
to earn a surplus over that fair return; and can they
expect to continue to earn such a surplus as will
justify prospective investors in putting their money
into new and improved facilities in preference to
investing it in other domestic enterprises or in foreign securities?
Whether the valuation is determined at one figure
and the rate of return earned upon that valuation
is low, or whether the valuation is placed at a lower
figure and the return earned is high is, after all,
but a mathematical equation; the practical question
is: What are the railways actually able to pay by way
of return upon their existing securities, and is their
margin over that payment sufficiently attractive
each year to draw to them the new capital from investors, by whose voluntary acts alone can be secured
the capital the railways require?
When legislators and railway executives can confront each other and actually realize that their fundamental purpose in this situation is identical, the
carriers will be able to brush aside much of the theory
and many of the disagreements which still confront
them. It is quite apparent that such fair returns
2713
cannot be realized or maintained without protecting
railway rates from unwise adjustments or from becoming the football of unsound economic theories.
The facts are that no possible rate reductions can
be made in one direction without making increases
on other traffic so as to preserve fair returns. No
reductions can be made that will bring relief sufficient to offset the results of world-wide laws of
supply and demand on commodities; nor make possible the maintenance of wages or profits which are
out of line with the total costs and prices for which
similar commodities can be produced and sold from
other communities.
It is unsound economically to expect the regulation of railway rates to act as a leaven of prosperity
between different industries and as between different
elements in the same industry. Yet that is essentially the principal that has been advocated in the
past with respect to pleas for special treatment of
industries suffering from depression brought on,
not by rates, but by causes far removed from transportation charges and largely inherent in the industries themselves. A sound theory is that railway
rates should at all times be based upon a consideration of the cost to the railways of services performed
and upon the value to the industries of such services
rendered.
Who Should Pay for the Highways?
In an address made last Wednesday before the
annual convention of the Associated Traffic Clubs
of America, M.J. Gormley, Executive Vice-President
of the American Railway Association, presented a
summary and criticism of the various programs of
public policy relative to highway transportation.
After a very comprehensive review of some of the
more important arguments in support of each of
the general policies—to regulate and not to regulate
highway transportation—Mr. Gormley referred to
the question as to who pays for the highways. That
is, who is paying and who should pay for the splendid
highways which have been built.
In a brief discussion of the situation he stated that
our highway system divides iself into three parts
on the basis of political jurisdiction. They are:
1. State highways, so-called, totaling about 324,000 miles.
2. Other highways, sometimes called "local" highways,
totaling approximately 2,700,000 miles.
3. City streets, totaling about 260,000 miles.
• All are used by'motor vehicles to a greater or less
extent. In total they constitute the roadway for
highway transportation.
The policy advocated by the automobile manufacturers, and endorsed and supported by the United
States Bureau of Public Roads, is that the cost of
the State highways, about 10% of the total mileage,
should be borne by motor vehicles through license
fees and gasoline tax receipts and that the costs of
other roads and city streets should be paid out of
funds raised by general taxation, and as to other
rural highways, particularly, out of taxes on land.
Mr. Gormley asserts that this can only mean that
the motor vehicles which may never travel on the
so-called State highway must contribute to its construction and maintenance, and, further, that those
owning such motor vehicles must pay, in addition,
for the city streets and local roads on which they
do not operate. For instance, taxicabs and local delivery trucks in cities contribute to the construction
Financial Chronicle
Oct. 22 1932
Economic Sanity Again in the Picture.
and maintenance of the State highway,although they
(WALTER PARKER in "The Cotton and Cotton Oil Nevis," Oct. 8 1932.1
section cars of the
never use it. Even the gasoline
railroads which have flanged wheels and run nowhere
Public hostility to government meddling with economic
except on railroad tracks, contribute through gaso- processes, to tax-supported and tax-free government compeline taxes to the State highway.
tition with business, to waste and extravagant spending by
In addition, he stated that the tax which the government, and to costly nostrums is increasing rapidly,
farmer actually pays on gasoline used in his tractor and shows every indication of soon becoming just as direct
or in his gasoline engine, which operates his power and just as acute a force for change as has developed in
plant, goes largely to the State highway. His flivver, the matter of prohibition.
Obviously, a new character of militant leadership is develwhich may seldom feel the smooth surface of the
oping, and after nearly three years of truth evasion, the
highway, is a daily contributor thereto. Not only
should there be in justice a reapportionment of public is now beginning to get the facts underlying the ecospecial motor vehicle taxes, so that there may be nomic problems confronting the country.
Nightly, powerful radio broadcasting stations carry direct
payment in accordance with use, but in any form of
and fearless statements from responsible men; daily the
regulation and taxation a clear distinction should
newspapers carry eye and mind-opening editorials. Pambe made between those who use the highway in perphlets, and even books, are beginning to direct public attensonal travel and the farmer or other producer who
tion to the evils of waste and extravagant spending by
uses the highway as an incident merely to his busi- government, and to the most vicious of all bureaucratic
ness, and those who have engaged in the business of activities, the devastating competition with wholesome busitransportation on the highway. The farmer may use ness which certain governmental bureaus are carrying on.
the highway but occasionally. The man who uses
All of which is a most encouraging sign, and an indication
the highway in the transportation business uses it of a return to public reliance on economic sanity.
daily to the utmost extent possible. A license duty
Recently, Colonel Robert R. McCormick, publisher of the
as applied to one should not be the same as the Chicago "Tribune," by pamphlet and by radio broadcast,
license duty applied to the other. One who uses the has been telling the public that the high cost of government,
road only as a way to business and incidental to his and the enterprise-blighting effect of huge taxation are at
real business should be taxed much lighter for the the root of the economic distress of the country.
In June 1932 Honorable James M. Beck, former Solicitorprivilege of that use than the one who uses the highGeneral of the United States, first published his book, "Our
way as a business for profit.
Wonderland of Bureaucracy." A second and third edition
By way of determining the source of revenue for were printed in July, and a fourth edition in August. The
these great highways, Mr. Gormley calls attention Increasing popularity of this striking book is one of the
to the fact that in the eight-year period 1923 to 1930, most hopeful signs of the times. The publishers are Macapproximately four billion dollars was raised by Millan & Co. of New York.
Re the Farm Board, here are some excerpts from Mr.
motor vehicle fees and gasoline taxes. This, he
Beck's book:
states, was the total contribution of the motor
". . . The Seventy-first Congress created the Federal
vehicle for use of the roads and streets of the coun- Farm Board, with a very vague statement of its powers
try. Of this amount $3,200,000,000 was spent on and objectives, except that it was to do something to relieve
the so-called State highways, which constitute only the undoubted distress of agriculture. It then provided that
could be made upon the sole
10% of our total highway mileage, not including that disbursements Board. It appropriated to authority of the
Chairman of the
the Farm Board,
in incorporated cities and in densely populated sec- for certain undefined purposes, the sum of $500,000,000.
tions in New England. This, however, was by no Thus, the Congress gave to the Chairman of the Farm Board
means all the funds which were made available for a blank check upon the Treasury of the United States for
the State highways. Almost three billion dollars, $500,000,000, to be spent in the discretion of the Board; and
the folly of this liberal and unprecedented grant of power is
raised from other sources, were appropriated for shown by the fact that the Farm Board,
after creating
them. In the same eight-year period it was pointed subsidiary corporations, then loaned them over $300,000,000
out that local roads had over $5,200,000,000 made to stabilize wheat and cotton by purchases and sales in
available for them, which came from sources other the market.
"Thus Uncle Sam became the greatest gambler in history.
than the motor vehicle.
"The Farm Board is clearly the most
inexMr. Gormley states that this picture is entirely cusable legislative folly in our history. costly and
It was imposed
out of focus. He says, it should be possible, with upon the American people by the farm lobby, and some of
over 25,000,000 automotive vehicles of all kinds using its shady promoters enriched themselves with salaries, comthe highways, to make such vehicles pay for their missions and perquisite as officials of these subsidiary cooperative associations, which may
cost. If such cost has been increased in order to great scandals of this generation. prove to be one of the
accommodate heavy busses and trucks over and
"Tried by the arduous test of experience, this essay in
above what would have been necessary if the roads socialism has failed. The Farm Board sought to minimize
were only for passenger automobiles then he claims speculation, but through its subsidiaries has become the
such heavy vehicles should pay all of the added cost greatest speculator in grain and cotton; it sought to stabilize
them downward until they fell below the
prices
which they have made necessary, in addition to their cost and drove
of production; it sought to prevent a surplus and only
proportionate contribution to the total cost,
increased the surplus; it sought to decrease the planting
In the maze of so-called "new” problems arising r acreage and increased It; it sought to secure orderly marketfrom motor-vehicle transportation, the road question tug, and with the Government as the biggest speculator in
one which can really be called a new wheat and cotton with unlimited means, the orderly
is the onl ymarketling became disorderly past precedent. It sought to prevent
problem. There has never been anything like it in will be pretty sure to
ascribe the Farm Board's existence to
the past and a proper solution of this problem is depression in agriculture and it has contributed to the
badly needed to-day. That solution must be de• greatest depression in our history; it sought to prevent
termined by the public to be served and the solution wasteful methods of distribution and only succeeded in
must be sound and equitable and must be made in imposing upon the people of the United States nearly onefourth of the present governmental deficit. . . .
the light of permanent, public interest and not with
,,Undoubtedly. the culminating folly of this ever-growing
a view to expediency or temporary advantage.
system of bureaucracy is the Farm Board. with its almost
Financial Chronicle
Volume 135
unlimited power to spend $500,000,000 in aid of the American
farmer. It represents bureaucracy in its most indefensible
form.
Where the Farm Board's Money Goes.
the chief complaints made before the Shannon
One of
Investigating Committee by the cotton trade, against Government and Farm Board subsidized merchandising operations, was directed at the character of classification resorted
to, which the cotton trade asserted was often faulty, entailing severe losses to the taxpayer and resulting in unfair
competition.
Joseph A. Airey, cotton merchant of New Orleans, testified that the subsidized cotton co-operative bought a lot
of 58 bales at Lake Providence, La., which was paid for by
the co-operative on its own classification, but which was
later classified by the Board of Cotton Examiners in New
Orleans, which is a part of the United States Department
of Agriculture. The two classifications were:
Bales
Staple—
15-32
114
13-32
11-16
11-32
1 inch
31-32
15-16
29-32
Total
Grade—
Strict middling
Middling
Strict low middling
Low middling
Total
Co-op.
21
27
5
4
1
Gov't
14
6
27
3
2
1
3
1
58
58
11
31
13
3
18
24
12
4
58
58
In purchasing this lot of cotton, the co-operative paid for
21 bales of 1 5/32-inch staple, which the Government classers
said was not to be found in the lot at all.
Mr. Alrey and other merchants, who testified before the
Shannon Committee, asserted that since tax-paying merchants must pay all losses occasioned by errors in classification, they cannot hope to compete where the losses resulting
from such errors in classification as reflected in the above
tables are paid by the taxpayers.
Merchandising by Co-operatives.
Contrary to the intent of Congress, when it gave away half
a billion dollars of the taxpayers' money to the Farm Board,
the Farm Board has been supplying money to the co-operatives to enable them to finance outright purchases of cotton
from farmers or others, thus setting up tax-exempt and
tax-free Government competition with tax-paying business
on a major scale.
No matter how efficient and how economically operated
tax-paying business may be, it cannot sustain unimpaired,
the valuable service to the trade it was designed to render,
when harassed and handicapped by tax-exempt and taxsupported Government competition.
Were it not for the tragic results of the Farm Board's
policies, its experiments in commercial economy would class
with the exploits of Don Quixote.
The mad Spaniard fought windmills,and the deluded Farm
Board fought and attempted to defeat the most nearly
immutable economic law we know—the law of supply and
demand.
Just as the windmills won the battle, so has the law of
supply and demand won, but with this difference: The
aggressive, but misguided Spaniard, carried away the scars,
while the taxpayer, the farmer and the business machinery
of the country carry away the scars of the Farm Board's
attack.
The men of the Farm Board who dictate its policies collect
their salaries and go scot free.
There has never been, in the history of the world, a parallel
to the Farm Board, or to its extravagant and futile waste
of money in a foolish, ill-starred and, from the start, hopeless attempt to reverse the economic wheels of the world.
When the historian writes the story of these times, he
some kind of insanity suddenly developing among the people,
which somehow was associated with the period of extravagant prosperity when every citizen of the United States
either became or thought he was about to become the owner
of a yacht, a country estate and a villa in Southern Europe.
The essential error made by the Farm Board was its
assumption that the farmers' ills grew out of the marketing
system, when, as a fact, they developed from causes not
attributable to that system at all. These causes the Farm
Board has never attempted to treat.
2715
The Farm Board experience will go down in history as
the greatest piece of costly stupidity ever deliberately
brought upon themselves by any people since the world began.
When such Government competition takes the form of an
amateurish experimentation in the field of finely balanced
trade economics, the results are sure to be disastrous.
It is about on a par with the act of a comedian attempting
a role of tragedy by drawing a bolt of lightning on his
own head.
How the Crop Reporting Board of the Department of Agriculture Prepares Its Cotton
Estimates from Month to Month.
The Oct.8 issue of the weekly circular of Munds, Winslow
& Potter contained the following interesting account of how
the Crop Reporting Board proceeds in making its forecasts
of the size of the growing cotton crop from month to month:
"It is our privilege, and, we add, our pleasure, to give to
the cotton trade a clarifying analysis of the activities of the
Crop Reporting Board this season. Owing to the fact that
August weather was decidedly unfavorable, the majority of
the cotton trade expected a reduction in the September
forecast. We might as well confess that as for ourselves we
were somewhat puzzled over the failure of the September
figures to reflect the bad August weather and the evidence
of unusual weevil activity.
"In all justice to the Crop Reporting Board, which we
consider probably the most efficient of all the Government
agencies, we reproduce herewith a letter written by Mr.
Joseph A. Becker, Acting Chairman of the Crop Reporting
Board, to a county agent in Tennessee who evidently had
not been able to understand why the September forecast
failed to show a substantial decline from the August figures.
"In preparing the forecast of yield per acre of cotton, the Crop Reporting
Board considers the August condition as reported in relation to past reported
condition on that date and the final yield per acre, together with some
supplementary information with respect to probable weevil damage available
at the time the report was prepared. In September the Board considers the
September 1 condition in relation to past reported condition on September 1.
In relation to the final yield, again supplemented by such further information of probable weevil damage as is available, but without reference to
the change in condition from August to September. In other words, each
forecast stands on its own merits.
"In making these separate analyses, however, it must be borne in mind
that the September 1 measuring stick of past relationship is an entirely
different measuring stick than the August 1 relationship. For example.
-year average August 1 condition
for the United States as a whole, the 10
-year average September 1 condition is 55.1%.
is 66.4%, while the 10
If one used simple mathematics and divided the Aug. 1 1932 figure by the
-year average—in other words, divided 65.6 by 66.4—the answer would
10
be .988.
"Making a similar computation from September data, in other words.
dividing 56.6 by 55.1, the answer would be 1.027. Therefore, the straight
mathematical relationship of the figures would indicate a yield in 1932
based on the Augustfigures ofslightly less than average; based on September
figures slightly above average. However, in preparing its forecasts on a
State basis and making allowances for probable weevil damage and differences in abandonment, the August and September Board figures for
the United States were practically identicel. although there were important
differences by States.
"Considering the condition figures on the basis of change from August 1
to September 1, which, as previously stated, the Board does not do, it will
be noted that the 1932 condition dropped from 65.6 on August 1 to 56.6
on September 1. The average of past years illustrated by the 10
-year
average condition figures dropped from 65.4 on August 1 to 56.1 on September 1. In other words, during the month of August 1932 the reported
-year average condition
condition declined 9.0 points, whereas the 10
declined 11.3 Points.
"Inasmuch as the decline in 1932 was less than the average decline, if
everything else were held equal, the September 1 forecast should have been
higher than the August 1 forecast.
"As previously stated, however, independent treatment of the data by
States, with allowance for prospective weevil damage and relative abandonment of acreage resulted in bale forecasts by States which, when added.
were practically identical for the United States.
"In August in calculating the probable production in bales, the Board
used the July acreage less the 10
-year average abandonment of 3.0%.
leaving an acreage for harvest of 36,161.000. In the September report
the Board estimated the abandonment on the basis of reports from crop
correspondents at 1.8%, leaving 36.611,000 acres for harvest. This somewhat greater acreage for harvest practically offset the slight reduction
in yield per acre, resulting in a bale forecast about the same on September 1
as on August 1."
We consider this statement a most valuable contribution
to crop reporting literature, says C. T. Revere of Munds,
Winslow & Potter, who writes the weekly letter of the firm.
Railroads Earn at the Annual Rate of Only
0.93 Per Cent on Their Investment During
First Eight Months of 1932.
Class I railroads of the United States for the first eight
months of 1932 had a net railway operating income of
$152,294,615 which was at the annual rate of return of 0.93%
on their property investment, according to reports filed by
the carriers with the Bureau of Railway Economies. In the
first eight months of 1931, their net railway operating income
was $353,908,889 or 2.15% on their property investment.
2716
Financial Chronicle
Property investment is the value of road and equipment
as shown by the books of the railways, including materials,
supplies and cash. The net railway operating income is
what is left after the payment of operating expenses, taxes,
and equipment rentals, but before interest and other fixed
charges are paid.
This compilation as to earnings for the first eight months
of 1932 is based on reports from 167 Class I railroads representing a total of 242,163 miles. Gross operating revenues
for the first eight months of 1932 totaled $2,091,356,725,
compared with $2,928,960,214 for the same period in 1931,
or a decrease of 28.6%. Operating expenses for the first
eight months of 1932 amounted to $1,661,990,574 compared
with $2,266,164,675 for the same period one year ago or a
decrease of 26.7%. Class I railroads in the first eight months
of 1932 paid $197,967,471 in taxes compared with $219,327,549 for the same period in 1931, or a decrease of 9.7%.
For the month of August alone, the tax bill of the Class I
railroads amounted to $24,340,751, a decrease of $3,219,882
under August the previous year.
Seventy Class I railroads operated at a loss in the first
eight months of 1932, of which 21 were in the Eastern,16
in the Southern and 33 in the Western District. The follow
ing further particulars are also furnished:
Class I railroads for the month of August alone had a net railway operating income of $28,368,388. which, for that month, was at the annual rate
of return of 0.97% on their property investment. In August 1931, their net
railway operating income was $56.444,155 or 1.92%.
Gross operating revenues for the month of August amounted to $252.102,172. compared with $364.392.527 in August 1931. a decrease of 30.8%•
Operating expenses in August totaled $189,630.874 compared with $269,362,030 in the same month in 1931. a decrease of 29.6%•
Eastern District.
Class I railroads in the Eastern District for the first eight months In
1932 had a net railway operating income of $120.028.294 which was at the
annual rate of return of 1.50% on their property investment. For the
same period in 1931. their net railway operating Income was $189,204.434.
or 2.37% on their property investment. Gross operating revenues of the
Class I railroads in the Eastern District for the firtt eight months in 1932
totaled $1.078.130.035. a decrease of 26.5% below the corresponding period
the year before, while operating expenses totaled 5822,151.454. a decrease
of 27.3% under the same period in 1931.
Class I railroads in the Eastern District for the month of August had a
net railway operating income of $16,704,438. compared w'th 526,241.377 in
August 1931.
Southern District.
Class 1 railroads in the Southern District for the first eight months of
1932 had a net railway operating income of 57.330.592. which was at the
annual rate of return of 0.34% on their property Investment. For the
same pe.lod in 1931. their net railway operating income amounted to
531.760.676 which was at the annual rate of return of 1.49%. Gross operating revenues of the Class I railroads in the Southern District for the first
eight menthe in 1932 amounted to S252.833.437. a decrease of 30.7% under
the same period in 1931, white operating expenses totaled $215.821,030, a
decrease of 27.4% •
Class I rail oads in the Southern District for the month of August had a
net railway operating income of $843,821, compared with $3,431,432 in
August last year.
Western District.
Class I railroads In the Western District for the first eight months In
1932 had a net railway operating income of 524.935.729 which was at the
annual rate of return of 0.40% on their property investment. For the
same eight months in 1931, the railroads In chat district had a net railway
operating income of 5132.943,779. which was at the annual rate of return
of 2.11% on their property investment. Gross operating revenues of the
Class I railroads in the Western District for the first eight months period
this year amounted to 5160.393.253. a decrease of 30.7% under the same
Period in 1931, while operating expenses totaled *624,018,090, a decrease
of 25.5% compared with the same period in 1931.
For the month oi August alone, the net railway operating income of he
Class I railroad:, in the Western District amounted to $10,820.129. The
net railway operating income of the same roads in August 1931 totaled
$26,771,346.
CLASS I RAILROADS—UNITED STATES.
Month of August.
Decline.
1931.
1932.
8252,102,172 5364.392,527 30.8
269,362.030 29.6
189.630,874
27.560,633 11.7
24,340.751
58,444,155 49.7
28,368.388
73.92 _
75.22
1.92% --0.97%
Eight Months Ended August 31.
Total operating revenues
52.091.356,725 52,928,960,214 28.6
Total operating expenses
1.661.990.574 2.266,164,675 26.7
197,967,471
Taxes
219,327,549 9.7
Net railway operating income
353,908.889 57.0
152,294,615
Operating ratio—%
7917
77.37
0.93%
2.15%
Rate of return on property Investment— -.
Total operating revenues
Total operating expenses
Taxes
Net railway operating income
Operating ratio—%
Rate of return on property investment
Railroad Investment Exceeds Net Capitalization
by Seven Billion Dollars.
The most recent statistical information furnished
by the Inter-State Commerce Commission shows that
the investment of the railroads exceeds their net
capitalization outstanding in the hands of the public at the present time by more than $7,000,000,060.
Oct. 22
1932
The Commission's figures show that the net capitalization of all the railroads, with the exception
of switching and terminal companies, was in round
numbers $18,941,000,000 in the year 1931. By "net
capitalization" is meant the total amount of railway
securities,stocks and bonds outstanding in the hands
of the public. The railway securities held by the
railways are not included.
The following figures review the net capitalization of the American steam railways since 1911:
Year—
1911
1916
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
Capital Stock.
Funded Debt.
Total Capitol.
$5.874.783.419
6,415,963,044
6706,530,562
6,673,423.777
6.751,349.854
6,847,048.512
6,805,830,355
6.885,437.186
6.830.464,432
6.756,046.601
7.084,045.045
7,212,586.295
7.185.499,007
7.111.028.874
*9.169,699,475
9,916,615.284
10.287.399.701
10.409,452.216
10,528.376,315
10.963.213.750
11.396,067.357
11,305,076,143
11,403,847.205
11.380.644.844
11.426.537,564
11.467.120,633
11.880,127.078
11.830.431.260
*15.044,482,894
16,332,578,328
16,993,930,263
17,082.875,993
17,279.726,169
17,810,262,262
18,201.897.712
18,190,513,329
18,234,311.637
18.136,691.445
18,510,582,609
18.679.706.928
19,065,626,085
18.941.460.134
In the language of the Inter-State Commerce Commission, 118,941,460,134,or $76,822 per mile of road,
is the net sum which would be necessary to purchase
the railways, considered as one system, on the basis
of the par value of their stocks and bonds not held
under railway ownership."
The investment in road and equipment on Dec. 31
1911 of the roads covered in the foregoing table
amounted to $26,097,403,697, a total more than
$7,000,000,000 greater than their net capitalization.
In the days gone by the cry of "watered stock" used
to be raised against the railroads, the claim being
made that railway capitalization was in excess of
railway investment. This may have been true at
one time,although the figures of the Inter-State Commerce Commission, which extend as far back as 1890,
do not support such a claim, but now, when investment exceeds net capitalization by over $7,000,000,000, there is no longer any basis for this charge.
The Course of the Bond Market.
The chief characteristic of the bond market during the
current week has been its stability. Prices improved slightly
up to Friday, and on that day quotations were down fractionally in sympathy with the sharp decline in the stock
market on that day. However, at no time during the week
have prices been much changed from those prevailing at
the close of last week. The price index of 120 domestic
bonds computed by Moody's was 81.18 on Friday, as
compared with 80.84 a week ago, and 81.42 two weeks ago.
United States Government obligations with tin exception
of a slight decline on Friday, showed a consistent rising
tendency throughout the week with many issues going into
new high ground. Capital continues timid, with its main
source of employment being the Government issues. This
,
is exemplified by the recent Trrasury financing, through 91day bills, which was done or a 0.14% basis. The index of
eight long-term Treasury issues was 101.50 on Friday, as
compared with 101.31 week ago and 101.56 two weeks ago.
The railroad bond market has been more stable this week
than in a considerable period of time. Price movements in
the speculative bonds have been, for the most part, limited
to one or two points, with the fluctuations in high-grade
issues in many cases limited to fractions. Union Pacific
1st mtge. 4s, 1947, and Atchison gen. mtge. 48, 1995, remain practically unchanged at 96 and 923 , respectively,
%
Great Northern ref. mtge. 43/is, 1961, declined about %%
of a point to 80, Baltimore & Ohio let mtge. 4s, 1948,
2
practically unchanged at 82%. Low-priced speculative rail
bonds did not decline as much as did railroad stocks, with
Illinois Central deb. 4303, 1966, declining 23 points to
/
4
36%, Chicago, Milwaukee, St. Paul & Pacific 50-year mtge.
5s, 1975, down 2% points to 24, and Baltimore & Ohio cony.
to 57M. The Missouri Pacific 1st & ref.
43's, 1933, down
mtge. 5s. of various maturities, strengthened a point or two.
Among the larger gains was a 4 point advance for the New
York, Chicago & St. Louis deb. 6s, 1932, which defaulted
Financial Chronicle
in the payment of interest and principal on Oct. 1, presumably a reflection of the thought that the plan to pay off 25%
of tho issue in cash with the remaining 75% exte nded for
3 years might still be put into effect, despite the low increase
in deposits of the notes. The price index for 40 railroad
bonds on Friday was 74.25, as compared with 73.95 the week
previous and 74.67 two weeks ago.
Public utility bonds have been in demand during the week,
improvement in prices taking place generally throughout
the entire list. High grades have been consistently strong,
although day-to-day gains were marked by fractional movements. Second grade and speculative issues have been slow
in starting, but gained strength as the week grew older,
however, at no time were upward spurts particularly noticeable. Among the more prominent of the advancing issues
have been Lone Star Gas 5s, 1942, New England Gas &
Electric 5s, 1947, Standard Gas & Electric 6s, 1966, and
Western Union Telegraph 43'2s, 1950. New York tractions
came in for a good deal of interest this week as a result of
the abandonment of the Delaney plan for subway financing.
However, improvement in prices developed only upon the
initial announcement and no spectacular movements followed,
owing to the fact that solution of the transit problem and
higher fares are still a matter of the rather distant future.
New offerings, so prominent in past weeks, dwindled still
further and $6,900,000 Eastern Utilities Associates 5s, 1935,
has been the only issue to appear. Plans are under way
for additional issues, however,and continued market strength
should hasten these operations. The price index for this
group was 86.12 on Friday, as compared with 85.61 a week
ago and S6.64 two weeks ago.
As a group, industrial issues advanced fractionally up to
Friday, on which day they eased slightly. Bonds in Aaa
and An classifications were firm with continued low money
rates reflected in 3-months' Government financing at 0.14%.
Speculative obligations were inclined toward irregular
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1932
Daffy
A00 044
,1 ,
Oct. 21
20
19
18
17
15
14
13
12
11
10
8
7
a
B
4
3
1
WavySept.30
23
16
9
2
Aug. 26
19
12
a
July 29
22
15
8
1
June 24
17
10
a
May 98
21
14
7
Apr. 29
22
15
a
Ali
120
Domes
tic.
Aaa.
81.18
81.30
81.07
80.95
81.07
80.95
80.84
80.37
10!.81
101.97
101.81
101.81
101.81
101.64
101.84
101.47
88.90
88.77
88.63
88.50
88.90
89.04
88.63
88.10.
80.49
80.37
81.18
81.42
81.78
81.90
82.50
82.50
82:62
101.31
101.47
101.81
101.81
101.81
101.64
102.14
102.14
102.30
88.23
87.96
88.36
88.63
89.04
89.31
89.72
89.79
89.59
82.50
82.14
80.84
81.78
81.18
80.95
80.14
76.67
72.26
70 43
66 98
64 71
62.87
62 48
63 27
63 90
63.11
60117
59 01
6202
6898
66.56
68 40
60 86
68.49
67 07
71 67
74.88
75 61
77 65
7582
74 67
74 46
72 III
72 65
7296
74311
74 77
82.62
6767
9365
62.56
102.30 89.45
101.47 88.90
100.49 87.83
100.33 88.10
99.68 87.43
99.36 87.96
98.73 88.38
96.70 83.85
95.18 80.72
94.29 79.48
9396 77.88
91 81 76.48
9083 7461
90.13 74.77
90 27 75.82
90 65 76.78
90.13 76.35
89.04 73.45
86.64 73.55
80 45 77.00
92 10 78.88
9324' 80 96
03.85 81.90
94 58 82.62
92 82 80 95
9288 79 68
94.68 8260
96 70 84 35
96 70 84 72
11762 85.74
95 63 83 48
9421) 82.02
1)370 81.54
91 67 79.80
91 81 80.49
92 '15 81 07
93 40 8399
93 71) 82 87
102.30 89.72
$661 71.98
10698 101 64
87.96 76.03
120 Domestic, by Ratings.
An.
Baa.
MOODY'S BOND YIELD AVERACIES.7
on Individ
120 Domestic*
by Groups.
RR.
P. U. Indus.
77.55 63.98 74.25 86.12
77.66 64.15 74.36 86.25
77.33 63.98 73.85 86.25
77.22 63.90 73.75 85.99
77.33 63.74 74.05 85.99
77.22 63.66 74.15 85.74
77.22 63.66 73.95 85.61
76.78 62.95 72.95 85.61
Stock Exchan go Clos ed
76.78 63.19 73.25 85.48
76.78 63.03 73.25 85.23
77.33 64.55 74.25 86.25
77.33 64.96 74.67 86.64
77.77 65.29 75.09 86.77
77.88 65.62 75.50 87.04
78.32 66.38 76.57 87.30
78.55 66.30 76.57 87.43
78.44 66.55 76.89 87.56
83.97
84.10
84.10
83.97
83.85
83.72
83.72
83.48
78.44
77.66
76.78
77.22
76.89
76.67
75.61
72.26
68.67
67.42
63.27
60.16
58.73
58.52
59.36
59.94
59.80
58.04
56.12
58.62
60.31
63.19
65.62
67.07
68.64
67.07
71.29
73 45
73 85
75 29
73 35
72.26
71.77
69.77
70.62
70.52
72.06
73.15
78.55
54.43
92.97
69.87
83.85
83.72
82.74
83.23
82.14
81.18
79.45
77.66
74.77
72.26
69.81
67.25
6696
65.12
66.04
662)
8582
63 90
8335
65.20
11664
79 40
70 90
71 48
71 00
71 38
7365
7467
74118
76.14
73.55
72.75
72.45
70 62
70.71
70.81
71.48
71 19
84.22
62(19
90.65
63.74
66.30
66.81
64.88
67.16
66 47
65.79
65.54
61.11
54.61
51.85
47.68
45.50
43.58
43.02
43.82
44.25
43.02
41 03
38.88
41.44
42.90
45.46
47.44
49.22
47.73
45 15
60.80
55 42
56.58
59 80
68.66
6757
68.32
55.65
55.73
55.99
57.17
57.30
67.86
37 94
78.55
42.58
76.67
76.46
74.88
76.25
76.14
76.25
76.35
71.38
65.45
84.16
59.87
56.82
54.86
54.73
65.61
58.32
55 61
52.47
49.53
52 24
54.55
57.64
59 94
62 56
60 82
59 29
6480
70 15
71 19
7385
72 95
71 67
71 77
69.31
70.15
70 71
7206
72 In
78.99
4768
95.18
53.22
87.43
86.77
85.61
86.51
85.74
85.87
84.85
81.66
77.55
75.82
73.05
72 16
69.40
69.13
69.59
7053
69.68
6858
66.73
71 09
72 95
74 46
75 92
76 68
74 98
71.87
77 55
8072
81 07
8335
RI 42
79 68
7960
77 li
77.44
77.68
80.14
81 54
87.69
65.71
11086
73.55
83.48
83.35
83.85
83.72
83.97
83.97
84.22
84.10
83.97
73.25
57.04
71.29
84.60
73.25
94.73
82.50
97.00
97.00
92.10
AU
120
1932
Domes
Daily
Averages. tic.
Oct. 21__
20-1918._
17-_
1514....
13__
12._
11._
10__
8._
7-6__
5__
4__
3...
I__
Weekly
Eept.30_
23...
16__
9__
2__
Aug.26_
.
19__
12_.
5July 29__
22._
15-8_
1..
June 24..
17_
10-IL_
May 28__
21._
14_
7-Apr. 29__
22__
15_
8_
1_
Mar.24..
18.II__
4_..
Feb. 26_
19._
11-5._
Jan. 29_
22.15Low 1932
High 1932
Low 1931
titim 1931
Yr. Ago.
Oct .21'31
2 Yrs.Aga
Oct.18'30
6.11
6.10
6.12
6.13
6.12
6.13
6.14
6.18
6.17
6.18
6.11
6.09
6.06
6.05
6.00
6.00
5.99
6.00
6.03
6.14
6.06
6.11
6.13
6.20
6.51
6.94
7.13
7.51
7.78
8.01
8.06
7.96
7.88
7.98
8.28
8.53
8.12
7.87
7.56
7.35
7.19
7.34
7.50
7.00
6.68
6.61
6.49
6.59
6.71
6.72
6.95
6.90
6 27
8.73
6.69
5.99
8.74
5.17
8.05
6.57
5.05
120 Domestics by Ratings.
Am:.
An.
5.50
5.51
5.52
5.53
5.50
5.49
5.52
5.56
5.55
5.57
5.54
5.52
5.49
5.47
5.44
5.44
5.45
A.
Baa.
120 Domestics
by Groups.
RR.
40
ForP. U. 1801)s. dons.
6.43
7.87
6.74
5.71
6.42
7.85
6.73
5.70
6.45
7.87
6.78
5.70
6.46
7.88
6.79
5.72
6.45
7.90
6.76
5.72
6.46
7.91
6.75
5.74
6.46
7.91
6.77
5.75
6.50
8.00
6.87
5.75
Stock Excban go Clog ed
6.50
7.97
6.84
5.76
6.50
7.90
6.84
5.78
6.45
7.80
6.74
5.70
6.45
7.75
6.70
5.67
6,41
7.71
6.66
5.66
6.40
7.67
6.62
5.64
6.36
7.58
6.52
5.62
6.34
7.59
6.52
5.61
6.35
7.56
6.49
5.60
5.46
5.50
5.58
5.56
5.61
5.57
5.69
5.89
6.15
6.26
6.40
6.53
6.70
6.69
6.59
6.50
6.54
6.82
6.81
6.48
6.31
6.13
6.05
5.99
6 13
6.24
6.00
5.85
582
5.74
5.02
604
6.08
6.23
6 17
6 12
594'
597
5.44
7.03
4.65
6.57
6.35
6.42
6.50
6.46
6.49
6.51
6.61
8.94
7.32
7.48
7.96
8.37
8.57
8.60
848
8.40
8.42
8.67
8.96
860
8.35
7.07
7.67
7.50
7.55
7.50
7.04
682
6.78
864
6.83
6.94
6 99
7.20
7.11
7.12
6.96
6.85
6.34
9.23
5.21
8.41
5.58
6.84
4.68
5.09
7.59
7.53
7.76
7.49
7.57
7.65
7.68
8.24
9.20
9.67
10.48
10.94
11.39
11 53
11 38
11.23
11.53
12 05
12.67
11 94
11.56
10 95
10.52
10.16
10 46
11.02
9.86
9.07
889
849
8.68
8.74
8.63
9.05
902
8.98
8.80
8 78
7.41
12 96
6.34
11.64
5.88
5.87
5.87
5.88
5./19
5.90
5.90
5.92
10.52
10.46
10.43
10.29
10.22
10.22
10.26
10.17
5.92
5.93
5.89
5.90
5.88
5.88
5.86
5.87
5.88
10.10
10.18
10.10
10.13
10.10
10.09
10.05
10.13
10.17
6.51
6.53
6.68
6.55
6.56
8.55
6.54
7.03
7.69
7.85
8.41
8.93
9.16
9.18
9.04
8.93
9.04
9.56
10 10
9.60
9.21
8.73
8.40
8.05
8.28
8.49
7.77
7.16
705
6.78
6.87
7.00
6.99
7.25
7 16
7.10
81)6
61)5
6.30
10.49
5.06
9.43
5.61
5.66
5.75
5.68
5.74
5.73
5.81
6.07
8.43
6.59
6.86
6.95
7.24
7.27
7.22
7.12
7.21
7.33
7.54
7.06
6.87
6.72
8.58
6.50
6.67
6.98
6.43
6.15
6.12
5.93
6.09
6.24
6.25
6.47
6.44
6.42
640
6.08
5.59
7.66
4.95
6.81
5.89
5.90
5.98
5.94
6.03
6.11
6.26
6.42
6.69
6.94
7.25
7.48
7.26
7.73
7.62
7.60
7.67
788
7.95
7.71
7.65
7.24
7.08
7.02
7.07
7.03
8.80
6.71
6.67
6.56
681
6.89
692
7.11
7.10
7.09
7.02
7.05
5.88
8.11
5.38
7.90
10.13
10.13
10.48
10.33
10.92
10.99
11.19
11.30
11.53
11.73
12.02
12 16
1313
13.75
13.92
14.30
14.75
15.29
15.28
14.82
14.03
14 10
13 70
1381
13.39
13.23
12.77
12.66
12.62
12.31
1265
12.82
12.86
1328
13.00
13.23
13.12
13.30
10.04
15.83
8.57
16.58
8.82
7.04
5.83
6.84
12.24
6.00
4.94
4.94
5.27
6.94
1
1
Mar. 24
18
11
4
Feb. 26
19
11
6
Jan. 29
22
15
High 1932
Low 1932
High 1931
Low 1931
year Ago76.03 95.63 87.83
Oct. 21 1931
Two Years Ago
95.33 105.54 101.14
Oct. 18 1930
A.
2717
movements. Steel issites underwent little change, with news
in that industry continuing slightly better. The failure of
two important Standard Oil companies to follow a crude oil
price advance by independents checked the strength in oil
bonds. Declarations that the Fisk Rubber reorganization
plan was operating stimulated that company's bonds, other
rubber issues faring less satisfactorily on weaker tendencies
in rubber and cotton prices. Mining issues were irregular
to weak. Stories on the rapid spread of 10-cent cigarettes
failed to affect senior issues of tobacco companies, but
Tobacco Products 634, 2022, were soft. Losing more than
their recent rally, United Drug 5s, 1953, made a new low
at 58. The industrial price index was 83.97 on Friday,
83.72 on last Friday ad 83.72 Friday two weeks ago.
The trend in the foreign bond market during the week
was irregularly lower. Among the issues which were slightly
off were Scandinavian, Eastern European and Japanese
bonds. South American issues remained largely unchanged,
although Argentine bonds declined and Brazilian governmental obligations appreciated slightly. Among the few
issues showing some strength were Haiti and Dutch East
Indies bonds. While Austrian issues were mostly steady,
the Upper Austria 634s, 1957, rose some 5 points on small
trading. The direct obligations of the German Government
remained at practically unchanged levels, but German corporate, municipal and State bonds, with but few exceptions,
showed fractional declines. On Friday Moody's bond
yield average of 40 foreign bonds stood at 10.5', %, as compared with 10.26% a week ago and 10.13% two weeks ago.
Municipal bonds showed some irregularity, with new
offerings well taken by dealers. Obligations of New York
City reflected the uneasiness of investors as a result of the
refusal of banks to extend further credit until a retrenchment program had been adopted.
Moody's computed bond prices and bond yield averages
are shown in the tables below:
4.0.4.1i.*.wit.0.4. 4.0.4.4.*,;.&A.
4. ca a.l.alt.waviaap.ocaaaaaF4amaaawatatmaaveola
.o. b WtaLiki4w.-...bcciz.-4aiiali.aeip.p.-0,i4;.,c14)0o:ccei:ti7a:mbo Zz.b3CeO3baCtabbl
w w .,..0..amaccan
aowwoac.4a.40...mo...mopmwolocowc-4w.c1,-, o.wwcno.co-4 ceolcis.ww.
Volume 135
•Nom-These prices are computed from average yields on the basis of one "Ideal" bond (43(% coupon. ma tiring 10 31 years) and do not purport to show el her the
average level or the average movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative move.
mans of yield &venom) the latter being the truer picture of the bond market
The last complete Ust of bonds used in computing these Indexes was published In the "Chronicle" on Oct. 1 1932. page 2228. For Moody's index of bond
prices by months back to 1928, refer to the "Chronicle" of Feb. 6 1932. page 907.
2718
Financial Chronicle
Oct. 22 1932
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 21 1932.
In general the stock and commodity markets have latterly
declined with small trading. Speculative spirit is lacking at
the moment in this country. Feeling is conservatively
cheerful, but naturally on the approach of a nf tional election
trading is on a more or less cautious scale and is largely what
is termed professional. The general public is not taking part
in it. The grain markets have been quiet and latterly more
or lees depressed, although there has been some export business in wheat. A rumor that Mr. Ford would buy 75,000,000
bushels of wheat at 60c. and resell it to China on long credit
was denied. Corn has latterly sold down to new low levels
for the season, but oats and rye have been unexpectedly
steady. Cotton has of late declined under the pressure of
hedge selling and general liquidation as well as an absence of
speculative support. Worth Street has been quiet, though
Manchester, England has sent favorable reports. It seems
that both India and China are buying British cotton goods
more freely than for some time past. Coffee was 3 points
lower to 11 points higher for the week. Sugar was off 1 to
3 points. Rubber was 3 points lower to 1 point higher.
Hides dec'ined 25 to 35 points. Cocoa fell 10 to 11 points,
silk 1 point and silver 57 to 62 points.
Seasonal trade has continued at about the recent level
though at times the weather has been unfavorable for business. At the South the rains and warm weather have
interfered with the sale of heavy clothing. Buying in general
at the Northeast has been delayed more or less by rains.
At the same time "special sales" continue to be a feature
of the country's business. Such sales are beginning to appear
in a great many cities as part of the dealer's program to keep
up business and clear his shelves of goods which have been
slow of sale. One of the favorable features is the activity
in textile manufacturing lines. In New England and at
the South mills have been busy. In many cases they have
even worked night shifts to fill an accumulation of orders.
Not a few dry goods wholesalers have been kept busy with
fill-in orders. Boston reports shoe orders to manufacturers
falling off but the production is still large in filling past
orders. The wool market has been quiet and prices have
been somewhat easier. The reports show that retailers
have been making the best sales of men's and women's
clothing. Millinery and shoes have also figured quite
prominently in the demand. A fair busim ss is being done
in furniture as well as household and electrical supplies.
At the same time the public in buying is increasingly insistent
upon moderate prices and excellent quality.
The automobile industry is apparently proceeding very
slowly with the general demand for new cars still poor.
The lowered purchasing power of the general public will
naturally react on the automobile trade as one of the lines
sure to be affected. The most that can he said for the
industry now is that some companies are going ahead slowly
in the preparation of new models. The building trade has
improved slightly, but only very slightly. September
building permits make an encouraging showing at least at
some advance, but the trouble is that values seem to be far
below those of a year ago. Scattered rains have fallen in
the Southwest, northern Texas and southern Oklahoma,
with showers over most of Kansas and a little rain in Nebraska, but the Middle West remains dry and needs rain for
seeding.
As regards the stock market, it closed on the 15th a shade
higher. The volume of trading was only 593.510 shares in
contrast to 1,533,030 on the previous Saturday. Railroad
stocks were at one time 1 to 3 points higher, but the weekly
statement of carloadings was something of a damper and
caused a la ter reaction though it was not really discouraging
in itself. The action of the market, however, was not
especially significant. Bonds advanced though irregularly
with total business of only $4,917,00J. Grain and cotton
declined. On the 17th stocks were dull and irregularly
lower, the market really lacking suggestiveness. An early
decline of h to 23 points occurred, most of which was later
regained. The total trading of only 770,310 shares sufficiently reflected the doubts and hesitation in the minds
of traders. In sluggish trading on the 18th, stocks were at
one time 1 to 3 points higher but later much of this was lost
in an indecisive market. The sales were only 1,020,900
shares. Domestic corporation bonds were lower, U. S.
Government bonds firmer and foreign issues steady.
Stocks on the 19th advanced an average of about 2 pts.
for a list of 50 representative stocks. Car loadings on
individial railroads were better. The improvement began
here and there in August. Reports on the consumption
of electricity have also recently been more encouraging.
Grain, cotton and other commodities were higher. Trading
was dull amounting to only 1,303,000 shares. In bonds,
domestic corporations advanced while U. S. Government
and foreign obligations declined. The bond trading was
the smallest in over a year. On the 20th stooks declined
some 1 to 2 points in a small, irresolute market. Transactions were 1,055,950 shares. Bonds in general closed
steady with sales of only $7,191,000. Grain, cotton, silk,
rubber and some other commodities were lower. Steel
rails were cut $3 to $40 per ton, the first slash in 10 years.
In that time rails have been cut 7% and the average price
of steel some 20%. Meanwhile in the stock market most
people are simply looking on. Today stocks declined with
leading issues down 1 to 4 points. The market yielded
rather easily to moderate selling pressure. Trading was
small, i. e., 1,200,000 shares. Bonds were lower with sales
$7,724,000. As usual, high grade issues acted the best.
At Gastonia, N. C., the Armstrong and Dunn plants of
the American Combed Yarn Corp. are operating on a fulltime schedule, day and night. Manufactured at these plants
is 8s to 80s yarn. At New London the Armstrong Silk
Corp., manufacturers of Celanese linings and silk fabrics
for women's and men's wear trade, is operating at capacity,
employing 300 hands. At Lawrence, Mass., after operating
at capacity since Labor Day, the Wood Worsted mill has
begun to slacken operations in the manufacturing end. This
is particularly true in the French system where a recession
was first noted last week. Additional machinery in the
department was shut down this week.
Greeneville, S. C., wired that the Tenth Southern Textile
Exposition was visited by hundreds of textile officials and
employees from Southern States and the attendance is expected to grow larger daily. Great interest is being manifested in many new economical improvements and new
inventions in textile machinery and in rayon exhibits. A
number of textile machinery manufacturers have reported
sales. Some of the South's prominent textile officials have
been present and immensely interested in the many exhibits.
Charlotte, N. C., wired on Oct. 18 that operations are
expected to be resumed at the Rockinham Mills to-morrow
as a result of the culmination of a strike which has kept the
three large cotton mills idle for the past eight weeks. The
strike, which involved 1,200 workers, was settled Saturday
night on the same wage basis which existed prior to Aug. 22,
when the stoppage went into effect. The workers have
returned with the understanding that they will disband their
present organization and not become affiliated with any union
so long as they are employed in the Rockingham Mills. At
Piedmont, Ala., the Piedmont plant of the Standard CoosaThatcher Co., manufacturers of fine combed yarns, has
adopted a full-time schedule of operations, with both day
and night shifts. Seven hundred and fifty operatives are
now on the payroll. Orders are coming in rapidly enough
to justify full-time. This plant has been on a curtailed
schedule for some months. Providence wired that Rhode
Island industries added more than 6,000 persons to their
payrolls in September. In 219 plants 53,803 workers were
employed last month, this representing a 13% gain from
August and a 31% increase from July. September gains
were most pronounced in the cotton,jewelry, metal trade and
rubber manufacturing groups. More persona are now
employed by Rhode Island industry than at any time since
November, 1931.
In the matter of the weather, New York has had a good
deal of rain. On the 18th it was not far from 3 inches. The
temperatures here on that day were 59 to 67; Boston had
58 to 60; Chicago, 56 to 58; Cincinnati, 58 to 68; Cleveland,
58 to 62; Denver, 32; Detroit, 54 to 64; Kansas City, 54
to 82; Los Angeles, 62 to 76; Milwaukee, 52 to 54; St. Paul,
48 to 56; Montreal, 44 to 52; Norfolk, 66 to 76; Oklahoma
City, 62 to 90; Omaha, 54 to 74; Philadelphia, 62 to 68;
Phoenix, 54 to 74; Pittsburgh, 60 to 66; Portland, Me., 54
to 56; Portland, Ore., 48 to 60; Raleigh, 66 to 74; Salt Lake
City, 34 to 40; San Antonio, 64 to 88; San Diego, 56 to 68;
San Francisco, 58 to 70; Savannah, 66 to 72; Seattle, 42 to
56; Spokane, 36 to 52; St. Louis, 60 to 68; Winnipeg, 28
to 32.
To-day the temperatures here were 49 to 57 and the forecast
was for fair and colder weather. Overnight Boston had 52
to 56; Philadelphia, 54 to 68; Pittsburgh, 44 to 70; Portland,
Me., 50 to 56; Chicago, 38 to 50; Cincinnati, 38 to 68;
Cleveland, 44 to 70; Detroit, 44 to 62; Milwaukee, 38 to 54;
Kansas City,46 to 58; Portland, Ore.,52 to 68; San Francisco, 56 to 74; Seattle, 50 to 64; Montreal, 42 to 56, and
Winnipeg, 34 to 40.
Wholesale Prices During Week Ended Oct. 15 Decreased
Slightly According to United States Department
of Labor.
The Bureau of Labor Statistics of the U. S. Department of
Labor announces that its index number of wholesale prices
for the week ended Oct. 15 stands at 64.4, as compared with
64.9 for the week ended Oct. 8, showing a decrease of .8 of
1%. The Bureau also said under date of Oct. 20:
These index numbers are derived from price quotations of 784 commodities, weighted according to the importance of each commodity and
based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ended Sept. 17 and 24, and Oct. 1, 8. and 15:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF SEPT. 17,24
AND OCT. 1,8. AND 15. (1926=100.0).
Week Ending.
Sept. 17 Sept. 24
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous
2719
Financial Chronicle
Volume 135
65.4
49.2
62.1
72.4
56.2
71.8
79.6
70.4
73.0
74.6
65.1
65.4
49.3
62.1
73.2
56.4
71.7
80.1
70.7
72.9
74.6
64.9
Oct. 1
oa.8
Oct. is
65.4
49.5
62.0
73.3
56.4
71.7
80.0
70.6
73.0
74.6
64.5
64.9
48.8
61.5
73.0
56.3
71.3
80.1
70.5
72.9
74.1
64.1
84.4
47.4
60.7
72.5
54.9
71.3
80.1
70.5
72.7
72.4
63.9
Retail Food Prices Decreased M of 1% During Period
from Aug. 15 to Sept. 15, According to United
States Department of Labor-Average Decrease of
About 16% Since Sept. 15 1931.
Retail food prices in 51 cities of the United States, as
reported to the Bureau of Labor Statistics of the United States
of
Department of Labor, showed an average decrease of
1% on Sept. 15 1932, when compared with Aug. 15 1932,
and an average decrease of about 16% since Sept. 15 1931.
The Bureau's weighted index numbers, with average prices
in 1913 as 100.0, were 119.4 for Sept. 15 1931; 100.8 for
Aug. 15 1932, and 100.3 for Sept. 15 1932. Under date of
Oct. 19 the Bureau further reported as follows regarding
retail food prices:
During the month from Aug. 15 1932 to Sept. 15 1932 24 articles on
which monthly prices were secured decreased as follows: Onions, 17%;
cabbage, 13%; potatoes, 12%; canned red salmon and bananas. 6%;
leg of lamb, evaporated milk, and canned tomatoes, 3%; round steak,
sliced bacon, prunes, and raisins, 2%; sirloin steak, rib roast, chuck roast.
sliced ham, oleomargarine, vegetable lard substitute, bread, rolled oats,
macaroni, canned corn, and oranges, 1%;and tea less than .5 of 1%. Nine
articles increased: Strictly fresh eggs, 10%; pork chops, hens, lard,
havy beans, and coffee, 2%; fresh milk, 1%; and butter and cheese, less
than .5 of 1%. The following nine articles showed no change in the
month: Plate beef, flour, cornmeal. corn flakes, wheat cereal, rice, pork
and beans, canned peas, and sugar.
(Ill), 16%; Baltimore, Birmingham, Bridgeport, Buffalo, Dallas, Memphis,
New Haven, Peoria, and Richmond, 15%; Fall River, Newark, New York,
Rochester, Savannah, and Seattle, 14%; Denver and New Orleans, 13%;
and Norfolk. Portland (Ore.), and San Francisco, 12%.
States Department of Labor's Survey of
Operations in the United States
Decrease in Estimated Cost of All Building Operations Reported from August to September.
There was an increase of 6.3% in the number and an
increase of 9.9% in the estimated cost of new residential
buildings, according to reports of building permits received
by the Bureau of Labor Statistics of the United States
Department of Labor from 353 identical cities of the United
States having a population of 25,000 or over for the months
of August 1932 and September 1932. The estimated cost
of all building operations for which permits were issued in
these cities during September was $31,768,068. This was
a decrease of 15.2% as compared with August. There was,
however, an increase in the number of building operations
comparing these two periods. Comparing September with
August, there was an increase of 6.5% in the number and a
decrease of 27.3% in the estimated cost of new non-residential
buildings; additions, alterations and repairs increased 1.9%
in number, but decreased 12.7% in estimated cost. During
September 1932 2,579 family dwelling units were provided
in new buildings. This is an increase of 11.7% as compared
with August. The Bureau's survey issued Oct. 20 also said:
United
Building
Various agencies of the United States Government awarded contracts
during September for buildings to cost $5,497.122. This is less than
one-half of the value of such contracts awarded in either August 1932 or
September 1931.
Comparing permits issued in 343 identical cities during September 1932
and September 1931. there was a decrease of 56.9% in the number and a
decrease of 71.2% in the estimated cost of new residential buildings. New
non-residential buildings decreased 37.8% in number and 70.9% in estimated cast. Additions, alterations and repairs decreased 15.1% in number
and 39.6% in cost. Total tuilding operations decreased 27.1% in number
and 66.2% in estimated cost. The number offamily dwelling units provided
decreased 64.7%. comparing September 1932 with September 1931.
Permits were issued during Septemoer 1932 for the following important
building projects: In Boston, Mass., for a school building to cost $865,000;
in Ottumwa, Ia., for a filtering Plant at the municipal water works to cost
$200,000. in Duluth for an office building to cost $574.000; in Minneapolis
for a school building to cost over $300 000; in Baltimore for two school buildings to cost $630.000; in Vallejo. Calif., fcr a school building to cost over
$200,000, and in Washington for a community house to cost $250.000.
Contracts were awarded by the Supervising Architect, Treasury Department,for a post office in Manchester. N. H.. to cost over $200,000, and for
a post ofice in Cincinnati to cost nearly $2,000,000.
ESTIMATED COST OF NEW BUILDINGS IN 851 IDENTICAL CITIES
AS SHOWN BY PERMITS ISSUED IN AUGUST AND SEPTEMBER
1932, BY GEOGRAPHIC DIVISIONS.
New Residential Buildings.
Geographic
Cities
Estimated
Cost.
Aug. 1932.
Sept. 1932.
Families Provided for Os
New Dwellings.
Aug. 1932.
54
72
93
25
39
33
37
$920.103
2,395,558
1,187.026
872,064
1,035,010
444,957
1,445,945
$922,800
2,622,960
1,202.758
782,971
845,750
627,379
2,120.433
212
509
291
255
280
244
517
353
Total
Per sent of change_ -
$8,300,673
$9,125,051
+9 9
2,308
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
South Central
Mountain and Pacific
New Non-Residential
Buildings,
Estimated
Cost.
Geographic Division.
Aug. 1932.
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
South Central
Mountain and Pacific
54
72
93
25
39
33
37
Total
Per cent of change_ -
353
3860,328
9.443,312
2,183.286
802,398
2,908,057
1,734,213
1,301,745
Sept. 1932.
52,299.464
2,807,674
3,641,279
1,752,532
1,502,381
914,330
1,059,565
Sept. 1932.
203
634
295
237
238
288
684
2.579
+11.7
Total Construction
(Including Alterations
and Repairs).
Estimated Cost.
Aug. 1932.
82,887,158
15.466,020
4.799,747
2,125.760
5.228,442
3,031,185
3.920,924
Sept. 1932.
54,046,144
8,340,878
6,393.106
3,094,042
3,429,847
2,075,520
4,388,531
819,233,339 813,977,225 $37,459,236 331,768.068
-15.2
--27.3
Changes in Retail Prices of Food by Cities.
During the month from Aug. 15 1932 to Sept. 15 1932 32 of the 51
the average
cities from which prices were received showed decreases inBirmingh
Rochester, 3%;
am,
cost of food as follows: Indianapolis and
Cleveland, and Detroit, 2%; Atlanta, Boston, Cincinnati, Fall
Buffalo,
Louisville. Manchester, Milwaukee, Peoria, Portland (Me.),
River,
Providence, Richmond, St. Paul, Seattle, and Springfield (III.), 1%;
Columbus, Denver, Jacksonville, Minneand Bridgeport, Butte, Chicago.
and Washington, less
apolis, Mobile, New Haven. Savannah, Scranton
cities showed increases: Los Angeles, 8%; Omaha
than .5 of 1%. Fifteen
Kansas City, Newark, New Orleans. Norfolk,
2%; Baltimore, Houston,
sbucgh, Salt Lake City, and San Francisco. 1%; and Dallas, Little
pitt
less than .5 of 1%. The following
Rock, Philadelphia, and Portland (Ore.),
change in the month: Charleston (S. C.), Memphis,
four cities showed no
New York, and St. Louis.
15 1931 to Sept. 15 1932 all of the 51 cities
For the Year period Sept.
Cincinnati, 22%; Butte, Mobile. and
showed decreases: Detroit. 23%;
Chicago, Columbus. Minneapolis, Philadelphia,
Salt Lake City, 19%;
Indianapolis, Little
Pittsburgh. Providence. and St. Paul, 18%; Boston,
Omaha,St. Louis, Scranton, and Washington,
Rock, Louisville, Milwaukee,
Houston, Jacksonville.
Cleveland,
17%; Atlanta, Charleston (S. C.),
Manchester, Portland (Me.), and Springfield
kansas City Los Angeles,
Sales of Department Stores in Metropolitan Area of
New York Decreased 13.9% from Oct. 1 to Oct. 14.
A decrease of 13.9% was reported by the New York Federal
Reserve Bank on Oct. 21 in the sales of department stores in
the metropolitan area of New York, in comparison with the
same period last year. New York and Brooklyn department
stores reported a drop of 13.0% and department stores in
Newark a drop of 18.5%.
Loading of Railroad Revenue Freight Slowly Increasing.
Loading of revenue freight for the week ended on Oct. 8
totaled 625,636 ears, the highest for any week so far this
year, according to reports filed by the railroads with the car
service division of the American Railway Association. This
was an increase of 3,561 cars above the preceding week, but
Financial Chronicle
2720
138,182 cars under the same week in 1931 and 329,146 cars
under the same week two years ago. Details follow:
Miscellaneous freight loading for the week of Oct. 8 totaled 224.427 cars,
an increase of 3,053 cars above the preceding week but 64.222 cars under
the corresponding week in 1931 and 153,929 cars below the same week in
1930.
Loading of merchandise less than carload lot freight totaled 179.641 cars,
a decrease of 158 cars below the preceding week, 37.910 cars below the
corresponding week last year and 62,993 cars under the same week two years
ago.
Coal loading totaled 132,947 cars, an increase of 3,509 cars above the
preceding week, but 6,808 cars below the corresponding week last year
and 43,662 cars below the same week in 1930.
Live stock loading amounted to 22.554 cars, an increase of 409 cars above
the preceding week, but 5.562 cars below the same week last year and 8.765
cars below the same week two years ago. In the Western districts alone,
loading of live stock for the week ended on Oct. 8 totaled 18,228 cars, a
decrease of 4,226 cars compared with the same week last year.
Grain and grain products loading totaled 36,013 cars,3.504 cars below the
preceding week,677 cars below the corresponding week last year and 4,558
cars under the same week in 1930. In the Western districts alone, grain
and grain products loading for the week ended on Oct. 8 totaled 23,904
cars, a decrease of 1.103 cars below the same week in 1931.
Forest products loading totaled 18,425 cars, a decrease of 704 cars below
the preceding week, 6.208 cars under the same week in 1931 and 20,803
cars below the corresponding week two years ago.
Ore loading amounted to 6,645 cars, an increase of 597 cars above the week
before, but 16,632 cars under the corresponding week last year and 30,372
cars under the same week in 1930.
Coke loading amounted to 4,984 cars, an increase of 359 cars above the
preceding week, but 163 cars below the same week last year and 4,064 cars
below the same week two years ago.
Oct. 22 1932
All districts reported reductions in the total loading of all commodities
compared with the same week in 1931 and 1930.
Loading of revenue freight in 1932 compared with the two previous
years follows:
1931.
1932.
Four weeks In January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks In July
Four weeks in August
Four weeks in September
Week ended Oct. 1
Week ended Oct. 8
1930.
2,269.875
2,245,325
2,280.672
2.772,888
2,087.756
1.966,355
2,422.134
2,065,079
2.244,599
622.075
625,636
3,470,797
3,506,899
3,515,733
4,561,634
3,650,775
3,718,983
4,475.391
3,752,048
3.725,686
971,255
954,782
91 AA9 204
Total
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
3,692.362
2,990,507
. 2,908,271
777.712
763.818
20 4AAA2A
26.203.043
The foregoing, as noted, covers t,ota loadings by the railroads of the United States for the week ended Oct. 8. 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 Oct. 1.
During the latter period fifteen roads showed increases over
the corresponding week last year, the most important of
which were the Delaware Lackawanna c% Western RR., the
New York Ontario & Western Ry., the Spokane Portland eo
Seattle Ry. and the Terminal RR. Association of St. Louis.
-WEEK ENDED OCT'. 1.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
1932.
Eastern District
Group A;
Bangor & Aroostook
Boston & Albany
Boston at Maine
Central Vermont
Maine Central
New York N. H.& Hartford
Rutland
Total Loads Received
from Connections.
Total &MU.
Freight Loaded.
Railroads.
1931.
1930.
1932.
1931.
784
3.043
7,882
682
2.450
10,795
757
1,667
3.909
10,278
842
3.438
13,800
703
2.185
4.054
12,069
951
4.778
15,275
825
196
4,300
9.564
1,861
1.828
11.140
1,025
259
5.631
11.952
2.954
2,707
14.296
1.201
26.393
34,637
40,137
29,914
39.000
6.418
10.910
12.134
127
1.978
9.420
1.807
20,773
2,421
550
312
7,670
10,575
16,097
180
2,101
10,858
2,801
26.691
2,276
495
472
9.736
13,929
16,909
220
2.706
11.073
3.036
34,224
1.608
601
534
6.630
5.613
13.053
1 742
1.016
6,243
68
25,297
2.254
100
204
7.753
6.122
15.378
2.452
1.079
7,265
56
31.564
2.074
22
261
66,850
80.216
94,576
62.120
74.028
562
1.499
8,606
31
471
185
1.336
2.661
6,025
3.556
4.538
4.593
3.692
1.167
5.575
3.387
694
1,981
9,709
55
485
226
1,464
3.023
7.054
3,595
5,984
5.190
4.709
1,443
6.820
4,192
700
2.544
11.682
71
494
274
2.328
3.802
8.772
5.177
6.689
7.889
7.052
1.801
6.822
4.357
971
1.816
10,657
62
121
1.787
638
4,405
6,958
160
7.758
3.775
4.374
534
6.762
1,612
1.224
2.078
12.656
70
125
1.872
814
5,459
8.036
247
8.904
4.236
4.795
746
8.424
2.741
47,884
56,624
70.454
52.388
62.427
Grand total Eastern District-- 141.127
171,477
205.167
144.422
175.453
26,261
1,582
34.057
3,314
z44.044
5.851
12,496
826
17.372
1.505
• 141
7,114
2
212
120
974
55.219
13.052
3.220
48
2,914
154
7,626
657
321
148
1.737
74.864
16.845
5,807
53
3.427
200
11.842
605
447
225
2.005
94.567
20.213
11.789
53
3.635
4
9,672
41
37
11
2.730
34.678
13.426
914
3.184
3
12,751
36
22
28
3.936
42.862
18.556
2.977
1
4.115
110.859
149.008
195.476
78 019
104.184
22.390
17,029
871
3.493
25.265
20,339
985
3.964
27.746
21.395
1.140
4.421
8.156
3 575
1.299
545
8.707
4.228
1.696
410
43.783
50.553
54,702
13.575
15.041
6.865
866
413
182
71
1,737
578
337
6.515
19.571
190
8,478
1,278
448
174
74
2.137
557
408
7.779
23.559
215
12.140
1,394
814
218
RI
2,434
650
486
10.732
28.547
242
3.888
1,196
658
293
72
1.193
718
1.990
2.842
10,967
748
5.397
1.276
945
348
106
1.298
822
2.487
3.312
12.733
1.193
Total
Group B;
y Buff. Rochester & Pittsburgh.
Delaware& Hudson
Delaware Lackawanna & West,.
Erie
Lehigh dr Hudson River
Lehigh di New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pittsb. Shawmut & Northern
z Ulster & Delaware
Total
Group C;
Ann Arbor
Chicago Indianap.& Louisville.
Cleve. Ctn. CM. it St. Louts
Central Indiana
Detroit & Mackinac
Detroit di Toledo Shore Line.-Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia._
Wabash
Wheeling & Lake Erie
Total
Alletheny District
Baltimore & Ohio
Bessemer & Lake Erie
y Buffalo & Susquehanna
Buffalo Creek & Gatiley
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 & Ohlo
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian.
Total
Southern District
Group A;
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick.& Potom..
Seaboard Air Line
Southern System
Winston-Salem Southbound.
Total Loads Received
from Connections.
1932.
Group B.
Alabama Tenn. & Northern_
Atlanta Birmingham & Coast._
All,& W.P.
-West RR.of Ala
Central of Georgia
Columbus & Greenville
Florida Eaat Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
MississloPi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
New Orleans-Great Northern
Tennessee Central
Total
1931.
1930.
1932.
1931.
264
676
717
3.427
241
361
944
388
795
22.902
17,881
118
188
1.941
2,724
587
226
312
698
709
3,776
307
494
1,150
456
982
27.170
20.590
134
244
2.400
3,078
955
599
285
1,026
929
5,070
504
575
1,356
702
1.515
30.883
26,273
211
299
2.993
4,493
958
731
130
531
1,054
1,994
205
358
1,150
269
670
8.168
3,284
259
312
1,304
1,896
353
504
181
621
1,106
2,394
220
418
1,391
263
856
10.025
4,135
249
388
1.396
1,957
401
646
54.320
64,054
78.801
22,441
26,547
Grand total Southern District
91.645
109.159
136.539
47.006
56,464
_ _
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic, Milw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Malabo & Northern_
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie
Northern Pacific
Spokane Portland & Seattle
1,286
16.043
2.624
19.757
4,108
2,027
461
2,917
391
10.857
626
2.345
5.337
9,853
1.417
1.584
22.034
3.374
23.815
4.126
10,511
865
3.714
388
14.875
768
2.413
6.683
11.841
1.101
1,667
27.186
3.843
28,503
5 677
13.382
1.039
7,083
462
22.728
836
3.336
9.424
15.452
1,605
1.932
8.993
2.642
7,104
3,761
132
504
3.099
95
2.080
340
1.518
1,888
2.197
1,219
1.972
10.371
2.622
7.678
3,853
105
447
4,567
183
2.439
440
1,695
1.959
2,583
1,182
80.049
108.092
142.223
37.5
114
42.096
20.822
3,141
133
16.659
14.158
2.919
1.116
3.177
710
1.307
1,011
244
17.823
424
13,246
510
*1.546
27,021
3,938
188
20.514
/
16.346
3,233
1.908
3.727
662
2.018
1,168
183
21,365
307
392
16.730
782
1.586
32,355
4.734
302
26,969
19 696
3.923
2.134
5.026
939
2,219
1.811
:344
28.446
288
259
21.958
993
2,147
5,256
1,808
24
6.255
6.529
1.763
889
2,817
21
1,146
280
30
2.952
353
892
8,704
9
2.123
5.892
2,282
28
7,484
8.203
2.383
1.240
2,857
13
1,255
344
79
3,926
277
834
9.323
14
2,135
99.151
122.136
154.543
41.851
48.569
140
240
329
1.194
269
1,995
216
1.605
1.269
101
817
*182
5.585
16.392
47
94
9.860
3.119
259
5 391
4 085
2.248
24
219
256
287
1,622
327
2.277
395
1.916
2.134
379
1,150
129
6.695
19.143
38
143
11.649
3.476
413
7.656
4.746
2,199
38
276
572
448
2,120
495
2.730
486
2.800
2.008
298
1,367
129
8.061
23,366
43
189
13.934
3.971
441
9.867
6.201
2.785
48
2,795
468
151
1.054
48
1,548
843
1.641
940
480
225
248
2.427
7.374
41
134
3.424
1.234
102
2.631
2.870
2.232
41
3,029
659
142
1,410
46
2,122
1.025
2.146
1,305
629
296
344
2.706
8.678
47
120
3,795
1.379
293
3.756
3.953
2,809
55.461
67,287
82.605
Total
Central Western Dist.Atch. Top.& Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago Rock Island & PacificChicago & 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 & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
InternatIonal-Great Northern__
Kansas Oklahoma & Gulf
KaRNAB City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas.
Missouri-Kansas
-Texas Linen__
Missouri Pacific
Natchez dr Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde & Gulf
Southern Pacific in Texas & La.
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Min. Wells&N.W.
Total
29.917
37.325
57.738
45.105
24.565
Total
x Included In New York Central. y Included In Baltimore & Ohio RR. a Estimated. •Prevlout figures.
Total Revenue
F eight Loaded.
Railroads.
nos
33,041
as
40.747
Financial Chronicle
Volume 135
Department of Agriculture Reports
Farm Wages Lowest in 30 Years.
Farm wages are the lowest in 30 years. Wages range from
60 cents a day without board in South Carolina, Georgia,
and Mississippi, to $2.50 a day in Massachusetts, the average
for the country being $1.19 a day.
The farm wage index computed by the Bureau of Agricultural Economics was 84% of pre-war, on Oct. 1, a decline
of 3 points since July 1, and a decline of 29 points since Oct. 1
a year ago. Usually, farm wages rise during the third quarter of the year. On Oct. 12 the Bureau also reported the
following:
United
States
Farm wages have registered a non-seasonal decline in the third quarter
of the last three years, and attributes this to the general downward tendency
in prices paid producers for farm commodities. There was a sharp upturn
In prices during the third quarter this year, but it is explained that changes
in the direction of wage rate movements usually lag behind changes in the
direction of farm price movements and appear somewhat later.
Crop correspondents have reported to this Bureau that the demand for
farm workers was 60.8% of normal on Oct. 1, as against 62% on July 1.
and 68.9% on Oct. 1 last year. The supply of farm workers on Oct. 1 is
computed at 123.6% of normal, the same as on July 1. and 9% larger than
on Oct. 1 a year ago. The supply on Oct. 1 this year was 203.3% of the
demand.
Trend of Employment in United States During September According to United States Department of
Labor-Increases Reported in Employment and
Payrolls by 15 Industrial Groups.
The Bureau of Labor Statistics of the United States
Department of Labor reports the changes in employment and
pay rolls in September 1932, as compared with August 1932,
based on pay roll reports ending nearest the 15th of the
month, received from 54,851 identical establishments in 15
major industrial groups, having in September 4,248,706
employees, whose combined earnings in one week were
$79,486,136. The combined total of these 15 industrial
groups (not including building construction for which complete data are not yet available) shows an increase of 3.6%
in employment and an increase of 2.6% in pay rolls over the
month interval.
The Bureau also reported as follows under date of Oct. 16,
the trend of employment in the United States:
The greatest gains in employment and pay rolls from August to September
were reported in the canning and preserving industry. in which seasonal
increases of 26.6% in employment and 14.6% in pay rolls were shown. The
anthracite mining industry reported an increase of 13.6% in both items, and
the retail trade group reported a gain of 7.2% in number of workers combined with an increase of 6.3% in pay rolls. Employment in the bituminous
coal mining industry in September was 5.1% above the August level, and
pay rolls were 14.4% higher than in the preceding month. The manufacturing group of industries reported a gain of 4.5% in employment and
5% in pay rolls, and the dyeing and cleaning group reported an increase of
4.7% in number of workers and 8.5% in total earnings. Employment in
the quarrying and non-metallic mining and in the metalliferous mining
groups showed gains of 2.4% and 2.2%, respectively, with slightly larger
gains in pay rolls, and the wholesale trade group reported an increase
of
0.9% in employment coupled with a decline of .1 of I% in pay roll totals.
In the remaining six industrial groups (crude petroleum producing, telephone and telegraph, power and light, electric railway and bus operation.
hotels, and laundries) decreases in employment combined with slightly larger
declines in pay rolls were reported. The decreases in employment in these
groups, with the exception of the crude petroleum group, were 1% or less.
Manufacturing Industries.
Employment in manufacturing industries increased 4.5% in September,
as compared with August, and pay rolls increased 5%.
These changes are based on reports received from 18.165
establishments in
89 of the principal manufacturing industries in the United States, having in
September 2.620.867 employees whose combined earnings in one week
were
$44.626.055.
Twelve of the 14 groups of manufacturing industries reported
increases in
employment and pay rolls over the month interval, the textile
group
reporting the most pronounced gains in each item. 14.1% in
employment and
23.4% in pay rolls. The two groups reporting decreased employment and
pay rolls (transportation equipment and rubber goods) were affected
largely
by the curtailed operations in the automobile industry.
Increased employment was reported in 68 of the 89
manufacturing industries included in this monthly employment survey, and increased
pay
rolls were reported in 66 industries. The largest increase in employment from
August to September (68.7%) was a seasonal increase in the
cottonseed
oil, cake, and meal industry. The rayon industry reported an increase of
41% in employment and the typewriter and men's furnishings industries
reported gains in employment of 37.2% and 30.1%. respectively. Increases in employment ranging from 25.1% to 21.3% were reported in the
women's clothing, confectionery. fertilizer, and millinery industries. and
gains ranging from 19.6% to 10.2% were reported in the beet sugar,
stoves.
cotton goods, jewelry, dyeing and finishing textile, silk goods, shirts and
collars, hosiery, and cement industries. Gains in employment ranging from
9.7% to 5% were reported in 14 industries, including the men's
clothing,
furniture, woolen and worsted goods, steam fittings, and machine tools
industries. In the remaining 37 industries in which increased employment
was shown, the increases in 21 industries were over 2%. The most pronounced decline in employment over the month interval (14.9%) was
reported in the plumbers' supplies industry. The automobile industry
reported a decline of 12.9% in number of workers and a decrease of 32%
in pay roll totals from August to September. The locomotive industry
reported 9% fewer employees over the month interval and the cast iron
pipe and the rubber boot and shoe industries reported decreases in employment of 8.5% and 8.1%. respectively. The decreases in four of the 21
Industries reporting decreased employment from August to September were
lees than A of 1%.
2721
INDEX NUMBERS'OF EMPLOYMENT AND PAYROLL. TOTALS IN
MANUFACTURING INDUSTRIES.
(12 Month Average 1928=100.)
Manufaauring Industries.
Employment.
Sept.
1931.
General Index
Food and kindred products
Slaughtering and meat packing.
Confectionery
Ice cream
Flour
Baking
Sugar refining, cane
Beet sugar
Beverages
Butter
Textiles and their products
Cotton goods
Hosiery and knit goods-Silk goods
Woolen and worsted goods
Carpets and rugs
Dyeing and finishing textilesClothing, men's
Shirts and collars
Clothing, women's
Millinery
Corsets and allied garments
Cotton small wares
Hats,fur-felt
Men's furnishings
Iron and steel and their products.
not including machinery
Iron and steel
Cast-iron pipe
Structural Ironwork
Hardware
Steam fittings
Stoves
Bolts, nuts, washers and rivets.
Cutlery and edge tools
Forgings, Iron and steel
Plumbers' supPliesTin cans and other tinware
Tools. not Including edge tools.
Wirework
Lumber and allied products
Lumber, sawmills
Lumber. millwork
Furniture
Turpentine and rosin
Leather and its manufactures.Leather
Boots and shoes
Paper and printing
Paper and Pulp
Paper boxes
Printing, book and Job
Printing, newspapers& periodicals
Chemicals and allied products
Chemicals
Fertilizers
Petroleum refining
Cottonseed oil, cake and meal
Druggists' preparations
Explosives
Paints and varnishes
Rayon
808.1)
Stone. day and glass products- Cement
Brick, tile and terra cotta---Pottery
Glass
Marble, granite. slate. &c
Nonferrous metals and their prod Stamped and enameled ware-- Brass, bronze and copper prod Aluminum manufactures
Clocks, clock movements. &C
Gas and electric fixtures
Plated ware
Smelting and refining copper.
lead and zinc
Jewelry
Tobacco manufactures
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Transportation equipment
Automobiles
Aircraft
Cars.electric and steam railroad
Locomotives
Shipbuilding
Rubber products
Rubber tires and Inner tubes
Rubber boots and shoes.-.Rubber goods. other
Machinery, not Including transportation equipment-Agricultural implements
Electrical machinery,apparatus
and supplies
Engines and waterwheels
Cash registers and calculating
machines
Foundry & mach.shop prods..
Machine tools
Textile ma,,Illnery and parts-.
Typewriters and supplies
Radio
Railroad repair shops
Electric railroads
Steam railroads
Aug.
1932.
Sept.
1932.
Payroll Totals.
Sept.
1931.
Aug.
1932.
Sept•
1932.
70.9
56.0
58.5
56.7
36.3
38.1
89.7
88.3
89.5
86.8
88.9
91.2
82.8
54.9
89.5
113.7
78.6
75.4
81.6
69.5
81.4
69.7
86.0
79.8
74.6
85.4
79.6
105.1
87.9
85.8
70.6
80.6
85.0
71.5
81.6
82.5
80.7
78.4
52.3
74.8
103.5
62.3
61.2
72.7
53.7
70.4
47.1
68.1
62.3
50.7
53.4
62.4
92.6
68.5
68.0
48.3
83.6
87.1
88.9
76.5
84.6
80.4
77.4
62.6
77.0
101.8
71.1
71.9
80.9
61.2
76.1
47.2
77.8
68.3
57.4
66.8
75.7
96.2
73.0
74.4
60.2
85.1
85.3
82.6
82.4
83.3
86.7
79.7
55.8
84.5
104.0
65.3
62.4
67.4
59.2
68.3
52.6
76.6
59.3
59.0
73.6
68.3
84.0
74.2
69.1
60.7
66.2
67.8
53.3
66.4
67.9
67.6
68.9
41.0
63.8
85.6
40.1
38.4
46.2
36.8
50.4
24.2
47.3
35.7
31.8
34.9
43.1
61.6
44.3
44.0
26.0
68.7
70.8
69.1
61.5
68.9
68.7
88.5
49.4
62.0
83.4
49.5
50.3
58.3
41.3
56.4
25.3
60.0
42.9
34.7
45.5
59.4
70.7
53.1
57.0
37.7
67.2
65.6
53.3
69.3
61.5
51.0
63.8
72.6
72.9
70.1
73.2
81.7
84.3
105.3
50.8
47.0
49.3
61.4
53.2
83.3
77.5
84.7
88.4
79.5
83.1
86.0
103.0
82.9
95.2
50.1
69.9
30.6
86.5
96.0
78.3
153.5
102.8
62.3
58.2
46.9
73.8
72.3
79.1
65.9
70.7
64.4
58.9
61.5
88.5
71.3
50.8
50.4
30.7
44.6
46.4
33.1
43.7
60.3
63.0
53.0
59.0
75.5
54.4
90.2
36.4
34.5
34.6
41.6
41.5
75.2
64.4
77.9
77.3
72.2
66.6
70.9
95.1
67.6
81.3
34.2
62.8
27.5
68.2
69.2
66.0
92.8
93.9
42.3
38.0
29.9
52.0
52.7
52.2
50.2
57.0
49.3
46.3
41.6
60.6
57.5
51.8
51.3
28.1
42.7
48.2
35.5
51.7
61.0
63.6
49.9
50.2
81.2
59.0
92.7
37.7
35.2
34.5
45.3
42.1
77.0
67.0
79.5
78.8
74.1
69.8
71.7
96.3
73.4
82.3
42.5
63.4
46.3
69.7
71.6
66.9
130.9
94.5
43.5
41.9
29.6
54.6
54.3
52.9
52.4
61.7
50.3
47.5
40.1
63.2
60.5
44.2
40.4
37.7
54.1
39.3
34.3
48.0
50.7
52.6
44.6
56.1
55.3
54.8
88.0
39.7
36.1
38.7
46.9
50.3
65.4
70.6
63.9
83.9
64.2
77.7
80.8
103.2
78.7
81.0
44.0
68.4
37.6
91.3
81.5
72.5
148.8
100.9
48.9
48.2
30.8
51.7
61.4
67.7
53.0
56.3
47.7
45.7
54.0
73.5
57.6
23.1
19.5
15.8
25.0
20.9
18.8
23.8
29.2
39.5
25.1
34.4
45.2
26.6
59.5
19.3
17.3
19.9
21.8
36.7
49.8
48.2
50.3
62.7
46.7
52.8
56.8
83.0
56.1
58.6
25.2
56.2
28.1
65.7
43.6
48.7
74.5
81.5
25.5
23.4
13.7
26.7
36.5
35.6
30.6
34.6
27.8
23.5
26.4
41.4
34.0
24.2
20.4
15.8
23.9
22.7
20.4
31.6
29.5
39.1
21.9
27.5
52.4
32.4
63.2
20.8
18.1
20.0
25.7
35.1
52.7
51.5
53.0
654
49.4
59.0
58.6
84.7
59.5
58.5
29.8
54.6
40.3
68.1
44.8
51.6
110.8
83.3
26.0
24.5
13.7
29.8
36.4
35.6
33.6
40.0
29.3
25.8
26.9
45.1
37.9
68.1
52.5
81.4
53.9
35.4
70.3
54.9
40.7
72.0
55.3
43.1
66.4
33.1
21.9
52.5
35.7
27.9
54.2
82.4
81.3
64.1
65.4
244.0
26.3
24.5
90.5
72.7
67.3
69.5
88.0
88.7
67.9
50.5
52.0
170.7
18.6
15.9
71.5
64.1
62.2
53.8
76.2
87.5
70.0
45.0
45.3
161.5
19.3
14.5
69.0
62.3
59.3
49.5
78.8
75.1
65.4
42.1
40.4
245.8
17.8
21.9
77.4
53.7
49.1
57.1
67.5
71.8
50.2
32.0
31.8
183.2
11.1
11.6
52.6
40.1
39.0
33.4
47.7
74.2
51:8
23.6
21.6
167.2
11.1
9.4
51.6
37.6
32.2
37.3
53.3
66.2
31.0
45.2
21.7
45.3
21.0
48.4
23.2
25.7
15.5
26.2
14.6
77.3
57.5
53.5
39.4
50.6
39.3
64.3
40.8
33.4
23.1
32.9
22.6
77.9
60.8
55.8
72.6
76.6
114.1
58.4
74.8
57.1
62.1
42.8
29.6
49.3
40.7
63.1
44.8
66.7
43.1
62.9
43.4
30.2
52.3
55.8
68.1
46.5
66.5
44.9
57.6
40.8
39.8
54.4
51.8
95.3
52.4
68.5
51.1
45.1
21.9
16.9
28.9
21.7
44.9
33.0
54.6
31.3
45.4
22.2
17.7
33.0
29.1
56.1
33.5
53.7
31.9
United States Department of Labor Reports Slight
Increase in Wholesale Prices From August to
September.
.
The index number of wholesale commodity prices as computed by the Bureau of Labor Statistics of the United States
Department of Labor shows a slight increase from August
1932, to September 1932. This index number, which includes 784 commodities or price series weighted according
to the importance of each article, and based on the average
prices for the year 1926 as 100.0, averaged 65.3 for September
as compared with 65.2 for August, showing an advance of
about .2 of 1% between the two months. When compared
with September 1931, with an index number of 71.2, a
decrease of 8Y4% has been recorded in the 12 months.
Continuing, the Bureau also said under date of Oct. 17:
The farm products group showed no change between the two months.
Increases were recorded in the average prices of calves, sheep, cotton, eggs.
lemons, oranges, tobacco and wool. Decreases were recorded in the average
prime of most grains, cows, hogs, onions and potatoes.
Among foods, price increases were reported for butter, cheese, dressed
poultry, coffee, oleomargarine, granulated sugar and most canned vegetables. On the other hand, condensed milk, bread, rolled oats, bananas,
lamb, mutton, fresh and cured pork, veal, lard, and raw sugar averaged
lower than in the month before. The group as a whole showed no change in
September when compared with August.
The hides and leather products group increased more than 334% during
the month, due to sharp increases in hides and skins and leather. Decreases
were shown for other leather products, with boots and shoes showing
practically no change in average prices. Textile products as a whole increased 5 % from August to September, all sub-groups showing advancing
prices for the month.
In the group of fuel and lighting materials decreases in the average prices
of bituminous coal, electricity, gas, and petroleum products forced the
group as a whole to decline nearly 2%. Anthracite coal advanced during
the month and coke remained at the August level.
Metals and metal products showed no change for September. Increases
in iron and steel products and non-ferrous metals were offset by &creases
In agricultural implements, motor vehicles, and plumbing and heating
fixtures. In the group of building materials brick and tile, lumber, paint
and paint materials, and other building materials moved upward and cement
and structural steel showed no change in average prices for the two months.
The group as a whole advanced 1 % from August to September.
Chemicals advanced slightly between August and September. Drugs and
pharmaceuticals, fertilizer materials, and mixed fertilizers showed recessions
,
during September, causing the group to decline a little more than 35 of 1%
from the month before. As a whole the house furnishing goods group showed
an upward tendency from the previous month.
The group of miscellaneous commodities increased approximately .2 of
1% between August and September, advancing prices of automobile tires
and tubes, and crude rubber more than counterbalanced decreasing prices
for cattle feed, paper and pulp, and other miscellaneous commodities.
The September averages for raw materials, semi-manufactured articles,
non-agricultural commodities and all commodities other than farm products
and foods were above those for August, with increases ranging from .3 of
1% in the case of non-agricultural commodities to nearly 5% in the case of
-manufactured articles. Finished products declined about M of 1% in
semi
the month period.
Between August and September price increases took place in 230 instances, decreases in 138 instances, while in 416 instances no change in
price occurred.
INDEX NUMBERS OF WHOLESALE PRICES BY °nouns AND SUBGROUPS OF COMMODITIES (1928=100.0).
Groups and Suer/mum
September
1931.
71.2
All commodities
60.5
Farm products
44.2
Grains
61.0
Livestock and poultry
65.4
Other farm products
73.7
Foods
84.6
cheese and milk
Butter,
70.3
Cereal products
. 71.0
Fruits and vegetables
73.6
Meats
68.5
Other foods
85.0
leather products
Hides and
93.5
Boots and shoes
58.6
Hides and skins
83.4
Leather
101.1
Other leather products
64.5
Textile products
75.5
Clothing
61.5
Cotton goods
59.2
Knit goods
43.5
Silk and rayon
65.7
Woolen and worsted goods
74.1
Other textile products
67.4
Fuel and lighting materials
94.3
Anthracite coal
83.9
Bituminous coal
81.5
Coke
100.6
Electricity
103.4
Gas
38.9
Petroleum products
83.9
Metals and metal products
94.1
Agricultural implements
82.3
Iron and steel
95.4
Motor vehicles
59.0
Non-ferrous metals
82.6
Plumbing and heating
77.0
Building materials
82.6
Brick and tile
75.8
Cement
66.9
Lumber
77.6
Paint and paint materials
82.6
Plumbing and heating
81.7
Structural steel
82.6
Other building materials
76.3
Chemicals and drugs
79.8
Chemicals
61.7
Drugs and pharmaceuticals
74.2
Fertilizer materials
77.6
Mixed fertifizers
82.7
Houseturnishing goods
Furnishings
81.2
84.6
Furniture
68.2
Miscellaneous
Automobile tires and tubes
46.0
44.4
Cattle feed
80.7
Paper and pulp
10.6
Rubber, crude
86.7
Other miscellaneous
62.7
Raw materials
66.7
Semi-manufactured articles
75.9
Finished products
73.4
Non-agricultural commodities
73.9
All enmmodltles less farm products and foods_
•Data not yet available.
August
1932,
September
1932.
65.2
49.1
38.2
52.8
50.8
61.8
60.2
66.0
55.6
61.9
62.1
69.7
84.4
39.3
60.0
82.3
54.0
66.0
52.6
48.5
29.5
53.4
67.4
72.1
86.0
81.3
76.7
104.4
107.0
48.9
80.1
84.9
78.7
95.3
48.5
67.1
69.6
75.2
79.0
55.5
67.2
67.1
81.7
78.3
73.3
79.7
57.0
66.4
68.3
73.6
74.8
72.6
64.6
40.1
47.4
76.3
7.9
84.2
55.7
57.9
70.7
68.5
70.1
65.3
49.1
37.4
51.2
52.1
61.8
60.6
65.8
52.5
60.9
64.6
72.2
84.4
48.2
63.2
81.5
57.0
67.3
57.9
50.4
32.6
56.7
88.6
70.8
87.7
81.1
76.7
()
5
(*)
46.7
80.1
84.9
79.7
92.7
51.6
66.8
70.5
75.4
79.0
56.3
68.2
66.8
81.7
79.9
72.9
79.8
56.6
63.6
66.9
73.7
74.7
72.7
64.7
42.7
45.9
75.5
8.2
83.2
56.2
60.7
70.4
68.7
70.4
Commodity Prices Slightly Lower During Week Ended
Oct. 15 According to National Fertilizer Association.
Commodity prices again declined during the week ended
Oct. 15, but the loss was smaller than for the preceding week.
The wholesale price index of the National Fertilizer Asso-
Oct. 22 1932
Financial Chronicle
2722
ciation declined from 60.9 to 60.7, a loss of only two points.
During the preceding week the index dropped 11 points.
The decline during the latest week marked the fifth consecutive weekly loss in commodity prices. The latest index
number, 60.7, is still more than one full point higher than
the record low, :59.6, recorded for the week ended June 11
1932. The high point of the recent upturn in commodity
prices was shown for the week ended Sept. 10, when the
index advanced to 62.7. (The three-year average 1926-1928
equals 100.) The Association also said as follows on Oct. 17:
During the latest week, five groups advanced, five declined and the remaining four showed no change. The changes in the individual groups
were small. Fuel, building materials, metals, fats and oils, and miscellaneous commodities were higher. Foods, grains, feeds and livestock,
textiles, automobiles and fertilizer materials were lower.
Thirty-six commodites showed price losses while 23 commodities were
higher during the latest week. During the preceding week, there were only
nine price advances, while there were 52 price losses. Important raw
materials that declined during the latest week were rubber, cotton, corn,
wheat, cattle, light weight hogs, lead, wool and silk. Other commodities
that declined were bread, flour, apples, beans, foodstuffs, rosin, cotton
yarns, lard and vegetable oils. Price gains were shown for petroleum,
gasoline, rubber tires, raw sugar, milk, potatoes, sheep, lambs, copper.
silver and oak-flooring.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 478 COMMODITY
PRICES (1926-1928=100)•
Per Cent
Each Group
Bears to the
Total Index.
Group.
Latest
Week
Oct. 15
1932.
Preceding
Week.
Month
Ago.
Year
Ago.
23.2
16.0
12.8
10.1
8.6
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
Foods
Fuel
Grains,feeds and livestock.Textiles
Miscellaneous commodities._
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
62.0
62.3
40.5
46.3
62.0
86.6
70.5
69.9
77.4
42.1
87.4
61.9
69.0
92.1
62.1
61.5
40.9
47.6
81.4
89.0
70.4
69.7
77.4
41.8
87.4
62.0
69.0
92.1
63.4
65.4
43.7
48.0
62.0
89.0
71.4
70.2
77.4
42.5
87.4
61.7
60,2
92.1
71.2
59.4
50.5
50.0
66.3
89.3
76.0
75.6
86.0
64.6
88.8
71.2
79.7
95.2
60.7
60.9
112.5
an 7
.a
100.0
All groups combined
Agriculture Only One of Major Groups Gainfully
Employed to Show Constant Downward Trend
Since 1870 in Ratio of Persons Employed to Population.
According to the National Industrial Conference Board,
In 1870 there were more than 180 persons out of every 1,000
of the population of the United States engaged in farming,
lumbering and fishing. In 1930 there were but slightly
more than 87 out of every 1,000 engaged in these pursuits.
Since 1910 there have been some highly significant changes
in the relative importance of certain occupations. During
the 10 years ending with 1920 there was a decrease of 74%
in the relative number of livery stable employees and an
increase of 557% in the relative number of garage employees.
These and many other changes of particular significance
in connection with the employment situation are graphically
shown in a chart of occupational trends in the United States
from 1870 to 1930, issued by the National Industrial Conference Board. With regard thereto the Conference Board
on Oct. 12 said:
The chart shows that the impressive decline in relative importance of
the agricultural group was, until 1920, partly offset by the growing Importance of the group composed of manufacturing and mechanical pursuits,
but that in the last 10 years, ending with 1930, this group did not
hold its own.
There was a striking decline between 1920 and 1930 in occupations connected with railroad transportation and shipping. Offsetting such changes,
however, there appeared during that period a notable increase in the importance of occupations connected with commercial service in insurance, in
real estate, and in stores and personal service in barber shops and beauty
parlors. During the decade ending with 1920 there was a alight decrease,
about 3%, in the relative number of steam railroad employees, but in the
next decade ending with 1930 there was a decrease of over 20%.
Of the major groups of those gainfully employed, the agricultural group
Is the only one that has shown a constant downward trend since 1870 in the
ratio of persons employed to population. In 1870 the manufacturing and
mechanical group numbered only 71 out of every 1,000 of population; in
1930 the proportion was 116 per 1,000. The trade and transportation group
showed the largest increase in relative importance, the group comprising
35 of every 1,000 of population in 1870 and 114 in 1930.
The chart indicates also remarkable changes in the relative importance
of certain selected occupations in transportation and non-industrial fields.
One of the most interest changes is the steady decline in the number of
physicians in proportion to the population. In the 10 years ending with
1920 there was a decline in the ratio of 17%, there being 1,371 physicians
per million of population in 1920. By 1930 this number had fallen to
1,253 per million of population, a further decrease in the ratio of 9%.
In 1920 there were 1,411 per million of population engaged in the real
estate business and by 1930 the number had increased to 1,955, a ratio
Increase of 89%.
The largest increase in this selected list is shown in the insurance field.
In the 10 years ending with 1930 the ratio of those engaged in insurance
Increased 83%, there having been 2,331 out of every million of population
In 1930 as compared with 1,277 in 1920. The next largest increase was
in the number of garage employees. There were 1,113 out of every million
of population in 1930 engaged in the garage business as compared with 696
In 1920, an increase of 60%. This increase of ratio, however, was not to
be compared with the 557% increase shown in the preceding decade.
Volume 135
Financial Chronicle
By way of contrast, the chart shows the decline in the livery stable
business. In the decade ending with 1920 there was a decline of 74% in
the ratio of employment in this business to population, with 1920 showing
but 180 persons out of every million of population so engaged. By 1930
the number was 54 per million of population, or a decline of another 70%.
The number of barbers and manicurists in relation to population fell off
slightly between 1910 and 1920, there being 2,045 to every million of
population in 1920. But between 1920 and 1930 there was an increase
of 49% in the ratio of those engaged in these service occupations, so that
in 1930 there were 3,049 to every million of population. It should be noted
that hairdressers are included in this occupational group, and the reason
for the increase is doubtless to be found in the prevalence of the beauty
parlor.
October Survey of National Association of Credit Men
Indicates Upturn in Sales and Collections.
A decided upturn in collections and sales throughout the
country is revealed in the October survey by "Credit and
Financial Management," official publication of the National
Association of Credit Men. The Association notes that previous months had witnessed a slowly rising curve to indicate
-improvement, but in the current month the turn upward
is sharp and decisive, emphasizing the favorable indications
now being reported in many parts of the country. Under
date of Oct. 17 the Association says:
Five cities, in contrast to one in September, note collections as "good."
In the sales classification there are also five cities in the "good" column
instead of two. Collections are reported as "good" in Springfield, Mass.;
Austin, Tex.; Charlotte, N. 0.; Albany, N. Y., and New York City.
Austin, Charlotte and Albany also reveal "good" sales, and to this list
are added Dallas, Tex., and Helena, Mont.
Delving through the reports from the 105 correspondents in the country's
major markets it is seen that the sales betterment is well in advance of the
collection betterment as to intensity, but this is interpreted as a logical
condition because collections invariably follow sales in wholesale circles
by a margin of 30 to 60 days. Supplementary reports from various States
indicate the improved outlook:
Arkaneas.-Ft. Smith reports collections fair and a marked increase in
sales. Collections and sales in Little Rock are fair, and an upward trend
in business is Been in almost all lines.
California.
-There has been a definite improvement in collections and
sales in Los Angeles. Oakland finds collections and sales fair and expects
pick-up in both during the coming months. Collections in San Francisco
have shown a decided tendency toward larger volume in sales. The general
outlook is good.
Louisiana.
-New Orleans finds collections fair, with one section reporting
collections very good. Sales are fair. Shreveport reports the following:
"While no improvement is yet noted in wholesale collections, some houses
report sales for the past month as the best for the corresponding period in
three years. The prices of many commodities are increasing and the
increase in the price of cotton is having a very marked effect. The cotton
crop in this section is very short, but a good feed crop has been made.
Improvement in all lines is anticipated within the next few months. A
better feeling seems to exist throughout the section, and within the next
few weeks an improvement in collections is anticipated."
-Both sales and collections have improved in Duluth. MinneMinnesota.
apolis reports the following: "There is an indication of improvement in
collections and evidence of the usual seasonal demand for merchandise and
a slight up-trend in sales. Further recovery in prices of live stock and
grain should improve collections in St. Paul. A feeling of optimism is
apparent among buyers, who are replenishing their stocks."
New York.
-Binghamton reports collections fair, with two sections
reporting collections good. Sales are fair. Collections in New York are
good and sales fair. One section reports sales good with the collection
turnover identical with last year. Bankruptcies have been greater in this
section.
Texas.
-There has been a decided pick-up in collections and sales in
Austin due to the rise in cotton. The Dallas market wholesalers have just
reported one of the best buying seasons in two years. Collections are fair.
Ft. Worth reports the following: "Collections on current accounts continue
good, with a decline in sales of approximately 30% over the same period
last year. Jobbers and manufacturers are doubtless carrying receivables
which are of long standing, but with good prospects for a large cotton crop,
and a fair price for this commodity practically assured, some of these old
receivables will be turned into cash before many more months have passed.
Everyone seems optimistic for the immediate future, and with anything
like a fair price for cotton this fall, business is bound to be better."
Waco reports "prospects look better for sales and collections, when the
cotton crop begins to move all over Texas. If the price stays around 7%
or 8c., we will see quite an improvement." Wichita informs us that sales
have improved and merchants plan to abandon the "sale" idea and expect
to make a profit on merchandise. They also expect to price their goods
instead of letting the public set the price. It looks better in this section
than it has in the past few years. The farmers are raising cotton on a
basis of 40. a pound, but it now looks as though they will receive more
than 80. The prospect for crops is better than it has ever been in this
territory.
"Annalist" Weekly Index Slightly Lower During Week
of Oct. 18-Indices of Domestic and Foreign Wholesale Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices sagged 0.2 points to 90.6 on Oct. 18 from 90.8 (revised) the week before. The week's movements were mixed,
according to the "Annalist," with steers, cotton and hides
reporting the most important losses, and corn, hogs, cotton
goods and rubber also lower. Continuing tho "Annalist"
also reported:
Refined sugar, on the other hand, recovered its level of a fortnight ago,
while the partial recovery of crude petroleum and gasoline prices reflected
the further curtailment of crude production in the Texas and Oklahoma
fields, in consequence of which daily crude production for the 'United States
declined to 2,130.650 barrels for the week ended Oct. 15, with a reduction
of 42,350 barrels from the week previous.
2723
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(Unadjusted for Seasonal Variation (1913=100).
Oct. 18 1932. Oct. 11 1932. Oct. 20 1931.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
71.7
97.2
575.6
126.8
97.2
106.2
95.3
78.9
OA A
All enmmnrilttotra
*73.0
96.5
*76.8
125.1 •
97.2
106.0
95.3
79.2
*OA e
85.2
112.9
85.4
127.7
100.2
112.6
97.3 •
90.4
ml A
*Revised. x Provisional.
Foreign price indices for September generally reflected the summer's
advance in the United States, although the extent of the rise varied greatly
in different countries. In Canada, September, like August,showed a small
though definite Increase over the preceding month; that the increase was
not comparable to our own despite the proximity of the two countries was
due to the insulation of Canadaian prices through the absence of free gold
exchange.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES.
(Measured in Domestic Currency; 1913=100.)
Sept.
1932.
Aug.
1932.
July
1932
Sept. Per Cent Change
1931. Month. Year.
95.2
United States of Amer_
94.2
92.1
100.5
+1.1
-5.3
104.5
104.3
Canada
104.0
108.9
+0.2
-4.0
102.1
Great Britain
99.5
97.7
99.2
+2.6
+2.9
397.0
France_x
394.0
404.0
437.0
+0.8
-9.2
95.4
Germany
95.9
108.6
y
Y
Y
300.0
300.0
303.0
Italy
330.0
+0.1
117.8
Japan
111.6
Y
113.1r
Y
Y Not available. a July 1914.-=100.0.
Indices used: U. S. A., "Annalist:" Canada, Dominion Bureau of Statistics:
Great Britain, Board of Trade; France, Statettioue Generale; Germany. Federal
Statistical Office; Italy, Milan Chamber of Commerce. Japan, Bank of Japan.
Great Britain reported a further sharp rise for September, the increase
from July being 4.5%. In France, where prices have been slow in coming
-3 points, against a loss of 10
down, the advance in September was small
points in August. The German average for September, is not available,
but the weekly figures indicated a steady or slightly upward tendency.
In Italy. where August prices failed to show any change. the September
index shows a small rise.
August figures for Japan show sharply higher prices, following a small
advance in July. The degree of real advance is difficult to determine,
however, since the price level there is also influenced by the rate of yen
exchange and the extent of yen inflation.
Production of Electricity in the United States Off 9%
as Compared with Corresponding Period Last Year.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, Oct. 15, was 1,507,503,000 kwh., according to
the National Electric Light association. The output for
the Atlantic seaboard was down 4.7% from the same period
last year and compares with a decrease of 4.4% for the
week ended Oct. 8. New England, taken alone, was down
0.2%, against 2.4% in the previous week. The Central
industrial region, outlined by Buffalo, Pittsburgh, Cincinnati, St. Louis and Milwaukee, showed a decrease of 11.3%,
compared with a decline of 11.3% the week before. The
Pacific Coast was down 9.4%, against a decrease of 10.1%
in the Oct. 8 week.
Arranged in tabular form, the output in kilowatt hours
of the light and power companies for recent weeks and by
months since the first of the year is as follows:
Weeks
Ended
1932.
1931.
1930.
1929.
1932
Under
1931.
Jan. 2 _ _ _ 1,523,652,000 1,597,454,000 1,680,289,000 1,542,C00.000 4.6%
Feb. 6 ____ 1.588,853,000 1,679,016,000 1,781,583,000 1.726,161,000 5.4%
Mar. 5 ___ 1,519,679,000 1,664,125,000 1,750,070,000 1,702,570.000 8.7%
Apr. 2 ____ 1,480,208,000 1,679,764,000 1,708,228,000 1.663,291.00() 11.9%
May 7 ___ 1,429,032,000 1,637,296,000 1,689,034,000 1,698,492,000 12.7%
June 4 ____ 51.381,452,000 1,593.622,000 1,657,084,000 1.689,925,000 13.3%
July 2 ____ 1,456,961,000 51,607,238,000 1,594,124,000 1,592,075,000 9.3%
Aug. 6 ........ 1.426,986,000 1,642.858,000 1,691,750,000 1,729,667,000 13.1%
Sept. 3 __ 1,464.700.000 1,635.623,000 1,630,081,000 1,774,588,000 10.4%
seat.10 ____ 1,443,977,000 1,582,267,000 1,726.800,000 1,806,259,000 8.7%
SePt.17 ___ 1,476,442,000 1,662.660.000 1,722,059,000 1,792,131,000 11.2%
Sept.24 _-- 1,490.863,000 1,660,204,000 1,714,201,000 1,777.854.000 10.2%
Oct. 1 ____ 1,499,459,000 1,645.587,000 1,711,123,000 1,819,276,000 8.9%
Oct. 8 ___. 1,506,219,000 1,653,369,000 1,723,876,000 1,806,403,000 8.9%
Oct. 15 ___ 1,507,503,000 1,656,051,000 1,729,377,000 1,798,633,000 9.0%
Months
January. .. 7,014,066,000 7,439,888,000 8,021.749.000 7,585,334,000 5.7%
February_ 6.518,245.000 6,705,564,000 7,066,788.000 6,850,855,000 y6.1%
March
6,781,347,000 7,381.004,000 7,580,335.000 7,380,263,000 8.2%
April
6,303,425,000 7,193,691,000 7,416,191,000 7,285,350,000 12.4%
May
6.212,090,000 7,183,341,000 7,494,807.000 7,486,635,000 13.5%
June
6,130,077,000 7,070,729,000 7,239,697,000 7,220.279,000 13.3%
July
6,112,175.004) 7,286,576,000 7,363.730,000 7,484,727,000
August
6.310 867 non 7 1800RAnnn 7 501 100 000 7 772 070 nnn 16.1%
11 eel
Including Memorial Day
Change computed on basis of average daily reports
Including July 4 holiday.
Decrease of 18% in Life Insurance Sales in United
States During September Compared With Same
Month Last Year.
Reports of September sales of new Ordinary life insurance
compiled by the Life Insurance Sales Research Bureau at
Hartford, Conn., show a decrease in volume of 18% when
compared to September a year ago. Figures for the nine
months of 1932 reveal a decrease of 19% compared to the
same period last year. k smaller decrease for the month
indicates that the trend is slightly upward. The improve-
ment during the month was greatest in the West North
Central and New England sections. Rhode Island was
the only State to show a gain in sales during September.
The following table supplied by the Bureau Oct. 19 gives
by sections a comparison of sales for September and for the
nine months'of 1932 to the same period last year:
Nine Months 1932
Compared to
Nine Months 1931.
81%
827
83
81
78 cl
78%
79
83
77
844
September 1932
Compared to
September 1931.
United States total
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
854
85V
81%
83
771
80'7,
845
75%
GOLD AND SILVER.
Country's Foreign Trade in September-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Oct. 18 issued its statement on the foreign
trade of the United States for September and the nine months
ended with September. The value of merchandise exported
in September 1932 was estimated at $132,000,000, as compared with $180,228,000 in September 1931. The imports of
merchandise are provisionally computed at $98,000,000 in
September the present year, as against $170,384,000 in
September the previous year, leaving a favorable balance in
the merchandise movement for the month of September of
approximately $34,000,000. Last year in September there
was an unfavorable trade balance in the merchandise movement of $9$44,000. Imports for the nine months ended
September 1932 have been $1,015,301,000, as against
$1,618,674,000 for the corresponding nine months of 1931.
The merchandise exports for the nine months ended September 1932 have been $1,188,894,000, against $1,841,775,000,
giving a favorable trade balance of $173,593,000 for the
nine months, against $223,101,000 in the same period a
year ago.
Gold imports totaled $27,957,000 in September, 1932,
against $49,269,000 in the corresponding month of the previous year, and for the nine months ended September, 1932,
were $220,013,000 as against $367,261,000 in the same period
a year ago. Gold exports in September were only $60,000,
against $28,708,000 in September, 1931. For the nine
months ended September, 1932, the exports of the metal
foot up $809,438,000, against $30,545,000 in the corresponding nine months of 1931. Silver imports for the nine months
ended September, 1932, have been $15,948,000, as against
$20,738,00J in the nine months ended September, 1931, and
silver exports were $10,400,000, compared with $21,287,000.
The following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITA D STATES
(Preliminary figures for 1932 corrected to Oct. 14 1932.)
MERCHANDISE.
9 Months Ended Sept.
September.
1932.
Excess of exports
1931.
1932.
1931.
Increase(+)
Decrease(-)
1.000
Dollars.
132.000
98.000
1,000
Dollars.
180.228
170.384
1.000
Dollars.
1.188,894
1,015,301
1.000
Dollars.
1,841.775
1,818.674
1.000
Dollars.
-652,881
-603,373
34,000
9,844
173,593
223,101
"Prep. ft I m nnrts4
--
9 Months Ending Sept.
September.
1932.
Excess of export& _
EXCM4 of IMOOrt9
1931.
Increase(+)
Decrease(-)
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
28,708
49,269
27.897
20,581
869
2,352
Silver
Exports
Imports
1932.
60
27,957
Excess of exports_
Excess of imports__.
1931.
1,000
Dollars.
Gold
Exports
Imports
2,183
2,355
10,400
15,948
1 48:1
172
5.548
809,438
220,013
30,545
367,281
+778,893
-147,248
589,425
336.716
21,287
20,738
-10,887
-4,794)
549
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
The figures are based on the experience of companies
having in force 88% of the total legal reserve Ordinary life
insurance outstanding in the United States.
Exports
Imports
Oct. 22 1932
Financial Chronicle
2724
Gold.
1932.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1931.
1930.
Silver.
1929.
1932.
1931.
1930.
1929.
1,000 1.000 1.000 1,000 1,000 1,000 1,000 1.000
Dollars. Dollars. Dollars Dollars. Dollars. Dollars. Dollars. DOWSTS.
107,863
54 8,948 1,378 1,611 3.571 5.892 8,264
128.211
14
207 1.425
942 1,638 5,331 8.595
43.909
26
290 1.635
967 2,323 5,818 7,814
49.509
27
110 1,594 1,617 3,249 4,646 5,752
212.229
628
82
467 1.865 2,099 4.978 7,4.85
226,117
40
26
550 1,268 1,895 3,336 5.445
23,474 1.009 41.529
807
828 2,305 3.709 8.795
18,067
39 39,332
881
433 2,024 4.544 8,522
60 28,708 11,133 1.205
869 2,183 3,903 4,374
398,604 9.266 3.805
____ 2,158 4,424 7.314
4,994 5,008 30.289
---.
872 4,102 8,878
32,651
38 72,547
-.__ 2.188 3.472 6.389
9 mos. end.Sept 809,438 30,545 101,656 9,942 10,400 21,287 42,156 81,047
12 mos.end. Dec.
486,791 115,967 116,583
26,485 54,157 83,407
Imports
January
February
March
April
May
tune
July
kugust
September
October
November
December
34,913
37.844
19,238
19.271
18,715
20 070
20,037
24.170
27,957
34,426
16.156
25.671
49.543
50.258
63.887
20.512
57.539
49,269
60.919
94,430
89.509
12.908
60.198
55.768
65.835
23.552
13.938
21.889
19,714
13.680
35,635
40.159
32,778
48.577
26.913
26.470
24.687
24.098
30.762
35.525
19.271
18.781
21,321
7.123
8,121
2,097
2.009
1,809
1,890
1,547
1.401
1,28t
1,554
2,352
____
____
---_
2,896
1.877
1,821
2,439
2.636
2,364
1,663
2,685
2,355
2.573
2,138
3.215
4.756
3.923
4.831
3.570
3,486
2,707
3,953
3,492
3.461
3,270
2,652
2.660
8.260
4.453
6,435
3,957
4,602
5,022
4.723
7,345
4,111
5,403
5,144
4.479
9 mos. end.Sept 220,013 387,281 287,482 255,084 15,948 20,738 34,179 48,014
112 mos.eud. Dec.
612,119 398.0.54 291,659
28,664 42,761 63,940
Canadian Building Permits for September and for First
Nine Months.
According to the Dominion Bureau of Statistics, the
value of the building permits issued by 61 cities during
September stood at $2,203,230; this was a decrease of $1,128,048, or 33.9%,as compared with the total of $3,331,278
in August 1932, and of
,204,769, or 78.8%, in comparison with the aggregate of $10,407,999 recorded in
September of last year. Further details are given as follows:
Some 60 cities furnished detailed statistics for September, showing
that they had issued 400 permits for dwellings estimated to cost approximately 51,000.000. and over 1,800 permits for other buildings valued at
over 11,000.000. During August, authority was granted for the erection
of about 300 dwellings and 2,000 other buildings, estimated to cost approximately $900,000 and 12.200.000. respectively.
Saskatchewan reported an increase in the estimated value of building
as compared with August 1932, but elsewhere there were declines, that
of $689.796. or 60.2% in Quebec being greatest.
As compared with September 1931. there were losses In all Provinces.
In this comparison also Quebec showed the largest loss of $4,039,086, or
89.9%.
The larger cities-Montreal. Toronto, Winnipeg and Vancouver
registered lower totals of permits issued than in either the preceding month
or the same month of last year. Of the other centres, Sydney, Westmount,
Chatham. Fort William, Niagara Falls, St. Thomas, East
Windsor, Brandon, Kamloops and Nanaimo showed increases as compared with both
August 1932 and September 1931.
EXPORTS AND IMPORTS OF MERCHANDISE. BY MONTHS.
1932.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1931.
1930.
1,000
1.000
1.000
Dollars. Dollars. Dollars.
150.022 249,598 410.849
153.972 224.346 348,852
155.250 235.899 369,549
135,359 215.077 331,732
132.065 203,970 320.034
114,259 187.077 294.701
10(i.r 30 180.772 266.761
101)0)14) 164.808 297.765
132.000 180,228 312.207
204.905 326.898
193.540 288.978
184,070 274.856
1929.
1928.
1927.
1.000
Dollars.
488.023
441,751
489,851
425.264
385.013
393.186
402,861
380.564
437.163
528.514
442.254
426.551
1.000
Dollars.
410,778
371,448
420.617
363.928
422.557
388.661
378.984
379.006
421.607
550.014
544,912
475.845
1.000
Dollars.
419.402
372.438
408.973
415.374
393.140
356.968
341.809
374.751
425.267
488.675
460.940
407.641
9 months ending Sept 1.188,894 1,841.775 2,952.4503,843,676 3.557,586 3,508,120
2.424,289 3,843,18. 5,240,995 5,128.356 4.865,375
12 mouths ending Dec.
Imports
January
February
March
April
May
June
July
August
September
October
November
December
135.520
130.978
131.189
126.522
112.278
110.296
79.420
91 100
98,000
183.148
174.946
210,202
185.706
179.694
173.455
174.460
166.679
170.384
168.708
149,480
153.773
310.968
281.707
300.460
307.824
284.683
250.343
220.558
218,417
226.3.52
247.367
203.593
208.636
368.897
369,442
383.818
410,666
400.149
353.403
352.980
389,358
351.304
391.083
338.472
309.809
337.916
351.035
380.437
345,314
353.981
317.249
317.848
346,715
319.618
355.358
326,565
339.408
358.841
310.877
378.331
375.733
346.501
354.892
319.298
368, 75
342.154
355.739
344.269
331.234
1,618,674
3.153.502
Sept 1.015,301 n noln /.0e 2,401.312 3,360,017 3.070.113 • ILJA ,A0
9 months ending ....
..
2 non MO A nnn not A dlr. AAA
•
..
•.
•••
.
.
•
•
.
12mont seri 11
Cumulative Record for First Nine Months, 1932.
The following table gives the value of the building authorized by 61 cities
during September, and in the first nine months of each year since 1920,
as well as index numbers for the latter, based upon the total for the corresponding period of 1926 as 100. The average index numbers of wholesale
prices of building materials in the first nine months of the years since 1920
are also given (average 19260100).
Year,
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
Value of
Permits
Issued
in Sept.
12.203,230
10.407.999
11.093.020
17.117,017
20.374,149
14.462.243
11.047.503
10.140.853
15.055.250
10.763.898
11.597.034
10.907.828
9 R42 677
Value of
Permits
Issued
In First
Nine Months.
532,340,740
88.602,995
126,361.350
186.011.017
165.621.634
141.152.535
120.163.936
98.364,181
96.817.333
108.319.972
116.778.450
88.573.442
96 146 278
Indere' of Value Moos. Indexes of
of Permits
Wholesale Prices
Issued in
of Building
Firm Nine
Materials in
Months
lst. Nine Months
(1926=--100). (1926 av.=100).
26.9
73.7
105.2
154.8
137.8
117.5
100.0
81.9
80.6
90.1
97.2
73.7
80.0
77.3
83.8
94.1
99.8
97.8
95.8
100.7
104.2
108.3
111.7
108.5
126.8
155.3
The aggregate for the first nine months of this year was lower than in
1931 and earlier years of the record; the average index numbers of wholesale
prices of building materials, however, were also much lower in 1932 than
in any other year of the record.
Marmon and Reo Motor Car Companies
Announce New Models.
The Marmon Motor Car Co. is introducing 1933 models
on its 16-cylinder line, with price reductions ranging as
high as $925, it is announced.. The base price on the 1933
line is $4,825, f.o.b. factory, as compared with a base price
of $5,700 on the previous line. The new models are offered
in eight body styles built on a 145-inch wheelbase.
-ton heavy duty
The Reo Motor Car Co. announces new 2
-ton speed wagons, rounding out its unified line of
and 3
new commercial vehicles. The capacity range of the
company's product begins with the 1M-ton speed wagon
introduced a little over a year ago and extends up to an
8-cylinder 4-tonner introduced in August. As a tractor-ton model has a gross load rating of
trailer unit, the 4
32,000 pounds. The price range is from $625 for the 1
-cylinder model, to $2,995 for the 4
-ton truck and
ton, 4
$3,645 for the heavy tractor-trailer outfit with 8
-speed
transmission and air brakes.
Building Situation in Illinois DuringlSeptember and
First Nine Months of 1932, Reviewed by Illinois
Department of Labor.
Statistics
and Research of the Illinois Department of Labor, stated
on Oct. 12 that "in September 1932 961 building projects
involving a total estimated expenditure of $1,113,048 were
authorized by permits issued in 45 reporting cities of Illinois.
These figures," according to Mr. Myers, "represent a decline from the figures for August 1932 of 2.9% in the number
of projects, but an increase of 7.3% in the total estimated
expenditure. The total estimated expenditure for all reporting cities in September 1932, however, was 70.4%
below that reported for September 1931." Mr. Myers also
said as follows:
Howard B. Myers, Chief of the Division of
The gain in the total estimated expenditure, which was counter to the
movement usually displayed by September reports, was attributable
directly to the increase of 66.8% reported by the group of cities outside
the metropolitan area, and to an increase of 12.0% reported by the suburban cities. In Chicago the estimated expenditure for building projects
dropped 23.3%, causing the Chicago index of building expenditure for
September to decline to 2.5 (monthly average 1929 equals 100)•
In September two building classifications, new residential and additions,
alterations, repairs and installations, were responsible for the increase in
the total,estimated expenditure in the 45 reporting cities. The total estimated expenditure in the former classification increased 26.9% and in the
latter 15.3% over August 1932. The total estimated expenditure for new
non-residential building in the State was 13.2% below the aggregate for
August 1932.
In Chicago the decline in total expenditure for September was due to a
drop of 67.5% in proposed expenditure for new non-residential building.
The September index for new non-residential building was 1.0. Two building classifications, new residential building and additions, alterations, repairs and installations, showed Increases in September over the preceding
month. The increase in expenditure in the former classification was 29.0%
and lathe latter 17.0%. The index for new residential building in Chicago
was 1.3 and that for additions, alterations, repairs and installations was
28.5 (monthly average 1929 in each classification equals 100).
In September 1932 the 21 suburban cities reported a gain over the preceding month of 40.9% in estimated expenditure for new residential building and an increase of 14.9% in the estimated expenditure for new nonresidential building. A decrease of 10.1% was reported in the estimated
expenditure for additions, alterations, repairs and installations. Ten of
the cities in this group reported gains in September 1932 over the preceding
month, but only four-Berwyn, Kenilworth, River Forest and Wheaton
reported gains over September 1931.
For the group of 23 reporting cities outside the metropolitan area increases
occurred in September in each of the three main building classifications.
The estimated expenditure for new residential building showed an increase
of 17.2%, and that for additions, alterations, repairs and installations an
increase of 33.1% over that for August 1932. Expenditure for new nonresidential building increased from $68,946 in August 1932 to $202.790 in
September 1932, or 194.1%. The proposed erection of a post office in
Waukegan, estimated to cost $143,000. Was responsible for this large increase. Eleven of the 23 cities in this group reported increases in September 1932 over the preceding month, and five-Alton. Centralia, Danville,
Quincy and Waukegan-reported increases over September 1931.
Of the total estimated expenditure reported in September 1932 by the
45 cities of the State, 39.3% was to be expended in Chicago, 18.8% in the
reporting suburban cities and 41.8% in the reporting cities outside the
metropolitan area. A division by building classification disclosed that of
the total estimated expenditure authorized in September 1932 by 45 cities,
28.3% was to be expended for new residential building. 30.4% for new nonresidential building and 41.3% for additions, alterations, repairs and
installations.
For the first nine months of 1932 the total estimated expenditure for all
reporting cities of the State was $11.259,339. This represents a decline
of 83.9% from the total of $70,099,065 authorized during the first threequarters of 1931. In Chicago the total for the first nine months of 1932
Was $5,436,573, which represents a drop of 88.1% from the total of $45,818.737 for the same period of 1931. For the reporting suburban cities the cumulative total declined from $11,784,606 for the first nine months of 1931 to
$2,109.921 for the same period in 1932, or 82.1%, while the cumulative
total for the reporting cities outside the metropolitan cities declined from
7
$12.495, 22 to $3,712,845, or 70.3% for the same comparative period. A
comparison of the amount to be expended for each of the three main buildclassifications during these two periods showed losses of 81.4% in new
ing
residential building, 90.3% in new non-residential building and 56.8% in
2725
Financial Chronicle
additions, alterations, repairs and installations. Three reporting cities
of the State-Centralia. Murphysboro and Rockford-showed larger estimated expenditure for building projects for the first nine months of 1932
than for the same period in 1931.
Mr. Myers also issued the following statistics:
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
TABLE 1.
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES IN SEPTEMBER
1932, BY CITY.
September 1932.
September 1931.
August 1932.
No. of Estimated No. of Estimated No. of Estimated
Cost.
Cost.
Ridge.
Bides.
Cost.
Bldgs.
City.
$
1.037.007 *1.610
3.762.565
Total all cities
961
1.113,048
990
Metropolitan area
522
647,244
556
757.713
918
2.846.315
Chicago
348
437.625
392
570.501
631
2.006.462
Metropolitan area. excluding Chicago...
174
209,619
164
187.212
287
839,853
15
22
6
24
16
1
7
4
15
1
2
38,550
8,022
4,550
55.750
2,670
50
6,300
2,550
17,325
1,500
600
14.818
13
12
6
18
4
3
5
16
9
9
15
4
2
2
7
12
23
31
32
10
41
20
2
9
13
18
1
8
17
5
10
23
15
32.334
16,735
117,590
247,000
10.105
1.930
7,805
4,075
22,151
400
2,975
41.253
3.000
4.070
103,185
153,470
2
2
6
7
1,015
29,410
11,285
1,144
1,680
7,500
2.475
2,425
9.885
3.045
14.660
44.500
775
475
10.275
4.900
12.300
1.100
425
18.022
700
3.025
25.590
1.130
15.400
4,700
3.650
6.730
5.925
5
5
13
9
5.600
4,900
43,200
18,075
439
465,804
434
279,294
*692
916,250
14
23
1
2
3
1
6
21
43
40
7
13,027
9,682
100
8,000
670
5,000
11.758
14,762
32.835
14,718
7,585
21
18
1
2
5
12,992
16.995
800
10.000
3,910
34
64
4
9
5
-
12,652
85.076
5.550
,41,000
1,515
10
1
54
14,800
167
25,171
7
9
45
30
6
1
6
2
69
7.130
9.014
30.076
20.217
7.790
200
10,400
426
30,972
27
70
53
18
1
23
4
79
8.600
172,580
58,935
18,720
16,282
26.000
33.200
2.400
33,688
39
17
20
57
76
4
84,600
9,005
12,115
9,091
45,318
147,500
2
50
16
14
73
50
7
3,500
42.250
6,525
8.600
25.130
26,267
6,100
eg
56
10
41
62
101
14
23.200
117,785
1,910
20,472
41,228
155,432
40,025
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Joliet
Kankakee
Moline
Murphysboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
5
5
7
2
2
10
3
s
* Revised figure.
TABLE 2.
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES FROM JANUARY
THROUGH SEPTEMBER 1932. BY CITY.
Jan.
-Sept. 1932.
City.
No. of
Bugs.
Estimated
Cost.
Jan.
-Sept. 1931.
No. of
Bldgs.
Estimated
Cost.
Total all cities
8,053 $11,259,339 *13,279 870,099,065
Vfetropolitan area
4,476
7,546.494
7,722
57,603.343
Dhicago
3,259
5,436.573
5.475
45,818,737
getropolitan area excluding Chicago...
1,217
2,109,921
2.247
11,784,606
99
126
67
169
61
18
36
34
98
7
25
74
25
65
93
29
20
12
44
62
63
88,204
57.762
54.030
529.000
20.170
82.421
66,805
83.714
189,800
3,690
11,325
166,023
9.935
167,358
219,960
33,140
54.904
9,230
103,000
33.055
126,395
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Joliet
Kankakee
Moline
Murphyaboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
* Revised figure.
3,577
177
190
9
28
31
4
77
133
334
223
68
3
92
26
410
4
19
423
114
204
418
520
70
„
..” " " ......
.„........w".
,E ...0.....m......0.".
Volume 135
650,779
209,374
1,034.728
2,988.000
145,885
167,540
166,914
209,449
409,656
98,250
108.725
918,508
42,029
508,164
734.288
450,645
661,108
29,490
129,600
787,169
1,334,305
83,712.845 *5,557 812,495,722
8169.781
120,177
12.800
231.000
22,895
29.000
101,126
170,896
210.332
141,892
90.161
600
107.500
28,948
158,579
12.000
31.800
476.505
48.080
721.980
135.723
433.295
257,575
281
403
21
55
39
7
106
204
425
369
106
14
273
47
548
3
*63
620
128
478
514
669
184
$446,384
1,049,144
34,210
689.700
33.720
27,000
172.266
682.255
980,511
388.681
221.498
63,150
804.789
92,680
447,313
7,500
492.700
1.333,302
1.329,823
569,982
414,978
1.615.059
599.077
Financial Chronicle
2726
Business and Agricultural Conditions in Minneapolis
Federal Reserve District
-Volume of Business in
September Smaller Than During September 1931.
"The volume of business in the Ninth (Minneapolis)
Federal Reserve District during September continued to be
smaller than the volume a year ago, but the declines in many
lries were not as great as the decrease reported for earlier
months, and the autumn upturn in business in many cases
was greater than the seasonal expectancy," according to the
preliminary summary of agricultural and business conditions
issued by the Federal Reserve Bank of Minneapolis. The
summary issued Oct. 15 also said:
There are evidences that the District is slowly recovering from the
effects of last year's crop failure, although the national business depression
continues to have a bad effect on the activities of the District. The
greatest improvement in September occurred in city department store
sales. September department store sales were only 10% smaller than
sales in September last year, whereas the decrease from last year's records
reported for August was 24%, and for July 28%. Moreover, the increase
In sales from August to September was nearly twice as large as customary.
Smaller decreases from last year's figures than had been reported in preceding months occurred in bank debits, country check clearings, freight
carloadings, city real estate activity, flour shipments, and iron ore shipments.
The recovery from the effects of the crop failure was delayed by the
tardy movement of cash grains from the farms. The movement of wheat,
In particular, has been slow, and at the present time 30,000,000 bushels
less wheat has been received at terminal markets than would ordinarily
have been received up to this time from a crop and carryover of this year's
amount.
The estimated cash income of Northwestern farmers from marketings
during September was only 7% smaller than the income in September
last year. The income from wheat, in spite of delayed marketings, was
twice as large as last year's September income from this source. The
Increase in income from wheat almost entirely offset the decreases in
income from dairy products and hogs. Prices of all major farm products
of the Northwest were lower in September than in the corresponding
month last year, with the exception of eggs. There was a strong seasonal
increase in the price of eggs during September, and the average price was
10% higher than in September last year.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
Sept. 1932.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Sept. 1931.
% Sept. 1932
of Sept. 1931.
$12,218,000
2,368,000
285,000
3,391,000
1,515,000
7,865,000
4,602,000
55,794,000
2,337,000
196,000
3,754,000
2,107,000
11,913,000
8,469,000
211
101
145
90
72
66
54
nnn
on
529 915
nnn
521 570
Employment in Texas Increased for Second Consecutive
Month During Period from Aug. 15 to Sept. 15,
According to University of Texas.
For the second consecutive month, there has been a gain
In the number of workers in Texas firms, according to the
University of Texas Bureau of Business Research. The 930
establishments reporting to the Bureau of Business and the
United States Bureau of Labor Statistics had 66,172 workers on their payrolls on Sept. 15 as compared with 63,089 on
the corresponding date a month earlier. The University
Bureau's report, issued Oct. 7, also said:
This increase of 4.9% in the number of employees stands out as an
unusually good showing in comparison with changes between August and
September in previous years. Last year, for example, there was a drop
of 0.5%; in 1930 there was a drop of 4.5%. It is necessary to go back
to 1929 to find another gain-and that was for only 1.81%.
These successive monthly gains in employees, which are due, apparently,
to other than seasonal factors, have cut down the decline in the number
of workers as compared with a year ago. As compared with September 1931,
the number of workers on payrolls for the month just passed was only 12.7%
behind; the decline has been as much as 19.9%, which occurred in
May 1932.
Purely seasonal influences brought about substantial increases in the
number of workers at bakeries, confectioneries, cotton oil mills, cotton
compresses, men's and women's clothing manufacturers, but a large number
of other classifications also showed gains, notable among which were
lumber and sew mills, cement mills, and retail and wholesale stores.
Average weekly wages continued downward, averaging only $21.69 on
Sept. 15 as compared with 222.66 in the previous month.
Two cities, Amarillo and Fort Worth, had more workers on payrolls
on Sept. 15 than on the corresponding date a year ago, while Austin,
Beaumont, Dallas, Galveston, Houston, San Antonio, Waco and Wichita
Falls all showed more workers than on Aug. 16.
Review of the Industrial Situation in Illinois by
Industry During September by Illinois Department
of Labor-Employment and Payrolls Show Increase
Over August.
"From August to September, increases of 1.1% in employment and 1% in payrolls were reported by 1,480 industrial
establishments in Illinois," according to Howard B. Myers,
Chief of the Division of Statistics & Research of the Illinois
Department of Labor, in reviewing the industrial situation
in that State. "These increases continued the upward
movement observed in August, when all reporting industries
in the State showed gains of 1.2% in employment and 2.8%
in payrolls," continued Mr. Myers. "Although the increases
Oct. 22 1932
shown in the last two months are the largest reported since
industrial activity began to decline about three years ago,
these increases have been insufficient to offset the declines
which occurred during the month of July 1932, when employment decreased 5.6% and payrolls 10.7%. The index
measuring the volume of employment in September 1932, was
57.9% (1925-27 average=100), or 43.9% lower than in
September 1929, while the payroll index of 38.3 was 60.4%
lower than three years ago. The weekly earnings for those
employed in September, this year averaged $20.68 as compared with $26.96 in September, 1929." Under date of
Oct. 18 Mr. Myers also said:
The September gains in employment and pay rolls were contributed
largely by the manufacturing industries, which showed increases from
August of 1.8% in employment and 2.6% in payrolls. In the manufacturing
division as in all reporting industries, the combined increases for August
and September failed to compensate entirely for the losses recorded in the
preceding July. Metals, machinery and conveyances, the largest of the
nine main manufacturing groups, and the one which usually determines the
movement in the manufacturing division as a whole, showed reductions of
2.8% in employment and 2.1% in payrolls for September. These reductions
and those in two other groups, stone, clay and glass, and printing and
paper goods, were more than offset by the substantial increases in the
remaining six groups, especially the food group, which reported considerably more than seasonal gains.
Ten of the 13 industries included under metals, machinery and conveyances reported decreases in employment. Reductions in employment in
electrical apparatus, watches and jewelry, cars and locomotives, and agricultural implements, ranged from 8.2% to 14.8%. The iron and steel
industry showed a decrease of 2.8% in employment with an increase of
1.5% in payrolls. Employment gains were shown by tools and cutlery.
brass, copper, zinc and other metals, and cooking and heating apparatus.
Of these three industries the last two also increased total wage payments.
In the printing and paper goods group decreases of 4.7% in employment
and 2% in payrolls continued a downward movement which, with slight
exceptions, has prevailed throughout the entire year, Decreased activity
in job printing and edition book binding more than offset gains in several
other industries in this group, notably paper boxes and other paper contaners. stone, clay and glass products, the
third of the three groups In
which employment and payrolls were curtailed during September, decreased employment 2.6% and payrolls 3.4%. Glass factories contributed
the greatest share of these declines while miscellaneous stone and minerals
establishments continued the upward tendency of the preceding month.
The food products group, which was mainly responalble for the increases
in the manufacturing division as a whole, showed increases of 9.5%
in
employment and 8.2% in payrolls. Employment in this group has shown a
steady advance since last April; payrolls have fluctuated irregularly but on
the whole have also shown an upward tendency. Of the 11 separate indus
tries included in this group, five showed gains in both employment and
payrolls. Marked activity prevailed in the confectionery industry, in which
18 reporting establishments added 33.1% more wage earners and increased
payrolls 47.5%. Thirteen slaughtering and meat packing establishments
reported increases in employment of 3.8% and in total wage payments of
4.9%. Increases in employment in flour feed, and cereals, and in miscellaneous groceries, exceeded 10%, while increases in payrolls in these
Industries were between 5 and 10%•
The largest percentage increase from August to September was reported
for the wood products group, which increased employment 9.8% and
payrolls 19.7%. Furniture and cabinet work establishments were mainly
responsible for the increase. In the textiles group increases of
3% in
employment and 18% in payrolls practically offset the decreases that have
taken place in this group since last May. The clothing and
millinery group
continued to increase employment and payrolls, showing gains in September
of 6.5% in employment and 9.7% in Ferrol's. Every industry in this
group contributed to the increase in employment and all but one, overalls
and work clothes, to the advance in payrolls.
In the furs and leather goods group, increases of 3.5% in employment and
1.9% In payrolls followed gains reported in August of
4.3% and 22.6%.
respectively, in employment and payrolls. Tanning factories reported
gable of 7.9% in employment and 7.8% in payrolls for September. In
boot and shoe manufacturing, payrolls allowed a slight reaction of .4
of 1%
from the marked expansion of the preceding month while employment
showed a further increase of 2.5%. Chemicals, oils and paints showed
Increases of6% in employment and 7.8% in payrolls, gains which practically
offset the decreases of the preceding month. The miscellaneous chemicals
Industry, which was responsible for a large share of tho
August decline.
accounted to a large extent for the increase in September.
The non-manufacturing division showed a somewhat smaller
percentage
decline in employment and payrolls than has been characteristic of previous
months this year. Employment declined .1 of 1% and payrolls
.8 of 1%.
Two of the five groups in this division showed substantial gains. Coal
mining increased employment 4.3% and payrolls 34.8%,
according to
21 reporting mines employing 1,807 men in September. While
these reports
cover only a small fraction of the coal mines in the State, they reflect the
general situation, since there has been a gradual resumption of coal hoisting
In one mine after another, despite the unsettled conditions in the coal
mining areas. The building and contracting gropurn,ynireepnrteseanntded2.b5y%25in8
in em
establishments, showed increases of 9.4%
payrolls.
Of the three remaining non-manufacturing groups, wholesale and retail
trade. and public utilities showed reductions in both employment and
payrolls. The trade group decreased its volume of employment .3 of 1%
and its total wage payments 2.2%. Thirty-six department stores in this
group, however, reported gains of 6.9% in employment and 5.8% in
Payrolls. Wholesale dry goods, wholesale groceries, and mail order houses
Increased payrolls but not employment. In the public utilities group,
water, gas, light and power, and telephone companies were responsible for
decreases of .5 of 1% in employment and 1.3% in payrolls in the group as
a
whole. Street railways and railway car repair shops showed increases.
The services group, comprising hotels and restaurants, and laundering,
cleaning and dyeing establishments, showed a 2.1% decrease in employment with a 1.6% increase in payrolls. The gain in payrolls was the result
of an increase of 2.3% in total wage payments reported by 45 hotels and
restaurants.
Reductions in wage rates reported by 27 establishments in September
affected 9,662 employees, or 3.6% of the total number of wage earners in
all reporting industries.
Mr. Myers also issued the following review, on the industrial situation in Illinois by cities, under date of Oct. 17:
Increases from August to September of 1.8% in employment and 2.8%
In payrolls, were reported by 998 Illinois factories. These gains followed
Volume 135
increases from July to August of 2.3% in employment and 7.1% in payrolls; the combined increases for the two months, however, have been
insufficient to offset the July declines of 7.6% in employment and 13.8%
in payrolls. In September Chicago factories, which employed approximately
three-fifths of the total number of wage earners reported, increased employment less than the factories in the State as a whole. In August, increases
In Chicago factories had been in excess of those for all reporting Illinois
factories. Factories outside Chicago, which had reported a decrease in
employment of .3 of 1% in August, showed an increase of 3.5% in employment in September. These factories reported an increase of 5.9% in payrolls, following a rise of 3.3% in August.
The September gains in employment and payrolls were less marked than
those reported for August but were more widely distributed throughout the
State. Of the 15 cities for which figures are compiled separately, 10
Increased employment and 12 expanded payrolls during the month of
September. In August seven of these cities reported gains in employment
and 10 reported increases in payrolls. The "all other" cities increased
employment 1.2% in August and 3.5% in September while increasing
payrolls 6% in each of these months.
The ratio of applicants to every 100 positions available at the free employment offices of the State increased to 187.4 for September as compared with
181.5 for August. The demand for farm labor was only slightly affected
by the corn-husking season. Road construction, however, showed some
increase. The Division of Highways of the Illinois Department of Public
Works and Buildings reported a total of 22958 men engaged in road construction during the month, an increase of 3.2% over the figure reported
for August. A number of the coal mines resumed operations in September
but conditions in this industry continued unsettled as the newly formed
union of the Progressive Miners of America opposed operations under the
agreement between the officials of the United Mine Workers of America
and the Coal Operators' Association of Illinois.
Aurora.
-Eighteen reporting factories in this city showed a 2% decrease
In employment with an .8 of 1% increase in payrolls. The manufacture of
paper and of women's apparel showed an increase in payrolls. At the free
employment office 205.8 registrations were recorded for every 100 positions
open.
Bloomington.
-Increases of 80% in employment and 54.2% in payrolls
in 10 reporting factories of this city Were largely the result of gains in the
food products group although all the other reporting groups showed gains.
A canning company and a candy factory showed greatly increased activity.
At the free employment office the registrations for work totaled 147.5 to
every 100 positions available in September, as compared with 161.3 in
August.
Chicago.
-Gains of .8 of 1% in employment and 1.2% in payrolls were
reported for September by 513 factories in this city. Increases in both
employment and payrolls were shown by five of the nine main manufacturing groups
-the stone, clay and glass, wood products, textiles, clothing and
food products groups. Employment and payrolls in the metals group
showed losses of 5.9% and 7.2%, respectively, which more than offset the
August increase in employment and offset to a large extent the August
Increase in payrolls. Paper and printing, another important group, continued to decrease operations. At the free employment offices registrations
per 100 positions open totaled 264.5 in September, as against 290.5 in
August.
Cicero.
-Ten factories of this city reported gains of 7.5% ir employment
and 22.9% in payrolls with the metals group mainly responsible for these
increases. The unemployment ratio at the free employment office dropped
from 303.4 in August to 229.9 in September.
Danoille.-A decrease of 4.9% in employment in 10 reporting factories of
this city in September offset in part the 18% increase reported in the
preceding month. Payrolls in these factories, however showed an increase
In September of 4%. This was the first increase in payrolls reported since
last March. An unemployment ratio of 248.9 in September. as compared
with a ratio of 228.8 in August, was reported by the free employment
office.
Decatto.-Eighteen facto,ies reported a slight increase of .7 of 1% in
enmloyment but showed an increase of 8.3% in total wage payments.
The groups which increased total wage payments were the metals, clothing
and food products groups. The unemployment ratio at the free employment office rose from 282.6 in August to 395.1 in September. The rise
in the unemployment ratio reflects the large number of applications to
the free employment office for work on a Federal road construction project.
East St. Louis.
-Increases in employment and payrolls of 1.9% and 5.6%.
respectively, reported by 19 factories of this city, were practically of the
same magnitude as the percentage decreases reported for August. The
chemicals and the food products groups were largely responsible for these
gains. The free employment office records showed an unemployment ratio
of 121.7 for September, as against a ratio of 122.7 for August.
Joliet.
-While employment in 24 reporting factories of this city decreased
.5 of 1%, payrolls increased 8.4%. Higher payrolls were shown in every
reporting industrial group. The unemployment ratio at the free employment office continued high, with a total of 415.3 applicants for every 100
positions open in September, as gainst a figure of 309.9 in August.
Moline.
-An increase of 20% in payrolls reported by 16 factories of this
city in September, marked the third consecutive rise in payrolls. Although
employment in this city declined from July to August, the increase of
5.2% in September, with the increase of 9.4 in July, caused employment to
Increase during the quarter. The metals and food products groups contributed to the September increases in both employment and payrolls while
wood products contributed a substantial increase in payrolls.
Peoria.
-During September increases of 15.3% in employment and 15.6%
In payrolls reported by 32 factories reversed the downward tendency that
has prevailed since last April and which was especially pronounced during
July and August. Metals, printing and paper goods, textiles, and food
products contributed to these gains. The number of registrations per 100
positions open at the free employment office rose to 142.5 in September from
111.9 in August.
Quincy.
-Substantial increases of 9.6% in employment and 23.2% in
payrolls were reported for September by 13 factories. A limestone plant
recalled the men laid off during the two preceding months. Five metals
establishments contributed the larger share of the reported increases. The
unemployment ratio increased slightly, from 108.0 in August to 108.6 in
September.
Rockford.
-Thirty-eight reporting factories of this city showed a 2.9%
rise in employment, the first increase since last February. Payrolls, which
showed a 5.8% increase during August, decreased 1% in September. The
metals, wood products and textiles groups contributed to the gain in employment. The latter two groups also increased payrolls but the gains were
more than offset by the losses in other groups, mainly metals and printing
and paper goods. The free employment office showed an enemployment
ratio of 170.1 for September as against 169.7 for August.
-Increases of 3.9% in employment and 2.6% in payrolls
Rock Island.
In 10 factories of this city continued the upward movement reported for
August. An oil refining company and establishments in the metals group
were responsible for these gains. Reports from the free employment office
2727
Financial Chronicle
showed an unemployment ratio of 158.4 for September. This was higher
than the ratio of 133.3 reported for August.
Springfield.
-The large decreases in September of 21.1% in employment
and 27% in payrolls reported by 11 factories of this city practically offset
the marked increases of the preceding month. The establishments in the
metals group and a shoe factory were mainly responsible for the sharp
recession in September. The unemployment ratio increased to 134.4 in
September from 123.9 in August.
Sterling-Rock Falls.
-Twelve reporting factories in these cities, 11 Of
which are included in the metals group, reduced employment 2% and payrolls 21.6% from August to September. Employment in factories of these
cities has declined steadily since last January. With the exception of a
slight increase in August, payrolls have shown an even more marked
percentage decline than employment during the year.
-Increases of 3.5% in employment and 6% in payrolls
All Other Cities.
were reported by 244 factories of these cities. These increases continued
the upward movement that was shown in August. The metals group.
represented by 80 factories employing 14,568 wage earners in September,
showed increases of 3.8% employment and 14.6% in total wage payments.
Other groups registering substantial gains in both employment and payrolls were wood products, furs and leather goods, and chemicals, oils and
paints.
The following statistics were also issued by Mr. Myers:
EMPLOYMENT, PAYROLLS AND AVERAGE WEEKLY EARNINGS IN
ILLINOIS, SEPTEMBER, 1932.
EMPLOYMENT.
Industry.
PAYROLLS.
Indez of
Average
Index of
Payrolls
Weekly
Per
Employment
Per
(Monthly
Cent
(Monthly Earnings
Cent
Change
Average
Change
Average
of
-27=100) &AAug.15 1925-27=100) Aug. 15 1925
to
go
Mayan
Sept. 15 Sept. Sept. Sept. 15 Sept. Sept. Sept. 15
1932. 1932. 1931. 1932. 1932. 1931. 1932.
+1.1
All industries
+1.8
AU manufacturing Indus
-2.6
Stone. clay. glass
Miscen. stone, mineral_ +12.2
Lime, cement, plaster_ _
Brick, tile, pottery-- -- -2.6
Glass
Metals. mach'y,convey'ces
-2.8
Iron and steel
Sheet metal w'k,hardw_ -0.1
Tools, cutlery
+1.3
Cook'g Jr heat'g tipper_ +11.0
Brass, cop., zinc Sr other +1.9
Cars,locomotives
-12.6
Automobiles, accasories -0.4
Machinery
-0.4
Electrical appatatus_ _ _ -8.2
Agricultural implements -14.8
Instruments St appli'ces -0.2
-11.3
Watches. Jewelry
-4.3
All other
+9.8
Wood products
Saw-planing mills
Furn.,cabinet work_ _ +16.9
Pianos, musical Instets. +14.8
Miscell. wood products_
+5.8
Furs and leather goods
+3.5
Leather
+7.8
+14.8
Furs, fur goods
+2.5
Boots and shoes
Miscell. leather goods_ _ +24.5
Chemicals, oils, paints
+6.0
Drugs, chemicals
+2.0
Paints, dyes, colors---- -0.7
Mineral dr vegetable oil. -1.6
Miscellaneouschemicals +42.3
Printing and paper goods. -4.7
Paper boxes, bags, tube +10.4
Miscell. paper goods... +0.8
-15.7
Job printing
+4.4
Newspapers, periodicat
Edition bookbinding... -15.8
+3.9
Lithographing 8,engrav
Textiles
+3.0
Cotton, woolen goods-. +8.0
-5.3
Knit goods
+2.3
Thread and twine
Miscellaneous textiles-. +7.6
Clothing and millinery... +6.5
+4.3
Men's clothing
Men's shirts, furnishings +8.8
Overalls, work clothes. +0.2
Men's hats. cans
+0.8
+16.3
Women's clothing
Women's underwear__. +5.5
Women's hats
+23.4
Food, beverages, tobacco_
+9.5
Flour, feed. cereals__ _ +12.1
-3.4
Fruit, vegetable canni
Miscellaneous groceries- +13.6
Slaughtering, meat pkg. +3.8
Dairy products
-3.6
Bread, other bak'y prod. +0.3
Confectionery
+33.1
Beverages
+4.1
Cigars, other tobaccos-- -51.4
Manufactured ice
Ice cream
-19.1
Miscell. manufacturing...- +1.6
Non-manufacturing Indus_ -0.1
Trade-Wholesale dr retail
Department stores
+6.9
Wholesale dry goods.
- -4.5
Wholesale groceries- 0.0
Mall order houses
Milk distributing
-4.8
Metal lobbing
-4.5
Services
Hotels and restaurants_
Laundries
-0.4
Public utilities
-0.5
Water,gas,light as pow_ -3.5
Telephone
-0.6
Street railways
+0.4
Railway car repair
+3.6
Coal mining
+4.3
Building, contracting_ _ _
+9.4
Building construction
+2.9
Road construction
+40.9
Miscell. contracting_
-10.6
57.9 I
54.5
44.0
53.6
48.6
26.7
63.7
41.9
58.6
50.8
33.9
51.4
51.9
6.6
38.4
40.5
35.0
31.0
44.1
32.9
72.3
+1.0 38.3
68.3
+2.6 32.2
57.0
-3.4 22.9
63.1 +13.7 29.9
57.8
-4.5 24.1
41.0
+4.0 12.0
78.7 -14.6 47.7
62.7
-2.1 20.4
+1.5 23.6
75.9
67.8
+2.0 38.7
45.0
-9.9 12.7
70.9 +23.2 21.6
65.5
+4.0 27.4
16.3 -18.3
3.3
-6.0 21.7
67.9
57.4
-0.1 23.5
64.1
-9.9 15.6
49.5 -14.5 14.2
19.5
53.5
20.5
69.6
34.1 15:5
30.4 45.0
35.2 46.0
20.7 26.8
44.4 53.2
87.3 94.0
89.7 100.5
81.5
33.1
68.3
61.8
61.6
70.2
68.0
68.5
68.1
76.2
50.0
83.1
95.4
37.4
79.6
70.3
75.1
77.5
83.1
83.8
80.1
86.2
84.3
89.2
66.1 11.5
91.5 107.9
61.0 79.2
56.4 59.9
87.9 92.9
67.8 70.3
61.2 63.5
54.5 65.8
24.0 22.3
-- :7 -8
0
83:6
105.4 91.0
57.6
50.3
40.2
45.9
40.7
22.6
87.8
40.5
47.8
74.2
25.3
37.5
41.7
13.5
96.0
46.4
31.2
23.8
29.9
56.2
320.68
17.94
17.17
23.00
18.74
15.69
15.07
16.52
12.37
14.59
13.85
15.98
17.14
14.59
17:8
16.03
24.62
14.47
19.03
14.19
29.49
13.63
+19.7 19.5 34.1
-7.5 13.4 30.7
14.02
13.76
+39.4 19.5 32.5
14.62
+28.1
9.0 15.5
+9.4 22.3 35.1
12.86
+1.9 46.3 60.7
12.23
+7.8 72.5 95.4
22.12
+13.4
32.26
41.13
-0.4 ---10.82
+39.9 22.8 34.0
14.94
+7.8 53.9 73.8
20.70
+10.6 41.4 57.3
17.37
+17.9 54.1 83.7
20.60
67.5 87.3
24.32
+45.2 46.5 63.4
16.26
26.52
-2.0 41.3 56.8
20.20
+18.9 41.1 50.5
+0.1 56.8 78.5
18.14
-12.7 24.4 34.7
25.81
37.29
+4.4 60.4 77.2
-7.2--------28.53
27.5
0
-1.0
16.00
+18.9 ;3ii:a
20.13
+24.8 101.5 147.3
11.77
+18.9 61.5 100.8
+1.7 46.8 53.3
14.22
16.14
+17.1 60.4 73.0
+9.7 38.5 48.0
15.29
+3.8 39.1 44.9
18.17
+40.9 42.4 68.3
12.56
-3.5 24.8 1;
2_53:
.
18.85
1.31
16.16
35.9
++223.3 72.0 85.2
+3..66
5
8.96
+144.9
21.05
--61.5
19.53
+6.8 64.9 77.1
20.03
-30.2 60.2 185.1
6.35
22.72
+7.9 56.9 74.8
21.12
+4.9 69.9 88.9
29.40
-5.4 69.3 94.6
24.34
+4.6 57.3 64.2
14.82
+47.5 71.2 70.6
20.14
-18.9 36.9 85.7
18.22
-44.4 21.1 61.5
33.90
-11.8 7_7 8 190.4
: __...
-16.4
30.26
11.28
2235..5269
-0.8
"5"9".§
+5.8 72.0 91.3
18.85
21.47
+6.4 63.6 64.1
+0.3 56.8 73.6
27.16
17.43
+0.8 30.5 45.0
-10.1--------44.55
22.94
-0.7
__
+1.6
+2.3
15..0
6 89
-2.5 -55:i -82:i
14.70
.
31..56
27 12
37..2 56 5
-7.4 66 8 92.0
--0:5 +8.2
8
-82:5
83.5 75.4
177.6 246.4
75.2 73.6
81.3 84.3
83.7 94.7
59.5 69.7
131.1 89.2
59.5 78.4
19.9 68.5
86.5 100.9
-53:1
83.6
71.2
56.9
44.8
-62:1
89.8
75.2
77.5
54.0
----
-7771 -9-2:4
76.1 87.7
81.0 114.9
89.4 95.1
76.5 85.0
44.3 49.5
18.3 74.0
14.8 28.7
9.9 24.0
353.0 119.9
14.3 27.4
+2.4 8 ..4 197..6
7 9 13 2
9
+6.2 47.0 76.5
+34.8
7.0 35.8
+2.5 14.5 27.7
-6.4
8.2 22.4
+23.7 732.3 169.8
+1.8 14.8 37.3
33 15
21..92
20.37
17.26
26.15
29.61
21.8.5
25.79
Lumber Production Gains- New Business Lags as
Compared with Recent Weeks.
Production of softwood lumber as reported by the mills
during the week ended Oct. 15 was the largest of any week
since June, and new business was the smallest of any week
Financial Chronicle
2728
since the middle of August, according to telegraphic reports
to the National Lumber Manufacturers Association covering
the operations of 687 leading softwood and hardwood mills.
Hardwood production was the largest since July and new
business heaviest since last winter except for one week.
Compared with the week ended Sept. 17, when orders of
all reporting mills were at their 1932 peak, the week ended
Oct. 15 showed decline in orders of 26.5% for softwoods but
gain of 2% for hardwoods. Comparison of the same weeks
shows increase of 8% in production of softwoods and 22.8%
increase in hardwood output. The Association further
reports as follows:
Production of reporting mills in the Douglas fir region of the West Coast
was larger than during any week of 1932 with the exception of two weeks
last wintez: orders received by these mills were less than for any week
since August. For the first time since early August. the orders received
by Southern pine mills were less than for the corresponding week of last
year. Southern pine orders were, however. 29% above production dming
the week ended Oct. 15. Western pine mills showed the same favorable
Percentage relationship.
New business as shown by all reporting mills during the week ended
Qct. 15 totaled 145.889.000 feet. Production was 123.727.000 feet. This
was 24% of capacity, compared with 24% the previous week. New business was 28% of capacity, compared with 30% the week before. Production of identical softwood and hardwood mills was 25% below that of
the corresponding week of last year and new business as reported by these
mills was 13% below last year.
Lumber orders reported for the week ended Oct. 15 1932 by 461 softwood
mills totaled 128.702.000 feet. or 12% above the production of the same
mills. Shipments as reported for the same week were 141.743,000 feet.
or 23% above production. Production was 114.908.000 feet.
Reports from 241 hardwood mills give new business as 17,187.000 feet,
or 95% above production. Shipments as reported for the same week were
15,765.000 feet, or 79% above production. Production was 8,819.000 feet.
Unfilled Orders.
Reports from 398 softwood mills give unfilled orders of 401,617.000 feet,
on Oct. 151932. or the equivalent of 10 days' production. The 371 identical
softwood mills report unfilled orders as 396,080.000 feet on Oct. 15 1932,
or the equivalent of 10.6 days' average production, as compared with
412.952,000 feet, or the equivalent of 11 days' average production, on
similar date a year ago.
Last week's production of 424 Identical softwood mills was 111,412,000
feet, and a year ago it was 145.100,000 feet; shipments were respectively
138,127.000 feet and 146.207,000: and orders received 123.474.000 feet
140.888,000. In the case of hardwoods. 185 identical mills reported production last week and a year ago 7.605,000 feet and 13.291.000; shipments 13.804,000 feet and 16,796,000. and orders 14.947,000 feet and
18.444,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 217 mills reporting for
the week ended Oct. 15:
SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
delivery_ __ 22,471,000 delivery,_ _ _ 107,929,000 intercoastal_ 21,707.000
15,201,000
76,787,000 Export
Export
9,835.000 Foreign
22.743,000
Rail
20,785,000 Asti
44,763,000 Rail
6.135,000
Local
Local
6,135,000
65.786,000
Total
59,026,000 Total
229,479,000 Total
Production for the week was 61,386.000 feet. Production was 24% and
new business 23% of capacity, compared with 24% and 24% for the previous week.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
117 mills reporting, shipments were 37% above production, and orders
29% above production and 6% below shipments. New business taken
during the week amounted to 30.495,000 feet (previous week 29,876.000
at 113 mills); shipments 32,470.000 feet (previous week 29,336.000), and
production 23,662,000 feet (Previous week 22,106.000). Production was
37% and orders 48% of capacity, compared with 34% and 47% for the
previous week. Orders on hand at the end of the week at 108 mills were
75.429.000 feet. The 108 identical mills reported a decrease in production
of 15%, and in new business a decrease of 1%. as compared with the same
week a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
105 mills reporting, shipments were 42% above production, and orders
29% above production and 9% below shipments. New business taken
during the week amounted to 36,713,000 feet (previous week 36.403.000
at 110 mills); shipments 40,526,000 feet (Previous week 39,779,000). and
production 28,545,000 feet (Previous week 26.354.000). Production was
21% and orders 27% of capacity, compared with 21% and 29% for the
previous week. Orders on hand at the end of the week at 105 mills were
116.954,000 feet. The 93 identical mills reported a decrease In production
of 29% and in new business an increase of 3%. as comapred with the same
week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported production from 7 mills as 763,000 feet, shipments 2,342.000 feet and new
business 2.050.000 feet. The same number of mills reported production
339% more and new business 1% more than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis.,reported production from 15 mills as 552,000 feet.shipments
819.000 and orders 418,000 feet. Orders were 5% of capacity compared
with 11% the previous week. The 15 identical mills reported a decrease of
49% in production and a decrease of 68% in new business, compared with
the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 226 mills as 6.689.000 feet, shipments 14.428.000 and new
business 16.008.000. Production was 19% and orders 35% of capacity.
compared with 18% and 40% the previous week. The 170 identical mills
reported production 43% lass and new business 15% less than for the same
week last year.
Oct. 22 1932
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 15 mills as 130.000 feet. shipments 1,337,000 and orders 1,179.000 feet. Orders were 22% of capacity,
compared with 20% the previous week. The 15 identical mills reported a
decline of 48% In production and a decline of 45% in orders, compared with
the same week last year.
Employment and Payrolls in Pennsylvania Factories
Increased Further from August to September,
According to Federal Reserve Bank of Philadelphia-Increases Also Noted in Delaware Factories.
Factory employment, payrolls and working time in
Pennsylvania have shown more than the seasonal tendency
upward since July. In September employment increased
further by 4% and payrolls by almost 8% as compared with
August, according to reports to the Philadelphia Federal
Reserve Bank, which collects these figures, in co-operation
with the Pennsylvania Department of Labor and Industry
and the United States Bureau of Labor Statistics, from 807
manufacturing plants, employing nearly 223,000 workers,
whose weekly payroll amounted to $3,289,000. These
unusual increases, which were nearly twice as large as in
AuguSt, occurred for the first time in the past three years.
Compared with a record low level reached in July, employment in September was 7% higher and wage payments
nearly 13% larger. Under date of Oct. 17 the Federal
Reserve Bank of Philadelphia also noted the following:
All manufacturing groups shared in these gains during September except
transportation equipment and chemical and related products. The textile
industry continued in the lead with a further gain of 13% in employment
and 30% in payrolls from August; every leading branch of this industry
reported unusually sharp increases. All industrial city areas of this district, save the Williamsport section, showed further additions to the factory
workers, and most of them had marked gains in the amount of weekly wage
payments. The largest increases in weekly payrolls occurred In the areas
comprising New Castle, Hazleton-Pottsville, Reading-Lebanon, Scranton,
Philadelphia. Lancaster and Allentown-Bethlehem-Easton.
Factory operating schedules also were enlarged to a greater extent than
was the case at the same time in the past two years. Total weekly manhours actually worked in September rose almost 10% from August, as
shown by reports from 572 factories, employing 169,000 workers, earning
weekly $2,445,000. All groups contributed to this expansion, except
transportation equipment, and chemical and related products; leather and
rubber products as a group also declined, but working time in shoe factories
Indicated a considerable further increase.
Employment and payrolls in most non-manufacturing Industries of Pennsylvania also showed increases from August to September. Such extractive
industries as mining and quarrying added more workers and had larger
payrolls than in August, while public utilities and wholesale trade reported
slight declines. Retail trade, hotels and dyeing and cleaning establishments
had Increases both in employment and payrolls, while laundries showed a
small gain in employment but a slight decline in wage payments. Seasonal
gains also occurred in the canning and preserving industry.
The factory employment index rose to 61% of the 1923-25 average,
while the payroll index number advanced to 36. Compared with a year
ago the employment index was still 17% lower and wage payments index
34% lees.
Delaware factories reported gains of 6% in employment and over 7%
In payrolls and working hours from August to September, most of the principal groups sharing in these advances. The Delaware employment index
in September was 72 or about 11% lower than a year ago, and the payroll
Index was 48 or 25% below that in September 1931.
FACTORY EMPLOYMENT AND WAGE PAYMENTS BY CITY AREAS.
Prepared by Department of Research and Statistics of the Federal Reserve Bank
of Philadelphia.
(City areas are not restricted to corporate liml s of cities given here.)
Employment.
Payrolls.
Per Cent Change
Compared With
Sept.
Indexes.
Allentown-BethlehemEaston
Altoona
Erie
Harrisburg
Hazleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York
52.5
57.7
51.2
60.5
90.3
38.4
59.7
40.3
86.0
51.5
85.9
59.9
68.4
97.8
45.4
93.8
76.6
Aug.
1932.
Sept.
1931.
+6.7
+5.3
+2.0
+4.1
+27.9
+0.5
+4.7
+4.7
+5.6
-0.2
+0.8
+19.3
+3.3
+6.9
-15.9
+1.5
+3.9
-14.6
-24.6
-33.3
-9.3
+17.8
0.0
-19.9
-1.7
-17.9
-19.2
-14.5
-10.5
-2.0
+6.8
-38.4
+6.6
-10.3
Sept.
Indexes,
31.2
33.1
32.2
40.4
59.4
15.8
35.5
17.0
51.1
21.0
35.0
47.4
43.0
68.2
31.9
77.8
51.4
Per Cent Change
Compared With
Aug.
1932,
+10.2
+4.4
+4.2
0.0
+28.9
-- 4.2
+11.3
+25.0
+13.6
-4.5
+19.0
+17.9
-0.2
-1.6
-9.4
-2.5
+5.1
Sept.
1931.
-34.3
-39.8
46.0
-35.9
-13.7
-50.2
-46.5
-10.5
-26.7
-47.6
-31.5
-23.7
-21.0
-11.7
47.2
+ 5.4
FACTORY EMPLOYMENT AND WAGE PAYMENTS IN DELAWARE
COMPARISON WITS! THE PREVIOUS MONTH BY INDUSTRY.
Prepared by Department of Research and Statistics of the Federal Reserve Dank
of Philadelphia.
Per Cent Change September
No.
Compared With August 1932.
of
Plants. EmployPayEmployee
men!.
rolls.
Hours.•
All manufacturing industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
•Based on reports from 48 plants.
54
10
5
3
7
4
5
5
8
7
+5.9
+7.4
+18.8
+9.8
+23.1
-28.2
+13.0
-6.5
-1.1
+3.4
+7.3
-3.8
+24.7
+21.2
+10.9
-24.9
+9.8
-10.9
-2.3
+15.2
+7.7
-8.7
+24.5
+19.3
+24.7
-24.2
+19.7
-11.0
-2.8
+21.4
Volume 135
Financial Chronicle
FACTORY EMPLOYMENT AND WAGE PAYMENTS IN DELAWARE
COMPARISON WITH PREVIOUS YEARS FOR
ALL MANUFACTURING INDUSTRIES.
Prepared by Department of Research and Statistics of the Federal Reserve Bank
of Philadelphia.
Employment.
Payrolls.
1932
1932
Indexes.
Compared
Indexes.
Cornpar'd
with 1931
with 1931
1930. 1931. 1932. Per Cent. 1930. 1931. 1932. Per Cent.
January
113.1
87.1
79.3
-9.0 107.8
77.0
57.8
-24.9
February..,.. 112.4
87.6
78.5 -10.4 107.0
79.9
59.5
-25.5
March
112.9
88.1
75.9
-13.8 108.1
81.7
57.2
-30.0
Are'
112.6
86.9
74.8 -13.9 108.1
79.7
52.8
-33.8
109.4
May
86.3
72.6
-15.9 103.8
81.1
49.4
-39.1
June
107.2
85.6
71.5
-16.5 101.1
78.0
48.5
-37.8
July
102.7
84.4
69.8
-17.3
94.2
68.7
45.9
-33.2
August
101.6
83.2
68.1
-18.1
93.2
68.9
44.7
-35.1
September..
98.5
81.2
72.1
-11.2
89.7
64.1
47.9
-25.3
October
94.0
74.5
87.1
61.0
November_
87.9
74.9
78.1
54.7
hecember
86.7
76.0
56.4
78.7
Average
103.3
83.0
96.4
70.9
FACTORY EMPLOYMENT, WAGE PAYMENTS AND
EMPLOYEE
-HOURS IN PENNSYLVANIA.
Prepared by the Federal Reserve Bank of Philadelphia in co-operatio
the Pennsylvania Department of Labor and Industry and the United States n with
Bureau
of Labor Statistics.
(Index numbers are percentages of 1923-1925 average which is taken
as 100.)
Employment.*
Payrolls.*
Per Cent
Per Cent
Sept. Change From Sept. Change From
1932
1932
Index. Aug.
Sept. Index. Aug.
Sept.
1932. 1931.
1932. 1931.
Empl'ye
Hours.x
%
Change
Sept.
From
Aug.
All manufacturing Indust_ 60.6 +3.9 -16.5 36.0 +7.5
-33.7 +9.5
Metal products
49.5 +1.9 -24.5 24.1
+3.0 -45.6 +7.0
Blast furnaces
37.1 +1.1 -4.4
Steel works & rolling mills 44.1 +0.9 -21.1 13.6 -2.2 -50.4 -1.8
19.0
Iron and steel forgings_ -- 42.4 -6.8 -34.7 21.7 -3.1 -47.7 +1.5
-2.3 -48.9 -0.8
Structural iron work
74.7 +2.0 -20.4 38.7 +4.6 -39.7 +5.3
Steam and hot water heating appliances
77.8 +5.7 -9.8 42.4 -8.2 -26.0
Stoves and furnaces
61.1 +1.2 -5.6 44.1 +15.7 -8.5 -6.1
-Foundries
48.7 +1.2 -19.4 19.7 +1.5 -41.7 +0.7
Machinery and parts
51.5 -0.2 -31.0 24.7 -2.0 -46.9 -0.4
Electrical apparatus- _ _ 68.0
+3.5 -32.3 42.8 +20.9 -46.1
Engines and pumps
33.4 +17.6 -32.5 16.4 +25.2 -50.6 +24.9
Hardware and tools
55.1 +0.2 -19.0 28.1 +5.2 -39.6 +29.5
+2.6
Brass & bronze products_ 52.5
0.0 -16.1
Transportation equipment. 36.73 -5.2 -32.8 29.0 -1.7 -40.0 -0.4
20.53 -1.0 -51.1 -0.7
Automobiles
25.9 -27.7 -55.0 13.5 -9.4 -51.1 -11.5
Automobile bodies& parts 28.4 -18.4
Locomotives and cars_ 20.8 +4.0 -42.2 19.8 -8.3 -82.1 -6.7
-114 10.4 -7.1 -37.3 -1.7
Railroad repair shops
58.8 +0.3 -10.5 .21.8 +17.2 -57.6 +44.4
Shipbuilding
50.1 -4.2 +23.1 78.3 +8.6 +133.0 -0.1
Textile products
84.9 +13.4 -0.6 61.0 +30.3 -13.1 +25.8
Cotton goods
57.1 +14.2 -9.2 45.4 +37.6 -10.8 +2.0
Woolens and worsteds
64.6 +23.5 +2.4 43.2 +30.5 -17.1 +8.6
Silk goods
97.9 +13.8
Textile dyeing & finl.sh'g 78.2 +10.0 +11.6 72.4 +14.2 -15.2 +13.6
-11.4 69.5 +7.3 -11.8 -10.9
Carpets and rugs
49.7 +10.2 -22.9 28.2 +11.9 -46.5 +9.7
Hats
58.5 +3.2 -20.6 55.4 +27.4 +1.3
Hosiery
101.2 +7.4 +2.2 76.9 +54.1 +1.3 +64.3
Knit goods, other
87.1 +32.2 -4.3 61.7 +43.5 -21.0 +36.5
Men's clothing
70.9 +11.0 -14.9 50.9 +22.9 -31.7 +26.3
Women's clothing
90.7 +35.0 -13.0 58.5 +48.1 -30.1 +0.9
Shirts and furnishings
119.6 +32.3 -20.4 77.3 +26.5 -37.4 +56.1
Foods and tobacco
96.6
Break and bakery prods- 94.6 +2.7 -9.1 78.3 +2.6 -16.3 +5.3
0.0 -10.0 77.5
0.0 -19.1 +2.0
Confectionery
89.4 +13.0 -16.5 75.6 +15.8 -22.5 +15.6
Ice Cream
86.8 -12.0 -18.7 71.6 -13.3 -32.0 -10.6
Meat packing
93.8 +1.5 -0.1 74.4 +7.5 -5.8 +7.9
Cigars and tobacco
Stone, clay & glass products 98.0 +2.2 -5.2 75.9 +0.9 -8.8 +4.5
45.9 +8.0 -18.9 21.2 + 1.0 -45.1 +9.0
Brick, tile and pottery
46.6 +2.2 -29.6 19.2 +2.1 -52.0 +2.1
Cement
42.5 +25.7 -14.1 19.5 +18.9 -45.1 +28.6
Glass
52.4 -7.6 -9.0 30.5 -20.4 -33.1 -17.1
Lumber products
45.3
Lumber & planing mills_ 25.2 +6.1 -25.7 31.1 +9.1 -46.7 +10.5
-4.9 -26.1 16.2 -7.4 -41.5 -9.6
Furniture
52.6 +15.9 -28.5 38.1 +26.6 -48.0 +20.2
Wooden boxes
56.2 -1.9 -11.1 35.7 -8.9 -40.6 +5.9
Chemical products
79.3 -1.7 -6.9 63.0 -2.5 -15.5 -2.4
Chemicals and drugs
49.8 -2.2 -23.1 37.7 -3.3 -37.8 -12.3
Coke
55.5 -5.3 -5.6 18.3 -0.5 -43.5 .._
Explosives
63.9
Paints and varnishes._ 81.1 +0.9 -16.4 52.4 +22.7 -34.7
41.8 -6.7 54.4 +6.0 -29.0 +3.7
Petroleum refining
124.8 -1.4 +0.4 114.4 -4.2 -1.4 -2.1
Leather and rubber prod
83.9 +0.7 -13.5 60.1 +0.5 -32.6 -2.1
Leather tanning
81.1 -1.6 -20.3 54.7 -1.1 --41.2 -4.2
Shoes
98.0
Leather products, other. 67.1 +3.4 -2.2 80.2 +16.7 -7.5 +10.5
Rubber tires and goods_ 77.5 +0.8 -19.0 56.9 +0.9 -27.2 +2.2
+1.4 -11.4 54.0 -29.0 -43.1 -21.6
Paper and printing
81.7
25.3 +3.5
Paper and wood pulp.... 74.4 +2.6 -10.3 64.9 +2.7
+7.7
Paper boxes and bags_ 61.3 -0.2 -5.0 47.7 +3.7 -20.5 +5.4
-26.3 52.0 +14.3 -36.4
Printing and publishing
sin 2 4.05 -in o 72_fl .4-21 -2R a +7.7
4.1 A
p Preliminary. * Figures from 807
companies representing 53 Industries.
x Figures from 572 companies representing 47 industries.
2729
which has just been completed by R. G. Dun & Co. The
survey issued Oct. 18 also said as follows:
Almost two-thirds of the world's supply of crude
rubber is turned into
finished products in the United States, and of this
amount nearly threequarters goes into the production of tires, tubes
and tire accessories for
automobiles, motorcycles and bicycles; the balance
enters into the manufacture of rubber heels, rubberized fabrics,
mechanical rubber goods,
rubberized and rubber clothing, and druggists'
and stationers' rubber
goods. As automobile production and sales have
declined more than 40%
from the 1931 total, the original equipment
business has been reduced
sharply. In addition, replacement purchases
are subnormal for the
third successive year. Further handicaps to the progress
of the tire division
have been furnished by price-cutting by mail-order
houses, and the large
discounts granted to aid retailers and factory
-owned stores.
Rehabilitation programs recently started by
many industrial concerns,
In order to conserve their plants and partly in anticipati
on of further
business expansion, have been reflected in the
production and distribution
of mechanical rubber goods. Call for replaceme
nt needs, principally hose
and belting, have picked up materially, and new installatio
n contracts are
larger in proportion. The low prices which have
prevailed for some time
are continuing, but there is an upward tendency on certain
grades. Quotations for crude rubber sheets have fluctuated considerab
ly during the
past year. Present prices are close to a basis of 3Mc., as
compared with
6c. a year ago.
Conditions in the retail division have been less favorable.
During the
past six months sales have declined approximately 30%,
by comparison
with the total volume of business transacted in the same period
last year.
Spring and summer weather was too dry to favor a free
movement of
rubber clothing and footwear, but bathing goods have contribute
d to a
substantial part of the sales. Retailers have good-sized
carry-over stocks
of rubber footwear, but this department now is approachi
ng the season
of the year when sales should show a marked improvement.
The insolvency record of the rubber industry has been somewhat
more
favorable than it was last year, at least in the manufactu
ring division.
Although there were 11 defaults recorded for manufacturers in
the compilation of R. G. Dun & Co. during the first eight months of the
current
year, as compared with eight for the entire 12 months of
1931, the total
of the involved liabilities was less by $1,046,287.
Shipments of Pneumatic Casings and Inner Tubes
Increased During August
-Production Declined
Inventories Again Rise.
Shipments of pneumatic casings for the months of August
1932 amounted to 2,654,863 casings, an increase of 10.4%
over July this year, but were 46.5% below August 1931,
according to statistics estimated to represent 100% of the
industry, as released by the Rubber Manufacturers Association, Inc. Production of pneumatic casings for August
1932 totaled 3,089,201 casings, a decrease of 14.6% under
July this year and 20.9% below August 1931. Pneumatic
casings in the hands of manufacturers Aug. 31 amounted
to 6,658,974 units, an increase of 7.4% above July 31 stocks,
but were 25.1% below Aug. 31 1931. The actual figures
are as follows:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS.
[From figures estimated to represent 100% of the
Industry.]
Shipments.
3,089,201
3.616,829
3 905 925
Inventory.
6,658.974
6,202,856
8.896.296
The Association, in its bulletin dated Oct. 14 1932, gave
the following data:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND
INNER
TUBES (BY MONTHS).
iFrom figures estimated to represent 80% of the industry.]
Pneumatic Casings.
Inrentory.
1932
January
February
March
April
May
June
July
August
Oldput.
6.329,417
7,337.796
7.902.258
7476.1356
7,502,953
x3,999,260
4,962,285
5.327,17
Total
Rubber Industry Retarded by Heavy Surplus
Stocks
According to R. G. Dun & Co.
-Consumption
at Lowest Point During 1931 Since 1925.
Rubber consumption in 1931 dropped to the lowest point
since official figures first were compiled in 1925, the total
of
250,000 long tons comparing with the 1930 consumption
figures of 376,000 long tons. For the first nine months of
the current year consumption in long tons has receded to
275,220, in contrast to 281,039 in 1931, and 229,100 in 1930
for the same nine months' period, while imports for the
comparative nine months of 1932, 1931 and 1930 were
314,534, 357,632 and 367,542 long tons, respectively.
Stocks on hand at the end of September are placed at 365,789
long tons, which brings the total to a new high level, as
stocks of crude rubber on hand at the close of 1931 were
approximately 322,000 -long tons, which constituted the
previous record, having risen from 201,600 long tons at the
close of 1930, according to the survey of the rubber industry
Production.
2,654,863
2,404,095
4,959.984
August 1932
July
1932
August 1931
7.165.846
7.628,520
8,011,592
8.025,135
8.249,856
8.357,768
7.935465
7,117,037
6.526,762
6.640.062
6,335.227
6,219.776
Total
Total
x Revised.
Inner Tubes.
/nentory.
Output.
2,769.988 2.602,469 6,175,055
3,098,976 2,042,789 7.007.567
2,936,872 2,363,323 7,558.177
2,813,489 2,958,014 7.552,674
3,056,050 3.406.493 7.130.625
4,514,663 x8,051,932 x4,139,358
2,893,463 1,923.276 4,779.814
2,471,361 2,123,890 4.901,884
24,552,862 25,471.685
1931
January
February
March
April
May
June
July
August
September__ - _
October
November
December
1930
January
February
March
A pr11
May
June
July
August
September_
October
November
December
Shipments.
2,939,702
3,188,274
3,730,061
3,95.5.491
4,543,003
4,537.970
3,941,187
3,124,746
2,537,575
2.379,004
2,000,630
2,114.577
2495.479
2.721.347
3,297,225
3.945,525
4.332,137
4,457.509
4,369.526
3,967,987
3.145,488
2,281,322
2,309,971
2,225,036
3.588.862
3,644,606
3.890,981
4,518,034
4.573,895
4.097,808
3.193,057
3.332.489
2,692,355
2.865,933
2,123.089
2.251.269
7.551.503
9.936,773
8,379,974
8.330.155
8,438,799
8.403,401
7,671.801
7,019.217
6.476.191
6,658,913
6,495,708
6.337,570
2,898.405
3,132,770
3.559.644
3.693,222
4,329,731
4.286,467
3.964,174
3,548.335
2.759,431
2,461.578
1,954,915
2.077,704
3,249,734
2,720.135
3.031,270
3,708.949
4.224.594
4.317,543
4,664,964
4,240,403
3,320,103
2,250,494
2.075,716
2,213.261
38.666,376 40,017,176
3,525,404 10,163.267
3,356.104 10.428468
3,773.865 10,543,026
4,071,822 11,027.711
4,173,177 11.081,523
4,234,994 10,889.444
4,357.836 9,325.602
4.139.900 8,589,304
3,524.141 8.052.12i
2.799.440 8.413.578
2,267.465 8.250.432
2.688.960 7.999.477
40,772.378 42,913,108
2.718,508 2,803,369
3.056.988 2.182.405
2,801.602 2.148,899
2,579,768 2,708.186
2,727,462 3.093,593
4,222,816 x7,215,371
2,349.761 1,727.750
2,198,560 2.002,347
22,655,465 23,881,920
38.992,220 40,048452
9,539.353
9.928.238
10,010.173
10.461,208
10,745,389
10421.634
9.449,318
8.678.164
_ 7.849.411
7.842.150
7.785.786
7.202.750
Ship',tents.
3.685.410
3,707,066
3,952.921
4.408.030
4,428,367
3,959,972
3,151.107
3.836.880
3,053.424
3,161.048
2,143,609
2.448,195
3.885,717
3.469,919
3,781,789
3.878,697
4,058,847
4,212,082
4,884,182
4.609.856
3,632,458
2.777465
2.230.654
2.729,973
41:
936,029 43,952.139
Financial Chronicle
2730
THE
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN
PRODUCTION OF CASINGS, TUBES. SOLIDS AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
a Production.
Consumption.
Cotton
Fabrics
(80%)
Calendar years:
1928
1927
1928
1929
1930
1931
First 8 months of:
1931
1932
Month of Aug. 1932
(Pounds)
165,963,182
177,979,818
222.243.398
208,824.653
158,812,462
151.143,715
Crude
Rubber
(80%)
Gasoline
(100%)
(Gallons)
(Pounds)
518,043,062 10.708,068.000
515,994,728 12,512,976,000
600,413.401 13,633,452,000
598,994.708 14,748.552.000
476.755.707 16.200.894.000
458.615.428 16.941,750.000
Passenger
Trucks
Cars
(100%) (100%1
3,929,535
3,093,428
4,024,590
4.811,107
2.939.791
2.036.567
1932
Hope in an eventual unification of some, at least, of the major producers
is still held in banking and paper circles here and in Canada. The necessity
of eliminating some of the excess newsprint manufacturing capacity by closing down the leas efficient plants is recognized by all makers, and, it is
contended by some, can be accomplished only through a general consolidation of major producers.
535,006
486,952
576.540
810,549
569,271
435.784
116,004.763 347,463.175 11,357,010,000 1,717,734 335,744
98,398,703 314.372,275 10,439,604,000 945,341 178.755
79,073 15,318
10,115,830 32.984,219 1,478,694,000
WHOLESALE PRICES OF COMMODITIES.
I Index Numbers.
1926=100.
Average Prices.
Commodity.
Aug. Aug. July Aug.
Aug. July
1932. 1932. 1931. 1932. 1932. 1931.
65.2 64.5 72.1
All commodities
7.9 • 6.1 11.2
Crude rubber (cents per pound)
5.9 11.1
7.8
.054
.029
pound)_ - .038
Smoked sheets (cents per
7.6 11.6
9.0
.057
.038
Latex crepe (cents per pound)._ .045
40.1 40.1 46.0
Tires(dollars per unit)
9.59 39.7 39.7 43.6
8.74
8.74
Balloon (dollars per unit)
5.28 48.1 48.1 55.5
4.57
4.57
Cord (dollars per unit)
50.8
25.46 25.46 31.13 41.6 41.6 43.1
Truck and bus (dollars per unit)
2.43 34.7 34.7
1.96
1.96
Tubes. inner (dollars per unit)
abroad the
x These figures include Canadian production and cars assembled
Parts of which were manufactured In the United States.
for
Albert H Wiggin Declares There Is No Foundation
in Montreal of Newsprint
Report That Conferences
of
Interests Resulted in "Sharp Differences
Opinion."
differWith reference to reports from Montreal of "sharp
that city of newsprint
ences of opinion" at a conference in
Governing
interests, Albert H. Wiggin, Chairman of the
Bank of New York, issued the
Board of the Chase National
following statement on Oct. 18:
bad taken a
In reference to published statements that Albert H. Wiggin he was in
part in the "newsprint war," Mr. Wiggin stated to-day that foundation
no
Montreal Friday last [Oct. 14] and that there is absolutely
encountered and
for the statement that "sharp differences of opinion were
Mr. Wiggin
that the conference broke off with a decided air of tension." executives of
added that paper contracts are entirely the affair of the
the International Paper Co.
From Montreal, Oct. 17, Canadian Press accounts had the
following to say:
columns:
The "Star" to-day publishes the following in its financial
in a bitter
"The leading units in the newsprint industry are now engaged
question of prices.
price war that eclipses any previous controversy over the
was offered
"Further price concessions have been made, and spot paper
only about $2
to-day as low as $38 per ton, with contract prices averaging
the recent level
per ton higher, which is a considerable reduction from
Paper Co. a few
of $45 per ton which was established by the International
weeks ago.
keen. It
"The competition for contracts is reported to be particularly
has been sucis understood on unimpeachable authority that International
what are generally
cessful in securing contracts which were formerly held by
known as the Canadian group.
by Consolidated
"In this connection, contract losses have been suffered contracts were
Papen, Price Bros. & Co., and St. Lawrence Corp. The
those of Canadian daily papers.
differences between
"Further efforts are now directed to a solution of the
of a conthe various interests in the industry. The Street learned to-day
head of the
ference held last week between the Canadian interests and the
Paper
Chase National Bank, Albert H. Wiggin, bankers for International conferthe
Interests. Sharp differences of opinion were encountered and
ence broke off with a decided air of tension.
here this
"Meanwhile, leading executive; of the industry were in session
under
morning, although there was no intimation of the subject matter
discussion.
must be
"In the case of Price Bros., interest on the first mortgage bonds
bondholders.
met before Nov. 1 or the property will fall into the hands of
paid. No
It is reported in some quarters, unofficially, the interest will be
1.
official statement has been made. The interest payment was due Aug.
a
"The case of Lake St. John Paper Co., a unit of St. Lawrence Corp.,
Memcommittee has been named to protect the interest of bondholders.
Arthur
bers of this committee are: John Appleton, Toronto; Senator
John
Meighen and A. F. White, both of Toronto; W. S. Lighthall and
Stadler of Montreal.
be
"Representing the debenture holders of the Lake St. John Co. will
Mitchell,
E. V. Young, D. H. McDougall, George L. Robinson and John
Toronto, and E. Jones, Montreal.
before
"These committees, it is understood, will first ask for proxies
calling meetings of the security holders."
In its issue of Oct. 19 the New York "Times" said:
Finance
Mr. Wiggin is a director and a member of the Executive and
Paper &
Committees of the International Paper Co. and the International
Co. As the
Power Co., and a director of the Canadian International Paper
company, Mr.
Chase National Bank is the principal banker for the paper
affairs.
Wiggin has at all times been actively interested in its
large Canadian
Although little has been heard of the plans to merge
s in recent months, they are still in progress under
newsprint manufacturer
Canadian Pacific Railway.
the leadership of Edward W. Beatty, head of the
s other than terms, and the recent
They have been delayed by consideration
in paper circles as having further
cutting of newsprint prices is viewed
retarded conclusive negotiations.
all the properCanadian and American bankers sponsored a plan whereby
were to be analyzed and weighted in
ties of each of the major companies
unit under a general merger scheme.
order to determine the value of each
to the values claimed
have been numerous differences of opinion as
There
conceded by the various parties at interest.
or
Oct. 22
Wild Ford Rumor Lifts Wheat Prices-Buying Spurred
By False Report Auto Maker Would Buy Grain
to Sell to China.
A Chicago dispatch Oct. 19 to the New York "Times" said:
Ths wly•at trade received a thrill late In to-day's session of the Board
of Trade here when unconfirmed rumors were circulated that Henry Ford
would announce late in the evening that he intended to buy 75.000,000
seven
bushels of wheat at 60 cents a bushel and sell the grain to China on
rumor, the stock
Years' credit. While the trade was inclined to scout the
and caused a rush of
market suddenly braced at about the same time,
short covering by the Pit element that made the close at the top at net
gains of R; to 1 cent a bushel.
The rumor was reported by Ford officials to be without foundation,
had
tut the denial was not received until after the indemnity market
closed. Offers good all day to-morrow which were in active demand near
the close, advanced sharply.
The same paper in its issue of Oct. 21 printed the following:
Exploding a Rumor.
bushels
Denial of the rumor that Henry Ford was purchasing 75.000.000
-a story which caused a sharp advance in the
of wheat for sale to China
by a swift decline in
grain pit on Wednesday-was followed yesterday
wheat prices. Wheat opened aoout a quarter cent lower and extended
the decline to more than a cent, December contracts touching 47K cents,
closing
the season's minimum. Later, however, the market rallied and
nrIrets were about three-eighths cent oelow the Previous day's final quotation.
Cut in Rail Rates on Export
Corn.
Chicago advices Oct. 18 to the New York -Times" said:
Grain Dealers Urge 50%
An emergency freight rate on corn for export has been recommended
by the Grain and Feed Dealers' National Association in a letter sent to
President Hoover and the heads of railroads. A reduction of 50% from
existing rates Is urged as a measure of economic assistance to fanners.
It is advised that the cut be put into effect after the close of navigation
on the Great Lakes so that corn shipments on the combined lake-and-rail
rate will not be affected.
Advices to the Association said President Hoover had referred the matter
to the Int?r-State Commerce Contmission.
Hearing of Chicago Board of Trade Appeal Nov. 10
Proceedings Outgrowth of Refusal to Grant Clearing Privileges to Farmers' National Grain Corp.
From the Wall Street "Journal" of last night (Oct. 21)
we take the following from Chicago:
of Agrihi Hearing of appeal of tne Board of Trade against the Secretary so-called
the
culture, Secretary of Commerce and Attorney-General in
Farmers' National Grain Co. case in U. S. Circuit Court of Appeals has
been postponed until Nov. 10 due to illness of Weymouth Kirkland, attorney
for the Board of Trade. The case concerns the order of the appellees who
sat as a commission under the Grain Futures Act and suspended the Board
of Trade for 60 days as a contract market upon refusal by the Board to
admit Farmers' National to clearing membership.
A previous item appeared in our isue of Oct. 1, page 2259.
May Lift Restrictions as to Grain Futures-President
Hoover Said to Be Negotiating with Chicago
Board to Ease Market Situation.
According to a Chicago dispatch Oct. 20 to the New York
"Times" negotiations were reported under way to-day between President Hoover and the Chicago Board of Trade on
the question of lifting the restrictions on trading in grain
futures, with a view to easing the market situation. Peter
B. Carri, President, and other representatives of the board
had a conference with the President three weeks ago said
the dispatch which added:
For years restrictions on trading in grain futures have been a source
of complaint among the members. At present all open trades of 600,000
bushels of wheat, corn and oats, and 200,000 bushels of rice, must be reported to the grain futures administration. It is proposed to make a
new arrangement to have the Board of Trade clearing house handle the
reports, instead of the grain futures administration.
There have been conjectures that if the restrictions on futures trading
were eased an arrangement might be reached with the Government whereby the Board of Trade might give the Federal Farm Board the privilege
of the Clearing House.
Arthur W. Cutten Says Pools in Grain Are Futile
Warns Canadians by Citing Alleged $500,000,000
Spent by Government Here.
From a dispatch Oct. 16 from Chicago to the New York
"Times" we take the following:
"Were the Canadian Government or the pools to take 100,000,000 bushels
'of wheat at 30 cents a bushel and dump it into the lake, they would be out
.
$30,000,000," said Arthur W Cutten, referring to reports from Winnipeg
that the Canadian pools were sustaining the wheat market there at 60 cents
wheat. "The United States Government would have
a bushel for December
been better off had it taken 300,000,000 bushels of wheat and dumped it
into the ocean, as it has expended $500,000,000 in three years, yet our
prices to-day are the lowest known for wheat."
Many wheat traders here virtually agree with Mr. Cutten, believing
that efforts of Governments or pools to sustain or "peg" prices in the face
Volume 135
Financial Chronicle
of adverse conditions are futile, especially when stocks are greatly in
excess of consumptive and export requirements.
Wheat and other grains dropped last week to the lowest prices of the
season on the Board of Trade here. At the same time it was necessary
for the Canadian pool to peg December wheat in Winnipeg at 50 cents.
It is estimated that export sales of Canadian wheat credited to the pools,
were around 5,000,000 bushels for the week, or about the same as for
several weeks, and it is said the pool has bought 15,000,000 bushels
of
late.
The closing price in Winnipeg for October wheat yesterday was 48%
cents; for December, 50 cents; May, 54% cents, the last figure % cent
lower than a week ago, while December was % cent and October % cent
lower. These were virtually the lowest prices of the week.
In the market here the bottom figures of the week were made yesterday,
December selling at 47% cents and May at 63%. July made its
low
mark, 54% cents, on Thursday, while on Saturday the low price was
%
cent above that.
2731
Australian Wheat Gains 30,000,000 Bushels—Govern
ment Report Estimates Crop at 200,000,000 Bushels
—Above Average.
Associated Press accounts from.Oanberra, Australia, Oct.
20 stated that the 1932 Australian wheat crop was estimated
by the Government that day at 200,000,000 bushels. The
New York "Evening Post" of Oct. 20, in publishin
g the above
said:
The Australian crop of this year compares with
last year's crop of
170,000,000 bushels and a five-year average of about
With an increase of 30,000,000 bushels in view, 160,000,000 bushels.
moreover, it becomes
increasingly apparent that the United States must
do the major portion
of her export business within the next few months, as
the Southern Hemisphere crops will begin to move in volume at the end
of this period.
Argentine Wheat Prospects Good.
The following Buenos Aires cablegram Oct. 20 is from the
New York "Times":
Bank of Montreal on Dominion Crops —Few
Years
Have Exceeded High Yield and Quality of
1932
Canadian Crops.
The Bureau of Rural Statistics reports crop conditions from
good to
excellent in all provinces except Entre Rios, where locusts have
The principal field crops of Canada have seldom
eaten
attained
vast areas. Entre Rios sows only 4% of the country's wheat, but 25%
such total volume as during th( present season or been
of its flaxseed. Unless weather conditions become unfavorable, the Bureau
of a
expects a large wheat crop but a curtailed flaxseed harvest.
higher quality, the Bank of Montreal states in its final
crop
report for this year. "Yields were generally satisfactory
in
The World's Wheat Crop—Beerbohm, British Expert, each of the Provinces, despite sectional reverses due to
weather conditions or other causes. A preliminary estimate
Places Total 102,000,000 Bushels Below 1931.
Under date of Oct. 14, London advices to the New York of the Dominion Bureau of Statistics placed the total yield
of wheat in the Prairie Provinces et 446,000,000 bushels,
"Times" said:
but from the htest reports a total of around 415,000,0
Beerbohm does not confirm the American estimates of an
increase in
00
total wheat production of the world over last year's harvest. He
bushels is now looked for. Even so. the yield is well
estimates
in
the world's wheat output this year at 675,500,000 quarters of eight bushels,
Mess of the 16-year average and the largest crop
as against 588,250,000 a year ago.
since 1928.
Last year's Prairie crop was approximately 300,000,0
The exportable surplus is placed by Beerbohm at 150,000,000
quarters
00
requirements of importing countries at 82,000,000.
and the
bushels. The wheat marketed to date has graded exceptionally, high and tests indicate that the high protein content
International Institute of Agriculture at Rome,
Italy— will be maintained. The western oat crop is estimated at
Ratifies Pact Whereby Institute Would Become 274,003,000 bushels against 183,700,000
last year, and the
Agricultural Organ of League of Nations—Con- barley crop at 70,00),000 bushels as compared
with 50,5CO3vening of Institute's General Assembly.
000. In Quebec, crops of the main staples have been good
Under date of Oct. 18 a wireless message from Rome, and in Ontario they have been heavy, although in both
Provinces potatoes are below average. In the Maritime
Italy, to the New York "Times" said:
The 'International Institute of Agriculture to-day unanimously
Provinces crops have done well, with again the exception of
ratified
a draft agreement whereby the League of Nations Council recognizes the
potatoes, Nova Scotia also recording a 30% loss of the apple
Institute as the League's advisory organ in agricultural matters.
The
crop due to storms. In British Columbia crops generally
agreement provides further for co-ordination of the activities
of the two
bodies, while respecting the separate identity of the institute.
have been above the average.
To-day's action makes effective the hope expressed by David Lubin, the
Institute's founder, in a resolution adopted by the Institute's
permanent
committee in December 1918, that when the League came
into being the
Institute might become its agricultural agency.
From the same paper we also take the following from
Rome, Oct. 17:
In the midst of the gravest and most widespread crisis agriculture
has
ever known the eleventh meeting of the general assembly of the International Institute of Agriculture convened this morning in the Villa
Borghese.
Forty-two of the leading nations of the world were all represented
by
strong delegations, the two notable absentees being the United States
and
Russia. Regret was expressed on all sides at the absence of the
United
States. China was again present after several years' absence.
Problems
of world agriculture will be discussed for the next week.
All of the delegates agree with the thought expressed by the President
of the assembly in his opening address that the present distressing conditions in agriculture could be remedied only by common action
among
the countries of advanced civilization. The thought was stressed by
several that it was imperative at this time to keep open the channels
of
International communication and consultation, of which the
institute was
held to be the most effective as far as agriculture is concerned.
Sir Bhupendra Nath Mithra, the High Commissioner of India in London,
was elected President of the assembly.
Among the notable representatives of agriculture present as
delegates
are Dr. Andreas Hermes, former Minister of Agriculture of Germany; Dr.
Englebert Dollfuss, Chancellor of Austria; Senor Valiente, Under-Secre
tary
of Agriculture of Spain; Marquis de Vogue, President of the Society of
Agriculturalists of France; Sir Daniel Hall, Scientific
Advisor to the
British Board of Agriculture; Mr. Okamoto of Japan and Dr. Van Rhyn of
Holland.
Low Funds Handicap International Institute of Agriculture at Rome, Italy—Unable to Publish Reports
on First World Census.
The following from Rome, Italy, Oct. 20, is from the New
York "Times":
Delegates to the meetings of the International Institute of Agriculture
here charge all Governments show indifference to the International body,
and even to their own official organizations that deal with farm problems.
They say that when the agricultural crisis is the gravest feature of the
world depression the Governments give small contributions [$48,500 for a
first-class nation] to carry on the work of the only International agricultural organization.
The entire work of the International Institute of Agriculture has been
paralyzed by the lack of funds. Valuable economic data obtained in the
first world agricultural census, carried out under the institute's leadership, cannot be made available for the use of all the nations concerned
because there are no funds for co-ordination and publication.
Farm organizations in all countries, now in dire need, are turning more
and more to the institute for facts and figures on world agricultural con.
(Miens on which to base sound national policies.
The delegates say the readiness with which funds are made available
when banking and in.dustrial interests are at stake emphasize the lack
of consideration shown by Governments to fundamental agricultural problems.
Conference on Sugar Is Postponed in Cuba -Disagreement on What Is to Be Done With Big Pool
Believed to Have Caused Delay.
From the New York "Times" we take the following from
Havana Oct. 17:
The conference scheduled for to-day between President Machado and
the directors of the Sugar Institute, the official body controlling the
sugar
industry, at which the figures for the 1933 sugar crop were
to be decided
was indefinitely postponed, according to Virlato Gutierrez, President
of
the Institute.
While no official statement was forthcoming as to the reason for inc
delay, information obtained in sugar circles indicates that it resulted
from dissension over what disposition should be made of the 700,000-ton
pool.
The Sugar Institute recommends that the crop oc limited to 2,000,000
tons, thus permitting liquidation of the pool as well as ot the 300.000 tons
of segregated sugar which must be disposed cf yearly under the Chadoourne
plan.
Some producers, headed by Dr. Orestes Ferrara, Sacretary of Stats,
who several days ago came out in an editorial against this plan,
to
see the mill owners authorized to grind 2,700,000 tollE4 and to desirethe
hold
700,000 tons over until next year.
Despite the declaration of the Chief Executive last Saturdai that the
Institute, the Government and the cane planters were in perfect accord
on the sugar situation, it is a well-known fact that the cane planters
have
always been solidly against any restriction.
World's Cotton Position as Viewed by Prof. Todd,
English Economist—American Cotton Re-Asserts
Its Dominant Position—Increased Consumption
Only Can Justify Rise in Prices.
Discussing the world's cotton position in a statement made
to the Association of Cotton Textile Merchants of New York,
Professor John A. Todd, the English economist, points out
that "the outstanding feature of the last two years has been
the renewed evidence of the unlimited capacity of the American cotton crop to falsify all predictions and do the exact
opposite of what it did the year before." Prof. Todd under
date of Oct. 15 said:
"In 1930 the alarming feature of the American c3tton situation was the
extraordinary change-over of the world's consumption from American to
outside growths as the result of three bad American crops in succession,
both in quantity and quality, with the inevitable effect on relative values.
Two years ago the figures showed for the first time that in one half-ye
ar
the world had apparently consumed more outside growth than of
American
Cotton. In 1930-31 the first half of the season carried this tendency
still
further, but the second half showed a distinct reaction in favor of
American
and in the season just closed this reaction has been carried still
further.
For the time being, at least. American cotton has reasserted its dominant
position.
2732
Financial Chronicle
Oct. 22 1932
indicated 90% operations on the same basis. The Exchange
"During the past season the United States consumption of American cotService on Oct. 17 said:
ton has steadily declined, while that of the rest of the world has increased,
rest
but exactly the contrary movement is shown in the comparison of the
This phenomenal increase was the result of extremely heavy 'sales of
growth. The former has
of the world's consumption with that of outside
cloth during the summer, followed by fairly good sales in the early fall.
-years while the latter has declined even more.
for three half
been increasing
Cloth sales were 57.1% above production in July, 182.4% above production
The main cause of this see-saw movement of relative consumption lies in
in August, and 2.6% above production in September. In considering the
the vagaries of the American crop.
small excess over production in September. it should be borne in mind that
"For nearly two years after the Wall Street crash the fall in the price of
production in that month was much larger than in the early summer. Reit was alleged to be in so many commodities, to any
cotton was not due, as
porting mills sold goods at an average rate of 56.000,000 yards per week in
of supplies; on the contrary, the world's cotton production had been
excess
July. 128,000.000 in August. and 59,000,000 in September. Their total
that
quite moderate and it was only the effect of restricted consumption
sales in the three months from July to September, inclusive, aggregated
gradually began to pile up the world's stocks of cotton, which by the end
1,025,557,000 yards, compared with ohly 436,221,000 yards in the previous
figure.
of July, 1931, were rapidly approaching a record
three months from April to June, inclusive. Sales in the three months from
crop of 1931 completely changed the situation. The pros"The bumper
July to September last year totaled 673,713,000 yards.
pective season's supply. i. e., crop plus carryover in 1931-32, was recordbreaking (25,445,000 bales), so that a crop far in excess of current consumpnew
tion aggravated the fan in the price of cotton and brought it down to
low levels in history. Owing to England's departure from the gold standard.
Activity in the Cotton Spinning Industry for
York
Liverpool prices no longer reflected world cotton prices, but in New
the
September 1932.
on Juno 9 1932 cotton futures touched 4.85 cents, which compares with
previous low record in history of 4.98 cents in November, 1898.
The Department of Commerce announced on Oct. 20
price of cotton were due just as
"Thus the last stages in the fall in the
as to
that, according to preliminary figures compiled by the
much to the conditions of supply and demand affecting cotton itself
of
the general world conditions, though these continued throughout most
Bureau of the Census, 31,545,832 cotton spinning spindles
The abandonthe past season to be just about as bad as they could be.
were in place in the United States on Sept. 30 1932, of which
ment of the gold standard had produced an artificial rise in nominal prices
steadily
23,883,948 were operated at some time during the month
in England and other countries similarly placed, but gold prices
declined, even in America, in spite of the efforts of Washington towards
compared with 22,022,490 for August, 19,758,252 for July
reflation.
20,646,966 for June, 21,633,036 for May, 23,362,862 for
do with it. The un"When the turn di'l come, cotton had a good deal to
a
April and 25,230,618 for September 1931. The aggregate
expectedly small figure of the Bureau's August estimate was as great
been in the
shock to the market as the big crop figure of August, 1931, had
number of active spindle hours reported for the month was
sympathetic
other direction. The sharp appreciation of cotton had a
at the
6,866,031,482. During September the normal time of
effect on other commodities. The fact that the world's carryover
bales was
end of the season had reached the record total of 12,818,000
operation was 25 2-3 days (allowance being made for the
to
entirely ignored, and crop prospects were being steadily talked down
observance of Labor Day in some localities) compared with
about 10,750,000 bales.
27 for August, 25 for July, 26 for June, 253 for May and
"The sentimental effect of the fall from last year's figure of 17.096,000
lowest in
bales, I, e., from the second largest figure in history to one of the
25% for April. Based on an activity of 8.96 hours per day
searecent years, completely overshadowed the fact that the prospective
largest
the average number of spindles operated during September
even with such a small crop, would still be the second
son's supply,
demand
was 29,856,205 or at 94.6% capacity on a single shift basis.
in history. The change in sentiment had its effect on the actual
for cotton goods, with August sales showing a record figure.
This percentage compares with 72.4 for August, 51.5 for
report on market sentiment was out of all
"The effect of the September
sharp reJuly, 57.6 for June, 63.3 for May, 70.5 for April and 87.9
proportions to the facts: and there is very little doubt that the
general
action in cotton was one of the chief contributing factors to the
for September 1931. The average number of active spindle
prices, which has since
reaction on the Stock Exchange and in commodity
hours per spindle in place for the month was 218. The total
cottcn has played almost a major part in
developed. Since August, 1931,
number of cotton spinning spindles in place, the number
tendency of commodity prices. In August, 1931, it was the
the general
straw that
last straw that broke prices. In August, 1932, it was the first
active, the number of active spindle hours and the average
and the Septemshowed the new direction in which the wind was blowing,
hours per spindle in place, by states, are shown in the
ber report was the first sign of a change of wind.
following statement.
"There is no getting away from the fact that the crisis of the last three
years has been due almost entirely to reduced consumption, rather than to
excessive production, and any real recovery must depend on a reversal of
Active Spindle flours
Spinning Spindles.
that condition. The United States figures of raw cotton consumption and
for September,
in July of this year, which were the lowest on
State.
production of cotton goods
Active DurIn Place
Average per
record, showed the appalling extent to which the restriction of consumption
fag Sept.
Sept. 30.
Total.
Spindle in Plate.
had gone.
Presidential election be31,545,832 23,883,948 6,866.031,482
218
"Apparently the world must wait until after the
United States
It is
fore we can even hope to see the fundamental problems really tackled.
279
Cotton growing States 19,109,940 16.701.442 5,327,328,942
how, with all these major problems still unsolved (such as repahard to see
6,485.378 1,403,612,939
124
New England States 11,276,136
subrations, war debts, tariff and exchange restrictions), there can be any
697,128
1,159,756
116
135,089,601
All other States
trouble—
stantial change in what is, after all, the chief cause of the whole
1,664,850
1,865,558
285
531.187,477
Alabama
the world's inability to consume goods because of the lack of purchasing
657,250
1,031,248
138
142,382,039
Connecticut
power.
2,900,234
3,318,012
869,671,843
262
Georgia
of
778.274
981,580
"We start the season with a world supply of about 24,000.000 bales
166
163,187,787
Maine
3.370.176
6,142,718
117
715,781,158
Massachusetts
American cotton while the world's consumption last season was 12,319,000
150,536
216,756
increase of
53,162,323
245
Mississippi
bales. The only thing that can justify a rise in prices is an
733,298
1,189,568
148
176,595,059
New Hampshire
consumption.
234,432
135,476
20,891,592
89
New Jersey
of the situation in
268.716
580,336
112
65,223,175
New York
"The statement then goes into an exhaustive discussion
Egypt
5,145,746 1,507,081,464
6,164,334
244
North Carolina
of outside growth,such as those of India, China and Egypt.
In crops
847,86 3
1,813,758
101
183.310,024
more than half of
Rhode Island
followed up her big cut in the acreage of 1931 to a little
5,319,826 1,896,627,580
333
South Carolina— --- 5,697,706
are likely to
501.10
691,304
the record figure of two years ago, but although conditions
349
208.465.559
Tennessee
Egyptian crop will
200.954
282.088
197
55.589,210
Texas
be more favorable than last year it is not likely that the
643.178
or eight million
678.462
231
156,673,566
Virginia
greatly exceed a half yield against the normal rf about seven
565,756
161
757,882
122,201.626
States
All other
kantars (kantar equals 100 lbs.).
something
"There are indications that both India and China will enjoy
their
more like normal conditions and will probably add a million bales to
Government's
crop in each case. With regard to Russia, the feature of the
estimates,
statistics for some years back has always been that their early
Increase of 21% in Output of Cotton by Texas Mills
This year
according to the Plan, were grossly in excess of actual outturn.
Reported by University of Texas During Septemis probable that the actual
they are promising about 2 million bales, but it
ber—Production at Unusual Rapid Pace for This
yield will be less than that. Whether they will again make large exports
will depend upon the price and the quality of the American crop.
Season of the Year.
not so
"In America the chief effect of the Farm Board position has been
Production at Texas cotton mills during September
much in anything it has done during the season as in the recurrent fear of
the
the market that it might do something with its heavy stocks, e. 6., at
proceeded at an unusually rapid rate for this season of the
a
end of April, when the mere rumor that they proposed to unload caused
year. The 21 mills reporting to the University of Texas
heavy drop in the market. The latest announcement on Sept. 5 apparbales will
Bureau of Business Research increased their output during
ently leaves us with the position that something like 3,000,000
still be held off the market until March or July 1933, unless the price goes
the month by 21% to 4,300,000 yards as compared with
above 12 cents in the meantime."
3,552,000 yards during August, although during the five
The conclusion to which the survey of the world's position brings Professor Todd is that that is extremely unlikely.
years 1927-1931 there was an average drop of 2.6% in proIncrease in Domestic Spinning Activity.
increase in domestic cotton spinning activity from
The
July to September was the greatest in any period of similar
length since records of monthly activity, through monthly
cotton consumption figures, first became available in 1912,
and it was probably the greatest increase in such a period
in the history of the industry, according to the New York
Cotton Exchange Service. In July domestic mills used only
279,000 bales, or at the rate of 12,400 bales per day. In
September they used 491,000 bales, or at the rate of 20,700
bales per day. Consumption in July indicated an activity
equal to only 54% of the average operations in the six years
from 1922 to 1927, inclusive. Consumption in September
duction from August to September. For the first time this
year production during the current month exceeded that for
the corresponding month in 1931. In noting this on Oct. 16,
the Bureau also said:
Bales of cotton used at the reporting Texas mills increased from 4.817
in August to 6.088 in September, or 26%; cotton consumption during SePtember was greater by 2.6% than in tho corresponding month last year.
Active spindles and spindle hours rose in harmony with increased activity,
and three mills which had been inactive reopened during the month.
Unfilled orders and sales held up rather well during the month, but there
naturally was a reaction following the spectacular rise in both of these
Items during the month of August. Sales, for instance, dropped to 3.822,000 yards as compared with 5,400.000 yards the previous month, and were
23% under sales in September a year ago. Although unfilled orders at the
close of August set a high for a period covering 29 months, there was a drop
of only 11% during the month, so that bookings were 6,713,000 yards at
the close of September, or 63% above those at the close of September
last year.
Financial Chronicle
Volume 135
Census Report on Cotton Consumed in September
Larger.
Under date of Oct. 14 1932, the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles and imports and
exports of cotton for the month of September 1932 and 1931.
Cotton consumed amounted to 491,655 bales of lint and
61,308 bales of linters, compared with 402,601 bales of
lint and 47,620 bales of linters in August 1932, and 464,335
bales of lint and 64,269 bales of linters in September 1931.
It will be seen that there is an increase under September
1931, in the total lint and linters combined, of 24,359 bales,
or 4.44%. The following is the official statement:
SEPTEMBER REPORT OF COTTON CONSUMED, ON HAND,IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton In running bales, counting round as half bales, except foreign, which Is In
-Pound bales.)
500
Cotton Consumed
DwingTear
United States
1932 407,966
1931 377,531
1932 70.413
1931 70,738
1932 13,276
1931 16.066
New England States
All other States
Other foreign cotton
so*
-Egyptian cotton
Amer.
Norincltuied Above
Linters
Cotton
Two
In con- In Public Spindles
Months suming
Storage
Actin
Ending Establish- dt at Com- During
Sept. Sept. 30. menu. presses.
Sept.
(bales) (bales)
(bales)
(bales) (Number)
11932 491.655 894,256 1,087,286 7.969,280 23.883.948
11931 464,335 889,365 777,858 6.298,408 25,230,618
Cotton-growing States
Included Above
Egyptian cotton
Cotton on Hand
Sept. 30.
-
1932
1931
1932
1931
1932
1931
746,136
719,296
123.871
138,133
24,249
31,936
832,288 7,540,477 16,701,442
511,671 5,959,281 16,838,338
208,370 220,442 6,485.378
227,515 106.779 7,366,156
48,628 208,361
697,128
38,672 232,348 1,026,124
6,464
7,096
4,360
5,469
1,828
1,802
12,694
12,763
7,529
10,197
3,450
2,932
33,354
37,223
17,742
31,414
6,461
8,170
33,820
19,611
4,591
10,541
8,880
10,452
{ 1932 61,308
1931 64.269
108,928
126.076
269,404
202.654
53,891
38.820
I
Imports of Foreign Cotton (500-1b. Bales).
Country of Production.
September.
1932.
Egypt
Peru
China
Mexico
British India
All other
Total
•
i
2 Max. End. Sept. 30.
1931.
2,388
16
287
1,037
1,630
87
4,291
1,207
1,143
314
5,425
6.955
1932.
10,448
1,471
1,758
1931.
4113
85
14,178
•
5,377
231
941
1,252
4,783
77
12,661
Exports of Domestic Cotton Excluding Linters
(Running Bales
-See Note for Linters).
Country to Which Exported.
September.
2 Mos.End. Sept. 30.
1932.
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
1931.
1932.
1931.
86,819
111,477
68,340
252.979
26,439
18,439
49,084
103,407
6,620
8,441
1,820
28,208
22,108
39,859
120,824
25,226
12,414
26,475
162,313
106,758
6,377
7,630
154,172
187,480
110,864
357,847
46,189
30,646
72,138
161,871
46,033
12,439
6,140
35,276
28.072
61.942
142.256
40.298
16,787
40,472
215,429
161,139
15.874
11,679
Total
538,192 1.185.819
733,665
769 222
Note.
-Linters exported, not included above, were 15.796 bales during
September
in 1032 and 4,331 bales In 1931; 26,402 bales for the two months ended Sept.
30 in
1932 and 9,575 bales In 1931. The distribution for September 1932
Kingdom, 1,434; Netherlands, 1,827; Belgium, 2,120; France, follows: United
3.663: Germany.
5,603; Italy, 90; Canada, 901; Japan, 160; Panama, 30; Finland, 8.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of
lintere.
grown in 1931. as compiled from various sources was 26.398,000 bales. counting
American in running bales and foreign In bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters In the United States) for the
year ended
July 31 1931, was approximately 22.402,000 bales. The total number of spinning
cotton spindles, both active and Idle is about 162,000,000.
Economic Trend Upward, Says C. T. Revere--Believes
Cotton on Eve of Major Upward Movement
India Lifts the Boycott on British Cotton
Goods.
The belief that the economic trend is upward is expressed
by C. T. Revere of Munds, Winslow & Potter, in his current
cotton letter, which adds that "while political muddling and
meddling may impede the progress toward recovery, the
interference or interruption will be only temporary.
"As a matter of fact, we do not believe that economic rehabilitation depends entirely upon developments in the
United States. The Old World with a realism seasoned by
centuries of vicissitudes is beginning to take matters into its
own hands. Two striking developments of the week, in our
opinion, have related significance. Private cables from India
announced the lifting of the boycott on British cotton goods.
While this item received no special prominence in the press,
we have been informed that the announcement came from
an official source. This step taken in conjunction with the
Indian preferential tariff on British goods assures a great
market for Lancashire.
2733
"Synchronizing with this news item came a sudden decline
in sterling. Hitherto a break in the pound has been the signal
for uneasiness. Such was not the ease this time. Although
various explanations for the decline in sterling have been
forthcoming, and we admit that our view of the movement is
largely surmise, we think the downward movement in sterling
exchange may easily be part of a plan to place British industry, and particularly the textile division, in a position to
compete aggressively in the export markets of the world."
Mr. Revere expresses the opinion that the cotton market
is on the eve of a major upward move and that the hazard of
a further decline under the weight of the movement imposes
only a negligible risk upon buyers.
Petroleum and Its Products
-Larger Companies Await
Further Developments Before Meeting New Crude
Price Schedules-Explain Stand in Frank State-Petroleum Seen as First Basic Industry to
ments
Emerge from Depression.
Despite the fact that the Standard Oil Company of Indiana
and Standard of New Jersey have not met the increased price
postings for crude oil, an inference that they will do so when
the producers demonstrate that they intend controlling
production so that the supply and demand balance will be
favorable is s3en in the frank statements issued by the
companies.
Humble Oil & Refining Co.,representing the Jersey Standard in Texas, issued the following statement. "The Humble
Oil & Refining Co. reiterates its position in support of conservation to the end that: all waste be prevented; correlative
rights of competing producers be protected; and likewise reiterates its belief in fair prices to producers of crude oil and
consumers of gasoline.
"We met the price advance in April of this year, at which
time we said: 'This company desires higher prices for crude
oil just as much as any producer does, but it is convinced
that higher prices can prevail only if they rest on a firm
economic foundation. Present product prices do not justify
purchasers in paying more for crude. This price advance is
admittedly based on the hope that better product prices and
improved economic conditions generally will follow. Over
the period of five months since the last price advance in
November 1931, this company has been unable to secure
for products from its refineries and from the operation of its
transportation system to its refineries any profit on the crude
bought, transported and refined. At the present time it is
buying more oil than it wants, and it has endeavored persistently during recent weeks to reduce its takings; but it has
been unable to do so without working a hardship on the
producers whom it serves.
"Producers cannot hope to command a higher price for
crude oil as long as the amount they offer for sale is greater
than purchasers are willing to buy. Balancing supply with
demand is imperative if the new price schedule is to be maintained. Responsibility for securing this balance rests squarely
upon those who have initiated and sponsored this price advance, including the producers, trade organizations, newspapers and officials.'
"The conditions stipulated in this April statement as
prerequisite to a sound price advance have not yet been
realized. The demand for crude has never been equal to
the supply in all areas, as is evidenced by the fact that many
properties are still without connections and are begging for
buyers. Product values over the period since the last increase have not warranted the prices paid for crude oil.
The maintenance of those prices has entailed a continuing
substantial loss for all refiners operating on purchased crude.
"The sponsors of the present crude oil price advance and
curtailment program promise that a balance between supply
and consumption demand will be attained; that production
in excess of allowables will be eliminated; and that wholesale
product prices will be realized that will justify, the crude oil
price advance. We earnestly hope and we believe that these
promises can be fulfilled, but we are unable to increase the
existing disparity by paying higher prices under present
conditions. In the light of past experience, deliberate consideration compels us to await the fulfillment of these promises before posting higher prices."
The Standard Oil Co. of Indiana statement follows:
"Officials of Standard Oil Co. of Indiana announced to-day
that their company cannot advance its posted prices for
crude oil despite the recent action of certain other companies.
Conditions do not warrant even the present prices and will
not give necessary support to an increase.
Oct. 22
Financial Chronicle
2734
"Everybody in the industry knows that with consumption
of gasoline falling off enormously, price-cutting is rampant
throughout the oil business. Although producers are making
commendable efforts to control their problems, crude is still
being produced in excess of demand. Some of it is being run
illegally and sold at prices that jeopardize the posted price
structure. Refineries are manufacturing more gasoline
than is needed. Many are dumping at cut prices. Aided
by rising taxes, tax evading is wrecking retail markets
wherever they operate. There is also much retail pricecutting by reputable marketers who are striving to hold
volume of sales regardless of profits.
"The Indiana company is sincerely desirous of seeing producers receive a satisfactory price for crude. But it is convinced that an advancelin the face of present conditions
will simply provide leeway for further abuses and delay
progress toward permanent recovery in the oil industry.
It believes that the sound road toward better prices for both
crude and finished products is by way of first correcting the
fundamental conditions which will control eventually, no
matter how they are temporarily overlooked in eagerness for
better returns."
It is generally thought in local circles that when the new
allowables throughout all the -producing areas, with the
exception of Pennsylvania, are really effective the crude
price structure will become uniform through adoption by
the several large companies now holding off from such action.
The Federal Oil Conservation Board, reporting to President Hoover on Wednesday, Oct. 19, declared that "the
American oil industry gives indications of being the first
basic industry to emerge from the world depression" and
concluded that "certainly the oil industry, one major business with a comparatively intact market, never had a better
opportunity to serve the country and the country never had a
more vital interest in the purchasing power of this industry."
The members of the Board include Dr. Ray Lyman Wilbur,
Secretary of the Interior, Chairman; Patrick J. Hurley,
Secretary of War; Charles Francis Adams, Secretary of the
Navy, and Roy D. Chapin, Secretary of Commerce.
The new prices, which range up to $1.12 a barrel, became
effective last Saturday, Oct. 15.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$1.72
Corning, Pa
.85
Illinots
.80
Western Kentucky
1.05
Mid-Continent, Okla., 40 and above 1.12
Hutchinson, Tex., 40 and over__ .57
Spindletop, Tex., 40 and over
.90
Winkler, Tex
.75
Smackover, Ark., 24 and over
.75
Eldorado, Ark., 40
$0.75
.95
Rusk. Tex., 40 and over
Salt Creek, Wyo., 40 and over __ - .94
.80
Darst Creek
Midland Dist., Mich
.85
Sunburst, Mont
1.05
Santa Fe Springs, Calif.,40 and over 1.00
Huntington, Calif., 26
1.00
Petrol's, Canada
1.90
REFINED PRODUCTS- GASOLINE ADVANCED THROUGHOUT EASTERN TERRITORY
-FIRMNESS IN ALL LINES
ATTRIBUTED TO HIGHER PRICES IN CRUDE MARKET.
Gasoline prices throughout the entire eastern territory
were increased lc. a gallon in tank car, tank wagon and
service station listings yesterday. The Standard of New
Jersey advance was met throughout its territory by all
major companies, while Standard of New York led in its
territory, followed by major marketers.
This advance partially restores gasoline to the levels
prevailing before the reductions in September, when prices
were cut 2 and 3c. in the east. The new strength in the
bulk gasoline market is a direct reflection of the increases
in crude prices which became effective last Saturday.
It is believed that several of the "competitive" conditions
which existed in the eastern markets during the past several
months have been eliminated. One was the invasion of
gasoline made from "bootleg" east Texas crude and offered
here through independents at prices below the general
structure. Another instance was the importation of naptha,
which, mixed with casinghead gasoline, produced a high
octane motor fuel.
A sharper advance was announced in Oklahoma on
Monday, Oct. 17, when Barnsdall posted a 3c. advance in
service station prices. Standard of Ohio also announced
an advance of Mc. a gallon on all grades throughout its
territory, effective on Oct. 16.
The firmer crude market has also strengthened other
refined products. Grade C bunker fuel oil has been active
this week, and the posted price of 75c. a barrel, at refinery
in bulk, held steady. Diesel was also in good call at $1.65
a barrel, same basis.
The kerosene markets have firmed up considerably and
sellers are holding more firmly to the posted price of 53'c.
for 41-43 water white in bulk, at refinery. It has been
1932
possible to purchase this at 34c. or more under the posted
prices. Price changes follow:
Oct. 16.
-Standard of Ohio advances all grades of gasoline He. a gallon
throughout territory.
Oct. 17.-Barnsdall Corp. advances all grades of gasoline 3c. a gallon
at Tulsa, Okla.
Oct. 20.
-Sinclair and Standard of New Jersey advance tank car gasoline prices lc. a gallon at all Atlantic terminals and at Tampa. F1%., and
lc. advance in tank wagon and service station prices in New Jersey, Mary
land. Virginia. West Virginia, North Cirolina, South Carolina and District
of eolumoia. All .najor companies met advances.
Oct. 21.-Standard of New York advanced gasoline prices, for all methods
of delivery, lc. a gallon throughout New York and New England. Advance
is met by major marketers.
Gasoline, Service Station, Tax Included.
New York
3.15 I Cleveland
$ 128
$ 18 New Orleans
Atlanta
19 I Denver
14
20 Philadelphia
Baltimore
.194 , Detroit
125 San Francisco:
Boston
129
175 I Houston
Third grade
17
Buffalo
175 Jacksonville
195
Above 65 octane.._ _ 180
Chicago
15 Kansas City
.214
Premium
155
Cincinnati
.18 Minneapolis
.14
147 St. Louis
Kerosene, 41, Water White, Tank Car Lots, F.O.B. Refinery.
43
N.Y.(Bayonne)___ .05S1 I Chicago
New Orleans, ex_ __80.0356
$ 02%-.03
North Texas
03
Los Ang., ex_ .0451-.06
.044-.0335
Tulsa
Fuel 011, F.O.B. Refinery or Terminal.
N. Y.(Bayonne)California 27 plus D
3.6$
Gulf Coast C
Bunker C
3.75
3.75-1.00 Chicago 18-22 D.42.50
Diesel 28-30 D
1.65 New Orleans C
.70
.60 Philadelphia C
Gas Oil. F.O.B. Refinery or Terminal.
N. Y.(Bayonne)ChicagoI Tulsa
5 0136
28 plus G 0_3.0371-.04
32-36 G 0
$ 016i I
Gasoline, U. S. Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N. Y.(Bayonne)N. Y.(Bayonne)Chicago
$ 0571-.0571
Sinclair
Standard Oil, N. J.$ 0731 New Orleans, ex. .05-.05X
Pan-Am.Pct. Co_ .06
Motor, 60 or04-.04X
Arkansas
Lane
Shell Eastern Pet_ .0771 California
1.0J1
05-07
Motor, 65 ocNew YorkLos Angeles, ex_ .0471- 07
Lane
07
Colonial-Beacon_ .06
Gulf ports
05-.0571
Motor,standard .01
Crew Levick
.06
Tulsa
06-.0561
z Texas
Stand. Oh, N. Y_ .07
06
Pennsylvania_ __
.0571
Tide Water Oil Co .0871
Gulf
.06
Richfield Oil(Cal.) .06
Continental
07
Warner-Quin. Co_ .07
Republic Oil
* 06
*Below 65 octane. z"Fire Chief" .0636.
**Standard Oil of N. Y. now quoting on basis of de ivered price not more than
5c. per gal, under company's posted service station pr cc at point and date of delivery but in no event less than 8550. a gal., f.o.b. New York Harbor, exclusive
of taxes.
Crude Oil Production Fell Off During Week Ended
-Gasoline Stocks at Lowest Point
Oct. 15 1932
This Year.
The daily average crude oil production in the United
States was reduced 42,350 barrels a day last week, the daily
average for the period ended Oct. 15 being 2,130,650 barrels,
against a daily average of 2,173,000 barrels in the preceding
week; a daily average of 2,437,000 barrels in the corresponding period last year, and of 2,163,550 barrels for the four
weeks ended Oct. 15 1932, according to estimates bi the
American Petroleum Institute.
Gasoline inventories continued to decline, falling below
50,000,000 barrels for the first time in approximately a
year. Stocks of 49,779,000 barrels in all districts at the
end of the week of Oct. 15 were 831,000 barrels less than
the inventories of 50,610,000 barrels on Oct. 8.
Reports received during the week ended Oct. 15 from refining companies controlling 93.6% of the 3,856,300 barrel
estimated daily potential refining capacity of the .United
States, indicate that 2,138,000 barrels of crude oil daily
were run to the stills operated by those companies and
that they had in storage at refineries at the end of the
week, 31,305,000 barrels of gasoline and 135,863,000 barrels
of gas and fuel oil. Gasoline at bulk terminals amounted
to 11,771,000 barrels and 1,723,000 barrels were in waterborne transit in or between districts. Cracked gasoline
production by companies owning 95.4% of the potential
charging capacity of all cracking units averaged 431,000
barrels daily during the week.
The complete report for the week ended Oct. 15 1932
follows in detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels of 42 Gallons.
Week
Ended
Oct. 15.
1932.
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Total
Week
Ended
Oct. 8.
1932.
372,800
101,900
48,550
47.950
24,550
165,600
52,350
368,000
57,350
29,800
33,900
122,650
33,250
100,550
.22,750
33,150
7,350
2,700
31,300
474,200
380,850
99,450
41,700
49,350
24,350
170,000
54,250
304,150
53,600
30,400
34,050
138,650
33,780
99,900
23,800
32,600
7,200
2,800
32,150
470,100
Averace
4 Weeks
Ended
Oct. 15.
1932.
382,650
100,600
45,250
48,800
24,250
168,950
53,150
378,200
55,000
30,000
34,100
136,750
33.750
98,600
23,700
32,150
7,350
2,750
31.750
475.800
Week
Ended
Oct. 17.
1931.
506,600
101,900
64,850
56,900
27,000
202,400
56,200
422,150
57,150
29,500
37,950
124,050
30,350
107,850
12,450
37.450
7,450
4,760
43,650
507,400
2.130.650 2.173.000 2.103.550 2.437.000
Finarcial Chronicle
Volume 135
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED OCT. 15 1932.
(Figures in barrels of 42 gallons each.)
District.
Daffy Refining Capacity • Crude Runs
of Plants.
to Stills.
Reporting.
Potential
Rate.
644,700
144,700
434,900
459,300
315,300
555,000
146,000
89,300
152.000
915.100
Total.
%
638,700
137,500
424,000
408,800
227,200
545,000
142,000
84,500
139,000
868,100
99.1 484.000
95.0
92,000
97.5 303,000
88.4 218,000
92,000
71.2
98.2 388,000
97.3
83,000
94.6
43,000
91.4
31,000
94.5 424,000
copar.tomz.Rmo
eic...44Oooice
East Coast
Appalachian_ _.Ind., Ill., Ky_
Okla.. Kan., Mo.
Inland Texas
Texas Gulf
LOU/818Ra Gulf._
No. La.
-ArkRocky Mountain
California
%
Daily OyerAverage. ated.
a Motor
Fuel
Stocks.
Car and
Fuel Oil
Stocks.
13,332,000 9,314,000
1,624,000
823.000
6,215,000 4,160,000
4,528,000 3,054,000
1,388,000 2,042,000
4.870,000 10,461,000
1,477,000 4,052,000
173,000
524,000
1,218,000
474,000
14,954,000 100,959,000
Totals week
Oct. 15 1932-- 3,856,3003,609.800 93.6 2.138,000 59.2 c49779000 135,863,000
Oct. 8 1932._ 3.856.300 3.609.800 93.6 2.005.000 55.5 50.810.000 135.742.000
a Below is set out an estimate of total motor fuel stocks on U.S. Bureau of Mines
basis for week of Oct. 15 1932, compared w th certain October 1931 Bureau figures:
A. P. I. estimate B. of M. basis week Oct. 15 1932_b
50,900,000 barrels
U. S. B. of M. motor fuel stocks Oct 1 193
50,122,000 barrels
U.S. B. of M. motor fuel stocks Oct. 31 1931
50,439,000 barrels
b Estimated to permit comparison with A. P. I. Economics report, which is of
Bureau of Mines basis.
c Includes 31,305,000 barrels at refineries: 11,771,000 at bulk terminals: 1,723,000
barrels in transit, and 4,980,000 barrels of other motor fuel stocks.
Sr
Venezuelan Crude Oil Production and Shipments Again
Declined During September.
According to O'Shaughnessy's Oil Bulletin, the estimated
output of crude oil in Venezuela amounted in September
1932 to 8,802,687 barrels (of 42 gallons each) as compared
with 9,4,12,329 barrels during the corresponding month last
year and 9,429,632 barrels during August 1932. Shipments
declined from 8,133,600 barrels in the latter month to
8,087,300 barrels during September this year and compares
with 9,420,000 barrels in September 1931.
During the nine months ended Sept. 30 1932 production
of crude oil in Venezuela totaled 88,072,501 barrels, compared with 87,233,694 barrels in the same period last year,
while shipments amounted to 84,765,000 barrels as against
84,956,444 barrels during the first nine months of 1931. A
comparative table follows:
2735
The sponsors of the present crude oil price advance and curtailment program promise that a balance between supply and consumption demand
will be attained; that production in excess of allowables will be eliminated:
and that wholesale product prices will be realized that will justify the crude
oil price advance. In the light of past experience, deliberate consideration
compels us to await the fulfillment of these promises before posting higher
prices.
Regarding the posting of the crude oil price advance by
the Sun Oil Co. and other companies and the refusal of the
Standard Oil Co. of Indiana to meet the advance, we published in our issue of Oct. 15, page 2577, an item covering
the same.
Sr
Gasoline Prices Advanced by Standard Oil Co. of New
Jersey and Sinclair Refining Co.
The Sinclair Refining Co., a subsidiary of the Consolidated Oil Corp. and the Standard Oil Co. of New Jersey,
announced on Oct. 20, an increase in the price of gasoline,
according to Associated Press advices, which also said:
The Sinclair company added lc. a gallon to the price of cargo gasoline
at Gulf ports, bringing the price to 5iic. a gallon, effective Oct. 20. The
Standard concern followed with a notice that it would raise the price of
gasoline lc. a gallon throughout its territory, excepting Delaware
and
Pennsylvania, beginning Oct. 21. It was understood the two States were
excepted because they did not benefit by the initial fuel cut.
Beginning Oct. 21, the Sinclair company stated, the tank car price
of gasoline would be advanced lc. a gallon at all Atlantic coast terminals
and Tampa, Fla., making the price for regular grades 7c. a gallon and 634c.
for United States motor grades. At the same time a corresponding advance will be made at all points in New Jersey, Maryland, West Virginia.
North Carolina, South Carolina and the District of Columbia.
It is understood in oil trade circles no general increase is contemplated
at this time and that a further improvement in the products market would
be necessary before higher crude rates would be considered.
Tulsa, Okla., Gasoline Price Advanced Three Cents
a Gallon.
The Barnsdall Corporation advanced the retail prices of
its three grades of gasoline three cents a gallon in the Tulsa,
Okla., district on Oct. 17. E. B. Reeser, President of the
company, in announcing the change said that "this is an
indication of the changed attitude and improved outlook
for the oil industry as a whole."
Sr
Month.
Production.
Shiprnints.
1932.
1931.
1930.
1932.
1931.
9,589,088 10,384,451 11,518,273 9,087.000 10,787,289
8,994,242 9,486,327 10,898,535 8,546,100 9,515,725
9,998,250 10,282,727 11,920.282 9,949,300 10.362,346
10,480,750 9,252,503 10,724,045 11,004,200 8,585.690
10,648,480 9,514,909 10,918.419 11,260,000 9,048,694
10,578,631 0.181,369 11,361,233 10,313,300 8,561,200
9,550,781 9.913,192 11,624,070 8,394,200 9.401,400
9,429,832 9,795,887 11,378.274 8,123,600 9,274,100
8,802,687 9,412,329 11,310,770 8,087,300 9,420,000
Nine months
88,072,501 87,233,894 101,653,901 84,765,000 84,958,444
October
9,440,165 11,784,591
9,639.300
November
9,535,088 10,910,501
8.984,320
December
9,921,889 10,492,030
9,100.800
•
Total for year__
116.130.816 134.841.023
112.680.864
January
February
March
April
May
June
July
August
September
Two Subsidiaries of Standard Oil Co. of New Jersey
Oppose Crude Oil Price Advance.
The Carter Oil Co., Mid-Continent subsidiary of the Standare Oil Co. of New Jersey, has joined the Standard Oil Co.
of Indiana in opposition to an advance in crude oil prices,
it is learned from advices from Tulsa, Okla., to the "Wall
Street Journal" of Oct. 18. According to the advices, a
statement by the company said:
As our customers advise us that they cannot afford on current product
prices to pay increased prices for crude oil, we will until further notice continue our present price schedule.
Advices from Houston, Texas, to the same paper quoted
said that the Humble Oil & Refining Co., subsidiary of the
Standard Oil Co. of New Jersey, has posted a price of 98
cents a barrel for East Texas crude oil, retroactive to Oct. 1.
The advices also noted:
Humble's announcement followed posting on Oct. 15 by many major
and large independent purchasers, which set $1.10 as the price for East
Texas crude, an advance of 12 cents over their previous quotation.
Humble is one of the largest purchasers of East Texas oil. Heretofore
it has not set a formal price for its takings, but followed the price set by
other major companies.
In connection with the posting of 98 cents a barrel for
East Texas crude by the Humble Oil & Refining Co., W. S.
Farish, President of the company, said in part:
PrOSOR/ product prices do not justify purchasers in paying more for crude.
This price advance Is admittedly based on the hope that better product
prices and improved economic conditions generally will follow. Over the
period of five months since the last price advance in November, 1931, this
company has been unable to secure for products from its refineries and from
the operation of its transportation system to the refineries and profit on
the crude bought, transported and refined. At the present time It is buying more oil than it wants and it has endeavored persistently during recent
weeks to reduce its takings, but it has been unable to do so without working
a hardship on the producers whom it serves.
Producers cannot hope to command a higher price for crude oll as long
as the amount they offer for sale is greater than purchasers aro willing to
buy.
Gasoline Prices Increased by Standard Oil Co. of Ohio.
Effective Oct. 16 the Standard Oil Co. of Ohio increased
the price of all grades of gasoline throughout its territory
one-half cent a gallon. This change brings the prices to
113', 123' and 153' cents a gallon, plus 5 cents State and
Federal taxes. Officials of the company said that the increase follows the recent advances made in the general wholesale gasoline market, resulting from efforts now being made
in both Texas and Oklahoma to reduce the output of crude
oil.
Montana Attorney-General Rules State May Impose
Gasoline Tax on Such Fuel Sold to Federal Land
Bank.
Helena, Mont., advices Oct. 5 are taken from the "United
States Daily":
A State may impose a gasoline tax upon the sale of fuel to a
Federal Land
bank
although such fuel is used in automobiles owned by the bank
and
operated in connection with the bank's business, the Montana
AttorneyGeneral's office has advised the State Board of Equalization.
The tax affects the operation of the Government only
remotely, and can
not be considered as directly interfering with it, the opinion
said.
Cancellation Upheld of Naval Oil Leases
-United States
Supreme Court Denies Petition for Review of
Findings.
The Supreme Court of the United States on Oct. 10 denied
the petition of the Pan American Petroleum Co. for a review
of a decision by the Circuit Court of Appeals for the Ninth
Circuit (55 F.(2d) 753). which upheld the right of the Federal Government to cancel three leases in Naval Petroleum
Reserve No. 1, in California, held by petitioner. The
"United States Daily" of Oct. 11, reporting this, added:
The present writ of certiorari, No. 130, Pan
American Petroleum Co.
v. United States. Is the outgrowth of litigation which
followed the Investigation of the Teapot Dome and naval oil reserve
leases. The briefs filed in
the case that leases were executed or authorized
by the then Secretary of
Interior Fall, Thereafter Mr. Fall and the Secretary
of Navy executed
to petitioner a blanket lease of the then unleased land
in Reserve No. 1.
This was followed by a Senate investigation of
all leases in the petroleum
reserves and resluted In passage of a Senate resolution
ordering institution
of proceedings to set aside, among other
contracts, the blanket lease to
petitioner.
A suit to set aside the blanket lease because
of fraudulent conspiracy
between Mr. Fall and Edward L. Doheny. a former
stockholders In petitioner'. corporation, was successful and thereafter
petitioner withdrew its
defense that the transaction for the three leases
in the present suit was not
fraudulent.
Petitioner argued In its appeal to the Supreme
Court that the contracts
and leases and all that was done under them pursuant
to the conspiracy of
Mr. Fall and Mr. Dohenv were so interwoven as to
constitute a single
fraudulent transaction. It argued further that actions to recover
different
2736
tracts of land or parcels of th? same tract. where recovery is based upon the
same title or the same fraud, constitute but one action, and therefore the
present suit Is subject to the defense of split cause for action. The present
suit In equity. Petitioner contended, W0.1 based on the same evidence as was
used in the prior suit to cancel the olanket lease.
T. S. Hose Report on Petroleum Institute Finds Crisis
Past in Oil Industry, Leaving Way Open for Further Price Advances.
Crisis in the oil industry has been passed and indications
point to a gradual upturn in the price of all grades of crude
oil, according to the T. S. Hose weekly report on the petroleum situation. Mr. Hose says:
When the Texas Railroad Commission, In the face of seasonal decline
allowable of the
for gasoline and crude oil, a few weeks ago increased the
were
East Texas field from 43 to 50 barrels per day the major operators
measure to overcome.
confronted with a situation that called for heroic
They did not fold their hands and say it Is just too bad, what can we do but
the oil they
Immediately served notice that they would only pay for 50% of
storage
run from the various leases in this field, holding the other 50% in
and as withdrawn from
for the account of the operator, to be paid for when
storage
result that
This put an entirely different light on the picture, with the
State authorities.
several conferences were called by all concerned with the
and the oil industry
The result of these conferences are now being published
obstacles in its fight
has again met a crises squarely and again overcome
back to prosperity.
effective as
The announcement of the Texas Railroad Conunisslon that,
barrels per
of Oct. 15. the East Texas field would be held down to 335,000
announcement of the
day. or 40 barrels per well per day. was met with the
would increase
Sun 011 Co. that effective that day and upon that basis it
advance of 12 cents
the price of crude from 98 cents per barrel to $1.10, an
the other fields
Per barrel. The Railroad Commission also announced that
announcement
of the State of Texas would be slightly reduced and the Sun's
for crude from the Gulf Coast areas
stated that It would increase its price
10 cents per barrel.
Co.followed
The Consolidation Oil Co. and the Sinclair-Prairie Pipe Line
area, a
with a general 10 cents per barrel advance for the Mid-Continent
pipe line companies for the
forerunner of a general advance by all the major
other companies
Mid-Continent area which has long been expected. The
near future.
will in all prooability announce their increases in price in the
companies
Gratifying feature of the entire matter is the fact that the major
bring the price of oil up to the
have been able to continue in their efforts to
economic and otherwise,
cost of production and refusing to let conditions,
undo the good work they have been doing since July 1931.
squarely in
Executives at the head of the oil industry faced the situation
Imes without hue or cry, and
the depressing moments of 1931. took their
side of the
launched a progressive program to put themselves on the profit
ledger again.
The recent developments have removed all possibilities of the price
to
structure of the oil industry crumbling and will enable the operators
spring demand
continue at a profit during the winter months, and when the
that it will aid
for crude commences the industry will be in such condition
mate:ially in carrying other industrues back to prosperity with it.
Week of Slow Business in Non-Ferrous Metals Brings
Out Few Price Changes.
The sales volume for the week in major non-ferrous metals
was again disappointing, says "Metal and Mineral Markets"
in its issue of Oct. 20 1932, even though business, taken
as a whole, showed a little improvement over that of the
preceding seven-day period. Actual consumption of metals
has increased from the low point registered during the summer
months, according to those in close touch with the situation,
been
but the gains, from present indications, have not
speed up the movement of raw maimpressive enough to
terials in such a manner as to remove all doubt in regard to
of
the future trend of values. During the last week prices
copper, leo d nd zinc showed little change. Tin became
unsettled on the weakness in sterling exchange. With
speculative enthusiasm lacking, fluctuations in silver were
held within narrow limits. The publication adds:
Copper Quiet.
comparatively quiet
Both the domestic and foreign copper markets were
transacted on
throughout the last week. A small amount of business was
abroad that might arouse
both sides of the Atlantic, but any development
in this country
activity here was lacking, and,likewise, no action transpired
to encourage heavier trading in foreign circles.
Conn.,
Domestic producers maintained the price of the metal at 6.25c.,
at 6.10c., with delivery
One dealer Is reported to have offered 3,000,000 lb.
business
tonnage of
specified as the second quarter of next year. The total
-hands during the week, although of modest volume was,
booked by first
for the preceding seven-day period. Brass
nevertheless, about double that
began in the
interests state that the improvement in specifications that
then.
last week of August has continued unabated since
have been responsible
In the foreign market, the forces still exist that
action on the English tariff
for the unsettled conditions there, but with
in the near
proposal and a meeting of the leading international producers
is probable.
offing some improvement in the current chaotic situation
with the proposal
Owing to the swift action taken at Ottawa in connection
general opinion appears to be that the
for an English tariff on copper,
affirmative consideration at the present
tariff measure will receive prompt
session of Parliament.
5,091 long tons in
Stocks of copper in British warehouses increased
imposed on other
September. In anticipation of tariff of 2d. a pound being
in Ottawa, some foreign
as recommended
than British Empire copper,
and storing it. So far
producers have been shipping metal to England
large, the increase of warehouse stocks durint,
the amount has not been
only 7.530 tons. British consumption has
the last two months being
month so far thLs year.
averaged about 10,000 tons a
between the c.i.f. price, usual EuroBeginning with Oct. 13 the spread
f.o.b. refinery export quotation of "Metal and
pean destinations, and the
points instead of 35 Points.
Mineral Markets" will be 30
Oct. 22 1932
Financial Chronicle
Interest in Lead Improves.
Demand for lead showed moderate improvement over that for the
preceding week, and the undertone at the close appeared to be fairly steady.
The sales volume, though below the average, seemed to be sufficient to
remove the selling pressure. Corroders were the principal buyers, and
November metal figured largely in the sales for the period. October lead
met with a limited call, and producers feel that consumers are fairly well
covered so far as the current month is concerned.
American Smelting & Refining maintained its contract basis at 3c.,
New York, throughout the week. The leading factor in the Middle West
restricted his offerings on the 3c. basis on Eastern business, and on Tuesday
and yesterday was able to obtain a slight premium on part of the business
booked. The St. Louis market on three days in the last week showed some
variation in prices, business on more than one occasion passing as high as
2.95c.
September statistics were favorable, showing another reduction in stocks
of refined metal. Shipments to consumers were lower than in August,
yet a little above the average for the first nine months of the year. United
States refined lead shipments during the first nine months of the year
totaled 231,581 tons, against 429,949 tons in the same period last year,
and 637,384 tons in the January-September period in 1930.
Price of Steel Rails Cut from $43 to $40 a Ton by U. S.
Steel and Other Companies—Action Announced
Following Conference with Railroad Executives.
The United States Steel Corporation, through its subsidiary, the Carnegie Steel Co. announced on Oct. 20 the
first reduction in the price of steel rails since October, 1922,
cutting the quotation $3 a ton,from $43 to $40. The action
was immediately followed by steel companies in the Chicago
district, and a statement by E. G. Grace, President of the
Bethlehem Steel Corporation, said that his company will do
likewise. The New York "Journal of Commerce" of Oct. 21
in reporting this also said:
Rat's were the only major steel product which had not come down in Prim
over the past two years. The reduction followed by only 24 hours a conference between Myron C. Taylor, Chairmar, of the Board of the United
States Steel Corporation, and a number of Presidents of leading railroad
companies.
Wine no official statement was issued, it was widely reported that the
railroads promised rail business in considerable volume if the price were
reduced. According to the reports, the railroad men stated that they would
do all in their power to stretch the useful life of the present trackage if the
price of new rails were not adjusted.
Dividend Outlook.
Financial observers were yesterday of the opinion that the orders for rails
might have a direct bearing on the dividend action of the steel corporation
next Tuesday. While Mr. Taylor issued a definitely worded warning in
July that future preferred dividends would depend on earnings and business
conditions, it was felt in some quarters that this eleventh hour improvement
might result in another regular payment of 81.75 on the preferred stock.
The earnings derived from any rail business will not, of course, be reflected
until the statement for the final three months of this year is released. It
is probable that the business will be spread in order to keep the mills of the
steel company busy for several months and that not all of the revenues will
come in this year.
Rail business has been typical of the activity of the steel Industry this year.
The smallness of the orders has, however, been partly the result of the financial difficulties of the railroads, most of which find themselves with heavy
deficits caused by top-heavy financial structures. Rail buying at the present
time is made possible through the use of the facilities of the Reconstruction
Finance Corporation. Rail orders this year are estimated in trade quarters
at less than 150,000 tons, or only about 15% of the business of 1931, which,
in turn, was below the business of average years.
Price Record.
Prices for rails fluctuated more before 1922 than since. The top was $57
a ton for open hearth steel in 1918, a differential of $2 over Bessemer steel.
Now a flat price is charged for either type. Prices trended lower after that to
$40 a ton in 1921. when they were set at M.the price until yesterday.
There are only eight important makers of steel rails in the country. It Is
a specialized product and one which requires heavy equipment. The leaders
among rail makers are the United States Steel Corp., Bethlehem Steel Corp.,
Inland Steel Co. National Steel Corp., with a new plant, and the Colorado Fuel & Iron Co.
The following from Chicago Oct. 20 is from the New York
"Tim'':
s
mmpanies to-day announced a price of $40 a ton for standard steel
rails and thereby took a step that may mean an immediate substantial increase In the rate of steel operations and the employment of many thousands
of men.
The new price represents a reduction of $3 a ton and is the first change
in the price of rails since 1922. During this decade of unaltered rail prices
the prices of almost all other steel products have declined substantially.
For some time it has been understood that steel companies would lower
their prices for rails if they were assured that by so doing they would obtain
large orders. To-day's action, therefore, was interpreted in trade circles as
meaning that substantial orders were on the way.
Speeding up of activity in the steel industry will mean a great deal to
Chicago, inasmuch as this city is the largest single rail producing centre
in the United States. The Illinois Steel Co., United States Steel subsidiary,
and the Inland Steel Co. are both large producers.
Illinois Steel has a mill which produces nothing but rails. This plant has
been practically idle all Summer. Inland Steel Co. has produced very few
rails for months. Philip Block, President of the Inland Steel Co., to night
said:
"Inland Steel Co.. of course, will put into effect the $40 price announced
by Eastern steel companies. If. as we hope, the lower price will result in a
good pickup in orders for rails employment will be considerably improved.
Pig iron will have to be produced, ovens started, and steel made before the
rails themselves are actually rolled."
•
Other American steel companies have followed the action
of the United States Steel Corporation in reducing the price
of rails. From Birmingham, Ala., Oct. 20, Associated Press
advices said:
Volume 135
Financial Chronicle
The Tennessee Coal, Iron and Railroad Co., subsidiary of the United
States Steel, to-day announced a reduction from $43 to $40 a ton on standard
steel rails.
Pittsburgh Steel Scrap Cut to $9.60 Ton.
From the New York "Evening Post" of last night (Oct. 21)
we take the following:
Although there has been a widening in the range of heavy melting steel
scrap at Pittsburgh, resulting in a mark-down of the most representative
level to $9.50 a ton from $9.75. the country's principal scrap markets as a
whole have held fair and steady.
At Pittsburgh the l'ennsylvania Railroad's list contained 1.000 tons of
heavy melting steel and it is reported there that more than $10 a ton was
paid for delivery to an Ohio River steel maker.
The offsetting factor was that dealers were able to cover commitments
at $9 to $9.25 without much difficulty. The United States Steel Corp.
subsidiary did not make its expected purchase during the week, which, of
course, had a softening effect on the market.
At Chicago several steel mills have been taking shipments at a much
better rate, in line with increased steel production, and the situation seems
improved. The official price is unchanged at $6, dealers offering $5.75 to
$6 to cover commitments.
The Philadelphia market is quiet, as are the Cincinnati and Buffalo
markets, though some easiness is reported at Boston.
British Steel Duty Extended Two Years.
The following (United Press) from London Oct. 21 is from
the New York "Sun" of last night:
The existing duty of 33 1-3% on iron and steel was ordered extended
for two years from Oct. 25 by the Treasury to-day.
The weekly "Economist", in a comprehensive survey,computed that after
the Ottawa trade agreements are made effective, 79.5% of United States
exports to Britain will be subject to duty, compared to only 29.5% In 1930.
Steel Output Slightly Higher-Now Estimated at 193/2%
of Capacity-Price of Steel Scrap Weakens.
Still lacking conspicuous support from the major consuming industries-the railroads, building construction and the
automobile manufacturers-the steel industry is holding
the minor gains of recent weeks, but is now inclined to the
belief that it may mark time until the elections are out of
the way, announces the "Iron Age" of Oct. 20.
Ingot production for the entire country, according to the
"Age," is estimated at 19
for the current week, against
19% last week. The Wheeling district, at about 35%, is
the most active, but small increases have occurred at Chicago
and Pittsburgh, while other sections are holding their own,
excepting Birmingham, where a reduction from 33% to 25%
has occurred.
In some departments of the industry there are gains, and
in others losses. Tin plate production, now averaging 45%
is outstanding. Bar mills are also attaining better schedules,
but operations of sheet and wire mills have declined, adds
the "Age," further stating:
The automobile industry, though still proceeding slowly in work on
new models, has released some orders for Initial assemblies, small lots having
been bought for the Chevrolet. Plymouth, Pontiac and Willys-Overland
programs. Selling prices of new offerings, particularly in the light car
field, will be lower, a move which may bring added pressure from the
automobile makers against prices for materials.
Delays in making commitments for steel are noticeable among the railroads, even those that have received loans from the Reconstruction Finance
Corporation. The Pennsylvania has ordered a small amount of steel to
begin work on the 1.285 cars It will build in Its own shops, and the Reading
has brought its steel orders up to a total of 2.000 tons for a repair prokram.
The Norfolk & Western has placed 4.500 tons of rails and 2,000 tons of track
accessories. Other railroad orders are of minor importance. The Reconstruction Finance Corporation has granted a loan of $3,000.000 to the
Baltimore & Ohio. which is expected to buy steel soon for the repair of
2.500 freight cars and 165 locomotives and the building of 820 gondola cars,
but part of the material for the new cars was assembled some time ago.
Lettings of steel for building construction are not noticeably increasing
in volume this month, but inquiries are heavier, forecasting improvement
later on. Now bids have been taken on part of the steel required for the
Golden Gate bridge at San Francisco. The main superstructure, calling
for 75.000 tons, was awarded to the McClIntic-Marshall Corp a year ago,
but in addition to this the bridge will take 24.890 tons of steel cables,
10.700 tons of structural shapes for approach spans and miscellaneous work
and 6,000 tone of reinforcing bars, a total of 116.500 tons. R. F. C. loans
to a number of municipalities have resulted in Inquiries for cast iron pipe.
In general, however, the iron and steel industry cannot look for much
-financed projects, excepting railroad work, for several
aid from Government
months. The bulk of current business is in miscellaneous small lots from
diversified Industries,
widely
Adoption oI preferential tariffs by Canada will naturally offer an opportunity for largely increased sales of British steel in the Dominion and
consequently place American mills at a disadvantage, but the ability of
Canadian consumers to obtain prompt deliveries from this side and the fact
that Canadian manufacturing and construction practices coincide so closely
with our own are counted upon to mitigate the lasses. Last year's exports of
iron and steel to Canada from the United States totaled 420.946 tons,
Including 68,210 tons of scrap, and were 42.4% of the total American iron
and steel exports. Structural shapes constituted the largest single item
in Canadian purchases of our steel last year, having totaled 78.381 tons,
Scrap markets have more definitely weakened, a decline In heavy melting
steel at Pittsburgh having brought down the "Iron Age" composite price
$7.58. thus erasing all of the gain that had been made
for this grade to
September,
since the first week of
Prices of pig Iron and finished steel remain fairly steady, although makers
not fully established the advances that became effective at
of sheets have
the month, particularly on No. 24 hot-rolled annealed
the beginning of
some mills are still selling at last month's quotation of 2.10c.
sheets, which
a lb., Pittsburgh. The "Iron Age" composite prices of pig iron and finished
steel are unchanged.
2737
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Oct. 18 1932, 1.977c. a Lb.
Based on steel bars, beams, tank plates,
One week ago
1.977c.
wire, rails, black pipe and sheets.
One month ago
1.965c. Tliee products make 85% of the
One year ago
2.014c. United States output.
High.
Low.
193
,
1.977c. Oct. 4
1.926c. Feb. 2
1931
2.037e. Jan, 13
1.945c. Dec. 29
1930
2.273c. Jan. 7
2.014c. Dec. 9
1929
2.317c, Apr. 2
2.283c. Oct. 29
1928
2.286c. Dec. 11
2.2170. July 17
2 402e, Jan. 4
1927
2.212c. Nov. 1
Pig Iron.
Oct. 18 1932, $13.64 a Gross Ton.
Based on average of basic iron at Valley
One week ago
$13.64 furnace foundry irons at Chicago
One month ago
13.64
Philadelphia, Buffalo, Valley and BirOne year ago
15.17
mingham.
High.
Low.
1932
114.81 Jan. 5
$13.64 Aug. 16
1931
15.00 Jan. 6
15.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
19.71 Jan. 4
1927
17.54 Nov. 1
Steel Scrap.
Oct. 18 1932, 57.58 a Gross Ton.
Based on No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia
One week ago
$7.67
One month ago
7.7
, and Chicago.
8.75
One year ago
Low.
High.
16.42 July 5
1932
58.50 Jan. 12
7.62 Dec. 29
1931
11.33 Jan. 6
11.25 Dec. 9
1930
15.00 Feb. 18
1929
14.08 Dec. 8
17.58 Jan. 29
13.08 July 2
1928
16.50 Dec. 31
13.08 Nov. 22
1927
15.25 Jan. 11
Steel production advanced half a point to 19
in the
week ended Oct. 15, but the rising curve which has put the
steel rate up six points in six weeks appears to be flattening
out, stated "Steel" of Cleveland on Oct. 17, which further
went on to say:
For the substantial market improvement since Sept. 1,small and moderate
size consumers are almost entirely responsible. It is becoming evident,
however, that demand from this class can do little more than maintain
Itself in the immediate future, and any further substantial improvement
must originate with tonnage buyers.
Because automobPe manufacturers have become ultra-conservative, their
assistance the remainder of the year will be subnormal. Building steel
requirements continue bright, and by November may put actual orders on
mill books, but this week bookings again are below the average. The
railroads loom as the best customers for steel.
This week for the first time the Imminence of the National election is
casting a shadow on the market for iron and steel. Even small buyers are
more cautious in their commitments, and in the East some fears are expressed over a passible lowering of a tariff wall which is proving inadequate
to prevent a harmful inflow of foreign steel.
Momentarily the Pennsylvania railroad is expected to allocate about
15.000 tons of plates for the 1.285 freight cars it will build with Reconstruction Finance Corporation assistance. The Reading. which has bought
1.500 tons for cars, has 2.200 tons more to place. Inter-State Commerce
Commission approval of an Reconstruction Finance Corporation loan to the
Baltimore & Ohio will release material for repairing 165 locomotives and
2.500 freight cars and building 820 gondolas-about 20.500 tons.
Over the next 60 days substantial orders for rails-considering the times
may be matured by Federal funds. One Pittsburgh district rail mill expects
to operate for two periods by the end of the year; the Norfolk & Western
award of 5,000 tons of rails, expected this week, may be the signal for resumption.
Leading, in point of steel requirements, all projects financed by the
Reconstruction Finance Corporation is the San Francisco-Oakland bridge.
for which 170.000 tons of structurals and cable and 20.000 tons of reinforcing bars will be purchased. This tonnage, however, probably will not
be rolled this year. Last week's structural awards totaled only 6,412 tons,
lowest In many weeks.
Sheet mills have been slightly more active, partially due to the Oct. 15
deadline on specifications against lower-priced third quarter contracts.
On galvanized sheets the market seems better established at 2.85c.. Pittoburgh, but on other grades concessions have not been entirely eliminated.
Tin plate mills expanded five points. to 45%. at Pittsburgh last week.
Scrap still is In a period of recuperation following its rapid rise, and
railroads have withdrawn some offerings on account of dissatisfaction with
quotations. The market level as a whole, however, is unchanged, and the
scrap composite of "Steel" stands at $6.96, compared with $5.96 in the
last half of July. when the rise began.
Pig iron is being taken in by more foundries, in some measure In anticipation of a heavier melt. Shipments in the Lake region are running coosiderably ahead of September. At Chicago, covering into the first half of
1933 is reported. Pig iron prices are steady except for basic In eastern
Pennsylvania, which is 25 cents easier on the strength of a purchase of
20.000 tons.
Strength displayed by galvanized sheets more than offsets this softness
In pig Iron and puts the iron and steel composite of "Steel" up 3 cents this
week to $29.33. Sheets also have lifted the finished steel composite 10 cents
to $47.70.
Steel ingot production for the week e-ded Monday
(Oct. 17) is placed at nearly 20% of theoretical capacity,
according to the "Wall Street Journal" of Oct. 18, which
further reports:
This compares with 1934% in the preceding week, and better than
1714% two weeks ago. U. S. Steel is credited with a rate of 1934%,
against a little over 19% in the week before and 18% two weeks ago,
Independent steel companies are at 20%. compared with better than
1954% In the previous week and a shade over 17% two weeks ago.
In the corresponding week last year there were decreases of more than
1%. with the Industry at a fraction under 28%, U. S. Steel slightly below
31% and independents around 2634%.
Increases Reported by Philadelphia Federal Reserve
Bank in Employment and Wage Payments in
Pennsylvania Anthracite Collieries from August
to September.
Both employment and wage payments in the anthracite
industry showed an increase of almost 14% from August to
2738
Financial Chronicle
September, according to reports furnished the Anthracite
Bureau of Information by 153 collieries, employing over
76,000 workers, receiving a weekly payroll of nearly $2,000,000, and released by the Federal Reserve Bank of Philadelphia.
The employment index in September was 54.4% and the
payroll index 39.4% of the 1923-1925 average. Comparative indexes for the past three years follow:
1923-1925 A verag
100.
Employment.
Wage Payments.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
1031.
1932.
1930.
1931.
1932.
105.6
107.8
83.3
84.8
92.3
89.5
90.3
81.7
91.9
06.2
94.7
96.5
88.3
87.1
79.9
82.9
78.3
74.2
63.4
65.5
77.8
84.4
81.2
74.2
69.3
71.7
68.1
65.1
91.0
102.4
66.2
63.2
84.8
78.3
71.8
67.3
77.3
101.1
82.2
84.1
75.0
85.5
59.6
63.1
63.9
55.9
45.0
47.2
54.4
76.3
66.6
65.6
51.5
48.0
51.3
60.4
48.6
31.4
29.0
31.6
51.5
43.2
47.8
51.4
77.7
39.4
Production of Bituminous Coal Exceeds 7,000,000 Tons
-Anthracite Output Lower.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended Oct.8 1932 a total of 7,255,000 net tons of bituminous
coal and 1,188,000 tons of anthracite as compared with
6,790,000 tons of bituminous coal and 1,392,000 tons of
anthracite during the preceding week and 7,848,000 tons of
bituminous coal and 1,290,000 tons of anthracite during the
corresponding period last year.
During the calendar year to Oct. 8 1932 production of
bituminous coal amounted to 219,214,000 net tons as against
291,867,000 tons during the calendar year to Oct. 10 1931,
while anthracite output was reported at 36,180,000 net tons
as compared with 46,127,000 tons during the corresponding
period last year. The Bureau reports as follows:
Production of bituminous coal crossed the seven-million-ton mark during
the week ended Oct. 8 1932. the first time for any week since the end of
March. Total output. Including lignite and coal coked at the minim. is
estimated at 7,255,000 net tons. Compared with the preceding week,
this shows an increase of 465.000 tons, or 6.8%. Production during the
corresponding week in 1931 amounted to 7,848.000 tons.
Anthracite production during the week ended Oct. 8 1932 is estimated at
1.188.000 net tons. Compared with the preceding week, this shows a
decrease of 204,000 tons. or 14.7%. Hard coal production has for several
weeks closely approximated the 1931 figures. The cumulative output during 1932 to date, however. Is less by nearly ten million tons than in 1931.
Total production of beehive coke during the week ended Oct. 8 1932 is
estimated at 11.000 tons. This compares with 12.900 tons during the preced ng week,and 21,900 tons produced in the corresponding week of 1931.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week Ended
-
Oct. 1
Sept. 24
Oct. 3
1932.
Slam
1932.
1031.
Oct. 4
1930.
September
1923
Arerage.a
288.000
406.000
183.000
163.000
211.000
Alabama
121.000
96.000
82.000
95.000
Arkansas and Oklahoma
57,000
204.000
140.000
214.000
113.000
151.000
Colorado
918.000 1,128,000 1,587.000
637.000
584,000
Illinois
341.000
550 000
229.000
257.000
268.000
Indiana
117.000
85.000
75.000
76.000
65.000
Iowa
131.000
168.000
108,000
122.000
110.000
Kansas and Missouri
812.000
713.000
679.000
584.000
687.000
Kentucky-Eastern
248.000
213.000
197.000
209.000
182.000
Western
42.000
40 000
35.000
25.000
22.000
Maryland
27.000
15.000
10.000
Michigan
9.000
6.000
68.000
75.000
37.000
50.000
Montana
34.000
56.000
35.000
25 000
19.000
26.000
New Mexico
49.000
27.000
45.1)00
28.000
30.0110
North Dakota
464.000
861.000
3014.000
286 000
430.000
Ohio
Pennsylvania (bituminous) 1,573.000 1,530.000 1,859.001) 2.922.000 3,585.000
100.000
119.000
62.000
Tennessee
61,000
82.000
26.000
13.000
17.000
Texas
14.01)0
23.000
112.000
103 000
61.000
91.000
Utah
65.000
189.000
245 000
Virginia
206.000
188.000
199.000
58.000
Washington
29.000
27,000
38,000
55.000
West Virginla-South'n b_ 1,533.000 1,443.000 1,708,000 1,793.000 1,474.000
857.000
582.000
Northern_ c
398.000
409.000
437.000
165.000
102.000
130.000
102.000
Wyoming
127.000
4.000
2.000
3.000
2.000
1.000
Other States
Total bituminous coal
Pennsylvania anthracite
6,790.000 6,325.000 7.860.000 9.423.000 11,814.000
1.392.000
714.000
980.000 1,208,000 1,528.000
Total all coal
8.182.000 7.305.000 9.128.000 10.951.600 12.528,000
weekly rate for the en ire month. b Includes operations on the
O.; Virginian; K. & M., and B. C.& G. c Rest of State, including
N. th w.: C. &
a
Average
Panhanale.
Oct. 22
1932
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
Oct. 8
1932.c
Oct. 1
1932.0
Calendar Year to bate
Oct. 10
1931.
1932.
1931.
1929.
Baum. coal a_ 7,255,000 6.790.000 7,848,000 219,214,000 291.867.000 404.477.000
Daily aver.. 1.209.000 1,132,000 1.308.000
920.000 1.223.000 1.694,000
Pa. anthra b._ 1.188.000 1.392.000 1.290.000 36.180.000 46,127.000 55.292.000
Daily aver__ 198.000 232.000 215,000
153.000
195.000
233,800
Beehive coke._
11.000
12.900
21.900
540.300 1,013.400 5.315.600
Daily aver__
1,833
2.150
3
2.242
'
a Includes lignite, coal made into coke, local sales and colliery fuel. b
Includes
Sullivan County, washery and dredge coal, local sales and colliery fuel.
c Subject
to revision. d Revised.
WEEKLY DISTRIBUTION STATISTICS.
Week Ended
Year to Date
Oct. 8
1932.
Oct. 1
1932.
Oct. 10
1931.
140.290 3,901,343 5.209.232 7.138.885
26,070
732,270
933,794 1,146,924
1932.
1931.
1929.
Car loadings. f.o.b.
mines, cars a
115 r'ds
Anthracite, 9 rds
Lake loadings, net
tons b
'Mum.. cargo_ _
Bit., vessel fuel_
129,196
24,054
120.969
28,182
918,844
24.529
866,591 1,088.581 17,169.683 24,392,156 30.687.329
22,804
30,081
427.430
798.978 1,197.293
Bitum. total_
Anthracite total__
943,373
14,998
889,395 1,118.662 17,597.113 25.191,134 31,884.622
36,402
7,413
225.010
603.507 1.107,987
loadings, net
net tons c
Foreign cargo__
Foreign bunker_
New Eng. cargo
New Eng.hunke
Other coast wise_
Inside Capes...
6,251
'7.6134
176.378
3.339
88.966
4.642
8.007
5,171
222,181
5.477
71.364
3.680
29,513
278.740 1.085.584 1.593.341
25.225
401.001
700.223 1.323.627
258.052 7,574.210 9.0:12.440 9.894.980
5,463
173,569
209.406
272.872
123.514 4.000.474 4,675.118 3.946 647
5.094
186,135
196.192
180.302
Total loading
287.240
315,880
446.861 12,614.138 15.899,053 17.211,769
New England rail
cars a
Bituminous
Not yet
Anthracite
available
1,586
2.170
Hampton Roads
01.732
02,595
65.1178
84.887
64.0:16
90.585
Rs nig
in, 97%
a Courtesy of American Railway Association. Figures o loadings
f.o.b. mines
Include railroad fue for comp my use and therefore
differ from the
of car loadings of revenue freight often (tooted by the carriers. famill .r statistics
b ore & Coal Exchange. c C. & 0.; N. & W.; and Virginian railroads. d
Week of Oct. 3 1931.
Accumulations also to corresponding dates.
California Court Declares Produce Dealers' Act Valid
-Decision Makes Bondsman Liable for Growers'
Claims Against Defunct Fruit Corporation.
Sacramento advices, Sept. 28, to the "United States Daily"
said:
A decision upholding the constitutionality of the State
Produce Dealers'
Act and affecting the payment to California growers of
claims arising out
of the sale or consignment of their product has just been
handed down by
the District Court of Appeals in San Francisco.
The case is that of Dudley Moulton as Director of the
State Department
of Agriculture against the Williams Fruit Corporation of
San Francisco,
now defunct, and the American Surety Co. of New York,
bondsmen of the
corporation.
Guaranteed $15 a Ton.
Williams Fruit Corporation accepted from various
growers consignments
of grapes, affixing a guarantee of $15 a ton. The
corporation became insohent, leaving many growers in the position of being
consignment creditors.
The total of the claims of growers amounted to $5,225.21,
slightly in excess
of the bond. The bonding company refused to make
payment after demand
had been made by the Director of Agriculture through
C. J. Carey, Chief
1ivisth e t Jtituted t I
) io
w
of Suitthe . n noinsla rket EI,
h '.
m e ht
t ie
Attorney•Gleneral's offize, and judgment for the plaintiff was obtained in the Superior
Court in San Francisco.
The defendants prosecuted an appeal on the ground
that the affixing of a
guaranteed price changed the transaction from a
consignment to a sole and
thereby took the negotiations out of the jurisdiction of
the Produce Dealers'
Act. The company also attacked the constitutionality
of the law.
Appellate Court Judges Sturtevant, Nourse and
Spence concurred In a
decision which not only sustained the constitutionality
of the law, but
affirmed the holding of the trial court that if the
transaction started as a
consignment, and was a consignment in fact, the mere
teed price would not change the basic nature of the affixing of a guaran•
deal.
Department Is Pleased.
"The decision is most gratifying to the Department
of Agriculture and to
the growers of the State," Mr. Carey stated orally.
"While this law hns
been on the statute books for five years, and although
the legislators who
framed it, the farmers of the State who demanded
its passage, and the
Division of Market Enforcement, which hog put Into
effect the regulations,
have always believed that the law was above any
attack, this far-reaching decision establishes and reasonable constitutional
sustains the statute once
and for all.
"The decision should thoroughly discourage
agencies hostile to State
regulation of agricultural activities in general and
marketing is particular.
Similar suits involving many thousands of dollars
in claims were awaiting
this decision."
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ending Oct. 19, as reported
by the Federal Reserve banks, was $2,235,000,000, practically the same as the preceding week and $43,000,000
below the corresponding week in 1931. After noting these
facts, the Federal Reserve Board proceeds as follows:
On Oct. 19 total reserve bank credit amounted
to 82.219.000.000. a decrease of 515.000.000 for the week. This
decrease corresponds with decreases of $30,000,000 in money In circulation
anti 515.000.000 in unexpended capital funds, non-member deposits,
Are., and increases of $19.000.000 In monetary gold stock and 330.000.000
In Treasury currency, adjusted, offset in part by an increase of$80.000.000
In member bank reserve
balances.
Holdings of discounted hills decreased $6.000.000
at the Federal Ili
-serve
Bank of San Francisco, and 514.000,000 at all
Federal new,. banks.
The System's holdings of Treasury certificates
and bills increased $38.
Financial Chronicle
Volume 135
000.000, while holdings of United States Treasury notes decreased by the
same amount.
—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 Oct. 18, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 2789 and 2790.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ending
Oct. 19 1932, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+1 or Decrease (—)
Since
Oct. 19 1932, Oct. 12 1932. Oct. 21 1931.
$
314,000.000 —14,000.000 —384.000.000
34,000.000
+1,000,000 —735.000.000
1,851.000.000
+1,124.000.000
21,000,000
—1,000.000
—23,0011,000
TOTAL RES'VE BANK CREDIT-2,219.000.000 —15,000,000
Monetary gold stock
4 227.000,000 +19,000,000
Treasury currency adjusted
1,898.000,000 +30.000,000
Money In circulation
Member bank reserve balances
5,621.000.000 —30.000,000
Unexpended capital funds, non-mem-2,326.000,000 +80.000,000
398,000.000 —15,000,000
her deposits, &c
—19,000.000
—110,000.000
+124,000,000
+116.010.000
+50.000.000
—171.000,000
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' loan of reporting member
banks. The grand aggregate of brokers' loans the present
week remains unchanged, the total of these loans on Oct. 18
1932 standing at $433,000,000, as compared with $331,000,000 on July 27 1932, the low record for all time since
these loans have been first compiled in 1917. Loans "for
own account" increased from $410,000,000 to $411,000,000,
while loans "for account of out-of-town banks" decreased
from $17,000,000 to $16,000,000, but loans "for account of
others" remain unchanged at $6,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
CENTRAL
RESERVE CITIES.
New York.
rows and investments—total
Loans—total
On securities
All other
Investments—total
r-
u. B. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash invault
Oct. 19 1932. Oct. 12 1932. Oct. 21 1931.
6 989,000.000 6,906.000.000 7,351.000.000
3,475,000.000 3,450,000.000 4,540,000.000
1,653,000,000 1,654,000,000 2.300,000.000
1,822.000,000 1,796.000,000 2,240,000,000
3,514.000,000 3.456,000.000 2,811,000.000
2.469,000,000 2,422,000,000 1,739,000,000
1 045,000,000 1,034.000,000 1.072.000,000
059,000,000 913.000.000 839,000.000
36,000,000
39,000.000
61,000.000
Net demand deposits
Time deposits
Government deposits
5 40(1.000,000 5,365.000,000 5,529.0'0.000
887.000.000 867.000.000 957.0.10,000
265,000,000 246.000,000
57.000,000
Due from banks
Due to banks
81,000,000
83,000,000
1 389,000,000 1.371,000,000
Borrowings from Federal Reserve Bank.
70, 00.000
Loons on secur. to brokers & dealers;
For own account
411,000,000
For account of out-of-town banks
16.000.000
6,000,000
For account of others
Total
OM demand
on time
Loans and investments—total
Lo505—total
On securities
All other
Investments—total
J. s. Government securities
Other securities
76,0,0.000
978,10,000
433,000.000
410.000,000
17.000.000
6,000.000
603.000.000
102.000.000
179,000,000
433.000,000
884,000,000
281.000,000 285.000.000 614,000.000
152,000,000 148,000,000 270,000,000
Chicago.
1,235,000,000 1.214,000,000 1,693,000,000
745.0e0,000
751,000,000 1,154.000.000
425,000,000
320,000,000
435,000,000
316,000,000
490.000,000
463,000,000
539,000.000
283,000,000' 259,000,000
207,000,000 ,i, 204,000,000
317.000,000
222,000,000
662.000.000
492,000.000
2739
Oct. 19 1932. Oct. 12 1932. Oct. 211931,
Reserve with Federal Reserve Bank__ 261,000.000
Cash in vault
17.000,000
256,000,000
18,000.000
Net demand deposits
'rime deposits
Government deposits
879,000.000
319.000.000
34,000.000
857,000.000 1,111,000,000
323.000,(00 464.000.000
30.000.000
6,000,000
Due from banks
Due to banks
216,000.000
302,000,000
237.000,000
297,000,000
98,000,000
244,000,000
4,000,000
5,000,000
Borrowings from Federal Reserve Bank_
162.000.000
15.000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York
and Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Oct. 12:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Oct. 12 shows increases for the week of
399.000.000 in total loans and investments, $101.000.000 in net demand
deposits and $16,000.000 in time deposits, and decreases of 543,000.000
in Government deposits and $29.000.000 in reserve balances with Federal
Reserve banks. Borrowings of weekly reporting member banks from
Federal Reserve banks remained unchanged.
Loans on securities declined $16.000.000 at reporting member banks in
the New York district and $14.000.000 at all reporting member banks,
and increased $6.000.000 in the Boston district. "All other" loans increased
$39.000,000 in the New York district and $11.000.000 at all reporting member banks, and declined $9,000.000 In the San Francisco district, $7,000.000
in the Chicago district and $6,0130.000 in the Boston district.
Holdings of United States Government securities increased 271,000,000
In the New York district and $61,000,000 at all reporting member banks,
and declined $7.000,000 in the Chicago district. Holdings of other securities increased 530.000.000 In the New York district, $6,000.000 in the
Chicago district and $41.000,000 at all reporting banks.
A summary of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the year ending Oct.12
1932, follows:
Increase(+)OF Decrease(—)
Since
Oct. 12 1932.
Oct. 5 1932.
Oct. 14 1931.
$
Loans and investments—total__18.981.000,000
+99.000.000 —2.520.000.000
Loans—total
On securities
All other
Investments—total
10.634.000,000
—3.000.000 —3.046.000,000
4.467.000.000
6,167,000,000
—14,009.000 —1 534.000.000
+11.000.000 —1.512,000,000
8,347,000,000
+102,000,000
+526,000,000
U.S. Government securities—. 5,064,000.000
Other securities
3,283,000,000
+61.000.000
+41.000.000
+864.000.000
—338.000,000
—29.000,000
+10,000,000
+119.000.000
—71,000,000
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
1,799.000.000
207.000.000
11,309.000,000
5,660.000.000
550,000,000
1.570,000,000
3,189,000,000
107.000.000
+101.000.000 —1.278,000.000
+16.003.000 —876000.000
—43,000,000 +268.000,000
+31,000,000
—9,000,000
+415.000.000
+402,000,000
—307.000,000
Slump in Pound Sterling Bewilders London—Causes
Not Known, but New Low Levels for Sterling Are
Expected.
The following from London Oct. 19 is from the New York
"Times":
The pound sterling, which closed yesterday at $3.41, took a spectacular
drop to $3.35 this morning, but with a resumption of official
support it
managed to close at $3.39 St. The early figure was the lowest since January.
Exchange dealers were flooded with business and had a hectic day
trying
to cope with the wide fluctuations in the rate. The forward
exchange
market became almost as demoralized as in the days Just following
Great
Britain's suspension of the gold standard. The
general impression was
that the French were the heaviest sellers of sterling, although pressure
came
from many sources on the Continent.
While Government newspapers minimize the decline as unimportant,
there is much anxious bewilderment in financial circles over the
causes
of the drop of the sterling In the last two days. The volume of
speculative
activity has been small and there have been few signs of short selling.
In some quarters the fall is attributed to a combination of seasonal factors
plus various unlikely rumors that the Government Is tuying
dollars to
cover the December payment on the war debt. It is suggested. too,
that
Premier MacDonald's speech on Monday and the demonstrations of the
unemployed here may have had a psychological effect.
The general feeling in the market is that the decline will go hmther in
the next two months, although the authorities may he able to hold
sterling
at ite present level a while. An attempt was made to-day to
maintain
the official peg at 23.3914. but it proved to be too expensive and
the authorities let the exchange drift unchecked to $3.35. The slump had
an adverse
effect on British Government stocks, but gold shares boomed
when the
price of the metal went well above e6 a fine ounce.
Widespread bewilderment here over sterling's behavior
will be reflected
In to-morrow's "Financial Times" which will
say there is no Intrinsic
weakness In the pound to account for the decline.
It suggests that extraneous
factors are responsible, chief of which is the
continued existence of big
boating balances held by foreigners In the principal
monetary centres.
They are liable to be transferred at the first
hint of uneasiness." says
this leading financial paper. "Bitter
experience of the damage that their
movement can cause prompts the intention
to bring before the world
economic conference the question of the
best method of dealing with them.
Financial Chronicle
2740
Meanwhile, such as remain are still Capable of causing disturbance and it
'would seem some of them are being repatriated in view of the emergence
of the renewed differences of opinion among the powers, although others
in this era 01 low interest rates are seeking a centre where they may find
the most remunerative employment."
Gold and Silver Imported Into and Exported from the
United States by Countries in September 1932.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during September
1932. The gold exports were only $59,952, of which $50,000
went to France; $8,522 to Canada, and $1,430 to Switzerland. The imports footed up to $27,957,250, of which
$.5,868,247 came from the United Kingdom; $5,542,700
from Netherlands; $3,912,032 from Canada; $2,893,244 from
China; $2,854,575 from British India; $2,842,894 from
Mexico, and $1,311,830 from Hong Kong. Below is the
report:
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO T HE
STATES BY COUNTRIES.
SILVER.
GOLD.
Total.
Exports.
Dollars.
CountriesFrance
50,000
Germany
Netherlands
Norway
1.430
Switzerland
United Kingdom_
Canada
8,522
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
Newfoundland
Jamaica
Trinidad and Tobago
Other Brit. %V. Indle.
Cuba
Dominican Republic
Netherland W.Indies
Argentina
Chile
Colombia
Ecuador
British Guiana
Peru
Venezuela
British India
Ceylon
China
Netherland E. Indies
Hong Kong
Philippine Islands__
Australia
New Zealand
Belgian Congo
Other Brit. NY. Africa
Total
Refined Bullion.
Total (Incl. Coin).
Imports.
Exports. Imports. Exports. Imports.
Dollars,
100.000
320.000
5,542.700
Ounces.
220.500
5,868.247
3,912.032
23.701
14.110
27,337
28.557
24.820
968
2.842.894
31,548
385
28.492
1,132
74,075
43.326
195.208
Ounces.
Dollars.
Dollars.
450
65,203
3,215
27.259
52.059
81.356
14.252
127.047
160.160
2.854.575
2,400
2,893.244 1,782.907
118.280
1,311.830 975,798
450.000
511.108
41,482
9.541
2.625
193.104
76,024
218
310,858
327,249
1.814
246.555
5.254
'2,905,266
20.030 1,445.434
32.481
2,500
390
58
150
3,802
417
1,300
976
199,584
8.545
27.857
54.364
2,563
120.739
65,301
430.415
67,534
501.665
127.500
19,080
269,915
70
3,651
1,221
19
1,533
59 9.52 27.957.2.50 2.827.123 4.254,737
868,760 2,352.389
Drop in Pound Sterling as "Peg" is Removed-Exchange
Falls to Lowest Figure Since Jan. 11-Later Rally
New Level Viewed as Aim.
Finding it impractical to continue to hold sterling at the
levels recently maintained, the Bank of England on Oct. 18
"pulled the pegs" and let the pound fall 4M cents, it was
observed in the New York "Times" of Oct. 19, which noted
that the break carried the exchange to a low and closing
/,
price of $3.403 the lowest quotation since Jan. 11. The
decline was the sharpest since the establishment of the
£150,000,000 exchange equalization fund last April, said the
"Times" which went on to state:
Sterling has been under pressure lately, due to remittances from England
to this country to pay for purchases of American securities and for the
seasonal movement of cotton. This pressure was not the prime cause of
the fall in the exchange, according to bankers, however. Sterling is at
present a managed currency, controlled by the Bank of England through the
operations of the equalization fund. Consequently, movements of the exchange are regarded as dictated by monetary policy.
That the British fiscal authorities were prepared to let sterling down
another step was indicated a week ago, when the exchange was allowed
to break below $3.45. For about two months prior to that time the pound
had been confined to a fairly stable range between about $3.453. and
$3.473.. Since the beginning of August it had not been permitted to go
above $3.50.
Sterling, Under Control, Slides.
For six months sterling has been undergoing a controlled depredation.
When the Equalization Fund was set up the exchange was quoted around
$3.77, or about 37 cents above yesterday's closing price. In the early
stages of the operations of the fund the efforts of the British fiscal authorities
were directed chiefly toward checking the rising tendency of the exchange
Induced by the weakness of the dollar. With the return of confidence in
managers of the
the dollar last June. sterling came under pressure, and the
currency contented themselves with preventing any extreme breaks, while
allowing the pound to fall gradually to about$3.46. When that price was
reached the decline was arrested.
depreciation of sterling
As British monetary policy is Interpreted here, the
necessitated to restore Britain's financial post
Is, In effect.a levy on capital
return to the gold standard. How heavy
Con and lay the groundwork for a
determined only by experimenting with various
this levy must be can be
other measures of financial rehabilitaovels of exchange in conjunction with
Oct. 22 1932
tion, some of which, such as the conversion of the war debt to a lower rate
of interest, have already been taken.
Accordingly, the fall In the pound yesterday was viewed by bankers
here as a step preliminary to trying out a new level of exchange. What
that level is likely to be, only the future can indicate, bankers remarked.
Operations in Sterling Not Large.
Despite the sharpness of sterling's fall, trading was not large, dealers In
foreign exchange said. Lack of bids in the face of the evident willingness
of the Bank of England to permit the exchange to decline accounted for
the size of the setback more than weight of offerings. Official support
reappeared In the market at the lowest levels touched, but whether the
support was accorded merely to lessen the force of the decline or to check it
definitely at thy level could not be determined.
The break in sterling carried other European exchanges lower in terms of
the dollar. Francs dropped Y6 point to 3.92% cents. guilders 4% points
to 40.19 cents, beiges 2 points to 13.89 cents and Swiss francs 2 points to
19.30% cents.
Regarding the recovery on Oct. 19, the New York "Journal
of Commerce" of Oct. 20 said:
On a new decline almost as sharp as the 44ic, break which sent the pound
to $3.40 on Tuesday [Oct. 181 sterling reached a new low for the year yesterday. but rallied vigorously during the afternoon. The rally was generally
attributed to short covering rather than to intervention by the British
Treasury.
During the day transactions were reported as low as $3.36. The closing
rate, however, was 63.39%, which was only 1% below the final rate on
Tuesday.
Forwards Are Weak.
Forward deliveries were much weaker than spot quotations. The premium on deliveries In 90 days declined from 3-16 of a point above the rate
for cable transfers to a premium of only 1-16 of a point. On the theory
that seasonal pressure against sterling should Increase until the end of the
year many traders held that forward sterling should decline to a discount
from the spot price. Throughout the period during which sterling moved
from a level In the neighborhood of $3.70 to its present price, forwards were
maintained at a discount above spot. Anticipation of a continued decline
in the basic rate would of course lead to the discounting of future rates.
There were widespread, but unconformed reports yesterday that the
equalization fund of the British Treasury at the present time consists almost
entirely of sterling balances so that the ability of the Treasury to support
the pound by selling exchange is extremely limited. The equalization fund
was set up and placed in possession of the Treasury for the purpose of
stabilizing sterling within areas to be determined by Treasury officials. It
may hold gold, foreign exchange and sterling.
Exhaustion of foreign exchange reserves held In the fund would mean
that support of the exchange could come only through the sale of gold by
the Bank of England. The Bank now holds over £140000000 bullion.
This amount Is considered more than ample to maintain sterling at present
levels. In fact, It was pointed out, the bank was able with much less gold
to keep the rate to its old par level over long periods.
Official Support.
In local banking quarters it was considered probable that official support
would appear in the market soon, whether tots support took the form of
sales of exchange or ofshipments of gold. Opinions varied widely, however,
as to the next level at which the rate would temporarily be stabilized. Predictions ranged from g3.25 to the present level. around $3.40.
Bankers said yesterday that the increased cotton financing business now
going to London accounts In part for the weakness of sterling. Acceptance
financing In London is even cheaper than it is In New York so that overseas shipments of cotton and of Canadian wheat are being financed to a
great extent on sterling bills. Shippers hedge against exchange losses by
contracting to deliver sterling at present exchange rates on the maturity
dates of their bills. This puts considerable pressure upon the forward
market.
The obligation of the British Treasury to pay out £165,000,000 cash for
nonconverted 5% War Loan bonds on Dec. 1 naturally had a depressing
effect upon the exchange. A large proportion of the nonconverted securities
are said to be held outside of England. According to reports from London
yesterday such holders to a large extent already have sold forward sterling.
It was pointed out in local exchange quarters, however, that the forward
markets obviously could not stand the strain of such heavy sales.
The same paper in its issue of Oct. 21 stated:
The sharp fluctuations in sterling exchange came to an end yesterday
[Oct. 201. and for the day at least the rate was stabilized in the neighborhood
of$3.40. This suggested that the British Treasury again had entered the
market In which case the rate would be likely to remain close to yesterdaYS
levels. However. traders said that they had no independent evidence of
official support and that for the time they could only draw inferences from
the behavior of the exchange.
Neville Chamberlain, British Chancellor, on Pound
Sterling Fund.
The "Wall Street Journal" of Oct. 20 reported the following from London:
Neville Chamberlain. Chancellor of the Exchequer, said in the House of
COMMOn11 that the £150.000 000 sterling equalization fund Is In a ''reasonable position" and has not been gambled with In an effort to support 00
British currency.
Ile refused to confirm reports that the Bank of England used a part of the
fund for the Purchase of gold.
Drop in Pound Sterling Stirs Berlin-Many Fear
Further Handicap on Germany's Exports.
Berlin advices as follows Oct. 19 appeared in the New
York "Times":
German financial circles and export Interests were alarmed at to-dars
sharp drop in sterling to the lowest Point touched this year and close to the
lowest since Great Britain's abandonment of the gold standard. The Berlin
market for sterling cables declined to 53.36, later recovering to $3.38. The
official quotation was fixed at 14.25 marks. against 14.49% Yesterday. The
Stockholm, Oslo and Copenhagen exchanges followed suit.
The apprehensions were directed chiefly to the Increased c.ompetItIve
export handicap imposed on Germany. Some observers envisage a now
dumping front and express the belief that It was consciously aimed at by the
British Treasury, the Bank of England ceasing to support sterling. There
was also uneasiness about German claims for sterling which are not pro-
Volume 135
Financial Chronicle
tected by the clause containing a guarantee against fluctuation and about
holders of British public bonds declining to accept conversion.
Beyond the direct effect on Germany.a disturbing influence on the world's
unsettled monetary problems also Is feared by some financiers who say that
sterling's'drop likely will have psychological consequences since it will be
interpreted as if it were the second abandonment of the gold standard and
a renewed defeat of the Bank of England's attempt to regulate the sterling
rate by means of gold.
Other authorities, however, tend to view the drop as a transitory Phenomenon and emphasize the necessity of waiting to see whether official
support of sterling Is not resumed by the Treasury and the Bank of England
at a more convenient rate.
Great Britain Ends Trade Treaty With Soviet Russia—
Ottawa Pacts Forced Abrogation of Agreement,
Thomas Tells Commons—Britain, However, Suggests New Discussions on Trade Interchange.
J. H. Thomas, Secretary for Dominions, announced in
the House of Commons in London on Oct. 18 that Great
Britain has abrogated its commercial treaty with Soviet
Russia. Under Article 21 of the tariff agreement reached
at the recent Ottawa Imperial Conference, he said, renunciation of the temporary commercial agreement with
Russia was made necessary. An Associated Press account
from London Oct. 18 to the New York "Evening Post"
continued:
This agreement was signed in April 1930. It gave Russia the Privileges
of most-favored nation treatment and therefore, Mr. Thomas explained.
stands in the way of trade prohibitions which might oe necessitated by
it
the obligations undertaken at Ottawa.
In notifying the Russian Charge d'Affaires here that Great Britain is
serving six months' notice of abrogation in accordance with the pact. the
Soviet authorities were informed that Great Britain is still anxious to increase its trade with Russia and is ready to enter discussions with that object
in view at the earliest possible time.
Russian !neat Opposed.
Article 21 of the Ottawa agreement, to which Mr. Thomas referred,
stipulates that the whole arrangement with the Dominions is based on the
express condition that if either party "Is satisfied that any preferences
granted on any particular class of commodities are likely to oe frustrated
by reason of maintenance of prices for such commodities through state
action on the part of a foreign country," that government will exercise the
powers it has "to prohibit the entry from such foreign country of such
commodities for such time as may be necessary to maintain the preferences" granted at Ottawa.
Canada and Australia were particularly concerned during the negotiations
at Ottawa that the British Government should adopt effective means to
prevent resumption of Russian dumping on the wheat market.
It was suggested at the time that abrogation of the British agreement
with Russia might be necessary to make the Ottawa agreements effective.
The Government benches cheered when Mr. Thomas declared to-day
that the Government, having undertaken an obligation to give preferences
within the British Commonwealth. must take all steps necessary to see that
"no country shall frustrate this obligation by dumping sweated goods in
Great Britain."
Before Parliament assembled, the Liberal members of the House voted
to oppose strenuously the passage of legislation necessary to ratify the
Imperial Conference trade agreements.
With Sir Ilerruirt Samuel, who resigned as Home Secretary. Presiding,
the Party organized a committee to prepare detailed amendments for presentation. Sir Herbert's resignation was unanimously indorsed.
As soon as Mr. Thomas had finished speaking about the Russian treaty
and the unsuccessful negotiations regarding points at lime with the Irish
Free State. Neville Chamberlain, Chancellor of the Exchequer, opened
debate on the Ottawa matter. This probably will consume three days.
Be moved the first of the finance resolutions which will make the Ottawa
Pact a Part of the law of the land. Declaring that his purpose was to indicate
the real significance and Importance of the Ottawa Conference. he said that
if that meeting results in increasing the prosperity of the British Empire.
would be the best contribution Great Britain could make toward restoration of world prosperity.
Premier Herriot Denies Rumor France Will Not Pay—
Assures United States December Installment on
Debts Will Be Met—No Decision Beyond That—
Says Paris Press Misquoted Him.
France will pay the debt installment due the United
States on Dec. 15, in full, Premier Edouard Herriot assured
J. Theodore Maniner, American Charge d'Affaires, according to "United Press" advices, Oct. 21, from Paris to the
New York "Sun," which went on to say:
Mr. Marriner visited the Premier after statements had been made in
the French papers intimating the payment might be evaded. M. Herriot
told him, however, the Government had made no decisions about future
debt Payments.
The Foreign Office also announced that M. Herriot insists that the
French Government has made no decision on regulating the debts, beyond
the scheduled December payment.
The Foreign Office described as false verbatim reports printed by the
"Echo de Paris" and other French newspapers concerning M. Herriot's
recent appearance before the Finance Commission of the Chamber of
Deputies. He was quoted as saying France admits the commercial and
war stock debts owed to the United States but intended to negotiate the
political debts.
Bound for Britain.
Premier Ilerriot Insisted, on the contrary, that the Government has
not deliberated the question and will not do so until after the American
presidential election.
M. Bizot, Vice-Director of the movement of funds in the Finance Ministry, started for London to-day to talk about the French war debt to
Britain with Sir Frederick Leith Ross. British financial expert.
May Try to Block Payments.
Members of the Chamber Finance Commission discussing the budget
had hinted that Parliament might attempt to block the December pay
2741
trout to Washington. Louis Malvy, Chairman of the Commission, reminded Finance Minister Germain Martin that Parliament, when ratifying
the debt agreements, adopted a safeguarding clause, providing that Prance
would pay her creditors only to the extent that she received payments
from Germany.
M. Malvy said that in view of the Lausanne agreement to cancel reparations, the Government could not pay the United States without Parliaments' authorization. The Finance Minister /wiled that he would
not discuss the question before the American election.
Before Cabinet To-night.
Efforts will be made to force the Government to debate the American debt
In the Chamber of Deputies during November, but pollOcians believed that
the debate would be postponed until after the Presidential election. They
pointed out that the budget will not be in shape for general debate before
Nov. 10.
The Cabinet will discuss the budget to-night, and is considered certain to
take up the debt question.
International Debts As Paris Sees Them—Suggestion
of Refunding Short Loans—Private Obligations
and Germany's Foreign Indebtedness.
From Paris, Oct. 7, advices to the New York "Times"
said:
In present discussion of possible relief from the burden of international
debts,one suggestion Is made that such indebtedness be consolidated—that
Is, that States wih short-term obligations should oorrow for long periods
to take up the short maturities. The objection to this recourse is that. in
order to borrow on long-term, the debtor governments must once more
Inspire confidence in those countries now capable of suoscribing such longterm Mans.
Budget balancing would problably not suffice to restore such confidence.
and it might conceivably be necessary, before revising the short-term debts,
to ask creditors to make sacrifices, as is done in private difficulties of the
kind.
Since such sacrifices would make possible the subsequent return to
banking and commercial transactions on a gold oasis, it is thought that they
would be more profitable than maintenance of the status quo and insistence
on the full terms of the obligations. French financial circles consider that
some such clearing up of the situation will have to precede re-establishment
of the gold payments in Central Europe.
German newspapers do not conceal the fact that German enterprises are
not able to meet their private debts in full. But as regards the German
foreign loans, especially governmental obligatioaa, it is felt that any suspension of payment would deal such a blow to German credit that Germany
will make an effort to meet its accruing commitments. Certainly the
country has resources for such purposes which are not available to small
countries like Austria.
War Debts Unsolved, Says Sir John Simon—Statement
Comes on Day Great Britain Is Reported Preparing for Payment.
Sir John Simon, the Foreign Secretary, in the House of
Commons on Oct. 20, rebuked the Liberal Ministers who
had resigned from the National Government for doing so
at a time when Great Britain was confronted with so many
grave questions that were still unsolved. In enumerating
some of those questions he mentioned "the whole problem
of the American debt." The foregoing is from a London
cablegram (Oct. 20) to the New York "Times," which
likewise stated:
It is interesting and significant that the Foreign Secretary should refer
to the war debt to the United States as an unsolved problem on the very
day reports were coming to London from Europe and America to the
effect that Great Britain was already Preparing to Pay the amount due
the United States Dec. 15. These reports were attributed here to hasty
jumping to the conclusion that the decline of the pound in the last three
days must have been caused by Britain's buying dollars for the December payment. Financiers and politicians in Great Britain both declare
that this conclusion is incorrect.
In the first place, this matter of the war debt must be settled as a diplomatic and political question before the bookkeeping problem of the
payment is considered. This diplomatic phase has not even oeen begun.
and probably will not be until after the United States elections.
There is only one certainty about the whole situation. That is that
Great Britain will not default. If the United States insists on full payment on Dec. 15. Britain will pay, even though no budgetary provision
Is now made for such a contingency. She can pay if necessary by raising
money through a new domestic loan or treasury notes.
Paris Chamber of Commerce and Textile Union Appeal
for Balanced Budget—Demand Wage Cuts by
French Ministry.
The Chamber of Commerce of Paris and the Textile
Syndicate Union on Oct. 15 joined a long list of important
trade organizations issuing appeals to the Government to
take strong measures-to balance the budget. Both of these
associations urged salary cuts as a necessary part of any
program, said a Paris wireless message to the New York
"Times," which went on to say:
Meanwhile, the government seemingly Is having great difficulties in
striking an effective compromise between the apparent necessity of reduring wages and the pacification of the powerful civil service organizations,
which are unalterably opposed to reductions and whose votes count heavily.
To-day a delegation from the Railroad Workers' Federation visited the
Minister of Public Works and declared the workers were unalterably
opposed to wage cuts. Yet the railroads are losing about 12.000.000 francs
labout $480,000] daily and the government ultimately will have to foot the
The chief difficulty is going to be to follow any wage cut by the necessarl
cut in the cost of living, which is now said to be higher here than in most of
the rest of the world.
2742 •
Financial Chronicle
A slight seasonal Improvement amounting to 156.000.000 francs [about
$6,240.0001 in France's foreign trade for September was shown in figures
issued to-day. Exports improved 202.000.000 francs, while imports fell
46.000,000 francs to the lowest level since the decolorization of the franc.
The totals were: Exports, 1.325.703.000 francs: imports, 2,228.038,000
francs. The figures for the first nine months of this year, however, give
little cause for satisfaction, especially from the merchants' and shippers'
points of view. Imports were 22.169,467.000 francs, which is more than
11.000,000.000 francs less than for the corresponding period of 1931. Of
course. France. just as other European countries, has been trying to curtail
her imports, but her exports also fell nearly' 9,000,000.000 francs to 14.561.932.000 francs.
Imports and exports together show a drop of about 35% as compared with
last year. exports dropping 38% and imports 34%•
The seriousness of this situation led the French committee of the European
Customs Union to announce to-day it had adopted a resolution demanding a
general reduction of tariffs and asking that a study of customs tariffs be
placed prominently on the agenda,of the,coming World Economic Conference.
Proposal by French Syndicate to Liquidate German
Frozen Credits Opposed by American Business
Representatives in Paris.
On Oct. 18 Associated Press advices from Paris said:
American business representatives, at a special meeting to-day, decided
to call the attention of the French Government to what the Americans
regard as a menace to their trade in the scheme of a French syndicate to
liquidate frozen credits in Germany.
Under the plan, the French group would arrange for German firms to
grant French Importers lower prices through liquidation of impounded
credits at a discount.
,The Americans agreed they were unable to act to offset this plan in
any other way than by appealing to the government. They admitted the
scheme was legal. Hope was expressed that authorities would consider
the American viewpoint in negotiating the new Franco-German commercial
treaty.
Paris Bourse Extends Sessions.
From the "Wall Street Journal" of Oct. 15 we quote the
following from Paris:
Beginning on Nov. 1. both the official and curb markets will hold afternoon sessions from 2:45 until 3:30 for dealing in international Issues with
London and Brussels. On the official markets, probably only Royal Dutch,
Central Mining. Canadian Pacific and Paris Metropolitan Railway will be
listed, but the curb expects dealings in all the South African issues. Shell,
Eagles, De Beers, &c. Before the war, the curb had an active afternoon
aroitrage market with European centres.
Loan Subscribers—Profitable Shifting from
Old Government Bonds to New.
The following wireless message from Paris Oct. 14 is
from the New York "Times":
French
It may be pointed out that subscriptions by the public to
the new
rentes were largely made with proceeds of sales of existing 4% routes. 434%
which
latter were bought by the Bank of France for the account of French savings
banks.
Since the 4% had risen nearly to par and since their price was
maintained
by the purchases referred to, holders were enabled by this shift to
increase
their investment yield while paying only a trifling difference in
price.
Items bearing on the French loan conversion appeared
in our issue of Oct. 15, page 2583, and Oct. 8, page 2415.
Reciprocity Pacts Urged by French Committee of
International Chamber of Commerce—Favors Condition in Most
-Favored-Nation Treaties.
In a report concerning the most favored-nation clause by the French
National Committee of the International Chamber of Commerce, made
Public to-day, a clause making reciprocity a condition in all treaties is
- recommended,
In view of pending negotiations on a Franco-American trade treaty this
report was examined with interest by United States business circles here.
The report points out that such a conditional clause was contained in
the
original Franco-American treaty of 1778 and therefore cannot be
regarded
as an innovation.
• This conditional clause would provide that both parties to a treaty containing most-favored-nation treatment be required to make equal concessions and would prevent one nation from giving other advantages without obtaining equivalent concessions.
German Foreign Debt Set at Revised Figure of About
26,600,000,000 Marks Report to Department of
Commerce Shows.
Total amount of German foreign indebtedness on Feb. 29
1932 was estimated in revised form by the German Statistical
Bureau at about 26,600,000,000 marks, according to a
report of the Commerce Department's Regional Division.
The Department's advices, made available Oct. 15, also
said:
Included in the debt were various items. At the close of February 1932
the debt was composed of 10.153.000 000 marks, maturing up to February
1933. and a total of 10.470,000.000 marks in long-term debts, due after
February 1933. making a total of 20.623.000,000 marks. (The par value
of the mark is 23.82 cents. U. S.)
In addition to the above.foreign Investments in Germany were estimated
by the Second Committee of Experts at Basle In December 1931 to be
distributed as follows:
Amount of German bonds owned by foreigners, approximately 400.000,000 marks; foreign-owned German shares and interests in German enterprises. between 2.500.000,000 and 3,500,000.000 marks: foreign-owned
real property in Germany. 2,000.000 000 marks, it was stated.
Oct. 22
1932
Foreign exchange regulations issued in Germany since the financial crisis
of July 1931. and the required registration ofsums owed by German nationals to foreigners, have made it possible, it was pointed out, to determine
foreign indebtedness of Germany in a much more accurate manner than
previously. In particular, the decree of March 30 1932 furnished the legal
basis for a census of German foreign debts, according to their status as of
Feb. 29 1932. This census covers a wider field than the previous censuses
taken in July and November.- inasmuch as it was extended to all individual
German obligations above 5,000 marks, while the minimum for the previous
Investigations was 50,000 marks.
In order to obtain a clear picture of Germany's total indebtedness, it ii
necessary to make an allowance for debts below 5.000 marks. which were
not covered by the census. It is believed that the total amount of these
debts would not exceed 100.000.000 marks.
Total credits and loans granted by foreign banks amount to 8,400,000.000
marks, or 40% of the total German indebtedness, excluding, of course.
foreign investments in Germany. Of the remaining
60%. the greater part
represents loans issued in foreign capital markets.
The distribution of Germany's foreign debts by countries
is shown in
millions of marks as follows:
United States, 3.227 in short-term debts and 5.165 long-term debts.
Netherlands, 1.661 short-term and 1,914 in long-term.
Switzerland, 1.615 short-term and 1.146 long-term.
Great Britain, 1.286 short-term and 1,129 long-term.
France. 474 short and 482 long-term.
Sweden, 136 short and 167 long-term.
Belgium, 119 short and 80 long-term.
Czechoslovakia. 157 short and 18 long-term.
Italy, 73 short and 74 long-term.
Denmark, 51 short and 9 long-term.
Norway, 14 short and 5 long-term.
Other countries. 1.340 short and 281 long-term debts.
The last item
includes the account with the Bank for International
Settlements.
• The interest on German debts required 1.225.000.000
marks per annum,
which is divided about equally between short-term and long-term
debts.
The Statistical Bureau estimates the total service of
German foreign debt
in 1932-33 at 1,700,000.000 marks, it was stated.
Chancellor Von Papen Says Germany Can Pay Creditors
Only in Goods—Wants Trade Bars Lifted—Asking
Debt Payment While Keeping Tariffs High Called
Bad Logic—Chancellor Indicates Expansion of
Standstill Agreement Is Needed.
Chancellor Franz von Papen on Oct. 16 warned Germany's
private foreign creditors that obligations to them could be
paid only by sale of goods and that to make this possible
trade barriers would have to be lifted. A cablegram from
Berlin Oct. 16 to the New York "Times" went on to say:
In a significant speech before Westphalian industrialists at Paderborn he
emphasized that the German Government would seek to impress
this point
on creditor nations at the coming world economic conference.
Discussing the Government's political and economic
program at length.
the Chancellor announced that while previous repayment of $1.000.000.000
of foreign private debts suggested impressive testimony of Germany's
economic virility, withdrawal of further credits in the present situation
could not be countenanced, as it would involve serious convulsions of her
economy.
Wants Consoadation of Debts.
Lieut. Col.g ond Phort erm fastign aindispeate bie eo e co
s lon va n sapent forec re as nd pri vnsa ind thtedn
idatnd of
eyoion e
Germany'
th
scope fixed in the "German credit agreement of 1932." which
expires next
.
March 1 But aside from this he gave no intimation of how
the Government would intervene in present private commitments
between foreign
creditor banks and the German debtors committee.
There was nothing in his statement to Permit an inference
that the Government would proclaim a private debt moratorium before
thoroughly canvassing the situation with the foreign creditors. A promise to
this effect, it is
well known, was given to Albert H. Wiggin as chairman
of the Foreign
Creditor Bankers Committee by the Bruening Government
when the present
standstill agreement was initialed.
"Our creditors abroad." the Chancellor said. however,
"can reckon on
repayment of Germany's foreign indebtedness only if
they are
to
take German commodities in payment, and this presupposes Prepared
they are willing to neen their trade frontiers to our goods. To
repayment of
expect
debts while confronting us with trade barriers suggests both
crass and indefensible violation of all economic logic.
"With export prospects thus lightened, the burden
of 20.000.000.000
marks (about $4,750,000.000) of private debts still owed
abroad will be
made tolerable and will not longer constitute a Paralyzing
factor In our
national economy•"
Disappointed Over Ottawa.
Chancellor von Papen expressed disappointment
over the
Ottawa conference, and believed they were hardly conducive results of the
to promoting
an international revival of trade. "But we must not give
up hope," he
added. "that the world conference will succeed in showing
the path to
world-wide economic improvement."
One of the most important problems confronting the
conference, he said.
is suggested in the existing confusion and impediments
imposed on international money transfers, now hopelessly fettered by complicated
exchange
restrictions which are obstructing private initiative
the world over.
Defending his Government's import quota policies,
the Chancellor said
these had not neon convolved in a spirit of reprisal, but
had been dictated
by the urgent necessity of conserving
German agriculture. The opposition
to them abroad , he believed, will disappear once it is realized
they essentially
constitute a protective measure in the interest of German
economy in its
entirety. He stoutly denied reports that they were Inimical
to the security
of German currency and reiterated there could be
no concern for the
staollity of the currency.
Unmoved by Politics.
Reverting to the Government's domestic policies, Chancellor
von Papen
reiterated RA determination to carry out its reform measures without
deferring to the susceptibilities of party politics. Ile was
loudly cheered
when he exclaimed that German economy had waited in
vain for 13 years
for that measure of secrity essential to its rehabilitation
and the that time
had now come to Operate it from laming confusion
and the phraseology of
party politics.
.l
n
was not this Government that created an abnormal
situation, but
the insecurity of the German party system which is forever evading
responsibility," he concluded. "It Is time the German people emancipated
itself from this incubus in our national life".
Volume 135
Financial Chronicle
German Mark's Price Linked with Dollar—Dollar
Exchange Did Not Fall at Berlin in Week of Oct. 15.
Under date of Oct. 14 a wireless message to the New
York "Times" stated:
Bankers here doubt whether Mr. Hoover's misunderstood speech at Des
Moines was itself sufficient explanation for last week's reaction in dollar
exchange. They are inclined to believe that the simultaneous reaction in the
Wall Street stock market had been a,..companied by European selling of
American stocks and by withdrawal of the proceeds, which temporarily
affected the exchange rat,.
The view is taken that the dollar's position is unshakable in view of the
present smallness of European balances in America and the resultant continued flow of gold to New York. Generally, banking comments on the
Wall Street reaction are to the effect that it was normal and inevitable,
and some financiers of longer experience recall the sharp Wall Street reactions which occurred after the United States had begun its real recover
from the 1907 panic.
The Reichsbank maintained its dollar quotation unchanged despite the
temporary decline in other countries, but advanced is rates on Paris. Amsterdam and Zurich sharply and reduced them only after the dollar had
recovered on those markets. The practical effect of this policy is to tie
the mark to the dollar, and the policy seems to have succeeded.
Reichsbank's Protest Against Quota Plan—Belief That
Saving in Imports Would Be Offset by Loss of
Exports—Warning by President Luther.
In a cablegram Oct. 15 from Berlin to the New York
"Times" it was stated:
The protest by Reichsbank President Luther to the government against
the imposition of quotas on agricultural imports is not interpreted here as
meaning any danger to the reichsmark's stability on the exchange market.
Luther's view is that Germany's saving of foreign exchange through reduction of agricultural imports will be more than counterbalanced by loss
of exchange from diminished exports—if, as is expected, foreign countries
were to retaliate.
At present Germany's imports of agricultural products affected by the
quota plan average only 38,000.000 marks monthly, whereas her exports
to 18 countries which supply these products average monthly 225,000.000.
It is therefore reasoned that retaliatory measures would threaten Germany's
export surplus and therewith affect the Reichsbank's reserves.
It is not thought that this would necessarily undermine the mark's
stability. It would, however, compel the Reichsbank to impose still more
stringent restrictions on foreign remittances, from which foreign holders of
German bonds and short-term credits might suffer.
Under date of Oct. 14 a copyright cablegram from Berlin
to the New York "Herald Tribune" said:
Dr. Hans Luther, President of the Reichsbank, has warned the German
authorities that the stability of German currency might be endangered if
the government persists in continuing its method of establishing quotas on
foreign impoits to this country, several dailies here reported to-day. Should
the government's plans for restricting foreign imports be carried out. then
"the Reichsbank will not be in a position to guarantee the stability of German currency." Dr. Luther is quoted as having said in his message.
While the reports of the Berlin newspapers are confirmed by a reliable
news agency here. the German Cabinet, following a meeting this afternoon
In the presence of the Reichsbank president, issued a statement that "no
information could be given regarding internal correspondence," but that
"endangering of the currency was not maintained and does not exist."
• Although the newspaper reports might have exaggerated so far as the
wording of Dr. Luther's message was concerned, he is known to be a fervent
opponent of the political restrictive measures for foreign importation which
the Van Panel Cabinet plans to introduce to the advantage of domestic
agrarians. Whether these plans will be carried out to the extent originally
intended must seem doubtful, not only in view of Dr. Luther's attitude
but because of the general failure which the German negotiations to this
end have met In a number of European capitals.
A final decision on the matter will not be taken until the German "quota
commission" has returned from Its unsuccessful circle trip. Rumors persist
that either Baron Magnus von Braun. Minister of Agriculture and advocate
of curbing imports, or Hermann Warmbold. Minister of Economics, who
Is known to be objecting to these measures, will fall a victim to this strife
within the Cabinet. Dr. Warmbold's standpoint has been supported daily
by the resolutions or big industrial and commercial organizations protesting
emphatically against the Cabinet's plans for curbing imports.
The appointment of a State Commissioner for the supervision of banks—
a post for which Dr. Hjalmar Schacht, former President of the Reichsbank,
has been mentioned—has been postponed until after the Reichstag elections
on Nov. 6.
An item in the matter appeared in our issue of Oct. 15,
page 2583.
Reich Again Shows Decline in Trade—Export Surplus
Drops from $23,086,000 in August to $19,992,000
in September—Imports Up 83/2%.
Under the above head the New York "Times" reported
the following from Berlin Oct. 15:
Germany's export surplus—essential for the maintenance of foreign debt
service and the Reichsbank's foreign exchange portfolio—went down in
September to 84.000,000 marks (about $19,992,000) from the August
surplus of 97.000.000 marks (about $23.086.000). The decline results from
the fact that whereas exports-444.000.000 marks—rose 16.000,000 marks
above the August exports, imports-360.000,000 marks—advanced 29.000.000 marks above the August figure
Raw materials account for 20 000.000 marks of the imports increase.
While their average price level was above that of August the prices of
nufartures imported were lower in August so that the imports increase
was approximately the same by volume and by value, namely 854%•
The increase in exports shows a rise by volume of 7A %,but by value of
only 3 %,because finished goods,constituting most of the German exports,
have declined still further in price. If this downward tendency continues
toward a further weighting of Germany's trade balance.
it will contribute
Exports to European countries, except Czechoslovakia. increased, but
they declined to transoceanic countries. Imports from Russia and Italy
declined.
The shrinkage of Germany's international trade and still more of her
year's figures. In
export surplus is exhibited by a comparison with last
•
2743
September 1931, exports were 835.000,000 marks and imports were 448.400,000 marks, giving an export surplus of 386.600.000 marks—against the
84.000.000 marks for September of this year.
For the first nine months of 1931 exports totaled 7,233,000.000 marks
and imports 5,269,000,000 marks, the export surplus being 1.964.000.000
marks. For the same period of 1932 exports were 4.291.000.000 marks and
imports 3,444.000,000 marks, the export surplus being 847.000.000 marks.
For he: foreign debt service Germany needs 1.600.000.000 to 1.800,000,000 marks a year. To cover this amount from the export surplus the
surplus at the end of September should stand at 1.200,000,000 to 1,300.000.000 marks.
German Nationalism Extolled by Dr. Schacht—Former
Reichsbank President at International Forum in
Berlin Hails New Spirit.
Dr. Hjalmar Schacht, former President of the Reichsbank,
in an address in Berlin on Oct. 16 at the American Church
on "Germany's Rebirth," said the signs of an awakening
were already visible in the "National movement," and
that a new Germany would rise from the ruins of the old.
This is made known in a Berlin cablegram to the New
York "Times", from which we also quote the flowing:
"No foreigner can understand Germany unless he understands what
'national' means in this connection." he said. "Germany was beaten as
no other nation before. We have suffered and paid. But it is not the lose
of external power or material goods that we protest against.
"What has turned the tide, what has inspired the steadily augmented
national movement is a protest against our inner enslavement. Our honor
has been taken from us—our moral worth, our self-determination, all our
most precious values, the inner light whereby a nation lives and which is
essential for the expression of its creative power.
"Regaining the 'loamy to use and develop Germany's creative forces Is
the aim of German nationalism. That is what I mean by nationalism. It
Is not one that will lead toward war but toward peaceful, spiritual competition that will benefit all nations alike."
The lecture was the first delivered before the International Forum
organized by the American Church here.
German Railways Form Company to Finance Buying.
A cablegram from Berlin Oct. 19 is taken as follows
from the New York "Journal of Commerce":
As part of the program of the Government to increase employment,
the German national railways have organized a special financing institution
known as the Reichsbahn Supply G.m.b.H. The capital of the latter
will be 10,000.000 reichsmarks.
The purpose of the new enterprise is to finance the 180.000.000 retellsmarks of tax credit certificates to which the Reichsbank is entitled under
the emergency relief program of the Von Papen government. This is the
rebate under the transport tax provided for in the emergency decree.
The new company will accept drafts drawn in connection with deliveries
of materials and supplies pending the maturity of the tax certificates in the
years 1934 to 1938. It will discount its paper with the Transport Credit
Bank. while the Reichsbank in turn has agreed to rediscount such acceptances for the latter when called upon to do so.
In addition, the making of Lombard loans against these tax credit certificates created by the Papen plan is being considered by the Reichsbank.
Engineers Ask Role in Shaping Economic
Reconstruction of Germany.
In its issue of Oct. 18 the New York "Times" published
the following from Berlin Oct. 17:
The Congress of the Society of German Engineers, attended by 1,200
members, adopted a resolution to-day demanding that more influence be
accorded engineers in shaping the economic reconstruction of Germany
and protesting against the demagogic vilification of technology.
"From the researches of economists no comprehensive understanding
of economic events can be gained." the resolution says. "It 18 all the more
needful then that the engineer's insight, won from constant inexorable
reality, should be made use of more than has been customary.
"Above all, it is necessary to guard against those irresponsible prophets
(meaning the Nazis) who are talking the German people into a mood
hostile to technology. The distress of these times could not be overcome
at all if people turned their backs on technology.
"This society is Imbued with a sense of patriotic duty to take the most
active share in the German people's struggle to reconstitute its existence."
Call for Restoration of Hohenzollerns at "Resurrection" Meeting in Berlin.
On Oct. 17 Associated Press advices from Berlin said:
A clarion call for the restoration of the Hohenzollerns was sounded tonight at the Sinkagademie at a "resurrection" meeting of the League of the
Upright, which convened for its first session since it was suppressed a decade
ago after Foreign Minister Walther Rathenau had been murdered.
The celebration coincided closely with the birthday of the first wife of
the Kaiser, in whose memory the court preacher, Dr. Walter RichterReichhelm, pronounced an oration. The only Hohenzollern representatives present were the young Princes Oscar and Burchard, sons of the
.
Kaiser's fifth son, Oscar, who was absent because of illness.
The former Crown Prince sent his greetings, as did the ex-Kaiser, who.
in a message from Doom, cited Christ's saying, "Without me ye can do
nothing."
Friedrich Everting, militant Nationalist member of the Reichstag. spoke
on "The living kingdom, the new task of the League of the Upright."
A capacity house of monarchists gave three "hochs" for the exiled Kaiser.
German Transport Credit Bank Pays 7% Dividend.
In its issue of Oct. 17 the New York "Journal of Commerce" published the following from Berlin Oct. 8:
The German Transport Credit Bank of Berlin, has declared a dividend of
7% for the year ended June 30 1932, and has carried a surplus of 189.129
reichsmarks forward. Despite the economic crisis, the company reports that
it has continued to operate profitably as a financing enterprise working in
conjunction with the German National Railways.
2744
Financial Chronicle
The company Invested 2,500,000 reichsmarks during the year in stocks of
new acceptance and discount companies organized jointly by the German
banks to help meet prevailing conditions in the money markets of the Reich.
Karstadt Investors in Germany Will Co-Operate with
Group Here if Equality in Status Is Guaranteed.
A cablegram as follows from Hamburg Oct. 11 is from
the New York "Times":
At a meeting of the German Karstadt dollar bondholders held here to-day.
Dr. Zacharias, head of the German protective committee, defined that
Committee's position relative to the American protective association.
The German committee, he said, was ready to co-operate in principle
with the American bondholders' protective association, but this must be
made conditional on the German receiving "assurance of an independent
co-operation with equal rights at every stage of the negotiations."
While the chairman of the American association had declared its readiness
to co-operate. Dr. Zacharias continued, and to receive suggestions, the
relations of the two groups had not Yet become clarified.
"As long as the guarantees mentioned are not unequivocally granted.
the depositing of bonds at the depositories designated by the American
committee must be considered inadvisable and the German holders should
report on13 to the Hamburg organization," he said. The meeting expressed
Its approval of this position.
Italy and Germany Settle Exchange.
Associated Press accounts from Rome, Italy, Oct. 17
stated:
Italy and Germany reached an agreement to-day to abolish "defenswe"
measures against German exchange restrictions set up by Italy three weeks
ago. The restrictions were in the form of a clearing house to assemole
money and credits in Germany and use them to pay Italian bills for
German exports. In this way, it was thought. Italians would get some of
their "frozen" deposits out of Germany.
A German delegation has been here since Oct. 5. The agreement reached
to-day was expected to end a great deal of ill-feeling which has arisen during
the last fortnight.
The question of quota restrictions on Imports has not yet been settled,
and the conversations will continue in an effort to reach an agreement on
Italian
Oct. 22 1932
Sao Paulo Plans Issue of Bonds.
Associated Press advices from Rio de Janeiro, Oct. 19,
said:
Advices from Sao Paulo to-day said the Government had decreed an
issue of approximately $17,000,000 of bonds for the redemption of the bonds
Issued during the recent rebellion oy the Paulista Government.
Time Limit for Redemption of Sao Paulo Bonds
Extended.
From Sao Paulo (Brazil) the "Wall Street Journal" reports
the following (United Press):
The time limit for redemption of Sao Paulo bonds Issued during the recent
revolt has been extended 75 days. The value of the ponds is 342,566
comm. partly guaranteed oy coffee reqUIsitiOns and partly by cash deposits
n the Bank of Brazil.
Request in Mexican Chamber for Explanation for
Tax Loan Advance by Oil Men.
Associated Press accounts from Mexico City Oct. 19 stated:
Eugenio Mendez, chief of the Vera Cruz Deputies, demanded in the
Chamber of Deupties last night that Secretary of Finance Patti be called
to explain the $10,000,000 tax advance loan American oil companies are
reported to be negotiating with the Government.
He asked that the Deputies be informed why Mexico needed the money
and what "compromises" were being made to obtain It. The request{
was ignored by the Chamber.
From Mexico City the "Wall Street Journal" of Oct. 18
reported the following:
The Standard Oil Co. of New Jersey, Standard 011 Co. of California and
the Aguila (Royal Dutch Shell group) each has advanced $3,000.000 and
the Sinclair interests $1,000,000 of the $10,000.000 loaned to the Government by foreign oil interests. The Government in return for the
loan will eliminate export production tax and will tax undeveloped acreage,
A reference to the oil loan appeared in our issue of Oct. 15,
page 2585.
that problem.
Greek Debt Transfers.
Under provisional agreement with creditors, transfer of
interest on Greek foreign debts will not exceed 30% it is
stated in Paris advices to the "Wall Street Journal" of
Oct. 19.
Morocco Loan.
From the "Wall Street Journal" of Oct. 19 we quote the
following from Paris:
Government of Morocco has announced offering of fr. 1.000,000,000
bonds at 97, bearing a 43.% coupon.
Anglo-South American Bank Said to Have Decided
to Suspend Dividends and to Set Up Special
Reserves.
The following (United Press) from London is from the
"Wall Street Journal" of Oct. 17:
Directors of the Anglo-South American Bank have decided to suspend
dividend payments on both the Class A and B stocks and to set up a reserve
fund of £450,000 for "bad and doubtful debts."
Stockholders at the annual general meeting were told profit of the bank
In the year ended June 30 amounted to £465.892, against £461.383 in the
preceding year. Gross profit last year amounted to £1,866,000 as compared
with £1,920,000 in the previous year.
Directors also authorized the transfer of £1,000,000 from the reserve
fund to a special reserve instituted last year to make provision for depreciation of investments for all known bad debts.
The bank had been affected by conditions in South America, particularly
In Chile, where it had large investments.
Brazil Pays $1,170,637 on Her Foreign Debts—
Remittances to New York and London Bring
Amortization Up to $11,651,000.
From the New York "Times" we take the following
(Associated Press) from Rio De Janeiro (Brazil), Oct. 14:
The Banco do Brazil remitted £317,422 (about $1,079,305) to-day to
London and New York under a foreign dent-funding plan, and £135,688
(about $461.332) to Rothschilds, London,for liquidation of a credit granted
to the Government of former President Washington Luis, overthrown in
1930.
A total of £3,426,797 (about $11,651,000) of the Brazilian foreign debt
•has been amortized thus far this year.
It was announced to-day that rebel currency issued during the civil war
in Sao Paulo would be redeemed with Sao Paulo 30-year Treasury oonds
at 7%, with the Banco do Brazil aiding in the rediscounting.
Minister of Finance Oswald() Aranha said that a 2% gold import tax
would be imposed at Santos, the re-opened port of Sao Paulo.
"We will simply apply to Santos the same tax that other ports Pay,
instead of creating one," he explained.
Brazilian Interest to London.
The London advices to the "Wall Street Journal" of
Oct. 18 state that Rothschilds has received a sum equivalent
to £430,000, representing instalment of the Banco do Brazil
consolidation credit due Oct.23 and all provision.for Brazilian
external debt service due in October.
Policies Upheld by Federal Land Bank in Wichita—
Denies Using Fund to Buy Own Bonds at a Discount Instead of Making Loans to Agriculture.
The Federal Land Bank of Wichita has not used its
available funds to buy its bonds at discounts instead of
making loans to farmers, it is asserted here to-day in an
article entitled "The Facts About the Federal Land Bank,"
appearing in the "Monthly Bulletin" of the bank, according
to Wichita, Bans., advices, Oct. 17, to the "United States
Daily," from which we also quote as follows:
The statement is made in reply to current "misstatements of fact made
with great positiveness by persons who know better, as well as by others
who {{peak entirely without knowledge but with much enthusiasm."
Fewer Foreclosed Loans.
The number of the bank's loans in foreclosure is less than a year ago, and
the member of foreclosed farms owned by the bank is less, according to
the statement.
The statement follows in full text:
The operations of the Federal Land Banks are becoming of increasing
public concern and importance.
Never clearly understood by the people generally, the present situation
has fostered further misunderstandings through misstatements of fact made
with great positiveness by persons who know better, as well as by others
who speak entirely without knowledge but with much enthusiasm.
With many farmers heavily burdened with debts which their creditors
wish to shift to the Federal Land Bank, and others in sound financial
condition but short of cash, the lending operations of the Federal Land
Bank are widely discussed.
Solvent Farmers Eligible.
Farmers who are solvent are eligible borrowers under the provisions of
the Federal Farm Loan Act, and offer adequate security, get the loans for
which they apply, and say nothing.
Creditors of farmers who are insolvent are not eligible borrowers, or do
not offer security sufficient to permit the making of loans to pay off these
creditors, are violently disappointed when the Federal Land Bank declines
to make the loans for which they urged these farmers to apply, and
say much.
It is not possible for facts entirely to overtake misstatements and refute
them. Without any expectation of that being accomplished, the following
facts as to the making of farm loans by the Federal Land Bank of Wichita
are stated so that some of the many who yet retain interest in the truth
may have opportunity to possess It:
The Federal Land Bank of Wichita has not used its available funds to
buy its bonds at discounts instead of making loans to farmers.
Outstanding Bonds Increased.
The total of the Bank's outstanding bonds is $636,800 more than it was•
year ago.
Since Dec. 31 1930 the bank has lent $4,734,600 to 1,425 farmers in
Colorado, Kansas, New Mexico and Oklahoma.
If the Bank had bought its bonds at available discounts with these funds
which were lent, the Bank would have made more net earnings in those 21
months than can be made in 33 years from the loans that were made, if
every loan is a good loan and all installments on all of them are paid
when due.
It was the Bank's obligation to agriculture in this period of depression
to make these loans.
The Bank discharged that obligation and is discharging it now.
In September 1932 the Bank closed loans for $195,200 as compared with
loans for $173,100 closed in September 1981. Loans amounting to 368,700
were closed in the first five days of October 1982.
The Federal Land Bank of Wichita is under no obligation to pay off
other creditors of farmers hopelessly involved in debt, and take over collection jobs which others find impossible.
4
Volume
135
Financial Chronicle
Must Collect on Loans.
The Bank is not disbursing the proceeds of appropriations when making
loans. It is investing funds which the Bank must collect and repay.
Statements continue being made with great abandon to the effect that the
Federal Land Bank is pursuing a ruthless and drastic policy of foreclosure
and is not giving its borrowers a chance to continue in possession of their
farm homes until they have had opportunity to make another crop at better
prices, from the proceeds of which they may pay up their delinquencies.
Creditors of the Bank's delinquent borrowers who have second mortgages
on farms mortgaged as security for the Bank's loans, and have chattel
mortgages on all personal property and growing and harvesting crops of
these borrowers, feel it an outrage that the Bank insists on having a share
of the proceeds of production applied on the delinquent obligations of the
Bank's borrowers. And they talk, loud and long.
Here are the facts as to foreclosures of mortgages by the Federal Land
Bank of Wichita:
On Sept. 30 1932 the total number of the Bank's loans in foreclosure
was 12% less than the number in foreclosure a year ago.
Improvement Recorded.
One in each 28 delinquent loans was in foreclosure a year ago.
Only one in each 97 delinquent loans is in foreclosure now.
The number of foreclosed farms owned by the Federal Land Bank of
Wichita is 3% leas now than it was a year ago.
These statements are so utterly at variance from much which has teen
printed and spoken by the uninformed, misinformed, and well•infortned
with ulterior purposes which they hope may be served by misrepresentation,
that they may seem incredible to some.
But they are the facts about the Federal Land Bank of Wichita.
Agricultural Credit Corporation Not Taxable
in Oklahoma.
The following, from Oklahoma City, Oct. 15, is from the
"United States Daily":
An Agricultural Credit Corporation to be established in Oklahoma City
by the Reconstruction Finance Corporation will not be subject to State
tax, according to a ruling given by J. Berry Xing, Attorney-General.
The opinion was requested by the Assistant Secretary of State when
application was made for a State license to operate such a Corporation.
Capital of the bank will be not less than $3,000,000, according to
the
application, and "is subscribed and owned by the United States of
America;
and all of its obligations are under terms of the Act, wholly and unconditionally guaranteed as to interest and principal by the United States."
Views on Action of Department of Agriculture in
Extending Crop Production Loans in Cotton States
with Cotton as Collateral on Basis of Nine Cents
a Pound.
Conflicting views as to the effect on the cotton situation
of the Department of Agriculture's announcement (referred
to in our issue of Oct. 8, page 2418) that cotton will be
accepted for collateral for seed loans at nine cents a pound,
were voiced in Memphis on Oct. 6, according to the "Commercial-Appeal" of that city, from which we also quote:
Charles G. Henry, General Manager of the Mid-South
Cotton Growers'
Association. believes that the advance will serve to take
1.000,000 bales off
the market until spring.
Frank G. Barton, President of the Memphis Cotton
Exchange, holds no
hope that taking a million bales off the market would in any way
affect
the Price.
"The action of the Secretary of Agriculture in waiving present
collection
of the second mortgage on this year's crop incurred by last season's seed
loan borrowers, will automatically keep 400,000 bales of cotton
from the
1931-32 crop off the market until next spring, and in addition the
collateral
allowance to borrowers. of 9 cents in this territory and 93i
canto in the
Atlantic mill States, will probably prevent the sale at present
prices of
600,000 bales from this year's crop."
Holding to Increase.
If Mr. Henry's prediction turns out to be correct, the total holdings of
Department of Agriculture, the Farm Board's stabilization
the
corporation and the American Cotton Co-operative Association will be increased
to 3.750,000 bales.
"We had to argue considerably to persuade Secretary Hyde to make a
collateral allowance of 9 cents which is 2 to 2% cents more than the
actual
value of the cotton." said Mr. Henry.
"The allowance is frankly an emergency measure, dictated by the need
of the farmers rather than by strict good business. The situation is that
cotton is 'frozen' like the assets of certain big business concerns were until
the Reconstruction Finance Corporation was organized to thaw them out.
"Spot cotton is worth about 6% cents, only a cent or 1Si cents better
than at this time last year and the crop is off 40%. In the delta regions
7
the situation is worse—while %-inch cotton is selling for a little bit more
than last year, the basis for the longer staples is off an average of 100 points.
"something had to be done to save the farmer who had borrowed from
being wiped out, and taking another million bales off the market, in addition to giving him a high collateral value, will help."
-cent co lateral value is for u-inch middling cotton—with proThe 9
portionate premiums and discounts for the other grades and staples.
A contrasting view of the 9
-cent collateral policy was expressed by
Mr. Barton. President of the Memphis Cotton Exchange, speaking, however, for himself alone.
Will Not Aid Price
Mr. Barton said he did not believe taking another million bales off the
would affect the price much, one way or the other and that he
market
considered it unfair for the Government to give the marginal cotton farmer
an arbitrary collateral value for his cotton two cents above the market
Price'
"The planter who is solvent and has to finance himself has to cover
is lines using his cotton for collateral at less than the market price. It's
not far to give the man whose past record as a farmer does not entitle him
-o private credit such a great credit advantage from the public treasury."
t
Applicants for seed and crop production loans must state in their applidons that they cannot get credit from private sources and as the max:lloan given is $400 the government source of credit is of little value
ta big planters.
If the loans are all eventually repaid, "according to Hoyle," the collateral allowance will be of little importance, but the cotton traders us
general believe—rather cynically—that the small farmers put up just
c:um
2745
enough cotton with the crop loan offices to cover their loans at the inflated collateral value and sell the rest for cash.
Eventually, they say, the government may be forced to sell the cotton
for less than the collateral allowance and will lose heavily, while it will
be practically impossible to come back on the small farmers for the balance
with any success.
From the New Orleans "Times-Picayune" of Oct. 6 we
take the following:
Granting by the United States department of agriculture Wednesday
of a moratorium on seed loans to cotton farmers means that more than
$10.000.000 additional cash will be available to Southern cotton growers,
according to a statement issued by the American Cotton Co-Operative
Association here.
Officials of the A. C. C.A., the statement reads, spent the past week in
Washington urging the plan under which growers now may put up their
cotton on a 9
-cent a pound basis and extend their loans instead of being
forced to sell the product to pay off the loans on the present market of
approximately 63 cents.
In addition, it was stated. 900.000 bales will be removed from the market
under the new arrangement, which provides that the cotton placed as
security shall be held until March 1.
Sales to Aid.
"Present prices would have required 1,250.000 bales of cotton to pay
off the $40.000,000 loaned Southern farmers on crop production." the
-cent basis. 900.000 bales will be
A. C. C. A. statement said. "On the 9
set aside as security, leaving more than 300.000 bales to be sold at $30 to
$35 each. Thus,more than $10,000.000 will be made available which,except
for the timely extension of loans, would have been lost."
The holding movement, which has strengthened the market materially,
it was pointed out, will be given added power through the removal of the
900.000 bales.
U. B. Blalock, Raleigh. N. C., President of the A. C. C. A.. and C. 0.
Moser of New Orleans, Vice-President, who worked for the extension plan
In Washington, notified the association's headquarters by long-disatnce
telephone Wednesday that their task had been completed successfully.
According to Grade,
Credit will be given for superior grade and staple in valuing cotton
to secure the loans, and inferior grade and staple will be penalized, it was
stated. Cotton may be classed for this purpose at any of the co-operative
classing offices at more than a hundred points In the cotton States.
Under the new arrangement, a farmer owing $100 to $135 on the Government loans would turn over three bales of cotton, which would be accepted
on the basis of 9 cents a pound, or about $45 a bale, and would be held
subject to the grower's orders. When sold, anything above the amount
of the loan and carrying charges would be returned to the grower.
-cent valuation is for middling white cotton of seven-eights inch
The 9
staple. Differences "on" and "off" this classification were announced
as follows: Middling three-fourths. 60 off; middling 13-16ths inch. 30 off;
middling 15-16ths inch, 25 on; middling one inch, 55 on; middling 1 1-16
inch. 85 on; strict middling seven-eighths inch. 25 on; strict low middling
seven-eighths inch. 30 off, low middling seven-eighths inch, 75 off, and
strict good ordinary seven-eighths inch. 125 off.
Questionnaire of New York Stock Exchange Calling
-Annual Condition of Members, Revised
For Semi
to Include Data Additional to That Previously
Required—Reported Designed to Maintain Closer
Scrutiny of Margins of Customers' Accounts.
The questionnaire of the New York Stock Exchange issued
semi-annually to ascertain the financial condition of brokerage firms, had been revised to provide a closer scrutiny of
the margins of customers' accounts, it was noted in the
New York "Times" of Oct. 19, which said:
The revised questionna.re goes into the position of customers' accounts
in great detail. Among the new questions Is one that reflects the Exchange's
ruling of last June that 10 points was the minimum adequate margin on•
short sale. The questionnaire also Indicates close supervision of debit
balances of customers.
The details asked for in the new questionnaire concerning the position
of customers are designed to safeguard brokerage firms against granting
excessive margins.
The questionnaire follows:
NEW YORK STOCK EXCHANGE.
Questionnaire for Registered Member Firms,
1. Total Bank Balances.—Enter separately, amount of contribution to
clearing fund of Stock Clearing Corporatin, and deposits with trust companies to guarantee cotton contracts, Am.
2. Total Money Borrowed, and Total Value of Collateral.—Enter
separately, accounts carried for your firm by other banking or brokerage
houses, showing debit and credit money balances and market value of
securities both long and short. State ledger balances and market value of
securities In the following accounts: Stocks borrowed. Stock loaned. Failed
to deliver. Failed to receive.
3. Market Value of Negotiable Securities in Box and Transfer Books.—
Classify as follows: Listed on New York Stock Exchange; market value $5
per share or over: market value under $5 per share. Not listed on New
York Stock Exchange; market value $5 per share or over; market value
under $5 per share. Do not include the value of any securities in "safe
keeping," nor the value of any securities carried as "long" if paid for in full
by customers.
4. Customers' Accounts. (All accounts for others than members of the
firm.)—(a) Ledger debit balances in customers' accounts—Classify as
follows:
I.—Total of debit balances in accounts which in each case have securities
with market value equal to or more than 125% of the debit balance. (State
total market value of securities.)
II.—Total of debit balances in accounts which in each case have securities
with market value of 100% or more but less than 125% of the debit balance.
(State total market value of securities.)
III.—Total of debit balances in accounts in which the market value of
securities is less than the debit balance in each case, (State total market
value of securities.)
IV.—Total of wholly unsecured debit balances.
(b) Ledger Credit Balances in Customers' Accounts—Classify as follows:
I.—Total of credit balances in accounts having "short" positions in which
the "equity" in each case is equal to or greater than 10 points on the number
Financial Chronicle
2746
of shares "short." (State total market value required to cover "short"
positions.)
II.—Total of credit balances in accounts having "short" positions in
which the "equity" in each case is less than 10 points on the number of
shares "short." (State total market value required to cover "short" positions
and number of shares "short.")
III.—Total of credit balances in accounts having "short" positions in
which in each case the "cover" value is greater than the credit. (State total
market value required to cover "short" positions and the number of shares
"short.")
IV.—Total of "free" credit balances.
If both "long" and "short" positions are carried in one account or if such
positions are carried for any customer in more than one account the ledger
balance (or net of balances) should be included in its proper classification
with the total market value of"long" and the total market value of"short"
securities given where only "long" or "short" values are called for above.
Customers' accounts with commodity positions ("spot" or "future")
should be so stated as to indicate margin condition with the amount of any
"undermargined" and (or) "deficit" condition stated.
Customers' accounts with no ledger balance but with open commitments, contracts or positions should be stated separately in such manner
as to indicate clearly whether or not the item is in "equity" or "deficit."
Do not include in answers to Question 4 the value of any securities in
"safe keeping" nor the value of any securities carried as "long" if paid for
in full by customers.
5.—Partners' Accounts. (Including capital accounts.)—Total debit
balances and total credit balances, also total value of long securities and
total value of short securities in the following accounts: (a) Partners'
individual accounts. (b) Firm investments and trading accounts. (c) Underwritings and syndicate participation accounts. (d) Capital accounts.
(State separately any amounts or valuations requested herein resulting
from borrowings under subordination agreements or otherwise.)
6. Profit and Loss Accounts.—Surplus and undivided profits, including
balances in income and expense accounts (commission, interest, expenses,
&c.) which will eventually be closed by journalizing to a profit and loss
account.
Note.—This question may be answered by giving one net amount,specifying debit or credit.
7.—Other Accounts.—State details (ledger balances and value of securities) of any accounts which have not been included in one of the answers
to the above questions, entering each account separately. These accounts
will include Exchange Seats, office furniture and other fixed assets, If
carried on the books, revenue stamp account, dividend account, &c.
8. What practice is followed by your firm in complying with that part of
Chapter XII, Sectioi 4, of the Rules adopted by the Governing Committee, pursuant to the Constitution, which declares that—"An agreement
between a member and a customer . . . does not justify the member in
pledging or loaning more of such securities than Is fair and reasonable in
view of the Indebtedness of said customer to said member."
9. Contingent Liabilities.—Give brief description, in memorandum form,
of any contingent liabilities of the firm, that are not included in ledger
account. Items of this nature may include: "When Issued" contracts;
(total commitments of customers) (total commitments offirm and partners).
Accommodation endorsements. Endorsements of puts and calls. Rediscounted notes. Participation in any proposition subject to future demands.
10. Partners' Accounts in Other Offices.—Have any general or special
partners of your firm, individually or collectively, any security or commodity accounts or commitments carried by other banking or brokerage
houses, which are not reflected on your books?
If so, state debit and credit balances. value of securities long and short,
and equity or deficit in open commodity contracts.
General Instructions.
Do Not Place Your Name on the Answers You Submit.
All answers must be prepared as of the same date (of which you have
received notice), and be attested by each member of your firm on the form
enclosed.
In stating ledger balances, specify debit or credit, and on security valuations, state whether long or short.
Retain a copy of your answers and keep all working papers and memoranda covering the answer and the one previous to it, for audit and review.
Send answers by registered mall in enclosed envelope addressed to
Committee on Business Conduct, New York Stock Exchange.
Yearly Figures of New York Clearing House Association—Mortimer N. Buckner Re-elected President—
Benjamin Strong Jr. Succeeds Charles W. Weston
as Secretary—G. W. Davison Chairman Clearing
House Committee—Total Transactions This Year
$205,840,923,153, Compared with $325,518,628,376
Last Year.
The re-election of Mortimer N. Buckner as President of
the New York Clearing House Association occurred at the
annual meeting of the Clearing House on Oct. 4. Mr.Buckner is Chairman of the board of trustees of the New York
Trust Co. A new Secretary of the Clearing House Association was elected at this week's annual meeting in the person
of Benjamin N. Strong Jr., Vice-President of the Bank of
Manhattan Trust Co. Mr. Strong, as Secretary, succeeds
Charles W. Weston, Vice-President of the Manufacturers'
Trust Co. Clarence E. Bacon continues as Manager of
the Clearing House and Edward L. Beck was re-elected as
Assistant Manager, and Charles A. Hanna continues as
Examiner. George W. Davison, President of the Central
Hanover Bank & Trust Co., was elected Chairman of the
Clearing House Committee, succeeding Charles S. McCain,
Chairman of the board of the Chase National Bank. The
full membership of the Clearing House Committee is as
follows:
George W. Davison, Chairman; President Central Hanover Bank &
Trust Co.
Herbert P. Howell, President. Commercial National Bank & Trust Co.
Gordon S. Rentschler, President, National City Bank.
Percy H. Johnston, President, Chemical Bank & Trust Co.
William 0. Potter, President, Guaranty Trust Co.
Oct. 22
1932
The report indicates that the total Clearing House transactions for the year were $205,840,923,153, this comparing
with $325,518,628,376 for the previous year. The total
transactions since the organization of the Clearing House
79 years ago amount to $7,613,373,223.890.
The Clearing House makes available the following extracts from the Manager's annual report for the year ended
Sept. 30 1932:
The Clearing House transactions for the year have
been as follows:
Exchanges
$177.306.295.651.48
Balances
28.534.627.501.13
Total transactions
The average daily transactions:
Exchanges
Balances
S205,840,923,152.61
*583.244.393.59
93,863,906.25
Total
$677,108,299.84
Total transactions since organization of Clearing
.House (79 years):
Exchanges
$7,005,530,919,557.22
Balances
607.842.304.332.97
Total
$7,613,373.223,890.19
Largest exchanges on any one day during the year
(Oct. 2 1931)
$1,428,231,746.0
0
Largest balances on any one day during the year
(Nov. 4 1931)
189,450,188.12
Largest transactions on any one day during the year
(Oct. 2 1931)
1,580.349,364.75
Smallest exchanges on any one day during the year
(Aug. 29 1932)
197.074,118.68
Smallest balances on any one day during the year
(Aug. 29 1932)
40,140,932.44
Smallest transactions on any one day during the year
(Aug. 29 1932)
237.215,051.12
Largest day's transactions on record (Oct. 31 1929)—
Exchanges
$3,853,040.114.48
Balances
378.201.061.08
Total transactions
$4.231.241.175.56
Largest exchanges (Oct. 31 1929)
$3.853.040,114.48
Largest balances (Oct. 30 1929)
432,909,546.73
Transactions of the Federal Reserve Bank ofNew York:
Debit exchanges
$2.122.932,873.98
Credit exchanges
20,931.216,350.38
Credit balances
18,808.303.476.40
The Association is now composed of 6 National banks. 1 State bank and
14 trust companies. The Federal Reserve Bank of New York and the
Clearing House City Collection Department also make exchanges at the
Clearing House. making 23 institutions clearing direct.
There are 4 banks and trust companies in the city and vicinity, not members of the Association, that make their exchanges through banks that are
members, in accordance with constitutional provisions.
Number of Branch Offices of New York Stock Exchange
Members Increased from Sept. 1 to Oct. 1.
A second consecutive increase in the number of branch
offices of members of the New York Stock Exchange was
reported on Oct. 1. The October "Monthly Bulletin" of
the Exchange reported 1,178 branch offices on that date,
an increase of 18 over those open on Sept. 1. The number
of branch offices open on Sept. 1, which totaled 1,160, was
the first increase since Aug. 1 1931, at which time there
were 1,483 branches.
Percy H. Johnston of Chemical Bank & Trust Co
Returns from European Trip --Views of Conditions
Abroad.
Percy H. Johnston, President of the Chemical Bank &
Turst Co. of New York returned Oct. 17 on the SS. Bremen
of the North German Lloyd Line from a six weeks' business.
trip to Europe.
He found conditions somewhat improved in Germany,
with much improvement in sentiment in that country.
Conditions also seemed better in England and Czechoslovakia. In Austria and Hungary there are no signs of improvement. France seemed to be getting along in a very
good way with no outward evidence of unemployment or
distress
Annual Report of President Julian of New York Rubber
Exchange—Volume of Trading 258,2023/ Long
Tons—Rubber Restrictions.
An upward turn in rubber prices, accompanied by an
expanded volume of business, followed a decline to record
low levels during the year ended Aug. 31 1932, says John
Julian, President of the Rubber Exchange of New York, in
his annual report to members presented at the ennual meeting of the Exchange on Oct. 12. The report says:
General business conditions continued unfavorable during mast of the
past year, and further declines in crude rubber prices were made; a low
for all times being reached on June 28 1932, when No. 1 Standard contract
sold at 2.53c. for July delivery. However, in July there was an upward
turn and the volume of trading on the Exchange increased; the turnover
In August being 61,980 tone, the largest for any month since March 1929,
Volume 135
Financial Chronicle
and 78% of the turnover in March 1928, which was the most active month
in the history of the Exchange.
The matter of restriction of rubber output continued to be the subject
of conferences between British and Dutch interests and their governments.
However, on March 19 1932 an official statement by representatives of the
British and Netherlands governments announced that after a careful review
of the situation the British and Dutch governments had been forced to the
conclusion that under existing conditions it was impossible to frame and
operate an international scheme which would guarantee effective regulation
of the production and export of rubber. Consequently there still is a
free and open market with respect to rubber.
Production and shipments of the British and Dutch Colonies were maintained at practically the former rates until the first half of 1932, when
the native production in the Dutch East Indies fell off about 43% compared
with the first half of 1931, while the decrease in native production In
the British sections was less marked.
Estate production and shipments in British Malaya and the Dutch East
Indies show few signs of reaction since abandonment of the restriction
proposals. Although tapping on large areas has been stopped, the
exports
of estate rubber from the Dutch East Indies remained at about the same
level as in 1931 until August, while in British Malaya the estate production was slightly above the 1931 level, which indicates more intensive
tapping on the remaining tappable areas.
Consumption in the United States declined further during
the past 12
months, whereas the total foreign consumption during that period
somewhat
exceeded previous levels.
The principal world stocks of crude rubber increased about 94,000
tons
Irons Aug. 31 1931 to May 31 1932. Since the latter date, there was
a
decrease up to the end of July, with a slight upward turn
in August, and
at Aug. 31 1932 the principal world stocks were about 46,000 tons
higher
than at Aug. 81 1931.
Volume of trading on the Exchange during the year
amounted to 258.202% long tons, of which 234.920 long
tons
were transacted in the No. 1 Standard contract, 20.500 tons
In the No. 1B Standard, 50 tons in the AB contracts, 1.610
tons in the A contract, and 1,122% tons in the old A contract.
On the basis of the Standard contracts, prices fluctuated
between a high of 5.97c., reached on Sept. 11 1931,
and a
low of 2.53c. paid on June 28 1932. During the year 13
applicants were elected to Tembership.
Downey & Co., Philadelphia, Suspended
from
Philadelphia Stock Exchange for Insolvency.
Downey & Co., an investment firm with offices
in the
Fidelity-Philadelphia Building, Philadelphia, Pa., on
was suspended for insolvency by the Philadelph Oct. 13
ia Stock
Exchange, according to the Philadelphia
"Record" of
Oct. 14.
Jeremiah M.Downey,floor member and sole member
of the
firm, was admitted to the Exchange in November
1928,
stated.
it was
Volume of Commercial Paper Outstanding as
Reported
to New York Federal Reserve Bank
$117,900,000 on
Sept. 30 as Compared with $108,100,000 on
Aug. 31.
The New York Federal Reserve Bank released
the following on Oct. 19:
Reports received by this bank from commercial
paper dealers show a
total of $117.900,000 of open market commercial
paper outstanding on
Sept. 30 1932.
On Aug. 31 the volume of commercial paper outstandi
ng
was reported by the Reserve Bank at $108,100,000. Below
we furnish a record of the figures since they were first reported by the Bank on Oct. 311931:
1932.
Sept.30
Aug. 31
July 31
June 30
1
tp 31
aas
magi 36
$117,900.000
108,100.000
100.400.000
103.300,000
11.100.000
107.800,000
105,606.000
1932.
Feb. 29
Jan. 31
Dec. 31
Nov.30
Oct. 31
$102,818,000
107,902,000
1931.
117.714.784
173.684.384
210.000.000
First Increase During 1932 Reported in Volume of
Outstanding Bankers' Acceptances—Total Sept.
30
$996,365,078—Increase of $1,723,339 Compared With
August 31.
After a long period of declining bankers acceptance volume,
the total of bills outstanding, as shown by the survey of the
American Acceptance Council as of Sept. 30, released
Oct. 20, increased $1,723,339 over the volume outstanding
as of the end of August. Robert H. Bean, Executive Secretary, American Acceptance Council, in reporting this added:
While this amount of Increase is relatively unimportant when compared
with the total volume of bills it does indicate the beginning of a seasonal
use of acceptance credits for crop financing.
The total volume outstanding at the time of this survey was $683,189.146
which is $313,175,932 below the figures for Sept. 30 1931.
An analysis of the classified totals shows the greatest gain to be In
acceptance credits used to finance the storage of goods and commodities
in domestic warehouses. This amount increased from $175,160.333 at the
end of August to 8197,657,284 at the end of September. a gain of $22,This of course is a purely seasonal performance as agricultural
496,
951*
products are placed in warehouses subject to trade demand during the
remainder of the year.
Acceptances created to finance exports advanced in volume $4.477.149,
•he first increase in export acceptance credits for several months,
w offsetting these gains in export and warehouse credits was a
reduction
$16,583,337 in the volume of acceptances based on goods stored in or
of
2747
shipped between foreign countries. This is the second consecutive substantial reduction in the volume of foreign bills, bringing the total down
$30,839,496 since July 30 1932.
Bankers acceptances for the purpose of financing imports went off
$2,845.041, domestic shipment acceptances decline 82.487,991 and acceptances for the purpose of creating dollar exchange went off $3,334.392.
It is particularly encouraging to note that the volume of "foreign bills"
generally referred to as German credits has now been reduced $105,000.000
since Sept. 30 1931 and is now considerably less than half the peak volume
for this type of business.
Geographically, the current survey reveals only very slight
changes in
the totals reported from the 12 Federal Reserve Districts. The New York
Federal Reserve District reported a gain of $1,100,000. As a result of
the lessened acceptance activity in other districts, in recent months
the
New York territory now has 8547,152.785 out of a total for the entire
country of $683.000,000. This is compared with 3780.000.000 and $996.000.000 at the end of September 1931 thus further emphasizing the concentration of the bill business in the New York District.
Not in the history of acceptance financing has it been possible for
producers of commodities in the crop moving time of the year to finance
their business at so low a cost as at present. The recent reduction in bankers
bills to %%—li% up to 90 days—the lowest rate on record—makes it
possible to arrange crop financing at previously unheard of rates.
The condition of the bill market so far as it affects the supply and demand
continues unchanged with dealers portfolios at record low levels.
The holding of bills by the large accepting banks continues to account
for nearly 80% of all created bills. As of the end of September, accepting
banks were holding of their own or other banks bills a total of $519,209,122.
This amount is $54,000,000 less than the total held by these banks as of
the end of the previous month. Accepting banks of the Second Federal
Reserve District alone held $392,778,816 at the last month end.
Detailed statistics are made available as follows by
Mr. Bean:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Federal Reserve District.
Sept. 30 1932.
1
2
3
4
5
6
7
8
9
10
11
12
Aug. 31 1932. Sept. 30 1931.
539.587.527
547.152,785
12,271.193
10.175.394
1.359.100
6,786,035
39,521.697
1,346.989
2,309.424
1,200 000
1,605,189
19,873.813
881.273.197
780,785.075
17.667.152
19.262.532
3.655.470
7.110.001
50,708.274
1.831,182
2,678.216
600.000
1.555.594
29,238,385
$683,189,146
Grand total
Decreaseinerasmaa
841.728.586
546,051.620
11 191.101
10.330.556
1,418 546
5,447.886
40,727.942
1,343.035
1.662 487
1,200.000
998.154
19.365.894
$681,465,807
5996.365,078
313,175,932
1.723.339
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Sept. 30 1932.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
573,106.387
156,190,631
14,392.371
197,657.234
7,952.554
Aug. 31 1932. Sept. 301931.
575,951,428
151,713,482
16.880,362
175,160.333
11,286,946
5173,681.770
257.395.744
27.689.635
162.478.377
36,714.277
Nat.:man Meader. nnlin.Mesa
TAR RRQ 010
250 475 2rift
RaR 4f15 275
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
OCT. 19 1932.
Days—
30
60
90
Dealers'
Dealers'
Buying Rate. Selling Rate.
%
Si
Si
3.4
Si
X
Days—
120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate.
X
1
1
H
X
'A
Liquid Position of New York City Banks at End of
September—Highest During Entire Depression,
According to Hornblower & Weeks.
The liquid position of New York City banks as of Sept. 30
was 58%, based upon the ratio of cash and United States
Government securities to total deposits, the highest ratio
of liquidity reported during the entire depression, according
to an analysis prepared by Hornblower & Weeks, members
of the New York Stock Exchange. The firm says:
Since July the deposits of 15 leading banks have .ncreased over
$500,000,000. As of June 30 combined deposits of these banks were
$6.929,765.000, as compared with $7,430,374,000 on Sept. 30. Published weekly
Clearing House figures indicate that the rise in deposits since Sept.
30 has
continued. Largest increases were: Chase, up $120 millions:
National
City. $61 millions: Guaranty Trust. $74 millions; First
National. $58
millions; Manhattan Trust, $54 millions: Bankers Trust,
$50 millions:
Central Hanover, $30 millions; Chemical Bank, $33
millions.
Capital.
Surplus and
Undle.Prof
.
Deposits. Liquidity.
$
s
s
%
25,000,000 77,007,000 598,229,000
70
6,000,000 9,134,000 109,457,000
55
21,000.000 70,119,000 560,525,000
63
148,000.000 118.335,000 1.420,221,000
44
21,000,000 45,641,000 308,760,000
60
15,000,000 22,740,000 219,717,000
62
6,000,000 3,268,000
61.948,000
45
10,000.000 85,527,000 383,200,000
69
90,000,000 180.830,000 1,002,027,000
67
50,000,000 75,148,000 398,249,000
67
32,935.000 22,126,000 374,358,000
40
b40,395,000 75,078,000 a371,317,000
52
124,000.000 82,554.000 1,275,275,000
50
12,500,000 22,093,000 255,714.000
54
8,250,000 4.385.000
91,377.000
70
Total
610.050,000 893.985.000 7.430.374.000
58
a Manhattan Trust Co. deposits. b Manhattan
Co. figures as of June 30.
Despite unprecedented liquidity, bank earnings
in the third quarter were
well maintained, and dividends were covered
by a fair margin in most
Instances. At present levels the income
yield ranges from 6.90% to
4.16%, the average being 5.47%.
As of Sept. 30 1932—
Bankers
Bank of New York
Central Hanover
Chase
Chemical
Corn Exchange
Empire
First National
Guaranty
Irving
Manufacturers
Manhattan
CItY
New York Trust
Public
2748
Financial Chronicle
Young Committee Holds Meeting at New York Federal
Reserve Bank.
The committee of 12 bankers and industrialists headed by
Owen D. Young met at the Federal Reserve Bank of New
York on Oct. 18. From the New York "Journal of Commerce" we quote:
It was the first meeting of the full committee since early summer.
Eugene Meyer. Governor of the Federal Reserve Board, was In New York
this week but no statement was issued as to whether or not he attended the
meeting. It was believed that Walter Teagle of the Standard Oil Co. of
New Jersey outlined the progress of his Share-the-Work movement and that
a report was made on the recent questionnaire to large companies on their
contemplated capital expenditures. The Standard Oil Co. of New Jersey
and American Telephone & Telegraph already reported on this point.
Tenders of $252,465,000 Received to Offering of $75,000,-Day Treasury Bills Dated Oct. 19—Bids Ac000 91
cepted $75,110,000—Average Rate 0.14—New Low
Price.
A record low interest rate (0.14%) is recorded in the sale
of the 91-day Treasury bills dated Oct. 19, offered to the
amount of $75,000.000 or thereabouts, an item regarding
which appeared in our issue of Oct. 15. p. 2593. Tenders of
$252,465,000 were received for the issue, and the amount
of bids accepted was $75.110,000. The Treasury Department's announcement on Oct. 18 of the result of the offering
follows:
Secretary of the Treasury Mills announced to-day that the tenders for
V5.000.000. Or thereabouts. of 91-day Treasury bills, dated Oct. 19 1932.
and maturing Jan. 18 1933. which were offered on Oct. 13. were opened at
the Federal Reserve Banks on Oct. 17.
The total amount applied for was 1252.465.000. The highest bid made
was 99.967. equivalent to an Interest rate of about 0.13% on an annual
basis. The lowest bid accepted was 99.960.equivalent to an interest rate of
about 0.16% on an annual basis. Only part of the amount bid for at the
latter price was accepted. The total amount of bids accepted was $75,110.000. The average price of Treasury bills to be issued is 99.965. The
average rate on a bank discount bash; is about 0.14%
The previous low record (0.19%) was noted in our issue of
Oct. 15 (p. 2593) this having been the average price paid for
-day Treasury bills offered to the amount of $75,000,000 or
92
thereabouts.
New Offering of $80,000,000 91-Day Treasury Bills
Dated Oct. 26.
A new offering of 91-day Treasury bills, to the amount of
$80,000,000 or thereabouts, was announced on Oct. 19 by
Secretary of the Treasury Ogden L. Mills. The new bills
(which will meet a maturing issue of $83,317,000) will be
dated Oct. 26 1932 and will mature on Jan. 25 1933. The
face amount will be payable oil the maturity date without
Interest. The bills are sold on a discount basis to the highest
bidders. Tenders will be received for the new issue at the
Federal Reserve Banks or their branches up to 2 p. m.,
Eastern Standard Time on Monday, Oct. 24. The announcement of Secretary Mills says in part:
They 'the bills] will be issued in bearer form only, and in amounts or
denominations of 51.000, 510,000. $100,000, 1500.000. and $1.000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be In multiples of $1.000. The price offered must be expressed
on the 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 guarantee of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Oct. 24 1932,
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action In any such respect shall be final. Those sub
mitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
Oct. 26 1932.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and Inheritance taxes. No loss from the sale or other
disposition of the Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by
he United States or any of its possessions.
Veterans' Cost Chart Comparing United States Expenditures With Those of Allies.
From Washington a dispatch, Oct. 15, to the New York
"Times" said:
Visitors at the Capitol since Congress adjourned in July have shown
more Interest In a chart setting forth the comparative costs of veterans'
benefits in the United States and Allied nations, than they have in the
imposing statues and paintings of former members of Congress which
adorn the corridors of the Capitol.
closing days of the last
This chart was prepared hurriedly during the
Nebraska, who used
Congressional session for Representative Simmons of
Oct. 22 1932
It In connection with opposition voiced against increased benefits for the
American war veterans.
The large board was inadvertently left in the lobby of the House and
thus far caretakers have shown no Inclination to remove it.
Almost invariably when a group of visitors Is shown about the Capitol.
one or more persons will draw aside and study the figures, some taking
out pencil and paper to copy off data.
The figures showing the cost of the American veteran as compared with
those of other Powers engaged in the World War are as follows:
Dead and
Men
Mobilized. Wounded.
Country—
322,497
4.757.000
United States
13,000,000 6.111.862
Germany
6.600.000 3,000.000
Great Britain
8,410,000 5,623.000
France
5,615.000 1,597.000
Italy
232.045
619,636
Canada
Per Cantle
Per Capita
Based on
Men
This Year's
Dead and
Mobilised.
Relief
Wounded.
Country—
ized.
Bill.
$2,668
United States
$180
$860,365,000
48
Germany
22
298.690.000
as
Great Britain
26
174.802,060
50
France
84
286.722.000
43
Italy
12
69,853,300
263
Canada
98
61.123,000
Representatives of-Bonus Expeditionary Force Received
at White House by President Hoover—Petition of
Censure for Eviction of Veterans Last Summer
-Gen. Hines.
Presented to Brig.
A delegation representing the Bonus Expeditionary Force,
bearing a petition of censure for the forcible eiction of
veterans last summer and presenting some new demands,
was received by President Hoover at the White House on
Oct. 13. With regard thereto we quote the following from a
Washington dispatch (Oct. 13) to the New York "Times":
The petition was not handed to the President, as was originally planned.
but to Brig. Gen. Frank T. Hines, administrator of veterans' affairs, who
was In Mr. Hoover's private office during the delegation's visit, Mr.Hines
promised to give the document his consideration.
The petition demanded bedding and a daily ration of 15 cents a day for
unemployed veterans, as well as cash payment of adjusted compensation
certificates.
Heading the veterans' delegation of 12. Including two women. was Hoke
Smith. National Field Commander of the B. E. F., who on leaving the
White House remarked that his party had been "shown every courtesy."
lie was clearly pleased by the way they had been received.
Mr. Hoover took occasion during the reception of the visitors to reiterate
his opposition to "some" of the B. E. F. objectives and to express pleasure
at their determination to present future petitions through appropriate
channels rather than by such means as a new march on Washington. He
told them also that, as as President of the United States, he could not
accept a petition censuring that officer.
Tells of Conference.
Walter H. Newton. one of the Presidential secretaries, related for the
White House what happened at the conference. He said:
"Commander Smith stated to the President that they wished to par
their respects, tender their support, pledge their loyalty to the President
and the Constitution of the United States.
"The President expressed his pleasure at that statement and to'd them
that they would recognize that he disagreed with the point of view of
some of their objectives: that he had to consider 25.000.000 families in the
United States In these times of distress as well as members of special groups.
but that he was glad they had determined to present their propagate to the
Congress. through the appropriate committees, rather than to repeat the
scenes that occurred in Washington during last spring and early summer.
"The President said he was pleased that they were not presenting him
with the petition which had been reported in the press, as It contained
statements offc sire to the dignity of the office of the Presidency and
he was glad they had decided not to present it at the White HOMO.
"He said that every group In the United States was free to present its
views on every public question and they no doubt would be given ever"'
facility In the expression of their wishes to Congress."
Mr. Newton added that the petition in question was not seen by the
President. as it was passed in an envelope to General Hines. The document was the same as prepared at the recent National convention of the
B. E. F. at Uniontown. Pa. Besides demanding full cash payment of the
bonus. It expressed opposition to any legislation tending to cut down veterans' allowances, and demanded that immediate steps be taken to issue
to unemployed veterans billeted In camps at various places "underwear,
uniforms, shits. socks, hats, caps and overcoats," to lend them cots,
mattresses and blankets and to provide a food or cash ration allowance
of not less than 15 cents a day for their care.
The censure of the President was contained in the last paragraph, in
which It was resolved:
"That we. the assembled representatives of the B. E. F. (at Uniontown) do hereby severely censure you and those of your administration
who took part in and the means used in the foreceful eviction of the B.E. F.
from the District of Columbia on July 28 and 29 1932.'
In the group received by the President were Mr. Smith, Philo D. Burke.
liaison officer; Robert Dessert, George J. Spencer, Edgar F. Cornelius.
medical officer; William E. Jordan, Burns M. Thomas, Fred Allamong,
Arthur A. Tabb and T. A. Charlton and Mrs. Myrtle F. Crawford and Mrs.
Geneva N. Frew. nurses.
Associated Press advices from Washington, Oct. 13, said:
Hoke Smitn told newspaper men as he left the White Howie offices to-day
that his delegation had "pledged our unswerving allegiance to the Constitution and the flag."
The B. E. F. resolution, as handed to newspaper men by Mr. Smith.
cited an appropriation of 150.000 for the "entertainment of French veterans" and legislation permitting a loan of bedding to the American Legion.
"We, the delegates of the B. E. F. In National convention assembled at
Uniontown. Pa." the petition said,"do herewith demand that the same
consideration be shown these destitute, honorably discharged World War
vaterans that was shown our more fortunate comrades in the above-mentioned public laws."
Later in the day Mr. Smith conferred for an hour with General Hines
and to-night the D. E. F. officer hawed a statement saying that the reception
of his group by the President proved that the organization was not "the
'criminal group' that was so viciously attacked by the Attorney
General during the middle of September" and that the severe censure
mentioned in the resolution presented to General Hines "was directed at
Mr. Hoover the individual" and not at the Chief Executive of the country.
Volume 135
Financial Chronicle
President Hoover, in Cleveland Address, in Answering
His Opponents, Defends Tariff and Other Policies
of Administration in Dealing with Crisis—Reviews
12-Point Program—Denies He Employed Cheap
Chinese Labor in South Africa.
In an address delivered in Cleveland on Oct. 15, President
Hoover directed his remarks toward answering criticisms
of his opponents. To quote from the Cleveland "Plain
Dealer":
The President lashed out unsparingly at Roosevelt and Garner; attacked the type of campaign conducted by the enemy ; defended the
acts of his administration, including the Ilawley-Smoot tariff bill, and
as a climax presented in outline a twelve-point program he said he
had carried out for the benefit of both laboring men and employers, in
an eflort to overcome the depression, maintain national stability and
create jobs. .
Mr. Hoover's address to-night climaxed a long, hard day in which he
spoke from the rear platform of his special train as it crossed four States
to throngs estimated by police to more than 100,000.
Removes Bandage.
The President had removed the bandage on his hand which he had
since Thursday night when it was cut and bruised while shaking
worn
hands with 3,000 at a White House reception. . . .
In discussing the unemployment and wage question, the President outlined this twelve-point program he said he had put into effect since
the beginning of the depression:
1—Organization of relief committees to prevent "hunger or cold."
2—Labor conference to prevent strikes.
3—Organization of preparatory measures to prevent disaster in time
of panic or depression.
4—Public works building program.
5—The five-day week or stagger system of employment.
6—The Federal Dome Loan Banking system.
7—Maintenance of comparatively high wages in this country.
8—Insistence of a protective tariff for American industry.
9—Prohibition of immigration to a minimum.
10—Retained stability of the American dollar.
11—I'rogram to restore normal jobs to workers.
12—Reduction of armaments to relieve the world of arms burdens.
Emphatic in Denial.
Mr. Hoover was particularly emphatic when he discussed Democratic
charges that he had employed cheap coolie labor while on an engineering
Mission in South Africa. Ile rapped the desk with his clenched fist as he
emphasized his points and his voice grew in volume as he denied
the
charge.
"In my hand I have a copy of the instructions issued by the Democratic
National Committee to their speakers," he said. "I find a paragraph
referring to my 'dark labor record.' I am glad that is neither pink nor
red. But they say: 'First and indelible his early record is clouded
by his former partnerships which contracted cheap Chinese coolie labor
In South African mines.' It goes further with reference to statements
of Democratic leaders grieving over his coolie labor and implies that I
engaged in the slavery of human beings.
"This calumny has been disproved and denounced time and again. Some
of my friends base even gone to the extent of digging up the public records
of 28 years ago, which show that at the time Chinese labor was imported into South Africa, I publicly protested on the grounds that high.
paid skilled labor would do the work more efficiently, and further no
South African concern with which I was ever connected ever employed
a single Chinese laborer.
"But snore important than this, I happen to have in the files in Washington, from the man who first penned those lies, a statement
under
oath, humbly and abjectly withdrawing them. . . ."
War Debts.
In regard to war debts, the President said he had consistently opposed
cancellation while "the Democratic candidate, to use his own
words, proposes to reduce our tariffs so that out of Europe's profits through the
increased trade they would obtain from us Europe would pay us
these
debt annu:ties."
"That is uistly worse than cancellation," said Mr. Hoover.
"This
would take money out of the pockets of the farmer, laborer and
business
man to pay Europe's debts. in the constructive handling of this question
I have said that I would favor the utilization of war debts to advantage
agriculture and labor. Such action has received support of many
leaders
of labor and agriculture."
It was at this point that the President summarized his own record in
this fashion:
"It is radical in its defense of our people's interests; it is progressive
in constructive advancement of our people; it is conservative in maintaining the fundamental principles of American life. . . ."
And in conclusion:
"No one who has seen this battle as I have seen it, who has watched
the bright fabric of recovery woven laboriously from day to day, with
the stout efforts of American faith and confidence in their people, could
harbor a doubt for the future of this nation.
"If there shall he no retreat, if the attack shall continue as it is now
organized, then this battle is won."
In full the President's address follows:
spoke at Dee Moines about agriculture. My remarks this evening
will be largely directed to employment and to the wage and salary earners.
I propose to review what the administration has done and the measures
and policies it has in action together with the relation of these policies
to those of our opponents. As President of the United States, I have
the duty to speak to workers, but I have also a certain personal right
to speak.
When I talk to you to-night about labor I speak not out of academic
imaginings hut from sharp personal experience. I have looked at these
human problems, not only from the fireside of one who has returned from
a day's work with his own hands but I know the problem that haunts the
employer through the night, desperate to find the money with which to
meet the week's payroll. In public service during past years I have
had to look at these problems from the point of view of the national
welfare as a whole.
The people of s free nation have a right to ask their Government, "Why
has our employment been interrupted? What measures have been taken
In our protection? What has been done to remove the obstacles from the
return of our work to us?"
2749
They not only have a right to ask these questions but to have an answer. I am here to-night to give that answer.
During the past three years our economic system has received the most
terrific shock and dislocation, which, had not strong action been taken
by your Government, would have imperiled the Republic and the whole
hope of recovery. It has affected business, industry, employment and
agriculture alike. It is appropriate to repeat that while many of our
measures are directed to the protection and assistance of particular groups,
yet all are in the same boat and all -must come to shore together.
And how are they to get to shore? By listening to those who manifestly
display a lack of knowledge of the character of the storm and of the
primary problems of navigation? By boring holes in the bottom of the
boat? By throwing overboard the measures designed to meet the storm
and which are proving their effectiveness?
Declares Smoot-Hawley Tariff Act not factor in depression.
Our opponents have been going up and down the land repeating the
statement that the sole or major origins of this disruption and this
world-wide hurricane came from the United States through the wild flotation of securities and the stock market speculation in New York three
years ago, together with the passage of the Smoot-Ilawley tariff bill,
which took place nine months after the storm broke.
I propose to discuss this assertion.
First. Because it can be pro‘ed absolutely untrue.
Second. Because the United States did not bring this calamity upon the
world. The United States is not the oppressor of the world.
Third. Because it can be demonstrated to be founded upon a complete
misunderstanding of what has happened in the world.
Fourth. Because any party which exhibits such a lack of economic understanding upon which to base national policies should not be trusted
with the fate of 25,1100,000 American families. They should not be trusted
to command the battle against the most gigantic economic emergency
with which our people have ever been confronted, and to bring that battle
to victorious issue in the re-establishment of the functioning of our
economic machine.
This thesis of the opposition as to the origin of our troubles is a wonderful explanation for political purposes. I would be glad, indeed, if
all the enormous problems in the world could be simplified in such a
fashion. If that were all that has been the matter with us we could
have recovered from the depression two years ago, instead of fighting
ever since that time against the most destructive forces which we have
ever met in the whole history of the United States—and I am glad to say
fighting victoriously.
Nowhere do I find the slightest reference in all the statements of the
opposition party to the part played by the greatest war in history, the inheritances from it. the fears and panics and dreadful economic catastrophes
which have developed from these causes in foreign countries, or that they
may have had the remotest thing to do with the calamity against which
this Administration is fighting aay and night.
The leaders of the Democratic party appear to be entirely in ignorance
of the effect of the killing or incapacitating of 40,000,000 of the best
youth of the earth, or of the stupendous cost of war—a sum of $300,000,000,000, or a sum nearly equal to the value of all the property in the
United States, or the stupendous inheritance of debt, with its consequent
burden of taxes on scores of nations, with their stifling effect upon recuperation of industry and commerce or paralyzing effect upon world
commerce by the continued instability of currencies and budgets.
Democratic leaders have apparently not yet learned of the political
instability that arose all over Europe from the harsh treaties which ended
the war and the constant continuing political agitation :ma creation
of fear which from time to time paralyzed confidence. They hays
apparently never heard of the continuing economic dislocation
from the
transfer on every frontier of great masses of people from their
former
economic setting.
They apparently have not heard of the continuing dislocation
of the
stream of economic life which has been caused by the carving of twelve
new nations from three old empires. These nations have a rightful
aspiration to build their own separate economic systems; they naturally
have
surrounded themselves with tariffs and other national protections
and
have thereby diverted the long-established currents of trade. I
presume,
however, that if our Democratic leaders should hear of these nine
new
tariff walls Introduced into the world some fourteen years
ago they
would lay them at the door of the Smoot-Hawley bill passed twelve
years
later.
They apparently have not heard of the increase of standing
armies of
the world from two to five million men, with consequent
burdens upon
the taxpayer and the constant threat to the peace of the
world.
Democratic leaders apparently ignore the effect upon
us of the revolution among 300.000,000 people in China or the
agitations among 800,000,000 people in India or the Bolshevist revolution
amongst 100,000,000
people in Russia. They have ignored the
effect of Russia's dumping into
the world the commodities taken from its
necessitous people in a desperate
effort ot secure money with which to carry
on—shall I call it—a new
deal.
The Democratic leaders apparently have
never heard that there ha,
been gigantic overproduction of rubber
in the Indies, of sugar in Cuba,
of coffee in Brasil, of cocoa in Ecuador,
of copper in the Congo, of lead
In Burma, overproduction of zinc
in Australia, overproduotion of oil
from new discoveries in the United
States, Russia, Sumatra, and Venezuela;
and likewise the effect of the
Introduction into the world of gigantic
areas
of new wheat lands in the Argentine
and in Canada ; new cotton lands
in Egypt. In earh and every case
these enormous overproduction,, far
beyond consumption even in boom
times, have crashed into the
immutable
law of supply and demand and
brought inevitable collapse in
prices and
with it a train of bankruptcies
and destruction of buying power
for
American goods.
They appear rot to recognize
that these forces finally generated
economic strangulations, fears and
panic, the streams of which
precipitated
another long series of world-wide
disasters.
The Democratic leaders
apparently never heard that
there followed
revolutions in Spain and Portugal,
Brazil, the Argentine Chile Peru,
Ecuador, Siam, with attempts
at revolution in a dosen
other cc:unifies:
resulting in their partial or
practical repudiation of debt
and the constant
decrease in buying power for
our goods.
Series of Collapses Abroad.
They seem not to know that
the further accumulation of all
these
causes aml dislocations finally
placed a strain upon the weakened el
-anomie
system of Europe until one by one
they eollapsed in failure of their gold
standards and the partial or total
repudiation of debts. They would hold
the American people ignorant
that every one of these nations in
their
financial crises imposed direct or
indirect restrictions on the import of
2750
Financial Chronicle
goods in order to reduce expenditures of their people. They call these
"reprisals" against the Smoot-Hawley tariff bill.
They apparently have never heard of the succeeding jeopardy in which
our nation was put through these destructions of world commerce, or
the persistent dumping of securities into the American market from these
panic-stricken countries; the gigantic drains upon our gold and exchange, or the consequent fear that swept over our people, causing them
to draw from our bank resources $1,500,000,000, all of which contracted
credit, resulted in demand for payment of debts right and left and thwarted
our every effort for industrial recovery.
Yet, in the very face of all these tremendous facts, our Democratic
friends leave the impression with the American people that the prime
cause of this disaster was the boom in flotations and stock prices and a
small increase in American tariffs.
Such an impression is unquestionably sought by the Democratic candidate when he says:
"That bubble burst first in the land of its origin—the United States.
The major collapse abroad followed. It was not simultaneous with ours."
I do not underrate the distressing losses to millions of our people or
the weakening of our strength from the mania of speculation and flotation of securities, but I may incidentally remark that the State Governments have the primary responsibility to protect their citizens in these
matters and that the vast majority of such transactions originated or took
place in the State of New York.
Origin of Depression.
But, as to the accuracy of the statement I have quoted, I array call
your attention to a recent bulletin of the highly respected National Bureau
of Economic Research, in which it is shown that this depression in the
world began in eleven countries, having a population of 600,000,000 people,
before it even appeared in our country, instead of the bubble having "first
burst in the United States." Their report shows that the depression in
eight other countries, with a population of another 600,000,000 people,
started at the same time with ours. In fact, the shocks from the continued economic earthquakes in these other countries carried our prices
far below the values they would otherwise have sunk to, with all Its
train of greatly increased losses, perils and unemployment.
Our opponents demand to know why the Governmental leaders or
business men over the world did not forsee the approach of these disintegrating forces. That answer is simple. The whole world was striving
to overcome them, but finally they accumulated until certain countries
could no longer stand the strain, and their people, suddenly overtaken by
fear and panic, through hoarding and exporting their capital for safety,
brought down their own houses and these disasters spread like a prairie
fire through the world. No man can forsee the corning fear or panic, or
the extent of its effect. I did not notice any Democratic Jeremiahs.
So much for the beginnings and forces moving in this calamity.
I now come to the amazing statements that the tariff bill of 1930 has
borne a major influence in this debacle.
I quote from the Democratic candidate:
"The Hawley-Smoot tariff is one of the most important factors in the
present world-wide depression."
"It has destroyed international commerce."
"The tariff has done so much to destroy foreign trade as to make
foreign trade virtually impossible."
I shall analyze the accuracy of these statements not only because I
should like to get before my countrymen a picture of the lack of understanding which the Democratic party has of world trade, but also for the
further reason that it is of vital importance to labor that, as our opponents have this obsession, it means that if they are intrusted with control of our Government they intend to break down the protective tariff,
which is the very first line of defense of the American standard of living
against these new forces.
It requires a collection of dull facts to demonstrate the errors in these
bald assertions by Democratic leaders.
At the beginning I may repeat that this tariff bill was not passed until
nine months after the economic depression began in the United States and
also not until twenty other countries had already gone into the depression.
The Democratic party seldom mentions that 66% of one imports are
free of duty, but that is the fact. From half to two-thirds of the trade
of the world is in non-dutiable goods—that is, mostly raw materials.
Another part is in luxuries, upon which all nations collect tariffs for
revenue; another part, and probably less than two-thirds of the whole, I.
In competitive goods so far as the importing nation is concerned and
therefore subject to protective tariffs.
The trade of the world has distressingly diminished under the impact of these successive dislocations abroad. But the decrease is almost
exactly the same in the free goods everywhere as in the dutiable goods.
That is the case in the United States. If the Smoot-Hawley tariff reduced
our imports of dutiable goods, what was it that reduced the two-thirds
of non-dutiable goods?
Tariff Duties.
If we explore a little further we would find from the Tariff Commission that the total duties collected in a comparable year represent 16%
of the total imports, this being an increase from 13.8% of the previous
tariffs. In other words, the effect of the new tariff shows an increase of
2.2%. This is the margin with which they say we have pulled down
foreign Governments, created tyrannies, financial shocks and revolutions.
I may mention that upon the same basis the McKinley duties were 23%;
the Dingley duties were 25.8%; the Payne-Aldrich duties were 19.8% of
the whole of our imports—all compared with the 16% of the present
tariff—and yet they produced in foreign countries no revolutions, no
financial crisis, and did not destroy the whole world, nor destroy American
foreign trade.
And I may explore the facts still further. The five-year average of
the import trade of the United States before the depression was about 12%
of the whole world import trade. Thus they would say that 2.2% increase applied to one-eighth of the world's imports has produced this
catastrophe.
I can explore this in still another direction. I. remind you that we
levy tariffs upon only one-third of our imports. I also remind you that
the actual increaser made in the Smoot-Hawley act covered only one
quarter of the dutiable imports. I may also remind you that our imtrade is only one-eighth of the import trade of the world. So they
port
would have us believe this world catastrophe and this destruction of foreign
trade happened became the United States increased tariffs on one-fourth
of one-third of one-eighth of the world's imports. Thus we pulled down
the world, so they tell us, by increasing on less than 1% of the goods
being Imported by the world.
And I may explore the responsibility of the tariffs still further. My
opponent has said that it "started such a drain on the gold reserves of
the principal countries as to force practically all of them off the gold
standard.*
Oct. 22
1932
Europe's Gold Holdings Increased Following Passage of Smoot-Hawley
Tariff Bill.
At Des Moines I defended the American people from this guilt. I pointed
out that it happens there had been no drain of gold from Europe, which is
the center of this disturbance, but, on the contrary, that Europe's gold holdings have increased every year since the Smoot-Hawley tariff was passed.
My fellow citizens, I could continue for hours in an analysis of mistaken
statements and misinformation from the opposition. But I assure you that
this country is not to blame for the catastrophes that have come on the
world. The American people did not originate the age-old controversies
of Europe. We did not inaugurate the World War or the panics in Europe.
No, my friends, the increase of duties collected by the United States
by 2.2% calculated on all the goods we import did not bring about the
debacle in the world. If every country in the world were to increase the
duty upon their imports by 2.2% to-morrow, but if at the same time they
would also adopt domestic policies which would bring about release of the
energies and progress of their people—if they would maintain peace and
good will toward their neighbors—if they would support confidence in the
world, then the world's, as well as our own, international commerce would
thrive and boom beyond any dimensions that we ever dreamed of.
I dwell on this point not only because I believe it is important to correct
current misstatements of our opponents, but because the policies of our
opponents are founded upon misconceptions of the utmost gravity for the
future of the United States. If it were not a matter of such utter gravity
for the future of the United States I should treat them not in a sense of
seriousness but in a sense of humor. There is a vital determination before
the American people as to whether there shall be placed in power over the
destinies of 120,000,000 of people a party which so lacks a penetration
Into the forces active in the world and the dangers and responsibilities
that arise from them.
Policies of Administration.
I now wish to examine the record and policies of the present Administration in their relation to our wage and salary earners, for that record
Is made. There are 12 major measures and policies which we have put into
action. They speak louder than any promises.
Relief.
1. My first concern in dealing with the problems of these times, while
fighting to save our people from chaos and to restore order in our economic
life, has been to avert hunger or cold amongst those upon whom these blows
have fallen with heartbreaking severity—that is, the unemployed workers.
In the fall, 1931, we mobilized again, through co-operation with Governors and local communities, all the associations and agencies in the United
States and carried a victorious battle over the winter of 1931-32.
Still again during the last few weeks I have co-operated with the great
national agencies in the remobilization of the voluntary forces of the
country for an attack on the forthcoming winter.
But, fearing that the resources of individuals of the local communities
and States were being exhausted, I settled with the Congress an authority
to be given to the Reconstruction Finance Corporation to loan a total of
$300,000,000 to those States whose needs might be found greater than the
voluntary associations and local authorities could provide.
I had great difficulties with Democratic leaders to prevent this being
made a pork-barrel operation rather than based upon need. Under that
authority many millions have already been provided. We have provided,
in addition, large quantities of wheat and cotton for their aid. There should
be no fear or apprehension at any deserving American fireside that starvation or cold will creep within their doors to menace families and loved ones
over the forthcoming winter.
With these three years of unceasing effort in relief and by the patriotic
service of our citizens and local communities and public officials, the
stimulus and mobilization that we have been able to give through the
use of the Presidential office, we present to the world a record unparalleled
In any other nation.
That is a record expressed in technical terms, yet interpretable in sheer
human sympathy. That record is the Information furnished to me constantly
by the Surgeon-General of the Public Health Service, which shows, down
to this latest moment, that the adult mortality, infant mortality, are at
the lowest rate on record, and the general health of the American people
Is at a higher level to-day than ever before in the history of our country.
I know that there are exceptions and that there is suffering which always
arises in communities where their organization is less efficient than it
should be. Even so, no such record could be established if the nation's
unemployed were starving and without shelter. Yet some say that things
could not be worse. Had these actions not been taken they would be a
thousand times worse.
Measures in Behalf of Labor.
2. In November 1929 I assembled in Washington representatives of the
leading employers, together with representatives of organized labor, and
here we developed certain plans for dealing with this emergency. I
believe this can be truly said to have been the first time in history that the
Government has taken the leadership in securing an understanding between
industry and labor of the complete mutuality of their interest in the face
of national danger.
We worked out on that occasion many purposes. The first was to uphold
the standards of real wages. The second was to uphold the buying power
of our working people until the cost of living had diminished.
The third was to prevent that thing which had happened in every previous
depression in our history, and that was an immediate attack upon wages
as a basis of maintaining profit.
This proposal had the sympathetic support of the employers of the
country and for nearly two years they maintained the standard of wages
In the United States. They maintained them in the face of disappearing
profits. As the depression grew more severe there have been readjustments,
but these readjustments have come about by agreement between employer
and employee after profits were exhausted and the cost of living had been
reduced.
Al a result of these efforts we have had the astonishing spectacle of a
country in which there have been less strikes and industrial conflict, with
all their bitterness, than even in normal times.
The fourth of these undertakings made on this occasion was that the
employers, faced with the necessity for reducing staffs, would stagger their
employment. Instead of discharging a portion of workers into complete
diameter, they would spread the remaining employment over the whole of
their employees. That has been done on a wide scale in the manufacturing
industries, and millions have continued with some income who otherwise
would have been destitute.
At a later date I secured the establishment of a definite organisation
which has been engaged for many months in the conduct of a campaign
throughout the country for the adaptation of these principles to office and
service institutions. This has already resulted in much expansion of
employment and relief of disarms in those occupations.
The fifth of the undertakings made in 1929 was that manufacturers,
railroads and utilities would expand their construction of new equipment
Volume 135
Financial Chronicle
beyond their present needs in order to maintain employment to the utmost
of their capacity.
A vast sum of money was expended in these directions during the first
year of the depression. Some months ago I secured the interest of employers
in organization of a new campaign to replace obsolete equipment and
machinery. This also will result in expansion of employment.
As I have said, when history records this depression it will record no
brighter chapter in the whole history of the United States than the approach
to this problem by both employers and leaders of labor in humanity and a
sense of social responsibility. To them I pay high tribute. In the face
of these actions and these results, let no man say that it could not be
worse.
If it had not been for these actions this country would have been fired
with the flames of bitterness and conflict between workers and employers,
millions more would have been without jobs, wages would have been reduced
far below their present levels.
Public Works.
3. Day before yesterday my opponent announced a plan "to set up in
prosperity what might be called a nest egg, to be used for public
times of
works in time of depression." He says "that is a policy which we should
initiate when we get hack to good times." He adtances this apparently
as a brand-new idea. Now, it will doubtless surprise him to learn that
the eggs nave not only been laid but have hatched.
Ile either ignores or is ignorant of the fact that as far back as 1922, in
our unemployment conference of that year, under my chairmanship, we
developed the idea of making use of public works to assist in the stabilization
of employment in times of depression and laid the foundation for its
operation.
Upon the breaking out of this depression in November three years ago, I
announced that not only would the Federal Government speed up its public
works, but I requested the States and municipalities to do likewise.
During the year 1930 we not only maintained these types of construction
work, but stimulated it to above normal, to an amount of $500,000,000 to
$800,000,000. The wide extent and pressure of the depression, however,
rapidly cut into the construction work of many States and municipalities.
We, however, have held Federal construction work up to three times its
normal. By the end of this fiscal year we will have expended nearly
$2,400,000,000 of Federal money on construction and maintenance work
since the depression began. Do you not think things could have been worse
if these policies had not been adopted?
There has proved to be a limitation, however, on this, and that limitation
is that the Federal Government should not and most not undertake projects
which are not of productive value to the community and must not extend
its liabilities beyond its ability to maintain a balanced budget.
To take money from the taxpayer and thus decrease his ability to employ
people himself, and to put it into public works which will never make a
real return to the public, is a waste of national wealth and an actual
destruction to employment.
Notwithstanding the fact that the Federal Government was carrying
a
burden of $700,000,000 of public works per annum—the utmost that its
resources permitted—the Democratic Vice-Presidential candidate introduced, in May of this year, and secured the passage of a bill in the Democratic House of Representatives calling for $1,200,000,000 more of public
works. The expenditure of these sums meant the unbalancing of the budget;
it meant the destruction of governmental credit.
But far worse than this, the works upon which it was intended to expend
this money were of typical pork -barrel character. In that bill were 3,500
different projects, scattered in every community in the country.
One list
alone would have imposed a maintenance charge on the Government
of
$15.000,000 a year, as against a perfectly efficient
service now costing
$3,000,000 a year.
Lists of the projects in different Congressional districts were distributed,
in the hope that they would appeal to the cupidity of those districts and that
/ would be forced into the embarrassment not only of appearing to oppose
my own policy of speeding up public works, hut of depriving thousands of
towns and villages of the expenditure of Federal money and myself
of
votes in this election.
It is a good thing to have a fire in the grate to warm the house, but
it is a had thing to set the house on fire in order to warm your hands.
The Democratic candidate for Vice-President still advocates that bill.
Ile proposes to introduce it again in the next session. He proposes it
as a part of the policies of the Democratic party. But, with the responsibility of the President of the United States, I propose to continue my
opposition to it.
4. Eight months ago I requested certain of the engineering associations
to investigate the possibilities of aid from the Government by way of loans
to stimulate construction of public and private works of reproductive
character—that is, works that would earn repayment of capital and
interest
but that were halted from lack of credit. As a result of the ventilation of
these ideas, the Reconstruction Finance Corporation was authorized to
make such loans up to $1,500,000,000 for such works.
Already the Corporation has authorized the starting of works the
ultimate
cost of which will exceed $400,000,000. The installation of these works
will be productive in living for literally thousands
of families.
Shorter Work Week,
6. It is obvious that, in addition to the great dislocations which we
received by the demoralization of governments and markets
had
abroad,
there was also another economic form moving for which there
must he a
remedy. That wait the so-called technological unemployment.
in plain
terms, our inventions of lavor-saving machinery have outrun our discoveries
of new commodities and new services upon which to absorb the men thus
discharged from the older industries.
In order to bring the Government into line with these facts, upon my
reca;nmendation to Congress the shorter hours were applied effectively to
Government service in order that we should spread Government
employment
over the largest possible numbers and yet decrease Government expenses.
Federal Home Loan Banks.
a. There is an agency of protection which we have created which has
been near to my heart over many years. That has been the establishment
of better opportunity for our people to purchase their own homes and to
have a (fiance to keep them when they have undertaken this great
step in life.
In November of last year I propounded a plan for a national system of
home loan banks. These banks were for the purpose, with the temporary
assistance of the Government, of mobilizing the resources of building
loons,
savings banks and other institutions devoted to home ownership to enable
them to borrow collectively on more favorable terms from the investor,
and to assure to the borrower long-term payments at more reasonable
rates.
The literally thousands of heart-breaking instances of inability of working
people to attain renewal of expiring mortgages on favorable terms, with
the consequent loss of their homes, have been one of the tragedies of this
2751
depression. Had the Democratic House of Representatives acted upon this
measure at the time of its recommendation, we would have saved hundreds
of thousands of these tragedies.
I finally secured the passage of that bill through the Congress. Those
banks will be' operating by the end of this month. The system is not as
perfect as I should wish, yet it has already had one immensely beneficial
effect, and there will be others. The anticipation of its aid has largely
stopped foreclosing on homes, and with its operation it should enable every
man who wants to make a fight to hold on to his home an opportunity
to do so.
And there is another purpose in setting up this new institution. Despite
the tendency of the people in some communities to huddle in depression,
and therefore to create many vacant dwellings, yet there are other communities where people to-day wish to build homes but cannot do so because
they cannot borrow a portion of the cost. These institutions, by furnishing
this capital, will give renewed employment to many thousands of people.
High Wages Advocated.
7. I have for many years advocated high wages as the economic basis
for the country. That is the road to economical production and high
consumption of products of the farm and factory.
Those who say that things could not be worse speak without knowledge
of what has happened in other countries which have gone through this
cataclysm. In order to show you what the rates of wages are in the
United States compared with other countries I have this week secured
through the Department of Commerce a calculation on a basis which I have
used before for purposes of illustration. The actual wages in terms of the
currencies of other countries are difficult to compare. We must find a
common denominator.
If we say that 5% of butter and 95% of flour form the basis of that
useful mixture called "bread and butter," then the weekly earnings in each
country would buy at retail in those countries the following totals of
this useful compound:
WEEKLY WAGES IF APPLIED TO THE PURCHASE OF "COMPOSIT3
POUNDS OF BREAD AND BUTTER" AS OF OCTOBER 1932.
Country.
Railway
CarEngineers. pesters.
United States.__. 1,069
United Kingdom_
342
Germany
271
France
246
Seldom
288
275
Italy
Innan
131
1,064
253
176
183
228
118
50
Elec[tic-tans.
1,300
276
169
164
240
149
90
Coal
Miners.
Weavers.
Day
Labor.
734
223
162
123
180
70
57
565
161
120
86
199
67
31
393
184
106
86
160
85
55
Let no man say it could not be worse.
Protective Tariff.
8. I wish for a moment to return to the tariff. There is no measure in
the whole economic gamut snore vital to the American workingman and
the farmer to-day than the maintenance of a protective tariff. I stand
on that principle of protection.
Our opponents are opposed to that principle. They propose "a competitive tariff for revenue." They propose to do this in the face of the fact
that in the last year currencies of competing nations have depreciated by
going off the gold standard and consequently wages have been lowered in 30
competing countries.
This is a flat issue which every farmer and workman in the United
States should consider from the point of view of his home and his living.
That it is the intention of the Democratic candidate to reduce the tariff—
on all commodities—must be clear from these typical expressions in respect
to the present tariff used in this campaign: "Wicked and exorbitant
tariff"; "its outrageous rates"; "almost prohibitive tariffs"; "the notorious
and indefensible Smoot-Hawley tariff"; "the excessive rates of that bill
must come down"; "until the tariff is lowered"; "our policy calls for
lower tariffs".
Do you want to compete with laborers whose wages in their own money
are only sufficient to buy from one-eighth to one-third of the amount of
bread and butter which you can buy at the present rates of wages? That
is a plain question. It does not require a great deal of ingenious argument
to support its correct answer.
It is true we have the most gigantic market in the world to-day, surrounded by nations clamoring to get in. But it has been my belief—and
it is still my belief—that we should protect this market for our own labor ;
not surrender it to the labor of foreign countries, as the Democratic party
proposes to do.
Prohibition of Immigration.
9. In order to hold the jobs we have for our own people and to prevent
further additions to our unemployed and thus prevent further burdens upon
our communities, I have by administrative order practically prohibited all
immigration from every quarter of the globe except the relatives of our
residents.
It has reduced the numbers of people coming into the United States
seeking employment to less than those who are departing. That order
was
issued two years ago.
Had the net immigration taken place since the date of that order,
which
took place in the two years previous, we would have had 400,000
jobs
taken from our people or had just that many persons
added to our unemployed. That might have been worse.
Preservation of Integrity of American Dollar.
10. 'There is nothing in which the American workman is
more concerned
than in preserving the integrity of the American dollar. The
Democratic
party has at various times, and specifically by the passage
of the Pittman
Bill by the Democratic House of Representatives, on June
15 last, endeavored
to undermine the integrity of the American currency
through the issue of
$2,300,000,000 of greenbacks—harking back to the
disastrous experience
of 60 years ago.
If any of you will study what happened in Germany,
or France, or
Austria, or any other European country when they
resorted to these
measures in order to meet their immediate
difficulties, you will find that
the major hardship fell upon the working people.
There was a time when the value of the German
mark was fire to the
dollar. They tried this plan of relief. I have in
my desk a fiNe-millionmark note which before the entrance into these
processes would have been
worth one million dollars, and yet which I
bought for actually one dollar.
The effect of their experiment was a subtle and
steady reduction of real
wages, right and left.
We have fought a great battle to maintain
the stability of the American
dollar, the stability of its exchange, in order
that we might protect the
working people of the United States.
Problem of Restoring Normal Jobs.
11. Over and above and of infinitely more importance than
all these
measures I have mentioned is the problem of restoring the great mass
of
2752
Financial Chronicle
normal jobs in the country. Emergency jobs have helped enormously, but
the normal jobs as the permanent dependence of the worker. Emergency
Jobs will never heal the depression.
Obviously, the normal jobs lie in the production and distribution of goods
and services; in other words, the factories, the mills, the mines, the railways, the public utilities, the stores, the offices.
And every part of this mechanism is lubricated by what we call credit.
That is, the ability of the manager of a business to borrow money to buy
his raw materials and to pay his labor. Tins credit is the very lifeblood
of this whole structure. It is the lifeblood of jobs. If credit fails, the
enterprise dries up; it withers or it dies. And jobs decrease or disappear.
And what is the source of credit? The savings of the people themselves.
These are gathered in a myriad of tiny rivulets of their deposits in the
banks, their premiums to life insurance companies, their dues to benevolent
fraternal organizations, their payments to building and loan associations,
and a score of other ways.
These rivulets in total volume are a mighty river. Their waters are
stored in credit reservoirs.' These are the banks, mortgage companies, the
Insurance companies, investments in the services of industry and business.
Thus credit is born of the people themselves. What the people give,
the people can take away. The reservoirs of credit are built upon the
confidence of the people in them. Fear is death to credit.
When the great economic earthquakes abroad struck directly at the
credit structures of those foreign countries, the shocks reverberated to us.
I have already said foreigners dumped their securities here at panic prices
and demanded gold in payment. They claimed their deposits from American
banks. They demanded cash for all goods they had sold us. Our own
people, in fear, drew out $1,500,000,000 of their savings from our own
banks.
Thus credit began to dry up. The managers of business turned in vain
for the accustomed loans to buy raw materials and to pay their labor.
Beyond all this contraction of credit was the fear and panic through
the world, spreading its destruction into the United States. It imperiled
the institutions in which were the savings of every fireside—bank deposits
or insuraime policies or investments.
In this contraction of credit lay dangers to every one who owed money,
for upon demand for immediate payment he was compelled to sell his
property in a limited and vastly depreciated market and so was threatened
with ruin.
Faced with these unprecedented perils, we took unprecedented steps. We
refused to allow these destructive forces to run their course to chaos and
ruin. We organized the co-operation of the community; we thrust the
strength of the Government as a shield before the people as has never been
done before in the history of all time.
I have referred to these gigantic measures on other occasions. I will
not take your time to again describe the weapons and instrumentalities we
have brought to bear in this battle. We created them, and we created
them to preserve your savings deposits, your insurance policies; to protect
you from foreclosure on your homes.
We did it to hold for you the jobs you have and, finally, to recover the
ground lost in the battle and restore the jobs which have been lost. It
has been a battle with inevitable casualties, but that battle is now being
won. Credit is being expanded, and normal jobs are coming back.
These agencies are working day and night. They are producing results.
September alone shows an increase of 3.0% in employment for the whole
country. If these policies shall be uninterrupted, if we shall hold the
financial integrity of the United States by maintaining a balance in our
budget, these measures and the courage and industry of our people will bring
back our economic system a long way toward its normal functioning and
the restoration of our people to their jobs.
Let no man say that things could not have been worse. Without these
many measures, things would have been so much worse that to-day would
look like prosperity in retrospect.
Reduction of Armaments.
12. It must be clear to you and clear to the country that a major part
of the shocks and dislocations which have brought this destruction are of
foreign origin. They are not of American making; but by the fact that we
have suffered from them it is implied that labor and agriculture have a
fundamental interest in securing greater stability abroad. Our selfcontainment is such that we can build back a long way on our own
resources. But if it Is possible to improve the internal stability of other
nations, it would at once allow them to relax their emergency restrictions
against exchange and the import of commodities; it would allow them to
return to stable currencies and enable the world to be free from political
shocks—all of which build for American markets, for the American farmer
and for American labor. It would protect the American worker and farmer
and business man from the rising flood of goods due to depreciated currendes and lowered standards of living. To this major end, which means work
for our unemployed and increased prices for our farmers, we have given
great devotion over the past year.
As the first direction to strike at the root of such evils I have proposed
that the armaments of the world should not only be cut by one-third but
that the weapons and methods in use should be so altered as to increase
the power of defensive weapons and decrease the power of offensive
weapons.
We not only thereby seek to remove fear and political shocks, but the
substantial acceptance of this proposal would save the United States over
$200,000,000 annually, and through savings of taxation in European countries would increase their buying power by probably a billion dollars a year.
It would release a thousand energies among their people.
Further, we have taken part in the development of a world economic
conference to be held later in the year to consider a multitude of monetary
and other economic questions which will reduce the obstacles to recovery.
War Debts.
In this connection, with all these problems, the European war debts to
the United States constantly arise. I have consistently opposed cancellation of these debts. The Democratic candidate, to use his own words,
proposes to reduce our tariffs so that out of Europe's profits through the
Increased trade they would obtain from us Europe would pay us these debt
annuities. That is vastly worse than cancellation. This would take money
out of the pockets of the farmer, laborer and business man to pay
Europe's debts.
In the constructive handling of this question I have said that I would
favor the utilization of war debts to advantage agriculture and labor.
Such action has received support of many leaders of labor and agriculture.
I am confident that in these policies which NVP are proposing in building
up in these three directions—that Is, disarmament, economic stabilization
of the world, and the proposed use of these debts to secure the ends I have
mentioned—I believe we can confidently hope to promote more rapid
recovery, and that we can greatly safeguard ourselves from future economic
shocks.
And that is the record of organization and measures In aid to labor.
It is radical in its defense of our people's interests; it is progressive in
Oct. 22 1932
constructive advancement of our people; it is conservative in maintaining
the fundamental principles of American life.
Chinese Coolie Labor.
I should like to digress for a moment to a more personal matter. In my
hand I have a copy of the instructions issued by the Democratic National
Committee to their speakers. I find a paragraph referring to my "dark
labor record." I um glad that is neither pink nor red.
But they say: "First and indelible his early record is clouded by his
former partnerships which contracted cheap Chinese coolie labor in South
Airican mines." It goes further with references to statetnents of Democratic leaders grieving over tide coolie labor and implies that I engaged
In the slavery of human beings.
This calumny has been disproved and denounced time and again. Some
of my friends have even gone to the extent of digging up the public
records of 28 years ago, which show that at the time Chinese labor was
imported into South Africa I publicly protested on the grounds that
high-paid skilled labor would do the work more efficiently, arid further,
no South African concern with which I was ever connected ever employed
a single Chinese laborer.
But more important than this, I happen to have in the files in Washington, from the man who first penned those lies, a statement under oath,
humbly and abjectly withdrawing them.
Such contemptible statements in a political campaign would be ignored
were it not that they were issued by the authority of the Democratic
National Committee, and they would be of no interest to the American
people except that it is proposed that a political party shall be placed in
power over 120,000,000 of people on the basis of votes secured in this
manner.
I should like a moment also, shortly, to indicate the Democratic record
of action during this trying period.
Democratic Proposals.
The Democratic party has laid before the country its program both in
the last session of Congress and in the promises of its candidates.
At no time in the history of the United States have we required mors
constructive statesmanship than in the past two years. The Democratic
party in the last Congressional election promised a definite program for
restoration of the country. That program was not disclosed until 18 months
later in the House of Representatives, which they controlled.
Aside from the patriotic support of some of their members to our
program, the organized program of their party was evidenced by passage
through the House of a series of bills which had to be stopped either by veto
or successful opposition in the Senate through public support. These bills
consisted of an omnibus pension bill ; of an order to the Federal Reserve
Board and the Treasury to fix prices in the United States, which they could
not physically carry out; of a $1,200,000,000 pork-barrel public works
bill ; of payment of a cash bonus to veterans of $2,300,000,000; of the
issuance of $2,300,000,000 of old-fashioned greenbacks, wirishm I have
referred to; of the destruction of the effectiveness of the tariff commission;
and of placing the United States Government into direct and personal
banking on a stupendous scale.
Instead of decreasing Government expenditures, as they are assuring the
country that they will do if they are given full control of the Government,
they failed to accept the reccmmendation of the Administration for
reduction of expenditures, and on top of it they passed measures which
would have increased our expenditures by $3,500,000,000.
We are willing to rest our case upon comparison with these records of
actual performance—not upon promises.
In closing, let me carry these Issues to a plane far above all personal
considerations. I have discussed with you to-night the bottles we have
fought, the measures and policies we have in action which more particularly
relate to those who work at the bench and at the desk.
Parallel with these actions other battles have been fought on a score of
fronts, in behalf of agriculture, industry, and business, to which the welfare
of every worker is indissolubly related.
We have been fighting, not only as an Administration, but as a people,
to relieve distress, to repel impending catastrophes, to restore the functioning of our economic life.
This economic system has but one end to serve. That end is not the
making of money. It is to create security in the millions of homes of our
country, to produce increasing comfort, to open wider the windows of hope,
to increase the moral arid spiritual stature of our people, to give opportunity for that understanding upon which national ideals and national
character may be more and more strengthened.
In securing these ends the first necessity Is to preserve those previous
heritages and principles which have come down to us forged in the fires of
long generations of Americans. Principles and institutions which, while
they have the imperfections of humanity, yet represent the highest expressstone of human attainment In thousands of years.
And to me a great historical truth has been revealed during this period
of trial and stress. This is the striking fact, driven home above all others,
that never during these trying weeks, months, and years has the soul of
America yielded to the bitter sting of defeat.
Bewilderment and dismay seized upon some of our people, but never did
the spirit of America itself surrender. Never for an Instant did the
American people lose faith in tire principles of their Government, their
Institutions, their country, or their God. Ilad America not stood staunch
in this world storm ; had it surrendered ; had our people lost faith, the
tide of disintegration might now engulf us all.
It has been the intangible and mighty forces of this unconquerable
spirit of the nation that has overco:ne the dangers and perils which might
have plunged the world in a long period of chaos. Incessant above the
storms in business, above the din of political dehate and legislative battle,
there has been the firm, strong voice of the people bidding that we should
carry on.
No one who has seen this battle as I have seen it, who has watched the
bright fabric of recovery woven laboriously from day to (lay, with the stout
efforts of American faith and confidence in their people, could harbor a
doubt for the future of this nation.
If there shall be 110 retreat, if the attack shall continue as it is now
organized, then this battle is won.
President Hoover Says Silver Question Will Re Fully
Dealt With At World Economic Conference—Will
Appoint a Representative of Silver Interests to
Delegation to Conference.
rd hi
In a telegram to Paul D. Iludtleff, Chairman of the Silver
Bow County Republlean Committee, PrensWent Ffoover
indieates that he made participation of the Unittd States
in the international economic conference conditional upon
Volume 135
Financial Chronicle
consideration of the silver problem. According to Associated
Press accounts from Washington Oct. 20, Mr. Hudtloff had
asked for a statement from the White House, declaring
Franklin D. Roosevelt, Democratic Presidential candidate,
and Senator T.J. Walsh, Democrat, of Montana,in speeches
in Butte, made statements indicating that Mr. Hoover had
done nothing toward calling a silver conference. President
Hoover in his telegram states that "the whole silver question"
will be "fully dealt with" at the conference which is to be
held late this year. He also says that a member of the
American delegation to the conference will be a representative of the silver interests of this country.
Mr. Hoover's telegram follows:
Mr. Hoover's telegram follows:
Regarding your telegram calling attention to misinformation given in
recent public meetings in Butte in respect to the calling of a silver conference. something over a year ago I had informal Inquiries made, as is the
usual custom, of important governments as to whether they would be prepared to attend a silver conference to be called by the American Government. They stated they would not be interested.
At subsequent dates, on being approached by minor governments who
were anxious to secure such a conference, we suggested that they endeavor
to see whether they could secure attendance of the principal foreign governments at a conference which they would call, and that we would be glad to
attend and cooperate. We also suggested that regional conferences might
be held at which we would attend.
Finally, upon proposal of the British Government that there should be
called a world economic conference to take place late this year, I made it a
condition of our acceptance that the whole silver question should be put
in the agenda and that it should be fully dealt with. That has been agreed
to, and recently I stated that I should appoint a member of the delegation
to that conference representing the silver interests of the United States,
The Congress has been passing resolutions for 20 years asking for an
international conference on silver. Various Presidents have endeavored to
secure such a conference. They have all failed because there are governments In the world that are not particularly interested or are opposed to
any special action.
The arrangement which I have succeeded in making in the last few months
in respect to the world economic conference is the first constructive step
that has been taken in this direction.
I am anxious to secure the improvement of the silver situation in the
world and will take part In any constructive measures to that end. Otherwise I should not have insisted upon this question being fully considered at
the forthcoming world economic conference. I am glad that your telegram
enables me to give this information and record a statement not only as
to the action of the administration but as to the utterly misleading character
of these statements which have been made to the people of Montana.
C. W. Handy Predicts Stability in Nation's Silver—
Experts Expect Higher Values as Coinage Situation
Improves—Huge Copper Stocks in This Country—
Meeting of American Institute of Mining and
Metallurgical Engineers.
No substantial advance in the price of silver is expected
in the immediate future but, on the other hand, there is no
reason to expect a price collapse, C. W. Handy, President
of Handy & Harmon,said at a dinner symposium on Oct. 19
on the present status of silver, copper, lead and zinc, held
by the. American InstitutA of Mining and Metallurgical
Enginuers at 2 Park Avenue.
The future prospects of silver depend entirely upon the
trend of economic conditions, which may confidently be
expected to be upward, Mr. Handy added, acording to
the New York "Times" of Oct. 20, which likewise said:
The future of the copper industry is likewise linked with the return of
prosperity, but a sane policy on the part of the producers Is also needed
to restore the world's copper industry to a profitable basis. Ludwig Vogel
stein, Chairman of the board of American Metal Co., said. About 100
members of the institute attended the symposium.
In discussing the silver situation Mr. Handy said that he believed that
silver prces wou d fluctuate for the present within the range of recent
months, between 26 and 30 cents per ounce. The coinage situation of
silver is Improving, he declared. Germany. with her increase of metallic
Currency in circulation, will have absorbed about 52.000.000 ounces during
1931 and 1932, he said. Mexico. Belgium and Turkey also have bought
silver recently and after more than a decade of "demonetization and debasement" the silver coinage situation is really encouraging.
The tremendous shrinkage in demand from India and China Is the chief
cause of low sliver prices, he went on to say. These countries ordinarily
import 75% of the world's production of newly mined silver, but this year
their imports would scarcely amount to 35% of the total, he declared.
Mr. Vogelsteln said that the outstanding event of the year in
copper
had been the reimposition of an import duty of four cents a pound in this
country. The present rate of consumption In the United States, he added.
is about equal to domestic production, but there exists In this country a
stock of refined copper of approximately 650.000 tone.
The United States, heretofore the leading market for copper, has lost
its paramount position, he said. Although the domestic price has not
differed substantially from the foreign price, there is no reason why producers
in this country could not raise the domestic price one or two cents a pound,
since their entire production is needed and the large stocks of refined copper
are controiled by a group of six or seven corporations which have no Intention of dumping their stock.
Referring to the future, Mr. Vogelstein explained that the producing
capacity of this country was five times as large as the present production
and that the world's copper mines were equipped to produce at least three
times the present output of copper. Improvement in general busimss,
especially In the electrical business, Will be of great help in restoring the
world's copper industry to a profitable basis. When the country does
emerge from the depression economies practiced at the mines In the barren
years which have resulted In lowered cost of production, will benefit the
mines and the Industry generally, he concluded.
Clinton H. Crane, President of St. Joe Lead Co., spoke on the status
of lead, and R. M. Roosevelt, Vice-President of the Eagle Picher Lead Co..
2753
discussed zinc. Sydney H. Ball, Chairman of the New York section of
the Institute, presided.
President Hoover Denies Charge He Has Foreign Oil
Interest—No Investment of Any Kind Outside
United States in 15 Years, He Wires California.
The following (Associated Press) from Los Angeles,
Oct. 20, is from the New York "Evening Post":
In a telegram received by C. C. Teague, head of the Republican campaign
In Southern California, President Hoover stated he has not "had a dime's
interest" in any activity outside the United States during the last 15 Yeas?.
The telegram was in response to an inquiry from Mr. Teague. who
informed the nation's Executive that oil workers In California were receiving political pamphlets charging Mr. Hoover opposed the tariff on oil
because of ownership of foreign oil wells.
Mr. Hoover's telegram follows:
-I have your telegram stating that Democratic agents, despite all proof
to the contrary, are still circulating misleading statements through their
fields that I have been opposed to relief of oil industry because of my
supposed interest in foreign oil and that I opposed the tariff on oil. This
Is usual type of politics.
"I have not In 15 years since I entered public service had a dime's interest
outside the United States of any kind, including oil. I supported the oil
tariff In the revenue bill and signed that bill. Without the support I
gave I do not believe it would have received a sufficient vote from nonoil sections to have been carried."
Ford Co. Out for Hoover "To Avert Worse Times"—
Statement Sent to Employees Throughout Country.
The following from Detroit Oct. 17 is from the New York
"Herald Tribune":
In a message Issued to-day to Its employees throughout the country the
Ford Motor Co. advocated the re-election of President Hoover "to prevent
times getting worse." The announcement was printed in placards and
placed on the bulletin boards at the company's River Rouge plant and the
executive offices In Dearborn. Thousands of copies of the statement were
also sent to Ford offices throughout the country. The statement follows:
"The Ford Motor Co. is not interested in partisan politics. We do not
seek to control any man's vote.
"We feel, however, that the coming election is so Important to industry
and employment that our employees should know our views.
"President Hoover has overcome the forces that almost destroyed industry
and employment. His efforts to start the country back to work are beginDing to show results.
"We are convinced that any break in his program would hurt industry
and employment. To prevent times from getting worse and to help them
to get better President Hoover must be elected.
"These are our convictions and we submit them to the serious consideration of all Ford employee' throughout the country and their families."
Henry Ford in Radio Speech Urges Re-Election of
President Hoover—Argues Against "New Recruit"
When President Has Brought Forces of Defense
and Recovery Into Action—Advocates Improvement in Money System.
Speaking at Detroit, on Oct. 19, over a National hookup of the National Broadcasting Co., including Station
WEAF, Henry Ford urged the reelection of President
Hoover. "Why," said Mr. Ford, "bring in a new recruit
and retard the seasoned leader, especially since President
Hoover has already got the massive forces of defense and
recovery into action?" Mr. Ford further said "we should
not forget to elect a good Congress in our effort to elect a
good President," and he added, "the next big job is to improve the money system."
Mr. Ford's speech as contained in a Detroit dispatch to
the New York "Times" follows:'
It is unusual for me to talk politics. I suppose I am like most Americans:
we never bother about politics until it means something to us. Party
politics never meant anything to me. and it means nothing to rue tonight.
I support the best man for the job. If Herbert Hoover were a Democrat
with his record during the last four years. I should support him. So, you
see. I cannot make much of a party speech to-night.
Of course. Ilerbert Hoover's worst enemy would not wish his administration to tall on these times. It is curious how Providence turns all things
around.
I supported Woodrow Wilson because I expected that he would devote
himself to'the improvement of the economical machinery of this country.
He understood what was wrong with our money system and wanted to
change It. That was his program.but the sudden change of events compelled
him to switch all his energies toward war and International problems.
It was the same with Mr. Hoover. When he was elected he expected
to organize the machinery of prosperity, but the sudden turn of events
placed upon his shoulders the most terrible depression the world has ever
known.
Woodrow Wilson was allowed to go ahead and carry out his program.
And,for the very same reason, Herbert Hoover should be allowed to carry
out his program. and I think he will.
Ile has faced the enemy for four years now. He knows all the techniques
of the forces of destruction. Why bring in a new recruit and retard the
seasoned leader, especially since President Hoover has already got the massive forces of defense and recovery Into action?
Says Hoover Asks No Sympathy.
I have great sympathy for Mr. Hoover. I know the size of the job
he has been carrying, but he is not asking for sympathy. Ile is asking
for help to complete his joo and I believe he is going to get it.
I am not saying that Herbert Hoover can work miracles. I have known
a number of Presidents and I have never yet known one who could. Mr.
Hoover is carrying a greater burden than Abraham Lincoln carried. lie
is carrying it in a way that. places him beside Lincoln in sacrificial service.
The American people are conservative. They do not run after any newfangled remedy,and when they do attempt to do anything radical they want
2754
Financial Chronicle
to see it controlled by experience and common sense. Herbert Hoover is
the very embodiment of common sense and realiabilitY•
There are no people in this country who know more about the depression
than the automobile workers. We have felt the full force of it. I think
the men engaged In the automobile industry are as intelligent as any class
in the country.
We automobile workers say this:
Herbert Hoover cannot work miracles, but he had the opportunity to
make some colossal and disastrous mistakes. He was clutched from every
side to do panic-stricken things, but Mr. Hoover kept his head when others
lost theirs.
No act Of his has been dictated by panic or politics, and the result is we
are now beginning to feel the lifting power of his well-thought-out Program.
Every act of the President has been in the interest of unemployment. That
is what we are saying.
We have a Congress which comes from the people and represents the
people. It usually acts for the best interests of the people. It will be
necessary for the President and Congress to work together during the next
four years.
For that reason we need good men everywhere in office. We should not
forget to elect a good Congress in our effort to elect a good President.
Money Reform Urged.
The next big job is to improve the money system. I would like to see it
done by a man of practical experience like Mr. Hoover.
Congress alone is given constitutional control of our entire money system.
No private financial interest should have anything to do with it. The
money question is coming to the front in this country just as Certain as can
be because the money question bears directly on our present difficulty.
Congress cannot keep its constitutional control over money. It farmed
out the National money system to private hands. It would never dream
of farming out naval defense, tax collection or postal service in the same
way.
Congress should take back full control of money and give the United
States a public-service money system as opposed to a private-profit money
system—a money system managed as our rivers and harbors are, for the
promotion of the public's business; managed as our postal service is, for the
service of the people's business. managed as our weather service is, for the
protection of the People's business.
That is what we need and that Is what we may have if Congress will take
over control originally delegated to it by the Constitution.
I am convinced that our money system is antiquated. We have plenty
of men and plenty of material, but money, which is not so important as
men or material, is holding up progress. This must be changed.
If Mr. Hoover during the next four years will give his mind to this matter.
I think he will completely establish his fame as a great President. It Is
only common sense when a man like Mr. Hoover has been educated by
experience, when he has got control of the thing he is fighting, when he is
beginning to show results—it is only common sense to let him finish his Job.
I think of him as a human-hearted, honest-minded, hard-working man.
Let me add a word about Governor Brucker. who introduced me here
tonight. He is a type of the new young man in polities clean, honest.
courageous and with one ambition—that is to do something big and helpful
for the people of the State. My friends, things will look better with men
like Hoover and Brucker continued In public office. Thank you.
Secretary of State Stimson Lauds President Hoover's
Program of Reconstruction—Asserts Gov. Roosevelt is Silent on Issues—Declares Tariff Absolutely
Necessary for Welfare of Country.
The reconstruction program of President Hoover was
lauded in a speech before the National Republican Club in
New York on Oct. 18 by Secretary of State Stimson, who,in
commending the course pursued a year ago by the President
when "a situation soon arose which threatened to destroy
utterly not only our entire system of banks and saving banks
but our insurance companies, our building and loan associations, and all the other fiduciary institutions," Secretary
Stimson said "Mr. Hoover's treatment of it was appropriate
to the character of the crisis."
Secretary Stimson in alluding to the tariff said that
Governor Roosevelt (Democratic nominee for President)
"has attacked the present tariff and has virtually promised
a general revision and a reduction of the tariff." "Of all
times," said Secretary Stimson, "is this the time to abandon
protection and substitute a competitive tariff? If there
was ever a time when even a free trader would admit that
a tariff was absoluetly necessary for the welfare of America,
it is now, when we are surrounded everywhere by immense
over-supplies of foreign goods seeking a chance to be dumped
upon our market." The speech in full of Secretary Stimson
follows:
We are approaching an election which in many ways is more critical
and important than any which this country has faced since the Civil War.
The depression from which we are suffering has been caused by a war much
greater than our Civil War and one which left its disastrous effects upon all
the nations of the world. In the course of this depression great crises have
been met: panic has been checked. and the forces of recuperation have
been put into motion by a program of governmental action. Unmistakable
sign/ of recovery appear on many sides: but we are not yet out of the woods.
A false step from the firm path that has been taken might well throw us
back Into a morass even deeper than the one out of which we have Pulled
ourselves.
Nest month we must choose the man who shall be our leader in this
difficult situation and upon whose shoulders shall rest the responsitilitY
tee carrying on the work of saving the nation. It is an election which calls
for the highest Intelligence and the greatest steadiness and courage.
Matters could be made a great deal worse. We have tarely escaped
grave dangers which other nations have suffered, and a mistake now may
still throw us back Into those dangers. In an election of this kind,Involving
the issues which this election involves, the judgment of the people of
America is not going to be based upon their reason and Intelligence. but
upon blind emotion born solely of adversity, our economic welfare may
receive a setback from which it, will take long to recover.
Oct. 22
1932
I do not ask you to support a man merely because he is in office. I ask
you to have the steadiness and staunchness to examine the record and to
decide intelligently whether he ought to be in and whether there is not
satisfactory evidence that his policies are winning out.
To-night I shall try to recall to you in the briefest possible way some of
the chief elements of the problem which Mr. Hoover has faced during the
past three years and to point out the principles which have guided him in
what he has done. Of course, I shall not even attempt to give the details
of the long. terrible struggle through which he has passed or of the great
program of reconstruction which he has carried through. But I shall try
to point out certain outstanding features which are of critical importance,
and I shall try to show you how on each of these points Mr. Roosevelt and
his Democratic colleagues have opposed what Mr. Hoover has done. In
such a way we may get a clearer measure of what we may expect if we
should seek to make a change in our leader.
The first outstanding feature of these past three years has been that
the depression from which we have been suffering has been worldwide and
that as a result the United States is surrounded by other countries whose
condition may adversely affect us.
We have suffered from failing prices which have caused tremendous
business losses and unemployment,. The nations around us have suffered
from much lower prices and much greater business losses and proportionately from much more unemployment. We have been glutted with goods
which we cannot sell and labor to which we cannot give employment. They
have had a great deal more than we. We have bad bank failures and
consequent fright and panic. We have seen our citizens drag their deposits
out of the bank, where they were helping to sustain business, and hide
those savings in their homes and stockings, where they were useless for such
a purpose. We have witnessed attacks on the solvency of our national
currency and upon the deposits of our gold reserve.
The nations around us have had more bank failures, more acute panic,
much more hoarding of savings by their dares.; and, worse than that.
many of them, even the best and strongest of those nations, have teen
forced off the gold standard into monetary insolvency.
What was the first self-evident policy to be pursued in such a situation?
Manifestly to prevent our bad situation at home from oeing made worse
by the additional dangers from without. Our ship of state might be staggering in the heavy seas, but it la a vessel of great natural buoyancy, and
the first thing to make sure of was that it should have an opportunity to
right Itself without being overwhelmed by further blows from without.
We have been surrounded by a world suffering from an even greater overproduction of goods, particularly agricultural products, than ourselves.
The first thing was to make sure that our situation was not further
complicated by the influx of those goods from abroad into our own falling
market. This was done. In the first summer of Mr. Hoover s term,
even before the depression had become genemi. in order to assist the already
distressing situation of agriculture. Mr. Hoover called a session of Congress.
and a year later the tariff was raised upon those agricultural products which
were most clearly threatened by the oversupplies from abroad.
Furthermore, scientific machinery in the shape of a bipartisan tariff
board was created by which further protection. if necessary, could oe given
to other commodities in case a change of conditions made such further
protection necessary. This can now be done without the adverse effect
on business which is inevitably caused by a general tariff revision by
Congress.
By this action during the crisis of the depression our country has been
protected from further loss and donee. from without. When we consider
the narrowness of the margin by which we have escaped, this protection
may well have made the difference between recovery and complete collapse.
Tariff.
What has been the attitude of the Democratic candidate and platform
toward the situation which I have discussed? What would have been done
if the question had confronted him? What may be done In the future
If the Democrats come Into power? The Democratic platform demands
a competitive tariff for revenue and separate tariff bargains with separate
nations. It abandons the principles of protection. It proposes anew system
so radically different from every system which we have ever bad that It
necessarily involves a general tariff revision; it demands the repeal of the
present Tariff Commission.
Mr. Roosevelt also in his speeches has virtually promised a general
revision and a reduction of the tariff; In other words, even now when the
passage of time has made the emergency of the situation perfectly dear.
both Mr. Roosevelt and his platform attack the fundamental safeguard
which the Republican Party have thrown around American business and
the American workman in this time of emergency.
Of all times, is this the time to abandon protection and substitute a
competitive tariff? If there was ever a time when even a free trader would
admit that' a ta.iff was absolutely necessary for the ueifare of America.
it Is now. when we are surrounded everywhere by immense oversupplies of
foreign goods seeking a chance to be dumped upon our market. The
great economic strength upon which tho United States tuna always depended
has been our home market. The Democratic l'artY Proposes to destroy
it at the very time when that resource is most needed.
Congressional tariff revisions have always been notoriously unsettling
to business, and now, at a time when such a general revision would be
most disastrous at the very moment when business is beginning to find again
its new equilibrium after the depression the Democratic Party
proposes a
general tariff revision.
President Hoover's Reconstruction Program,
The next outstanding contrast to which I shall call your attention. is
that between the way in which Mr. Hoover has handled the terrible financial
panic last year and the attitude shown toward that same situation by
his
opponent. Mr. Roosevelt. This panic developed in the late summer and
autumn of 1931 and lasted through the following winter and spring. Out
People. alarmed by the long continued fall of prices and the business depression and by the sight of panic abroad, became themselves alarmed
lest
our financial system would follow the course of disaster which
they had
seen taking place in Europe. Other nations In th sir alarm were
withdrawing
their gold which they had deposited in our Treasury. American depositors
became panic stricken and began to draw out their deposits from our
banks. This reacted on business and caused a further fall in prices.
A situation soon arose which threatened to destroy utterly
not only
our entire system of banks and saving banks but our insurance companies,
our building loan associations, and all the other fiduciary Institutions with
which the savings of our people aro invested and upon which our business
and the support of our employment are dependent. Over 390 American
banks failed in September 1931 and over 500 more in October.
It was a situation of the most critical nature. It affected every section
and class of our country. Mr. Hoover's treatment of it was appropriate
er
to the charact of the crisis. After careful study and taking the advice
of all men most competent to advlae, he called into conference the leaders
of Congress of both parties and of every shade of opinion. The conference
was held in that historic room,the library of Abraham Lincoln. well qualified
to evoke every sentiment of national feeling and patriotic self devotion.
Volume 135
Financial Chronicle
In that room Mr.Hoover presented to his guests a program ofreconstruction which should place the credit of the entire American Government
behind the tottering institutions of our people. It was a program which
in its comprehensiveness. courage, and originality was without precedent.
It was presented as a National remedy for a great National emergency.
It was presented as an appeal transcending every consideration of class,
section or Party.
By reason of its intrinsic soundness and the courttge and insistence
with which he pushed It. Mr. Hoover succeeded in getting practically
the entire program adopted by Congress before it adjourned in July.
With the adoption of these measures, the panic ceased. Our people were
reassured. $250,000.000 of currency has come back from the stockings
and gone Into the banks: over $275.000.000 of gold has returned from
abroad to our Treasury, the streams of credit have been loosened and made
available to the business and commerce of thit country. There is a new
spirit of confidence in business which did not exist flee months ago.
The very centre of this reconstruction program was the Reconstruction
Finance Corporation. That was the instrumentality by which the credit
of the Government was loaned to support the tottering credit system of
our people. That was the organization which made the necessary loans
to our banks, our insurance companies and the other institutions In which
our savings were deposited and by which our business was being carried.
As soon as that Corporation was organized and began its work, the beneficent results were immediately visible. The life streams of credit began
to flow into the veins of.our business system and to restore the Impulses
of life which had so long been deficient.
At that very moment, when the hope of recovery was hanging in the
balance. at Albany on April 7 last. Mr. Roosevelt made an attack upon
this beneficent process. He made a speech on "The Forgotten Man,"
in which he asserted that the funds which the Reconstruction Finance
Corporation were distriouting were not reaching the small people and the
small banks and institutions of the country, but were being put solely at
the disposition of the big banks, the railroads and the big corporations.
This was a complete misstatement of facts. Coming at the time that it
did. it was extremely reckless. Mr. Roosevelt has since in part retracted it.
The facts are that the great majority of the banks which have borrowed
from that Corporation are located in small towns; some 70% of them in
towns of less than 5,000 inhabitants; and more than one-fifth of all the banks
In the country have received such loans.
But Mr. Roosevelt's statement wts misleading in a much wider sense,
for in America. as in every other modern nation, the welfare of every
inhaoltant Is so bound up in the Integrity of its credit system that a blow
to that system harms and a benefit to it helps every man, woman and child
In the land. When we speak of helping the banks whom do we mean?
To whom does the help go? It goes to the customer whom the banks
serve; to the depositors sho entrust to it their savings; to the farmers who
borrow from the banks the means of carrying their farms or harvesting
their crops, to the manufacturer who borrows to pay his payroll until his
raw materials are turned into finished products; to the home builder who
borrows to complete his house.
And when a bank closes, who suffers? The wage earner both In factory
and farm: the farmer; the business man, and every man, woman and child
In the country.
The Forgotten Man.
Our country. America, is a great living unit where every man's oenefit
Is intimately and necessarily tied to the welfare of every other man. Whoever seeks to deny that relationship, whoever seeks to set off the welfare
of one class against another class, does an incalculable harm to the welfare
of the entire nation. I am glad to say that other Democrats recognized
these great truths. Mr. Alfred E. Smith. shortly after Mr. Roosevelt's
speech. issued a statement in which he used the following words:
"We should stop talking about the Forgotten Man and about class
distinctions. There is no other country in the world where individual
initiative counts for so much, where opportunities to rise are so great
and where class prejudice is so unimportant. What Is needed in the crisis
of to-day is the united co-operative effort of all good citizens of whatever
class or creed to fight our way out of the bog of depression to the solid
ground of good American enterprise and prosperity,"
In that statement Mr Smith put into vigorous utterance the principles
upon which Mr.Hoover had proposed and was carrying through his program
for the reconstruction of our economic lie. But by his speech of April 7,
Mr. Roosevelt at a very critical moment had not only dealt a blow at our
recovery, but he had shown that he could seek to inflame class prejudices
at the very time when other men, regardless of party. were seeking to
serve the nation.
The last fundamental feature of Mr. Hoover's program to which I shall
call your attention is the most Important one of all. By the autumn of
1931 the losses In business caused by the deepening of the depression and
by the financial panic which had set in had become reflected in the tax
receipts of the Government. It had become evident that the budget of
the Government was heavily out of balance. Furthermore, the work of
reconstruction and relief would ,necessarily throw further burdens upon
the credit of the country.
Balancing of Budget.
Mr. Hoover insisted that the budget must be brought into balance.
He insisted that the program of reconstruction must be carried through
without risking our national credit. Ile insisted that this could only be
done by balancing the national oudget as we went. Ile foresaw that unless
this was done, unless we at once showed our willingness through increased
tares to pay fur both our losses and all expenses of relief and reconstruction.
the world at large would not believe that we would ever pay them. The
world would believe that we had started on the long downward road toward
paper money. inflation, loss of credit and final repudiation, which has
brought misery to millions of people In many countries and In many ages.
On this question of balancing the budget the contrast between the
president and his opponents is sharp and clear. Mr. Garner last Friday
made a speech in which he sought to deny to Mr. Hoover the credit for
balancing the budget. Fortunately actions speak louder than words, and
the countrY has before It the record of the actions of ooth parties during
the long critical months when this struggle over this question was proceeding.
Mr. Hoover Presented the necessity for balancing the budget in his
message to Congress on Dec. 9 1931 and during the eight months that
Congress was in session he continued to press upon that body the absolute
necessity of economy in expenditures, and of raising the revenues neceeearY
to meet them. In the very beginning the President cut the original oudget
proposals of the departments by 3369.000.000. On May 5. when it became
evident that further economies were necessary, he sent a special message
to Congress proposing a further reduction of t230.000.000.
He organized throughout the nation a gigantic program of private and
local relief,thus striving to keen alive the sense of privet*. and local responsibility' for such relief. Ile urged that Government relief appropriations
should be confined to productive projects and he insisted upon other
restrictions by which the expenditures of the Government would be eventually recouped. Day In and day out, by conference with the members of
2755
Congress and by public messages to that body, he insisted that the budget
should be balanced and balanced as promptly as possible in order to restore
the confidence of the people in their Government and thus hasten business
recovery.
In this essential feature of his program Mr. Hoover had the support of
many of the leading Democrats of the country, both in Congress and in
private life. But he did not have the willing support of the Democratic
majority in the House of Representatives, and he did not have the willing
support of the man who was the Speaker of that House and who is now
the Democeatic candidate for Vice-President. While it is true that Mr.
Garner proposed to support the doctrine of a balanced budget, that did not
prevent him and the Democratic majority of the House from again and
again throwing themselves behind proposals which would have hopelessly
wrecked the budget, destroyed thelcontidence of the country and placed Insuperable obstacles in the path of recovery.
Sags Recklessness of House Discouraged the Nation.
The Garner bill, providing nearly $1,250,000,000 for the construction
of nearly 3.000 unneeded postoffices and many other unnecessary public
buildings and other works, was such a proposal, and its passage by the
Democratic majority at a time when our national solvency was at stake
was an act of reckless irresponsibility. These proposed expenditures were
so uncalled for that many of the very communities where such buildings
were to oe placed protested against the proposal.
The Patman bill, providing for the payment of a bonus to veterans of
32.250,000,000 by the issuance of paper money, was another such proposal,
and its passage by the Democratic House was an even more flagrant act
of reckless irresponsibility. The Garner bill, which proposes to allow any
individual who could not raise money elsewhere to borrow from the Government of the United States and thus put the Government into a gigantic
pawnbroking business, was another such proposal; and yet it required
the veto of the President to stop it.
The action of the Democratic majority of the Hot se in rejecting the
unanimously reported bill of their own Ways and Means Committee for
balancing the budget wasted many precious weeks and set back the cause
of recovery at the most critical period of last spring. Each of these steps
was taken when time was precious, when the nation's condition was most
threatening, and against the earnest protest of all sane and sober advisers
of both political parties. These actions were chiefly responsible for the
long delay in balancing the budget which caused the gloom and discouragement of last spring and early summer.
This record is relevant to show what we may expect in the future. It
Is also a measure of the difficulties which will confront Mr. Roosevelt
In case he is elected. It takes special courage to be a sound-money President
of the Democratic party. His own party will thoroughly test out the
stanchness of Franklin D. Roosevelt if he becomes President. The same
proposals which confronted Mr. Hoover will undoubtedly be hurled at him.
Take the question of the Immediate payment of the $2.250.000.000
for the veterans' bonus. If that payment were made it would at once
destroy the balance of the budget which Mr. Hoover labored so hard last
winter to establish. The mere possibility of it has thrown a chill on the
reviving business situation. Every day that passes, while the situation
Is thus left uncertain, retards our recovery and endangers our financial
credit. Mr. Hoover at once promptly and publicly made his position
clear. Mr. Garner has announced that he would say nothing on the subject.
Mr. Roosevelt has thus far remained silent, when every day of silence
was a blow to the credit of the Government and the restoration of business.
Some of his friends say he has already taken a stand and others say that
he will soon do so, but I say he has said nothing.
He has toured the country from one end to the other and talked of
many things. He has told us of King James ferryboats and Alice in Wonderland and Humpty-Dumpty. But upon the specific questions upon which
more than anything else the economic recovery of this nation now depends,
and as to which the upholders of national solvency are most keen to hear,
he has said nothing.
We do not know whether he favors the various bills which his party
favored last winter or not. We do not know whether he will fight courageously for a balanced budget against them or not. We do not know whether
be approves the $5.000,000,000 public program of his supporter, Mr.
Hearst, which would set back the cause of recovery even further than the
bills which Mr. Garner has proposed. All we know is that a grim battle
has been successfully waged thus far against all of these evils by Mr. Hoover,
that the battle is still on and more attacks are threatening, and that Mr.
Roosevelt has said nothing.
Holds Governor Fails as Reformer in State.
Even where Mr. Roosevelt has touched upon the conditions of the
depression the few suggestions which he has made have been belied by
his own performance as Governor of the State of New York. He has
criticized what he terms the orgy of speculation and excessive flotation
of securities, and has promised that if elected President he will control
such action in the future. He has demanded publicity for the investor.
And yet for four years he has been Chief Magistrate in the jurisdiction
where the great stock exchanges of the country are located, and where 90%
of all the securities issued in this country are originated.
He has been the Governor of New York during the very time when
the evils which he now criticizes have occurred; and yet he has not taken
one single effective step to control such evils along the lines he now suggests.
As Governor he has had power to do these things; as President his jurisdiction would at best be most doubtful.
While Mr. Hoover has been successfully pu3Ing through a great program
to support and protect the banks and other fiduciary institutions of the
country from the economic depression New York banks and trust companies
have been failing under circumstances which reflect no credit upon the
administration of the New York Banking Department, over which the
Governor testified he has responsible supervision. Since Mr. Roosevelt
became Governor one Superintendent of that Department has been convicted of the crime of bribery, and another Superintendent has been charged
with criminal neglect of duty, although on that charge be was acquitted.
in December 1930 after many preliminary warnings and after Governor
Roosevelt had refused insistent requests for ageneral investigation of the
Department.
The greatest banking catastrophe in New York history occurred when
the misconduct of its officers brought down In ruin the great Bank of
United States, a New York State bank, with losses to 440,000 depositors
and stockholders In affiliated organizations. Truly the people of thls
country might well ask of Franklin Roosevelt that before he sought to be
"ruler over many things" he might better show himself "faithful over
a few things."
I shall close with the same appeal which I made at the beginning. This
Is not a time to cast a ballot with a mind blinded by adversity or swayed
by emotion. It is a time when the future of our country demands that
its citizens should exercise the great power of the ballot with the clear
minds and the steady hearts which have always characterized the American
people in great emergencies. If this economic disaster had swept upon
the country when any other man was In the Presidency, is it not a fair
2756
Financial Chronicle
assumption to make that of all Americans competent to deal with such a
situation. Herbert Hoover. by reason of his tested experience and his
success in so many other economic crises, wouid have been sought out
by his country and asked to devote his tried skill and powers to its solution?
When the crisis came it found him in the Presidency. For ever three
years you have had the picture before you 01 his unswerving fidelity. his
courageous initiative and his great sagacity. We have come through a
hurricane which has wrecked most of the Governments of the world with
our economic structure and the principies of our Government still sound
and secure. The ship is still on her course and the break in the clouds is
beginning to show through the spindrift, but the waves still are high.
It is not the time to displace the captain who has brought her thus far?
I am a New Yorker. proud of my State and party. and I cannot close
without expressing in a word at least the pride and satisfaction which I
take in the local ticket which has been put out this year by our party.
Almost the last time I saw Colonel Donovan I had the honor of greeting
his gallant figure on the battlefield of the Ourcq immediately after the
close of that hard-fought contest, in which his regiment participated with
such distinction. He has brought to every duty civil and military, dauntless courage and great energy. Those qualities are certainly needed now.
Mr. Medalie, candidate for Senator. and Mr Davison. candidate for
Lieutenant Governor, are fit associates on such a ticket. They have records
of service, alike of civil and military life, of marked distinction. With them
in of ice we may expect a State Administration of high efficiency and a
worthy representation in the Senate.
Governor Franklin D. Roosevelt, Democratic Candidate
for President, Indicates Views as to Federal and
State Governments in Providing Funds for Unemployment—Would Set Up "Nest Egg" in Times of
Prosperity for Use of Public Works in Periods of
Depression—Advocates Unemployment Insurance.
In a radio speech at Albany, N. Y., on Oct. 13, Governor
Franklin D. Roosevelt, Democratic candidate for President,
indicated his position "in relation to the duty of the Federal and State and local governments to provide funds and
aid for the relief of those out of work." "I am very certain,"
said Governor Roosevelt,"that the obligation extends beyond
the States and to the Federal Government itself if and
when it becomes apparent that States and communities
are unable to take care of the necessary relief work." Governor Roosevelt further declared "that where the State
Itself is unable successfully to fulfill this obligation which
lies upon it, it then becomes the positive duty of the Federal
Government to step in to help." Criticizing the opposing
party, he said "it took the present Republican Administration in Washington almost three years to recognize this principle." Among other things, Governor Roosevelt said:"From
the long-range point of view it would be advisable for governments of all kinds to set up in times of prosperity what
might be called a nest egg to be used for public works in
times of depression. That is a policy which we should
Initiate when we get back to good times." Turning to the
question of unemployment insurance, Governor Roosevelt
stated that this was "directly answered by the Democratic
platform, which advocates unemployment insurance under
State laws. This," he added, "is no new policy for me. I
have advocated unemployment insurance in my own State
for some time, and, indeed, last year six Eastern Governors
were my guests at a conference which resulted in the drawing up of what might be called an ideal plan of unemployment insurance." Governor Roosevelt also said:
This type of insurance is not a cure-all, but it provides at least a cushion
to mitigate unemployment in times of depression. . . .
As to the co-ordinated employment offices, I can only tell you that I was
for the bills sponsored by Senator Wagner, of my own State, and passed
by the Congress. They created a nationally co-ordinated system of employment offices operated by the individual States with the advisory co-operation
of Joint boards of employers and employees. To my very great regret this
measure was vetoed by the President of the United States.
In full, Governor Robsevelt's address follows:
I RID speaking to you from my desk in the Executive Mansion in Albany
OD a subject which is not in the norrower sense of the word political, but
which, because it is connected with government, vitally affects the life of
almost every man, woman and child in the United States.
I cannot, of course, answer the hundreds of questions which come to me
in every mail, but a letter signed by 10 of the leading social welfare
workers permits me to use their questions as a text for the expression of
certain great basic principles which are vital to us in this time of stress.
The first question asks my position in relation to the duty of the Federal
and State and local governments to provide funds and aid for the relief of
those who are out of work.
The problem therein outlined is one which is very real in every section
of the country, as I have good reason to know. This was accentuated by
what I saw and heard on my recent trip to the Pacific Coast. Let use
answer it by laying down what I believe to be certain cardinal principles.
In the first place, even in an ideal community, where no one is out
of work, there would always be the need of welfare work conducted
through the churches, through private charity, and by local government—
the need for clinics and hospitals and vocational training, the need for
the care of the aged, for care of mental cases, and for care of the
crippled.
Such communities where there is no unemployment are almost Utopian,
for even in times of prosperity there are always some unemployed—people
who want to work but can 'find no work. .
The first principle I would lay down is that the primary duty rests on
the community, through local government and private agencies, to take
care of the relief of unemployment. But we then come to a situation where
there are so many people out of work that local funds are insufficient.
Oct. 22
1932
It seems clear to me that the organized society known as the State
comes into the picture at this point. In other words, the obligation of
government is extended to the next higher unit.
I practice what I preach. In 1930 the State of New York greatly
increased its employment service and kept in close touch with the ability
of localities to take care of their own unemployed. But the slimmer of
1931 it became apparent to me that actual State funds and • Statesupervised system was imperative. I called a special session of the
Legislature and they appropriated a fund of $20,000,000 for unemployment
relief, this fund to be reimbursed to the State through the doubling of
our income taxes. Thus the State of New York became the first among
all the States to accept the definite obligation of supplementing local
funds where these local funds were insufficient.
The administration of this great work has become a model for the rest
of the country. Without wetting up any complex machinery or any large
overhead, the State of New York is working successfully through local
agencies, and in spite of the fact that over a million people are out of
work and in need of aid in this one State alone, we have so far met at
least the bare necessities of the case.
This past spring the Legislature appropriated another $5,000,000, and
on Nov. 8 the voters will pass on a 830.000,000 bond issue to tide us over
this winter and at least up to next summer.
Obligation of Federal Government.
Finally, let me come to the last step in the statement of the principle.
I am very certain that the obligation extends beyond the States and to the
Federal Government itself if and when it becomes apparent that States and
communities are unable to take care of the necessary relief work.
It may interest you to have me read a short quotation from my message
to the Legislature in 1931:
"What is the State? It is the duly constituted representative of an organised
society of human beings, created by them for their mutual protection and well-being.
One of the duties of the State is that of caring for those of its citizens who find
themselves the victims of such adverse circumstances as make them unable to
obtain even the necessities of mere existence without the aid of others.
"In broad terms. I assert that modern society, acting throueh Its government,
owes the (tenni e obligation to prevent the starvation or the dire want of any of its
fellowman and women who try to maintain themselves but cannot. To these
unfortunte citizens aid must be extended by the Government—not as a matter
of charity, but as a matter of social duty."
That principle which I laid down in 1931, I reaffirm. I not only reaffirm
it, I go a step further and say that where the State itself is unable successfully
to fulfill this obligation which lies upon it, it then becomes the positive
duty of the Federal Government to step in to help. In the words of our
Democratic national platform, the Federal Government has a "continuous
responsibility for human welfare, especially for the protection of children."
That duty and responsibility the Federal Government should carry out
promptly, fearlessly and generously.
It took the present Republican Administration in Washington almost
three years to recognize this principle. I have recounted to you in other
speeches, and it is a matter of general information, that for at least two
years tine the crash, the only efforts made by the National Administration
to cope with the distress of unemployment, were to deny its existence.
When finally this year, after attempts at concealment and minimizing
bad failed, alien they were at last forced to recognize the fact of suffering
among millions of unemployed, appropriations of Federal funds for assistance
to States were finally made.
I think it is fair to point out that a complete program of unemployment
relief was on my recommendation actually under way in the State of
New York over a year ago, and that in Washington relief funds in any
large volume were not provided until this summer, and at that they were
pushed through at the demand of the Congress than than through the leadership of the President of the United States.
At the same time, I have constantly reiterated my conviction that the
expenditures of cities. States and the Federal Government must be reduced
in the interest of the nation as a whole. I believe there are many ways
In which such reduction of expenditures can take place, but I am utterly
unwilling that economy should be practiced at the expense of starving
people.
We must economize in other ways, but it shall never be said that the
American people have refused to provide the necessities of life to those
who, through no fault of their own, are unable to feed, clothe and house
themselves. The first obligation of government is the protection of the
welfare and well.being—the very existence of its citizens. So much for that.
Attitude Toward Appropriations for Public Works.
The next question asks my attitude toward appropriations for public
works as an aid of unemployment. I am perfectly clear as to the principles
involved in this case atso.
From the long-range point of view it would be advisable for governments
of all kinds to set up in times of prosperity what might be called a nest
egg to be used for public works in times of depression. That is a policy
which we should initiate when we get back to good times.
But there is the immediate possibility of helping the emergency through
appropriations for public werks. One question, however, must be answered
first, because of the simple fact that these public works cost money. We
all know that Government Treasuries, whether local or State or Federal,
are hard put to it to keep their budgets balanced, and in the case of the
Federal Treasury thoroughly unsound financial policies have made its
situation not exactly desperate, but at least threatening to future stability,
If the policies of the present Administration are continued.
All public works—including Federal—must be considered from the point
of view of the ability of the Government Treasury to pay for them. There
are two ways of paying for public works.
One is by the sale of bonds. In principle, such bonds should be issued
only to pay for self-sustaining projects or for structures which will without
question have a useful life over a long period of years. The other method
of payment is from current revenues, which in these days means in most
cases added taxes. And we all know that there Is • very definite limit
to the increase of taxes above the present level.
From tnis point, therefore, I can go on and soy that if funds can be
properly provided by the Federal Government for increased appropriations
for public works, we must examine the character of those public works.
I have already spoken of that type which is self-sustaining. These should
be greatly encouraged.
The other type is that of public works which are honestly essential to
the community. Each case must rest on its own merits. It is impossible,
for example, to say that all parka or all playgrounds are essential. One
may be and another may not be.
If a school, for instance, has no playground, it is obvious that the
furnishing of a playground is a necessity to the community. That if the
school already has a playground and some people seek merely to enlarge
it, there may be a very definite question as to how necessary that enlargement is. Let me cite another example. I am much interested in providing
better housing accommodations for the poor in our great cities.
Volume 135
Financial Chronicle
modern buildings put up.
If a slum area can be torn down and new
but, on the other hand, the
I should call that almost a human necessity,
part of the city while allowing
mere erection of new buildings in some other
of necessity. I am confident
the slums to remain raises at once a question
co-operation with States and
that the Federal Government, working in
public works and along lines
cities, can do much to carry on increased
point of view.
which are sound from the economic and financial
Unemployment Insurance.
am asked whether I favor a system
Now I come to another question. I
made compulsory by the States, sapof unemployment insurance reserves
employment offices
plementer! by a system of Federally co-ordinated State
workers.
to facilitate the re-employment of jobless
by the Democratic
The first part of the question is directly answered
under State laws.
platform, which advocates unemployment insurance
unemployment insurance
This is no new policy for me. I have advocated
last year six Eastern Governors
In any own State for some time, and indeed
drawing up of what
were my guests at a conference which resulted in the
insurance.
might be called an ideal plan of unemployment
at least a cushion
This type of insurance is not a cure-all, but it provides
of depression. It is sound if, after
to mitigate unemployment in times
financing. It is
starting it, we stick to the principle of sound insurance
have failed to live
only where governments, as in some European countries,
ent insurance has been an
up to these sound principles that unemploym
economic failure.
can only tell you that I
As to the co-ordinated employment offices, I
of my own State and passed
was for the hills sponsored by Senator Wagner
co-ordinated system of unemby the Congress. They created a nationally
the advisory
ployment offices operated by the individual States with
To my very
co-operation of joint boards of employers and employees.
the United States.
great regret this measure was vetoed by the President of
furnishing leadership,
I am certain that the Federal Government can, by
useful
stimulate the various States to set up and co-ordinate practical
systems.
Work of Federal Government in Behalf of Children in Depression.
the relief
These first three questions which I have discussed related to
that the next two
of those who are unemployed, and it is perhaps logical
we know that unemployment
questions should relate to children, because
works a great hardship on the young people of the corning generation.
done
I certainly favor the continuance of the fine work which has been
we must
by the Children's Bureau in Washington, but at the same time
not forget that the Federal Government, through several other agencies,
is constantly working for the welfare of children.
Attempts have been made to cut the appropriations for child welfare
work. It seems to me that this is the last place in which we should seek
Hoover's
to economize. I cannot agree with the member of President
Cabinet who suggests that this depression is not altogether a bad thing for
fact that malnutrition is one
our children. You and I know the appalling
of the saddest by-produets of unemployment. The health of these children
is being affected not only now but for all the rest of their lives.
Furthermore, • depression takes thousands of children away from schools
and puts them to work to help the family income. They are underpaid
and only too often work under conditions which, physically and morally,
are often dangerous. It is well to remember, too, that the use of these
untrained children in industry keeps many adults out of employment and
has the effect of cutting down wages below a decent living standard.
These are only a few of the many reasons why the Federal Government
must continue to act as an agency to disseminate information about child
welfare and to encourage State and local governments to raise their
standards to the highest possible level.
l'ocational Education for Children.
The last question relates to keeping children in school to the age of 16.
I am in favor of that. Furthermore, I go along with the thought that we
must increase vocational education for those children who otherwise would
not receive adequate training. That kind of vocational training will raise
in
the standards of worthwhile employment, not only now but also
normal times.
of the
My own observation leads me to believe that in many parts
country we have tended to an educational system devised too greatly for
academic training and professional careers. We know that already many
the
of the professions are oversupplied, and it is a fair guess that during
coming generation we shall devote more attention to educating our boys
honorable, just as
and girls for vocational pursuits which are just as
respectable, and in many instances just as remunerative as are the professions themselves.
The Federal Government, without in any way taking away the right and
the duty of the several States to manage their own educational affairs,
can act as a clearing house of information and as an incentive to higher
standards.
Problems of Public Health and Social Welfare.
But the Federal Government has had no continuing policy for dealing
with problems of public health and social welfare. In this as in other
activities a multiplicity of unrelated agencies have been developed hit-or-miss
to deal with aspects of the same problem. The result has been waste of men
and money; more costly and less efficient service than we should have.
The Administration has done nothing to reorganize this or other branches
of the Federal Government, in spite of campaign promises at the last three
Presidential elections. I propose to inaugurate a definite long-range plan
for dealing with all phases of public health and welfare, which are a proper
concern of the Federal Government.
May I add that in the State of New York during the past four years we
have accomplished definite and practical results by co-ordinating and
planning the work of the State?
I cite as a simple example the public health program, which is a part
of my administration. It has been referred to in other States as the most
Important contribution to practical public health work during this generation. And all of this we have taken out of politics. The same principles
can and should be applied to the health and welfare work of the Federal
Government.
Appeal to Country in Behalf of Unemployed—Asks Contributions to Direct
Relief of Local Needs.
In closing, will you let me make an appeal to the entire country—an
appeal with all my heart, with all my mind and with all my soul—to let
nothing interfere with the duty and obligation of coming forward as individuals and as groups to the support of the unemployed and the support of
their dependents during the coming winter?
to the State of which I am
By proclamation I can make official appeal
Governer, but I think that I have the right as a Presidential candidate to
fellow-Americans in every other State.
make an unofficial appeal to my
above the age of reason in the
I wish that every man, woman and child
ng Day and the corning
whole country would make the coming Thanksgivi
2757
clothing, or
Christmas Day occasions to contribute with money or food or
all three, to the direct relief of local needs.
the
Let us remember that in addition to whatever it may be possible for
relieving
Federal Government or State Government or municipalities to do in
and distress
the tremendous and increasing burden of relief work, misery
will still be great unless individuals, unless societies and churches practice
greater
actual charity—actual love of their neighbor—to an extent even
than at any time in the past.
own
Let us who have jobs or money or shelter for ourselves and our
families share with the less fortunate. Thanksgiving Day and Christmas
Day of 1932 will take on an added significance—the significance of a
higher American ideal of social justice.
Governor Franklin D. Roosevelt, Democratic Nominee
for President, in SpeeclCat Buffalo, Says State of
New York "Can't Go Broke"—Budget "Best Balanced" of any State in Union—Urges Approval
at Polls of $30,000,000 Bond Issue for Unemployment Relief.
Gov. Franklin D. Roosevelt, Governor of New York
and Democratic candidate for President, in an address
delivered in Buffalo, N. Y., on Oct. 18, spoke of some of
things,
the problems of the State. He declared, among other
"I am proud that in this period of depression we have come
through with the best balanced budget of any State in the
Union." Further along in his remarks Gov. Roosevelt
said:
borrow money for 30 years.
Now. the State of New York can't go and
so that that deficit of
It has got to balance its budget the following year
year. I call that pretty good
this year is actually paid off within the next
has lived up to these
business and the Democratic party in this State
good business practice
clauses in the constitution. and has lived up to the
next two or three weeks—
of balancing budgets. Now you will hear lathe
will hear about how the
I will come down to the next point of this—you
cost of government in this State has gone up.
ion, when we slipped backward In
Since that famous Miller administrat
ahead in the previous tea, the
two years almost as much as we had gone
State of New York in
comparison is made between the cost of running the
cost of State governand in 1932. and here is the figure: In 1922 the
1922
00, and they are
ment was $143.000.000 and in 1932 It was $276,000.0
00 which we are spending
asking you how about that increase of $133.000,0
years ago.
to-day over and above what we spent 10
d thing called a budget;
I could go on throughout the length of a complicate
that, taking it by and
I could give you lots ot 'figures, but the fact remains
is made up in large part
large. this Increase over 10 years of $133,000,000
0: secondly, State aid
of three items: first, debt service, about $12,000.00
the localities to spend, most
to localities, not for the State to spend, but for
caused by the fact that
of it on education: and thirdly, the normal increase
birth control and insists on
the population of this State does not believe in
more people in the
going up. We have to take care of about 1.500.000
a fair question.
State of New York than we did 10 years ago, and so it is
Regarding proposals which come before the voters of the
State on Nov. 8, Gov. Roosevelt said:
for Pittsburgh and
And now there is just one more thing oefore I start.
that is coming up
that is, I want to tell you there is just one more thing
8. There are just two
in the ballot box, on the voting machines on Nov.
One is this $30,propositions to be put before the voters of the State.
through almost un000.000 bond issue that I hope and pray that it goes
animously.
opening of the
The other is a proposition for the weakening, for the
preservation of
splendid constitutional provision that we have now for the
. . .
our Adirondack preserves and our Catskill preserves.
recognizAnd so I hope that there won't be any question that the people.
and save our own
ing their heritage, will vote "No" on that proposition
woods.
Gov. Roosevelt's Buffalo speech is taken as follows from
the New York "Times":
Erie County, and
Mr. Chairman, and my old friends of Buffalo and
western part of my State:
second of July
The last time I was here in waking hours was on a certain
and I shall
when I entered Buffalo from the air on my way to Chicago.
field of yours out. there, or that
never forget either that splendid flying
wish me godsdevoted little group of my old friends of Buffalo who came to
speed on the rest of a very bumpy journey.
two things
Way back about that time, on the second of July. I hoped that
would happen later on in the Fall.
The first was that Lieutenant Governor Herbert Lehman, would be
was that I
nominated for the Governorship of this State. and the second
your vote
hoped to be able to come out to Western New York to bespeak
in his behalf.
of this State. in telling you
I will be quite frank with you, my neighbors
in this State.
that I am not going to do any campaigning on my own behalf
for the very good reason that you people know me.
That
You know whatever there is good in me and you know my faults.
as to whether I will
being so. I am going to leave it to your good judgment
And I ant not going to talk
carry the State again on Nov. 8 by 725.000.
politics.
to You to-night or make a formal speech about national
Says Problems Go on in intensita.
I am going to talk to you as one of your neighbors. talk to you a little
been
bit about some of our problems in this State: problems that have
yours and mine over a great many years; problems that have been in large
in
Part solved, so far as the present goes; problems which will continue
that
intensity, continue in importance, during the coming years: problems
of forwardcan be faced in one of two ways—either from the point of view
looking, progressive government, or from the point of view of the kind of
a
government that you and I had in this State the last time that we had
Republican Governor, and I refer to an old friend of mine, a fine citizen,
Governor Miller. who served from 1921 to 1923.
And the reason I speak feelingly of this matter is this: way back. 20 years
ago
-22 years ago, to be exact—there were a number of young men in the
Legislature, a Legislature that was, that year. Democratic for the first
time in 20 years, the Legislature of 1911, young men like Jim Foley, Bob
Wagner, Al Smith and myself.
Out of that session of 1911. there grew a definite policy which has been
that of the Democratic party in this State ever since and perhaps because
2758
Financial Chronicle
we tag the Democratic party with the Progressive label, by the same token
the other party has had the other kind of a label.
It has stood for cheese-paring, for conservatism and for a complete
failure through all these years to initiate any measure of progress that you
and I have ever heard of.
Recalls Measures of 1911 Legislature.
Let us run through the list:
There in 1911. you people in this State got out of that one session alone
more progressive legislation than you had had in a lifetime—workmen's
compensation, that was an achievement all by itself.
You got direct primaries.
You got factory inspection laws. You got the protection of women and
children in industry. You got the provision for one-day rest in seven.
And even in those days. and by that legislation we can prove it. the
Democratic party was talking and acting in behalf of what I call the "forgotten man."
In other words, the men and women constituting the great mass of the
people, who because they have not got position, who, because they have not
got wealth, are more than likely to be overlooked in the processes of
government.
Says State Stood Still Under Republicans.
That's why they need the protection of a party that stands for liberalism
and humanity.
And for four years in Albany the government of the State continued
progressive legislation. And then for four years it stood still under the
administration of Governor Whitman.
The result was that when Alfred E. Smith was elected to office for the
first time in 1918 he found much to do—and he Put his shoulder to the
wheel.
He was followed by two years of Governor Miller. And a great deal was
said and done about economy during those two years. So much so, my
friends, that when Governor Smith came back on the first of January
1923. he found the men and women of the State who are unfortunate enough
to have to go to the hospitals of the State—he found them living and sleePing out in the corridors.
Ile found them living under conditions that were 100 years out of date.
He found the prisons of the State overcrowded and full of the highest type
of unsanitary conditions.
And he had to start to make up for the loss of time. You know his great
record for six years. You know the strengthening of the labor laws during
that period.
You know bow he protected this State against the effort to steal from the
People of the State the State-owned water power of the St. Lawrence.
You know about the great system of parka which he instituted from one
end of the State to the other and you know the great odds that he fought
against.
The Republican leadership in both houses of the Legislature was constantly trying to block, block, block and block, every time, every move
that he initiated. something -for the benefit of the average citizen. Four
years ago I inherited the same kind of a fight. Well. I like a fight.
Somebody said up in Rochester to-day that I had my fighting clothes on.
They are right. I have only got three weeks to go. and I am not going to
take them off. Now let's do a little analyzing; as Al would have said.
"Let's look at the record."
You are going to hear a great deal about the government of this State in
the next three weeks. You are going to hear the same old story that confronted you people in 1922. 1924 and 1926 and 1928 and 1930.
Proud of this State's Balanced Budget.
I see you know the answer.
And how does the credit of the State of New York compare with the
credit of the other 47 States of the Union?
And it is the same answer. because this State has the best credit and the
soundest structure of government finance of any State in the Union. and
I am proud of it. and I am proud that in this period of depression we have
come through with the best balanced budget of any State in the Union.
Now, let's see why. It isn't entirely Morris's doing, or mine. There
happens to be a clause in the Constitution of this State—and it ought to be
a clause in the Constitution of every State, and of the United States Government as well—ft is a very simple clause.
It provides that every year In January the Governor of the State shall
submit to the Legislature a budget.
Now what does that mean? It must be a balanced budget, and thereupon
the Legislature are supposed to pass appropriations, and, if necessary, taxes
to create a balanced system of finances for the State.
Cites Achierement of 48-Hour Law.
And every time you saw through the fog, you saw through the beclouding
of the true issue, and the result was that you sent down to Albany Demo
(vatic Governors.
Let us ask some questions. Who was it that proposed to make the
so-called 48
-hour a week law for women In industry a real 48-hour law?
It took me two years of cussing and brow-beating the Republican leaders in
the Legislature before I could make it a 48
-hour law.
Who was it that proposed a half holiday a week for women in Industry?
Oh, after two years the Republican Legislature put it through, but it took
two years of constant prodding to get it done, and I suppose somebody will
now say it was a Republican measure.
Who proposed putting occupational diseases of workers under the workmen's compensation act? That took me three years and finally my good
friend. Judge Knight. caved in.
Who was it that proposed the extension of the system of State employment offices in this State over the protest of the Republican leader?
Who was it that put every year into the budget money to carry out
Alfred E. Smith's system of State parks for the average citizen?
And last but not least, who was it that first suggested—ask your former
fellow-citizen, the present Republican candidate for Governor,that question
—who was it that proposed the present system of old age pension laws In
this State?
Yee, and who put through, after a three-year fight, the law for the
development of the State-owned water power on the St. Lawrence for the
benefit of the home owners and farm owners and small business men of this
State? Ask him that.
Tells What Was Done for "Forgotten Man."
There came out in the paper the other day a report of a speech by your
distinguished fellow-citizen, who, by the way, is an old friend of mine, and
a fine fellow and a brave soldier—and the story of his speech contains this
headline: "Colonel Donovan Ridicules the Forgotten Man."
And he wants to know what we have ever done for the forgotten man?
/ have gone back with you good people to 1911. and I have shown you what
has been done for the forgotten man, in this State and under Democrats
and under Democratic Governors. Now let us just go a little bit further.
Oct. 22 1932
Let us analyze some more things that have been said and some things
that are going to be said in the next three weeks. You will be told that this
State is in a serious way financially.
Well, that is easy for people in Buffalo. All you have to do is to ask
Morris Tremaine.
Or if you do not believe Morris—although he La the best Comptroller the
State has ever had—you can go to your banker and say what is
the credit
rating of the State of New York? How does the credit of the State of New
York compare with that of the Federal Government?
Says New York State Cannot "Co Broke."
But into that budget mind go whatever deficit there has been during the
previous year. The result is that from the bookkeeping point of view, or
from a cash point of view, the government of the State of New York can
never be more than one year behind. Get that.
And it means that if there is a deficit in our State finances this year—
in other words,if the tax receipts don't measure up to what we had
expected
them to Le—then the appropriation and the taxes for the following year
must be enough to pay off the deficit of the preceding year. Is that clear?
In other words, the State of New York can't go broke.
More than that—let me put it another way: suppose we run a deficit in
our family bookkeeping for one year, we cannot
constitutionally go out
to the banks and say, "Let us have a long-term borrowing of that amount
and spread this deficit over 20 or 30 or 40 years." That, my friends, is
the custom of the Federal Government during the present administration.
I will tell you what it is like: let us take a simple illustration:
if you or I
in our own families—suppose we figure out at
the beginning of the year a
family budget based on our income, and suppose the
family income is.
say $2,500 a year. We fix up. with the aid of our good
wife, estimated
expenditures that are within the $2,500.
Now suppose for the sake of argument that the salaries
of the father and
whoever else works in the family, are cut down to $2.000
a year. We
can't, perhaps, cut out expenditures quite fast enough to
get the cut in our
salaries, and the result is that at the end of the year the
family ends up with
a deficit of $200.
Under the Washington system, the family would go to the bank
and say,
"Lend us $200 for 30 years," And then, if they ran a
deficit the following
year. they would go to the bank again, and say,"Lend us
another couple of
hundred dollars to be paid back in 30 years," and the result
would be that
each year we would be getting deeper and deeper into the hole. And
very
soon, after a short number of years, we would find as
a family that the
continuing interest charges of the bank on those loam] were
actually eating
up all our income,and we would have to go to the poor
house.
Now, the State of New York can't go and borrow more
for 30 years.
It has got to balance its budget the following year so that that deficit
of
this year is actually paid off within the next year. I call
that pretty good
business, and the Democratic party in this State has
li;ed up to those
clauses in the Constitution, and has lived UP to the good
business practice
of balancing budgets.
Now, you will hear in the next two or three weeks—I will
come down to
to the next point of this—you will hear about how the cost of
government in
this State has gone uP.
Since that famous Miller Administration we slipped backward
in two
Years almost as much as we had gone ahead in the previous tea.
The comparison is made between the cost of running
the State of New
York in 1922. and in 1932, and here is the figure: in 1922
the cost of State
government was $143,000,000 and in 1932 It WAS $276.000.000
and they are
asking you how about that increase of $133.000,000 which
we are spending
to-day. over and above what we spent 10 years ago.
All right, that's a fair question, if it is fairly put and
honestly asked.
What is the answer?
Number One.—Now. I will Just touch the high spots,
because they are
easy figures to get-8133.000.000 has got to be spent some way
or another.
Well, number one, the State's policy has been to build certain
structures,
like hospitals, that will last 80 or a 100 years: or prisons
like the one over
here in Attica, that will last 80 or 100 years—to build
them through bond
Issues rather than to make the poenle of the State pay for
our lack of
facilities, our lack of foresight, over a whole generation gone
by.
And so we have gone to the State for somewhere
around 4200.000,000
to build permanent structures to eliminate the grade
crossings—and
Buffalo knows something about that, because you got
a great big slice of
it—and of the interest charges on those bonds. And
by the way we are
paying off every year. running $12,000,000 higher
than they did 10
Years ago.
Tells of Money Used for State Aid.
That's what they call debt service. Does the
distinguished gentleman
who is running for Governor on the Republican ticket
think that he can
cut down on that debt service?
That's easy. You've got him there.
And then the next item is $80,000.000, a great big whale
of an item. It's
made up of what I call money that flies through Albany.
It is made up of
money that comes in from tax collections, income tax,
inheritance tax,
corporation tax,stock exchange tax, and so forth and so on, and
it comes in
to Morris Tremaine's office in the morning, and in the afternoon
he sends
it out in the form of checks—a big check to New York
City, and another
big check to Buffalo, and another one to Rochester. Syracuse
and Utica.
Cattaraugu.s, Shenango, Orleans and every other county in
the State.
In other words, it is what we cill State aid. It is money
that is collected
by the State and turned over to the localities for them to
spend.
Sixty-eight million dollars of this increase goes to one
form of State aid
alone. education.
I don't know what the figure of your check that you get
in the City of
Buffalo, or the County of Erie, from the Comptroller of this
State to help
pay for your common schools, grade schools, high schools,
teachers college
and so forth and so on, but it rune into the mallorts.
Now can we cut there? Sixty million out of the one
hundred and thirtythree increase is caused by the policy of this State to help in
the education
of every child in the population of our State
Vuoles Donovan on State Cuts.
I believe that Colonel Donovan said down in
Brooklyn the other daY,
or down in Queens, "Oh. I wouldn't Cut that. I don't
believe in cutting
down in the educational facilities for our children."
Well, let's go on. I wonder if he believe; in cutting
down on the aid to
towns and counties for all sorts of puzposes? It
isn't a big item, only a
million and a half.
I wonder if he believes in cutting on the farm problem
a couple of hundred
thousand dollars for snow removal.
Well, we want to get our milk and other things in the
Wintertime as
much as in the Sununwtime, and we try to keep
the roads clear.
I wonder very much if he believes in cutting down
or stopping altogether
the eight million doilars that the State pays to the
localities every year for
old age support?
Volume 133
Financial Chronicle
Commission's Work on Old-Age Pensions.
I was talking about that before—old-age pension. Four years ago I
went to the Legislature and asked them to pass a law, and they gave me a
commission.
You know it is perfectly marvellous how quick people are in this campaign,
in any State in the Union. to know Just what I mean when I say "commissions." Oh the commission racket has not been a patented article by
Washington, D. C., by a long shot. It is a patented article especially of
the existing Republican leadership in almost every State in this Union,
Including New York.
Well, they gave me a commission to investigate old-age pensions, but
by great luck they put on some pretty good People, and I managed to slip
on some perfectly grand people as minority members, and the result was,
to the perfect horror of the Republican leaders, the second year this commission brought in a report and said: "We are in favor of old-age pensions."
The Republican leaders did not like it at all, and they began to hear from
the State, and of course the theory was a very simple one.
The theory was that in these modern days it is a whole lot better, when
old people get to the point where, through no fault of their own, they are
up against it, they are in need and want, that it is far better for the State
to spend something to keep them with their own families, with their own
relatives, or in the homes of their neighbors, keep them in home life rather
than cart them off to the finest nstitution In the world.
Yes, there were somewhere around $80.000,000. That went for contributions by the State to local government.
And then we set up, as we should have done, quite properly, retirement
systems for State employees, for teachers' annuities, for compensat:on
Insurance and for the maintenance of our Indian quota, funds that totaled
nearly $5.000.000.
Some people say that those phases of legislation that were advocated
by the Democrats were really legislation for the forgotten people of the
State. people that have been forgotten by Governor Miller and forgotten
by Governor Whitman, people that have been remembered by Governor
Smith and myself.
Lehman's Aid in Care for Wards of State.
Well, there is another item and that is the increase of a good many millions of dollars—somewhere around $12,000,000 I think—for taking care
of the people in our institutions.
I think it was my second year in office that Colonel Lehman—no, It
was not, it was the summer of the first year in office, that I asked the
Lieutenant Governor to go through this State because I knew be was a
man who understood business, and secondly, he was a man with a heart
and a man with vision—I asked him to go through this State and look into
our institutions.
He did. He visited every hospital that the State maintained—and
mind you, the State is taking care of 65.000 wards, patients, in its hospitals
at the present time, and seven or eight thousand prisoners in addition to
that. And Colonel Lehman's report showed that much could be done to
bring the treatment and care that these wards of the State were receiving
up to a modern basis.
The prisoners in this State were being fed at the rate of 21 cents a day;
21 cents a day was all the food that the prisoners of the State of New York
were getting, and I insisted, and the Legislature got generous and now we
are spending 27 cents a day on the prisoners.
Does the Republican candidate for Governor want to cut it back?
In the old days when I was a boy, people who had some kind of mental
trouble and went to a State hospital for the feeble-minded or the insane
went in thae and never came out until they came out in a coffin, and yet
to-day, because of a progressive policy in this State, there is not a year that
goes by that we do not increase the number of cures of the mental cases
committed to our care.
And in the long run, what is cheapest, my friends, to send out 22% of all
those who go into our hospitals, send them back cured to their families.
or keep them there all the rest of their lives?
Col. Donovan Asked About Other Cuts.
And the same thing applies to the prisoners. What is cheaper, to continue the present parole system, that we set up two years ago. under which
7.000 boys are out on parole, under supervision of parole officers throughout
the length and breadth of the State, learning to be good citizens—is it
cheaper to maintain that parole system at a cost of $300,000 a year, or to
build more prisons and keep those 7.000 boys in prison, at a cost of $3,000.000 a year?
And so it is an equally fair question to ask my friend. Colonel Donovan,
is he going to retain the parole system of this State or not
I could go on throughout the length of a complicated thing called a
budget; I could give you lots of figures, but the fact remains that, taking
it by and large, this increase over 10 years of $133.000.000 is made up. in
large Part, of three items: First, debt service of about $12,000,000;secondly,
State aid to localities—not for the State to spend but for the localities to
spend—most of it on education, and thirdly, the normal increase caused
by the fact that the population of this State does not believe in birth control
and insists on going up.
We have to take care of about a million and a half more people in the
State of Now York than we did 10 years ago, and so it is a fair question.
Urges Hearers to Ask About Reductions.
I would like to stay in this State for the next three weeks and keep
asking those questions myself.
on
I would like to ask my friend, the Cononel, lots of questions as he goes
around talking finances of the State of Now York, but I have to go out and
cover a large part of the United States, 17 more States in the course of the
next nine days, and so I will let you people ask the questions, and every time
that a Republican candidate or a Republican speaker talks to you about
finances, you say to him: Where are you going to cut?
I will let you in on a secret. I will tell you where we are going to cut,
and how we are going to cut, and do not believe Republican speakers when
. they quote figures to you about the cost of government in this State.
I have seen it stated, erroneously—and, I am afraid, with malice aforethought—that the cost of this past year was $300,000,000.
The Legislature passed an appropriation for $273,000,000. which was a
.reduction from the year before of $34,000.000, and the year before the
Republican Legislature passed appropriations of $14,000,000 more than I
had asked them for.
Saving for the Slate 10 to 15 Millions.
This year the government of the State of New York had given to it by the
Legislature $273,000.000. But lam not spending it. I am Scotch.
So far, without violating the law. I have found ways of leaving in the
Treasury of the State, in the perfectly safe hands of another Scotchman—
Morris Tremaine—this year I am going to leave somewhere between 10 and
is million dollars out of that unspent.
And beginning the end of next week—even before Nov. 8—I am going
into a huddle with the Lieutenant Governor, the next Governor, and with
the Controller, who is the next Controller, and the Director of the Budget,
2759
and we are going to go through the department estimates with a fine-tooth
comb.
And, my friends, I am perfectly confident in my own mind that when
those budget estimates are made up they will show a total saving in the
coming year of this State of $25.000,000 less than the present budget of this
year.
We are going to cut out some of the functions of government—some
of the frills of government—and we are going to cut down all we possibly
can in every place—but we are not going to cut out the essentials of government—especially those essentials that apply to the lives and well-being of
the average man, woman and child.
Well, so much for that. There you have the picture of the financial
problem of the State. and I tell you that this State is not only solvent but
that we can't go broke.
We are cutting down the cost of government as far as any reasonable
set of human beings will want it cut down.
First State to Provide Unemployment Relief.
We are not going to cut down in the work of caring for the people of the
State. and that brings me to Just this point:
Who was it a year ago, who first among all the States of the Union—a
whole year ahead of the Federal Government—who was it that first started
the definite principle, accepted the principle that it was the duty of the
State to see to it that none of its citizens went hungry, that none of its
citizens went unclad, that none of its citizens went without a roof over
their heads?
A year ago the Legislature in special session met and passed appropritions of twenty millions of dollars to take care of unemployment relief in
the State of New York during the Past winter and spring.
And we know that we had still some tax resources left. So, instead of
Issuing bonds for it. we doubled the income tax and got away with it. Then
this spring, having taken care of our own, we added another five million
dollars to it for good measure.
Appeals for Support of Relief- Bond Issue.
But, my friends, under the present condition of national economics—
and mind you, no State in this Union can all by itself change the economics
of the nation under our present national econonic condition—it was obvious that the coming winter was going to be a ha...cl one. with the result that
we are asking the good people of this State on Nov. 8 to approve of funds
for the taking care of unemployment relief during the coming winter.
We are asking for a sum which is larger than last year's sum, because
the distress is greater. We are asking it not in the form of another tax.
We are asking it for this special single year in the form of a bond issue—
the right to issue $30.000.000 of bonds to take care of our unemployment
relief for a year to come.
That question is going to be submitted to you on the eighth of November.
and I hope that every man and women in this State will recognize the seriousness of the situation and will vote their approval of that bond issue
in common humanity.
Now. I am not going to do any threatening. I am going to tell you a
simple fact:
The State of New York recognizes its ooligation to see that nobody
starves; that nobody goes hungry; that nobody goes without clothes, and
without shelter; and it you don't get this money that way, my friends the
next Legislature and the next Govenor have got to raise the money between them some other way, and there isn't any other way except by increasing Your taxes and mine.
And that's why I have got my heart on the discharge of this bond issue,
the approval of it ny the people of this State by the biggest majority that
has ever been given to any proposition submitted to them.
Urges a Vote "No" to Protect Preserves.
And now there is just one more thing before I start for Pittsburgh. and
that is. I want to tell you—there Ls just one more thing that is coming up
in the ballot box, on the voting machines, on Nov. 8. There are just two
propositions to be put before the voters of the State. One is this $30,000.000 bond issue, and I hope and pray that it goes through almost unanimously.
The other is a proposition for the weakening, for the opening of the door
to the splendid constitutional provision that we have now for the preservation of our Adirondack preserves and our Catskill preserves. You know
there are two great areas, the largest owned by any State in the Union.
set aside for the use of the people of this State in perpetuity and never to
be touched.lobe left in the wild state of nature in which God made them.
And let me tell you the simple record. This past summer over a half
million people, nearly all of them citizens of this State. have registered at
different camp sites—very large their use is—that the State maintains
the
in the Adirondacks and the Catskills. Now, they go through them,
hiking and hunting and fishing, for their wholesome, healthgiving recreational purposes. And the additional number, besides those who registered
at camp sites, would run literally into the millions.
The provision that you are going to be asked to vote on is a proposition that would allow a town or towns, or a series of towns, within the
Adirondack or the Catskill preserves, to break down that historic provision
In our Constitution and do all sorts of things—and put up amusement
places, put in Coney Islands; in other words. try to derive some prtfot
out of what is the heritage of the people of the State of New York. Everybody interested in conservation, so far as I know, every association and society. is begging and praying that we won't tamper with that splendid
Adirondack and Catskill preserve.
And so I hope that there won't be any question that the People • rerog •
nizing their heritage, will vote "no" on that proposition and save our own
woods.
And that is another question I would like to ask of the gentlemen who
is running for Governor on the Republican ticket. How does he stand on
that measure, which was introduced by the Republican leaders in the Legislature of his own party?
Pays a Tribute to Lehman as Leader.
And so, my friends, you have got a choice once more for about the tenth
time in rapid succession. For over ten years you have been talking about.
wondering on election day, before election day, as to how you were going to
vote. To-day you have two very delightful gentlemen running for the
office of Governor, one of them a fellow-citizen of yours.
The other one in a man who has three great qualifications for the Governorship: First, splendid business training, and the Lord only knows we need
a business man as Governor during the next two years; and the second Is
the qualification, very essential, of knowing the problem of State government, and not having to learn it from the ground up, a man who has been
around this State the past four years into every nook and corner of It,
Into every institution, who knows the State better than I do—that's saying
a lot—who is keen on finding out what the needs are in every county,
in every town and in every city.
And the third qualification that he has got is something that is worth
more than all the others put together. It is not Just that his heart is in
the right Place—most of us have got our hearts in the right place. The
2760
Financial Chronicle
most hard-boiled fellow in the world, if he sees a beggar lying In the gutter
is not going to pass by on the other side. But a heart in the right place
doesn't always get used.
I want a man who uses his heart, a man who understands the relationship of human beings to human oeings, a man who understands the relationship of government to human beings, a man who believes that we cannot
stand still and that even in the face of necessary economy, we have got
to go on. protecting people in their existence, protecting them In their lives,
in their association with each other.
In other words, a man who translates his humanity into deeds and actions.
And a man that we have got running for Governor this fall is one who has
been associated with me to my very great advantage during the past four
years. a man who was associated with me years ago, in wa.- times down in
Washington, a man who understands this State. and a man who will carry
on what has become a tradition in this State, a government that is aimed
at progressive and liberal policies, and won't stand still.
Is And so I say, my friends, I am going away to night headed West again,
,
and then South and then over to the Eastward, and then back to vote.
And In the meantime, I am very confident that not only the good sense
ot the People of this State, but the sober judgment of the people of this
State, and the humanitarian impulses of the people of this State, are going
to spread upon the record faith in Democratic leadership, faith in the great
man who has been offered to YOU to be your leader during he next four
years—Colonel Herbert II, Lehman.
Is And, as I said over in Rochester to-day. when I get down to the White
House I want to be able to lift up the telephone and get the co -operation of
the State of New York, and 83Y "Hello, Herbert. come over and see me."
Governor Roosevelt, Democratic Nominee for President,
in Wheeling Address, Says Reconstruction Finance
Corporation Is as Much a Democratic as Republican Measure—Views on Federal Reserve System.
At Wheeling, on Oct. 19, Governor Franklin D. Roosevelt
of New York, Democratic nominee for President, in referring
to the Reconstruction Finance Corporation, declared it to
be "as much a Democratic measure as a Republican measure
—for It was passed in the spirit of bi-partisan co-operation
In the Congress of the United States." The Governor added:
Thus we may fairly say that the two things which have saved things
from being worse—the Federal Reserve System and the Reconstruction
Finance Corporation—are both the result of the constructive foresight of
the Democratic party and its leaders.
Governor Roosevelt's Wheeling speech Is given herewith:
We are now in the closing stages of no ordinary campaign. And I come
to the great State of West Virginia to speak to you who have reason to
know the conditions which face our citizens and to speak to you frankly
and in a straightforward manner concerning the reasons which have brought
these conditions about, and the steps that we must take to effect their cure.
We are not faced merely with a choice of a change of administration.
We have now to make a choice between a nation with hope for economic
order and individual prosperity on the one hand, or a country allowed to
drift under the present temporizing type of administrative leadership.
You have had placed before you the spectre of fear by the Republican
candidate, and the Republican speakers. You have been told that things
might have been worse, and will be worse if I am elected to office. But I
say to you:
"Yes, things might have been worse; indeed, we might all of us have
been destroyed. But, on the other hand, remember that things might have
been better, should have been better, and will begin to get better with a
change of administration on the 4th of March."
To attempt to instil panic into the electorate at a time when we must
all have courage and a firm belief that the American characteristic of
finding answers to problems will bring us back on the upward trail, is a
method of campaigning which does little credit to leaders still at this
time entrusted with the welfare of the United States.
We may well ask the question: "Are you afraid of a change?" Certainly, in the light of three years of almost complete inaction by Republican
leadership—three years in which little constructive action of any kind
was taken—would almost he sufficient to have us give the answer: "No,
we are not afraid of a change."
Reconstruction Finance Corporation and Federal Reserve Act.
But, further than that, I would remind you of two very interesting facts:
First, things might have been worse if it had not been for the establishment
In the Wilson Administration of what we call the Federal Reserve System.
Had there been no Federal Reserve System, the collapse would Indeed have
been complete. And that System was the product of a Democrat—Carter
Glass—and that System became law only after the most bitter opposition
from the Republican leaders—now Mr. Hoover's associates.
How wise were those Democrats who fought for that measure? To them
to-day should go most of the credit when we say that things might have
been worse. And. may I add, how much better off would our nation be
to-day if the original purposes and principles of that System had been
followed by Republican Presidents.
And, secondly, it has been said that the Reconstruction Finance Corporation, which, by the way, is as much a Democratic measure as a Republican
measure—for it was passed in the spirit of bi-partisan co-operation in the
Congress of the United States—is another thing which has saved the financial
structure of the country. But, again, this measure was not due to the
creative genius of Republican leadership, for it was during the period of
the Democratic Administration that there was established the War Finance
Corporation, and it is essentially the principles of that War Finance Corporation which have been re-established at this new period of crisis.
Thus we may fairly say that the two things which have saved things
from being worse—the Federal Reserve System and the Reconstruction
Finance Corporation—are both the result of the constructive foresight of
the Democratic party and its leaders.
And just for the sake of the record—to get it straight for future
historians—let me make this clear: I have not at its inception or at any
time since criticized or objected to the establishment of the Reconstruction
Finance Corporation any more than I have the Federal Reserve System.
The point is that it is not that the Republican Administration established
that agency; it is how it used that agency. The Reconstruction Finance
Corporation has performed many excellent services in extending credit to
banks and other institutions, but it is the fact, which I established last
spring, and which the record of the subsequent months has disclosed, that
I was right in saying that only a small portion of the actual credits
advanced by the Reconstruction Finance Corporation has trickled down—
seeped through—to the individual, to the worker and the farmer, and the
Oct. 22 1932
man without a job—or, for that matter, to the small business man himself.
As in the case of the Federal Reserve System, the fundamental purposes
and principles of the Reconstruction Finance Corporation have not been
carried out by the present Administration in Washington.
I believe that we are ready for a change—a change which will put into
practice the lessons which we have had to learn through out trials and
troubles. The lesson of interdependence—the simple fact that no part of
the country is safe while any part is in want, that the worker is less likely
to have a job whenever the farmer cannot get a decent price for his crop,
that the bank is not safe whenever irresponsible financiers sell pyramided
or watered securities. These are a few of the lessons that call for new
leadership.
As I have said before, this nation cannot endure "half boom and half
broke." The Hoover Administration forgot these facts ; encouraged speculators, strangled foreign markets by indefensible tariffs, and accomplished
nothing for agricultural communities, depressed already to the lowest point
in modem history.
I have studied these problems. I have made a trip through every
section of the United States in order to familiarize myself by a face-to-face
and intimate contact with the varying problems of each community and
section.
I have proposed a series of plans dealing with this tremendous group of
problems. I have suggested a program for the rehabilitation of agriculture,
a program for placing the great transportation systems of railroads on their
feet and operating them so as to assure the financial obligations of the
greater number of these carriers whose holders represent every group in
the community.
I have outlined my purpose to curb the financial excesses and exploitations
which in the last 12 years have thrown to waste so much of the hard-earned
savings of our citizens. I have advanced a definite program for the fair
control of public utility and power service. I have advocated a lowering
of tariffs by negotiation with foreign countries. But I have not advocated,
and I will never advocate, a tariff policy which will withdraw protection
from American workers against those countries which employ cheap labor
or who operate under a standard of living which is
lower than that of our
own great laboring groups.
Tariff.
You have been told by ray opponent that the
Democratic tariff policy
will result in the further loss of American trade with
foreign countries.
But I call to your attention that we now have a strangulation
of that very
trade under the tariff system of unsystematic and
unscientific tariff walls
set up by the log-rolling that created the Grundy tariff.
The Democratic program is practical, and I pledge to
you that it will be
carried out with speed and dispatch.
I shall continue in this campaign to be constructive and
to state my
position on the great issues which face our Government. My
first thought
is that government exists for individual men and
women, and that its
first objective is to promote their happiness and
well-being. It must carry
out economic reforms, not solely for the sake of the
railroads or for agriculture, or for banks or for industry, but for the people
who work and use
those railroads, for the farmers and their families, for
the bank depositors,
for the consumers, and for workers. Unless they prosper
the nation falters.
I seek a sound administration, but I seek a humane
administration. To
me government is not a machine driven by
technicians, but a human,
sympathetic and responsive institution. I refuse to
believe that the people
of the nation can be made to fear false bogies. The
choice is deeper than
that. It is indeed one between restored order and
dangerous drift, between
constructive planning and the forces of mismanagement.
If this nation wants to know what is wrong with its
National Government,
I will give them the answer in one word. That word
is "mismanagement."
I am on the side of courage, with a united and a
liberal purpose, with a
program worthy of the task before us. I ask your
support that America
may have a chance to go forward. Of the result I
have no fear.
Governor Roosevelt of New York, Democratic
Nominee
for President, Indicates Stand on
Bonus—Not
Possible He Says Until Government Balances
Budget—Criticizes Extravagance in Spending by
Federal Government—Favors Beer Tax as Source
of Revenue.
The stand of Governor Franklin D. Rcolevelt
of Now
York on the bonus question was enunciated in an lddress
on Oct. 19 at Pittsburgh, in which the Governor (the Democratic nominee for President) made known his position as
follows:
I note that former President Coolidge Is reported as having
said in a
speech In New York City:
An early and timely word from the Democratic candidate
for President
that he would reject the proposal to increase the National
dent
000.000 to pay a bonus would have been a great encouragement by $2.300,to business,
reduce unemployment, and guarantees? the Inteerity of the
National credit.
While he remaind silent economic recovery was
measurably impeded.
That charge is baseless and absurd for the reason
that last April my
views of the subject were widely published and have
been subsequently
frequently quoted. I said:
I do not see how, as a matter of practical sense,a
government running
behind $2.000.000,000 annually can consider the
anticipation of bonus
payment until it has a balanced budget, not only on paper
but with a surplus
of cash in the Treasury.
No one, for political purposes or otherwise, has the right
in the absence
of explicit statement from me to assume that my
views have changed.
They have not. So much for another effort ny Republican
leaders to preach
an unwarranted gospel of fear and panic to the
American electorate.
Governor Roosevelt in his Pittsburgh speech was also
devoted to a criticism of "extravagant" spending by the
Federal Government, and in disputing figures of deficit
estimates of the Hoover administration, said in part:
On Dec. 3 1930 the administration of Preeldent Ifoover
estimated that
on the following June 30 the Government would have
a total deficit of
$180000000, but that during the following fiscal Year, In other
worth',
on June 30 1932 It would have had a profit of
$30,000.000, thus reducing
the total deficit by Juno 30 1932 to $150,000,000.
Now, my friends, I am going to give you a real shock.
Instead of the
estimated deficit of 8150.000,000. the deficit on June 30 1932 was
for the
fiscal year three and three-quarters billion dollars.
In indicating his support of a beer tax Governor Roosevelt
said:
Volume 135
Financial Chronicle
I have sought to make two things clear: First, that we can make savings
by reorganization of existing departments, by eliminating functions, by
abolishing many of the innumerable boards and commissions which over
a long Period of years have grown up as excrescences on the regular system.
These savings can properly be made to total many hundreds of millions
of dollars a year.
Secondly. I hope that It will not be necessary to increase the present
scale of taxes, and I call definite attention to the fact that as soon as the
Democratic platform pledge is enacted into legislation modifying the
Volstead Act, a source of new revenue amounting to several hundred
millions of dollars a Year will be made available toward the balancing of
the budget.
I refer specifically to a Federal tax on beer, which would be raised through
the sale of beer in those States and those States only which by State law
allow the sale of beer. At the same time I reiterate the simple language
of the Democratic platform which opposes the return of the saloon, as
follows:
"We urge the enactment of such measures by the several States as will
actually promote temperance, effectively prevent the return of the saloon
and bring the liquor traffic into the open under complete supervision and
control of the State."
Governor Roosevelt's speech follows in full:
It Is fitting that I should choose Pittsburgh to sound a solemn note of
warning addressed not only to the Republican leaders but also to the rank
and file of American voters of all parties. There are some prices too high
for the country to pay for the propaganda spread abroad in a Presidential
election.
That is true when, as now, the Republican campaign management is
guilty of spreading the gospel of fear.
That is true when in a desperate, futile, last-minute effort to dam the
tide of popular disapproval that is steadily growing against the administration. they become alarmists and panic
-breeders.
This policy of seeking to win by fear of ruin is selfish in its motive, brutal
In its method and false in its premise. It is a policy that will be resented
as such by men and women of all parties in every section of the land on
November 8.
It is an insult to the Intelligence of the voter to think that he or she
can be fooled by shifting the boast of the full dinner pail made in 1928
to the threat of the continued empty dinner pail of 1932.
I assure the badly advised and fear-stricken leaders of the Republican
party that Democrats and those of the rank and file of their own
party
who are properly dissatisfied with their leadership, are still
American
patriots and cherish in their hearts, as I do, the safety
of the country,
the welfare of its people and the continuance of our institutions.
So much for the note of warning.
What is the normal and sensible thing to do when your neighbor
gets
excited and starts calling you and your friends bad
names over the back
fence? Nothing is gained by calling him worse names
or by losing one's
temper. The peace of the community is best served
by sitting down and
quietly discussing the problems without raising one's
voice. That is why
I decline to answer vituperation by vituperation.
One of these problems—and a very vital one to my family
and Your
family and the whole community—is the financial
problem of making
both ends meet.
I want to discuss this problem with you to-night
fully. To do so sincerely,
I must tell the fa-ts as they are and conceal nothing from
you. It Is not
a pretty picture, but, if we know it and face
it, we have nothing to fear.
This country is the richest and most resourceful nation
in the world. It
can and will meet successfully every problem which
it faces, but it can
do BO only through intelligent leadership working unselfishly
for the good
of all people. That it has not had such leadership
in its financial affairs
will become obvious from the facts I shall relate to
you to-night.
We all know that our own family credit
depends in large part on the
stability of the credit of the United
States.
And here at least i one field in which all
business, big business and
little business and family business and the
individual's business, is at the
mercy of our big Government down in
Washington.
Now, it is undoubtedly true that the mind of the
average individual,
man and woman, has been unable to keep pace In the
past 10 or 12 years
with the intricacies of Federal financing. In the first
place, what used to
he analogous to an old-fashioned account book,
that all the family could
understand, has become in Washington a
maze of intricate double-entry
bookkeeping which only a few highly trained
technical expert accountants
could possibly understand.
What I should like to do is to reduce, In so far as
possible, the problem
of our nat onal finances to the terms of a family budget.
Now the credit of the family depends chiefly on whether
that family
le living within Its Income. And this is so
of the nation. If the nation is
living within its Income, its credit is good. If In some
crisis, it lives beyond
its income for a year or two It can usually borrow temporarily on
reasonable
terms. But if, like a spendthrift, it throws discretion to
the winds. Is
willing to make no sacrifice at all in spending, extends its
taxing to the limit
of the people's pcwer to pay and continues to pile up deficits, it is on
the
road to bankruptcy.
Federal Government Spending.
For over two years our Federal Government has experienced
unprecedented deficits, in spite of increased taxes. We must not forget
that
there are three separate governmental spending and taxing agencies
in
the United States—national, State and local.
Because the apparent national income seemed to have spiraled
upward
from about 35 billions a year in 1913 to about 90 billions in 1928. all three
of our governmental units became reckless, and the total spending in all
three classes rose in the same period from about three billions to nearly
13 billions, or from 8%% of income to 1455% of income.
But even then we did not greatly worry. We thought we were getting
rich. "Come
-easy-go-easy" was the rule.
It was all very merry while it lasted, but when the crash came we were
shocked to find that while income dropped away like snow in the spring,
governmental expense did not, with the result that it is estimated that in
1932 our national income will not much exceed 45 billions, while our total
cost of Government will likely be considerably in excess of 15 billions.
This simply means that one-third-33 1-3%—of the entire income of
our people must go for the luxury of being governed.
That is an impossible economic condition. Quite apart from every
man's own tax assessment, that burden is a brake on any return to normal
business activity.
Taxes are paid in the sweat of every man who labors because they are
a burden on production and can be paid only by production. If excessive,
they are reflected in idle factories, tax-sold farms, and, hence, in hordes
of the hungry tramping the streets and seeking jobs in vain. Our workers
may never see a tax bill, but they pay in deductions from wages,in increased
cost of what they buy, or (as now) in broad cessation of employment.
There Is not an unemployed man—there Is not a struggling farmer—
whose interest In this subject is not direct and vital.
2761
Let me make it perfectly clear, however, that If men and women or
children are starving In the United States, I regard it as a positive duty
of Government to raise by taxes whatever sum may be necessary to keep
them from starvation.
What I am talking about are the taxes which go to the ordinary costs
of conducting Government, and that Is where the question of extravagance
comes in. There can be no extravagance when starvation is in question;
but extravagance does apply to the mounting budget of the Federal Government in Washington during these past four years.
The most obvious effect of extravagant Government spending is, then.
its burden on farm and industrial activity and, for that, nearly
every
Government unit in the United States is to blame. But when we come to
consider prodigality and extravagance in the Federal Government—as
distinguished from State or local government—we are talking about something even more dangerous. For upon the financial stability of the United
States Government depends the stability of trade and employment, and
of the entire banking, saving and insurance system of the country.
To make things clear—to explain the exact nature of the present condition of the Federal pocket-book—I must go back to 1929. Many people
have believed the story which has been painstakingly circulated by this
administration that the routine spending of our Federal Government has
been kept on a fairly even keel during these past five years.
It was perhaps easy to give this impression, because the total outlay
each year up to the emergency appropriations of this year did not Increase
alarmingly. But the Joker In this is that total outlay includes interest and
sinking fund on the public debt—a fixed charge which was declining during
the days of national debt reduction and lower interest rates thereon.
On the plain question of frugality of management, if we want to compare
the routine Government outlay of 1927 with that for 1931 for example, we
must subtract this socalled "debt service charge" from the total budget
for both years.
If we do this we find that the expenditure for the business of Government
in 1927 was $2,187.000,000 and, in 1931, $3,168.000,000.
That, my friends, represents an increase of actual administrative spending
in those four years of approximately $1.000.000.000. or roughly 50%;
and that. I may add, is the most reckless and extravagant pace I have
been able to discover in the statistical record of any Peacetime government
anywhere, any time.
It is an ultimate fact which Is the exact reverse of the thing announced
as fact by Republican leaders.
Let me repeat those figures. so that the whole country can get them
clearly in mind. Leaving out debt service charges in both instances, the
cost of carrying on the Government's business was 82,187,000.000 In 1927.
$3,168,000,000 in 1931—an increase in four years of $1.000.000.000.
That is the story on the spending side of the budget; but it is less than
half of the whole appalling story.
On the income side of the budget the record is worse. Unlike other
taxing agencies. the Federal Government does not levy a direct tax on
property. Therefore, you don't have to be an expert to know that, when
anything happens that violently contracts sales and incomes and the prices
of securities and commodities, there is sure to be a similar violent contraction of Federal income and that a Government charged with maintaining
the financial stability of the United States under all conditions is under a
very solemn duty, in such an event, to take immediate steps to avoid
a deficit.
Although six weeks had elapsed since the worst economic crash in history.
the Federal budget of December 1929 did not even refer to It.
It estimated receipts for the year ending June 30 1931 at 4.2 billions,
actually more than there had been in the preceding year of economic fantasy
—a figure which obviously could not possibly be attained without immediate
return to the exaggerated speculations of 1929. The administration advised
no economy.
On the contrary. it proposed a reduction of taxes and it blandly remarked
"Our finances are in sound condition. . . . Our estimated expenditures
. . . are well within our expected receipts."
Secretary Mellon's Estimates.
Against those estimated receipts placed at 4.2 billions by Secretary
Mellon, the sad fact Is that actual revenue turned out to be 3.3 billions
900.000.000 dollars less than the estimate—a cool billion of overestimating.
I recite the 1929 Federal Incident to clarify what happened at.Washinston
in 1930 and 1931. In December of 1930 a new budget appeared. Vast
declines in every form of business activity were now crystallized and certain.
The national income was in a nose-dive, and it was therefore certain that
Federal Income was on the verge of a catastrophe.
But that new budget of December 1930 recommended neither Increased
taxes nor decreased expenditure although upon that recommendation
depended the credit standing of this country.
The budget message of the President asserted that the deficit for 1931
would be only $180.000.000. and contained the statements:
"Nor do I look with great concern upon this moderate deficit." and.
"Our Government finances are in a sound condition."
A surplus of 830,000.000 was estimated for 1932—that is to say, the
net deficit for the two years together was estimated at $150.000.000. Now
at this time the President and the Secretary of the Treasury had Plenty
of experience with falling tax receipts.
The astonishing and inescapable fact Is that no such results as those
estimated could have been achieved without an immediate and complete
business recovery from the practical Paralysis then existing. In other
words, this 1930 budget cannot fairly be called an estimate at all. It was
an extreme hazard on the hope of an economic mfracle—a gamble, if you
please—on a highly improbable assumption, a gamble with your money
and mine.
There Is something much more than mere error in this kind of thing.
Our people and the world are entitled te reasonable accuracy and a reasonable
prudence, and above all they are entitled to complete frankness.
They have a right and a duty to place In retirement those who concea
realities and abuse confidence.
Remember these simple facts: On Dec. 3 1930 the administration of
President Hoover estimated that on the following June 30 the Government
would have a total deficit of $180.000,000, but that during
the following
fiscal year— In other words, on June 30 1932—it would have had a profit
of $30,000,000. thus reducing the total deficit by June 30
1932 to $150.000.000.
Now, my friends, I am going to give you a real shock. Instead of the eatimated deficit of $150,000.000, the deficit on June 30 1932 was for the
two fiscal years three and three-quarters billion dollars.
No.I fear we cannot call this budget an estimate—nor even a fair gamble.
I don't know what to call this kind of representation of that kind of fact.
but the name certainly is not candor.
1931 Worst Year in Depression.
Nineteen-thirty-one proved to be the worst year yet experienced in the
depression. For my distinguished opponent it was the year when all his
distinctive 1928 economic heresies seemed to come home to roost together.
Let us call the roll of them:
2762
Financial Chronicle
1. The loans to "backward and crippled countries," which he said
would provide uninterrupted employment and industrial activity by
expanding our export trade, no longer could be made.
31 2. Retaliation against his monstrous Grundy tariff, against which the
best economic and industrial thought in the country had stood in almost
unanimous protest and against which it once more protested within the
past week,and which was to cure our agriculture and maintain our industry,
had begun to strangle world trade. including our own.
3. Debtor nations (no longer sustained by our improvident loans and
no longer able to export goods) were drained of gold for debts and, one by
one, were forced to abandon specie payments.
4. As a direct result of all these influences, our export markets dried
un. our community prices slumped and our domestic business was declining
at a more rapid rate than business in some of the backward and crippled
countries. Unemployment also began to rise here in even greater proportions than in Europe. To top this ruin of all these seductive 1928 theories
(which were to bring the millenium of abolished poverty) came the complete
collapse of the 1929 and 1930 administration fiscal Policy.
The truth about the shatering effect of all these homing heresies began
to leak out as the summer of 1931 advanced. It is my opinion that in the
conduct of national finances, as in the conduct of corporation finances
or family budgets, If things are not going as well as one had hoped, it is
far better to face the truth than to try to hide it. That Is why it was far
more harmful to the nation last Autumn, and all through this year, to have
the facts leak out than it would have been to have had them boldly and
frankly disclosed to us when they were actually happening.
My friends, the result of such a combination of disquieting revelations
was inevitable. The very basis of confidence in our economic and financial
structure, both here and abroad, was impaired.
A fresh wave of liquidation ensued. Foreigners took gold back to their
now shattered "backward and crippled countries"—until a cool billion
had been drawn from our reserves. It was the Stygian climax to the black
business year of 1931.
I emphasize this history because our opponents have now become almost
frantic in their insistence that this entire sequence originated abroad—
that no American policy was in the least to blame, and that to say otherwise
Is what they call "hideous misrepresentation." The "foreign-cause" alibi
is like ascribing measles to its spots rather than to its characteristic germs.
No. we need not look abroad for scapegoats. We had ventured into the
economic stratosphere on the wings of Mr. Hoover's novel, radical and
unorthodox economic theories of 1928—the complete collapse of which
brought the real crash in 1931. The Grundy tariff accentuated the drop.
As hard reality rushed up to meet our fail, this administration did not
see fit to adapt its fiscal policies to this inevitable consequence.
It is a responsibility which no campaign alibi can avert, and to-day the
day of reckoning is here.
The recent administration strategy in this campaign is a direct appeal
to public sympathy for their agony of spirit in the dark hours of 1931-32,
when retribution for our chasing after strange economic gods overtook us.
They protest against any assessment of just blame. But they protest
In vain.
I want to say, with all sincerity, that I recite this record with reluctance.
No man with a spark of humanity can fail to sympathize with our responsible
leaders in hours of crisis.
Politics or no politics. I pay my tribute to the devotion of the President.
It is not true to say that he has not been unremitting in his efforts and I
for one have never heard it said. But I do indict his administration for
wrong action, for delayed action, and for lack of frankness and courage.
Before the administration partisans complain of this arraignment, they
must remember that the American people are now about to exercise their
democratic right of self-determination of their own fate and future. They
must make a choice. The administration's appeal for sympathy is not
based on any frank acknowledgment of the failure of the policies so clearly
portrayed by these tragic events.
It is. on the contrary, a denial that these principles have failed. Indeed,
It persists in the same course and even presumes to ask admiration for the
stubborn ruggedness of that persistence.
In such circumstances I should fall utterly in my duty to the American
people if I did not fearlessly portray these errors and link them directly
to the havoc which they have brought and which they threaten to continue.
The autumn of 1931 witnessed, then, the complete wreckage of the
administration program to that date—the collapse of its entire economic
philosophy. The convening of the Seventy-second Congress last December
marked a new phase. The President appeared with his December 1931
budget message. That was a fateful moment. That was the time for an
honest demonstration to the world that might have set the whole world
trend of economic events in an upward direction or at least checked the
decline.
All that was nerfsaazy to do was finally to end the two years of vacillation
and secretiveness—to tell the truth to the Congress of the United States—
to rely on it to balance the budget and establish American credit in the eyes
of all the world.
This administration specifically acknowledged the necessity for that.
It said it was going to balance the budget. Then it said it was balancing
the budget and,finally, it said it had balanced the budget and now, months
later. it Waists that, because it has balanced the budget, it has saved the
Gibraltar of world stability and prevented the overthrow of our form of
government.
Figures of Daily Treasury Statement.
If all this is true, the administration has done well. If it is not true,
then the administration stands convicted of a new and fatal trifling with
the welfare of our people and the credit of our country. Let us not waste
words. I now quote from the daily Treasury statement at the end of the
first quarter of the current fiscal year, made three weeks ago, on Sept. 30
1932:
"Excess of expenditures over receipts, 3402,943.002."
For the corresponding quarter of last year the deficit was only $380,495.584, but at the end of the year it was 32.885.000,000.
There is. therefore, strong indication that we are in for another staggering
deficit. If the present rate continues, the true deficit as of June 30 next
year will be over $1,600.000,000. not as large as it was in the unprecedented
fiscal year of 1932. but so great that it makes us catch our breath.
I regret to say that the appeal of this administration for applause for
Its soundness and courage last winter is simply not based on facts. The
budget is not balanced and the whole job must be done over again in the
next session of Congress. Who is to blame for this new blunder? I cannot
answer that question better than to refer you to the dispassionate review
of the last session of Congress made last Friday by my running mate, the
Speaker of the House. John Garner. No one who will take the trouble to
read that speech will doubt that the patriotic determination of a willing
Congress to balance this budget at any cost was frustrated by the same
kind of concealment and vacillation that produced the staggering deficits
of the Years ending June 30 1931 and 1932.
It is very clear that, under repeated insistence that the budget was being
balanced. Congress gave our Treasury—without hesitation or limit—every
Oct. 22
1932
cent of revenue it asked for and that, at the end, the administration assured
Congress and the country that the task had been accomplished.
I have already shown how unreliable these constant assurances are.
It is not seemly to conjecture motives, but I think it is fair to say the whole
record of administration policy in the last four years reveals that it has
been afraid to trust the people of the United States with the true facts
about their affairs.
That is a fundamental error which shows unfamiliarity with the true
basis of American character. While the President claims that he did finally
recommend new taxes, I fear that this courage came two years too late
and in far too scanty measure. It explains "prosperity around the corner."
It explains two complete concealments of daicits and the insufficiency of
the action taken last winter.
It is an error of weakness and an error which I assure you I shall not make.
Our Federal extravagance and improvidence bears a double evil; first,
our people and our business cannot carry its excessive burdens of taxation;
second, our credit structure is impaired by the unorthodox Federal financing
made necessary by the unprecedented magnitude of these deficits.
The latter is the more technical, but, to my mind the more immediately
dangerous evil, and, at the risk of being tedious to many of my audience.
I want to ask their indulgence while I talk, for a.moment, straight to our
financiers.
Instead of financing the billion-dollar deficit of 1931 in the regular way,
our Government simply absorbed that much of the lending capacity of
banks, and, by so much, impaired the credit available for business.
In that year the amount of Government obligations held by our banks
Increased by a little more than $1,000,000,000.
Banks Financing Stupendous Deficits.
You know as well as I do that this administration's claims that it has
provided credit for industry and agriculture by pouring credit into banks
are not frank. Commercial credit has continuously contracted and is
contracting now. Most of this new Government-created credit has been
taken to finance the Government's continuing deficits.
The truth is that our banks are financing these stupendous deficits and
that the burden is absorbing their resources.
All this is highly undesirable and wholly unnecessary. It arises from one
cause only, and that is the unbalanced budget and the continued failure
of this administration to take effective steps to balance it. If that budget
had been fully and honestly balanced in 1930, as it could have been, some
of the 1931 collapse would have been avoided. Even if it had been balanced
In 1931, as it could have been, much of the extreme dip in 1932 would have
been obviated. Our financial men know the unnecessary muddle that has
accumulated and is still accumulating in Washington.
Now how can we continue to countenance such a condition? In all
conscience, can an administration which has so frequently failed in a matter
so directly touching your own responsibilities ask for your support and
trifle with your common sense by these campaign alibis about mysterious
foreign forces and this specious talk about sound fiscal policies and administration?
Would it not be infinitely better to clear this whole subject of obscurity—
to present the facts squarely to the Congress and the people of the United
States and secure the one sound foundation of permanent economic recovery—a complete and honest balance of the Federal budget?
In all earnestness I leave the answer to your common sense and judgment.
The other bad effect of this fiscal mismanagement is not at all technical.
It is the buden of high cost on the backs of all our people.
Warring on Government Costs.
I can state the condition best by quoting one paragraph from a document
published a week ago and signed by both Alfred E. Smith and Calvin
Coolidge:
All the costs of local, State and National Government must be reduced
without fear and without favor. Unless the people, through unified action,
arise and take charge of their government they will find that their government has taken charge of them. Independence and liberty will be gone
and the general public will find itself in a condition of servitude to an
aggregation of organized and selfish minorities,
Every word of that warning is true, and the first and most important
and necessitous step in balancing our Federal budget is to reduce expense.
The air is now full of Republican death-bed repentance on the subject
of economy, but we must look deeper than these eleventh hour pronouncements. You cannot go very far with any real Federal economy without a
complete change of concept of what are the proper functions and limits of
the Federal Government itself.
Perhaps we can get some glimpse of the President's underlying idea
about the Federal Government from his 1928 speeches. He proposed, you
remember, "a new thing in government." He says he "reorganized the
Department of Commerce on a greater scale than has ever been attempted
or achieved by any government in the world."
In his book. "The New Day," he says, "A nation which is spending
90 billions a year can well afford a few hundred millions for a workable
program."
I could go on quoting for a good many minutes, but perhaps the point
could be made clearer by recalling that the Department of Commerce went
through even the heavy war strain on about 13 millions a year.
When Mr. Hoover left it. it was spending 39 millions, and, for 1933, it
estimated it will spend 43 millions. It is now housed in what is facetiously
called in Washington the "Temple of Fact
-Finding," which cost the people
considerably more than the Capitol of the United States.
That record may explain the 50% increase in government overhead in
four years, 1927-1931 and I am sure that the whole group of quotations
reveal why you can never expect any important economy from this administration. It is committed to the idea that we ought to centre control of
everything in Washington as rapidly as possible.
That was the idea that increased government cost by a billion In four
years.
Now, ever since the days of Thomas Jefferson that has been the exact
reverse of the Democratic concept—which is to permit Washington to take
from the states nothing more than is necessary to keep
abreast of the march
of our changing economic situation.
In the latter philosophy and not in the philosophy of Mr. Hoover (which I
think Is responsible for so much of our trouble) I shall approach the problem
of carrying out the plain precept of our party, which is to reduce the cost
of the current Federal Government operations by 25%.
Of course that means a complete realignment of the unprecedented
bureaucracy that has assembled in Washington in the past four years.
I am no stranger to Washington. I knew it at first hand during the
administrations of Theodore Roosevelt and William II. Taft. I served in
Washington for seven and a half years during the Wilson Administration.
I have some familiarity with the psychology of the administration of the
National Government. More than that, I have conducted, for four Years.
the administrative and executive affairs and the policies of a State that has
13 million inhabitants.
Now, I am going to disclose to you a definite personal conclusion which
I adopted the day after I was nominated in Chicago. Here it is: Before
any man enters my Cabinet he must give me a two-fold pledge of
Volume 135
Financial Chronicle
1. Absolute loyalty to the Democratic platform and especially to its
economy plank.
2. Complete co-operation with me, looking to economy and reorganization in his department.
I regard reduction in Federal spending as one of the most important
'wiles of this campaign. In my opinion it is the most direct and
effective
contribution the government can make to business.
Reply to Former President Coolidge on Bonus.
accordance with this fundamental policy it is equally necessary
.
to
eliminate from Federal budget
-making during this emergency all new items.
except such as relate to direct relief of unemployment.
As a part of this phase of the problem I note that former
President Coo,
iclge is reported as having said in a speech in New York City:
An early and timely word from the Democratic candidate
for President
that he would reject the proposal to increase the
000,000 to pay a bonus would have been a great National debt by $2.300,reduced unemployment and guaranteed the encouragement to business.
integrity of the National
credit. While he remained silent economic recovery
was measurably
impeied.
That charge is baseless and absurd, for the reason
that last April my
views on the subject were widely published and have
been subsequently
frequently quoted. I said:
I do not see how, as a matter of practical business
sense,
running behind two billion dollars annually can consider a Government
the
of bonus payment until it has a balanced budget, not only anticipation
on paper but
with a surplus of cash in the Treasury.
No one, for political purposes or otherwise, has the
right in the absence
of explicit statement from me to assume that my views
have changed.
They have not.
In
So much for another effort by Republican leaders
to preach an unwarranted gospel of fear and panic to the
American electorate.
I have sought to make two things clear: first,
that we can make savings
by reorganization of existing departments, by eliminating
functions, by
abolishing many of the innumerable boards
and commissions which over
a long period of years have grown up as excrescence
s on the regular system.
These savings can properly be made to
total many hundreds of millions
of dollars a year.
Secondly. I hope that it will not be necessary
to increase the present
scale of taxes, and I call definite attention
to the fact that, as soon as the
Democratic platform pledge is enacted
into legislation modifying the
Volstead act, a source of new revenue
amounting to several hundred millions of dollars a year will be made available
toward the balancing of the
budget.
Tax on Beer.
I refer specifically to a Federal tax on beer,
which would be raised through
the sale of beer in those States, and those States
only, which, by State law,
allow the sale of beer.
At the same time I reiterate the simple
language of the Democratic
platform which opposes the return of
the saloon, as follows:
We urge the enactment of such
measures by the several States as will
actually promote temperance, effectively
and bring the liquor traffic into the open prevent the return of the saloon
under complete supervision and
control by the State.
The above two categorical statements
are aimed at a definite balancing
of the budget.
At the same time, if starvation and
dire need on the part of any of our
citizens make necessary the appropriati
on of additional funds which would
keep the budget out of balance, I shall
not hesitate to tell the American
people the felt truth and recommend
to them the expenditure of this additional amount.
My friends, these have been
unhealthy years for prophets, and I hasten
to disclaim that role.
But one thing I know. A powerful
cause contributing to economic
disaster has been this inexcusable
fiscal administration and the obscurity
and uncertainty that has attended and
grown out of it. There it remains
for all to see—a veritable cancer in
the body politic and economic. Is
it prophecy to assure you that
if we remove this destructive growth we
shall move on to better things?
To my mind this is so plain and
persuasive as scarcely to be open to
argument. As I said in the
beginning, this is the one field in which business is wholly in the grip of government.
By the same token, it is the one
field where government can make the
greatest possible present contributio
n to recovery. To this contribution
I here pledge the utmost of my faith and
my ability. I am as certain as
mortal man can be certain of anything
in the future that from the moment
that we set our hands openly and
frankly and courageously to this problem, we shall have reached the end
of our long, hard downward road and
shall have started on the upward trail.
pe,We shall have built for economic
recovery a firm footing, on a path
broad, true and straight.
Join me, and "Let's go!"
Gov. Franklin D. Roosevelt Democratic Nominee
for
President Answers Inferences That Mark Losses
Were Suffered by Investors in United Europea
n
Investors, Ltd.—Makes Public Letter From E. S.
Paine a Hoover Supporter Indicating That
All
Investors Had a Profit.
'Governor Roosevelt on Oct. 14, at his home at
Hyde
Park, N. Y., answered a Republican attack on him
as a
participant in foreign enterprises which resulted in
loss to
American investors. The New York "Times" from
which
we quote, went on to say:
In reply to "dodgers" telling of a company which dealt in German
marks in the inflation days of the Reich the Governor made public a letter
from Edward S. Paine, a lawyer, explaining the Executive's part in the
company. the United European Investors, Ltd., of which Governor
Roosevelt was listed as President, in 1922-24.
Mr. Paine stated that instead of losing money for the persons who
dealt with the company, Governor Roosevelt made money for them. As
the attorney who had charge of the liquidation of the enterprise, he insisted that not a dollar had been lost to the individual investor, and that
instead profit had been made for him.
The lawyer wrote as one who intended to vote for President Hoover,
but he asserted that "fair play" made him speak out. He recited the
history of the development of the company from its inception to the time
of liquidation when it paid off with a profit.
Mr. Paine's Letter to the Governor.
The letter to the Governor, sent by Mr. Paine from his offices at 165
Broadway. New York City, was as follows:
2763
"Oct. 12 1932.
Hon. Franklin D. Roosevelt, Executive Chamber, Albany,
N. Y.
My dear Governor: My attention has been called
to a public statement
made by the Assistant Secretary of War that you,
as President of the
United European Investors, Ltd., advised the public
to invest in German
securities in 1922 as a result of which money
was lost.
As you know. I was very active in the affairs of
that company, having
been a member of the firm of William Schell
& Co., bankers, who acted
as the financial advisers and supervised the
investments made by the
United European Investors, Ltd., in Germany,
in industrial and other
enterprises there.
I am familiar with the affairs of that corporation
and personally attended to the details of the liquidation of its affairs,
resulting in the stockholders receiving approximately $8 per share for
their stock.
Instead of this being, as is reported, a loss to
American investors,
it represented a substantial profit; in fact, a large percentage
of profit
to each of the stockholders, all of whom were treated
upon a basis of equality.
Although I am a Republican and intend to vote for
President Hoover.
I believe that fair play requires that I write you my
understanding of
the situation.
Aim and Functions of Concern.
The company was incorporated in 1922 for the purpose
of affording
to American holders of German marks, which were rapidly
declining in
value, the opportunity of recouping some of their losses.
It neither solicited nor received subscriptions in any form of
money
other than the actual paper marks which were held in large amounts
by
American citizens and which were speedily becoming worthless.
The par value of each share of stock was 10.000 German marks,
and
as the actual paper marks were received from subscribers they were
shipped
to Germany and there invested in high-grade German equities. At
the
time when the company began to function the market value of
10.000
marks was approximately $2.50.
The company prospered under your management and that
of William
Schell and his associated on the executive committee, aided by a distinguished advisory committee of bankers in Germany.
As a result of the investments made, the book value of these shares
reached nearly $8 per share, whereupon in late 1924 or early 1925
the
company, under my supervision, liquidated, its shareholders were paid
at the above rate, which yielded approximately three times the amount of
the value of the marks at the time of their deposit.
Profit in the Transaction.
It is therefore inaccurate, in fact totally incorrect, to charge that the
investors lost money in the transaction.
I may repeat that no dollars were paid by the public, the only investment was their German marks; in fact, my recollection, which may be
confirmed by the Public p.ints of that time, is that you stated no one
should be Persuaded to invest any dollars or buy marks for the purpose
of purchasing shares of the company, with the further statement that
the company was organized solely for the purpose of permitting present
holders of German marks to convert them into the shares of our company.
These marks, as every one knows, became aosolutely worthless. It
was the careful management of the company and wise Investments that
we were able to realize this $S per share, which gave the holders of these
marks just that much money which otherwise could never have been
realized had they continued to hold their marks.
Should you _equire any further information teem me, I shall be happy
to furnish it.
With expression of my personal regard. I am
Sincerely yours.
EDWARD S. PAINE.
As to the charge we quote the following from an Associated
Press account from Stockbridge, Mass., Oct. 11:
Colonel Frederick H. Payne, Assistant Secretary of War, who believes
"the nation would have experienced a Democratic victory if the national
elections had been held in July." to-day saw a Republican victory in
November. . . .
He criticized Franklin D. Roosevelt. the Democratic Presidential
nominee, for his "failure to make his position clear."
"It becomes apparent," he said of Roosevelt. "that he Prefers to sidestep rather than take a stand. His actions repudiate his pledge "to make
dear his position at the earliest possible moment."
Mr. Payne quoted from the San Francisco "Chronicle" in referring to
"the crowning example of insincerity."
"The 'Chronicle'," Payne said. "recalls and reprints an advertisement
that appeared in its issue of Oct. 12 1922. In that advertisement United
European Investors, Ltd., Franklin D. Roosevelt, President, invited
American investors to participate in the large earnings and dividends
of German industries. Less than a year after the advertisement appeared
the German crash came.
"Did United European Investors, Ltd., Franklin D.Roosevelt, Peesident.
ever repay a single dollar lost by American investors through their activities in the foreign investment field? Not that I know of."
President Hoover, in Appeal to Nation Over Radio,
Asks for Support of Local Organizations to Aid in
Relieving Distress.
Giving to local community organizations to relieve "the
increased distress over the country" was urged by President
Hoover at Washington Oct. 16 in opening a series of
Nation-wide radio programs for relief mobilization in the
coming winter. The President's appeal follows:
The purpose of this appeal this evening is to summon
again the great
heart of the American people. We must make
our material provision
for the support of our charitable and character-b
uilding institutions. We
must provide to the utmost extent for the local community
support to the
increased distress over the country.
I take profound pride in the fact that my countryme
n have accepted
the responsibility, each in his own community
, to meet this need. That
is the only way to meet it effectively—in the
neighborhood itself, where the
need is known.
The normal burden has been easily met in
the past, and in the past two
years we have responded to the unusual burden.
This personal sense of obligation and the
desire to give have added to
these community funds a wealth of human
sympathy that has meant
much indeed to those who have received
aid from them. Not only have
their material needs been supplied, but a friendly
hand has added a precious
warmth besides.
I have confident faith that the overwhelming majority
of our people
will not allow themselves to be tempted into doing less than their uttermost
2764
Financial Chronicle
toe cause so charged with civic duty and so rich in appeal to every generous
instinct of their hearts.
For the past two winters this campaign for community funds for relief
was carried on by committees, which I have organized specifically for that
purpose. This year the National Association of Community Chests has
taken the responsib lity of organizing the work of voluntary giving in every
community. They represent the co-operation of all these agencies. The
funds they gather will bo disbursed through these existing agencies, upon
an agreed division of the work. Thus the appeal for funds is centred locally
In the one group, in order to simplify and expedite their collection.
In closing, let me say that no richer blessing can fill your own hearts
than the consciousness on some bleak winter's evening that your generosity
has lighted a fire upon some family's hearth that otherwise would be black
and cold and has spread some family table with food where otherwise children would be wanting. I wish my last word to you to be the word "give."
Opening of Federal Home Loan Banks,
The 12 Federal Home Loan Banks opened for business
Oct. 15 and are now functioning, the Federal Home Loan
Board announced. Franklin W. Fort, Chairman of the
Board, said in the announcement that there is now no sound
reason why mortgage lending institutions should not promptly
make sound home mortgage loans, since the system stands
ready to provide the necessary funds. The statement as
given in the "United States Daily" follows:
The Federal Home Loan Bank System was launched successfully to-day
when the 12 regional banks comprising the system opened their doors for
business promptly. Telegraphic advices to Chairman Fort from each bank
gave the hour of opening in each city as that of the oeginning of the banking
day and in some cases announced the name of the executive Vice-President
who had been elected to take active charge of the bank.
Franklin W. Fort. Chairman of the Federal Home Loan Bank Board, expressed general satisfaction over the inauguration of the system and sounded
a note of warning thst loans on home mortgages on excessive real estate
valuation could not be expected.
Mr. Fort said:
"I am very much pleased to announce that every one of the 12 district
banks opened by Oct. 15, which was the mark set six weeks ago.
"Many of the oanks are in temporary quarters out all are organized and
functioning.
"I want to express my very deep appreciation of the devotion and drive
that has nee,n shown by the directors in all of the bank districts in accomplishing the almost impossible task of organizing and opening on such short
notice.
"There no longer exists any reason why the ordinary mortgage lending
-7
institution in any section of the count should not promptly Proceed to
snake sound home loan mortgages, as the home loan banks are ready to
money with which to do so.
furnish them with
"Of Course, this does not mean loans can be made on excessive valuation
or real estate or excessive percentage of that value. Nor in cases where the
owner can not nossiolY carry the property. But it should now be possible
to get any loan which would be procurable in times of normal business."
In its issue of Oct. 18 the "Daily" said:
The Pittsburgh Home Loan Bank opened with William F. Bell, of Beaver
Falls, Pa.. as Executive Vice-President and in active charge. Mr. Bell
resigned from the banks board of directors to accent this post.
The Newark Home Loan Bank opened with George N. Bliss as Executive
Vice-President. In active char,re.
The Winston-Salem Home Loan Bank opened with Hugh Gordon Jr., of
Miami, as Executive Vice-President, in charge.
The Evanston Home Loan Bank opened with A. R. Gardner of Olympia.
Wash., as Executive Vice-President. in active charge.
The Little Rock bank opened with Benjamin H. Wooten, Dallas, Tex..
Executive Vice-President. in active charge.
The Los Angeles bank opened with William F. Duffy of San Francisco,
as Executive Vice-President. In active charge.
The Federal Home Loan Bank Board here has not yet been formally
advised of the Executive Vice-Presidents for the remaining banks.
-day Period the
Reports of the stock subscriptions received during the 30
books were open which ended last night are coming in but it Is expected that
final figures will be avallatle.
it will be several days before
Items bearing on the new Federal Home Loan Banks
appeared in these columns Oct. 15, pages 2598-2599.
George L. Bliss, Manager of Federal Home Loan Bank
of Newark, New Jersey.
George L. Bliss of New York City took charge of the
Newark Home Loan Bank as General Manager on Oct. 18,
according to the Newark "News" of that date which also
said:
He also was named as Executive Vice-President. He will work with an
executive committee composed of Francis V. D. Lloyd of Hackensack.
President of the bank: Ernest A. Minter and Louis J. Cohen of Newark and
Eustace Seligman of New York.
Announcement of the selections was made by George MacDonald. Chairman of the Board of Directors, after an executive session in the offices of the
Eagle Fire Insurance Co., of which Franklin W. Fort, National Chairman
of the Bank. is General Manager.
The Chairman also announced that Mr. Bliss had resigned as Vice-President of the Franklin Society for Home Building and Savings in New York.
fo prevent a repetition of the overrunning of the oank offices in the Let
court Building by applicants for individual loans the Chairman announced:
"The board is in sympathy with the individual applicants and their needs,
but to accommodate the thousands of applicants, their applications will not
be received by the board direct, but must be made through savings banks
and building and loan institutions."
It was emphasized by the Chairman and other officers in talks to applioantes that the Home Loan Bank cannot lend directly to individuals unless
aid can not be secured from the institutions that have been making loans.
These organizations are savings banks, insurance companies and building
and loan associations.
Approved Loans by Agricultural Credit Corporations
for Crop Raising Total 1% Million—Advances of
$75,000 First Week Made to Farmers and Stockmen.
Loans totaling $75,516.76 were made by the seven Agricultural Credit Corporations during the first week of their
Oct. 22
1932
operation, which ended Oct. 14, and in addition a total of
502 loans amounting to $1,502,320.56 were approved, although
disbursement had not been made at the end of the week, the
Reconstruction Finance Corporation announced Oct. 17.
The "United States Daily" of Oct. 18 further reports:
A total of 1,935 applications or such loans aggregating $2,571,837.82
were on file in the various credit corporation offices at the end of the
week. Disbursements are to be made with all possible speed.
37 Loans Made.
The loans were made to farmers and stockmen by the Corporations, the
capital being supplied by the Reconstruction Finance Corporation. Loans
actually made during the week under survey totaled 37.
Section 201, Paragraphs (e) and (1) of the Emergency Relief and
Construction Act of 1932, provides, in connection with the Agricultural
Credit Corporations, as follows:
"(e) The Reconstruction Finance Corporation is further authorized to
create in any of the 12 Federal Land Bank districts where it may deem
the same to be desirable a Regional Agricultural Credit Corporation with
a paid-up capital of not less than $3,000,000, to be subscribed for by the
Reconstruction Finance Corporation and paid for out of the unexpended
balance of the amounts allocated and made available to the Secretary of
Agriculture under Section 2 of the Reconstruction Finance Corporation Act.
Such Corporations shall be managed by officers and agents to be appointed
by the Reconstruction Finance Corporation under such rules and regulations
as its Board of Directors may prescribe.
Aid for Crop and Stock Raising.
"Such Corporations are hereby authorized and empowered to make loans
or advances to farmers and stockmen, the proceeds of which are to be used
for an agricultural purpose (including crop production), or for the raising,
breeding, fattening, or marketing of livestock, to charge such rates of
interest or discount thereon as in their judgment are fair and equitable,
subject to the approval of the Reconstruction Finance Corporation, and to
rediscount with the Reconstruction Finance Corporation and the various
Federal Reserve banks and Federal Intermediate Credit banks any paper
that they acquire which is eligible for such purpose. All expenses incurred
in connection with the operation of such Corporations shall be supervised
and paid by the Reconstruction Finance Corporation under such rules and
regulations as its Board of Directors may prescribe.
"(1) All loans made under this Section, and all contracts of the character described in Paragraph (1) of Subsection (a), shall be fully and
adequately secured. The Corporation, under such conditions as it shall
prescribe, may take over or provide for the administration and liquidation
of any collateral accepted by it as security for such loans.
"Such loans shall be made on such terms and conditions, not inconsistent
with this Act, as the Corporation may prescribe, and may be made directly
upon promissory notes or by way of discount or rediscount of obligations
tendered for the purpose, or otherwise in such form and in such amount
and at such interest or discount rates as the Corporation may approve:
Provided, That no loans or advances (except loans under Subsection (c))
shall be made upon foreign securities or foreign acceptances as collateral."
Loans Approved and Pending.
The full text of the Corporation's announcement follows:
Thirty-seven loans, totaling $75,516.76, were made by Agricultural Credit
Corporations the week ending Oct. 14. In addition, 602 loans were approved
for an amount totaling $1,502,320.56, although disbursement had not been
made on the 14th.
Applications are on file, the Corporation stated, in various Credit Corporation offices, totaling 1,935 and representing $2,571,837.82. Disbursements on these loans will be made as rapidly as they are approved.
The week ended Oct. 14 was the first week the Credit Corporation offices
were open for business. Loans are made to farmers and stockmen by the
Credit Corporations.
Mortgage Bankers in Western and Southern States
Report on Farm Loans for Last Year.
Farm mortgage loans were smaller in both total volume
and average size in 1931 asl compared with the preceding
year, mortgage bankers in 17 Western and Southern States
have reported to the Bureau of Agricultural Economics.
There were higher ratios of loans to value of farms. More
general use was made of the gradual payment system. Renewed loans represented a materially higher percentage of
the value of mortgaged property than did new loans. The
Bureau on Oct. 10 further stated:
Of a total of 3,918 loans, representing more than $19,500,000 in loan
contracts made during the year in these States, 2,335, amounting to
#13,100,000, or 67%, consisted of renewals; the remainder, 33%, represented new loans. In the preceding year, 69% of the business represented
renewals, and 81% new loans.
The average ratio of loans to value of the farms constituting the security
was 39.4% on new loans last year, and 61.3% on loans renewed. Loans
requiring renewal, the Bureau explains, typically include farms with
heaviest indebtedness since their original loan contracts were made when
land values were at higher levels. Approximately 87%, or nearly
$19,000,000, loaned by these bankers last year was for a term of five years.
The Bureau notes a further marked increase, last year, in the proportion
of new martgage contracts containing the provision that some payment on
the principal should be made each year during the term of the loan.
Loans requiring such payments on principal constituted 65% of the total
in 1931, compared with 52% in 1930 and less than 10% in 1929. Straight
loans payable at the end of their terms showed a decline in relative importance from 90% of the total in 1929 to 35% in 1931.
Life insurance companies took 71.2% of the total loans, or less than in
previous years, whereas there was an increase in the proportion of farm
mortgages bought by private investors and other local agencies. The preveiling interest rate to owners of funds loaned on farm mortgages was 5.7%,
and additional costa for commissions and handling expenses amounted to
eight-tenths of 1%.
End to Railroad Credit Corporation Regarded Likely—
Four Carriers Against Continuance and Majority
for Unit Is Needed.
The Railroad Credit Corporation, one of the first national
agencies organized to stem the tide of the depression, will
Volume 135
2765
Financial Chronicle
be voted out of any existence except that of a liquidating
body at the convention of the Association of Railway Executives here on Nov. 10, it was learned on Oct. 19, according
to the New York "Herald Tribune" of Oct. 20, from which
we also quote:
Discontinuance of the agency has been made possible by the successful
operation of the Reconstruction Finance Corporation, which has been armed
with reserves substantial enough to cope with the demands now being
made on the Railroad Credit Corporation.
On March 31 the official life of the latter Corporation expires unless
action to renew it is taken at next month's meeting of the railroad executives. That such action will definitely not be taken was indicated yesterday
when it was revealed that the New York Central RR., together with the
Southern Pacific, Delaware & Hudson, and Atchison Topeka & Santa Fe
railroads, will lead a fight against perpetuation of the Credit Corporation.
Unanimous Vote Needed.
An agreement exists among the members of the Association of Railway
Executives, it was further learned, that a unanimous vote of the Association
can alone renew the credit agency's life after the date fixed in its constitution. There is no possibility of such a vote being mustered, it was unequivocally stated by an officer of one of the railroads above mentioned.
Supplementing the contention that the active functioning of the Reconstruction Finance Corporation had obviated the need of the railroad agency
Is the fact that 90% of the railroads contributing the funds now making
possible the latter's existence are running under operating deficits thus far
thie year and are unable to meet their fixed charges without outside aid.
The Railroad Credit Corporation, which has been characterized by Leonor F.
Loree, President of the Deleware & Hudson, as "senseless socialism," was
created by the railroads at the suggestion of the Inter-State Co-amerce
Commission on Nov. 19 1931. In order to provide the Corporation with
the funds necessary to its activity, the Commission authorized the railroads
to put into effect freight rate surcharges on special commodities calculated
to bring the railroads an added annual return of between $100,000,000
and $125,000,000.
Revenues Fall Short.
These surcharges were to be paid into the Corporation's treasury and then
advanced in the tom of loans to those needy railroads otherwise unable to
meet their fixed interest obligations. This plan has worked out as conceived, except that the revenue return from the surcharges will fall short
of the $100,000,000 minimum estimate of the Commission by at least
$55,000,000.
Of the $60.000,000 which the railroads expect to realize from surcharges
from 1932 operations, $6,000,000 will be held as a reserve, $9,000,000 will
not be received until after the year-end, and the balance of $45,000,000
will be more than eaten up by the applications of railroads in financial
distress for loans with which to meet their fixed interest obligations. Those
carriers which cannot be cared for by funds from the Railroad Credit
Corporation will have to seek the aid of the Reconstruction Finance Corporation. The latter has already indicated its willingness to help them,
provided adequate security Is offered.
To date the railroad organization has been successful in averting numerous
interest defaults by leading carriers on their funded debt and has loaned
more than $30,000,000 to 40 railroad companies. The Corporation has no
authority to make loans to prevent defaults in payments of principal of a
maturing obligation, a contingency which, however, the charter of the
Reconstruction Finance Corporation enables the Government organization
to meet.
The railroads are not united on the question of discontinuance of their
credit agency, although a majority is understood to stand for its dissolution.
Whether or not they can borrow from it any sum commensurate with their
contributions to the agency is a guiding motive in deciding their course.
Those systems opposed to furtherance of the Corporation's life are in the
main large contributors who receive nothing in return for their contributions
other than the interest rate levied against borrowers.
Those systems whose total contributions to the agency exceed the borrowing which their smaller units exact from it are supposed to favor continuation of the Corporation's lending activities. In this class are such lines
as the Chesapeake & Ohio RR. Co., which has not been a borrower although
It has contributed, to date, approximately $8,500,000. Yet this money
has more than been returned indirectly in the form of loans irons the credit
agency to the road's affiliates, such as New York Chicago & St. Louis RR.
Directors of the Railroad Credit Corporation will meet this afternoon
at the offices of the Railway Express Agency in this city.
Its order in Ex Parte 103, authorizing the rate increases, and leaving the
carriers free to apply the loaning plan.
The assent of substantially all the eligible Class I railroads and of a
large percentage of the other classes was assured before Dec. 12 1931, and
the Marshalling and Distributing Plan declared effective as of Jan. 1 1932.
The Plan provides that the revenues derived from the increased rates be
ascertained within 40 days after the close of the month in which earned
and paid over to your Corporation within 10 days thereafter. Accordingly
the January 1932 revenues became payable to your Corporation on March 21
1932. Your Corporation is not authorized to borrow moneys, therefore,
its only available loaning funds were and are the emergency revenue
contributions.
During the period in which your Corporation had no funds, and immediately
thereafter, when all of its receipts were required to meet the pressing
necessities of its member lines, participants were enabled to secure loans
to meet necessities upon the assurance that when funds were available
your Corporation would take over any such loans to carriers then eligible.
Such assurances amounted to $16,120,814.50, and obligations with respect
thereto have now been fulfilled.
The Plan requires your Corporation to refund to each participating carrier
so much of any tax or taxes as it shall have been required to pay because of
the receipt by it of revenue from the increased rates. To meet this
potential liability, 10% of the amounts received is being set aside and
deposited in separate bank accounts as a special reserve fund.
The Inter-State Commerce Commission's findings, on which the order
In Ex Parte No. 103 was based, estimated that the proceeds of the rate
increases would produce between $100,000,000 and $125,000,000 in the
15-month period from Jan. 1 1932 to March 31 1933. For the same period
the maximum requirements to meet fixed interest obligations and to
prevent defaults thereon were estimated to be $60,000,000. The indications now are that the increases will produce a net available for loans
in 1932 of approximately $45,000,000, while the requirements will be in
excess of $100,000,000, an estimated deficit of $55,000,000. Funds
available for loans during 1932 are the revenues accruing to carriers to
Oct. 31 1932, less the tax reserve.
To make up the deficit in funds available for interest, and also requirements for such items as taxes, equipment trust obligations, maturities,
and current operating expenses, recourse has been had largely to the
Reconstruction Finance Corporation.
In its report in Docket No. 25135, commenting upon its reliance upon
the representations of the carriers to apply the loaning plan and agency, the
Inter-State Commerce Commission states: "The carriers have justified
this reliance."
A condensed statement of resources and application thereof to Sept. 80
1932 shows:
Resources—
Emergency revenues reported by participating carriers
Accrued interest
Proceeds from sale of capital stock
$35,764.808.20
213,5119.56
1.200.00
Total
APPlicatfOn—
Loans
Less payments
$35,979,395.78
528.719,279.00
1,065,250.00
' Net outstanding
Cash reserved for tax payments, &c
Accounts receivable and accrued items
Expense of administration
$31.595,101.81
Total
Balance
Loan commitments subject to demand
Pursuant to the conditions precedent to the authorizations by the InterState Commerce Commission for rate increases allowed under Ex Parte
No. 103, your Corporation was created on Dec. 14 1932.
The carriers by railroad and by water, subject to the jurisdiction of
the Inter-State Commerce Commission, filed an application, on June 17 1931,
for a general increase of 15% in their all-rail and rail-water freight rates
and charges. After hearings during the summer and autumn of 1931, the
Commission on Oct. 18 1931, while denying the application, suggested rate
Increases on certain commodities for a period ending March 31 1933, conditioned upon the acceptance of a plan for the division of the gross proceeds
derived from the increases among needy carriers.
In compliance with these conditions, the carriers filed a supplemental
petition in which they alleged, in substance, that the pooling plan outlined
by the Commission could, as a practical matter, best be made effective by
the creation of a corporate entity through which the revenues, derived from
the increases might be marshalled and distributed, in the form of loans,
for use by eligible carriers, to prevent default in fixed interest obligations
The petition included a draft of the plan, together with a draft of the
charter and by-laws proposed for the Corporation to be organized to carry
out the provisions of said plan. On Dec. 5 1981 the Comnrission entered
$4.384.293.95
4,027.500.00
5358.798.95
Available working fund
The emergency revenues reported to Sept. 80 1982 were earned by
participating carriers during the seven months' period ending July 31 1932.
The provision in the plan for rendering reports 40 days after the close
of the month accounts for the differences in dates. An analysis of reports
by classes and regions follows:
Class I Carriers (189).
Emergency Revenue.
Region—
51,835.317.37
New England region
7.886.053.93
Great Lakes region
9,223.122.94
Central Eastern region
2,296.805.08
Pocahontas region
3.901.253.14
Southern region
3,196,478.38
North western region
4.680.735.26
Central Western region
2.295.177.91
Southwestern region
Grand total—United States
First Annual Report of Railroad Credit Corporation—
Amount Available for Loans $45,000,000—Requiremanta in Excess of $100,000,000—Re-election of
Directors.
The first annual report of the Railroad Credit Corporation was submitted to the stockholders on Oct. 18 by E. G.
Buckland, President. The report indicates that approximately $45,000,000 will be available for loans to railroads,
while the requirements to meet fixed interest obligations
will be in excess of $100,000,000—an estimated deficit of
$55,000,000. The report was presented as follows by Mr.
Buckland:
$27,654,029.00
3,553.918.66
28.5.926.77
101.228.38
$35,094.744.01
Class II and III Carriers (290)An regions
669.882.19
Grand total—all roads(429)
$35,764,606.20
The financial statement as of Sept. 80 1932, a copy of which has been
filed with the Inter-State Commerce Commission and each participating
carrier, has been checked by Mr. T. H. Seay, Comptroller, Southern Railway
System, and found to be in accordance with the Corporation's record and
books of account. In addition thereto, certificates have been received from
each of the duly appointed custodians which show that all collateral items,
deposited to secure repayment of loans, are held in safe keeping for your
Corporation.
For the Board of Directors,
E. G. BUCHLAND, President.
The financial statement of the Railroad Credit Corporation as of Sept. 30 was given in our issue of Oct. 8, page 2436.
At the stockholders' meeting, on Oct. 18, the folloVvinif
were re-elected members of the Board of Directors:
F. W. Charske, Chairman of the Executive Committee, Union Pacific
System.
P. E. Crowley, President of the Rutland RR. Co.
George M. Shriver, Senior Vice-President of the Baltimore & Ohio RR. Co.
A. J. County, Vice-President of the Pennsylvania RR. Co.
Bird M. Robinson, President of the American Short Line Railroad
Association.
E. 0. Buckland, Chairman of the Board of the New York New Haven &
Hartford RR. Co.
H. A. Scandrett, President of the Chicago Milwaukee St. Paul & Pacific
RR. Co.
G. B. Elliott, President of the Atlantic Coast Line RR. Co.
E. N. Brown, Chairman of the Board of the St. Louis-San Francisco
Railway Co.
L. A. Downs, President of the Illinois Central System.
J. J. Pelley, President of the New York New Haven & Hartford RR. CO.
J. J. Bernet, President of the Chesapeake & Ohio Railway Co.
2766
Financial Chronicle
Report for August of Reconstruction Finance Corporation Made Public by Clerk of House.
As we indicated a week ago (page 2430), South Trimble,
Clerk of the House, made public on Oct. 7 the report for
August of the Reconstruction Finance Corporation. The
August report had been submitted to the House on Sept. 28,
and with it was a letter and legal argument against its
publication. Both the letter (of Atlee Pomerene, Chairman
of the Corporation) and the brief, prepared by Morton G.
137gue, General Counsel of the Corporation, were given in
trese columns Oct. 8, page 2431. In making the August
figures public on Oct. 7, Mr. Trimble, Clerk of the House,
issued a statement (which we publish elsewhere in this issue)
in which he says "after consideration of the protest filed
by the Reconstruction Finance Corporation and the brief
by my counsel analyzing the protest, I adhere to my original
opinion that the law requires me to allow the public to
inspect the Corporation's monthly reports. In submitting
to the Clerk of the House the August report, Chairman
iene said: "Under the provisions of Section 5 of the
Reconstruction_ Finance Corporation Act, the Corporation
during A.11
-glISt authorized 1,110 loans aggregating $111,596,631.90 and authorized increases aggregating $10,681,010
in loans authorized prior to Aug. 1 1932, making a total of
$122,277,641.90. "These figures, "he said, "do not include
amounts withdrawn or cancelled from Aug. 1 to Sept. 21
inclusive, the date this report was closed."
A table in the report summarized the loans as follows:
Banks and trust companies (including receivers)
Building and loan associations
Insurance companies
Mortgage loan companies
Federal Land banks
Joint Stock Land banks
Agricultural credit corporations
Livestock credit corporations
Railroads (including receivers)
Total
$85.057.605.43
12.294.1814.87
3.708.700.00
2.101.720.00
3,000.000.00
55.000.00
594,1121.62
2.667.822.98
12.798,583.00
$122,277.641.90
From the report we quote:
Parts of loans authorized during the period from July 21 to 31 1932
Inclusive, which were withdrawn or canceled during the period from Aug. 1
to Sept. 21. inclusive. aggregated 81,224.264 22
Total repayments during the month of August were $35,241,799.47,
as follows:
Banks & trust co's___$31,301.176.46 Building & loans assns.$1.573.337.82
296.009.69 Mortgage loan co's_ _ 1.423.658.10
Insurance co's
1.235.00 Joint Stock Land bks_
Credit unions
_
5,843.00
Agricultural Credit
Livestock Credit corcorporations _
_
7.613.68
porations
408.041.41
224.884.31
Railroads
The report in full, as given in a Washington dispatch to
the New York "Times" follows:
Sept. 28 1932.
Hon.South Trimble. Clerk of the House of Representatives, Washington. D. C.
-Pursuant to the provisions of Section 201(b). Title II, of the
Sir:
Emergency Reliefand Construction Act of 1932. the Reconstruction Finance
Corporation submits this report of its activities and expenditures for August
1932. together with a statement of loans authorized during that month,
showing the name, amount and rate of interest in each case.
Under the provisions of Section 5 of the Reconstruction Finance Corporation Act, the Corporation during this period authorized 1.110 loans aggregating $111.596.631.90 and authorized increases aggregating $10.681.010.00
In loans authorized prior to Aug. 11932. making a total of 3122.277.641.90,
as shown in Table 1. These figures and the list of loans authorized, contained in Table 1, do not include amounts withdrawn or canceled from
Aug. 1 to Sept. 21, inclusive, the date this report was closed.
Of the $122.277.641.90 authorized. $85.057.605.43 was authorized to
banks and trust companies (including $7.772.900 to aid in the reorganization
or liquidation of closed banks): 112.294.188.87 to building and loan associations: $3.708.700 to Insurance companies:$2.101.720 to mortgage loan companies; $3.000.000 to a Federal Land Bank; $55,000 to a Joint Stock Land
Bank; $594.021.62 to Agricultural Credit corporations; $2,667,822.98 to
Livestock Credit corporations, and $12.798.383 to railroads (including
$5.696.449 to railroad receivers).
Loans authorized by the Corporation are sometimes withdrawn or canceled in full or in part due to: the funds are not required by the borrowing
Institution; part of the collateral is defective or not available for pledging
at the time; the borrowing institution closed after the loan was authorized,
and for other reasons. Loans which were authorized in August and withdrawn or canceled in full during the period from Aug. 1 to Sept. 21.inclusive,
no part of the proceeds being disbursed, are not included in the loans authorized, and listed in Table I. but are summarized below. Likewise in cases
where parts of loans authorized in August were withdrawn or cance:led during
the period from Aug. 1 to Sept. 21. inclusive, the amounts withdrawn or cancelled are not included in Table 1, the net amount of the authorizations being
given. These withdrawals or cancellations also are summarized below.
Loans Withdrawn or Canceled.
Loans authorized during August which were withdrawn or canceled in full
during the period from Aug. 1 to Sept. 21, inclusive, no part of the proceeds
being disbursed, were as follows: to thirty-five banks and trust companies
aggregating $2.631.571.70; to one insurance company in the amount of
$780.000, and to one mortgage loan company in the amount of $40.000.
Parts of loans authorized during August which were withdrawn or canceled during the period from Aug. 1 to Sept. 21. Inclusive, were as follows:
To banks and trust companies. $420,163.70; to building and loan associations. $249,411.13: to an insurance company, 535.000.00; to mortgage loan
companies. $25.280.00. and to Livestock Credit corporations. 818.631.59.
Loans authorized from July 21 to July 31 1932. inclusive, which were
withdrawn or canceled in full during the period from Aug. 1 to Sept. 21.
inclusive, no part of the proceeds being disbursed. aggregated 35.552.400.00.
These withdrawals and cancellations are listed in Table 2, because the loan
authorizations were included in the Corporation's report for the period from
July 21 to 31 1932, inclusive.
Oct. 22
1932
Parts of loans authorized during the period from July 21 to 31 1932.
inclusive, which were withdrawn or canceled during the period from
Aug. 1
to Sept. 21. inclusive, aggregated $1.224.264.22. These withdrawals and
cancellations are listed in Table 3, because the loans to which they relate
were contained in the Corporation's report for the period from July 21 to
311932. inclusive.
In addition to the above, loans aggregating 33.818.078.91, which were
authorized before July 21 1932, were withdrawn or canceled in full
during
the period from Aug. 1 to Sept. 21, inclusive, and parts of the loans which
were authorized before July 21 1932. aggregating $8.158.861.01, were withdrawn or canceled during the period from Aug. 1 to Sept. 21, inclusive.
In cases where loans authorized prior to Aug. 1 1932 were increased
during the month of August, the amount ofsuch increase is listed in
Table 1
as a loan authorized during August.
Applications for loans received at the Washington office of the Corporation under Section 5 of the Act during the period numbered 1.151, as follows:
899 from banks and trust companies (including 50 applications from receivers or liquidating agents of closed banks), 140 from building and loan
associations, 14 from insurance companies. 21 from mortgage loan companies. 1 from a Federal Land Bank, 2 from Joint Stock Land banks. 30
from Agricultural Credit corporations, 32 from Livestock Credit corporations and 12 from railroads (including 2 from railroad receivers).
Loans for Relief Made Available.
Under the provisions of Section 1. Title I of the Emergency Relief and
Construction Act of 1932. the Corporation made available
113.931.669 for
the purposes cif relief and work relief during August, as shown in Table 4.
Formal applications received under this Act during August numbered
218.
of which 44 were for relief under Title I and 174 were for loans under
TitleII.
Under the provisions of Section 201 (d), Title II, of the Emergency
Relief and Construction Act of 1932. the corporation authorized two loans
aggregating 150.000.000. as shown in Table 5.
Total repayments during the month of August were 135.241.799.47. as
follows: Bank and trust companies.$31.301.176.46; building and loan associations. 81.573.337.82; insurance companies. $296,009.69; mortgage loan
companies. 81.423.658.10; credit unions. $1,235; joint Stock Land banks.
$5,843; agricultural credit corporations. $7,613.68; live stock
credit corporations, $408.041.41. and railroads, 1224.884.31.
During the month of August 125.000.000 of the $250.000.000
"Second
Series" 3ti% notes authorized by the board of directors on June 16
1932.
and 575.000.000 of the 8250,000.000 "Third Series" 3%% notes authorized
by the board of directors on July 23 1932, were sold to the Secretary of the
Treasury.
During the period the Corporation allocated $10.000.000 to the Secretary
of Agriculture in accordance with the provisions of Section 2 of the Reconstruction Finance Corporation Act, making a total of $107.500.000 allocated
from Feb. 2 to Aug. 31. inclusive. Of this sum $75.000,000 had been
paid over to the Secretary of Agriculture as of Aug. 31.
The following tables are attached as a part of this report:
Table 1. Statement of loans authorized from Aug. 1 to Aug. 31
1932.
inclusive, under Section 5 of the Reconstruction Finance Corporation Act,
showing the name, amount and rate of interest in each case (exclusive of
amounts withdrawn or cancelled from Aug. 1 to Sept. 211932. inclusive).
Table 2. Statement of loans authorized from July 21 to July 31 1932,
Inclusive, which were withdrawn or cancelled in full from Aug. 1 to Sept.
21
1932. inclusive, no part of the proceeds being disbursed.
Table 3. Statement of loans authorized from July 21 to July 31 1932,
inclusive, which were withdrawn or cancelled in part from Aug. 1 to
Sept. 21
1932. 4. Statement of amounts made available from Aug. 1 to Aug. 31
Table
1932. inclusive, under Section 1. Title I, of the Emergency Relief and
Construction Act of 1932. upon application of the Governors of the
States
mentioned, showing names of the States, amounts made available and
rate
of interest.
Table 5. Statement of loans authorized from Aug. 1 to Aug. 311932.
inclusive. under Section 201 (d), Title II, of the Emergency Relief and
Construction Act of 1932.
Table 6. Statement of cash receipts and expenditures of the Corporation,
Aug. 1 1932. to Aug. 31 1932, inclusive. (Corporation's account with
Treasurer of United States).
Table 7. Statement of condition of the Corporation as of the close of
business, Aug. 31 1932.
Respectfully,
POMERE
ANE.
Chairman,
the succeeding tables the asterisk Indicates that no part
In
of this amount
had been disbursed up to Sept. 211932. inclusive.]
TABLE I.
Statement of loans authorized from Aug. 1 to Aug. 31 1932, inchisim
under Section 5 of the Reconstruaion Finance Corporation Act. showing
the name, amount and rate of interest in each case (exclusive of amounts withdrawn or cancelled,from Aug. 1 to Sept. 21 1932. indusive)•
BANKS AND TRUST COMPANIES,
ALABAMA.'
Int.
Amount
Rate.
City and Name
Authorized.
%
Andalusia-The Andalusia National Bank
$25.000.00 5
Atalla-The Atalla Bank
10.000.00 5
Ashville-Farmers and Merchants Bank of Ashville
3.500.00 5
Birmingham-Exchange Bank
9.940.00 5
Carrollton-Bank of Carrollton
*40.000.00 5
Castleberry-The Peoples Bank of Castleberry
_
5,000.00 5
Decatur-The Morgan County Nat.Bk.of Decatur_
.
34.900.00 5
Decatur-Tennessee Valley Bank
24.900.00 5Si
Decatur-Tennessee Valley Bank
25,000.00 5
Fairfield-Fairfield Trust & Savings Bank
4,000.00 5
-The Citizens Bank of Otuitersville_ _
Guntersville
4.500.00 5
Jasper-First National Bank of Jasper
*30.000.00 5
Lexington-Bank of Lexington
6.000.00 5
Louisville-The Bank of Louisville
3.000.00 5
Moulton-The Citizens Bank
6,925.00 5
Tuscumbia--The First National Bank
*
30.000.00 5
ARIZONA.
Holbrook-The First National Bank _
7.300.00
Holbrook-The First National Bank
5,250.00
-The Nogales Nat. Bank (Receiver)
Nogales
40.000.00 5
Phoenix-The Valley Bank & Trust Co
280.000.00 5
Prescott
-The Bank of Arizona
51.250.00
Prescott-Yavapal County Savings Bank_
32.500 00 5
Tucson-United Bank & Trust Co
20,000.00 5
ARKANSAS
Casa-Farmers Bank
2.500.00 5
Cotter-Bank of Cotter
10.000.00 5
Gurdon-Clark County Bank
10.000.00 5
Bettis
-First National Bank
20.000.00 5
Judsonia-Bank of Judsonia
5.000.00 5
Junction City-The Merchants & Farmers Bank
15.0(10.00 5
Martanw-Lee County Nat. Bank of Marianna
215,000.00 5
-McGehee Bank & Trust Co
McGehee
20.000.00 5
Bt. Francis
-Bank of Bt. Francis
1,300.00 5
gg
Volume 135
City and Name—
Searcy—Security Bank
Sheridan—Grant County Bank
Shirley—Bank of Shirley
Wheatley—Rice Growers Bank
Wynne—Cross County Bank
Financial Chronicle
Amount
Authorized.
53,591.72
16.000.00
4.000.00
5,000.00
*60.000.00
Int
Rat.
%
54
54
534
54
54
CALIFORNIA.
Alturas—Modoc County Bank
30,000.00 5
Alturas--Modoc County Bank
15,000.00 534
Anaheim—Anaheim First National Bank
18,000.00 5
Cambria—Bank of Cambria
50.000.00 534
Chico—Peoples Savings and Commercial Bank
42.000.00 5
Coachella—First National Bank of Coachella
40,000.00 534
Corcoran—The First National Bank of Corcoran_
20,000.00 54
Cucamonga—The First National Bank of Cucamonga
10,000.00 53,4
Folsom—Bank of Folsom
*27.500.00 53,4
Glendale—First National Bank in Glendale
75.000.00 53,4
Hermosa Beach—The First National Bank
10.000.00 5
Hermosa Beach—The First Bank of Hermosa Beach.,
8,250.00 53,4
Huntington Park—City Nat'l Bank of Huntington Pk
10,000.00 5
Laton—The First National Bank of Laton
15.000.00 534
Verne—The Farmers & Merchants Bk.of La Verne
La
30.000.00 53,4
Lindsay—Lindsay Savings Bank
75.000.00 534
Long Beach—The Seaside Nat'l Bank of Long Beach
(Receiver)
165,000.00 5
Marysville—Decker
-Jewett Bank
40,000.00 534
Madera—The First National Bank of Madera
27,500.00 5
Maywood—The Maywood Bank
15,000.00 5
Monterey—The First National Bank of Monterey
65,800.00 534
Newport Beach—The First National Bank of Newport
Beach (Receiver)
19,000.00 5
pasadena--Citizens Commercial Trust and Savings
Bank of Pasadena
225,000.00 5
Pacific Grove—The First Nat'l Bark of Pacific Grove
25,C00 5
Salinas—Monterey County Trust and Savings Bank130,000.00 5
Santa Ana—The Farmers & Merchants Savings Bank
of Santa Ana
84.000.00 5
Sequel—Citizens Commercial and Savings Bank
10,000.00 53,4
Torrance—The First National Bank of Torrance
13,00.00 53,4
Vacaville---First National Bank
20,000.00 534
COLORADO.
Alamosa—First State Bank of Alamosa
10.000.00 534
Boulder--Boulder National Bank
62.000.00 54
Craig—The First National Bank of Craig (Receiver)_
13.000.00 5
Dolores—J. J. Harris & Co.. Bankers
15.000.00 5
Parker—Douglas County Bank
13,000.005
Plattsville—The Piattaville National Bank
10.000.00 534
Pueblo—Southern Colorado Bank
45,000.00 53,4
Ramah—The State Bank of Ramah
5.000.00 53.4
Simla—Simla State Bank
3,000.00 53.4
CONNECTICUT.
Bridgeport—The Bridgeport City Trust Co
Bridgeport—West Side Bank, The
Bridgeport—West Side Bank, The
Bridgeport—West Side Bank, The
Bristol—Bristol Bank and Trust Company
Madison—Madison Trust Company
Meriden—Puritan Bank and Trust Company (repaid
in full)
South Manchester—The Savings Bank of Manchester
DISTRICT OF COLUMBIA.
Washington—The Commercial National Bank of
Washington
Vi'ashington—The Commercial National Bank of
Washington
Washington—The Prudential Bank
'Washington—The Prudential Bank
Washington—Washington Savings Bank
FLORIDA.
Clermont—Citizens Bank of Clermont
Fort Pierce—St. Lucie County Bank
Jacksonville—The Citizens Bank of Jacksonville_
Kissimmee—The First National Bank of Kissimmee—
Lake City—State Exchange Bank
Live Oak—Commercial Bank of Live Oak
Milton—First National Bank of Milton
Saint Cloud—The Citizens State Bank
Starke—Bank of Starke
Tavares—Bank of Tavares
GEORGIA.
Claxton—The First National Bank
Cumming—Bank of Cumming
Gainesville—The Gainesville National Bank
Hartwell—The First National Bank of Hartwell
(Receivers)
Lake Park—Lake Park Bank,Lowndee County
Soperton—The Bank of Soperton
Valdosta—First National Bank
Wadley—Bank of Wadley
Waycross—The First National Bank of Waycross.—
West Point—Citizens Bank & Trust Co
Winder—Winder National Bank
IDAHO.
Ferdinand—Ferdinand State Bank
Gooding—First Security Bank of Gooding
Idaho Falls—Anderson Brothers' Bank
Jerome—First Security Bank of Jerome
Moscow—The Moscow State Bank
New Plymouth—New Plymouth State Bank
Orofino--Bank of Orofino
Preston—First Security Bank of Preston
St. Manes—Lumbermen's State Bank of Preston
Star—Farmers Bank
Twin Falls—Twin Falls Bank & Trust Co
ILLINOIS.
Anna—First National Bank of Anna
Ashkum—Farmers Trust & Savings Bank of Azilikura.
Beecher—First State Bank of Beecher
Benson—Farmers State Bank of Benson
Bloomington—American State Bank
Bloomington—Liberty State Bank
Blue Island—State Bank of Blue Island
Carlock—Farmers State Bank of Carlock
Carrier Mills—The First National Bank
Cham/Alga—The First National Bank of Champaign
(Receiver)
Charleston—The National Trust Bank of Charleston_
Chicago—Aetna State Bank
chicago—Aetna State Bank
Chicago--Austin State Bank
Chicago--Austin State Bank
Chicago--Cosmopolitan State Bank
chicago--Cosmopolitan State Bank
cmoage—Halsted Street State Bank
Chicago--Lawndale National Bank
ckicago—Lawndale National Bank
Chicago--South Chicago Savings Bank
cmoago—Terminal National Bank
Cicero—First National Bank of Cicero
cropsey—Citizens State Bank of Cropsey
De Kalb—De Kalb Trust & Saving; Bank
E.ASE Dubuque—East Dubuque Savings Bank
Ellsworth—Bank of Ellsworth
Flat Rock—The Flat Rock Bank
Frankfort—The Citizens Bank of Frankfort
Giffordhe Morse State Bank of Gifford
—T
City and Name—
Hamilton—The First National Bank of Hamilton
(receiver)
Highland Park—Highland Park State Bank
La Orange—La Grange State Trust & Savings Bank_
La Prairie—La Prairie State Bank
Lebanon—The First National Bank of Lebanon
Macomb—First Trust & Savings Bank of Macomb
Madison—First National Bank
Milistadt—First National Bank of Milistadt
Mundelein—State Bank of Mundelein
Naperville—The First National Bank of Naperville—
Oalc Park—Avenue State Bank
Oak Park—Oak Park Trust & Savings Bank
Palatine—State Bank of Palatine
Pekin—The Farmers Nat'l Bank of Pekin (Receiver)
Pontiac—National Bank of Pontiac
Quincy—State Street Bank & Trust Co
Rockford—The Rockford National Bank (Receiver)_
South Holland—South Holland Trust & Savings Bank
Stanford—Stanford State Bank
Stronghurst—Stateliank of Stronghurst
Vermont—Peoples State Bank
West Chicago—West Chicago State Bank
Westmont—First State Bank of Westmont
INDIANA.
Borden—The Borden State Bank
Dale—The Dale State Bank
Elkhart—St.Joseph Valley Bank
Farmersburg—Farmersburg State Bank
Hammond—Hammond Nat'l Bank & Trust Co.(Rec.)
Holton—Holton State Bank
Huntington—The Citizens State Bank
Jasonville—First National Bank of Jasonville
Jasper—Farmers & Merchants State Bank
Logansport—The Logansport Loan & Trust Co
Michigan City—The Peoples State Bank
Mishawaka—First National Bank
Mishawaka—First Trust & Savings Bank
Mishawaka—First Trust & Savings Bank
Nappanee—Farmers & Traders Bank of Nappanee_
New Albany—New Albany National Bank
Princeton—The Peoples American Nat'l Bank of Pr..
Rochester—United States Bank & Trust Co
Rockport—The First National Bank of Rockport
Scottsburg—Scottsburg State Bank
South Bend—The St. Joseph Loan & Trust Co
Union City—Union Trust Co
Warsaw—Lake City Bank
IOWA,
Albta—First Iowa State Bank of Albla
Alburnett--Albuniett State Bank
Aileman—Farmers Savings Bank
200.000.00 534
Allison—State Bank of Allison
25.000.00 54
Ames—Ames Trust & Savings Bank
200,000.00 5%
Ames—Union Story Trust & Savings Bank
40,000.00 53,4
Aredale--Aredale State Bank
85.000.00 5
Ashton—The First National Bank in Ashton
27.000.00 534
Atlantic—Farmers Savings Bank
Avoca—The Avoca State Bank
19.800.00 54
Bloomfield—Davis County Savings Bank
500,000.00 54
Boone—Boone State Bank
Bronson—The Bronson Savings Bank
Buffalo Center—The Farmers Trust & Savings Bank
of Buffalo Center
50,000.00 534
Buffalo Center—First Nat'l Bank of Buffalo Center_
Burlington—Burlington Savings Bank
160.000.00 51
Burnside—Burnside Savings Bank
5.000.00 5
Cedar Rapids—Cedar Rapids Savings Bk. & Tr. Co_
80,195.00 5
Charles City—Commercial Trust & Savings Bank
30.000.00 5
Clinton—City National Bank of Clinton
Colesburg—The Farmers Savings Bank of Colesburg_
Colwell—Farmers Savings Bank
15,000.00 5
Conrad—First State Bank
30,000.00 5
Council Bluffs—State Savings Bank
31.750.00 534
Creston—Farmers & Merchants Savings Bank
6,720.00 53.4
Decorah—Decorah State Bank
3500.00 53.4
Denver—Denver Savings Bank
26,000.00 53.4
Des Moines—Home Savings Bank
21.000.00 5
Des Moines—Valley National Bank
6,000.00 54
Dubuque—First National Bank of Dubuque
59.985.00 534
Dysart—National Bank of Dysart
20,000.00 54
Eidore—Citizens SavingsBank
Elkader—The Central State Bank & Trust Co
tate
Elma—Peoples Savings Bank
26.000.00 534
Ely—Ely Trust & Savings Bank
10,000.00 534
Extra—Exchange State Bank
25,000.00 54
Fairfield—Iowa Loan & Trust Co
Fairfield—Iowa State Savings Bank
13,000.00 5
Fertile—Farmers Savings Bank
6,000.00 534
Festina—Festina Savings Bank
12.500.00 5
Fort Madison—Lee County Savings Bank
310.000.00 534
Garwin—Farmers Savings Bank
5,000.00 53,4
Gilbertville--Farmers Savings Bank
*15.000.00 5
Goodell—State Savings Bank of Goodell
99,000.00 5
Grafton—Farmers Ste Bank
State
20.000.00 5
Hills—Hills Savings Bank
Holland—Farmers Savings Bank
Janesville—The Savings Bank of Janesville
3.100.00 534
50.000.00 534
Joice—Farmers Savings Bank
296.235.00 5
Kanawha—First Natior al Bank
30.000.00 53,4
Kesley—Kesley State Bank
6.510.00 534
Kiron—Kiron State Bank
5,600.00 534
Laurens—State Bank of Laurens
8.110.00 534
Leland—Leland Co-Operative Bank
44.500.00 55,4
Littleport--Littleport Savings Bank
22.630.00 53,4
Luxemburg—The Luxemburg Savings Bank
5,800.00 534
Lytton—Lytton Savings Bank
33,000.00 53,4
Madrid—Madrid State Bank
Manly—Manly State Bank
Maquoketa—Jackson State Savings Bank
11.500.00 534
Maynard—Maynard Savings Bank
40.000.00 55,4
Missouri Valley—First National Bank
Missouri Valley—State Savings Bank
3. .
43 800
0
'000
5
Monteith—Monteith Savings Bank
72.450.00 5
New Albin—New Albin Savings Bank
40.000.00 534
Ottumwa—First Bank & Trust Co
36.000.00 5
Pierson—Farmers Savings Bank
8,000.00 53,4
Pocahontas—The Commercial State
15.000.00 5
Polk City—Polk City Savings Bank Bank
Pomeroy—Pomeroy State Bank
400.000.00 5
Preston—United States Bank & Trust Co
18.000.00 534
Rake—State Savings Bank
37.000.00 534
Readlyn—Readlyn Savings Bank
103.000.00 534
Riceville—The First National Bank of
100.000.00 53,4
Russell—Russell State Bank & Trust CoRiceville
75.000.00 534
Sabula—Sabula Savings Bank
75.000.00 554
Sheldon—Sheldon National Bank
308.000.00 5
. Sibley—Sibley State Bank
126.450.00 5
Sidney—Fremont County Savings Bank
75.000.00 554
Slifer—Slifer Savings Bank
50.000.00 5
Soldier—Soldier Valley Savings Bank
125.000.00 53,4
Spencer—Farmers Trust & Savings Bank
130.000.00 53,4
Stout—Farmers Trust & Savings
56,000.00 5
Stuart—First National Bank of Bank
17.500.00 55,4
Sumner—First National Bank Stuart
81.000.00 534
Tabor—First State Bank
55000.00 53,4
Thurman—Thurman State Savings
7.000.00 534
Tipton—The Tipton National BankBank
20.000.00 5
Tripoli—American Savings Bank
25,000.00 53,4
Valley—Junction—First Nat.Bank of Valley Junction
20.000.00 54
Valley Junction—Valley Junction Savings Bank
2767
Amount
Authorized.
Int.
Rate.
%
31,000.00
135,000.00
63,400.00
10,000.00
75,000.00
*25,000.00
85,000.00
45,000.00
18,000.00
65.000.00
230,000.00
240,000.00
8.000.00
175.000.00
75,000.00
30,000.00
*400.000.00
58.000.00
10,000.00
18,000.00
*30,000.00
75,000.00
6.000.00
5
535
534
54
534
5t1
5
54
5
54
54
54
5
534
5
54
54
54
5
534
50.000.00
32.500.00
115,000.00
7,000.00
*155,000.00
29,000.00
64,304.56
11,000.00
26.400.00
*70,000.00
20,000.00
*25.000.00
100,000.00
*50,000.00
16.000.00
15.000.00
86,000.00
20,000.00
25,000.00
43,000.00
170,000.00
22,981.58
*25,000.00
534
534
54
54
5
5
5
5
5
5
534
5
5
5
5
5
5
534
534
534
53,4
534
534
,
68,304.41
15,000.00
26,000.00
24.000.00
*134,000.00
120,000.00
5,000.00
8,000.00
13,980.00
*57.000.00
65,000.00
*46,000.00
9,500.00
51
5
5
5
5
5
5
5
5
5
5
53.4
14,000.00
*3,500.00
80.000.00
10.000.00
160.000.00
35.000.00
*360.000.00
15.550.00
10.000.00
12,514.26
85,000.00
55,000.00
100.000.00
40.000.00
83.000.00
100,000.00
375.000.00
40,000.00
32.25000
.
49,900.00
14.084.00
50.000.00
16,500.00
18,000.00
50.000.00
5.000.00
24,000.00
40.000.00
42.500.00
14,000.00
12,000.00
30,000.00
*14,000.00
15.000.00
7.000.00
*18,000.00
23.000.00
10.000.00
32.000.00
10,000.00
19,000.00
15.000.00
12.000.00
17,000.00
12,000.00
35.000.00
41,000.00
28.000.00
38.500.00
23.000.00
50 0 :0 0
5:050 00
00
534
534
5
5
5
5
5
5
5
534
54
534
534
534
534
534
534
5g
5
5
534
54
sg
54
5;,3
534
5g
5%
534
534
51
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5ti
SR
340.000.00
25,000.00
*28,000.00
18.000.00
20.000.00
20.00(1.00
10,000.00
30.000.00
30.000.00
22.000.00
19.000.00
45: :
1000 00
0 000
554
5, 1
1
5
5g
554
534
Rti
2$
5
534
5
*19 000:00 5
7
:000 0
0 5
35.000.00
52.000.00
14.000.00
45.000.00
106.000.00
60.000.00
9.000.00
39.500.00
25,000.00
50.000.00
19,350.00
534
534
534
5
5
5
54
534
534
534
536
2768
City and Name—
Villisca—The Villisca National Bank of Villisca
Wailbrd—Farmers Savings Bank
Webster City—The First Nat.13k. of Webster City
Wellsburg—First State Bank
Wesley—Exchange State Bank of Wesley
Westgate—State Savings Bank
West Liberty—The Peoples State Bank
Williams—Williams Savings Bank
Woodburn—Woodburn Savings Bank
Financial Chronicle
Rate.
Amount
Authori:ed.
%
20,000.00 534
16,000.00 534
*30,000.00 534
17,000.00 534
23,500.00 534
14,819.09 534
20,000.00 534
19,000.00 534
10,000.00 534
KANSAS.
Blaine—The Blaine State Bank
Cheney—The Citizens State Bank
Coldwater—People's State Bank
Falun—Falun State Bank of Falun
Garnett—The Nat. Bk. of Corn. of Garnett(Receiver)
Highland—First Nat. Bank of Highland (Receiver) _ Kansas City—The Fidelity State Bank
Meade—The Meade State Bank
3,249.52
15,873.96
7,050.82
9,058.48
20,000.00
13,000.00
26,439.99
25,484.26
534
534
534
534
5
5
531
534
KENTUCKY.
Ashland—Third National Bank of Ashland
Buechel—Bank of Fern Creek
Covington—The First National Bank of Latonia
Fleming—First National Bank
Flemingsburg—The Peoples Bank of Fleming County
Georgetown—Georgetown National Bank
Hopkinsville—First City Bank & Trust Co
Irvington—First State Bank
Island—Island Deposit Bank
Lexington—Bank of Commerce
Lexington—Bank of Commerce
Lynch—Lynch National Bank
Marion—Farmers Bank & Trust Co
May's Lick—Bank of May's Lick
Morganfield—Union Bank & Trust Co
Morgantown—Morgantown Deposit Bank
Olive Hill—Peoples Bank
Paintsville—Paintsville National Bank
Paris—The First National Bank of Paris
Pineville—The Bell Nat. Bank of Pineville (Receiver)
Russell—First and Peoples Bank
Shelbyville—Shelbyville County Tr.& Banking Co_ _ _
Shively—Bank of St. Helens
Sturgis—Bank of Sturgis
Uniontown—Farmers Bank of Uniontown
Walton—The Walton Equitable Bank
Wilmore—First American Bank of Wilmore
Wilmore—The Wilmore Deposit Bank
56,000.00
9,000.00
66,500.00
23,500.00
17,500.00
44,000.00
60,000.00
47,000.00
4,500.00
78,000.00
94,000.00
16,850.00
35,000.00
22,500.00
30,000.00
19,955.00
22,000.00
26,500.00
45,500.00
*55.000.00
32,000.00
20.000.00
65,000.00
20,000.00
13.985.00
56,000.00
4,000.00
5,000.00
535
535
535
535
535
53.4
535
535
534
535
534
534
535
534
534
5
5
534
534
5
534
534
5
5
534
534
534
534
LOUISIANA.
Alexandria—Commerl Bk. & Tr. Co. of Alexandria_
Amite—Amite Bank & Trust Co
Arcadia—The Commercial Bank of Arcadia
Bastrop—Bastrop State Bank & Trust Co
Bastrop—Citizens State Bank & Trust Co
Campti—Citizens Bank
Choudrant—The Bank of Choudrant
Delhi—Macon Ridge National Bank, Inc
Delhi—Macon Ridge National Bank, Inc
Gibbeland—First National Bank of Gibbeland
Houma—Bank of Terrebonne & Trust Co
Independence—Independence Bank & Trust Co.__
Jonesboro—The Jackson Parish Bank
Kaplan—Kaplan State Bank
Lake Providence—The Lake Providence Bank
Napoleonville--Citizens Bank & Trust Co
Natchitoches—Exchange Bank of Natchitoches
Natchitoches—Merch's & Farm's Bk.(Repaid in full)
New Orleans—Interstate Trust & Banking Co
Paincourtville—The Bank of Paincourtville
Ponchatoula—Ponchatoula Bank & Trust Co
St. Joseph—Bank of St. Joseph & Trust Co
St. Martinville—Bank of St. Martinville
Springhill—Commercial Bank & Trust Co
100,000.00
84,000.00
11,750.00
50.000.00
17,500.00
15,000.00
14,591.61
7,500.00
13,000.00
16,000.00
200.000.00
110,000.00
50,000.00
14,963.00
21,000.00
20,000.00
35,000.00
12,500.00
178,275.50
15,450.00
40,000.00
45,000.00
11,000.00
20,000.00
534
535
535
534
534
534
534
534
534
534
534
53.4
534
534
534
534
534
534
534
534
534
534
534
534
MAINE]
Bangor—Merrill Trust Co
Houlton—Houlton Trust Co
Portland—Fidelity Trust Co. (Repaid in full)
Washburn—Washburn Trust Co
270,000.00
50,000.00
783,250.00
15,000.00
535
535
53.4
531
MARYLAND.
Annapolis—The Annapolis Banking & Trust Co____
Baltimore--Clifton Savings Bank
Baltimore—Commonwealth Bank
Baltimore—Title Guarantee & Trust Co
Baltimore—Union Trust Co. of Maryland
Brunswick—The Bank of Brunswick
Chestertown—The Third Nat. Bank of Chestertown
Cumberland—The Liberty Trust Co. of Cumberland
Hagerstown—The Hagerstown Bank & Trust Co—.—
150,000.00
100,000.00
300,000.00
735.000.00
12,500,000.00
75.000.00
60.000.00
*15,000.00
339.937.00
534
534
534
535
534
534
534
534
534
MASSACHUSETTS.
Framingham—Framingham Tr. Co. (Repaid in full)
Holyoke—Hadley Falls Trust Co
Lawrence—Merchants Trust Co
Malden—Malden Trust Co
30,000.00
649,875.00
210,000.00
40,850.00
535
533
535
535
MICHIGAN.
Allegan—Allegan State Savings Bank
Avoca—First National Bank
Bad Axe—State Savings Bank of Bad Axe
Battle Creek—Old-Merchants National Bk. & Tr. Co
Benton Harbor—Berrien County Bank (Receiver)
Benton Harbor—Berrien County Bank (Receiver)._
Coldwater—The Coldwater National Bank
Davison—Davison State Bank
Dearborn—Guardian Bank of Dearborn
Detroit—Detroit Trust Co
Dowagiac—The Dowagiac National Bank
Dowagiac—The Lee State Bank
Elsie—The State Savings Bank of Elsie
Flint—Citizens Commercial & Savings Bank
Flushing—First State & Savings Bank of Flushing
Grand Ledge—The Grand Ledge State Bank
Grand Rapids—Grand Rapids Savings Bank
Grand Rapids—Galewood-Wyoming State Bank_ _
Hartford—Olney National Bank
Highland Park—Highland Park State Bank
Hudsonville—The Hudsonville State Bank
Iron Mountain—First National Bank
Jackson—Jackson City Bank & Trust Co
Jonesville—The Grosvenor Savings Bank
Lenox—Macomb County Savings Bank
Lincoln—Lincoln State Bank
Manistee—First National Bank of Manistee
Manistique—The State Savings Bank of Manistique_
Memphis—Memphis State Bank
Milan—Peoples State Bank of Milan
Millington—Millington National Bank
Minith—Farmers State Bank of Minith
Niles—State Bank of Niles
North Branch—The Pioneer Bank
Pigeon—Pigeon State Bank
Port Huron—United States Savings Bank
Portland—Maynard-Allen State Bank
River Rouge—People Wayne City Bk.of River Rouge
Saginaw—Bank of Saginaw
Yale—Yale State Bank
50,000.00
18,000.00
25,000.00
650.000.00
52,000.00
33.000.00
20,000.00
*35.000.00
*305,000.00
*3,000.000.00
48,500.00
15,500.00
20,000.00
101,000.00
20.000.00
24,985.00
68,852.88
75.000.00
27.000.00
*2,000.000.00
20.000.00
190.000.00
101.730.0(1
45.000.00
100.00(1.00
*8.000.00
16.000.00
42.071.10
5.000.00
50.00(1.00
5.00(1.00
2.600.00
35,500.00
28.000 00
*15.000.00
10.000.00
50.000.00
200.000.00
100.000.00
12,500.00
53.4
534
534
534
5
5
534
534
534
5
5
5
5
5
534
5
5
5
5
5)5
5)5
535
5)5
5
5
5
5
5
5
5
5
5
5
5
63.
5
5
534
53.4
Oct. 22 1932
MINNESOTA.
Amount
City and Name
Authorized.
5,500.00
Altura—Altura State Bank
18,500.00
Altura—Altura State Bank
Belle Plaine—State Bank of Belle Plains
12,0(10.00
*56.000.00
Bemidji—The First National Bank
15,000.00
Benson—Swift County Bank. Inc
Blue Earth—Blue Earth State Bank
45,000.00
Ceylon—State Bank of Ceylon
15.000.00
Chicago City—Security State Bank
16.00(1.00
Eden Valley—State Bank of Eden Valley
15,000.00
20,000.00
Ellendale—Security State Bank
Ely—First State Bank of Ely
10,000.00
*12.000.00
Eveleth—People State Bank of Eveleth, Inc
60,000.00
Fairbault—The Citizens National Bank of Faribault_
29,000.00
Faribault—Faribauit State Bank & Trust Co
Finlayson—First State Bank of Finlayson
29.960.00
Floodwood—First State Bank of Floodwood
10.942.00
Fosston—The First National Bank of Fosston
13.987.00
Frost—State Bank of Frost
20,000.00
Gaylord—Citizens State Bank of Gaylord
18.500.00
Glenville—Citizens State Bank of Glenville
13.303.98
Hanska—State Bank of Hanska
35.000.00
Houston—Houston State Bank
14.000.00
90.000.00
Hutchinson—Citizens Bank
Jackson—The Brown National Bank of Jackson
2.000.00
Janesville—The Citizens State Bank
22.000.00
LeRoy—First State Bank of LeRoy
20,000.00
Luverne--First & Farmers Natl Bk.in Luverne(Rec.)
*14,000.00
New London—Farmers State Bank
5,000.00
New Prague—State Bank of New Prague
40,000.00
Onamia—First State Bank of Onamia
4.500.00
Palisade—Palisade State Bank
21,800.00
Pelican Rapids—Otter Tail County State Bank
12.000.00
Pine City—Farmers Si Merchants State Bank_
22.50(1.00
St. Bonifacius—Peoples State Bk. St. Bonifacius. Inc.
31.000.00
Renville—Renville State Bank
16,500.00
St. Clair—St. Clair State Bank
15.000.00
St. Paul—East Side State Bank of St. Paul
12,000.00
Sanborn—Sanborn State Bank
24.160.00
Springfield—State Bank of Springfield
24.000.00
Springfield—Farmers & Merchants State Bk of Sprgfd
40.000.00
Tamarack—First State Bank
7,760.00
Triumph—Triumph State Bank
17.000.00
Verdi—State Bank of Verdi
6.500.00
Warroad—Security State Bank
*11.000.00
Westbrook—The First Natl. Bk.of Westbrook (Rec.)
51,000.00
Winger—Farmer State Bank of Winger
2,000.00
MISSISSIPPI.
Biloxi—Peoples Bank
Booneville—The Bank of Bonneville
Clinton—Bank of Clinton
Greenwood—Greenwood Savings Bank (Receiver)
Gulfport—The First Natl Bk. in Gulfport (Receiver)
Kosciusko—Guaranty Bank & Trust Co. (Receiver)_
Kosciusko—The Kosciusko Bank
Lauderdale—Lauderdale State Bank
Meadville—Bank of Franklin
Olive Branch—Bank of Olive Branch
Sallis—Sallis Bank (Receiver)
Tunica—Planters Bank
Rupelo—Citizens State Bank
MISSOURI.
Belgrade—Belgrade State Bank
Brentwood—Brentwood Bank
Bucklin—Citizens Bank
Canton—Bank of Lewis County
Cape Girardeau—Sturdivant Bank
Carl Junction—Citizens Bank of Carl Junction
Cleveland—The Bank of Cleveland
Durham—Durham State Bank
Macon—First Bank & Trust Co
Marceline—Marceline State Bank
Montrose—Montrose Savings Bank
Nevada—Nevada Trust Co
Paris—Granville Bank
Pleasant Hope—The Pleasant Hope Bank
Revere—Bank of Revere
St. Clair—Bank of St. Clair
St. Louis—Hodiamont Bank
St. Louis—Hamilton State Bank
St. Louis—Jefferson-Gravois Bank of St. Louis
St. Louis—Scruggs Vandervoort & Barney Bank
St. Louis—Scruggs Vandervoort & Barney Bank
St. Louis—Shaw Bank & Trust Co
St. Louis—West St. Louis Trust Co
Thayer—Bank of Thayer
University City—West End Bank
Windsor—The First National Bank
MONTANA.
Big Timber—Citizens Bank & Trust Co
Culbertson—Culbertson State Bank
Deer Lodge—The U. S. Natl Bk. of Deer Lodge
Fairview—Fairview State Bank of Fairview
Froid—First State Bank of Froid
Medicine Lake—The First State Bk.of Medicine Lake
Poplar—Traders State Bank of Poplar
Valler—First National Bank of Valier
Whitehall—The Whitehall State Bank
Zurich—First State Bank
NEBRASKA.
Anoka—Boyd County State Bank
Bennington—Bank of Bennington
Blair—Citizens Savings Bank
Blair—Citizens State Bank
Blair—Farmers State Bank
Cairo—The State Bank of Cairo
Cedar Bluffs—Bank of Cedar Bluffs
Cedar Rapids—Farmers State Bank
Chappell—Deuel County State Bank
Clarkson—Clarkson State Bank
Columbus—Farmers State Bank
Curtis—Security State Bank
Dunbar—The Farmers Bank
Garland—Germantown State Bank
Homer—Security State Bank
Obert—The Farmers State Bank
Osmond—Security State Bank
Petersburg—Petersburg State Bank
Schuyler—Banking House of F. Folds
Whitney—Farmers & Drovers State Bank
NEVADA.
Elko—Henderson Banking Co ____
Pioche—Bank of Pioche, Inc
Reno—Bank of Nevada Savings & Trust Co
Reno—Reno National Bank.._
Reno—United Nevada Bank of Reno
NEW JERSEY.
Cliffside Park—Cliffside Park Title Guar. & Tr. CoClifton—The First National Bank of Clifton
Edgewater—Edgewater Trust Co
Haleton—lialeton National Bank of lialeton
Harrison—The West Hudson County Trust Co
Boboken—lioboken Trust Co
Little Ferry—The Little Ferry National Bank____
Metuchen—Commons ealth Bank of Metuchen
North Bergen—North Bergen Trust Co
Paterson—The Franklin Trust Co. of Paterson
I'erth Amboy—The Raritan Tr. Co. of Perth Amboy
Rochelle Park—Rochelle I'ark Bank
Int.
Rate.
%
5
5q
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
(5)5
sq
20.000.00
81.50(1.00 5
13.315.30 5
*140,000.00 5
*280,000.00 5
*42.500.00 5
47.795.20 5
*7.000.00 5
17.370.85 5
mom 00 5
*43.500.00 5
59.965.00
39,014.23
2g
15.000.00 5
12,000.00 5
*8,000.00 5
15.0nomn 5
10.000.00 5
12.50(1.00 5
2.50(100 5
7,00(1.00 5
22.600.00 5
11.0(10.00 5
19.175.00 5
23.000.00 5
10.000.00 5
19.550.00 5
4,500.00 5
*22,500.00 5
15.000.00 5
*95.000.00 5
1
'175.000.00
45.0(10.00
55.057.29
*25.000.00
170.0(10.00
*25.000.00
•72,000.00
50,000.00
30.000.00
25.0(10.00
39,450.00
•12.500.00
22.000.00
17.5(10.00
23.000.00
9.500.00
20,000.00
*10,000.00
5
5
5
5
5
5
5
5
I
7.500.00
20.000.00
5.000.00
1.500.00
12,354.67
7,625.00
5.900.00
16.325.00
*4.610.00
20.00(1.00
11.525.00
18,000.00
4,700.00
3,525.00
6,800.00
4.910.00
10.000 00
39.000.00
*24.500.00
5,535.60
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
199.013.91
23.000.00
75.000.00
39,500.00
50,000.00
5
5
5
5
5
59,536.32
350.000.00
99.829.84
50.000.00
300.000.00
100.000.00
25,000.00
15.460.00
30.000.00
135.000.00
39.541.29
45,000.00
5
5
5
5
5
5
5
5
5
5
5
Volume 135
Financial Chronicle
Int.
Amount
Rate.
Authorized.
%
38.000.00 554
135.000.00 534
165,000.00 534
City and Name—
Scotch Plains—First State Bank of Scotch Plains _
South Orange—South Orange Trust Co
West New York—The First National Bank
NEW MEXICO.
Albuquerque—First Say. Bk.&Tr.Co.of Albuquerque
150,000.00
Logan—McFarland Brothers Bank
10.000.00
NEW YORK.
Baldwin—Peoples State Bank of Baldwin
60,000.00
Churchville—State Bank of Churchville
37,000.00
Cicero—Cicero State Bank
12.500.00
Fulton—Citizens Nat. Bk. & Trust Co. of Fulton
79,925.00
Geneva—Geneva Trust Co
165.000.00
Granville—The Farmers Nat.Bk.of Granyille(Receiv)
150,000.00
Larchmont—The Larchmont Nat. Bk. & Trust Co
100.000.00
Lima—Bank of Lima
61,500.00
Mamaroneck—The First Nat. Bk. in Mamaroneck
200,000.00
Niagara Falls—East Side Bank
80.000.00
Niagara Falls—East Side Bank
70.000.00
Niagara Falls—The Falls Nat. Bk. of Niagara Falls_
255.000.00
Ontario—State Bank of Ontario
64.048.86
Pelham—The Pelham National Bank
100.000.00
Sodus—Gaylord State Bank
74.178.25
Suffern—Lafayette Trust Co. of Suffern
65,037.46
Syracuse—The Salt Springs Nat. Bk. of Syracuse...
326,575.00
Waddington—The Waddington Bank__
20,000.00
White Plains—The Peoples National Bank & Trust
Co. of White Plains
25,000.00
NORTH CAROLINA.
Conway—The Bank of Conway
2.500.00
Dobson—The Slurry County Loan & Trust Co
30,000.00
Fremont—Bank of Fremont
10.000.00
Gastonia--Gaston Loan & Trust Co
2.500.00
Greensboro—North Carolina Bank & Trust Co
*6,500.000.00
Lexington—Commercial Bank of Lexington
64,610.00
Mount Olive—Citizens Bank (Receiver)
*13,000.00
Newland—Avery County Bank
4,500.00
North Wilkesboro—Bank of North Wilkesboro
24,865.00
North Wilkesboro—Bank of North Wilkesboro
15,000.00
Raleigh—The Comm Nat. Bk.of Raleigh (Receiver).
721,000.00
Roanoke Rapids—Citizens Bank & Trust Co
4,000.00
Roanoke Rapids—Citizens Bank & Trust Co
3,500.00
Shelby—The First National Bank of Shelby
•
*95,000.00
First Nat. Bk. of Wash.(Receiver)
Washington—The
*16,000.00
554
554
554
534
534
554
554
5
554
554
554
5
5
534
534
5
534
554
554
554
534
554
5
554
554
554
554
5
534
534
534
5
534
534
5
5
NORTH DAKOTA.
Beach—Farmers & Merchants Bank_
12,000.00 534
Danzig—Farmers State Bank
*4,500.00 534
Petersburg—Citizens State Bank of Petersburg
5,850.00 5)4
Van Hook—The First Nat. Bk.of Van Hook(Receiver)
*15,400.00 5
Starkweather—Farmers Bank of Starkweather
10.000.00 534
OHIO.
Akron—The Commercial Bank & Trust Co
42.000.00 534
Akron—The Commercial Bank & Trust Co
35.000.00 554
Amsterdam—The Amsterdam State Bank Co
22,000.00 5
Ashley—The Farmers Savings Bank Co
10,500.00 534
Bergholz—The Bergholz State Bank Co
13,500.00 534
Burton—The First National Bank
20.000.00 554
Canton—The George 13. Harter Bank of Canton
1.750,000.00 534
Celina—The Citizens Banking Co
83,000.00 634
Cleveland—The Union Trust Co
2,000.000.00 534
Cleveland—The Zitiello Banking Co
19,815.00 554
Delta—The Peoples Savings Bank Co
*34.000.00 554
Fostoria—The Commercial Bank & Savings Co
34,500.00 554
Fredericktown—The First Nat. Bk. of Fredericktown
(Receiver)
24,000.00 5
Galion—The Citizens Nat. Bk. of Galion (Receiver).
17.500.00 5
Glenford—The Glenford Bank
11.000.00 534
Grafton—The Grafton Savings & Banking Co
30,000.00 534
Haskins—The Farmers Sayings Bank Co
7,000.00 554
Lima—Lima First American 'Trust Co
300,000.00 534
Lorain—The Lorain Banking Co
83.500.00 554
Lorain—The National Bank of Commerce of Lorain175.000.00 554
Lyons—The Farmers State Bank of Lyons
10,000.00 534
Marion—The Marlon National Bank (Receiver)
130,000.00 5
Middle Point—The Middle Point Banking Co
3,000.00 554
Painesville-'—The Painesville Nat. Bk. & Trust Co
50,000.00 534
Saint Paris—The First National Bank
9,500.00 554
Spring Valley—The Spring Valley National Bank...
11,000.00 534
Steubenville—The Antonucci State Bank
39,000.00 554
Steubenville—The Union Savings Bank & Trust Co
of Steubenville
*435,000.00 534
SylvaniaThe Farmers and Merchants Bank Co
23.952.71 534
Wellsville—The Peoples Nat.Bk.of Wellsville(Receiver)
78.000.00 5
OKLAHOMA.
Agra—Bank of Agra
3,311.05 554
Arnett—Farmers and Merchants Bank
6,563.50 534
Cashion—Cashion State Bank
10,729.62 554
Dill—Dill State Bank
2,587.15 554
Fort Cobb—Washita Valley Bank
3,629.31 554
Headrick—Citizens State Bank
3,482.01 554
Temple—First State Bank in Temple
2,955.00 534
Tryon—The Farmers and Merchants Bank
5,488.79 534
Watonga—The First Bank & Trust Co
3,912.32 554
OREGON.
Gresham—First State Bank
*42,500.00 534
Gresham—First State Bank
18,200.00 5
Juntura—First Bank of Juntura
2,430.00 5
70,000.00 5
La Grande—The First National Bank of La Grande_ _
Lebanon—The First National Bank of Lebanon
9,000.00 5
Mitchell—Mitchell State Bank
6,650.00 5
Newberg—First National Bank
20,000.00 5
Portland—Montavilla Savings Bank
29,000.00 5
16,000.00 534
St. Helens—Columbia County Bank
Shaniko—Eastern Oregon Bank Co
10,000.00 5M
20,000.00 5)4
The Dalles—The First National Bank of The Dallas_
25,000.00 554
The Dallas—The First National Bank of The Dalles.
PENNSYLVANIA.
Ashley—The First National Bank of Ashley
140,000.00 534
Barnsboro--The First National Bank
65.000.00 554
Beaverdale--The First National Bank of Beaverdale
53,500.00 5
(Receiver)
11,500.00 5H
Beaver Falls—State Bank of Beaver Falls
Bethlehem—The Gosztonyi Sayings & Trust Co
10,000.00 534
Birdsboro—First National Bank of Birdsboro
50,000.00 5
Bowmanstown___ _
Bowmanstown—Citizens Bank of
15,000.00 5
Carnegie—The Carnegie National Bank
*33,000.00 5
carnegle—The Union National Bank of Carnegie_ _ _
37,000.00 5
19,895.82 5
Cherry Tree—Farmers & March. Bk.of Cherry Tree_
Connellsville—The Union National Bank of Connells35.000.00 5
villa (Receiver)
10,000.00 534
Conshohocken—Conshohocken Trust Co
15,000.00 514
OoPlay—Coplay National Bank
50,000.00 534
Darby—The First National Bank of Darby
32,500.00 534
Derry—First Savings & Trust Co
550,000.00 5
Easton—The Easton Trust Co
24,000.00 5
Elwood—The First National Bank
40.000.00 5
Emeee—The Emaus National Bank
300,600.00 554
Erie—Erie Trust Co
210,000.00 554
Erie—The Second National Bank of Erie
30,500.00 5
Farrell—The Colonial Trust Co.of Farrell
65,000.00 5
City—The First Natl. Bk.& Tr.Co.of Ford City
Ford
Bank of Ford City
12.500.00 5
Ford City—Peoples
Bank
45,000.00 5
Forest City—First National Bank
30,000.00 5
Fort—Forty Fort State
Forty
45,439.27 5
Freeport—Freeport Bank & Trust Co
of Glen Rock
20.000.00 5
Glen Rock—Trust Co.
20,000.00 5
Harrisburg—Citizens Trust Co. of Harrisburg
City and Name—
Harrisburg—Commonwealth Trust Co
Hawley—The Hawley Bank
Hellertoym—Saucon Valley Trust Co
Indiana—First National Bank of Indiana
Jeannette—First Bank & Trust Co
Jeannette—Glass City Bank
Jenkintown—Jenkintown Bank & Trust Co
Jennerstown—Peoples State Bank
Jersey Shore—The Jersey Shore Trust Co
Jersey Shore—The State Bank of Jersey Shore
Johnstown—Johnstown State Deposit Bank
Johnstown—Morrellville Deposit Bank
Johnstown—Moxham National Bank
Kittanning—Safe Deposit & Title Guaranty Co
Kutztown—Farmers Bank & Trust Co
Lancaster—Northern Trust & Savings Co
Lansford—The Dime Bank of Lansford
Lebanon—North Side Bank & Trust Co
Lilly—The First National Bank of Lilly
Lykens—First National Bank of Lykens
McKee's Rocks—The McKee's Rocks Trust Co
McKeesport—Peoples City Bank
Medla—Media 69th Street Trust Co
Mifflinburg—Mifflinburg Ii...nk & Trust Co
Nanticoke—Peoples Savings& Trust Co.of Nanticoke
Norristown—Norristown-Penn Trust Co
Oil City—Citizens Banking Co
Philadelphia—Broad Street Trust Co
Philadelphia—City National Bank of Philadelphia
Philadelphia—Commercial Natl.Bank of Philadelphia
Pittsburgh—Tlle Bank of Pittsburgh National ASSII.
(Receiverr—
Pittsburgh—The Exchange National Bank of Pittsburgh (Receiver)
Pittsburgh—Fourteenth Street Bank
Pittsburgh—Hazlewood Savings & Trust Co
Pittsburgh—The Highland National Bank of Pittsburgh (Receiver)
Pittsburgh—Real Estate Says.& Tr. Co. of Allegheny
Punxsutavmey—Farmers & Miners Trust Co
Reading—Mount Penn Trust Co
Reading—Penn National Bk.& Tr. Co.of Reading
Renovo—The First Nat'l Bank of Renovo (Receiver)_
Rockwood—Farmers & Merchants National Bank
St. Clair—Citizens Bank
Scranton—Green Ridge Bank
Scranton—Providence Bank
Shamokin—Dime Trust & Safe Deposit Co
Shamokin—The Guarantee Trust & Safe Deposit Co.
of Shamokin
Tamaqua—Peoples Trust Co. of Tamaqua
Tarentum—First National Bank & Trust Co
Tower City—The Tower City National Bank
Turtle Creek—Turtle Creek Savings & Trust Co
Vandergrift—The Vandergrift Savings & Trust Co__ _
Wilkes-Barre—The Hanover Bank & Trust Co. of
Wilkes-Barre
Wilkes-Barre—The Hanover Bank & Trust Co. of
Wilkes-Barre
Williamsport—Bank of Newberry
Williamstown—Miners& Merchants Bank
Windber—The Citizens National Bank
Zellenople—The First National Bank of Zelienople
RHODE ISLAND.
Woonsocket—Woonsocket Trust Co
SOUTH CAROLINA.
Aiken—The Farmers & Merchants Bank
Camden—The Bank of Camden
Charleston—The South Carolina National Bank of
Charleston
Florence—First National Bank of Florence (Receiver)
Saluda—The Planters Nat'l Bk. of Saluda (Receiver)
Spartanburg—The Central Nat'l Bk.of Spartanburg_
Winnsboro—Bank of Fairfield
Winnsboro—Bank of Fairfield
SOUTH DAKOTA.
Alcester—State Bank of Alcester
Beresford—Security State Bank of Beresford
Bonilla—Bonilla State Bank
Brandon—Brandon Sayings Bank
Carthage—Farmers State Bank
Greenway—The Greenway State Bank
Howard—Miner County Bank
Humboldt—Bank of Humboldt
Lebanon—The Citizens State Bank of Lebanon
Norris—Blackplpe State Bank
Orient—Orient State Bank
Plankinton—Case and Lathrop State Bank
Rovillo—Farmers and Merchants Bank
Roscoe—Farmers State Bank
Scotland—Farmers and Merchants State Bank
Wagner—Commercial State Bank
Wessington Springs—Jorauld County Bank
Wood—Mellette County Bank
TENNESSEE.
Bradford—Bank of Bradford
Chattanooga—The First Nat. Bank of Chattanooga
Cookeville—First National Bank
Covington—Union Savings Bank
Crossville—First National Bank
Dandridge—Jefferson County Bank
Darden—Bank of Darden
Dayton—Dayton Bank & Trust Co., Inc
Elbridge—Bank of Elbridge
Englewood—Bank of Englewood
Friendship—Bank of Friendship
Gadsden—Peoples Exchange Bank
Halls—Bank of Halls
Halls—Bank of Halls
Humboldt—Merchants State Bank
Johnson City—The Unaka and City National Bank.
Kingston—Kingston Bank & Trust Co
Knoxville—East Tennessee National Bank
Lafayette—Citizens Bank
Liberty—Liberty Savings Bank
Lobelville—Bank of Lobeiville
McKenzie—Commercial Bank
Morristown—The First National Bank
Normandy—Duck River Bank
Ripley—First State Bank
Rutledge—Citizens Bank & Trust Co
St. Joseph—American Bank
Scotts MU—Farmers State Bank
Sevierville—Bank of Sevierville
Sneedville—The Citizens Bank of Sneedville
Westmoreland—Farmers and Merchants Bank
Yorkville—Bank of Yorkville
TEXAS.
Austin—Republic Bank & Trust Co. of Austin
Balmorhea--Toyah Valley State Bank
Bandera—First State Bank
Bonham—Bonham State Bank
Center—The Farmers State Bank of Center
Dallas—State Trust & Savings Bank
Edinburg—American State Bank & Trust Co
Elsa—Canal Banking Co
Fort Stockton—The First National Bank of Fort
Stockton (receiver)
Fort Worth—The Texas Nat. Bk. of Ft.Worth (Rec.)
2769
In:.
Amount
Rate.
Authorized.
%
170,000.00 5q
10,000.00 5
100,000.00 5
118,350.00 554
56,500.00 5)4
125,000.00 534
325,000.00 534
5,000.00 534
30,000.00
35,000.00
6,000.00
13,000.00
75,000.00 534
195,000.00 5H
90,000.00 534
90,000.00 534
,
55,000.00 534
55,000.00 534
20,000.00 534
6,000.00 534
56,500.00 554
381.500.00 534
150,000.00 534
35,000.00 534
65,000.00 554
525,000.00 534
50.500.00 534
260,000.00 534
,
195,000.00 534
107,279.95 534
gt1
2,730,000.00 5 450,000.00 5
468,201.13 5)4
22,500.00 514
500,000.00
136.000.00
61,500.00
70,000.00
175,000.00
5
534
554
534
53I
6
I,r08.80
. )
80,000.00
45,000.00
60,000.00
36,000.00
534
534
534
535
100,000.00
40,000.00
160,000.00
50,000.00
47,600.00
110,000.00
554
554
554
5)4
5H
534
RH
115,000.00 534
50,000.00
75,000.00
12.000.00
60,000.00
25,000.00
5
1
5
5
534
534
295,625.00 534
40,000.00 534
4,000.00 534
843,000.00
67,500.00 5
*20,000.00 5
375,000.00
*5,000.00
42,000.00 534
10.000.00
25,000.00
3,500.00
10.000.00
10,000.00
2,000.00
10,000.00
23.980.00
9,000.00
3,916.00
5,000.00
15,000.00
19.505.00
3.500.00
10.000.00
18.000.00
11 388 8. 8
:1 .
15.000.00
1,060.000.00
90.000.00
13.000.00
29.500.00
15,000.00
2,300.00
25,000.00
8,500.00
3,500.00
12,000.00
15,000.00
14.000.00
10,000.00
83,611.68
5 :000 00
8 00000
0 000:0
0
534 •
534
5)4
534
514
554
534
534
534
534
534
534
534
534
534
534
St1
534
534
534
534
534
534
5
5
5
5
534
534
5
56
5g
554
5
534
534
5
5
554
534
534
5
5
5
650.000.00
25.000.00
5,000.00
12.000.00
20.000.00
50.000.00
2:5 0 00
5 50 :
000
5.50000
18.000.00
2.200.00
11.000.00
30.000.00
25.000.00
2.800.00
10.000.00
5g
5
534
534
534
124,299.87
12.000.00
30.000.00
*37.500.00
7,245.00
*60.000.00
22.000.00
15,000.00
534
534
5)4
5)4
534
534
12.000.00 5
*110.000.00 5
2770
City and Name—
Harper—First State Bank
Hereford—The First State Bank
Iowa Park—State National Bank of Iowa Park
Lexington—Lexington State Bank
Littlefield—First National Bank
Lyford—First State Bank of Lyford
Marlin—Marlin-Citizens National Bank
McAllen—McAllen State Bank
Meadow—The First National Bank of Meadow
Memphis—Citizens State Bank
Memphis—The Hall County National Bank
Mercedes—The First National Bank
Pittsburg—The Pittsburg National Bank
Rochelle—Rochelle National Bank
Ropestille---The First State Bank
San Saba—The City National Bank
San Saba—The San Saba National Bank
Silverton—The First National Bank of Silverton
Sunset—The Sunset State Bank
Utopia—First State Bank
Uvalde—The Commercial Nat. Bank of Uvalde
Weslaco—The Security State Bank
White Deer—The First Nat. Bank of White Deer
UTAH.
Helper—The Helper State Bank
Nephi—The First National Bank of Nephi
Ogden—First Savings Bank of Ogden
Sandy City—Sandy City Bank
Spanish Fork—The Commercial Bk of Spanish Fork
Springville—Mondenhall Banking Co
Woods Cross—Farmers State Bank
VERMONT.
Montpelier—Montpeller Savings Bk. & Tr. Co
North Troy—Valley Savings Bank & Trust Co
Poultney—The Citizens National Bank
Richford—The Rictiford Savings Bk. & Tr. Co
VIRGINIA.
Alberta—Bank of Alberta
Big Stone Gap—The First National Bank
Bloxom—Peoples Bank of Blorom
Crewe—The First National Bank of Crewe
Eastville—The Eastville Bank
Grundy—The First Nat. Bank of Grundy (Receiver)
Hanover—The Tri County Bank, Inc
Petersburg—The First Nat.Bk.& Tr.Co.ofPetersburg
Richmond-Ameriran Bank & Tr. Co. of Richmond
Victoria—The First Nat. Bk. of Victoria (Receiver).
WASHINGTON.
Arlington—The Citizens State Bank of Arlington
Bla ne--Home State Bank
Burlington—The First National Bank of Burlington
lone—tone State Bank
Kelso—The First National Bank of Kelso (Receiver)
Palouse—The Farmers State Bank of Palouse
Pullman—The Pullman State Bank
Sumas--Bank of Sumas
Tieton—Tieton State Bank
Tonasket--Tonasket State Bank
Wenatchee—Columbia Valley Bank
Winthrop—Farmers State Bank
WEST VIRGINIA.
Barboursville—The First State Bank
Charles Town—Bank of Charles Town
Chester—The First National Bank of Chester
Clarksburg—The Empire Nat! Bank of Clarksburg
Clarksburg—The Union Nat! Bank of Clarksburg_ _ _
Grafton—The Taylor County Bank
Hamlin—The Farmers & Merchants Bk. of Hamlin _
Huntington—Huntington Banking & Trust Co
Lost Creek—The Harrison County Bank
Milton—Bank of Milton
Morgantown—Second Nati Bk of Morgantwn (Rec.)_
Moundsville—Mercantile Banking & Trust Co
Moundsville—Mound City Bank
Parkersburg—The Citizens National Bank
Princeton—Princeton Bank & Trust Co
Webster Springs—The First National Bank
Wellsburg—Wellsburg Banking & Trust Co
West Union—The First National Bank
Williamson—The First National Bank
WISCONSIN.
Abrams—Abrams State Bank
Adams—Adams County State Bank
Amery—Union State Bank
Auburndale—Auburndale State Bank
Balsam Lake—Polk County Bank
Barton—Barton State Bank
Belleville--Belleville State Bank
Black Earth—Black Earth State Bank
Bloomington—The Woodhouse & Bartley Bank--Brandon—Farmer State Bank
Bristol—Home State Bank
Burnett—Burnett State Bank
Butler—State Bank of Butler
Butternut—Ashland County Bank. The
Cambridge—Bank of Cambridge
Clinteuaville--First National Bank of Clintonville
Colfax—Peoples State Bank
Collins—Collins State Bank
Cross Plains—State Bank of Cross Plains
Cudahy—Cudahy State Bank
Deerfield—Bank of Deerfield
Delavan—Citizen Bank of Delavan
Dousman--Dousman State Bank
Elkhart Lake—flank of Elkhart Lake
Ellsworth—Bank of Ellsworth
Fall River—The First State Bank
Fort Atkinson—Fort Atkinson Savings Bank
Galesville—Farmers & Merchants State Bank
Green Bay—The Farmers Exchange Bank
Green Valley—State Bank of Green Valley
Haugen—Haugen State Bank
Hurley—Iron Exchange Bank of Hurley
Kendall—Kendall State Bank
Ladysmith—Pioneer Nat! Bank of Ladysmith
Larsen—The Farmers State Bank
Lone Rock—Farmers Bank of Lone Rock
Madison—The Commercial National Bank
Madison—The Commercial National Bank
Marshfield—Cloverland State Bank
Mayville—The First National Bank of Mayville
Mellen—Mellen State Bank
Menomonee Falls—Citizens State Bank
Menomonee Falls—Farmers & Merchants Bank
Merton—Farmers Exchange Bank
Middleton—Bank of Middleton
Milladore—Milladore State Bank
Milwaukee—Badger State Bank of Milwaukee
Milwaukee—Bay View Nail Bank of Milwaukee
Milwaukee--Kilbourn State Bank
Milwaukee--Merchants & Farmers State flank
Milwaukee—Sixteenth Ward State Bank
Milwaukee—State Bank of Milwaukee
Milwankee—Teutonia Avenue State lank
Mondovi—The First National Bank of Mondovi_
Neenah—Neenah State Bank
New Richmond—Bank of New Richmond._
Oregon—Bank of Oregon
Financial Chronicle
Int.
Rate.
Amount
Authorized.
%
25.000.00 534
40.000.00 531
20,000.00 534
4.930.30 5
29,354.90 534
2,500.00 534
75.000.00 534
40.000.00 534
3.000.00 534
19.863.00 534
18.000.00 534
30.000.00 534
10.000.00 534
6.000.00 534
4,812.00 534
21.000.00 534
9,664.93 534
15.000.00 534
1.1)00.00 534
5,000.00 534
80.000.00 534
25.000.00
35.000.00
RI
56,500.00
15.000.00
171.933.19
21,10000
.
26.300 00
19.000.00
9,850.00
5
534
5
5
5%
5%
534
75.000.00
25.000.00
50,000.00 534
40,000.00 534
25.000.00
17.500.00
8.000.00
15.000 00
15.098.75
11,000.00
11.1)00.00
40.000.00
375.000.00
19.000.00
534
534
534
534
53.4
5
534
534
534
5
*21.000.00
25.450 49
11.000.00
2.600.00
45.000.00
3.250.1)0
15.000 00
2.500.00
2.870.00
2.000.01)
28,290.00
*8,700.00
514
534
5
5%
5%
5
5
534
534
534
8,500.00
30.000.00
30.000.00
200.1)00.00
75.000.00
70.000.00
14.500.00
140.000.00
20.000.00
64,590.00
335,000.00
30,000.00
31.000.00
70,000.00
229.975.00
10.500.00
38.000.00
16,500.00
198.375.00
534
534
534
534
534
534
5
5
5
53-4
5
534
535
534
534
5
5
5
534
*15.000.00
32.000.00
35.000.00
21.000.00
33.000.00
*10.000.00
23.000.00
52.000.00
75.000.00
25.000.00
17,000.00
17.500.00
8.500.00
17.100.00
50.000.00
70.000.00
35,000.00
21.000.00
534
534
534
534
534
534
534
534
534
534
534
534
54
51
5
5
534
534
534
534
534
534
534
5%
534
534
5.34
534
534
534
534
5
5
534
534
534
534
534
534
534
534
534
534
5%
534
5
534
534
534
534
5%
5%
534
534
534
534
534
35:770:W00
94 005
32.000.00
78.000.00
20.800.00
*18.000.00
90.965.00
12.000.00
45.000.00
15.000.00
*26,500.00
12.000.00
30.000.1)0
13.000.00
25.000.00
55.000.00
•10000.00
*14.000.00
140,000.00
125.000.00
22,000.00
*28.000.00
20.000.00
24,000.00
100.000.00
25,000.00
25,000.00
13,000.00
*175.000.00
210.000.00
114,050.00
469.950.00
*50.000.00
33606.30
,
*165.000.00
12.500.00
30,000.00
20.000.00
*36,000.00
RI
City and Name—
Redgranite—Redgranite State Bank
Reedsburg—The Citizens State i ank
Reedsburg—The Reedsburg,
ank
Rio—First State Bank of Rio
Saukville—Saukville State Bank
Sheboygan—State Bank of Howards Grove
Sheboygan Falls—State Bank of Sheboygan Falls_ _ _
So. Milwaukee—The Home State Bank of So. Mirkee
South Milwaukee—South Milwaukee.i3ank
Sparta—Monroe County Bank
Spring Green—Farmers State Bank
Stanley—Citizens State Bank
Stratford—Stratford State Bank
Tigerton—The First National Bank of Tigerton
Two Rivers—Bank of Two Rivers
Two Rivers—Two Rivers Savings Bank
Two Rivers—Two Rivers Savings Bank
Viroqua—Bank of Viroqua
Waterford—Noll's . ank
Wautoma—Farmers Home P.ank
Whitelaw—Whitelaw State Bank
Wisconsin Dells—Farmers & Merchants State Bank _
Wild Rose—Wild Rose State Bank
Wittenberg—Citizens State Bank of Wittenberg__ _ WYOMING.
Rock Springs—First Security Bank of Rock Springs_
Rock Springs—North Side State Bk. of Rock Springs
Oct. 22
1932
Int.
Rate.
Amount
Authorized.
%
35.000.00 5
104.000.00 5
115.000.00 5
40.000.00 5
14,000.00 5
75.000.00 5
*64.000.00 5
50.000.00 5
57.1)00.00 5
30.000 00 5
25.000.00 5
20.000.00 5
50.000.00 5
18.000.00 534
5.000.00 5
18.000.00 5
5.000.00 5
115.000.00 5
75.000.00 55j
*50.000.1)0
28.61)0.00 5
30.000.00 5%
40.000.00 5%
20.000.00 534
g
151,913.00 5%
17.000.00 54
BUILDING AND LOAN ASSOCIATIONS.
ARKANSAS.
Int.
Amount
Rate.
City and Name—
Authorized.
%
Little Rock—Equitable Bldg.& Loan Assn Perpetual_
58.765.00 54
Little Rock—The People's Bldg. & Loan Assn
39.877.00 5%
Little Rock—Pulaski Building & Loan Assn
49,541.75 535.
Little Rock—Young Men's Bldg. Assn., Perpetual. of
Little Rock, Arkansas
6.638.00 534
Warren—Warren Building & Loan Assn
7,364.70 534
Wynne—Wynne Bldg.& Loan Assn
8,000.00 54
CALIFORNIA.
Alhambra—Alhambra Bldg. & Loan Assn
65,000.00 53/
Long Beach—Commonwealth Bldg. & Loan Assn_ _ _ _
87.221.95 5
Oakland —Prudential Guarantee Bldg. & Loan Assn_
85.01)0.01) 5
Pasadena—California Security-Loan Corp
90.000.00 6
Pasadena—Crown Building-Loan Assn
*57,50(1.00 5
CONNECTICUT.
Chester—The Chester Bldg. & Loan Assn
13.273.10 54
Meriden—The Fourth Meriden Bldg. & Loan Assn.._
73.050.00 54
ILLINOIS,
Calumet City—Southeastern Bldg.& Loan Assn
20,000.00 534
Carbondale—The Carbondale Bldg., Loan & Homestead Association
115.000.00 5
Chicago—Jungman Building & Loan Association
14.703.61 5
Chicago—Lublin Savings Building & Loan Assn
*13.000.00 5
Chicago—Roseland Standard Building & Loan Assn
90,000.00 5
Chicago—The Swedish Home Building Association
42.01)0.00 5
Chicago—Trigala Building & Loan Association
*20.000.00 5
Chicago—Vytauto Building & Loan Association..
35.000.00 5
Cicero—West Town Building & Loan Association_
30.000.00 5
Danville—The Danville Benefit & Building Assn_
600.1)00.00 5
Danville—Fidelity Investment & Building Assn
100.000.00 5
Homewood—Homewood Building & Loan Association
27.000.00 5
La Salle—Equitable Loan & Bldg. Assn. of La Salle,
Illinois
20.000 00
Lincoln—Logan County Building & Loan Association..
31.500.00
Mount Morris—Mount Morris Bldg. & Loan Assn..,,
18.266.00 5
St. Joseph—The St. Joseph Bldg. Loan & Investment
Association
6,000.00 54
INDIANA.
Indianapolis—Seltic Saving & Loan Association. No.3
Indianapolis—Fletcher Ave. Says. & Lean Assn_
3
450.000.0080,000.00
Michigan City—Home Building & Loan Association
of Michigan City, Indiana
30.000.00
Oakland City—Home Economy Building dr Loan Assn
5.000.00
Spencer—Owen County Savings & Loan Association_
8.000.00 5
IOWA.
Council Bluffs—Home Savings & Loan Association of
Council Bluffs_
68.847.87 5
Des Moines—The State Bldg. Loan & Savings Assn.._
65.000.00 5
Fort Dodge—Fort Dodge Bldg. & Loan Association
10.600,00 5
Mason City—Mason City Bldg. & Loan Association_
12,000.00 5
KENTUCKY.
Louisville—Portland Building & Loan Association
400,000.00 534
Mayfield—The Young Men's Building & Loan Assn,
of Mayfield, Ky
31.858.65 54
Middlesboro—Middlesboro Says. & Bldg. Association
020,000.00 54
LOUISIANA.
Minden—The Minden Building & Loan Association
24,871.00 534
MARYLAND.
Baltimore—Uncle Sam Loan & Savings Co. of Baltimore City
135.000.00 54
MONTANA.
Missoula—Missoula Building & Loan Association____
37,000.00 534
NEW JERSEY.
Atlantic City—Atlantic City Bldg. & Loan Assn. of
Atlantic City, N. J
55,000.00 534
Atlantic City—Atlantic City Bldg. & Loan Assn. of
Atlantic city, N..1
92.000.00
City—Islanders Building & Loan Association
Atlantic
100,000.00
Atlantic City—Resort Building & Loan Association
15,000.00 5
Atlantic City—Security Building & Loan Association
of Atlantic City
100,000.00 534
Bloomfield—Young Men s Building & Loan Association of Bloomfield, N. J
55,000.00
Bogota—Investing Building & Loan Association
29,233.33
Camden County—The Oaklyn Building & Loan
Association of Oaklyn
12,500.00 536
Elizabeth—Ehnora & West End Building & Loan
Association of Elizabeth, N.J
*75.000.013
High Bridge—High Bridge Bldg. & Loan Assn
39.022.00 gq
Highlands—The Highlands Bldg.& Loan Association_
34,545.00 5
Jersey City—The Borrowers Bldg.& Loan Association
of Jersey City,N. J
77.884.20 534
Jersey City—Own Your Own Home Bldg. & Loan
Association of Jersey City, N. J
39.628.00
Lakewood—The Lakewood Bldg.& Loan Association_
50.000.00 g5 1
3
Newark—Bigelow Building & Loan Association of
Newark, N J
369.026.32, 54
Newark—The Capital Building & Loan Association
of Newark. N.J
29,194.00 534
Newark—The Casino Building & Loan Association
of Newark, N.J
80,000.00 534
Newark—The Ideal Building & Loan Association of
the City of Newark, N. J
24,727.00 534
Newark—The Lincoln Building & Loan Association of
Newark, N.J_
*60,000.00 534
Home Building & Loan Association
Newark—Polish
of Newark. N.J
84,225.00
Newark—Service Building & Loan Association
*30,000.00
Newark—The Sixteenth Ward Building & Loan
Association of Newark, N.J
80,000.00 534
Newark—The West End Building & Loan Association
of Newark, N.J
2,843,331.29 534
g$
g$
Volume 135
Financial Chronicle
int.
Amount
Rate.
City and Name—
Authorized.
Ocean City—Ocean City Building & Loan Association
90,000.00
Palmyra—Palmyra Building & Loan Association......95.800.00 554
534
Passaic—The Fourth Ward Building & than Associaof Passaic. N. J
73.383.70 534
Paterson—American Building & Loan Association—
*100.000.00 535
Princeton—Princeton Building & Loan Association of
Princeton. N. J
100,000.00 5
Ridgewood—Glen Rock Building & Loan Association_
120.000.00 5
Roselle—The Roselle Building & Loan Association_
90.000.00 5
Roselle Park—Twin Borough Bldg. & Loan Assn_ _
29,317.00 5
South Plainfield—South Plainfield Bldg.& Loan Assn.
7.327.011 5
South River—South River Building _& Loan Man. of
South River, Middlesex County. N. J
134.970.00
Union Beach—Union Beach Bldg.& Loan Association
9,494.00 5
5
Westfield—The Mutual Building & Loan Association
of Westfield. N..1
*135.000.00 534
West Wildwood—West Wildwood Bldg.& Loan Assn_
12,000.00 534
NEW YORK.
Brooklyn—The Flatbush Co-operative Savings &
Loan Association
59.305.36 534
Olean—Olean Building. Loan & Savings Association_
*20.000.00 534
Tottenville—Richmond County Building & Mutual
Loan Association
441,924.00 534
NORTH CAROLINA.
Hamlet—Hamlet Building & Loan Association
9,940.00 5
Henderson—Henderson Building & Loan Association_
7.500.00 5
Henderson—Home Building & Loan Association
24,869.00 5
Smithfield—The Smithfield Building & Loan Assn
7,868.75 53.4
Southport---Southport Building & Loan Association
4.000.00 534
OHIO.
Akron—The First Savings & Loan Co
*10,000.00 534
Barnesville—The Home Savings & Loan Co
30,000.00 534
Canton—The Citizens Building & Loan Co
200.000.00
Cincinnati—The Victoria Savings & Loan Association
40,000.00 5
5
Cleveland—The Progress Bldg.. Savings & Loan Co_
40.000.00 535
Hamilton—The Hamilton Homestead & Loan Co_ _
40.000.00 534
Hamilton—The West Side Bldg. & Loan Association..
100.000.00 5
Mount Gilead—The Mount Gilead Says. & Loan Co_
•1I.500.00 5
North Bend—The Miami Township Bldg.& Loan Co_
23.678.50 53.4
Portsmouth—The Royal Savings & Loan Co
40.000.00 53.
Roseville—The Home Building Co
35,000.00 534
St. Bernard—The Thrifty Building & Loan Co
2.500.00 534
St. Mary's—The Union Building & Loan Co
20.000.00 534
Woodsfield—The Woodsfield Building & Loan Co
*22,500.00 534
TEXAS.
Eastland—Eastland Building & Loan Association_
13.500.00 534
Greenville—Greenville Building & Loan Association_
125.000.00
Waco—Pioneer Building & Loan Association
50.000.00 5
5
WEST VIRGINIA.
Chester—Hancock County Bldg. & Loan Association_
42.518.00 534
WISCONSIN.
Ashland—Ashland County Build.-Loan & Inv. Assoc.
30.000.00 534
Cudahy—Cudahy Savings & Loan Association
26,000.00 534
Milwaukee—Acme Building & Loan Association
39,530.00 534
Milwaukee—Bay View Building & Loan Association_
50.000.00 534
Milwaukee—Biltmore Building & Loan Association
24.849.20 534
Milwaulcee—The First Bohemian National Loan &
Buliding Association
320.000.00 534
Milwaukee--Guaranty Building & Loan Association..
40.000.00 534
Milwaukee—Hopkins Street Building & Loan Assoc_
29.663.90 534
Milwaukee—Kinnickinnic Mutual Loan & Bldg. Asso.
*60.000.00 534
Milwaukee—National Savings & Loan Association_
400.000.00 5
Milwaukee—North Shore Building & Loan Assoc
148.030.98 5
Milwaukee—Upper Third Street Savings & Loan Asso.
*250.000.00 5
Milwaukee—Wisconsin Savings Loan & Bldg. Assoc_
172.788.00 51
4
Nekoosa—Nekoosa-Port Edwards Bldg. & Loan Assoc
50.000.00 534
Racine--Beile City Building & Loan Association_
*10.000.00 534
Wauwatosa—Blue Mount Bldg. & Loan Association_
39,615.50
Wauwatosa—Wauwatosa Bldg. & Loan Association_
216.621.21 5
INSURANCE COMPANIES.
Birmingham, Ala.—Lincoln Reserve Insurance
Co__
*66.200.00
Denver. Colo.—Pacific States Life Insurance Co_ ___
*50,000.00
Chicago, 111.—Supreme Liberty Life Insurance Co.__
60.000 00
Cedar Rapidsjowa—Cedar Rapids Life Lmur.
82.500 00
New Orleans, La.—Union Indemnity Co
400.000.00
Detroit, Mich.—Standard Accident Insurance Co._
1.000.000 00
Lincoln. Neb.—Bankers Life Insurance Co. of Neb _
Cincinnati, Ohio—The Columbia Life Insurance Co_ *1.000.000 00
350.000.00
Philadelphia. Penn.—Philadelphia Life Insurance Co.
500,000.00
Reading, Penn.—American Casualty Co
200.000.00
MORTGAGE LOAN COMPANIES.
Stamford. Conn.—The Title Insurance & Mtge. Co_
125,000.00
Aurora, 111.—Merchants National Investment Co___
35.000,00
Shreveport. La.—Abraham Lincoln Home Founding
Co., Inc
10,000.00
Baltimore, Md.—The Calvert Mortgage Co
200,000.00
Baltimore. Md.—The Sun Mortgage Co
150,000.00
Boston. Mass.—Lawyers Mtge.Inv. Corp. of Boston.
99,720.00
Atlantic City, N. J.—Chelsea Title & Guaranty Co
42,000.00
Clarksville, Tenn.—Northern Bank Trust Co
40,000.00
Aransas Pass, Tex.—Guaranty Bond & Mortgage Co_
50.000.00
Houston.Tex.—The Carter Investment Co
*275.000.00
Ogden, Utah—Investors,Finance Co
*1,075.000.00
534
5
5
5
5
5
sg
5
534
534
534
534
5
5
5
534
534
534
534
FEDERAL LAND BANK.
Houston, Tex.—Federal Land Bank of Houston*3,000.000.00
534
JOINT STOCK LAND BANK.
Atlanta, Ga.—The Atlanta Joint Stock Land Bank__
55.000.00 5.51
AGRICULTURAL CREDIT CORPORATIONS.
COLORADO.
Rocky Ford—Arkansas Valley Agricul. Credit Corp_
28,701.84
Rocky Ford—Arkansas Valley Agricul. Credit Corp_
14,367.68
• IDAHO.
payette--Idaho Fruit Finance Co
8.332.50
payette--Idaho Fruit Finance Co
6.330.00
OREGON.
--Hood River Agricultural Credit Corp
Hood River
5.510.00
WASHINGTON.
Wenatchee—Columbia Agricultural Credit Corp_
36,737.21
Wenatchee--Columbta Agricultural Credit Corp_ __
37.170.65
wenatebee—Columbia Agricultural Credit Corp_ _
36.462.38
Vi'enatchee--Columbia Agricultural Credit Corp_ _ _ _
41.558.08
--Columbia Agricultural Credit Corp_ _
Wenatchee
50.000.00
wiatchee--Wenatchee Fruit Credit Corp_ _
36.640.61
Wenatchee—Wenatchee Fruit Credit Corp
14.575.25
--Wenatchee Fruit Credit Corp
Wenatchee
16.811 00
Wenatchee--Wenatchee Fruit Credit Corp
8,662.20
Wenatchee--Wenatchee Fruit Credit Corp
19,272.60
Yakima—Yakima Credit Corp
53.102.23
Yakima—Yakima Credit Corp
26.203.00
Yal,inia—Yakirna Credit Corp
12,299.47
l'akinia—Yakima Credit Corp
79,529.58
Yakima—American Agricultural Credit Corp
11,769.87
yakima—American Agricultural Credit Corp
9,850.00
Yakima—American Agricultural Credit Corp
11,910.38
Yakima—American Agricultural Credit Corp
17.226.36
Agricultural Credit Corp
Yakima—American
10,998.73
534
5;4
5.34
5
5
5
5
5
5
5
534
5
5
5
534
sg
5)4
53.5
9771
LIVE STOCK CREDIT CORPORATIONS.
COLORADO.
let.
Amount
Rate.
City and Name—
Authorized.
%
Monte Vista—The San Luis Valley Agricultural &
Livestock Credit Corp
6,200.00 534
Montrose—Montrose Agri. & Livestock Loan Co
*177,500.00 534
IDAHO.
Boise—Loan Co. of Idaho
69.100.00
Boise—Loan Co. of Idaho
62.200.00 531
Boise—Loan Co. of Idaho
230.000.00 5
Boise—Loan Co. of Idaho
10,700.00 5
Pocatello—Stockgrowers Loan Co
29,000.00 5
Pocatello—Stockgrowers Loan Co
13,550.00 5
MONTANA.
Deer Lodge—Stockgrowers Finance Corp
106.700.00
Dillon—Livestock Industries, Inc
133,900.00 5
5
Dillon—Livestock Industries, Inc
98,400.00 5
Dillon—Livestock Industries, Inc
67,800.00 5
Havre—Northern Livestock Loan Co
47.600.00 5
Havre—Northern Livestock Loan Co_
25,200.00 5
NEW MEXICO.
Albuquerque—New Mexico Credit Corp...........
61,700.00
Albuquerque—New Mexico Credit Corp
64,301.51
OREGON.
Baker—The Eastern Oregon Credit Co
130.448.00 534
TEXAS.
Mertzon—West Texas Wool and Mohair Association
*175.000.00 534
UTAH.
Ogden—Western Investment Co
36.672.77 5
Salt Lake City—Bankers Livestock Loan Co
66.800.70 5
Salt Lake City—Bankers Livestock Loan Co
96.900 00 5
Salt Lake City—Bankers Livestock Loan Co
76.400.00 5
Salt Lake City—Bankers Livestock Loan Co
92,850.00 5
Salt Lake City—Bankers Livestock Loan Co
142.550.00 5
Salt Lake City—Bankers Livestock Loan Co
152,000.00 5
Salt Lake City—Bankers Livestock Loan Co
58.250.00 5
WYOMING.
Cheyenne—Wyoming Discount Corp
65,400.00
Cheyenne—Wyoming Discount Corp
51.150.00
Cheyenne—Wyoming Discount Corp
60.000.00 5
Cheyenne—Wyoming Discount Corp
23.800.00 50
Cheyenne—Wyoming Discount Corp
80.000.00 5
Cheyenne—Wyoming Discount Corp
81.700.00 5
Cheyenne—Wyoming Discount Corp
54,050.00 5
Ril
gll
RAILROADS.
Ashley Drew & Northern Ry. Co
Boston & Maine RR
Central of Georgia Ry. Co
Chicago & Eastern Illinois Ry. Co
Chicago Great Western RR, Co
Florida East Coast Ry. (Receivers)
Mobile & Ohio RR. Co.(Ernest E. Norris, Rec. of)_
New York Chicago & St. Louis RR. Co
St. Louis Southwestern Ry. Co
Tennessee Central Ry. Co
Wabash Ry. Co. (Walter Franklin and Frank
Nicodemus as receivers)
Wichita Falls & Southern RR. Co
400.000.00
1,200.000.00
827,484.00
753.500.00
1.289.000.00
50.850.00
1.0
-0.599.00
1.400.000.00
684.450.00
147,700.00
6
6
6
6
6
6
6
6
6
6
*4,575.000.00 6
400.000.00 6
SUMMARY OF TABLE I.
Banks and trust companies (including receivers)
Building and loan associations
Insurance companies
Mortgage loan companies
Federal Land banks
Joint Stock Land banks
Agricultural Credit corporations
Live Stock Credit corporations
Railroads (including receivers)
Total
585.057.605.43
12.294.188.87
3,708,700.00
2,101.720.00
3,000.000.00
55.000.00
594,021.62
2,667.822.98
12.798.583.00
2122,277,641.90
TABLE 2.
Statement of loans authorized from July 21 to July 31 1932. inclusive,
withdrawn or cancelled in full from Aug. 1 to Sept. 21 1932, inclusive, no
part of the proceeds being disbursed.
BANKS AND TRUST COMPANIES.
Amt. Withdrawn
City and Borrower.
or Canceled.
San Francisco, Calif.—Bank of America National Trust &
Savings Association
53,800.000 00
Monte Vista, Colo.—The Wallace State Bank
60.0043.00
Washington, D. C.—Franklin National flank
120.000.00
Tarpon Springs. Fla.—The First National Bank of Commerce of Tarpon Springs
15.000.00
Chicago, Ill.—Mid-City Trust and Savings Bank
320.000.00
Gary, Ind.—The First National Bank of Gary (receiver)
235.000.00
Appleton City, Mo.—Citizens Bank of Appleton City_
30.000.00
Seymour, Mo.—Bank of Seymour
7.000.00
Ilion, N. Y.—The Manufacturers National Bank of Ilion_
50.000.00
Portland, Ore.—Montavilla Savings Bank
49.400.00
North Zulch, Tex.—Guarantee Bond State Bank
15.000.00
Madison, Wis.—Security State Bank
100.000.00
Milwaukee, Whs.—North Avenue State Bank
475.000.00
Neosho, Wis.—Neosho State Bank
16.000.00
Rewey—Rewey State Bank
20.000.00
Wauwatosa—First National Bank of Wauwatosa
240.000.00
Total
55.552.400.00
TABLE S.
Statement of Loans Aurhtorized from July 21
Which were withdrawn or canceled in part from to July 31 1932. inclusive,
Aug. 1, to Sept. 21 1932.
inclusive.
BANKS AND TRUST COMPANIES.
ARKANSAS.
Amt. Withdrawn
City and Borrower.
or Canceled.
Judsonia—Bank of Judsonia
'875.00
CALIFORNIA.
Sacramento—California National Bank of Sacramento_
__.
27.361.02
Willows—Bank of Willows
292.30
CONNECTICUT.
Bridgeport—The Commercial Bank & Trust Co
619.87
Boise—The Boise City National Bank of Boise City
Moscow—The Moscow State Bank
ILLINOIS.
Chester—Buena Vista State Bank
Cicero—Western State Bank of (Metro
Evanston—City National Hank & Trust Co. of
Evanston_
Oak Park—Avenue State Bank
INDIANA.
Ccdumbla City—The Farmers Loan & Trust Co
IOWA.
Garner—The Farmers National Bank of Garner
Goldfield—Goldfield State Bank & Trust Co
West Branch—West Branch State Bank
2.881.75
50.00
1.926.83
1.000.00
18.897.62
30,000.00
2.675.00
150.00
200.00
85.00
KENTUCKY.
City and Borrower.
Williamstown-Grant County Deposit Bank
LOUISIANA.
Baton Rouge-Citizens Bank & Trust Co
-Louisiana National Bank
Baton Rouge
Donaldsonville-Ascension Bank & Trust Co
Minden-Bank of Minden & Trust Co
MARYLAND.
-The First National Bank of Hancock
Hancock
NORTH CAROLINA.
Amt. Withdrawn
or Canceled.
20.00
MICHIGAN.
Allegan-First State Bank
Holland-The First State Bank
Jackson-Union and Peoples National Bank of Jackson
Ontonagon-First National Bank of Ontonagon
Ortonville-State Bank of Ortonville
MINNESOTA.
Lismore-State Bank of Lismore
MISSISSIPPI.
-Duck Hill Bank
Duck Hill
-The Bank of Lambert
Lambert
NEBRASKA.
-Hooper State Bank
Hooper
Taylor-Bank of Taylor
NEVADA.
Elko-Henderson Banking Co
National Bank
Winnemucca-First
NEW JERSEY.
Dunellen-Peoples Trust Co
Irvington-Chancellor Trust Co
NEW MEXICO.
Artesia-The First National Bank of Artesia
NEW YORK.
Bellerose-The First National Bank of Bellerose
Mahopac-The Mahopac National Bank
Newfane-State Bank of Newfane Sodus
Sodus-The First National Bank of
918.00
725.00
727.99
375.00
500.00
500.00
340.00
9,500.00
115.00
26.71
50.30
1,744.00
200.00
300.00
3.16
20.070.82
2,175.00
6,263.96
2,744.32
344.00
2.250.00
10,000.00
94.29
769.36
OHIO.
452.80
Canfield-The Farmers National Bank of Canfield
700,000.00
Bank & Trust Co
150.00
Dayton-The Winters National Bank
-The Commercial State
50.00
Napoleon
100.00
Orrville-The Orrville National Bank
of SteubenvilleSteubenville-The Peoples National Bank
OKLAHOMA.
210.50
Tishomingo-First State Bank
OREGON.
1,370.00
Klamath Falls
Klamath Falls-American National Bank of
PENNSYLVANIA.
550.00
Blairsville-Blairsville Savings & Trust Co..
20,000.00
& Trust
Chester-Cambridge Bank Trust CoCo
150.00
Duquesne-The Duquesne
3,455.00
Pittsburgh-Allegheny Trust Co
18,154.00
rg-Farmers and Mechanics Bank
SharPsbu
SOUTH CAROLINA.
3,114.88
Columbia-The Central Union Bank of South Carolina
•
TEXAS.
150.00
-Citizens State Bank
Memphis
626.55
Muleshoe-Muleshoe State Bank
541.80
Wallis-Wallis State Bank
UTAH.
208.50
-Eureka Banking Co
Eureka
VIRGINIA.
75.00
-The Citizens Waynesboro Bank & Trust Co..
Waynesboro
WASHINGTON.
2,300.00
lone-lone State Bank
WISCONSIN.
1,575.00
-State Bank of Kiel
Kiel
525.00
Linden-Bank of Linden
11.00
164.38
Potter-Farmers State Bank of Potter-15.00
Star Prairie-Star Prairie State Bank_
Prairie
1,488.00
Sun Prairie-Bank of Sun
Tony-Bank of Tony
$902.408.71
-Banks and trust companies
Total
CREDIT CORPORATIONS.
AGRICULTURAL
WASHINGTON.
329.18
Corp
Wenatchee-Wenatchee Fruit Credit Corp
700.00
Wenatchee-Wenatchee Fruit Credit
$1.029.16
ons
-Agricultural Credit Corporati
Total
BUILDING AND LOAN ASSOCIATIONS.
ARKANSAS.
Assn., Perpetual
Dardenelle-Dardenelle Bldg. & Loan Association
Little Rock-Capital Building & Loan
CALIFORNIA.
Inglewood-Peoples Building & Loan Association
-Home Mutual Deposit-Loan Co
Ban Francisco
CONNECTICUT.
-The Federal Building & Loan Association, Inc..
Bridgeport
ILLINOIS.
Chicago-Kedzie Building & Loan Association
LOUISIANA.
Amite-Security Homestead Association Association
-Florida Parishes Homestead
Hammond
Association_ _
New Orleans-Continental Building & Loan
NEW JERSEY.
& Loan Assn_ _ _ _
Cranford-The Cranford Mutual BuildingLoan Association
Elizabeth-The Workmen's Building &
of Elizabeth
of the City
Elizabeth-Young Men's Bldg.& Loan Assn. of Elizabeth -Garfield-The American Bldg. & Loan Assn of Garfield.
of Jersey City
Jersey City-The Central Bldg.& Loan Assn.
n
& Loan
Jersey City-Columbia Building Building Associatio
& Loan Assn
-Greenville Heights
Jersey City
Bldg.& Loan Assn of Jersey City
-The Security
Jersey City
iation
Newark-Branford Building & LoanAssoc Assn
Loan
-The Sixth Ward Building &Loan Association of
Newark
Newark-The Universal Building &
the City of Newark
Association
-The Woodside Building & Loan Building & Loan
Newark
k Relief
New Brunswick-New Brunswic
Brunswick
Association of New
ion-.
Passale-Acquackanonk Building & Loan Associat
NEW YORK.
&
-The West Side Mutual Building Loan
New York City
of New York
Savings Association of the City
Oct. 22 1932
Financial Chronicle
2772
$351.60
2.778.89
City and Borrower
Dunn-Home Building & Loan Association of Dunn
Elkin-The Elkin Jonesville Building & Loan Association
Huntersville-Huntersville Mutual Building & Loan Assn
Rockingham-The Richmond Co. Bldg. az Loan Assn
NORTH DAKOTA.
-The Grand Forks Building & Loan Assn_
Grand Forks
OHIO.
Cleveland-The Aetna Savings & Loan Association
Amt. Withdrawn
or Cam elled.
1.186.50
371.50
152.00
307.00
387.00
1,818.87
316.00
148.18
594.18
1,118.00
100.20
80.33
2,084.00
4,919.45
741.00
1,860.00
2.524.00
5,404.78
235.40
2,432.96
5,703.00
442.00
5.786.83
808.20
419.93
$48,861.19
Total,Building and Loan Associations
INSURANCE COMPANIES.
ALABAMA.
-All State Life Insurance Co
Montgomery
INDIANA.
-The State Life Insurance Co
Indianapolis
$2,300.00
240.000.00
Total,Insurance companies
LIVESTOCK CREDIT CORP.
COLORADO.
Monte Vista
-The San Lula ValleyAgricultural & Livestock
Credit Corp
MORTGAGE LOAN COMPANIES.
LOUISIANA.
New Orleans--Hibernia Mortgage Co.. Inc
MARYLAND.
Baltimore-Arundel Mortgage Co
$242.300.00
$22,000.00
$2,022.66
5.642.50
$7,665.16
$1,224,264.22
Total. Mortgage Loan Cos
Grand total
TABLE 4.
Statement of amounts made available from Aug.1 to Aug.311932.inclusive,
under Section 1, Title I. of the emergency relief and construction act a
1932, upon applications of the Governors of the States mentioned,showing
names of the States, amounts made available, and rate of interest. ell
Int.
Amount
Rate
.fade
Available.
Name
8225.000.00 3
State of Alabama
6.000.000.00 3
State of Illinois
1.096.084.00 3
State of Louisiana
*1,800.000.00 3
State of Michigan
*50.000 00 3
State of North Dakota
768.000.00 3
State of Ohio
842,585.00 3
State of Ohio
150.000.00 3
State of South Dakota
3.000.000.00 3
State of Wisconsin
813,931.869.00
Total
TABLE 5.
Statement of loans authorized from Aug. 1 to Aug. 31 1932, inclusive.
under Section 201 (d). Title II, of the emergency relief and construction
act of 1932.
Int.
Rate
Amount
Authorized.
City and Name
.00
*$15.000,000 (54)
Cotton Stabilization Corporation
*35.000.000.00(534)
American Cotton Co-operative Association
850,000.000.00
Total
TABLE 6.
Reconstruction Finance Corporation statement of cash receipts andrsr"
penditures Aug. 1 1932 to Aug. 31 1932, inclusive, Corporation's accounts
with Treasurer of United States.
Cash balance at the close of July 311932,as per the books
639,398,481.31
of the Treasurer of the Corporation
Add: Deposits credited to the Corporation's account with
the Treasurer of the United States prior to the close of
July 31 1932. but not reported to the Treasurer of the
79.136.94
Corporation until after July 31 1932
$39,475,618.25
Adjusted cash balance as of close of July 31 1932
RECEIPTS.
Sale of second series notes
825,000,000.00
notes
Sale of third series
75,000,000.00
Loan repayments:
Banks and trust companies (including
receivers)
28,815.867.02
Credit unions
1,195.00
Building and loan associations
1,472,422.65
Insurance companies
280,760.47
Joint stock land banks
4,847.59
Live stock credit corporations
322,368.63
Mortgage loan companies
1,264,732.10
Agricultural credit corporations
7,613.68
Railroads(including receivers)
206,687.50
Interest and discount collected
2,235,243.95
11,546.07
Reimbursable expense collected
9,056.48
Collections on collateral to rediscounts_
11.88
Miscellaneous
Unallocated-pending advice.
3,442,655.51
138,075,008.53
$177,550,828.78
Grand total
872.96
3,335,93
1.584.50
EXPENDITURES.
Loan disbursements:
Banks and trust cos. (incl. receivers)-. $77,631,277.46
Building and loan associations
.180,063.17
Insurance companies
4,661,210.41
Joint stock land banks
128,382.45
ons
Live stock credit corporati
1,944,974.76
Mortgage loan companies
3,184,891.92
Agricultural credit corporations
534,151.82
Railroads(including receivers)
41,963,445.50
Relief disbursements
3,947,884.00
Refund of interest on account of over49.93
payments
Refund of unearned discount
2,819.71
7,947.65
Release of cash collateral to rediscounts...
Int, paid on cash collateral to rediscounts
19.67
Accrued int. on county notes received in
217.08
connection with relief disbursements_ _ _
Refund of excess repayments in prior
157,996.17
periods
37.985.08
Furniture and fixtures
162,854.84
General expenses
251,755.60
Loan agency expenses
93,624.96
Custodian expenses
15,004.42
Reimbursable expenses
Increase in petty cash accounts held by
150.00
agencies
128.00
Miscellaneous
148,908,814.40
830,843,812.38
Cash balance at close of business Aug. 31 1932
Note
-In addition to funds on deposit with the Treasurer of the United
custodian banks held in suspense funds which amounted to $1,494.States,
565.32 at the close of July 311932,and $3,630,151.87 at the close of business
Aug. 311932.
Financial Chronicle
Volume 135
TABLE 7.
Statement of Condition as of the Close of Business Aug. 31 1932.
ASSETS.
$30,643,812.38
Cash on deposit with Treasurer of United States
3,630,151.87
Funds held in suspense by custodian banks
2,100.00
Petty cash funds
107,500,000.00
Allocated to Secretary of Agriculture
3,947,884.00
authorizations—proceeds disbursed
Relief
12,983,785.00
Relief authorizations—proceeds not yet disbursed
Loans—Proceeds disbursed (less repayments):
$549,709,673.62
Banks and trust companies a
368,489.00
Creditun ons
67,177,390.87
Building and loan associations
53,481,254.97
Insurance companies
9,000,000.00
Federal Land Elanks
1,249,839.13
Joint Stock Land Banks
8,414,291.28
Live stock credit corporations
74,127,730.23
Mortgage loan companies
1,208,090.77
Agricultural credit corporations
205,799,354.76
Railroads(including receivers)
Total
Loans—Proceeds not yet disbursed:
$114,757,168.27
Banks and trust companies_a
8,285,446.87
Building and loan associations
14,650,102.63
Insurance companies
20,000.000.00
Federal Land Banks
195,808.43
Joint Stock Land Banks
1,076,505.94
Live stock credit corporations
4,055.153.14
Mortgage loan companies
131,000.67
Agricultural credit corporations
27,820.670.00
Railroads(Including receivers)
Bonafide institutions under Sec. 201-d- 50,000,000.00
970,536,114.63
Total
Accrued interest receivable
Reimbursable expenses
Furniture and fixtures
240,971,855.95
10,572,046.64
20,089.94
220,692.87
Total assets
$1,381,028,533.28
LIABILITIES AND CAPITAL.
Payable to Secretary of Agriculture
of relief authorization not yet disbursed
Proceeds
Proceeds of loans not yet disbursed
Cash receipts not allocated pending advices
Suspense
Liability for funds held as cash collateral
Unearned discount
Interest refunds payable
Interest accrued
Interest earned, less interest and other expense
Notes
"First Series" 3
$250,000,000.00
250,000,000.00
"Second Series" 3 % Notes
75,000,000.00
"Third Series" 3% Notes
Capital stock
$32,500,000.00
12,983,785.00
240,971,855.95
3,579.765.19
4,343.93
3.667.979.02
21,139.14
162.39
4,344,201.94
7,955,300.72
575,000,000.00
500,000,000.00
$1,381,028,533.28
Total liabilities and capital
a Loans to banks and trust companies Include $39,290,150.00 to aid in
reorganization or liquidation of closed banks.
Note—In addition to the loans shown on the statement of condition, the
Corporation had outstanding on Aug. 31 1932 agreements to make loans
totaling $875,000.00 upon the performance of specified conditions.
Of loans authorized to railroads, $2,170,500.00 is reimbursable from the
Railroad Credit Corporation when, as and if funds are available.
The July report of the Reconstruction Finance Corporation
was given in our issue of Aug. 27, page 1423.
Reconstruction Finance Corporation Approves $3,000,000 Work Loan to Baltimore Sc.Ohio RR.—Additional Loan of $3,000,000 to Lehigh Valley RR.—
• Tuckerton RR. to Receive Advances of $45,000—
Commission Denies Loans to Five Small Roads.
A loan of $3,000,000 to the Baltimore & Ohio RR., approved by the Inter-State Commerce Commission on Oct. 13,
the money to be used for the repair and rebuilding of locomotives and freight cars and the building of 820 steel gondola
cars, has been approved by the Reconstruction Finance
Corporation.
The Inter-State Commerce Commission on Oct. 21,
according to press dispatches approved a loan of $3,000,000
to the Lehigh Valley RR. from the Reconstruction Finance
Corporation and at the same time received an application
from the carrier for an additional accommodation of $2,000,000. The Commission previously approved a loan of
$1,500,003 to this road from the Reconstruction Finance
Corporation.
The $3,000,000 loan will be used to pay off interest and
taxes coming due Nov. 1, 1932 and 1933, and the additional funds were asked in the refunding of an $8,684,000
issue of 4% and 5% bonds of the Lehigh Valley Coal Co.,
due Jan. 1, next, and guaranteed by the railroad. Bondholders are to receive the $2,000,000 asked from the Reconstruction Finance Corporation, $2,300,000 from the Coal
company's sinking fund and the balance in refunding bonds.
Th€ Inter-State Commerce Commission also approved a
—
loan of $45,000 to the Tuckerton RR. This brings the total
loans approved to date to $339,469,193 to 69 roads.
The Commission denied the approval to five short lines
of loans aggregating $489,475 as follows:
Alabama Central RR
Alabama & Western Florida RR
Arington & Fairfax Ry
Rowlesburg & Southern RR
Sierra Ry. Co. of California
$25,000
73,175
11,300
150.000
230,000
The loans were disapproved in each instance because
"the prospective earning power of the applicant and the
security offered as pledge for the proposed loan are not such
as to afford reasonable assurance of its ability to repay the
loan."
2773
Two small roads, the Rapid City Black Hills & Western
RR.and the Bane & Elk RR.(Pa.) have asked the approval
of the Inter-State Commerce Commission for loans of
$40,000 and $30,000, respectively, from the Reconstruction
Finance Corporation. This brings the total amount of
loans applied for to date to approximately $434,225,336.
The reports of the Commission approving.the loans follow:
Baltimore & Ohio RR.
The Baltimore & Ohio RR. on Sept. 27 1932, filed with us an application to the Reconstruction Finance Corporation, for a loan under the provision.. of Section 5 of the Reconstruction Finance Corporation Act approved
Jan. 22 1932, as amended.
On March 30 and May 16 1932, we approved loans to the applicant
aggregating $32,500,000. and on Aug.19 1932,a further loan of$31,625,000,
for purposes stated in previous reports.
The Application.
A turther loan of $3,000,000 is requested, to be repaid within the statutory period, and with interest at the rate of 5% to be cumulative and
Paid with the principal. The loan is sought for the primary Purpose of
Increasing employment and stimulating business, and in this connection
the applicant will undertake approximate expenditures of $900.000 for the
repair and rebuilding of 165 locomotives, 51.100,000 for repair of 2.500
freight cars, and $1,460,000 for building 820 new all-steel gondola cars.
Of the latter sum It Is desired to borrow $1,000.000. In this work, the
applicant estimates that about 1.500 men will be employed 30 hours a week
for a six-months' period and that the muerial and applicances to be purchased will represent a like amount of labor, in outside shops. The loan
will furnish employment during the fall and winter months to men who would
not otherwise be employed.
The application is made under the authority and with the approval of
the applicant's board of directors. The applicant states that it will make
repayment of loans for repairs of cars and locomotives as and when such
equipment is withdrawn from storage and again placed in service.
Security.
The security for the loan tendered is the applicant's note secured, In the
first Instance, by it equity in the collateral now pledged with the Finance
Corporation for loans heretofore made. and. In addition. Its equity In
securities to be pledged for the further loan, approv id by us, of $31,625,000.
as and wh‘in made by the Finance Corporation.
Railway operating revenues accrued for August of the current year
amounted to $9.807,184. a decrease of $4,995.408 from August 1931. For
were
the eight months ended Aug. 31 1932, railway operating revenues
*84.468,372, a decrease of $34,954.395 from the corresponding period of
$267.436
1931. Net income account for August 1932, showed a deficit of
and for the eight months ended Aug. 31 1932. a dellcit of $5,698,929. The
the month and a delatter amounts represent a decrease of $995,677 for
crease of $7.120,290 for the eight months. Included in the results stated
for 1932. representing emergency increase in operating revenues. are $250.months
249 estimated for the month of August, and $2,369,249 for the eight
ended Aug. 31. As ot July 311932, the applicant's total reported assets
Current reported
were $1,228.308,754. and corporate surplus $96.753,608.
assets wore $34,497,315, and current liabilities 541,026,688.
Conclusions.
Upon consideration of the application and after investigation thereof,
we conclude:
I. That we should approve a loan of not exceeding $3,000,000 to the
applicant by the Finance Corporation, for a period not to exceed three
Yeats from the dates of the advances thereon, said loan to be advanced to
the applicant in installments in reimoursement of Cash expenditures hereafter made by It for the repair and construction of equipment as herelnbefore
specified.
2. That before each advance upon the loan be made, the applicant
should deposit with the Finance Corporation, and with us. a verified statement of cash expenditures hereafter made by it in connection with said
repair and construction of equipment.
3. That no advances should be made upon the loan in excess of such
total cash expenditures reported to the Finance Corporation and to us.
4. That no advance should be made upon the loan in reimbursement
of expenditures for work performed or materials purchased prior to the
date of approval of this loan.
5. That the applicant should agree with the Finance Corporation that
all stocks and bonds pledged or to be pledged as collateral security under
the terms prescribed in our certificates and orders in respect of other loans
to the applicant shall apply equally and ratably as collateral security for
said other loans and the loan herein conditionally approved.
Tuckerton RR.
The Tickerton RR. on May 10 1932. filed with us an application to the
Reconstruction Finance Corporation for a loan under the provisions of
Section 5 of the Reconstruction Finance Corporation Act, approved Jan.22
1932 as amended.
The Application.
Phe applicant requests a loan of $45,000, for the term of three years,
for the following purposes:
To_pay principal of short-term 5% note to Fidelity-Philadelphia
65,000
Thist Co.. due May 25 1932
To pay principal of short-term 6% notes to Starr & Co., due
12.000
May 25 1932
182
To pay interest to Oct.25 1932. on above notes
To pay New Jersey State and local taxes. due Dec. 31 1931
714
"89
To pay interest accrued on unpaid taxes to Oct.30 1932
3.200
To purchase ties and timber
To pay per diem charges due Pennsylvania RR.and Central RR.
Co of New Jersey for period March 1 1931 to Sept. 30 1932,
.
1 417
Inclusive
4.000
For locomotive repairs
5.838
For working capital and material and supplies
6.380
To pay State and local taxes for year 1932, due Dec. 1 1932-$45.000
Total
All of the items mentioned, except the last, represent expenditures
required immediately or in the very near future.
The applicant represents that it is unable to obtain the necessary funds
In whole or in part from any source other than the Reconstruction Finance
Corporation.
The applicant has not become a Party to the "Marshalling and Distributing Plan, 1931" of the Railroad Credit Corporation, because It has
no funded debt and therefore is not eligible for loans from that Corporation. From $30 to $40 per month increased revenues are expected from
the emergency rates authorized by us.
The applicant Is a wholly independent railroad company, and is not
a subsidiary of, or affiliated with, any railroad company or other organization.
2774
Financial Chronicle
Transportation Properties and Operations.
fhe applicant owns and operates 29 miles of line and 4 miles of yard
tracks and sidings. Its railroad extends from Whitings, N. J., to Tuckerton, N. J. Traffic connections are had with the Pennsylvania RR and the
Central RR. of New Jersey. Fishing, cold storage, oyster and clam,
salt hay, cranberry and moss and peat industries are served. Coal, lumber, petroleum products and roadbuilding materials are important items
of traffic. Most of the business is done in the summer months.
During the 11-yes, Period from 1921 to 1931 inclusive, the applicant
earned its fixed charges each year except 1931. The total net income
from 1921 to 1930 inclusive, was $134,438. Gross revenues averaged
$126,551 from 1921 to 1931 inclusive, net income $10.445, and interest
was earned 3.62 times. The operating ratio tor that period was 77. In
1931 gross revenues were $58.232, or $13,233 less than operating expenses
and there was a deficit of $19,539 in net income account. Operations of
the Period January to August inclusive, 1932, have resulted in a deficit
of $9,932 in net income account and a deficit of $777 has been estimated
by the applicant for the remaining months of the year, after Interest on
the loan applied for. The estimate takes into account increased freight
rates above mentioned, wage reductions effective early in 1931. and other
economies. Gross revenues for the eight months were $26.363. Dividends totalling $71.260 were paid between 1921 and 1926, and none since.
The applicant operates in a restricted locality and handles a large p-oportion of summer-resort business, which, while it has declined sharply, may
recover with equal rapidity. It expects to benefit from the construction
of highways, both by hauling materials for the construction and by reason
of the fact that when punt a large number of people will no attracted to
the locality. A survey of traffic prospects conducted by the applicant
shows that the recent loss of traffic is a remit of the general depression in
business and improvement may be expected with improved general conditions.
Funded debt was reduced from $100,000 to $48,000 in 1928. to $39,500
In 1929, and was eliminated in 1930, when the issue of $100,000 of first
mortgage bonds matured. Short-term loans of $10,000 were contracted
In 1930 in connection with this financing, and increased to $15, 0 in 1931
00
as a result of the deficit in earnings of the latter year. From Dec. 31 1921.
to Dec. 31 1931. corporate surplus increased from $56.779 to $82.755. and
recorded investment Inroad and equipment from $663,341 to $683,911. A
summary of balance sheet changes between Dec. 31 1921 and Dec. 31
1931 follows:
Increase in surplus
$25.978
Additions and betterments to property
20,570
$5.408
54,930
Decrease in current assets
19.770
Increase In current liabilities
Increase in deferred and unadjusted liabilities (depreciation and
18.430
taxes)
1.464
Decrease in deferred and unadjusted assets
$100.000
$100.000
Funded debt discharged
Excess earnings were received by the applicant in 1921 and 1925 in the
aggregate amount of $3,899, of which one-half, or $1,950. has been paid to
Us. No protest of our tentative finding was recorded, and it was made
final.
Necessities of the Applicant.
The foregoing stated Purposes for which the loan applied for is sought
Indicate the current financial necessities of the applicant. Cash on hand
Aug. 31 1932 was $1.869 and current assets and current liabilities were
$8.331 and $25,304 respectively.
The applicant's financial necessities originated in 1930, when its first
mortgage bonds matured and were not refunded, and increased by the
deficiency in earnings in 1931. and during the current year. In order to
pay the outstanding bonds at that thne, the applicant drew upon its current working cash with the understanding that its banking connections
would loan it up to $20,000 until sufficient working cash would be accumulated from earnings. The applicant states that when these bonds matured
they could have been readily extended. Bank loans were granted In the
amount of $15,000, but the loans were not all renewed as they came due.
Of its present loans. $5,000 is from the applicant's banking connections
and the remaining $12,000 from a stockholder, as a temporary accommodation, which cannot be extended.
Penalties at the rate of 1% a month are running on the overdue taxes.
The tier; and timber, for the purchase of which funds are sought, should,
the applicant states, be installed during the fall and winter. The locomotive repairs are required immediately, and two of the locomotives will require a thorough overhauling at a cost of $12,000.
Security.
As security for the loan of $45,000 applied for, the applicant tenders
Its bond and warrant in the sum of $100.000, and a first mortgage on the
entire railroad, including rolling stock and franchises.
As of June 30 1916, we found the value for rate-making purposes of
the property of the applicant owned and used for common-carrier Purposes
to be $503,946, including $18.946 for working capital. Suasequent net
additions and betterments to the property have been reported to us by the
applicant in the amount of $41,290. The applicant's nalance sheet as of
Aug. 31 1932, showed $552,242 capital stock, $73,762 corporate surplus,
and $30,452 accrued depreciation.
Conclusions.
Upon consideration of the application and after Investigation thereof,
we conclude:
1. That we should approve a loan of not to exceed $45,000 to the applicant oY the Finance Corporation for a term not exceeding three years and
for the Purposes hereinabove set forth.
2. That the Finance Corporation will be adequately secured by the Pledge
of an equal principal amount of bonds to oe issued under a closed first
mortgage upon its property.
Commissioner Mahaffie dissents. Commissioner Brainerd .did not participate in the disposition of this case.
Reports Formation of National Committee to Meet
Leasing Situation As to Voluntary Bankruptcies
of Chain Stores.
Moving to meet the serious situation in business properties
caused by voluntary bankruptcies of chain stores, the National Association of Real Estate Boards announces an
important extension of its activity in the field of commercia
leasing. The Association on Oct. 13 said:
Tht action is being taken upon a recommendation of its Brokers Division,
which most in Chicago, Oct. 7, to consider in detail what should be done
Oct. 22 1932
In the present emergency, characterized by men most familiar with the
National leasing situation to be one of the gravest which has ever confronted
the owner of business properties.
The Association announces that It is setting up a special committee to
be known as its Committee on Commercial Leasing Policies. In the
work of this Committee the National Association of Building Owners and
Managers will co-operate.
The Committee will be made up of men expertly familiar with business
property values and especially with chain store leasing. It will focus facts
for the information of the individual owner of business property, and
act to stop, if possible, the threatened tide of voluntary bankruptcy liquidations of National retail organizations through which existing leases may be
disavowed.
Frank S. Slosson. Chicago. will be Chairman of the new Committee.
The remainder of the personnel will be announced shortly. Mr. Slosson
is a former Chairman of the Property Management Division of the National
Association of Real Estate Boards and is active in the work of its Brokers
Division. He is also Vice-President of the National Association of Building Owners and Managers and Chairman of a special committe of that
organization now making a detailed study of percentage lease rates which
various types of retail business can afford to pay.
Owners Now Being Pressed for Decisions Should Act Carefully and Cautiously,
Chairman Advises.
It is suggested by Mr. Slosson. as Chairman of the Committee, that
owners who are being pressed for decisions act carefully and cautiously.
The Committee will seek to bring to their use essential facts as soon as
possible.
The first work of the new body will be an investigation of the present
situation In regard to commercial leasing, and particularly in regard to
chain store leasing. It will follow current important developments as
they take place, and disseminate information on these developments to
real estate brokers, property managers and owners.
Chain Stores Will Be Asked to Co-operate.
Chain-store organizations will be asked to give the Committee their
full and frank co-operation.
Facts to be brought together will include the actual present gross and
net earning situation of National retail business organizations and their
general situation, on the one hand, and the actual situation of the building
owner on the other hand, particularly as to the fixed charges he must meet.
These include taxes and interest charges.
Possibility of Nationwide Emergency Organization of Real Estate Brokers and
Real Estate Owners.
At an early meeting of the new Committee there will come up for discussion the possibility that there may be formed a Nationwide emergency
organization of real estate brokers and real estate owners who are especially
Interested in the question involved. Such an emergency organization would
draw together the full force of real estate Interests to act for stabilization
of income values of business properties.
The new Committee will consider the possibility of acting as an advisory
body to individual owners and brokers who want to take advantage of the
expedience represented by the Committee's personnel, when and if their
advice is wanted upon specific individual business situations.
The Brokers' Division, in calling the meeting, of Oct. 7, invited also all
members of the Property Management Division of the Association to take
part, opened the meeting to all realtors interested, and invited members
of the National Association of Building Owners and Managers to attend.
The meeting discussed the whole problem which arises where a business
tenant, as for example a chain-store tenant, is threatened with bankrputcy
as the result of present business conditions or claims to be threatened with
bankruptcy. It attempted to consider all major factors Involved, and
brought out the importance of weighing all such major factors in any individual lease adjustment made because of threatened bankruptcy of the
business tenant.
Newton C. Farr, Chairman of the Brokers' Division of the National
Association, presided.
Lawrence T. Stevenson. Pittsburgh, President of the Association. In
opening the meeting, pointed out that rental values must be stabilized if
we are to stabilize sales values. The problem, he said, is a National problem, and must be dealt with in a National way. It was the sense of those
present at the meeting that as far as their own interests were concerned
this is what they were agreed upon as advisable procedure:
1. That in present cases where chain-store bankruptcy proceedings are
going on with a new corporation being formed to take over old leases,
that no lease be drawn for a longer period than one year.
2. That the minimum guarantee,in the case of percentage leases, in such
cases, if adjusted at the present time, be not less than 75% of the existing
rate.
Municipal "Holidays" Declared Illegal for Banks in
Minnesota — Assistant Attorney-General Rules
They May Not Be Used for Moratorium on Banking Transactions.
Municipal "holidays" decreed by Mayors of Minnesota
towns for the purpose of celebrating the George Washington
Bicentennial, or for other purposes, are not legal holidays,
and may not be taken advantage of by banks for the purpose of gaining a moratorium on banking transactions,
according to an opinion by W. H. Gurnee, Assistant Attorney-General, given at the request of the Commissioner of
Banks, J. N.Peyton. This is learned from St. Paul, Minn.,
advices Oct. 17 to the "United States Daily," from which
we also take the following:
In order to give a respite or breathing spell to hard-pressed banks, mayors
In some of the smaller towns in neighboring States have instituted the
practice of declaring holidays for periods of a week to two weeks, It Was
explained at the office of the Commissioner of Banks. This practice has
recently spread to Minnesota, where, for instance, the Mayor of the Town
of Kenyon proclaimed an eight-day holiday for observance of the George
Washington ill-centennial,
These are not legal holidays, Mr. Gurnee has ruled, and the Commissioner
of Banks is authorized, in his discretion, to take possession of any State
bank which fails to keep open on a business day.
Mr. Gurnee's opinion follows in full test:
Dear Sir: We have your favor of Oct. 13 1932, in which you submit the
following questions:
"Question 1 —If the Mayor of a town declares a holiday and the bank
takes advantage of that holiday to negotiate certain concessions with its
depositors and during that period the bank refuses to cash checks and to
accept deposits, is that a legal proceeding, and should this Department
Volume 13.5
Financial Chronicle
take any action with regard to the bank? Does the declaration of a holiday
by the Mayor make that holiday a lawful holiday, to be observed by the
bank, and could any depositor who was refused withdrawal of his funds
from the bank take legal action against the bank with the hope of success?
is there any obligation on the part of this Department to take any action
with regard to a bank that arbitrarily takes advantage of a holiday declared
by the Mayor?"
Answer.—The only legal holidays in Minnesota are: New Years Day
!Jan. 1), L'ncoln's Birthday (Feb. 12), Washington's Birthday (Feb. 22).
Memorial Day (May 30). Independence Day (July 4), Labor Day (first
Monday in September), Election Day (first Tuesday after the first Monday
In November of the even-numbered years); Christmas Day (Dec. 25), the
Friday next preceding Easter Sunday (commonly known as Good Friday)
and Armistice Day (Nov. 11). No mayor or other municipal officer has
power to declare any other days legal holidays so as to authorize a bank
to close its doors and refuse to transact business.
A bank on which a check is drawn is under obligation to pay the same
promptly upon presentation on a business day during the regular banking
hours, if the maker of the check has sufficient credits subject to such check.
Any person damaged by the failure to pay such a check has a cause of action
against the bank for all such damages as result proximately from such
wrongful act.
May Close Such Banks.
. Under your supervisory powers as Commissioner of Banks you have
authority to see that such a practice is not indulged in, and at your discretion you are authorized to take possession of any State bank which falls
to keep open on a business day.
"Question 2 —Assuming that a bank worked out a plan whereby certain
of its depositors agreed to allow the bank to reduce the deposits of those
individual depositors a certain percentage—for the purpose of argument.
say 40%—with which the bank would agree to remove an equal amount
of assets trusteeing these assets for the benefit of those depositors who
would allow the 40% cut in their deposits, and assuming that the entire
transaction took place between the bank and the individual depositors,
Is there any duty imposed by law on this Department in connection with
such a proceeding?"
Answer: If, in order to avoid liquidation, the depositors of a bank agree
with the hank on a plan such as outlined, we see no legal objection thereto,
provided all parties act in good faith and the bank makes a fair disclosure
to the depositors of its condition. In other words, such a contract is valid
if there is no misrepresentation or other fraud, and if the same is supported
by a valid consideration. It would be natural to expect that stockholders,
as well as depositors, would share in taking such a loss through the medium
of a voluntary assessment. You have no concern with a contract which
meets these requirements.
"Question 3.—Assurning that a bank has proceeded as outlined in Question No. 2. and the stockholder, through the contribution made by the
depositor, has avoided an assessment, would it be proper for the Commissioner of Banks to order an assessment upon the stockholders and apply
the proceeds of that assessment toward reimbursing the depositors who took
the cut?"
AM/unity Lacking.
Answer: No. You have no authority to order an assessment to reimburse
depositors who accept a reduction in their respective credits. However,
if you find the agreement to be unfair or fraudulent or without consideration, you may order the bank to restore all reduced accounts to their former
status. If the bank is then in an unsafe condition, you may order an
assessment.
"Question 4.—Assuming that a bank finds it desirable to request
depositors to allow it time for liquidation. is it a legal proceeding forits
a
bank to make an agreement with its depositors, under which agreement
the depositors agree not to withdraw their deposits except under certain
stated conditions, usually in the nature of percentages over a period of
years; and has this Department any obligation in connection with an agreement made directly between the bank and the depositor under these conditions?"
Asnwer: Such an agreement would be valid if supported by a sufficient
consideration (that is, the benefit to the depositors by avoiding liquidation),
and if fair to both sides. It is your duty as Commissioner, so far as possible, to see that both depositors and stockholders of banks are afforded their
full legal rights, and that no agreement will be entered into to the detriment
of either.
New York State Economic Group Urges Tax Reduction
—Declares Cuts in Government Expenses Must
Precede Business Revival.
An "immediate" legislative program has been adopted
by the State Economic Council, it was announced on Oct. 15
in an Albany, N. Y., dispatch to the New York "Times",
which said:
The program sponsored by the organization calls for a State-wide campaign to bring about economies in government and includes:
Reduction of Federal. State and local expenditures by at least 25%.
Repeal or amendmant of all State laws and regulations fixing mandatory
expenditures upon local governments.
Repeal all laws and regulations fixing wages and labor conditions, or to
so amend them that they will no longer unduly raise the cost of public
construction.
Abandon payment to veterans for disabilities not arising out of active
service.
Oppose cash payment before maturity of the Federal bonus.
Oppose further entrance of government into business in competition with
private business and any extension of government regulation of private
business.
"It is the conclusion of the council's studies," said Merwin K. Hart, its
president, "that there can be no sound revival of business within the State
until the tax burden is greatly reduced and governmental extravagance
sharply pruned"
Mr Hart stated that the council, heretofore acting in more compact
form, had been extended by the organization of business and professional
men's councils in virtually every county of the State, and the recruiting
of additional leaders in New York City financial, industrial and legal fields.
Among those enlisted in the campaign are:
George W. Wickersham, General James G. Harbor& former Senator
James W. Wadsworth Jr., James W. Gerard and others of last year's
directorate; Joseph R. Swan, William L. De Bost, Walter E. Frew, George
V. McLoughlin, William Fellowes Mcrgan, Joseph P. Day, William C.
Breed, Lawrence B. Elliman,all of New York City; Beverly Chew of Geneva
j. Melbourne Shortliff of Colgate and Wolcott J. Humphrey of Wyoming
County.
Issuance of Our Annual Number, American Bankers'
Convention Section.
We are issuing to-day our annual publication—the American
Bankers' Convention Section, which contains the proceed-
2775
ings of the Annual Convention of the American Bankers
Association, held at Los Angeles, Calif., Oct. 3 to 6. One
of the speakers at the Convention was Secretary of the
Treasury Ogden L. Mills, and his speech along with all the
others delivered before the general Convention, as well as
those before the various Divisions and Sections, will be
found in full in our Bankers'Supplement. Reports presented
and resolutions adopted will likewise be found therein.
Sir
John
Aird Forecasts Adoption by Congress of
Banking System Based on that of Canada.
John Aird, President of the Canadian Bank of Com-
Sir
merce, following his return from the annual convention in
Los Angeles of the American Bankers Association, expressing
himself hopeful of a steady return of normal business conditions, forecast in an interview in Toronto on Oct. 15
that the next United States Congress will make important
amendments to the United States Banking Act and mold
a banking system on the lines in force in Canadian banking
institutions. We quote from Toronto adviees to the
"Herald Tribune" of Oct. 16, from which the following is
also taken:
"The banking situation in the United States has improved a great deal,"
Sir John said. "In my opinion the retiring President, Mr. Haas of Philadelphia, made a very important statement when he strongly recommended
the Government of the United States to consider the Canadian banking act
as he felt that many things in connection with banking in Canada would be
beneficial to the United States. I felt that to be rather an important admission and indorsation of the banking system in Canada."
Sir John believed that business men had begun to feel that a modified
form of the Canadian banking system could be adopted advantageously
in each of the 12 Federal Reserve Districts of the United States. He felt
that the American banking situation had improved greatly, that hoarding
had practically stopped and that the number of important bank failures
had been retarded.
"At the beginning of the year there was a panic condition in regard to
banking over there but that has been displaced by a fear—there is a great
difference between a 'panic condition' and a fear—a fear that on account
of the unsettled conditions in other parts of the world, that something might
happen that would be reflected adversely in the banking world." Members
of the Association, he said, seemed to think that business was getting out
of the slump and that the uptrend would be gradual.
Commenting on the United States elections, Sir John believes that Californians felt that Roosevelt's repudiation of Tammany and Hoover's wavering on the prohibition question had strengthened Democratic hopes.
He looked to the Chicago world fair to stimulate business and remarked
that prior to the 1929 crash fair promoters secured $10,000.000 from responsible people, that the money was still intact and available for fair
purposes.
Deliberations at Annual Convention of Investment
Bankers Association of America to Be Directed
Toward Problems of Taxation, Railroads, Industry
and National, Municipal and Foreign Finance.
The widespread efforts that are being made by both
business and Government to debrutalize the economic forces
of the depression make the coming Investment Bankers
Association convention (to be held at White Sulphur Springs,
W. Va., Oct. 22-26) of particularly significant interest at
this time, says Robert E. Christie Jr., of Dillon, Read &
Co., who is a member of the Association's Board of Governors
and Chairman of its New York group. It is common
knowledge, Mr. Christie said, that a vast amount of unnecessary and unjustifiable loss and hardship is inflicted
on many productive and essential businesses and individuals
in periods of this kind, and the sound efforts of organized
business and of Government to prevent such needless
waste and suffering is therefore the most immediately interesting and practical thing in the process of business
recovery. For that reason, he added, the work of the
convention of the Investment Bankers Association, which
is a fact-finding institution that maintains intimate contact
with the Nation's major business and financial problems,
should have this year a more intense interest to the country,
as well as to investment bankers, than at any time since the
organization was founded in 1912. Mr. Christie says:
During the present year probably the most outstanding development in
the investment field, as well as in the economic situation generally, has
been the reconstruction activities of government. The abnormal times have
crippled the normal processes of investment and have temporarily impaired
the values of many productive enterprises that were soundly and wisely
conceived and operated. The period of adjustment has developed new
economic arrangements and forces, and in this situation and throughout
the whole movement for business recovery there is a growing realization of
the tremendous importance oforganized business effort. The proceedings of
the 21st annual convention of the Investment Bankers Association, Oct.
22-26, at White Sulphur Springs, W. Va., will concentrate on that objective
and will give an unparalleled opportunity for investment bankers to obtain
more immediate and broader information on conditions affecting their
business and general economic recovery. I refer particularly to the problems
of taxation, of the railroads and industry, of national, municipal and
foreign finance, all of which will be presented at the convention. Of
perhaps more intimate interest to the daily activities of investment bankers
will be the special session, which will be devoted to the problems of "investment management service," and the report of the Committee that will
discuss the trends of the business and the possible effects of the new economic
forces that have developed.
Financial Chronicle
2776
As a member of the Association's Board of Governors I have had
opportunity to observe the effort and purpose put into the building of the
Association's convention proceedings for this year. I have said all this
because I am convinced that when any constructive, organized, major
line of business, such as the Investment Bankers Association, undertakes
work of this kind in times like the present, it is not only a serious duty of
self-interest but it is an important civic duty for every eligible institution
within that organization to be fully informed of that work and to participate
actively and whole-heartedly therein.
An item with reference to the program appeared in our
issue of Oct. 8, page 2440.
•
More Than 200 Delegates Leave New York for Annual
Convention of Investment Bankers Association
of America to Be Held at White Sulphur Springs,
W. Va., Oct. 22-26.
The delegation from New York (approximately 200) to
the Annual Convention of the Investment Bankers' Association, held at White Sulphur Springs Oct. 22-26, left in a
special train last night (Oct. 21); it is headed by Colonel
Allan M.Pope, President of the First of Boston Corporation
and President of the Investment Bankers' Association and
Robert E. Christie Jr. of Dillon, Read & Co., Chairman
of the New York group. Reservations for the special train
were in charge of the Chairman of the Transportation Committee, Harry E. Lowery of F. S. Moseley & Co., 39 Broadway.
"Bankers and Brokers Committee" of United Hospitals
Fund—James Speyer Again Chairman.
Eighty-six bankers and brokers who are Trustees or
Directors of the 55 hospitals belonging to the United Hospital
Fund, have agreed to serve on the "Bankers and Brokers
Committee" of the Fund for this year's collection.
James Speyer is Chairman; Charles H. Sabin, Chairman
of the Guaranty Trust Co., is Associate Chairman of the
"Bankers and Brokers Committee," and Albert H. Wiggin
is Treasurer of the Fund.
The letter of appeal calls attention to the fact that "on
account of economic conditions, the necessity for free treatment in our hospitals will doubtless be greater this winter
than ever before," and urges "Wall Street" to do all it can
to help alleviate the condition of the unfortunate sick poor
in our 55 New York Hospitals without regard to creed,
color or nationality.
Lat year the "Bankers and Brokers Committee" collected
$87,227, the largest amount obtained by any Auxiliary.
As usual, the amount collected will be distributed impartially by a Committee composed of the Mayor, the
Presidents of the Chamber of Commerce and of the Merchants' Association, and Henry J. Fisher, Arthur Curtiss
James, Edwin P. Maynard, Gates W. McGarrah and
James Speyer.
The following well-known "Wall Street" men are serving
on this Committee:
Cornelius R. Agnew
Winthrop W. Aldrich
erederic W. Allen
Robert E. Allen
Nelson I. este!
George F. Baker
Stephen Baker
William M. I3ernard
Unzee Biagden
George Blumenthal
Hugo Blumenthal
Myron I. Borg Jr
George S. Brewster
Robert S. Brewster
Thatcher M.Brown
Goerge 8. Carr
S. W. Childs
Stephen C. Clark
Charles M. Connfelt
George F. Crane
Howland S. Davis
Edward C. Delafield
Moreau Delano
Harris A. Dunn
William Fahnestock
Marshall Field
Henry L. Finch
Albert Forsch
Charles Froeb
Charles R. Gay
Thornton Gerrish
Philip J. Goodhart
Fred H. Greenebaum
Charles Hayden
Clifford Hemphill
Theodore Hetzler
Leonard A. Hockstader
G. Beckman Hoppin
William S. Irish
Samuel T. Jones
William M. Kingsley
G. Herman Kinnicutt
W. Thorn Kissel
David H. Lanman
Harold M. Lehman
Adolph Levrlsohn
Lucius V. Maltby
Charles H. Marshall
D.Irving Mead
M. J. Meehan
Edwin G. Merrill
DeWitt Millhauser
Richard L. Morris
Vernon Munroe
-P. Murphy
Grayson M.
Walter W. Naumburg
Simon Newman
Carl H.Pforzheimer
Lewis E. Pierson
Hermann C. Place
George B. Post
Alonzo Potter
C. Tiffany Richardson
H. E. Robinson
George Emlen Roosevelt
Kermit Roosevelt
Ernst Rosenfeld
Arthur W. Rossiter
Louis F. Rothschild
Samuel Sachs
Walter E. Sachs
Theodore Schorske
Edward W. Sheldon
E. H. H. Simmons
Frank L. Sniffen
Andrew V. Stout
Bertram L. Taylor Jr.
Adrian Van SIndern
Elisha Walker
Frederick M. Warburg
James P. Warburg
Charles F. Wheaton
Harrison Williams
Henderson M. Wolfe
William Wodward
August Zinsser
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Oct. 21 for the sale of a New
York Stock Exchange seat at $120,000, off $55,000 from the
previous transaction, Sept. 21.
Two memberships in the New York Cotton Exchange were
sold Oct. 17. The first was the membership of Paul Henry
Hemelryk, sold, for $12,500 to John Pflieger, the price being
a drop of $5,000 from the previous transaction on Aug. 17.
The membership of John H. C. Albrecht was sold to Homer
Orvis for $12,100.
Oct. 22 1932
John Edgar Elder, General Manager and Chief Engineer
of the New York Stock Exchange; Building Co., died suddenly
on Oct. 16 at the age of fifty-eight. Mr. Elder for the last
ten years was General Manager of the New York Stock
Exchange Building Co., which controls and operates four
buildings from 2 to 28 Broad Street, including the New York
Stock Exchange Building. He was born in Bell's Valley
,
in Rockbridge County, Va., on Oct. 30 187..
The proposed reduction in the capital of the County Trust
Co. of New York to $2,000,000 from $4,000,000 and the
number of shares to 80,000 of $25 par from 160,000 shares
was approved by stockholders at a special meeting Oct. 18.
Carlton H. Palmer, President of E. R. Squibb & Sons, was
elected a director of this company. A reference to the plans
to reduce the capital appeared in our issue of Oct. 15, page
2605.
Lucien Nachmann, Vice-President and director of the
International Acceptance Bank, with offices at 32 Pine St.
this city, died on Oct. 16 in his suite in the Hotel Astor of
pneumonia, after a week's illness. He was sixty-seven years
old, and is survived by two sisters, the Misses Frieda and
Emma Nachmann, who live in Frankfort, Germany, and a
nephew residing in Lima, Peru.
Mr. Nachmann was born at Mainz, Germany, and during
the earlier part of his career was a manufacturer of copper
and brass in Frankfort and London. Later he entered
banking, also in England and Germany. He Was a friend
of Paul M. Warburg, who, in 1921, invited him to become
an official of the International Acceptance Bank. Mr.
Nachmann was considered an authority on international
finance, and in particular that branch of it dealing with
acceptances.
The intention to consolidate the businesses of the Bank
of Manhattan Trust Co. and International Acceptance
Bank, Inc., was made known in an announcement on Oct. 19
by J. Stewart Baker, Chairman of the Manhattan Co., who
at the same time stated that the officers and directors of the
latter have recommended the desirability of taking steps to
have the New York Title & Mortgage Co. and the Bank of
Manhattan Trust Co. inch pendently operated and managed.
These proposals are in furtherance of plans to conduct a
banking business independent of affiliated companies.
The announcement in the matter (Oct. 19) follows:
At a meeting of the Board of Directors of the Manhattan Company.
held to-day, a plan was adopted, subject to the approval of the stockholders of the Manhattan Company and of its affiliated companies, which
involves several interesting features.
For some time the officers and directors of the Manhattan Company
group have recognized that public opinion no longer favors the affiliation
of a banking institution with other companies, and that conditions have
so changed since 1929 that many of the advantages which at that time
were inherent in the affiliation of various companies through a holding
company have disappeared. Accordingly, in December of last year. the
Manhattan Company caused its affiliate, International Manhattan Co..
Inc., to discontinue its general securities business, believing that under
present circumstances the business hitherto conducted by the International
Acceptance Bank, Inc., could be more advantageously and profitably conducted through a foreign department of a domestic bank than through an
Independent company, the officers and directors have been working towards
that end and have now reached the point where they are prepared to recommend to the stockholders the dissolution of the International Acceptance
Bank, Inc., and the transference of its business to a foreign department of
the Bank of Manhattan Trust Co.
In further carrying out the policy of conducting a banking business independent of affiliated companies, the officers and directors have recommended that simultaneously with the proposed consolidation of the busi• nesses of the Bank of Manhattan Trust Co. and International Acceptance
Bank, Inc., it would be desirable and in the interests of both the New
York Title & Mortgage Co. and of the Bank of Manhattan Trust Co. to
take stops to have these companies independently operated and managed.
Accordingly, a comprehensive plan has been carefully worked out and
adopted by the directors for submission to the stockholders which provides
for the consolidation of the domestic and foreign banking businesses here
totore conducted by the Bank of Manhattan Trust Co. and the International Acceptance Bank, Inc., as well as for separate ownership by the
stockholders of their consolidated banking business and their title and
mortgage business.
The plan provides that the Manhattan Co. will purchase from New
York Title & Mortgage Co. the latter's 35,281 shares of Bank of Manhattan
Co. stock (an interest of about one seventh in the Trust company acquired
by the New York Title & Mortgage Co. in exchange for stock of its former
subsidiaries, the American Trust Co. and The County Trust Co. of White
Plains). The price to be paid by the Manhattan Company is $7,000,000
In cash and $3,584,300 in face value of mortgages. As the New York Title
& Mortgage Co. is not indebted to the Manhattan company or to any of
its subsidiaries, the New York Title & Mortgage Co. will actually receive
the full purchase price.
The Manhattan Company will transfer to a holding company to be known
as "New York Title & Mortgage Corp." its ownership of approximately
983 % in the New York Title & Mortgage Co., and will distribute the
stock of the New York Title & Mortgage Corp. to its shareholders, who
will receive one share of such stock for each share of Manhattan Company
held by them. For reasons of taxation the par value of the New York
Title & Mortgage Corp. will be fixed at $1 per share, but for each such
share outstanding the corporation will hold one share of New York Title
& Mortgage Co., par value $10. While the direct distribution of the
stock of the New York Title & Mortgage Co. to the Manhattan share
Volume 135
Financial Chronicle
holders might have imposed a heavy income tax burden upon them, in
the opinion of counsel, distribution of stock of the New York Title & Mortgage Co. in the form of shares of the corporation organized to hold the
same will subject the Manhattan Company shareholders to neither Federal
nor New York State income taxes.
Stockholders of the Manhattan Company will continue to hold the same
number of shares as formerly, but the par value of their shares will be
reduced from $20 to $10 Per share.
While the banking business and the title and mortgage business will
thus be separately owned by the shareholders instead of as heretofore
through a holding company, those officers of the Manhattan Company
who have been serving on the board of the New York Title & Mortgage
Co. will remain on the board and will continue to give their time and
attention to the affairs of the company as heretofore.
Bank of Manhattan Trust Co. will acquire the assets and liabilities of
the International Acceptance Bank, Inc., and will then merge into the
Manhattan Company, which will continue under its old charter as Bank
of Manhattan Co., resuming the banking business conducted by it from
1799 to 1929 when it became a holding company.
Bank of the Manhattan Co. will then have the same aggregate capital
funds as Bank of Manhattan Trust Co. has to-day, namely, $56,816,466.34.
The capital funds and reserves acquired from the International Acceptance
Bank, Inc., and the capital funds of the Manhattan Company represented
by investments in subsidiaries other than Bank of Manhattan Trust Co.,
International Acceptance Bank, Inc., and New York Title & Mortgage
Co.. amounting in the aggregate to more than $21,000.000, minus the
consideration paid to the New York Title & Mortgage Co. as above set
forth, will be held in reserve or used to write down some of the assets of
the International Acceptance Bank, Inc.
, The earnings of the institutions to be consolidated as outlined above
and operated as Bank of the Manhattan Co. have been running for the
first nine months of 1932 at a rate which, if maintained, will more than
provide for the continuance of the present rate of $2 per share per annum,
notwithstanding the change in par value of the 2,000,000 shares which
will remain outstanding.
The board of directors of the Manhattan Company after the consolidation will consist of the following:
J. Stewart Baker, Stephen Baker. Walter H. Bennett, Bertram H.
Borden, John S. Burke, Harry I. Caesar, F. W. Charske, George W.
Fennell, Marshall Field, B. D. Forster, F. Abbot Goodhue, William V.
Griffin, W. A. IIarriman, Alanson B. Houghton, Raymond E. Jones,
Harry A. Kehler, George McNeir, John C. Moore, Morgan J. O'Brien,
James A. O'Gorman, George Stuart Patterson, P. A. Rowley, L. H.
Shearman, George M.Shriver, Charles A. Stone, Felix M. Warburg, James
P. Warburg, H.Pushae Williams, John L.Wilkie, Daniel G.Wing,Bronson
Winthrop.
Stephen Baker will become Honorary Chairman of the Board;
J. Stewart Baker will be Chairman of the Board; James P. Warburg.
Vice-Chairman of the Board, and F. Abbot Goodhue, President.
The directors of the New York Title & Mortgage Co. are:
Frederic W. Allen, Charles A. Angell, Richard Gordon Babbage, J.
Stewart Baker, William F. Clare, Lewis L. Clarke, Walter V. Cranford,
James R. Deering, Harry M. DeMott, Lawrence B. Elliman, W. Burke
Harmon, W. A. Harriman, Hugo Hirsh, Henry A. Ingraham, Stanley
p. Jadwin, Harry A. Koller, Frederick T. Kelsey, Fred C. Lemmerman,
George T. Mortimer, William Obermayer, Morgan J. O'Brien, Morgan
J. O'Brien Jr. James A. O'Gorman, P. A. Rowley, Matthew S. Sloan,
James P. Warburg, H. Pushae Williams.
A dispatch by the Associated Press from Mechanicville,
N. Y., on Tuesday of this week, Oct. 18, stated that more
than $1,000,000 would be divided among the depositors of
the defunct Manufacturers' National Bank the following
day. The institution, which was capitalized at $100,000,
closed on Aug. 10 of last year, as reported in our issue of
Aug. 15 1931, page 1069.
On Monday of this week, the Continental Illinois National
Bank & Trust Co. of Chicago, began operations as a successor to its State-chartered predecessor—the Continental
Illinois Bank & Trust Co. The change into an institution
operated under a national charter was approved by the
stockholders on Oct. 10 as noted in last week's issue of the
"Chronicle," p. 2607. We quote below in the matter
from the Chicago "Post" of Oct. 17:
With this change effective, three of the five major downtown banks in
Chicago are national institutions—a reflection of the trend toward a more
unified banking structure throughout the nation.
As pointed out by James R. Leavell, president, when stockholders last
Monday approved the plan to seek a national charter, there will be no
Inconvenience to customers of the Continental as a result of the altered
operating authority.
Deposits at the opening will total $644,494,986 and resources will aggregate $802,533,372—the largest outside of New York and the fourth largest
in the United Stews. These deposit figures represents an increase of newly
$8,000,000 since the last statement of condition as of Sept. 30.
Cash on hand totals $185,980,426 and United States securities are
carried at $104,534,241.
Total invested capital of the bank as it assumes operation under the
national charter total $102,711,362 without giving consideration to the
investment affiliate, Continental Illinois Co., the entire capital stock of
which is held in trust for the benefit of stockholdets of the bank.
Bank capital is $75.000.000; surplus, $25,000,000, and undivided profits,
.
$2,711,362
Stock of the Continental Illinois National Bank & Trust Co. of Chicago
be exchanged for stock of the predecessor institution on a share-forwill
share oasis. Book value of the stock is in excess of $136 a share.
The Chicago "Post" of the 17th had the following to
say regarding the history of the institution:
The Continental Illinois National Bank, which has 36% of the banking
resources in Illinois, traces its history to 1857, when the oldest component,
the Merchants Savings Loan & Trust Co., was organized. In 1861 the
second oldest component,the Hibernian Banking Association, was chartered.
Since that time there have been numerous mergers, which, together
with natural growth, have placed the Continental Illinois in western banking leadership.
From the Chicago "Post" of Oct. 19, it is learned that C.
F. Kuehnle,formerly a Vice-President of the National Bank
of the Republic of Chicago, has become President of the
2777
Halstead Exchange National Bank of Chicago, assuming his
new duties on that date. The "Post" went on to say:
His banking career in Chicago extends back several years, and he is well
known in financial circles. He is a native of Iowa and a graduate of the
State University•
Until last week Carl Jernberg, President of the Liberty Trust & Savings
Bank, was also President of the Halsted Exchange National. Then the
directors of the latter institution deciding that the double duties claimed too
much of Mr.Jernnerg's time,decided on a new President. Mr.Kuehnle was
their choice.
Mr. Jernberg continues as a director of the Halsted Exchange National
Bank and will still have an active interest in the bank and the community.
The Halsted Exchange National has had a most impressive record during
the critical development of the last three years, its statement at all times
showing cash, United States Government bonds and readily marketable
bonds in excess of deposits, commonly known as 100% liquidity. At no
-day notice on its savings deposits, and it was
time has the bank placed a 60
in a position at all times to pay off every dollar of deposits. The managefellow the sound policy.
ment will continue to
The Boston Five Cents Savings Bank of Boston, Mass.,
4%, payable Oct.
has declared a semi-annual dividend of 11Y
15, establishing the rate on deposits at 3% annually,
against a previous declaration on a 4% basis, according to
advices from that city on Oct. 13 to the "Wall Street Jaurnal," which added:
This bank, by far the largest mutual savings institution in Massachusetts,
had total assets at the close of business Oct. 11 of $119,511,744, a new
record. Deposits of $111,023,713 compare with $100,005,661 Jan. 2.
Since that date the number of open accounts has grown to 192,533 from
181,109, a net gain of 11,424 accounts and of $11,018,052 deposits.
The death occurred at Weston, Mass., on Oct. 16 of
Charles 0. Morrill, President of the Waltham Savings Bank
of Waltham, Mass. Mr. Morrill, who was 81 years of age,
was born at Springfield, Mass., but moved to Weston when a
boy. For 50 years he was the proprietor of a grocery store,
and in 1893-1894 served as a representative in the State
Legislature.
John E. White has resigned as Chairman of the Boards of
Directors of the Worcester Bank & Trust Co. of Worcester,
Mass., and the Worcester County National Bank of that
city, positions he has held since the two institutions became
affiliated two years ago. He will continue as a director of
both institutions. Associated Press advices from Worcester,
on Oct. 18, reporting the above, went on to say:
Mr. White retires after nearly 40 years of service in executive poets in
Massachusetts banks, the last 17 years of which has been in Worcester,
first as President of the Worcester National Bank, then, following its merger
with the Worcester Trust Co., as President of the Worcester Bank & Trust
Co., and finally in the offices which he now relinquishes.
Carlos W. Tyler, for the past four years President of the
Western Massachusetts Bank & Trust Co. of Springfield,
Mass., was chosen President of the Miller's River National
Bank of Athol, Mass., at the regular meeting of the directors
on Oct. 18. Mr. Tyler, who succeeds the late Walter M.
Hunt, will assume his new duties on Nov. 1. A dispatch
from Athol to the Springfield "Republican," reporting the
matter, furthermore said in part:
Virtually all his banking experience has been spent in Massachusetts,
where he was born. He was for a number of years associated with the
National Shawmut Bank of Boston, a former State Bank examiner, an officer of the Atlantic National Bank, Boston, and for the past four years
President of the Western Massachusetts Bank & Trust Co., of Springfield,
Mass. There he has been actively identified in civic affairs, being
former Treasurer of the Springfield Chamber of Commerce.
The Arlington Trust Co. of Lawrence, Mass., which closed
Dec. 17 last, was to reopen its doors yesterday, Oct. 21, according to an announcement by State Bank Commissioner
Guy. Total deposits of the bank amounted to approximately
$6,500,000 and there are about 17,000 depositors. The Boston
"Transcript" of Oct. 18, in reporting the matter, quoted Mr.
Guy, in his announcement, as saying:
"This accomplishment has been made possible by the tireless and unceasing efforts of the reorganization committee under the able direction of
Daniel J. Murphy and to the active co-operation and good will of numerous
of the depositors who have agreed to the use of a portion of their deposits
to consummate the plan of reopening, also the furnishing of $150,000 new
cash by stockholders and other interested parties.
"In addition to the agreement by many of the depositors for the use
of part of their deposits as mentioned, most depositors have also agreed
that payment of a substantial portion of their deposits be deferred and in
view of the fact that a vast majority of the depositors have so agreed, under
authority conferred upon me by law, I have imposed similar restrictions
on all deposits and other claims so that all may be treated alike.
"The original plan, to which most depositors have agreed, called for a
credit of 5% of balances on reopening, but I am pleased to state that
instead of a credit of only 5% being made available at this time an immediate credit of 20% will be available to the depositors of both departments upon reopening, thus making available a tbtal credit in excess of
$1,200,000, all of which will be in eash.
"This increased credit has been made possible by the generous and active
co-operation and assistance of all the other banks of Lawrence. The
bank, as reopened, will merit the fullest confidence of its depositors and
the people of Lawrence."
2778
Financial Chronicle
The First National Bank of Bradley Beach, N. J., which
had been closed on Dec. 24 last, was reopened Oct. 15, according to the Newark "News" of that date, from which we
quote, in part, as follows:
The Bradley Beach Bank resumed business at 11 a. m. A drive for
subscriptions to $125,000 of stock was brought to a successful conclusion
yesterday afternoon (Oct. 14) when Franklin W. Fort of the Lincoln
National Bank of Newark arranged a 30-day purchase loan in that institution
to take care of 1,000 shares of stock. Mr. Fort is Chairman of the Federal
Home Loan Bank. He is on a leave of absence as President of the Lincoln
National.
The drive for subscriptions for the new issue was put over in a last
minute effort. When it became apparent Thursday (Oct. 13) the full
number of subscriptions could not be obtained by midnight, the limit previously set, the Comptroller of the Treasury was appealed to. He extended
the time 24 hours to last midnight. . . .
Under an agreement, depositors will be permitted to withdraw 60% of
their deposits immediately, the remaining 40% to be left two years.
Bradley Beach advices on Oct. 17 to the Newark "News"
contained the following additional information regarding
the opening of the bank:
Although it was opened for lees than three hours, the First National
Bank of Bradley Beach received deposits in excess of drafts upon accounts,
amounting to $3,000 Saturday. To-day (Oct. 17) the bank will resmne its
regular business after being closed for nearly 10 months. Depositors were
permitted to withdraw up to 60% of their deposits in the old institution.
Word from the Comptroller of the Treasury approving the reopening was
not received until 11:55 o'clock, and although the bank officials intended
to close the institution at noon, several hundred people had entered the
building and were permitted to make withdrawals and deposits until the
last had been served.
The Board of Directors of the old bank elected James D. Carton President
of the reorganized institution, the position he held in the old bank at the
time it closed, Dec. 24. Three other former directors were named to the
Board of the new bank as the old Board members resigned one by one, new
members being elected as each vacancy occurred.
According to the Newark "News" of Oct. 15, the Matawan
Bank at Matawan, N. J., which closed its doors in December
1931 to protect its depositors, may reopen shortly. The
"News" said in part:
According to George Compton, Deputy Banking Commissioner, a plan for
the reopening of the bank in about 10 days had been submitted and
approved by the Banking Department.
Christian Heuser, President of the bank, said nothing official had been
given out and no date had been set for the reopening. He said a plan for
the reopening had been submitted and approved by the Banking Department
about three months ago.
The bank will not open until after the stockholders' meeting, which has
been called for next Saturday afternoon (Oct. 22), in the bank.
Trenton, N. J., advices to the Newark "News" on Oct. 17
stated that the Edgewater Trust Co. of Edgewater, N. J.,
had that day filed a bill In Chancery seeking to compel
S. Leslie Doremus, former President, to account for approximately $50.000 alleged to represent loans of bank funds
made without knowledge of the other directors. The dispatch, continuing, said:
The bill alleged specifically that while he was President from 1926 to
May 2 1932, Doremus "habitually concealed from said directors his action
in making loans, renewals, discounting paper and purchasing securities."
Several instances are recited in which it is alleged Doremus overstepped
his authority. It is charged he made a loan of $4.600 to Angelo Traviani
on a worthless third mortgage, a loan of $10,511 to Benjamin Klein, a bankrupt, and one of $30,000 to the Arcola Realty & Development Co. of which
he was half owner.
Another allegation is that Doremus made a loan of $5,000 to Anton
Bohm, his partner in a realty concern, and that Doremus appropriated to
his own use half of the $30,000 advanced to the Arcola Co.
George H. Arnold has been appointed Vice-President and
Trust Officer of the Illinois Bank & Trust Co. of Rockford,
Illinois, and will assume his new duties on Nov. 1. The
Chicago "Post" of Oct. 15, from which this is learned, went
on to say:
Mr. Arnold is well known in Chicago banking circles, having spent many
years in the corporation buying department of the Harris Trust dt Savings
Bank and the underwriting department of Foreman-State Corp. Since the
closing of the latter institution he has been acting as General Manager of
the Equity Ownership Corp., handling the reorganization of utility and
real estate properties.
The new bank which has been organized in Washington,
Pa., under the title of the Washington Union Trust Co.,
Washington County, opened for business Oct. 18, according
to the Philadelphia "Ledger" of that date. The new organization succeeds the former Washington Trust Co. and the
Union Trust Co., which closed their doors early in October
1931. The paper mentioned, continuing, said:
Dr. William D. Gordon, Secretary of Banking of Pennsylvania, in a statement announcing the opening of the new institution, declared that "it will
be in a position to meet its deposit liabilities 100%." Ninety-seven per
cent. of the bank's assets are in cash, bonds and collateral loans.
Under the reopening. plan the new trust company has assumed certain
of the assets of the two closed banks and a part of the deposit liabilities;
other assets being segregated and are to be made available to depositors
as liquidated.
This will mark the second reopening of a closed bank, the first having
been the Homewood State Bank, of Homewood, Pa., several weeks ago.
Oct. 22 1932
With reference to the affairs of the defunct Northern
Central Trust Co. of Philadelphia, Pa., it is learned from the
Philadelphia "Ledger" of Oct. 16 that the first account of the
State Banking Department of Pennsylvania in possession of
the institution has been filed in the office of the Prothonotary
of Common Pleas Court. The paper named,continuing, said:
The Secretary of Banking charges himself with assets appraised at $2,687,491 as of Sept. 28 1931. when the trust company was taken over. Credit is
claimed for losses in conversion and disbursements amounting to $1,143,040,
including a 10% advance payment to depositors of $197.878.
The liabilities as of July 6 1932, are given as $2.015.890 with deposit
liabilities as of the same date amounting to $1,977,852. The Secretary of
Banking had on hand July 6, cash and unconverted assets appraised at
$1,650,746.
The closing of this institution on Sept. 28 1931, was noted
in the "Chronicle" of Oct.3 last, page 2209.
The Philadelphia "Ledger" of Oct. 16 stated that the
Carbondale Miners' & Mechanics Savings Bank, Carbondale, Pa., will make an advance payment Oct. 27 of 5% to
10,000 depositors amounting to $134,591.
Concerning the affairs of the defunct Bank of Crozet at
Crozet, Va., advices from Charlottesville, Va., on Oct. 17
to the Washington "Post," stated that the receiver of the
institution, Edwin H. Copenhaver, had announced on that
day that an additional dividend of 10%, amounting to
$14,253, would be available to the depositors the next day,
making a total of 30% to be received since the institution
closed its doors the first of last year. The dispatch continuing said:
A dividend of 20%—$29,550.41—was paid depositors during 1931.
Settlements with depositors have also been made to the extent of $14,016
by making set-offs on notes due. This makes a total settlement to date
of $57,818.98. When the bank closed its doors depositors were due approximately $156,000. This amount has thus been reduced to slightly leas
than $100,000.
Sterling B. Cramer, until recently connected with the Continental Illinois Bank & Trust Co. of Chicago, has become
President and a director of the First-Central Trust Co. of
Akron, Ohio, the large institution formed last fall by the
union of the First-City Trust & Savings Bank and the Central
Depositors Bank & Trust Co., it is learned from Akron advices on Oct. 14 to the Cleveland "Plain Dealer." Mr.
Cramer, who has had thirty years of banking experience,
succeeds Harry Williams, who has been Chairman of the
Board and President since the new organization was formed,
atd who continues as Chairman. We quote further from
the dispatch as follows:
Bank officials announced the selection of Cramer was made because of
his wide experience in mid-west banking and to fulfil the promise made at
the time of the merger to bring in an outside executive to head the combination.
There will be no other changes in the official setup of the bank's management, it was said. . . .
Cramer started his banking career with the Merchants Trust & Savings
Bank of Chicago and took part in organizing the Federal Reserve Bank
in that city. Leaving the Federal Reserve Bank of Chicago, Cramer went
to the Continental Illinois Bank, where he has headed the commercial
group that has had the central territory, including Ohio. He is regarded
the best known Chicago banker in this section of the country.
E. G. Ruder, President of the First National Bank & Trust
Co. of Hamilton, Ohio, and a leader in financial and industrial circles of that city, died suddenly on Oct. 11 at Fort
Hamilton Hospital, following an operation. The deceased
banker had served as President of the First National Bank &
Trust Co. for more than 11 years, and in addition was
President of the Hamilton Dime Savings Bank, the Hamilton
Industrial Bank and the Miami Valley Knitting Mills; First
Vice-President of the Niles Tool Works Co., and Treasurer
of the Dollar Savings & Loan Co. He was in Ills 74th year.
That the Minerva Savings & Banking Co. of Minerva, Ohio,
will probably reopen in the near future Is indicated in the
following press dispatch from that place on Oct. 14, printed
In the Cleveland "Plain Dealer":
With 87% of the depositors approving the plan, steps looking toward the
reopening of the Minerva Savings & Banking Co. are nearing consunnnation.
According to F. G. Patterson the bank will release $50,000 upon reopening.
Joseph N. West, former Indiana State Bank Examiner
and later Cashier and liquidating agent of the American
Trust & Savings Bank of Richmond, Ind., was 'sentenced to
two to 14 years in Indiana State Prison on Oct. 10 on a
charge of embezzlement. A $20,000 fine was suspended by
Judge G. H.Hoelscher, of the Wayne Circuit Court. Advices
from Richmond to the Indianapolis "News" reporting this,
went on to say:
A plea of insanity entered by West's attorney was withdrawn and a
plea of guilty entered. Two other charges of embezzlement were dismissed.
Volume 135
Financial Chronicle
Abcut two months ago West disappeared with $10,000. and was found
wand:ring in a woods near Forsythe, Mo. The automobile he used was in a
stream in Taney County. Mo.
Besties being liquidating agent West was a member of the Board of Police
Commissioners and was active in American Legion circles.
From the Chicago "Tribune" of Oct. 7, it is learned that
the Lake County (I11.) Grand Jury the previous day returned
an indictment before Circuit Judge Ralph J. Dady at
Waukegan, charging Lyle Gotuiey, President of the closed
Highwood State Bank of Highwood, and seven other officials
and directors of the bank, with conspiracy. Those indicted
with Mr. Gourley were his father, John J. Gourley, a
Highland Park coal and lumber merchant and a director of
the bank; Harry Colander, Vice-President; John E. Engquist,
Cashier, and John J. Flannigan, William J. Brown, Waiter
E. Meierhoff and Guy Vitti, all directors. Lyle Gourley is a
City Commissioner of Highland Park, and Brown is a former
City Commissioner there.
The "Tribune" continuing said:
The bank closed on July 28. At the time It had liabilities of $200,000 and
held $25.000 in cash. State's Attorney A. V. Smith started an investigation
of the institution after he had received complaints that a number of the
directors and members of their families had withdrawn large sums from the
bank just before it closed.
The investigation disclosed that Olander had withdrawn $1,500 shortly
before the closing, and Flannigan $5,000. The indictment charges that
the officers and directors were aware that the bank was insolvent on July 27
and tot some period before that, but that they continued to receive deposits
and operate the bank.
Members of the Grand Jury asked permission of Judge Dady to present,
along with the indictment.a resolution crithdzing State Auditor Oscar Nelson
for the conduct of his office, on the grounds that no examination of the bank
was made by his office between October 1931, and last July, shortly before
the bank closed. Judge Dady refused to receive the resolution, holding that
the grand jury's powers were confined to the presentation of indictments
and no-bills.
I
A complete list of the officers of the new City National
Bank & Trust Co. of Chicago was announced on Oct. 13 by
General Charles G. Dawes, Chairman of the Board, it is
learned from the Chicago "Post" of Oct. 13. In addition to
General Dawes, Philip It. Clarke, President, and C. C. Haffner Jr., Executive Vice-President, the officers are as follows:
Vice-Presidents—W. L. Burgess, A. R. Floreen, A. T. Leonard, H. A.
Mereight, C. S. McFerran, H. R. Moore and John Mt.
Assistant Vice-Presidents—O. J. Chortler, K. K. DuVail, L. B. McMahon,
R. R. Mentz, M. A. Olson and S. H. Otis.
Cashier—W. B. Noyes,
Assistant Cashiers—J. A. Hatttio, M. E. Shanahan and M. O. Smeck,
Auditor—P. J. Drexler.
Personal Trust Officers—H. J. Clark, F. R. Curda and H. W. Hawkins.
Corporate Trust Officer—G. R. Helfrich.
Assistant Corporate Trust Officers—J. S. Crossley and W. E. Toom.
Trust Investment Officer—W, K. Otis.
Assistant Trust Investment Officers—O. K. Johnson and R. E. Lenington.
Secretary—W. W. Henshaw.
Concerning the affairs of the First State Bank of Hartford, Mich., which was placed in the hands of a receiver in
July 1931, the "Michigan Investor" of Oct. 15 stated that a
dividend of 15%, the third, had Just been paid to the depositors, making a total of 50%. The first dividend
amounted to 25% and the second to 10%, it was said.
That the Clare County Savings Bank of Clare, Mich., will
be reorganized shortly is indicated in the following, taken
from the "Michigan Investor" of Oct. 15:
The Depositors' Committee of the Clare County Savings Bank at Clare,
which closed its doors May 21, has obtained the necessary quota of signers
for reorganization. The sum of $850,000 was required and it went along
rapidly until the lad $100,000, but a strenuous campaign during the past
week brought about the desired results.
.
The depositors of the Buchanan State Bank at Buchanan,
!Itch., the closing of which was reported in our issue of
Oct. 31 1931, will soon receive their second dividend amounting to $29,523.64, of which $11,637.70 will go to savings depositors and $17,885.94 to commercial accounts, according to
the Michigan "Investor" of Oct. 15.
That the American Exchange Bank of Manitowoc, Wis.,
is being liquidated by the Manitowoc Savings Bank of that
city, is indicated in advices from Manitowoc on Oct. 17 to
the Milwaukee "Sentinel," which said:
The initial step towards liquidating assets of the American Exchange bank by the Manitowoc Savings bank was accomplished Monday
when more than the necessary 80% of depositors had given off icial consent
to the plan.
Accounts of depositors were transferred to the savings bank. Those
with $250 or less in the bank were paid in full while others will receive
as% immediately and the balance later.
The Exchange hank has levied an assessment of 100% on its stockholders.
The Milwaukee "Sentinel" of Oct. 18 stated that officials
of the Wisconsin State Bank of Milwaukee had conferred
informally with the authorities in Washington, D. C., relative to placing the institution on a National basis, according
2779
to William II. Hasse. Cashier. The matter will be taken up
at a meeting of the directors on Nov.7 next, it was said.
That the closed Franklin State Bank of Milwaukee, Wis.,
will reopen shortly under the title of the Marquette State
Bank was reported in the "Commercial West" of Oct. 15.
An item referring to the affairs of this bank appeared in
our issue of last week, page 2608.
The Farmers' & Merchants' National Bank of Milbank,
S. D., recently observed the fiftieth anniversary of its
founding, according to the "Commercial West" of Oct. 15,
which named the officers as follows: W. S. Given, President; N. J. Blesser, Vice-President; E. H. Benedict, Assistant
to the President, and 0. B. Schneck, Cashier.
According to the "Commercial West" of Oct. 15, depositors
of the closed Security State Bank of Dante, S. D., are receiving a dividend of 8.6%, their first and the only dividend
to be paid.
The "Commercial West" of Oct. 15 stated that stockholders
of the Citizens' State Bank of West Union, Iowa, are receiving a second dividend on their stock. The bank, which has
been in liquidation since the summer of 1931, has already
paid off all its depositors, it is said.
Depositors of the closed Washta State Bank at Washta,
of
Iowa, are receiving an initial dividend of 8%, according to
the "Commercial West" of Oct. 15.
4.
The Farmers' & Merchants' Bank of Ceresco, Neb., was
reopened on Oct.1 with 50% of its deposits secured on waiver
agreements, according to the "Commercial West" of Oct. 15.
Officers were named as follows: Frank Wedberg, President; Herman Nelson, Vice-President, and Fred Mostram,
Cashier.
—*—
Consolidation of the Farmers' State Bank of Tekamah,
Neb., with the First National Bank of that place, effective
Oct. 13, was reported in a dispatch from Tekamah, printed
in the Omaha "Bee." The enlarged First National Bank
now has combined capital and surplus of $120,000; deposits
of $511.000, and total resources of $750,000. Officers (as
named in the advices) are as follows: Robert I. Stout,
President; E. C. Houston and D. W. Greenleaf (former
President of the Farmers' State Bank), Vice-Presidents,
and H. J. Fragge, Cashier.
That the Arthur State Bank at Arthur, Neb., a small
institution, is to liquidate was indicated in the following
dispatch from that place, Oct. 6, appearing in the Omaha
"Bee":
Due to the small volume of business, directors of the Arthur State Bank
have decided to liquidate the institution and pay all depositors in full, it
was announced Thursday (Oct. 6) by R. H. Barber, Vice-President of
the
Bank of Paxton at Paxton (Neb.), who also has an interest in the
Arthur
bank.
Depositors have been asked to withdraw their deposits and notice has
been given that after Nov. 5 no further deposits will be accepted
and no
checks paid.
Others interested in the bank are Theo. Lightbody of Arthur, Ray
0.
Langford of North Platte (Neb.)and Paul H. Kannow of Kearney
(Neb.).
The Bank of Burlington, at Burlington, Okla., after being
closed for three weeks following the disappearance of its
Cashier, Henry C. Doherty, reopened for business on Oct. 13
under a two-year moratorium plan, according to Associated
Press ad vices from Burlington, which added:
The bank was opened in charge of John H. Cotton of Prague,
who will
represent the State Banking Commission. No depositors
attempted to
.withdraw their money.
Doherty is free under $2,500 bond on a charge of
embezzlement, filed after
his return more than a week ago.
Regarding the affairs of the Vandeventer National Bank
of St. Louis, Mo., an institution which closed its doors on
Jan. 1 of the present year, a press dispatch from Washington,
D. C., dated Oct. 4, contained the following:
The receiver for the defunct Vandeventer
National Bank in St. Louis is
prepared to distribute to depositors an
additional dividend of 34%, it was
announced here to-day (Oct. 4). Checks for
the dividend are being made
out at the Treasury Department and probably
will reach Receiver Joseph
F. Holland by next Monday.
This dividend is supplemental to a 25%
dividend paid last July. It is
made possible partially through a loan from
the Reconstruction Finance
Corp., according to the Division of Insolvent
Banks of the Comptroller of
the Currency office.
The estimated amount of the new dividend is $324,853.
When this shall
have been disbursed, the aggregate dividend paid depositors in less
than
three months will have reached 59% of the claims, a total of $563.715. The
total claims proven amounted to $955,451. There were
3.260 depositors.
2780
Financial Chronicle
Secretary Cooksey of the R. F.0.said he was not at liberty to give information on loans made to banks or corporations except as the regular report
required by Congress is made public. The second report has been made, but
publicity on it was withheld by request of Chairman Pomerene. The first
list published did not show a loan to the Vandeventer Bank.
We reported the failure of the Vandeventer National Bank
in the "Chronicle" of Jan. 9 last, page 251.
The newly organized Bank of Whitesburg at Whitesburg,
Ky., which replaces the First National Bank of that place
which closed June 15 last, was to open for business on Oct. 10,
according to advices from that place Whitesburg to the
Louisville "Courier-Journal." Officers had been chosen as
follows, the dispatch stated: M. K. Marlowe, President;
B. C. Bach, Vice-President, and Herman Hale, Cashier.
With reference to the affairs of the closed Central Bank &
Trust Co. of Asheville, N. C., Attorney General Dennis G.
Brummitt, on Oct. 8, despatched for filing in the United
States Supreme Court the State of North Carolina's brief
on the petition for a writ of certiorari filed by Wallace B.
Davis (former President of the defunct Asheville bank),
Colonel Luke Lea and Luke Lea, Jr., who are asking to
carry to the United States Supreme Court their appeal from
convictions in connection with the failure of the Central
Bank & Trust Co.in 1930. The Raleigh "News & Observer"
of Oct.9,from which the above information is obtained, went
on to say:
The effort of the bankers to gain a review before the highest court in the
land is concurrent with attempts to have their cases reviewed a second time
by the North Carolina Superme Court—a course which the AttorneyGeneral's department is contesting just as it is the move to carry to appeal
to Washington.
Last week the Attorney-General'odged motions before the State Supreme
Court to dismiss both appeals, contending that the grounds set forth were
trivial and in violation of principles laid by the court in opinions clarifying
the famed Casey opinion on second appeals in criminal cases.
The Court held this spring that Leas and Davis were convicted properly
In Buncombe (County) Superior Court and should serve the sentences
Imposed for their part in the collapse of the $17,000,000 financial institution.
Shortly after the Court denied the defendants' motion for reconsideration, they sought new trials in Buncombe Superior Court on the ground of
newly discovered evidence. Judge Clement denied the motion but permitted
the defendants to appeal from his decision. Notice of appeal to the U. S.
Supreme Court was given following the failure to gain a new trial in this
State.
Luke Lea, Sr., former U. S. Senator from Tennessee and a Colonel in
the American Expeditionary Force who gained world-wide notoriety in
1919 for his plan to kidnap the Kaiser and bring him to the United States
as a Christmas present for President Wilson, faces the heaviest sentence
under the conspiracy conviction—from 6 to 10 years in State's prison; his
son, Luke Lea, Jr., faces a sentence of from one to three years and Davis,
President of the defunct bank,faces a term of four to six years. Davis also
faces another term for his conviction of violating State banking laws.
Subsequently, advices from Raleigh on Oct. 19 by the
Associated Press stated that the North Carolina Supreme
Court on that day had dismissed the appeal of Colonel
Luke Lea from a Superior Court ruling denying him a new
trial on a charge of violating the banking laws. Continuing,
the dispatch said in part:
The Court granted the motion of the State to docket the case and dismiss it. It also dismissed similar appeals by Wallace B. Davis of Asheville, former Asheville banker, and Luke Lea Jr. . . . To-day's
(Oct. 19) action ended the last recourse in the State courts of the three
men to escape execution of the sentences. They may, however, ask the
United States Supreme Court to review the proceedings.
Further referring to efforts being made to reopen the First
National Bank of Durham, N. C., a press dispatch from
that place under date of Oct. 11, printed in the Raleigh
"News & Observer" had the following to say:
Seventy-five per cent of the depositors of the closed First National Bank
have signed the creditors' payment agreement, the committee in charge of
the campaign to open a new National Bank of Durham announced Tuesday
(Oct. 11).
The remainder of the depositors in the closed bank must sign by Oct. 18
If the new bank is to be opened within the time limit fixed by the Comptroller, the committee said, in urging all depositors who have not signed to
attend to the matter without further delay. The new bank will have
capital and surplus of $300,000.
Oct. 22 1932
at Raleigh and other parts of North Carolina) has resigned
as a Vice-President of the Wachovia Bank & Trust Co.,
effective Nov. 1 next. Greensboro advices, on Oct. 14, appearing in the Raleigh "News and Observer," from which
the above information is obtained, quoted Mr. McLean (who
is ex-Governor of North Carolina) as saying in his statement:
Mr. Calhoun has been actively engaged in the banking business for SO
years. He was for a number of years Vice-President and Trust Officer of
the Bank of Maysville, Ky. Colonel Fries, late President of the Wachovia
Bank & Trust Co., brought Mr. Calhoun to North Carolina seven years ago,
and he was made Vice-President of the Wachovia Bank & Trust Co. at
Raleigh and placed in diarge of the banking department. He remained
there until 1928, when he was promoted and brought to the home office
at Winston-Salem, where he organized and had charge of the credit department of the entire system of the Wachovia Bank & Trust Co. and its
branches throughout the State. After the death of Colonel Fries and the
election of Mr. Hanes as President of the Wachovia Bank & Trust Co., Mr.
Calhoun took over Mr. Hanes's work, and is still occupying that position.
In addition to being a Vice-President of the Wachovia, Mr. Calhoun is
one of the general directors and a member of the Loan Committee of the
entire Wachovia system. .
.
The Board of Directors passed an unanimous resolution thanking I. B.
Grainger, Executive Vice-President, for the able and efficient manner In
which he has directed the affairs of the bank since the resignation of the
former President.
The dispatch also said in part:
There were no other changes in the personnel of the organization, ex-Governor McLean continuing to serve as Chairman of the Board, giving active
attention, as in the past, to the affairs of the bank, and Julius W. Cone
continuing to serve as Chairman of the Executive Committee. . . •
There are nine banks in the North Carolina Bank System. They are
located at Greensboro, Raleigh, Burlington, Salisbury, High Point, Wilmington, Rocky Mount and Kinston.
Cyrus K. Clarke, President of the First National Bank of
La Porte, Texas, died of a heart attack on Oct. 13 at his
home,King's Lea,on San Jacinto Bay. The deceased banker
was a native of Pittsburgh, Pa.
The Deseret Savings Bank of Salt Lake City, Utah, which
closed its doors last February, has submitted a plan to depositors providing for the release of approximately $2,500,000. The bank had 13,000 depositors and deposits of about
$6,500,000. Advices from Salt Lake City on Oct. 13 to
the "Wall Street Journal" reporting the above went on to say:
The plan calls for the liquidation of the assets of the bank under the direotion of the First Security Corp., which operates a chain of about 30 banks
In Utah, Idaho and Wyoming.
George L. Browning, President of the Seaboard National
Bank of Los Angeles, Calif., on Oct. 14 announced the election of Roland W. Nicol, investment counselor, to the
directorate of the institution, according to the Los Angeles
"Times" of Oct. 15, which went on to say:
Mr. Nicol was with the Rideout Banks in Marysville, Calif., prior to
war service in France, after which he became affiliated with Blythe-Witter
& Co. in San Francisco in 1919. In 1928 he studied for eight months under
Henry MacCormick at the Guaranty Trust Co. in New York and then
became salesmanager for the Eastman Dillon Co. in Chicago, later coining
to Los Angeles to enter the local investment field.
The Monroe National Bank of Monroe, Wash., was placed
in voluntary liquidation on Oct. 4 last. The institution,
which was capitalized at $25,000, was absorbed by the First
National Bank of Monroe.
The Royal Bank of Canada announces that data regarding
the recently revised Canadian tariff can now be obtained at
the New York Agency of the Bank. The various provisions
of the new schedules of duties will be explained to those who
may be interested.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been confused and uncertain during
the present week. Alternate periods of strength, unsettlement and irregularity have characterized the trading, and
• while the changes have generally been within a narrow
Associated Press advices from Winston-Salem, N. C., on range, the trend, on the whole, has been toward lower levels.
Oct. 11 reported that a quarterly dividend of 2% hal been Railroad stocks have attracted the most interest, though
declared on that day by the directors of the Wachovia there has been some buying in the specialties that has kept
Bank & Trust Co. of that city, payable Nov. 1. The dis- that group fairly steady. Trading has been dull and
patch also stated that Ralph E. Spaugh of Winston-Salem while there has been some selling, it was usually, quickly
absorbed without makinf much impression on the market.
had been elected Assistant Treasurer of the institution.
Tobacco shares had a sinking spell on Tuesday which exThe appointment of N. S. Calhoun as President of the tended into the following session and industrial issues have
North Carolina Bank & Trust Co., with headquarters at been generally weak. Call money renewed at 1% on
Greensboro, N. C., was announced on Oct. 14 by A. W. Monday, continued unchanged at that rate during the rest
McLean, Chairman of the Board of Directors. Mr. Calhoun of the -week.
Trading was light, changes were narrow and the closing
succeeds in the Presidency W. S. Ryland, who resigned many
months ago, since which time the affairs of the institution firm during the short session on Saturday. Prices were somehave been directed by I. B. Grainger, Executive Vice-Presi- what higher during the early trading, but the market quieted
dent. The new President of the bank (which has branches down as the day progressed. Railroad stocks started off
Volume 135
Financial Chronicle
2781
The market turned heavy shortly after the opening on
strong, but reacted to around the previous close. United
States Steel was well supported, the preferred moving up Friday and drifted downward during much of the remainder
about 2 points at its top for the day, though it reacted later of the session. Railroad shares which were moderately firm
in the session and closed at 76 with a gain of I point. Mer- during the preceding day tumbled downward followed by
chandising stocks were higher, Safeway Stores leading most of the active speculative favorites. Practically every
with a gain of a point Norfolk & Western was strong and group was more or less reactionary and while selling fell off
moved up 23% points to 973% and Canadian Pacific moved somewhat after the noon hour, the rallies were weak and
up to 669/i at its top. Other gains registered at the close failed to hold. At the close the changes were largely on the
were American Tobacco, 23( points to 713%; Eastman Kodak side of the decline and included Air Reduction 33% points to
3
pref., 73% points to 120; Endicott-Johnson, 2 points to 31; 53%; Allied Chemical & Dye, 5 points to 703%; Amer. Tel.
International Silver, 45% points to 18; Woolworth, 1 point & Tel., 53% points to 1013%; Atchison, 43% points to 40%;
4
to 373 ;Firestone pref., 23% points to 63; Atlas Power pref., Auburn Auto, 4 points to 403%; Union Pacific, 53% points to
%
4
13% points to 653/; Hershey Chocolate, 13 points to 567 ; 63, and Western Union, 3% points to 36%. At the close
Mack Truck, 1 point to 21; International Business Machines, the market was weak and near the bottom for the day.
4
13 points to 92, and Public Service of N. J., I% points
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
to 47%.
Stocks were lower on Monday, but recessions were small
State.
United
Total
Railroad
quwks,
and trading was comparatively light. Railroad shares
Bond
States
Number of and Missal. Municipal &
Week Ended
Bonds.
Sales.
For'n Bonds.
Bonds.
Shares.
Oct. 21 1932.
attracted considerable speculative attention, Atchison mov3293.000 $4,917.000
593,510 33,022.000 31,602.000
ing ahead about a point at its best, though it lost all of Saturday
7.387.000
833,000
2,953,000
3,601,000
770,310
Monday
its gain and closed 13% points off. In the final hour the Tuesday
1,770,500
8,873,500
3,957,000
3,146,000
1,020,900
6,889,400
616,400
2,092,000
4,161;000
1,303.330
Wednesday
market weakened and most of the favorite trading issues Thursday
7.191.000
750,000
2,060,000
4,381.000
1,055,950
8,054,500
1,043,500
2,441,000
4,570,000
1,241,695
closed at lower levels. Among the latter were such active Friday.....
5,985.695 323,692,900 $14,294,000 35.306,400 343,292.400
stocks as Allied Chemical & Dye, 18% points to 713 ; Ameri%
Total
can Can pref., 13/è points to 120; Amer. Tel. & Tel., 23%
Jan. 1 to Od. 21.
Week Ended Oct, 21.
Sales at
8
points to 103; American Tobacco "B", 23% points to 70%;
New York Stock
1931.
1932.
1931.
1932.
Exchange.
4
Auburn Auto, 23 points to 41; Beechnut Packing, 3 points
471,528,545
374,267,832
6,508,623
5,985,695
of shares_
to 40;Industrial Rayon,23% points to 253 ;Reading 1st pref., Stocks—No,
4
Bonds.
8 points to 25; Union Pacific, 2 points to 63; United States Government bonds.-- 35.306,4e0 814,234,700 3511,697.450 $170,061,900
699,373.160
624.448,100
State & foreign bonds- 14,294,000 23,355,000
Industrial Alcohol, 2 points to 24; Dupont, 13% points to Railroad &misc. bonds 23,602,000 41,284,000 1,370.793.000 1,474,843.460
5
*AR 000 Ann !IA 572 7n0 S2 MR 025 ASO 12 244 275 4110
35/f Consolidated Gas, 13% points to 543%, and Colorado
Gas & Electric pref. "A", 2 points to 693%.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
On Tuesday the market continued quiet with irregular
BALTIMORE EXCHANGES.
price movements and with little change in the active trading
Baltimore.
Philadelphia.
Boston.
list. Railroad stocks were moderately firm and tobacco
Week Ended
BondSales. Shares. BondSales. Shares. BondSalet.
Shares.
Oct. 21 1932.
shares were weak. During the first hour the market re471
85.000
8,351
31,000
versed its position and much of the loss of the preceding day Saturday
11,131
1,298
7,000
11.458
2,000
15,283
Monday
38.000
was recovered. As the session progressed the rally petered Tuesday
325
1,000
13,556
17,554
2.700
1,060
1,000
18.302
1,000
24,983
Wednesday
out, the unsettlement being brought about by the drive Thursday
3.000
478
5,000
17,496
25,000
21,251
3,000
350
1.836
1,000
4,099
on the tobacco shares. The changes at the close were Friday
3113.700
3.982
$19,000
slightly on the up side and included among others, American
70,999
$30,000
94,301
Total
Can, 2 points to 515 , American Tel. & Tel., 23 points to .......— --..,.. .........A lao nos 510 nan 175 752 125 500 4.800 $24.800
%
%
1053 ,Atchison, 33% points to 44, Auburn Auto, 23% points
%
to 433%, Bomberger, pref., 3 points to 80, J. I. Case Co.,
23% points to 423%, Eastman Kodak, pref., 5 points to 125,
COURSE OF WANK CLEARINGS.
Hershey Chocolate, pref., 3 points to 80, Union Pacific, 23
%
Bank clearings this week will again show a decrease as
%
points to 653 , Tide Watet Assoc. Oil, pref., 35 points to compared with a year ago. Preliminary figures compiled
%
443%, Allied Chemical & Dye, 13% points to 733%, Inter- by us, based upon telegraphic advices from the chief cities
national Harvester, 13% points to 223 , S. S. Kresge Co., of the country, indicate that for the week ended to-day
%
3
3 points to 99, Lambert Co., 13% points to 37%, and J. C. (Saturday, Oct. 22), bank exchanges for all the cities of the
Penney pref., 3 points to 87h.
United States from which it is possible to obtain weekly
Following early strength, stocks lagged all along the line returns will be 16.1% below those for the corresponding
on Wednesday. Around noon considerable profit taking was week last year. Our preliminary total stands at $5,126,in evidence and while the railroad shares maintained a fairly 878,071, against $6,112,310,402 for the same week in 1931.
steady showing, the rest of the list worked down to lower At this center there is a loss for the five days ended Friday
levels. Trading was on a small scale, the turnover for the of 5.5%. Our comparative summary for the week follows:
day reaching about 1,303,330 shares. Railroad issues were
Per
Clearings—Returns by Telegraph.
the leaders of the early advance and a few of the outstanding
Cent.
1931.
1932.
Week Ending Oct. 22.
trading favorites showed modest gains at the close. Stocks
—5.5
$2,902.828,503 33,070,487.227
New York
239,578,867 —35.1
closing on the side of the advance included among others Air Chicago
155,406,878
282.000.000 —20.2
225,000,000
Allied Chemical & Dye, Philadelphia
Reduction 13% points to 583%;
280.000,000 —33.9
185,000.000
Boston
70,722.563 —24.8
53,176,882
4
3 points to 763%; American Can,23% points to 533 ;Atchison, Kansas City
68,000.000 —17.8
56.000.000
St. Lbuis
107,120,000 —25.7
points to 453%; Atlantic Coast Line, 2 points to 24; San Francisco
79,602,000
13%
No longer will re port clearings.
Los Angeles
4
Auburn Auto, 23% points to 453 ; J. I. Case Company, 33% Pittsburgh
95.324,719 —38.3
80,734.935
83.405,981 —48.0
43,401.375
points to 46; Coca Cola, 33% points to 97; Consolidated Gas Detroit
77.748,526 —30.2
54,270,310
Cleveland
55.555,630 —18.4
48,420.138
points to 59; Delaware & Hudson, 4 points to 67; Del- Baltimore
23%
41,113,791 —27.9
29,858,387
New Orleans
4
aware Lackawanna & Western, 33% points to 343 ; New
$3,811,895.388 34,471.057.304 —14.7
Twelve cities,
4
Haven pref., 33 points to 30; Public Service of N. J., 23% Other cities, fivefive days
843,979,395 —28.5
480,503,005
days
points to 493%; Union Pacific, 33% points to 683%; Western
34,272,398.393 35,115.038,699 —18.5
Total all cities, five days
997.273,703 —14.8
%
854,479,678
Union Telegraph, 23 points to 31; United Air & Transport, All cities, one day
36.112.310.402 —16.1
2 points to 273%; North American Edison pref., 23% points to
SA 1211 a75_071
Total all oltIon for %gook
82% and International Business Machine,33% points to 933%.
Complete and exact details for the week covered by the
Price movements were somewhat irregular on Thursday, foregoing will appear in our issue of next week. We cannot
though most of the active stocks retained their early gains furnish them to-day, inasmuch as the week ends to-day
despite the frequent reactions. Railroad shares continued (Saturday) and the Saturday figures will not be available
to attract considerable speculative attention and showed until noon to-day. Accordingly, in the above the last day
some gains at the close. The changes for the day were small of the week has to be in all cases estimated.
and largely on the side of the decline. Prominent among
In the elaborate detailed statement, however, which we
the recessions were such stocks as Air Reduction, 1 point present further below, we are able to give final and complete
to 573%; American Tobacco, 3 points to 63; J. I. Case Co., results for the week previous, the week ended Oct. 15. For
4
2 points to 44; General Motors, IH points to 133 ; Gold that week there is a decrease of 38.5%, the aggregate of
Dust pref., 3 points to 99; Peoples Gas,1 point to 70; United clearings for the whole country being $4,084,700,689,
/
States Steel, 18s points to 383%, and Liggett & Meyers B, against $6,638,829,121 in the same week in 1931. Outside
23% points to 573%•
of this city there is a decrease of 36.1%, the bank clearings
Financial Chronicle
at this center recording a less of 39.9%. We group the
cities 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 show
a contraction of 39.9%, in the Boston Reserve District of
44.3%, and in the Philadelphia Reserve District 31.8%.
In the Cleveland Reserve District the totals are smaller
by 34.5%, in the Richmond Reserve District by 28.7%
and in the Atlanta Reserve District by 29.2%. The Chicago
Reserve District suffers a loss of 43.4%, the St. Louis
Reserve District of 29.7%, and the Minneapolis Reserve
District of 21.2%. In the Kansas City Reserve District
the decrease is 32.2%,in the Dallas Reserve District 39.4%,
and in the San Francisco Reserve District 34.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Oct. 15.
Clearings at
1932.
1931.
1932.
Inc.or
Dec.
S
$
%
831.923,411
120.688.572
-44.3
-39.9 6,430.317,593 11,822.225,869
736,474,089
518,591,649
-31.8
392.782.544
566.909.228
-34.5
184.569,575
-28.7
219.079.475
237,848,904
160.785,496
-29.2
761.577,660 1.1E6.219,823
-43 4
247,232,486
184.378915
-29.7
124,112.952
164.327.829
-21.2
256.949.500
195.520,533
-32.2
65,453.483
126,454,246
-39.4
317.728.229
487,852.889
-34.2
Federal Reserve Discs.
$
186 B566011---12 cities
197.325.070
2,572,046,367
2nd New York..1.2 "
344,074,020
3rd Philadelphia 10 "
4th Cleveland.... 8 "
179.974,029
515 Rlehaumd-- 6 "
99,649,459
82.655.048
6th Atlanta_ _...11 "
271,458,378
715 Chicago._....20 "
89.586.716
8th St. Louis... 6 "
73.184,824
8411 Minneauolis 7 "
88,008,463
10th Kaasaselty10 "
33,468.847
llth Dallae____ 5 "
153,259,466
12th San Fran..14 "
$
354,477,641
4,277.587,830
357,789,606
274.887.414
139.810,319
116.665.322
479,459.511
127,379.11
92.593.602
129,709.831
55.297,952
232.920.97•
Total
119 cities
Outside N. Y. C1/1
,
6,638,829,121 -38.5
2.489,278.825 -38.1
4,084,700,689
1.589.862.118
Ws ...Am
n'll , tol
rry
1929.
1930.
.1. ins "All
-as
9,856,633.231 16.883.397.74
9
3.582.911.188 5.320,403,656
442.513.050
514.438.749
Week Ended Oct. 15.
Cleartnas at
1932.
First Federal
Maine-Bangor__
Portland
-Boston
M899.
Fall River_
Lowell
New Bedford
Springfield_
Worcester
Con8.-Hartford_
New Haven_ _ _
R.I.-Providence
N.H.-Mancheer
Total(12 cities)
1931.
Ins. or
Dec.
8
3
%
-BostonReserve Diat riot
365.312
724403 -49.6
2.000,463
2.897.445 -31.0
170.977,989 310.807.900 -45.0
588,868
931,307 -36.8
298,713
460,747 -35.2
596.487
1.234,406 -51.7
2.584,896
4.849.876 -46.7
1,630.828
2.944.382 -44.6
6.130.063
9,921,537 -38.2
4.020.126
8,953,882 -42.2
7.734.000
12,258.500 -36.9
397.325
493.056 -19.4
197,325,070
354.477.641 -44.3
Second Feder al Reserve D istrict-New
-Albany..
3.929.579
N. Y.
6.433489
Binghamton...
081.529
981.777
Buffalo
21,396.104
38.312.979
Elmira
497,925
988,168
Jam66town....
488,959
876.560
New York.... 2,494,733,573 4,149,550,296
Rochester
5,449,550
9,098,345
Syracuse
2485.764
4,594,294
COWL-Stamford
1,897,357
2,797.100
N. 2.
-Montclair
517,262
1.070,180
17,091,957
Newark
28,469.46•
Northern N. 2_
22.368.155
34.366.996
1930.
8
654,799
3,545,765
468,658,495
1,045,499
535.634
1,288,221
4,960.799
3,569.92
13.993.078
8,014,833
13,699.600
722.932
520,688,572
1929.
6
677,487
4,395.705
749.000.000
1,675,148
1.492.219
1,872,763
6.400.760
5,011,920
25.859.053
13,196,557
21.396,600
945,219
831,923,411
York
-39.4
9.621,436
8,184.582
1.422,845
-30.0
1,615.931
-44.2
47,483.540
87.363.068
-49.5
1.083,721
1,103,556
-44.2
1.150.642
1.500.000
-39.9 6.273,722,033 11562,994093
-40.1
10,116,410
114,807.948
-35.0
5.249,045
9,690.250
-32.2
5.024.8
4.975.207
1.295.913
-51.7
1.063.392
33,009,917
45.103.406
-40.0
41.137.259
79.824.376
-34.9
Total (12011(09 2,572,046.367 4.277,587,830 -39.9 6.430,317.593 11822.225889
Third Federal Reserve Dist rict-Philad elahlaPa.-Altomm
1,237.032
269,681
595,632 -54.7
Bethlehem....
3.578.395
e2,309,63
3,362,589 -31.3
Chester
1,106,009
766.138 -68.9
238,018
1,818,058
Lancaster
1.103,692
2,572.427 -57.1
Philadelphia... 232.000.000 335.000.000 -30.7 493,000.000
Beadle-,
3,129,156 -38.1
1,935,6
92
3,387,2
Scranton_
4,659.055
2,175.747
4.208.21 -48.3
Wilkes-Barre
2.237.924 -41.8
1.301,76
3.956,235
York_
2323,593
936.856
1.558.523 -38.0
N.2.
-Trenton_
4.360,9.1 -59.3
1.773.000
3.727.911
Total(ID cltinr,
244.074.020
357,789,006 -81.8
518,591,649
1,593,816
5.395.823
1,602.709
2.496.769
700.000.000
5.587,172
7.147.297
5.000.000
2.326.199
5,334.304
736,474.089
Fourth Perim al Reserve D Istrict-Clev eland
01110
-Akron....
6299401
4,352,000
2.674.',, -884
6,076,000
Canton
b
b
b
b
b
Cincinnati
41,254.000
55.924576 -26.2
99.392,303
67,405,545
Cleveland
02.138,535
95.026.888 -34.6 137.749,858 199.088.204
Columbus
7.623,900
9,940.400 -23.3
22,411.100
17.256,900
Mansfield
c746,863
1.215,170 -38.5
2.219.517
1,951345
Yowiestown _ _
b
b
b
b
b
Pa.-PIttsburgh _
87.913.731 110,106,380 -38.3 164066.996 237,742.104
T,tal(6 cities)_
179.974.029
274.887,414 -34.5
392,782,544
566,909,228
Fifth Federal Reserve Dist riet-Richm ondW.Va.-FlunVg'n
316,471
533.637 -40.7
Va.-Nerfolk
2.349.000
3.201,884 -26.8
Richmond ._ _.
24.091,721
35.329,215 -31.8
--Cluirlexton
.700 uno
B.C.
1.742.5993 --59.18
-Baltimore
54,317.680
844.
75.063.732 -27.6
D.C.-Washin6'n
17,875.607
23.939,268 -25.3
1,179.337
4,201.041
49.295.143
2 621 492
98.545.499
28.718,063
1,494.726
4,808.881
57,180.000
2.863 492
122.240.326
30,492.050
Total(6 cities).
99,649,459
139.810,319 -28.7
184,569,575
219,079,475
Sixth Federal Reserve Dist rict-Atlant a
-Knoxville
2 058.253
3.614.805 -43.1
Tenn.
9,198,867
Nashville
11,792,317 -22.0
28 300 000
42.600.000 -33.6
Ga.- Atlanta-.
968.198
1.430.719 -32.3
Austasta
434.591
842.643 -48.4
Macon.
Nla.-tacienvfne.
8.217339
11.202,127 -44.5
6.la.-Btrming'm.
8.452.476
11,969,130 -29.4
853.399
1329.801 -24.5
Mobile
1.370000
1.243 000 +10.2
1SiMs.-Jaeks3n_
134,439
158.207 -15.0
Vicksbur4
24.667.336
30.682.573 -19.6
L41.-NewOriesn9
2.744.181
21,356,510
50 236 777
2415.943
1,510478
13,258.145
17.991.344
2.040.046
2.447 000
200.310
46.774.162
3.460472
28.922.205
70.000 000
3.760.661
3,005.576
17.813.664
31,398.535
2,987,488
2.500.000
371.458
73.630.447
116.665.322 -29.2
160.785.496
237 948.904
Total (51016109)
82,655.048
Inc. or
Dec.
1931.
271,458,378
479,459,511 -43.4
Eighth Federa Reserve DI. trict---St. 1.0 ulsInd.
-Evansville_
Mo.-St. Louis_ _
56.300,000
88.400.000 -38.3
18.797.332
21,323,472 -11.8
Owensboro. _
11
Tenn.-Siemplils
13,884.127
16,847,202 -17.6
111.-Jackeville_ _
100,348
128,57 -22.0
Quincy
504.911
679.863 -25-7
1930.
1929.
761,577,660 1,186,210,823
124,100.000
35,210,329
154400,000
48,628,689
23,847,107
143,699
1,057400
41,671.929
446,252
1487,616
184,378,935
247,232,486
Ninth Federal Reserve Die trict.-Minn espolisMlnu.-Duluth_
2.637.479
2.973.232 -11.3
2.561,137
50.410,262
Minneapolis_ _
83,256,87 -20..
82,880,160
St. Pan'
16.876.732
20,848,889 -23.8
27.751,872
N. Dak.-Fargo,
1420.008
2,148,931 -24.6
2,443,985
S.D.
-Aberdeen.
494,450
732,943 -32.5
1,116,901
Mont.
374.449
-Billings _
496.618 -24.6
846.397
Helena
1,171.444
2,436,119 -27.3
3,512.500
6,178,850
116,508,397
30,539,278
3,166,851
1,495.965
1,281.490
5,157.000
Total (5 cities).
89,586,718
Total(7 cities).
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
I
$
Seventh Feder al Reserve D hstect-C hi cago
Mich.
-Adrian _ _
199,405
162,720 -40.1
97,497
356,751
Ann Arbor_
468,003
790,945
803,526 -41.8
995,204
Detroit
50,673,025
96,559,357 -47.5 150.177,550 221,119.206
Grand Rapids_
2.160,471
5,999,636
4051,767 -46.7
6,894,097
Lansing
3.5(.0.722
2,633,356 -89.8
274,100
4.073,774
Ind.
-Ft. Wayne
848,304
2446,611
5,418,748
1,697,113 -50.0
Indianapolis.- _
11,080,000
21,790.972
14,805,000 -25.2
25,043.000
South Bend_..
843,321
2,306.028
1,188.972 -29.1
3,638,105
Terre Haute_ _ _
2,996,330
4,739,116
4,362.621 -31.3
5,423,492
Wis.-Milwaukee
13,114,924
23,445,623 -44.1
29,120,013
39,842,139
Iowa-Ced, Rap_
668,868
2,154,484 -89.0
3,265,457
3,555,464
Des Moines_ _
4,912,443
6.953,134 -29.4
7,881,522
11,402,232
Sioux City_ _ _ _
2,098,511
6,896,432
3,622.312 -42.1
7,295,043
Waterloo
890.174
1,780.820
2,351.577
111.-Bloomlon_
940,105
1,772,415
1,282,532
2,500.000
Chicago
176.191,192 307,822,683 -42.8 508.649.640 830,370.741
Decatur
428,596
740.224 -42.1
1394,369
1,413.268
Peoria
1,817.246
2,826.686 -35.7
7.132.945
4,179.270
Rockford
484,172
2,843,167
1,317,197 -83.2
4,054,569
Springfield_
1,360.670
2,140450 -38.4
3,339,478
2,483,370
Total(20 cities)
Week Endel Oct. 15 1932.
Oct. 22 1932
73.184,824
127,379.114 -29.7
92,893,602 -21.2
124,112,952
164,327,829
--61.2
232,235
460.373
4,344,061
44.076,271
3,117,245
6,928,253
128,682,814
4,955,600
1,071.408
a
1451,373
391,930
700,000
4,635.569
60,772.840
3.399,511
10.000400
167,578,585
6,415.667
1,278,417
a
1,788,131
129,709,831 -32.2
195,520,533
256,949,500
Eleventh Fede rat Reserve District.- D alias.
Texas
708,898
1,654,127 -57.2
-Austin _
27.982.696
39.987.265 -30.0
Dallas
2.771,000
Galveston
3,261,000 -15.0
2.006.253
La.
-Shreveport.
3,147.497 -36.3
1,839.256
45.570.122
4.008,000
4,647 735
2,550.229
90.1100.000
9.329.000
6 920 320
65,453,483
126,354,240
Tenth Federal Reserve Dist rIct.-Kansa
Neb.-Fremont
104.666
178,183
Hastings
129.079
138.786
Lincoln
1.734,124
3,166,837
Omaha
19.537,967
31,56.0,348
Kan.
1,359.894
-Topeka
1,818,502
Wichita
3.858.804
4.921,909
Mo.-Kans, City
57,884.126
82,658.459
St. Joseph_ _ _ _
2,384050
3,237.414
Colo.
-Col. SIRS.
487.873
950.758
a
a
Denver
Pueblo
527,880
1.090.635
88,008,463
Total (10 cities)
33.468,847
Total(5 cities)_
8 City.
--41.3
--7.0
--45.0
--36.1
---25.1
--21.8
--30.0
---26.4
--48.7
55.267,952 -39.4
Twelfth Feder al Reserve D Istrict-San Franci SCO-20.611.367
Wash.
31.354,768 -34.3
-Seattle_ _
41,141,025
5,092.000
Spokane
9,392.000 -45.8
13317,000
543.328
Yakima
1,013,003 -46.4
1,512.547
15,647.985
Ore.
27,609,092 -43.3
-Portland _
36.982408
8.669.032
Utah-S. L. City
13,357,104 -35.1
19.057,836
Cal.
2.717,587
4.456,803 -39.1
-Long Beach
6,905,365
No longer will report dearth 11S.
Los Angeles_
2.669.530
Pasadena
4,234,283 -37.0
5.709.923
5.945.515
Sacramento...
6,699,507 -11.3
6, 12,504
1,
San Diego__ _
2.708,426
3.788,887 -28.5
5485,953
San Francisco_
84.296.317 123,705,781 -31.9 171.056.920
San Jose
1.612.540
2,722,740 -40.8
4.075,052
Santa Barbara.
969,269
1.579,525 -38.6
1.982,324
758.793
Santa Monica.
1,545,686 -50.9
2,017.372
1,027.787
Stockton_
1.439,1400 -28.6
1.971.900
72.508,782
10.047.000
:.044,521
72,966,359
27.346,456
10,071,411
7.880.661
7,712,126
11.030.937
262401.724
5.762.388
2474,073
2.506.572
2,700,000
Total(14 cities) 153.269.488 232,900,979 --34.2 317,728,229
487,952,889
Grand total (118
4.084 700.689 .638.829.121 --38.5 9 856 833 221
cities)
16883397749
Outslde N.Y.__ 1 589.962 116 2 489.278 825 --36.1 3.582911.188
5.320.403,658
Week Ended Oct. 13.
Clearings al
1932.
s
CanadaMontreal
Toronto
Ninnlime
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Bertha
Brandon
Lethbridge...-.
Saskatoon
Moose Jaw
Brantford
Fort William
New Weatodneter
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Bar da
Sudbury
m.o.,/10 arI•lae‘
85.483.89
69.668.454
45.909.875
10,424.230
3,433.067
3.541,541
1.022,590
2.684.778
6,019.946
1,273,621
1,201.5
1479.196
3,416.956
4,115.486
329,95
337.822
1,683,936
497.015
739,269
483.437
382.979
199.068
486,2/34
547,092
906.704
1,719,076
231,700
505.903
463.468
365.660
299.957
387,956
Oil
29.2 401
1931.
$
86.837,527
73.394,263
36407.395
11.888.208
6.288,445
4,574,334
2.654.886
3,311,9
4,763.506
1.734.226
1.800.991
2,230.890
3,340,839
3,749.790
401.97
398.758
1,499.95"
473,842
718,065
506.371
477,963
249,487
566,171
639,147
859.066
1.961.889
275,881
650.629
699.091
403,076
321.125
671,452
250 Ina nAst
Inc. or
Dec.
i4
.1 111 4
.4_+114 4
_ _ill+M
1+1
L
wvwwww..w.A.w+.6.ww44wwcotzww rw—wkiw.-10 mO
kboi414W04.6:...00'140io0'WWW:p.M.W.L.
2782
_g
a
1930.
$
161,034,473
127,448,424
62.292.366
17.754.072
7,981.194
7,013.789
4.219.242
6.058,199
8445.499
2.496.445
2.629,686
3.285.844
6,476.833
6,079,915
616,777
588.710
2,599.876
1412,810
1,148,190
854.675
767,169
358.512
940.177
936,934
1,447,764
2,889,294
405,658
986.433
852.465
615.279
637,134
1.251,538
AII0 KIR nen
1929.
$
169.527.067
134,988.303
87433418
25465,537
3.2147.115
8.003.209
2,999,161
6,038.297
15,733.623
2,722.085
3,621.159
3,494.1499
8.073.283
10,197.728
820.634
1.142.788
4355.992
1.659.901
1,435,860
1.285.660
1,002,836
751.500
972.746
1.133,710
1,519414
5,649,713
714,127
1,177,643
901.100
701.221
982,037
el A ARO ,An
b CU', rilic 1.mine ..... fUlletIon 111/ al
prment.
c ("Mathis house reopened In February. d cures smaller due to merger of two
largest bank. •Due to merger of two lead:ng bank», thls figure reprenents
etch/mig9 of checks between fewer institutions f Only one bank open. No Meat
,
Mg (Wires available. • Eat:mated.
8 N,,looter rep. • La
Volume 135
THE CURB EXCHANGE.
Irregularity has been the dominating feature of the dealings in the curb market during most of the present week,
and while there have been frequent periods of moderate
strength these have usually been followed by a sweep of
realizing that has cancelled most of the gains. Oil shares
and public utilities were moderately strong on Tuesday and
Wednesday, and specialties have shown slight improvement,
but the changes for the week have generally been within a
comparatively narrow channel. Trading has been dull
and some short selling has been apparent from time to
time and only a handful of trading favorites were able to
hold their gains. On Saturday most of the industrials were
fairly firm, Electric Bond & Share leading the power group
to slightly higher levels. Aluminum Co. of America was
higher at its peak, but lost part of its gain and closed only
fractionally higher. Newmont Mining was higher and a
few specialties showed improvement. Oil shares lagged
behind and showed little change at the close. Leaders were
generally irregular on Monday as the curb list moved upward
and downward, though in the final hour some of the early
losses were cancelled. United Light & Power cony. pref.
was off about 2 points at one time and American Beverage
dropped off when pool support was withdrawn. Singer
Mfg. Co., A. 0. Smith and Newmont Mining Co. were the
weak features of the specialties section. In the oil group
Standard Oil of Indiana showed a fractional gain, while
Gulf Oil of Pa. and International Petrol( um were both lower.
Public utilities moved to the front on Tuesday as renewed
buying flowed into the Curb Market. Electric Bonda
Share and American Gas & Electric were fairly strong anil
regained part of the lasses of the previous session. Citgs
Service, on the other hand, was off on the day. The industrial sections moved forward under the guidance of Aluminum
Co. of America, which was higher by 2 points at it, top for
the day, though it lost part of its early advance and closed
at 523/2, with a net gain of 1 point. Miscellaneous stocks
also were more active and low-priced issues like Gold Seal
Electric and National Belles Hess registered good improvement. Oil stocks gained ground and substantial recoveries
were scored by tandard Oil of Indiana, International Petroleum and Gulf Oil of Pa. The buying side was the most
conspicuous on Wednesday, though the changes continued
within a narrow range. Aluminum Co. of America was in
good demand and moved up to 57 at its top for the day.
Electric Bond & Share fluctuated over a narrow range but
closed with a substantial gain. Oil shares were in moderate
demand, Pure Oil pref. featuring the group with a gain of
2 points at 59. Gulf Oil of Pa. moved around 30 with little
change and Standard Oil of Indiana was fractionally higher.
Prices on the Curb Exchange lacked definite trend on Thursday, though the gains were, on t e whole, somewhat in the
majority. Trading was devoid of special feature and public
interest was divided be ween a handful of power stocks and
a few specialties. American Beverage was under pressure
most of the day and closed fractionally down and Aluminum
Co. of America had a rather wide downward swing, but
rallied well before the close. Oil shares were lower, Gulf
Oil of Pa. and Standard Oil of N. J. slipping back a point or
more. Industrials, on the other hand, were fairly steady,
Parker Rust Proof, Glen Alden Coal and United States
playing Card holding around their previous close.
• On Friday,the curb market developed a decidedly reactionary tendency and stocks tumbled downward from fractions to
4 or more points. Utilities reflected moderate liquidation,
a large part of which centered around Electric Bond and
Share, though American Gas and Electric, and Cities Service
were also under pressure. Aluminum Co. of America' was
the weak spot of the industrial list and dipped 234 points
to 5334 and Great Atlantic & Pacific Tea Co. slipped back
about a point at the close. Oil shares moved within a
narrow range. The changes for the week were largely on
the side of the decline and included among others, American
Beverage, 7 to 5; Aluminum Co. of America, 55 to 5334;
American Gas & Electric, 27% to 273; American Light &
Traction, 18 to 173.; American Superpower, 5 to 434;
Associated Gas & Electric "A", 23 to 2; Atlas Corp., 73%
3
to 6/i; Central States Electric, 3/i to 3; Cities Service,
334 to 33; Consolidated Gas of Baltimore, 653/i to 63%;
s
Cord Corp., 45/ to 4%; Deere & Co., 11 to 1034; Electric
and Share, 2634 to 2234; Hudson Bay Mining, 3 to
Bond
234; International Petroleum, 93% to 8%; Pennroacl Corp.,
%
23 to 134; A. 0. Smith, 243 to 23; Swift & Co., 834 to 8;
%
United Founders, 13 to 19'; United Gas Corp., 234 to
2783
Financial Chronicle
3
29/8; United Light & Power "A", • 5 to 4%, and Utility
Power, 29/s to 23/8.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Oct. 211932.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
75.325 51.944,000
95.160 2,190,000
111.500 2.818.000
145.105 3.003.000
111.040 2.919.000
150,020 3.086 000
$31,000
130 000
142 000
113.000
125 000
125 000
Total
688 150 815 960 000
8666 000
Week Ended Oct. 21.
Sales at
New York Curb
Exchange.
8625 000 817 251.000
Jan. 1 io Oct. 21.
1932.
1931.
1,168,121
688,150
Stocks-No,of shares_
Bonds.
815,960.000 616,832.000
Domestic
530 000
666 000
Foreign Government_ _
790 000
625.000
Foreign Corporate
48,471,368
91,706,932
8706.890.100
26 25)1000
50.992 000
8738.887.000
24.268 000
32,112 000
$17.251,000 $18,152000
3784173.100
8795.267 000
Total
1932.
1931.
Total.
841,000 82,016,000
133.000 2.453.000
128.000 3 088.000
98.000 3.214 000
116 000 3 14)0000
109.000 3.320 000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 5 1932:
GOLD.
The Bank of England gold reserve against notes amounted to n39,421,213 on the 28th ult., as compared with £139.421,213 on the previous
Wednesday.
The substantial amounts of bar gold offered daily in the open market
have been taken for the U. S. A. and the Continent.
Quotations during the week:
Equivalent Value of
Per Fine
£ Sterling.
Ounce.
14s. 2.9d.
119s. 4d.
Sept.29
14s. 2.7d.
5d.
119s.
Sept.30
14s. 3.1d.
119s. 24.
Oct 1
14s. 3.04.
119s. 3d.
Oct 3
14s. 2.0d.
119s. 4d.
Oct 4
14s. 2.83.
119s. 4d.
Oct 5
14s. 2.9d.
119s. 3.7d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 26th ult, to mid-day on the 3d inst.:
Exports.
Imports.
£1,433.574
£1.330,004 France
British South Africa
380.150
1,454.371 U. S. A
British India
161.200
192.451 Netherlands
Australia
19.031
Poland
Straits Settlements and
7.334
136.754 Germany
Dependencies
5,182
83.680 Other countries
Salvage from SS. Egypt
62.644
British West Africa
25.786
New Zealand
28,378
Iraq
22.115
Anglo-Egyptian Sudan
10.213
Other countries
£2.006.471
£3,346,396
The Southern Rhodesian gold output for August 1932 amounted to
4V.254 fine ounces, as compared with 47,331 fine ounce's for July 1932 and
43.292 fine ounces for August 1931.
The SS. Narkunda is reported to have sailed from Bombay on Saturday
last bearing gold to the value of £513.000 consigned to London and £35,000
consigned to Holland.
SILVER.
Very quiet conditions have characterized the market during the past
week and no particular feature has presented itself.
-The Continent and China have worked both ways, while some purchases
have been effected on Indian account.
After remaining unchanged for four consecutive working days. quotations
4
have to-day risen 3-16d. for cash and ;id. for forward to 177 d Trind
17 15-164.. but at this level buyers seem satisfied for the moment.
There is little to justify the expectation of any considerable movemenrs
in the near future.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 26th ult. to mid-day on the 3d inst.:
Imports.
British India
Germany
Japan
Australia
Other countries
Exports.
£26,360 Yugoslavia
19,300 British India
14.351 Other countries
24.444
33,059
£117,514
Quotations during the week:
E25.785
12.200
5.825
£43,810
IN LONDON.
IN NEW YORK. .
Bar Silver per O. Std.
(Cents per Ounce .999 Fine)
Cash Delis. 2 Mos. Delis.
Sept.29__17 13-164. 17 15-16d. Sept. 28
27%
Sept.30--17 11-164. 17 13-16d. Sept. 29
27 7-16
Oct. 1-_ -17 11-164. 17 13-16d. Sept. 30
27%
Oct. 3.-17 1I-16d. 17 13-164. Oct. 1
27 7-16
Oct. 4..- -17 11-16d. 17 13164. Oct. 3
Oct. 5.-17 Nd.
17 15-16d. Oct. 4
i711
Average._ -17.740d.
17.8544.
The highest rate of exchange on New York recorded during the period
from the 29th ult. to the 5th inst. was $3.46 and the lowest $3.445£•
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Sept. 30.
Sept. 22.
Sept. 15.
Notes in circulation
17.577
17.553
17.526
Silver coin and bullion in India
11,529
11.507
11,477
Gold coin and bullion in India
1.134
1.123
1.123
Securities (Indian Government)
4.914
4,923
4,926
The stocks in Shanghai on the 1st inst. consisted of about 118.800.000
ounces in sycee, 3240.000.000 and 3.780 silver bars, as compared with about
116.500.000 ounces in sycee, $240.000.000 and 3.980 silver bars on the
24th ult.
Statistics for the month of September last are appended:
Bar Silver
Bar Gold
Cash Deli,. 2 Mns. Delis. per Oz. Fins.
Highest price
.18 13-16d. 18 15-16d. 119s. m.
Lowest price
17 9-16d.
17 11-16d. 117s. lid.
Average price
17.9964.
18.115d.
118s. 7.84.
.61
2784
Financial Chronicle
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:
Silver, p. oz d..
Gold, p.fine oz.
Consobi, 24%
British 5%_-British
%__
French Rentes
(in Paris)3% fr.
French War L'n
(InParls)5% fr.
Sat..
Mon.,
Oct. 15.
Oct. 17.
17 11-186. 17 11-166.
1198. 106. 1198.10d.
774
774
____
1024
102%
Thurs..
Frt.,
Wed.,
TU68..
Oct. 19. Oct. 20. Oct. 21.
Oct. 18.
174d.
174d.
1746.
174d.
1208.26. 12133.104d. 1218.7d.
120s.
77
774
76%
76%
102%
.102%
1024
102%
102)i
102%
102%
102%
81.50
80.60
80.70
80.40
79.90
100.60
100.20
99.60
99.20
98.60
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (eta.)
27%
27%
27%
27%
27
27%
THE BERLIN STOCK.EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
• April 29 1932 after having been closed by Government decree
since Sept. 18 1931. Prices suffered heavy declines. Closing
prices of representative stocks as received by cable each day
of the past week have been as follows:
Oct.
15.
.
Oct.
17.
Reichabank (12%)
Berliner Handels-Gesellschaft (4%)
Commerz-und-Privat Bank A. G.(0%) ..
Deutsche Bank und DIseonto-Ges.(0%)...
Dreedner Bank (0%)
Aligemeine Elektrizitaeta Gee.(AEG) (0%)
Geefuerel (4%)
Siemens & Halske(9%)
I. G. Farbenindustrie (7%)
HoltSalzdetfurth(9%)
day
RheinIsche 13ratinkohle (10%)
Deutsche Erdoel(4%)
Mannasmann Roehren (0%)
Hapag (0%)
North German Lloyd (0%,
Dessau Garr 7%
Berliner Kraft U. Licht 10%
Hamburg. Elektr.-Werke 84%
128
91
53
75
62
33
72
119
95
185
167
74
52
17
17
90
115
98
Oct. Oct. Oct.
19. 20.
18.
Per Cent of Par
126 125 125
90
90
90
53
53
53
75
75
75
62
62
82
32
31
32
70
69
71
118 118 118
94
94
94
186 183 182
185 161
180
71
72
71
51
50
50
16
17
17
17
17
17
88
69
88
114 113 113
97
98
97
Oct.
21.
125
90
53
75
82
32
70
117
94
162
161
71
51
16
17
88
114
97
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
October 211932.
Bid Ask
Anhalt is to 1948
35
40
Argentine 5%. 1945, 810058
pieces
80
122
Antloqula 8%. 1948
24
Bank of Colombia, 7%.'47 27
2812
2812
Bank of Colombia, 7%.'48 27
Bavaria As to 1945
4712 4912
Bavarian Palatinate Cons.
35
Cit. 7% to 1945
40
Bogota (Colombia) 834.'47 115
18
/5
Bolivia 8%. 1940
7
Brandenburg Elec.68, 1953 521/ 6312
314 34
Brazil Funding 5%,
British Hungarian Bank
132
34
748, 1962
Brown Coal Ind. Corp.
54
68
634s, 1953
Call (Colombia) 7%. 1947.
Callao (Peru) 74%. I94C
Ceara (Braz11) 8%, 1947..
CitySavings Bank. Budapest. 78, 1953
Dortmund MUD. HU'88.48
Duisberg 7%to 1945
Dusseldorf 78 to 1945
East Prussian Pr. 6/3. 1953_
European Mortgage & Investment 74s. 1966....
FrenchGovt. 548, 1937..
French Nat. Mall SS,88.'52
Frankfurt 78 to 1945
German AU. Cable 78, 1945
German. Building & Land
bank 834s%. 1948
Hamb-Am Line 64o to '40
Hanover Harz Water Wks.
8%. 1957
Boosting & Real Imp 78.48
Hungarian Cent Mut 713.'37
Hungarian Discount & Exchange Bank is, 1983...
Hungarian Ital Bk 7 48.'32
I Flat price.
19
18
J21/
/2712
32
36
33
43
3834
104
1041/
38
59i/
42
514
35
49
/32
125
f731/
Koholyt 645. 1943
Land M Bk. Warsaw 8,9.'41
Leipzig Oland P1 645.'46
Leipzig Trade Fair is, 1953
Luneberg Power. Light &
Water 7%, 1948
Mannheim & Paint 78. 1941
Munich 75 to 1945
Munlo Bk. Hessen,76 to'45
Municipal Gas & Elea Corp
Recklinghausen, 7e, 1947
Nassau Landbank 845,'38
Nat Central Savings Bk of
Hungary 7.4s, 1962....
National Hungarian & Ind.
Mtge.7%, 1948
Nicaragua, 5%, 1953
Oberpfalz Elec 7%, 194811 Ogdenburg-Free State 7%
10
to 1945
Pomerania Eleo 6%, 1953Porto Alegre 7%, 1988.
29 Protestant Church (Ger341/
many) is, 1948
39 Prey Bk Westphalia 68,'33
39 Rhine Westph Elec 75, 1936
45 Rom Catb Church 1345.'48
RC Church Welfare is,'48
3734
108 Saarbruecken M Bk 135. '47
10514 Salvador 7%, 1957
39 Santa Catharine (Brazil)
81
8%, 1947
Santander (Colom) 75, 1948
45 Sao Paulo (Brazil) 88, 1947
584 Saxon State Mtge 68, 1047_
Slem & Halake deb 68, 2930
39 South Amer RYs 6%, 1933.
50 StettinPub UM 78, 1946..
34 TucumanCity Is, 1951Vamma Water 5345, 1957281/ Vesten Elea Ry 75, 1947
781/ Wurtenberg Is to 1945
810 Ask
42
44
52
58
504 5312
373 39
4
41
49
43
35
45
53
51
40
40
57
43
62
/39
41
128
25
40
45
35
43
17
40
45
10
ss
40
60
56
84
48
2913
sa
57
541/
61
44
/14
71
16
554
144
11 112 1412
lo
18
56
as
300 325
4512 471/
47
50
12
15
71
32
48
51
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Oct. 15 Oct. 17
1932. 1932.
Francs. Francs.
of V-Ance
Bank
11,300
Banque de Padget Pays Has-.
1,420
Banque d'Union Parisienne
375
Canadian Pacific
358
Canal d3 Suez
15,085
Cie Diatr d'Electricite
2,000
Cie Generale dEectrialte
2,010
Cie Generale Transatiantique__
83
Citroen B
444
Comptolr Nationale d'Escompte
1,100
Coty Inc
170
Courderes
356
Credit Commercial de France..
638
CreditFonder de France
Holt4,550
day
Credit Lyonnais
1,960
Distribution dElectricfte Is Par
1.910
2,090
Haul Lyonnais
812
Mier& Eleetdque du Nord
953
Energie Electrlque du Littoral
63
French Line
Galeries Lafayette
760
Gas Le Bon
440
Kuhlmann
720
L'Air Liquid°
350
Mines de Courrieres
440
Mines des Lens
1,470
Nord Ay
Oct. 18
1932.
Francs.
11,400
1,430
355
355
15,310
2.025
1,980
80
433
1,100
180
353
624
4,500
1,960
1,990
2,060
612
948
60
"iiso
440
730
360
450
1,450
Oct. 19
1932.
Francs.
11,100
1,390
351
358
15,150
1,912
1.930
60
415
1,090
180
352
820
4,480
1,940
1,980
2,080
819
938
60
89
430
720
350
440
1,480
Oct.20
1932.
Francs.
11,200
1,420
358
370
15,080
1,982
1.970
60
413
1,100
180
351
821
4,520
1,940
2,120
625
945
59
88
760
430
730
350
440
1,470
Oct.21
1932.
Francs.
10,900
1,360
355
1;i66
f,eijo
180
4,450
1,880
1,930
2,080
_
59
89
760
420
700
350
430
1,450
Oct. 22 1932
Oct. 15 Oct. 17 Oct. 18 Oct. 19 Oct.20.
1932. 1932. 1932. 1932. 1932.
Francs. Francs. Francs. Francs. Francs.
Orleans Ry
970
980
984
990
Paris, France
1,010 1.060 1,050 1,080
Pathe Capital..98
96
96
Pechlney
1ili 1,160 1,120 1,140
Reines 3%
81.50 80.60 80.70 80.40
Relies 5% 1920
120.80 120.40 120.10 119.70
Rentes 4% 1917
95.00
95.00 94.90 94.70
Rentes 5% 1915
100.80 100.20 99.60 99.20
Rentes 8% 1920
101.70 101.20 100.70 100.30
Royal Dutch
1,510 1.510 1,480 1,480
Saint Cobain C.&0
1,870 1,860 1,585 1,580
HoltSchneider & Cle
day
1,190 1,190 1.190 1.180
Societe Andre Citroen
420
440
430
440
Societe Francalse Ford
109
104
105
108
Societe Generals Fonder°
183
185
181
181
Societe Lyonnalse
2,075 2,100 2,095 2,125
Societe Marsellialse
615
810
600
600
Suez
15,000 16,400 15,200 15,200
Tubize Artificial Silk, prof
140
137
136
140
Union d'Electricite
790
no
760
770
Union des Mines
200
--_
---200
Wagon-Lita
71
70
70
70
CURRENT
Od.21
1932.
Francs.
1,090
Zia&
79.90
118.70
93.80
98.60
99.80
1,480
--
"Zia
103
181
---14,900
"iiii
---......
NOTICES.
-Announcement has been made of the formation of King, Watkins &
Co., Incorporated, with offices in The Merchants National Bank Bldg.,
Mobile, Ala., to conduct a general securities business, specializing in the
purchase and distribution of Alabama, Louisiana, Mississippi and West
Florida municipal bonds.
Porter King. Vic3-President and Secretary, has been connetted with
The Merchants National Bank of Mobile, Alabama, for the past
17 Years.
resigring as Vice-President of the Merchants Securities Corp.. the bank's
Investment affiliate, and Warner S. Watkins, President. has been a member
of the firm of Marx & Co., Bankers, of Birmingham. Alabama,
for the past
12 years, in active management of the Bond Department
of that firm.
-Elworthy & Co., San Francisco investment firm, announce the admission as a partner of Mon R. Tucker, who has been
a prominent figure in
Pacific Coast finance for a number of years. Mr.
Tucker formerly was
President of Bond & Goodwin & Tucker, Inc., and later
of Tucker Hunter
Dulin & Co., formerly among the largest underwriting
and distributing
firms in the securities business in the West. In that capacity
he was active
In the organization and financing of many of the
leading enterprises on
the Pacific Coast.
Fenner, Beane & Ungerleider announce that the
October issue of their
Private Wire Directory is ready for distribution to clients
who travel in
the territory served by the firm's numerous branch
offices. For the first
time permanent offices In the State of Florida are listed, these being located
in Jacksonville and Miami. The new directory also makes
the initial listing
of two branch offices In Londor, which have been added
recently to supplement the European business conducted by the firm's Paris
office.
-Gilbert Elliott & Co. announce the opening of a Government bond
department under the direction of Stephen O'Brien, who has
had experience
In the Government bond business with the firms of J.
P. Cahill & Co.,
Ludwig Robertson & Co. and Rhoades & Co. Ralph
Warren, formerly
of C.F. Childs & Co ,will also be associated with the firm
in its new department.
-Henry T. Dunn, formerly Vice-President and Sales
Manager of Ross
Beason & Co., has become associated with Lord, Westerfield
& Co., Inc.,
of New York, as Vice-President and will be In charge of
wholesale distriouLion of American Business Shares, the new Investment trust
of the restricted
management type recently formed under their sponsorship.
-Frazier Moss, formerly Vice-President and
Manager of the First
National Co. of Fort Worth, Texas, has formed the firm of
Frazier Moss &
Co., with offices in the First National Bank Bldg., Forth
Worth, Texas
and will conduct a general investment
business, specializing In utilities
and Texas municipals.
-Reports that the South Carolina National Bank are
discontinuing
their bond department are not correct, and the services of
the bond depart
ments of the bank at Charleston, Columbia and Greenville,
we are advised,
are being maintained as heretofore for the purchase and
salo of securities
for customers accounts.
Schatzkin & Co., members of the New York Stock
Exchange, 60
Broad St., New York, have issued their October
analysis of bank and
insurance stocks, listing 27 banks and trust companies
and 48 insurance
companies, with complete third quarter statements and
comparisons.
-Holt, Rose dc Troster,74 Trinity Place, New York have
prepared their
usual statistical analysis of the statements Issued by the
forty New York
City banks and trust companies In answer to the calls issued
for their condition as of the close of September.
John F. Andrews, C.P. A.,formerly Vice-President
Kaul Lumber Co..
Birmingham, Ala., has formed the firm of Andrews, Harden
& Co.,certified
public accountants, with offices In the Jackson Building,
Birmingham.
-Craigmyle, Marache & Co.. Inc., announce that George
Peterson is
now affiliated with them in their sales organization,
representing the Hem
In Worcester and surrounding territory.
-Wm C. Orton & co ,43 Exchange
Place, New York City, have issued
their November, 1932 comparative analysis of first Insurance companies
and
New York banks and trust companies.
_G, BL-p, Murphy & Co., members New
York Stock Exchange, as"
nouree the appointment of S. Earl Taber as Assistant Manager of their
branch office in Utica.
- K. Rice Jr. & Co., 120 Broadway, New York, have prepared a
J.
simplified analysis of third quarter figures on leading New York banks
and trust companies.
George F. Robinson, formerly with White, Weld & Co., is now associated with Townsend, Graff & Co., members New York Stock Exchange,
New York City.
-Little, Wooter & Co., municipal bond specialists, Jackson, Tenn.,
have removed their offices to the ground floor of 106 South Liberty Street.
Jackson, Tenn.
-Rudolph J. Teichner, formerly Manager of tho Unlisted Trading Department of H. G. Einstein & Co., has become associated with IIIIson &
Neuberger.
- R. Naething announces the formation of H. E. Naething & Co.,
with offices at 2 Rector Street, Now York to deal In investment securities.
-Howard G. DeVan has become associated with the New York office
of Wachsman & Wassail and will specialize in unlisted stocks and bonds.
-William M. Baer, Nicholas Fox and Donald L. Graham are now associated with Gilbert Eiiott & Co. lc their bond brokerage department.
Gilbert J. Postley & Co., of this city, announce the opening of a
Municipal Bond Department under the direction of D. C. Rhodes.
Financial Chronicle
Volume 135
-Bristol & Willett, 115 Broadway, New York, are distributing the
current issue of their "Comparative Bank Stock Statistics."
William R. Compton Co., Inc., 90 Broad Street, New York City,
have prepared an analysis on Joint Stock Land Banks.
Schmeltzer, Clifford & Co., 1 Wall Street, this city in their current
review discuss the outlook for the stock and bond markets.
-Chandler & Co. have moved their Buffalo office from the Liberty Rank
Building to new and larger quarters at 11 Niagara Street.
Italo Conte has become associated with Schmeltzer, Clifford & Co. as
Manager of their Foreign Stock Department.
-G. L. Ohrstrom & Co.. Incorporated, are distributing an analytical
survey of Oklahoma Natural Gas Corp.
-Ettinger & Brand announce the removal of their Chicago office to
105 W. Adams Street.
-Charles T. Abeles Jr. has Joined the investment department of }Bison
& Neuberger.
Count=daland WiscelliatteratsBeWS
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Oct. 15 to Oct. 21, both inclusive, compiled from official sales lists.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week
Par. Price. Low. High. Shares.
Stocks-
Aetna Rubber corn
*
2
2
Cleve Elec Ili6% Pre_ _100
' 103% 104%
Cleve Ry "Cts Dep"_ __ 100 4014 40% 40%
Cleve Worsted Mills corn_•
43( 4%
Cleve & Sandusky Brow100
6
5% 5
Dow Chemical com
•
34
36
Federal Knitting M illscom•
26
28%
Ferry Cap 6: Set Screw_ _ _ •
1%
1% 1%
Foote-Burt corn
•
9% 9%
General T & Rubber com 25
37
37
6% pref series A
100
40
40
Goodyear T & Robb com • 14% 14% 16%
.
Greif Bros Coop el A
•
10
10
Halle Bros pre(
100 44
44
48
Harbauer com
•
4
4
Higbee 1st preferred_ 100
15
15
Interlake Steamship coin.*
20% 20%
Kelley Isld L & Tr com_ ._•
10% 11
Lamson Sessions
•
4% 4%
Mohawk Rubber com_ •
2%
214 2%
National Acme com
10
3
3
National Refining com__25
434 434
Ohio Brass B
•
7%
734 7%
Richman Bros corn
• 26
25
26
Beiberling Rubber coin_ •
2% 3
Selby Shoe corn
*
11
11
Sheriff Street M kt coin_ _•
0
6
Sherwin-Williams com_25 21% 21% 23
Trumbull-Cliffs Furn pf100 65% 80
65%
Union Metal Mfg com_ ___•
4%
4
434
White Motor Secs Pref-100
75
75
Bonds.
Cleveland rtY 58
o par value.
Foreign
1933
84%
Range Since Jan. 1.
Low.
High.
15
1% July
3
62 91% Apr 104%
12 35
Apr 35
50
3 May
6
142
2
Jan
7%
333 21% July 40
109 18% June 28
35
1% June
2%
100
534 Jan
9%
40 18
July 4934
15 30
July 60
690
5% May 28%
10
7% July 13%
90 44
Oct52
30
2 May
6%
50 15
Oct 40
25
9% May 26
150
8 May 15
50
3% June
7
50
Jan
1
4
30
1% July
5%
60
3% July
834
25
5% July 13
213 14 June 31
150
1
May
44
4
50
7 Jun
12%
58
5
Aug14
342 19% July 35
1,682 41
May 65%
175
3 July
7
50 70 May 89
84% 8694 52,000
841$
Oct
95
Jan
Oct
Aug
Sept
Aug
Sept
Aug
Sept
Oct
Jan
Jan
Aug
Jan
Sept
Jan
Jan
Jan
Jan
Jan
Sept
Sept
Feb
Jan
Feb
Jan
Sept
Apr
Jan
Oct
Aug
Apr
Nov
Trade of New York-Monthly Statement.
Merchandise Movement at New York.
;Iona.
Imports.
1932.
1931.
January_. 85,450,212 87.278,807
February _ 68,324,224 83.741.723
March-- 67.088.157 101,718.797
April
6E785.558 90,924,314
May
52,497,496 83.714.133
June
52,482.112 89,9132.205
July
37.656,849 84,823,090
Customs Receipts
at
New York.
Exports.
1932.
,
44,388,825
47,040.635
48,261,354
42,176.624
38.337.589
38.817.616
35,157,319
1931.
1932.
94,604,323
91,336,302
85.927.653
80,714,213
74.505,792
74.235,131
67,058,129
13,177,186
12,756,949
12,047,238
10,74E892
9.019.643
9,079.203
7.704,834
1931
15.764.232
15,741,196
17,612,788
14,702.264
13.569,915
14,455,069
17,237,635
Total-- 405,284,608 22.183,069 292.179.962 588.381,543 74,526,925
109,083,099
Movement of gold and silver for seven months:
Goid Movement at New York.
Month.
Imports.
1932.
1931.
Siker-New York.
Exports.
1932.
January- 19.067.937 9.404.455 107,842,041
February - 7,221.315 11,309.143 128.185.769
March-- 6.630,355 20,320,531 43.902.866
3.164,462 38,213,53 49,480.976
April
2.919.081 46,392,331 212,143.353
Mal
Aloe
2,229.61 35.321.267226.087,954
2,484,859 10,926,608 23,472.951
July
43,717.422 169,887,874 791,115,910
Imports.
1931.
Exports.
1932.
1932.
919,079
829,844
1.116,271
1,229.933
992.889
616.597
213,623
572,257
494,562
700,483
715,007
1,600,430
1.036,089
533,848
1.059,3281 5.918,236
5.652,676
2,000
20,000
37.000
1.000,3281
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
-Continental Illinois National Bank & Trust Co. of Capital.
Oct. 15
Chicago, Chicago, Ill
V5,000,000
ldent, James R.Leaven: Cashier, R.G. Danielson.
version of Continental Illinois Bank & Trust Co.,
hicago, Ill.
i
VOLUNTARY LIQUIDATIONS.
-The Monroe National Bank, Monroe, Wash
Oct. 15
Effective Oct. 4 1932. Liquidating agent, Whit H.
Clark, Monroe, Wash.
Absorbed by the First National Bank of Monroe,
No. 9372.
25,000
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By A. J. Wright & Co., Buffalo:
Stocks.
Per Sh. Shares. Stoats.
Shares. International
$ per share.
is Angel
Corp. par $1 10o 15 The Como Mines, par 81
70
2785
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sh. Shares. Stocks.
8 per Rh.
33 Prudential Investors, Inc., $6
1100 Pressed Steel Car N. J., pref..
pref., no par
66 ' par 5100
514
497 Calorle Coal Co., par 3100---$50 lot 500 Park Estates Corp. (N. Y.),
2 590 Deep Run Smokelems Coal Co.
no Par; $2,500 6% notes due
preferred, par 810
46 lot
Oct. 15 1932
$11 lot
178 71 Park Ave., Inc., sold sub181 G. G.Tegge & Sons,Inc.(N.Y.)
iect to provisions stated in stock
par $25
2100 lot
certificate
$7 lot 36 Towne Securities Corp. (Del.),
12 71 Park Ave., Inc.. sold subject
common, no par; 4 Union Dint° provisions stated in stk. ctf $2 lot
count Co., Inc. (N.Y.). Pref..
100 Great Northern Ry., prof.,
par $100; 2 Union Discount Co..
par $100
12%
Inc., (N. Y.), corn., no par:
100 N. Y.. N. H. & H. RR. Co..
100 United Wholesale Grocery Co.,
common, par $100
1494
(Del.), class A corn., no par----$9 lot
100 Southern Ry. pref., Par $100
1054
By R. L. Day & Co., Boston:
Shares. Stocks.
8 per Sh.
1919 89-100 Building Products,
Inc., pref., par $10; 2184 89-100
common par $10
$500 lot
100 The Thermatomic Corp., corn;
271 Oa Miners Nat. Quick Silver
S. A.,corn, par 100 pesos: 272 Chi
Miners Nat. Quick Silver S.A.,
pref., 100 Pesos
$25 lot
Shares. Stocks.
$ per Sh.
726 Spraco Inc., pref.; 1.126 COM.$500lot
18 Saco Lowell Shops, corn
750
$14,000 Hotel Charles 5348. Sept.
1953
$15 lot
15-75ths of an undivided portion of
the Peninsula Hotel Owned by the
bondholders of same, and located
in St. Petersburg, Fla. (as 13)-25 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
Per Sh.
15 Ninth Bank & Trust Co.. par $10 18
5 Northwestern National Bank &
Trust Co., par $20
26
5 Fidelity-Philadelphia Trust Co.,
par 5100
380
21 Penna. Co. for Insurances on
Lives & Granting Annuities, par
43
310
Shares. Stocks.
Per sh.
20 Philadelphia Nat. Bank, par $20 62
10 North Pennsylvania RR. Co..
Par $50
7494
Bonds.
Per Cent.
83,000 City of Philadelphia
%
Int. Jan.& July; due April 1 1976
(optional 1946)
8751
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Atlantic Coast Line 5% pref.-Dividend omitte d.
Dallas Ry.& Terminal. 7% pref. (quar.)
Nov. 1
Ontario & Quebec (s.
-a.)
Dec. 1
$3
Semi-annual
2% Dec. 1
Pitts. Bees.& Lake Erie (8.-a.)
8144 Dec. 1
Richmond, Fredericksburg & Potomac
7% guaranteed (s-a)
$4 Nov. 1
6% guaranteed (s-a)
:4 Nov. 1
United New Jersey RR.de Canal Co.
(qu) 82% Jan. 10
Virginian Ry.common-Div. passed.
Books Closed
Days Inclusive.
Holders of rec. Oct. 21
Holders of rec. Nov. 1
Holders of rec. Nov. 1
Holders of rec. Nov. 15
Holders of rec. Oct. 31
Holders of rec. Oct. 31
Holders of rec. Dec. 20
Public Utilities.
Cedar Rapids Mfg. dr Power (guar.)._
760 Nov. 15 Holders of rec. Oct. 31
Central States Edison 7% prof.-Divide nd passed.
City Water of Chattanooga 6% pf.(qu.) 154 Nov. 1 Holders of rec. Oct. 20
Concord Gas Co. prof. (quar.)
$134 Nov. 15 Holders of roe. Oct. 31
Connecticut Lt.& Pow.,554% pt.(qu.)1% Dec. 1 Holders of reo. Nov. 15
y4% preferred (quar.)
194 Dee. 1 Holders of reo. Nov. 15
Connecticut R.de Lighting Co.
Common and preferred (quar.)
1.1211 Nov. 15 Holders of rec. Oct. 31
Consumers Power Co.55 pref.(quar.)_ $1% Jan. 3 Holders of r*c. Dec. 15
6% preferred (guar.)
1% Jan. 3 Holders of rec. Dec. 15
1.65 Jan. 3 Holders of rec. Dec. 15
6.6% Preferred (guar.)
7% preferred (quar.)
1% Jan. 3 Holders of rec. Dec. 15
6% preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
50c. Jan. 3 Holders of rec. Dec. 15
6.6% preferred (monthly)
55c. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
55o. Dec. 1 Holders of rec. Nov. 15
8.6% preferred (monthly)
550. Jan. 3 Holders of rec. Dec. 15
Cumberland Cty.Pow.& Lt.. pf.(qu.)
$114 Nov. 1 Holders of rec. Oct. 15
Dallas Power & Light Co.7% pref.(qu.) 131 Nov. 1 Holders of rec. Oct. 21
$6 preferred (guar.)
3134 Nov.
Holders of rec. Oct. 21
Davenport Water 6% pref. (quar.)
Holders of rec. Oct. 20
194 Nov.
Eastern States Gas Co.(quar.)
1214e Oct. 1 Holders of rec. Oct. 1
Fail River Gas Works Co.,(quar.)
750. Nov.
Holders of rec. Oct. 24
Greenfield Gas Light6% pref.(quer.)._ _
750. Nov.
Holders of rec. Oct. 15
Havana Elec. & Utilitire Co.
6% corn. 1st preferred (quar.)
760. Nov. 1 Holders of rec. Oct. 22
Houston Lighting & Power 7% Id.(MI.). 194 Nov.
Holders of rec. Oct. 15
$6 preferred (quar.)
Holders of rec. Oct. 15
8134 Nov.
Idaho Power Co.7% pref.(quar.)
131 Nov.
Holders of rec. Oct. 15
$6 preferred (guar.)
$134 Nov.
Holders of rec. Oct. 16
Iowa Electric Lt.&Pow.7% pf. A-Div. action deferre d.
644% pref. B-Div.action deferred.
6% pref. C
-Div.action deferred.
Kentucky Ctn.Co.prior $334 Pt.(ou.)
8754e Nov. 19 Holders of reo. Nov. I
Keystone Telep. Co. of Phila. $3 pt. div. omitte d.
$4 preferred dlv. omitted.
Kokomo Water Works6% pref. (quar.)_
114 Nov. 1 Holders of roe.
20
Lincoln Tel.& Tel.6% prof. A (gust.).'. 114 Nov. 10 Holders of rec. Oct. 81
Oct.
Extra
250. Nov. 10 Holders of rec. Oct. 31
5% cum.special pref. (guar.)
1% Oct. 1 Holders of rec. Sept.80
Lorain Telep.Co. pref.(guar.)
3114 Oct. 1 Holders of
26
Louisville Gas & El.. corn. A & B (quar.) 43340 Deo. 24 Holders of roe. Sept.30
Tee. Nov.
Meadville Telep. Co. common (quar.)
3734c Nov. 15 Holders of rec. Oct. 81
Preferred B (s.
-a.)
8754c Nov. 1 Holders of roe. Oct. 15
Milwaukee Gas Light Co.7% pf. (qu.)_
Dec. 1 Holders of reo. Nov.25
Mississippi Power & Light pref. (guar.). $134 Nov.
Holders
Monmouth Cons. Water Co.7% pf.(qn.) 131 Nov.15 Holders of reo. Oct. 15
of reo. Nov. 1
Montreal Lt.,Ht.& Power Co.of.(au.). $2
Nov. 1 Holders of rect. Oct. 31
Mutual Telep.. Hawaii(monthly)
80. Nov.2 Holders of rec. Nov. 10
National Pow.dc Lt., corn.(quar.)
250. Deo.
Holders of roe. Nov. 12
National Tel.& Tel., cl A (guar.)
880. Nov. 1 Holders of rec. Oct. 17
1st preferred (quar.)
New England Water Lt.& Pow.Assoc. $131 Nov. 1 Holders of roe. Oct. 17
Preferred (quar.)
$114 Nov. 1 Holders of reo. Oct. 19
Pacific Gas & EL.6% pref.(qua?.)
37140. Nov. 15 Holders of tee. Oct. 31
5% preferred (quar.)
3434e. Nov. 15 Holders of reo. Oct. 31
Pacific Pow.& Light Co.7% pf.(qu.).
1% Nov. 1 Holders of rec. Oct. 18
$6 preferred (quar.)
Nov.
Phila. Suburban water Co. pref.(cm.)._ $1% Deo. 1 Holders of rec. Oct. 18
134
1 Holders of rec. Nov. 120
Portland Gas & Coke Co.7% pf.((BO
1% Nov. 1 .Holders of rec. Oct. 18
6% preferred (guar.)
194 Nov. 1 Holders of rec. Oct. 18
Princeton Water Co.(N.J.).(guar.)
750
Public Service Co. of Indiana $6 Pf.(qu.) $114 Nov. 1 Holders of roe. Oct. 20
Nov. 15 Holders of rec. Oct. 31
Public Service of N.J.,6% pt.(mthly.) Nov.
Shawinigan Water & Power Co.com.(qu) 50o. Nov.30 Holders of rec. Nov. 1
12c.
15 Holders of rec. Oct. 21
Common ((Mar.)
130. Feb. 15 Holders of rec. Jan. 21
Sierra Pacific Elec. Co.6% pref.(quar.)_
144
Swiss-American Elec.$6 pref.-Div. omi tted. Nov. 1 Holders of rec. Oct. 24
Tampa Electric Co. pref. A (quar.)
$15' Nov. 15 Holders of rec. Oct. 81
Common (quar.)
560. Nov.
Holders
Texas Power & Light Co.7% pf.(TO-. 1% Nov. 15 Holders of rec. Oct. 81
1
of roe. Oct. 15
$6 preferred (guar.)
$1% Nov. 1 Holders of rec. Oct. 15
Toledo Lt.& Pow. Co..6% pref.(qu.). 1% Oct. 1 Holders of rec. Sept. 15
Utica Gas di El.,$8 pref.(quar.)
$1% Nov. 1 Holders of rec. Oct. 20
Quebec Power Co.corn.((Mar.)
38c. Nov. 16 Holders of rec. Oct. 21
Oct. 22
Financial Chronicle
2786
Name of Company.
Banks and Trust Companies.
Kings County Trost CO. (guar.)
Per
When
Cent. Payable.
$20
Books Closed.
Days 'reclusive.
Below we give the dividends announced in previous weeks
and,not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Nov. 1 Holders of rec. Oct. 25
Fire Insurance.
Name of Company
50e. Nov. 15 Holders of rec. Oct. 31
Amer. Re-Insurance Co. cap. stk. (go.).
Nov.21 Holders of rec. Oct. 31
$1
Fire Association of Phila.(new stock)-F)iv. pas ed.
National Fire & Marine Ins. common
-Div.o mined
Penn (Wm.)Fire Ins. Co.of Pa.
Holders of rec. Oct. 17
$116
St. Paul Fire & Marine Ins.(quar.)
Miscellaneous.
50e. Dec. 1 Holders of rec. Nov. 15
Abbotts Dairies, corn.(guar.)
7% lot preferred (guar.)
15 Dee. 1 Holders of tee. Nov. 15
7% 2nd preferred (guar.)
114 Dec. 1 Holders of rec. Nov. 15
Allied Kid, $616 preferred (guar.)
$1 ei Nov. 2 Holders of rec. Oct. 24
$1
Oct. 22 Holders of rec. Oct. 18
American Book common (guar.)
Holders of rec. Oct. 15
50c.
American Fidelity Co. (guar.)
Si4 Oct. 15
American Furniture pref. A (guar.)
500. Nov. 1 Holders of rec. Oct. 20
American Investment Co. of III. elA(go)
25c. Nov. 15 Holders of rec. Nov. 5
American News Co. common (bl-mthly.
American Ship Building, pref.-Dividen d omit ted.
50c Dee. 1 Holders of rec. Nov. 12
American Stores Co.(guar.)
50e. Jan. 2 Holders of rec. Dee. 13
Extra
/175c. Nov. 18 Holders of rec. Nov. I
Artloom Corp., preferred
025e. Nov. 18 Holders of rec. Nov. I
Preferred
-a.)
Atlantic Steel pref. (s.
$34 Nov. I Holders of rec. Oct. 29
Babcock & Wilcox. Ltd.
=44 Nov. 7 Holders of rec. Oct. 17
Amer.dep. receipts ord. reg.
Badger paper Mills e% pref.(guar.).
75c. Nov. 1 Holders of rec. Oct. 21
Bomberger(L.)& Co..0l. Cl come/L(W) 116 Dec. 1 Holders of rec. Nov. 14
75c. Jan. 2 Holders of rec. Dec. 12
Beach-Nut Packing Co.. corn. (guar.)._
Bigelow Sanford Carpet & Rug Co.
$116 Nov. 1 Holders of rec. Oct. 22
Preferred (guar.)
Bohaek (H.C.) Co.. Inc.. corn.(guar.)... 62.160. Nov. 1 Holders of rec. Oct. 15
14 Nov. 1 Holders of rec. Oct. 15
Im7% lot preferred (guar.,
$14 Nov. 1 Holders of rec. Oct. 15
13ohack Realty Co.. 1st pref.(guar.)
50c. Nov. 15 Holders of rec. Nov. 5
Bond & Mtge. Guarantee.Co.(guar.)...
124c. Nov. 15 Holders of tee. Oct. 31
Buck Hill Falls (guar.) Builders Exchange Bldg.(Bait.). extra
Sc. Oct. 19 Holders of rec. Oct. 13
Buywell Food Markets, Ltd.
174c Oct. 15 Holders of'roe. Sept. 30
7% preferred (initial)
Oct. 1 Holders of rec. Sept. 30
$5
Canada Life Assonsnre Co.. (goon
15c. Nov. 15 Holders of rec. Nov. 1
Chain Belt Co.. corn. (guar.)
Chartered Investors. $5 pref. (guar.). _ 314 Dec. 1 Holders of rec. Nov. 1
Chicago. Wilmington Br Franklin Coal.
$111 Nov. 1 Holders of rec. Oct. 25
B preferred (guar)
23e. Nov. 1 Holders of rec. Oct. 20
Coast Breweries Ltd. (guar.)
Cohn-Hall Marx, 7% pref. div. passed.
Columbus Auto Parts-No dividend act1 on talc en.
$14 Nov. 1 Holders of rec. Oct. 17
Columbus Packing. prof. (guar.)
6216c Nov. 1 Holders of rec. Oct 20
Cone() Press Inc.. corn.(quar.)
$14 Dec. 15 Holders of ree. Dec. 1
/0 Preferred (guar.)
75e. Nov. 1 Holders of rec. Oct. 25
Diamond lee & Coal. pref.(guar.)
Dec. 1 Holders of rec. Nov. 18
$2
Dictaphone Corp., pref.(quar.)
25e. Nov. 1 Holders of rec. Oct. 20
Dominion-Scottish Invest.. 5% Pf. Min
50e. Nov. 15 Holders of rec. Nov. 1
Dow Chemical Co., no par stock (goon_
Nov. 15 Holders of rec. Nov. 1
Preferred (guar.)
50e. Dec. 1 Holders °tree. Oct. 31
Eastern Theatres. Ltd.. corn.(goonFamily Financing.7% pret.-Dividend a etion d eferred
Fenton United Cleaning & Dyeing Co.
314 Oct. 15 Holders of rec. Oct. 14
Preferred (fi oar.)
15e. Oct. 25 Holders of rec. Oct. 15
Firemen's Ins. Co. of Newark (quar.)...
10e. Nov. 1 Holders of rec. Oct. 21
(quar.)
Fuller Brush Co.. clam A
114 Dec. 1 Holders of rec. Nov. 12
Geist(C. 11.1 Co.Inc.. 4% Pref. (111.)- (
20c. Oct. 25 Holders of rec. Oct. 22
GlImore Orssolene Plant No. I (monthly)
75c. Jan.I'33 Holders of rec. Dec. 20
Gottfried Baking Co.. Inc.. cll. A (guar.)
75e. Apr.I'33 Holders of ree. Mar. 20
Class A (guar.)
75e. July1'33 Holders of rec. June 20
(guar.)
Class A
75e. Oct.1•33 Holders ofjec. Sept. 20
Class A (guar.)
Guilford Realty Co.-Cemmon dividend omitte d.
6% & 7% preferred-Dividends omitt ed.
15e. Dec. 1 Holders of rec. Nov. 15
Hale Bros. Stores Inc.(guar.)
750. Nov. 15 Holders of rec. Nov. 1
Hartford Times, Inc.. part. pref. (qu.).25e. Nov. 15 Holden of roe. Oct. 29
Hormel (Geo. A.) & Co.. corn.(quar.)
$116 Nov. 15 Holders of rec. Oct. 29
Class A. preferred (guar.)
Nov. 15 Holders of rec. Oct. 29
$7
Class B. preferred (annual)
Holdee of rec. Nov. 5
International FIarveeter Co.. pf.(quar.)_ $116 Dec.
Holders of tee. Nov. 16
60e Dec.
International Safety Razor Co. el.A (gut
Holders of tee. Oct. 15
Kansas City Stockyards. pf.(guar.)- - 814 Nov.
Holders of rec. Oct. 15
514 Nov.
Preferred (guar.)
Holders of rec. Oct. 2()
100. Nov.
Kekoha Surer Co.(monthly)
Holders of ree. Nov. 10a
Kendall Co.,cum. part. pref. A (gnat.).. $114 Dee.
25c. Jan. 2 Holders of rec. Dec. 21
Klein (Emil D.) Co. common (guar.)
Leh.& W.-Harre Coal Co.of N..1.(go.). 82 Oct. 20 Holders of rec. Oct. 10
Liberty Limestone 7% pref.-Div.°mitt ed.
Dec. 1 Holders of rec. Nov. 15
Liggett & Myers Tobocen Co.coin.(aol.) $1
314 Dec. 1 Holders of rec. Nov. 17
Lord & Taylor 1st pref. (guar.)
MacKinnon Steel Corp. 7% let pf.(go.) 14 Nov. 1 Holders of rec. Oct. 28
McCrady-Rodgers 7% Pref.-Div. Dame 4.
Meech. & Mfrs. Securities Corp. pref.- Div. o mitted.
Merland 011 Co.of Canada. Ltd.
Common (Initial)
24e Nov. 15 Holders orrec. Oct. 31
15c. Nov. 15 Holders to tee. Nov. 1
Mickelberry Food prod.Co.. corn.(WO Minneapolis Honeywell Regulator Co
250. Nov. 15 Holders of rec. Nov. 4
Morline Mfg. Co.. common (quar.)_.....
150. Nov. 1 Holders of roe. Oct. 20
250. Nov.2Q Holders of rec. Oct. 31
Mohawk Mining Co. cap. stock gluon!. Extra
Nov.29 Holders of rec. Oct. 31
$2
Holders of rec. Oct. 24
Mortgage Corp.of Nova Scotia (guar.).- $14 Nov.
Holders of roe. Nov. 19
Muskogee Co.6% cum. pref. (guar.)... 116 Dec.
National Biscuit Co. common (guar.).
70c. Jan. 1 Holders of rec. Dec. 16
Neon Products of Western Canada. Ltd.
6% preferred (guar.)
Holders of rec. Oct. 15
75e. Nov.
Holders of rec. Oct. 26
25c. Nov.
New Process Co. common (guar.)
Holders of rec. Oct. 26
. Preferred (gluier.)
114 Nov.
e5 Nov.
Holders of tee. Oct. 15
New York Hanseatic Corp
Noyes(C. F.) Co.. Inc..6% com.Pf.(gu) 014 Nov.
Holders of rec. Oct. 16
$216 Nov.
Ohio State Life Ins. Co..(guar.)
Oswego Falls Corp., 1st pref.(guar.)---- $2 Nov.
Holders of rec. Oct. 29
Holders of rec. Oct. 20
Sc. Nov.
Facile flay Products Co.(gum.)
Holders of rec. Oct. 18
Pioneer Mill Co.. Ltd.(guar.)
$116 Nov.
Holders of rec. Sept. 15
Oct.
$5
Plant Nut & Chocolate Co.(guar.)
Holders of rec. Sept. 15
116 Oct.
6% preferred (guar.)
Holders of rec. Oct. 15
) 0
Pogue (Il.& R. C -6% Pref.(guar.)... 14 Nov.
Oct. 1 Holders of rec. Oct. 14
Printing Machinery Co. common (guar.) $2
Oct. 1. Holders of rec. Oct. 14
$1
Extra
Holders of rec. Oct. 14
Oct. 1
$2
Preferred (quar.)
St
Oct. 15 Holders of rec. Oct. 14
Extra
Holders of rec. Oct. 18
Railway & Licht Reenritiee Co.Pf.(q11.)- $14 Nov.
Holders of rec. Oct. 15
Republic Service Corp. Mi pref.(qUar.)... $114 Nov.
30c. Nov. 1
Holders of rec. Nov. 1
Rich's. Inc. corn.(quar.)
14 Dec. 3 Holders of reo. Dec. 15
614% preferred (guar.)
Holders of rec. Oct. 18
25c. Nov.
Motor Car. Ltd.. corn.(guar.)Russell
Holders of rec. Oct. IR
14 Nov.
, 7% preferred (quar.)
Holders of rec. Oct. 20
.
Seaboard National Securities prof.(lu.) 374c Nov.
Holders of rec. Oct. 20
Semiritlee Corp. General $7 pref.(guar.), $14 Nov.
Holders of rec. Oct. 20
$134 Nov.
se preferred (guar.)
Holders of rec. Oct. 20
350. Nov.
common (guar.)
Selby Shoe
Holders of ref.. Oct. 20
14 Nov.
Preferred (guar.)
Holders of tee. Oct. 21
- $14 Nov.
Aerie. Chemical. prof.(WienSmith
Holders of rec. Oct. 20
4e. Nov.
Standard Corp. Inc. (guar.)
Holders of ree. Nov. 15
Strawbridge & Clothier 6%,..erA pf.(gu.) 134 Dee.
Holders of rec. Oct. 20
134 Nov.
Troxel Mfg. Co.. pref. (guar.)
Holders of tee. Nov. 16
50c Dep.
United Biscuit common (guar.)
Chemists pref.-Div.omit ted.
United Retail
Holden; of rec. Oct. 17
7c Nov.
United States Banking Corp
Holders of rec. Oct. 19
Nov.
corn.(guar.) E1
Vletor Talking Machine Co.
Holders of roe. Oct. 30
Nov.
Weston (Geo.), Ltd.(quar.)
Holders of rec. Oct. 22
14 Nov.
Corp.,614% prof. (guar.)
Whiting
omitted.
Yale Leasing Corp. div.
1932
Per
Cent.
When
Payable.
Railroads (Steam).
Augusta & Savannah RR Ora)
2 Jan 6'33
Extra. .
26c Jan 533
Chesapeake & Ohio Ry Co. pref. s.
34 1- 133
-a.)
Cincinnati Sandusky & Cleveland
Preferred (s. a.)
$14 Nov. 1
Cleveland Cincinnati & St. Louis
-5% preferred (guar.)
1)4 Oct. 31
Elmira de Williamsport (s.
31.16 Nov. 1
-a.)
Kansas C., St. L. de Chicago pref.(guar.) $14 Nov. 1
Maboning Coal RR.. rum. (guar.)
Mot Nov. I
Nashua & Lowell (s. a )
Nov. 1
$4
Norfolk & Western. adj. Pref.((Wan-- SI
Nov. 19
Northern RR.of N.H.(guar.)
514 Oct. 31
Pittsbg et Se ayne & Chic., corn.((W.).
- 14 Jan 243
Preferred (guar
134 Jan 3•311
Reading Co.. common (guar.)
250. Nov. lo
Utica, Chen & Susgu Valley (s-a)
$3 Nov. 1
Virginian Ky., preferred (guar.)
$14 Nov. 1
York His,, preferred (guar.)
624e. Oct. 31
Books Closed.
Days Inclusive.
Holders of ree. Dee. 8
Holders of rec. Oct. 25
Holders of roe. Oct. 5
Holders of rec. Oct. 20
Holders of rec. Oct. 20
Homers of rec. oct. 14
Holders of rec. Oct. 15
Holders of rec. Oct. 31
Holders of rec. Oct. 5
Holders of roe Dec 10
Holders of tee. Dec .10
Hoidens of tee. Oct. 13
Holders of rec. Oct. 14
Holders of rec. Oct. 15
Holders of rec. Oct. 20
Public Utilities.
Alabama Power Co..$6 prof. (oust.)
$1 34 Nov.' 1 Holders of tee. Oct. 15
Amer. Cities Pow.& Lt. Corp. el. A (Ott ) s75c. Nov. 1 Holders of rec. Oct. fia
Amer. Gas& Elec. Co. pref.
$14 Nov. 1 Holders of tee. Oct. 8
American 1.1gbt & Traction Co.
Common (guar.)
62160. Nov. 1 Holders of too. Oct. 14a
Preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 14a
Amer. E, ater i
e4 , V ,n 0 Lor) & Elec. Co.. Inc-,,,1 ,,
ks
50e. Nov. 1 Holders of rec. Oct. 7
Associated Telephone. pref.(guar.)
37.4c Nov. 1 Holders of rec. Oct. 15
$14 Nov. 1 Holders of rec. Oct. 7
Atlantic City Electric. prof.(gum.)
Bangor Hydro Elect corn.(guar.)
50c. Nov. I Holders of rec Oct. 10
British Columbia Tel. Co.,6% 2d pf (or)
14 Nov. 1 Holders of tee. Oct. 15
nutria*, elegant & ostern Pose, Carp
SI 4 Nov. 1 Holdors of me. Oct. 15
$6 preferred Omar I
Calgary Power Co., Ltd..6%pref.(quar.) 14 Nov. 4 Holders of rec. Oct. 16
120e hot 25 Hoidore
an North pow Corp. led moo ion
rec Sept 30
Holders of roe. Oct 15
Central Arizona Lt. & Pow.. $7 pf. (au.) $14 Nov.
Holders of rec. Oct. 15
$6 preferred (guar.)
$134 Nov.
Holders of rec. Sept. 30
Central ilferired ( uar.)Eleo. Corp.(qu ) 200. Nov.
6 rap m.u eon(g .t
l
ias
Holders of rec. Sept. 30
14 Nov.
Holders of rec. Oct. 15
Central Pow.& Lt. Co.7% prof.(guar.). 134 Nov.
Holders of rec. Oct. 16
6% preferred (guar.)
IS Nov.
Holders of rec. Nov. 15
Cleveland Elec. Ilium. Co. pref (guar.) $1 14 Deo.
Columbia Gas & Elec. Corp.. cont.(qu.) J 250. Nov. I. Holders of rec. Oct. 20
Holders of ree. Oct. 20
1.14 Nov. I
6% series A preferred (guar.)
Holders of rec. Oct. 20
14 Nov. 1
6% series No. 14 pref.(guar.)
.....
116 Nov. 1. Holders of roe. Oct. 20
5% cony. preferred (guar.)
Holders of rm. Oct. 15
Columbus RY., P.& L. Co.. pref. B(qu ) $1.63 Nov.
Holders of rec. Oct. 15
Commonwealth EdisonCo. Boston 'au ) $14 Nov.
Holdenu of roe. Nov 16
Commonwealth Utilities. pref. C (fiu.) $14 Dee.
Bohlen) of rec. Sept 20
Consollealod Gas(N Y.). a% pf. (qu.) 14 Nov.
50c. Nov.
Dayton Pow.& I.t.. pref.(monthly). _ _
Holders of rec. Oct. 20
Nov.
$3
Edison Electric Ilium. Co.(Boeton)
Holders of rec. Oct. 100
EleetrIc itond & Share Co..$e pref. km , $114 Nov.
Holden. lii tee. Oct. 5
$14 Nov.
$5 preferred bluer.)
Holders of rec. Om.
150. Nov.
El.Pow. Ammo., Inc.. el. A & corn.(qr.)
Holders of tee. Oct. 15
Holders of ref oft 27
hsaanabs ).1 lei, P & ry ,6se
a.)
1$, Nov
134 Nov.
Franklin Telegraph. 7(4% gtd. (s-a)
Holders of rec. Oct. 15
Hartford Elec. Light (guar.)
684e. Nov.
Hoidenu of roe. ()r1. IS
Honolulu Gas (monthly)
150. Oct. 25 Holders of tee. Oct. 15
Illinois Northern Utilities Co.
6% preferred Man
134 Nov.
Holders of rec. Oct. 15
$14 Nov.
$7 junior preferred (guar.)
Holders of rec. Oct. 15
Illinois Power & le. Co.e% pref.(au.)
$1 14 Nov.
Holders of rec. Oct. 10
Intenmtional Utilities. $7 pref.(au.) - $1 4 Nov.
1
Holden) of rec. Oct. 15a
474e Nov.
$34 preferred (pine)
fielders of rec. Out 154
Jamaica Water Supply, 734% pref (s-s)
14 Nov.
Holders of rec. Oct. 11
Lone Star Gm). $614 pref. (guar.)
514 Nov.
Holders of rec. Oct. 20
Los Angeles Gas & El. Corp.69, Pr.(qu ) 116 Nov. 1
Holders of rec. Oct. 31
Louisiana Pt A l.i Cu,. fel pref MUM .1 $1
V.v. 2 Hanlon of me oet 16
Malone Light & Pow.. $6 Pref. (guar.)._
$134 Nov. 1 Holders of tee. Oct. 20
Michigan
& F.lee. Co.. 7% old.(gut
134 Nov. 1 Holders of rec. ()et. 15
6% preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 15
$6 part. preferred (guar.)
$1 4 Nov. 1 Holders of rm. Oct. 15
20 preferred loom.)
514 Nov. 1 Holders of roc' Oct. 15
M6 watpreferred 00iar& Light Co.11% dt e Eiec. RY. .)
14 Oct. 31 Holders of rec. Oct. 20
13% preferred (guar.)
116 Deo. 1 Holders of rec. Nov. 15
Mohawk liuulaon Pow. Corp. pt tame
$14 Nov I Holders of rec. Oet. 15
moutmad U. Ht. & pc. Cons. ecan.(o...) t 37e. Oct. 31 Holders of rec. Sept. 30
National Pow. & Lt. Co.
pref (g...) $134 'goy. 1 Holders of roe Ore.
Nevada-Callfornia F.lec. Corp.. pt. rou.) $14 Nov. 2 Holders of tee. Rope 30a
New York Utilities, Inc.. pref. Oman- $134 Nov. 1 Holders of tee. Oct. 10
North Amer. Edison Co.. $6 pref. (w.) 5)34 Dec. 1 Holders of roe. Not, 15
No. Amer. Gas & Elect., $6 pref. (guar.) $116 Nov. 1 Holders of rec. Oct. 20
134 Nov. 1 Holders of rec. Oct. 10
Northern New York Util.,7% pref.(qu).
et 5 H oidrs of
3
1 i %fe2 2 ilolders 0f ;Le.sepi 30
611e
Northern Ontario Pow Co.. Ltd.. corn
e
. Seot 30
.
11% cum. preferred (guar.)
Northern States Power Co.(Del.)
14 Nov. 1 Holders of rec. Sept. 30
Common clans A (goon
15e. Nov. 1 Holden' of rec. Sept. 30
Northern States Power (Del.) al. ft (go )
Nov. 1 Holders of tee Oct. 25
12
Orange & Rockland Elec. Co.(guar.)
. 5 1,
It Nov.vi 113 111
Pacific Lighting Corp.. eom.(guar.).- ! ..im3 10410d.erare
rec
ree. 04. 2
.
16
0
Di roe.
Peninsular Telephone corn. (guar.)
/ Nov IS Holders of tee. Nov 6
1
4
7% preferred Oman
II
2 16 *33 Holden of um. Veb
7% preferred (goon
5.5e. Nov. I Holders of rec. Oct. 20
Pennsylvania Power Co.$6.60 Pf.(mtbly)
5.5e. Dee. 1 Holders ot rec. Nov. 19
$6.60 preferred (monthly)
$6 preferred (guar.)
$14 Dec. 1 Hoidens of roe. Nov. 19
Me Oct. 25 Holden) of roe. Oct. 1
Philadelphia Co. common (quar.)
114 Nov. I Hoidens of rec. out. 1
6% *um. pref. (semi ann.)
.
Ph 11arlelreferred w, $5 9ref. Man -- $14 Nov. 1 Holders of rec. Oct. 10
8,,l p phla lelec .mr3
N .
Nov.
14 eni 0f ere. 0. 20
111ders of roe 0 t. 2
Potomac Edison Co.7% prof. Moan. e
c
0
1)4
Public Service Co.of Colorado. 7% pref
68 1-3c Nov. 1 Holders of tee. Oct. 15
(monthly)
50o Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
'
41 2-3c Nov. 1 Holders of tee. Oct. 15
5% preferred (monthly)
Public Service con.. of N. J.50e. Oct. 31 Holders of tee. (lot. I
6% preferred (monthly)
75e. Nov. 1 Holders of rec. Oct. 15
Public Service of Nor W..common
14 Nov. 1 Holders of nee. Oct IS
7% preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 15
6% preferred (guar.,
35e. Nov. 15 Holders of roe. Oct. 21
Quebec Power Co.. corn. (guar.)
Nov. 1 Holders of ree. Oct. 15
Rhode Island Pub. Serv. Co.. e). A (quo $1
50e, Nov. 1 Ifoirimm of tee. Oct. 15
Preferred (guar.)
20e. Nov. 1 Holders of roe. Oct. 16
Rockland Light & Pow. Co.(guar.).
2 Nov. 15 Holders Cl tee. Oct. 20
Southern California Edison. corn. (go.).
50e. Oct. 25 Holders of rec. Sept. 30
Stundard GM A F:lee. Co.corn. Mon
$14 Oct. 25 Holders et rec. Sept. 30
Participating preferred (guar.)
$6 preferred Moan
$14 Out. 25 Holden' of rec. Sept. 30
$7 preferred (guar )
$14 Oct. 25 Holders of tee. Sept.30
Tennessee Electric Power Co.116
5% preferred (gust.)
1-2-33 Holders of rec. Doe. 15
8% preferred (gum.)
14 1-2-33 Holders of rec. Dee. 15
14 1 2-33 Holders of rec. Dec. 15
7% preferred (goon
81.80 1-2-33 Holden' of rec. Dee. 15
7.2% preferred ((Plan
6% preferred (monthly)
50e. Nov. 1 Holders of rec. Oct. IS
6% preferred (monthly)
50e. Dec. 1 Holders of rec. Nov. 16
6% preferred (monthly)
50c. 1-2-33 Holders of tee. Dec. 15
60e. Nov. 1 Holders of rec. Oct. 16
7.2% preferred (monthly)
7.2% preferred (monthly)
60e. Dec. 1 Holders of rec. Nov. 16
7.2% preferred (monthly)
600. 1•2-33 Holders of rec. Dee. 15
Financial Chronicle
Volume 135
Name of Company.
Per
When
Cent. Payable
Public Utilities (Concluded).
Southern Calif. Gas Corp.$8).4 pr.(qU.). $154 Nov.30
Southern Canada Power Co.. Ltd.
Common (guar.)
25e. Nov. 15
Standard Power & Lt. Corp. corn.(au.)
30c. Dec. I
Preferred (guar.)
$14 Nov. 1
Suburban Elec. See. Co., tot pref.(qM.). SI 4 Nov. 1
Toledo Edison Co.. 7% prof. (mtlelY) 58 1-3o Nov. .1
8% preferred (monthly)
500. Nov. 1
5% preferred (monthly)
412-30 Nov. 1
United Light & Ry. Co.(Del.)
7% preferred (monthly)
58 1-3c Nov. 1
8.38% preferred (monthly)
53e. Nov. 1
eel preferred (monthly)
,
50e. Nov. I
United Ohio Utilities Co..6% Of.
114 Nov. 1
Washington Light & 'Frac. (D.C.) (qu.) $3
Nov. 1
West Penn Electric Co..7% pref.(guar.) 14 Nov. 15
6% preferred (guar.)
114 Nov. 15
West Penn Pow. Co..7% cum.Pf.
14 Nov. 1
8% cum. preferred (guar.)
14 Nov. 1
Wisconsin Tel. Co. pref.(fluor.)
144 Oct. 31
Bank & Trust Cos,
Corn Exchange Bank Trust Co.(qu.)___
$1
Name of Company.
Holders of tee. Oct. 31
Holders of rec. Oct. 31
Holders of rec. Nov. 12a
Holders of rec. Oct. 15a
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of ree. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct.
Holders of rec. Oct.
HolderS of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
15
15
15
12
22
20
20
6
5
20
Nov. 1 Holders of rec. Oct. 21
Fire Insurance.
Camden Fire Ins. Co.. (guar.)
250, Nov. 1
Franklin Fire Insurance
25e. Nov. 1
Home Insurance Co.(N. Y.). (guar.)._
25e. Nov. 1
Richmond Ins. Co.(N.Y.), corn. Unit.).
100. Nov. 1
Standard Fire Insurance Co. (quar.)... 3714e. Oct. 23
United States Fire Insurance,corn
30e Nov. 1
Westchester Fire Insurance (guar.)
25c. Nov. 1
r'
Books Closed.
Days Inclusive.
Holders of roe. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Holders of roe. Oct.
Holders of rec. Oct.
Holders of roe. Oct.
Holden of rec. Oct.
15
20
15
11
18
21
21
Miscellaneous.
Abraham & Straus. Inc.. pref..(guar.) __
lq Nov.
Holders of rec. Oct. 15
Adams-M 11143 Corp.. common (guar.)._ 50e. Nov.
Holders of rm. Oct. 20
Preferred (guar-)
$14 Nov.
Holders of rec. Oct. 20
AlasIra Juneau Gold Mining Co.(quar.). 1214c Nov.
Holders of rec. Oct. 10
Allied Chemical & Dye Corp.. corn.(qu. 1 514 Nov.
Holders of rec. Oct. 11
Aluminum Manufactures, corn. (qtr.)._ 50c. Dec. 3 Holders of rec. Dec. 16
Preferred ((low.)
144 Dee. 3 Holders of rec. Dec. 15
Amerada Corp.. cap. stock. (guar.).--. 50o. Oct. 3 Holders of rec. Oct.
14a
AmorIran Can Co.. corn. (quilt.)
$1
Nov. 15 Holders of rec. Oct. 3Ia
Amer. Crayon Co.. 6% pref. (gime.).
154 Nov. I Holders of roe. Oct. 20
American Electric Securities. pref
1125e Nov. I Holders of roe. Oct. 20
American !envelope ho., 7% pref. (go.)
14 Dec. I Holders of roe. Nov. 25
America]) Hardware Co.. common (go.). 500 Jan 1'33 Holders of roe. Dec. 18
American Horne l'rod. Corp. (monthly)
350 Nov. I Holders of rec. Oct. 14a
American Ice Co., Com.(quar.)
25. Oct. 25 Holders of rm. Oct. 7
Preferred (quar.)
51 4 Oct 25 Holders of roe. Oct. 7
American Invest.. $3 pref. (guar.,
750. Nov. 15 Holders of rec. Oct. 31
AmericanMach.&FoundryCo..com.(qr.)
20o. Nov. 1 Holders of ree. Oct. 22
Amer Natl. Co.(Toledo). pref. A (go.)
111 Jan 113 Holders of rec. Dec. 20
Preferred B (quarterly)
1 Is Jan 113 Holders of rec. Dec.
American Ship Building Co., corn.(go) 50e. Nov. 1 Holders of rec. Oct. 20
15
Archer-Daniels-Midland Co.. pref.(qr.)- $14 Nov. 1 Holders of rec. Oct. 21
Atlantic Ice Mfg. pref. (s-a)
$354 Nov. 1 Holders of rm. Oct. 15
Atim Powder Co.. pref.(quar.)
$I oe Nev. I Holders of rec. Oct. 20
Austin Motor Co.. Ltd.. common
xis25 Nov. 7 Holders of rec. Sept.30
Bonus
zu25 Nov. 7 Holders of rec. Sept. 30
,
Aufetin, Nichols & Co. prior A (guar.)...
25e. Nov. 1 Holders of rec. Oct. 14
Beatty Bros cony. Int pref. (guar.)...
14 Nov. 1 Holders of rec. Oct. 15
Deming cortlee111, Ltd.. gonr.(guar.).
- 14 Nov. 1 Holders of rec. Oct. 15
Beneficial Indust. Loan Corp., corn.(go) 37 34e, Oct. 30 Holders
of rec. Oct. 15
Preferred series A
07540. Oct. 80 Holders of rec. Oct. 15
Block Firm. Tobacco. eon).(guar.)
3714c. Nov 15 Holders of rec Nov. 10
Preferred (guar.)
1 (((Dee. 31 Flolders
Bloomingdale tiros.. Inc., Prof. (guar.) $14 1 Nov. 1 Holders of roe. Dec. 24
Blue Ridge Corp.8% cony. pref.(quar.) m75c. Dec. 1 Holders of rec. Oct. 20
of rec. Nov. 5
Bon Ami Co.. clam A (guar.)
II
Oct. 30 Helder, of ree (let 15
Borden Co.. common (guar.)
50e, Dec. I Holders of rm. Nov. 15
Boor.lots, Inc., Prof. (guar.)
8840. Nov. 15 Holders of ree. Nov. 1
BrItman Elect. Co.. pref. (goes'.)
144 Nov. I Holders of rec. Oct. 15
weray Dept.Storm. foe. 7% let pf.
11 Nov. I Holders of rec. Oct. 15
4
(qr./
Brown Shoe Co.. Prof. (guar.)
14 Nov. I Holders of ree. Oct. 20
Bullock Fund (quar.)
20e. Nov. I Holders of rec. Oct. 15
Bunte Bros., preferred (guar.)
$14 Nov. 1 Holders of rec. Oct. 25
Burma Corp. Ltd_ Am. dee reo. (flea) si an oey.
22 Hoiden of rm. SOD% 15
Burrnah 011 Co., con) Interim
rtc5 Nov. 15 Holders of rec. Oct. 17
Byers(A. M. preferred (guar.)
$14 Nov. I Holden/ of rm. Oct. 14
Colombo Sugar Estates. corn. (guar.)._
40r. 1 2-33 Holders of roe. Dec. 15
Preferred (quar.)
350. 1-2-33 Holders of rec. Dec. 15
California Sugar Estate 7% pref.
35e. (-2-3:1 Holders of rec. Dec. 15
(g11.)
Campo Corp.. 84% pref. (quar.)
14 Nov. 1 Holders of rec. Oct. 15
Canadian Bronze Co.. Ltd.. Own.
(qu.) 314e. Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
$14 Nov. 1 Holders of rec. Oct. 20
Canadian ConvertersCo..Ltd..corn.(qr.)
50e. Nov. 15 Holders of rec. Oct. 31
Canadian Dredge & Dock. Prof.(qua,,).
1
Canfield 011 Co.. 7% preferred (gear.. $114 Nov.81 Holders of rec. Oct. 19
)
Holders .t reit Dee tt,
154 Dee
Capitol Management Corp. (guar.).
25e.
Central Illinois security. cony. M.(qu.). 374e Nov. 1 Holders of rec. Oct. 21
Nov. 1 Holders of me. Oct. 200
Centrifugal Pipe (guar.)
15c. Nov. lb Holders of roe. Nov e
Century Ribbon M1115 pref.(quay.)
$14 Dee. 1 Holders of rec. Nov. 19
Cherry Barren Corp., pref. (qui.e
$14 Nov. I Holders of re0. Oct. 15
Chicago Transfer & Clearing. pf. (gri.).- $134
1-2-33 Holders
Cluett. Peabody & Co., Inc.. Corn. (qu.) 25c. Nov. I Holden of roe. Deo. 15
Of roe. Oct. 21
Coats (J. & P./. Ltd. ord. reit•
red Oct. 31
(guar.).Colgate-Palmolive-Peet Co.
6% preferred (quay.)
14 Janf'22 Holders of rec. Dee. 10
Columbian Carbon Co.. cap. etk. (qu.)
50c. Nov. 1 Holders of rec. Oct. 14
Commercial Solvents Corp.. corn. (8,-.,)
300. Dec. 31 Holder; of rm. Nov. 21
Community State Corp el A (qua,.)
1214e. Dee. 31 Holders of
Consolidated Chemical Indust. rd. A (qu/ 37%c Nov. 2 Holders of rec. Dec. 27
Consolidated Cigar Corp..8 % pf.(qu.) 14 Nov. 1 Holders of rec. Oct. 15
rec. Oct. 17
Preferred (quar.)
$141 Dec. 1 Holders of rec. Nov. 11
Consolidated laundries Prof. (guar.)
$14 Nov. 1 Holders of rec. Oct. 15
Consolidated 011, 8% pref. (guar.)
2 Nov. 15 Holders of rec. Nov. 1
Consolidated Royalty Oil Co
5c. Oct. 25 Holders of rec. Oct. 15
Continental Can Co., Inc., corn.(guar.) _
50e. Nov. 15 Holders of rec. Nov. la
Coon(W. I).) Co..7% pref.(quar.)
$14 Nov. 1 Holders of me, Oct. 17
Rubber, $8 part. pref
Cord
25c. Dec. 15 Holders of reo. Nov. 15
Corso Mills. common (guar.)
25e Dec. 1 Holders of roe Nov IS
Counsellors Fund. Inc. (floe.)
28e. Nov. 1 Holders of rec. Oct. 15
Crosson Consoddated Gold Mining
le. Nov. 15 Holders of rec. Oct. 31
guar.)
Crum & Forster. 8% pref.(
52 Dec. 31 Holders of rec. Dec. 20
Cudahy Packing Co.. 6% pref. (8.-a.)
3
Nov. 1 Holders of rec. Oct. 20
7% preferred (s. a 1
314 Nov. 1 Holders of rec.
Deposited insurance Shares. cl. A (5.-11 ) 214 Nov. 1 Holders of rec. Oct. 20
Sept. 18
Doctor Pepper Co.(quar.)
30e. Dec. 1 Holders of roe Nov. 18
Dominion Bridge. Ltd.(guar.)
50e. Nov. 15 Holders of roe. Oct. 31
Pont(EA.) is Nom.& Go
Du
Debenture stook (guar.)
1(4 Oct. 25 Holders of rec. Oct. 10
Eastern Bond & Share 11 (qUar.)
250. Nov. 1 Holders of rec. Oct. 1
Eureka Pipe 1.101 0..(guar.)
Nov. 1 Holders of rec. Oct. 15
$1
E
..meigation Co.(quar.)
60e. Nov. 15 Holders of rec. Nov. 5
Exchange Buffet Corp.. cap. stk.(guar.) 134e. Oct. 31 Holders of rec. Oct.
15
s
aber, e'oe & (lemur pref.(guar.)
$14 Nov 1 Holders of rec. Oct. 2
Preferred (guar.)
$14 Feb
I Holders of rec Jan. 20
$14 Nov. 1 Holders of rec. Oct. 21.
Fair (The). preferred (guar.)
Foultieto Rubber Co., corn. (quar.)..._. 500. Jan.1'33 Holders of rm. Dee. 15
Federal Knitting Mills. cam.(quay,).... 62(40. Nov. 1 Holders of rec. Oct.. 15
Fiberboard Product.). prof. (guar.)
$14 Nov. 1 Holders of Fee. Oct. 15
50e, Nov. 1 Holders of me. Oct. 15
F1delltY Fund. Inc.. class A (quar.)
Extra
15e, Nov. 1 Holders of rec. Oct. 15
50c. Nov. 15 Holders of rec Nov. 10
FOod Mach. Corp.. $614 pref.(monthly)
(monthly)
$814 preferred
$1
Dec. 15 Holders of rec. Dec. 10
General Cigar Co.. corn. (guar.)
St
Nov. 1 Holders of rec. Oct. 17
134 Dec. 1 Holders of rec. Nov.23
Preferred (guar.)
10e. Oct. 25 Holders of ree. Sept. 3 a
General Electric Co.. corn. (guar.)
,
15e. Oct. 25 Holders of rec. Sept. 30a
Special stock (guar.)
2787
Per
When
Cent. Payable.
Books Closed.
Days Ineltatve.
Miscellaneous (Continued).
General Foods Corp. (guar.)
50c. Nov. 1 Holders of rec. Oct. 14
General Mills, Inc.. common (guar.).-- 750. Nov. 1 Holders of rec. Oct. 154
General Motors Corp.,$5 pref. (quer.) _
51(4 Nov I Holders of rec. Oct 10
General Outdoor Adyer.. pref. (gust.).. 314 Nov. 15 Holders of rec. Nov.
5
General Stockyards Corp., corn.(guar.).
75c. Nov. 1 Holders of rec. Oct. 170
$6 Preferred (guar.)
$14 Nov. 1 Holders of rec. Oct.
Gillette Safety Razor $S pref.(guar.)... $14 Nov. I Holders of me. Oct. 170
14
Gilmore 011 (guar.)
200. Oct. 31 Holders of rec. Oct. 15
Gold Dust Corp.. common (guar.)
40c. Nov. 1 Holders of tee. Oct. 10
Gotham Silk Blustery Co., Inc.. 7% pref
(guar.)
114 Nov. 1 Holders of roe. Oct. 11
Gottfried Baking Co.. Inc.. prof (quire )
134 Jan 2'33 Holders of rec. Dee. 30
Greve (Iv ft.) & Co..6% prof.(e-a)
3 Deo 29 Holders of rec. Dec. 28
•
Preferred A and B (gust)
9 Dee. 29 Holders of roe Dee 28
Great Lakes Dredge & Dock Co.(quay ).
25e. Nov. 15 Holders of rec. Nov. 4
Great lakes Englneeriow Works(go.)_
Sc Nov. 1 Holders of rec. Oct. 24
Halls Bros. Co.. pref.(ClOar.)
-- $144 (Mt. 31 Holders of roe. Oct. 24
Hardesty(R.) Mfg-.7% prof (gnat.)
14 Dec 1 Holders of Teo Nov 15
Hercules Powder Co., pref. (gnat.)
5144 Nov.15 Holders of rec. Nov. 4
Hershey Chocolate Corp., roes. (guar.). $1 54 Nov. 15 Holders of rec. Oct. 25
Convertible preferred (guar.)
Nov. 15 Holders of rec. Oct. 25
$1
Hewitt tiros Sloop. preferred (guar.) _
2 Jan 113 Holders of rm. Den. 20
Hibbard,Spencer, Bartlett & Co.(mthly)
10e (let. 20 Holders of rec. Oct. 21
Monthly
10e. Nov. 25 Holders of rot. Oct. 18
Monthly
10e Dec. 30 Holders of rec. Oct. 23
Hires (('has. E.)& Co.,corn. el. A fq
50‘. Om. 1 Holders of rec. Nov. 15
Hollinger Congo!. Gold Mines (mthly)
Sc. Nov. 3 Holders of rec. Oct. 20
Homestake Mining Co. (month)17).-750. Oct. 25 Holders of rec. Oct. 20
Horn & Hardest Co.(N. Y.), corn.(qu.) 624c. Nov. 1 Holders of rec. Oct. 10
Horne (Jos.). pref. (guar.)
$14 Nov. 1 Holders of rec. Oct. 22
Howes Bros. Co. 7% tat pref.(guar.)... 14 Oct. 30 Holders of rec. Oct. 20
• 7% preferred (guar.)
14 Oct. 30 Holders of roe. Oct. 20
8% preferred (guar.).
114 oft. 30 Holden; of roe. Oct. 20
Humber:tone Shoe Co.(quar.)
50c. Nov. 1 Holders of rev Oct 15
imperial Chemical Ord.
Ordinary shares..
nr24 Dee. 1
American deposit receipts ord. charm_ ne24 Dee. g Holders of rec. Oil. 14
Ind. Cot. Mills. Inc.(S.C., 7% pf.(go.)
14 Nov. 1 Holders of rec. Oct. 20
7% preferred (guar.)
14 '2-1-33 Holders of.. Jn. 2013
Indiana Pipe Line Co. capitol stock....
10c Noe,15 Holders of rec. Oct. 21
Extra
Se. Nov. 15 Holders of rec. Oct. 21
Industrial & Power Sete. Co.(guar.)
25e. 140.
Holders of rec. Nov. 1
Inter-Island Steam Navigation(mth17.)
10e ()et 3 frolders of rec. Oct. 24
Monthly
10e Nov
Holders of rec. Nov. 24
Monthly
10e Dee 3 Holders of rec Dee 24
Internat. Clear Mach. Co., corn. (qu.)... 37%e. Nov.
Holders of rec. Oct. 22
International Mining Cop. Initial
71 c. Nov.
4
Holders of rec. Oct. 1
International Nickel of Can.7% Pr(roi.) 14 Nov.
Holders of rec. Oct. 3
Intermit. PrIntIng Ink Corp.. pref. (pi.) 5154 Nov.
Holders of rec. Oct. IS
International Reinsurance Corp. (guar.) 50e. Nov.
Holders of rec. Oct. 20
International Shoe Co. pref.(monthly).
50e Nov
Holders of tee Oct 15
Preferred (monthly)
50e Dee
Holders of rec. Nov. 15
Interstate Geld. Storm. pref. (quar.).. $14 Nov.
Holders of rec. Oct. 15
Kalarnasoo Vegetable Parchment (guar.)
15e Dee 3 Holders of rot. Dec. 21
Kemper-Thornas
man.(quay.)
121
4e Jan 113 Holden of roe Dee. 20
Preferred (guar-)
134 Dee I Ifolders of rec Nov 2
Klein (D. E.). 7% pref.(guar.)
14 Nov. 1 Holders 01 rec. Oct. 20
Knudsen Creamery, class I•It (oner.) 374. Nov 20 Holders of rec OM. 31
Kress(S. H.) dr Co.. common (guar.).25e. Nov. 1 Holders of rec. Oct. 10
Com.(extro payable in special pref.stk) .150c. Nov. 1 Holders of rec. Oct 10
Special preferred (gw.)
150. Nov. 1 Holders of rec. Oct. 10
Kroger rirocery & Raking
7% 2d preferred (guar.)
14 Nov. 1 Holders of roe Oct. 20
Landers, Peary he (lark 'qua,.)
6 , Dec. 31 Holders of re* Dec. 21
254
Lane Bryant. Inc.. 7% pref. (guar.)... 144 Nov. 1 Holders of rec. Oct. 15
Law beck Corp..$6 preferred (guar.)._ _
51 54 Nov. 1 Holders of rec. Oct. 22
Lazanis F.& R. & Co..64% pf.(g.). 144 Nov. 1 Holders of rec. Oct. 20
Link Belt Co.. corn. (guar.)
20e. Dec. 1 [holders of rec. Nov. 15
6.4% preferred (guar.)
14 1-2-33 Holders of rec. Dec. 15
Little Brown & Co.7% pref. (quar.)-...
14 Oct. 31 Holders of rec. Oct. 31
Lock Joint Pipe(b.. mom.(monthly)..
67e he 31 Holders of rec. Oct 31
Common (monthly)
67e Nov 30 Holders of roe Nov. 30
Common (monthly)
tble Dee 31 Holders of roe. Dee. 31
Preferred (guar.'
$2
Jan 1'33 Holders of roe Jan
Loew's Boston Theatres(guar.)
15e. Nov. 1 Holders of rec. Oct. 22.
Lonse-WIles Biscuit Co.. corn. (quar,).. 50e. Nov. 1 Holders of rec. Oct. 18
Lord & Taylor second preferred (guar.). $2
Nov. 1 Holders or rec. Oct. 17
Lunkenhelener ro., pre (gum /
I 4 Jan212 Holders of me. Dee. 22
Mary (It. H.) & Co.. corn (guar.)
50e. Nov. 15 Holders of rec. Oct. 21a
Magnin (I.) & Co .8% prof (bliss')-.
14 Nov 15 Holders of me. Nov.
Managed Investments. Inc.. corn. (5.-a.) 124 Nov. 1 H.elders of rec. Oct. 10]
Marconi International Marine, corn
rw5 Nov. 2 Holders of rec. Oct. 7
McCall Corp.((loze)
50s. Nov. 1 Holders of rec. Oct. 15
McCrory Storm Corp.. pref.(quar.)-514 Nov. 1 Holders of rec. Oct. 20
McIntyre Porcupine Mines (quar,)__
25c. Dec. 1 Holders of rec. Nov. 1
Extra
1214c. Dec. 1 Hollers of rec. Nov. 1
Melville Shoe Corp., common (quar.),. 30e. Nov. 1 Holders of rec. Oct. 14
Preferred (guar.
$114 Nov. 1 Holders of rec. Oct. 14
)
2d preferred (guar.)
714e. Nov. 1 Boldest of reC. Oct. 14
Merchants Refrigerating Co.. N. Y.
Preferred (guar.)
$14 Nov. 1 Holders of ree. Oct. 22
If•r•k Corp. prof (guar.) .
I-2-33 F1 11.1vra of rue. Dee. IT
$2
,
Metal & Thermit Corp. (guar.)
Nov. 1 Holders of rec. Oct. 20
$I
Metropolitan Industries Co.$8 pf.
250. Nov. 1 Holders of rec. Oct. 20
Midland Coe. Electric Supply
American deposit rots. for ord. reg... d254 Oet. 22 Holders of rec. Oct.
7
Moody's Investors Service. pf (qu.).
75c. Nov. 15 Holders of rec. Nov.
Mutual chemical of Amer prof oho.). 51 ts Dee. Di Holders of roe. Deo. 1
15
Nash Motors Co.. common (guar.)
250. Nov. 1 Holders of rec. Oct. 200
National Carbon Co.. Inc.. pref. (quar.) $2
Nov. 1 Holders of rec. Oct. 20
National Casket Co., Inc. corn.(s.
-a.).. $1 14 Nov. 15 Holders of rec. Oct. 29
National Industrial Loan Corp. (guar.). 164e Hoo.15 Holders of
tee. Oct. 31
National hoed pref. Cl B (oliar.)
Nnv I Holders I if roe Om. 21
$I
National Tea Co.. preferred (quar.)
1340. Nov. 1 Holders of rec. Oct. 14
Neptune. teeter prof 1 1111srl
2
Nov 16 Holders of rec. Nov. 1
New Encland Equity Corp.(quay.)
50e. Nov. 1 Holders of rec. Oct. 154
New England ()rain Prod.. $7 pref.(go.)
$134 Jan 213 Holders of roe Dee 20
$R preferred A Bluer
$14 in 1/113 Holders of rec Jan 113
New Jersey Zinc Co (guar.)
50e. Nov.10 Holders of rec. Oct. 20
N.Y.& Elondura. Rosario Mln.Co.(qu.)
24 Oct. 29 Holden of rec. Oct. 18
New York Merchandise Co., corn.(qu.)
250. Nov. 1 Holders of rec. Oct. 20
7% preferred (guar.)
134 Nov. 1 Holden; of rec. OM. 20
Newberry (.1..1.). nref.
14 Dec. 1 Holders
Newberry (J. J.) Reedty 64% pf.(go.). 14 Nov. 1 Holders of rec. Nov. 18
of rot. Oct. 15
603 preferred (gmar.)
114 Nov. 1 Holders of roe. Oct. 13
Niagara Charm Corp (Md.)rues A preferred (guar.)
Jan 1113 -Holders of me. Dee i6
Northam Warren Corp., eons'. pf. (rill.). $14
750. Om. 1 Holders of rm. Nov. 15
Norwalk Tire & Robb.'. Prof.
874e fan. 1 Holders of me. Dec. 22
Outlet Co., common (guar-)
Nov. 1 Holders of reo. Oct. 21
$1
tat preferred (guar.)
$14 Nov. 1 Hoidens of rec. Oct. 21
2nd preferred (guar.)
Owens Illinois Glass Co., corn.(quay.).. 5)14 Nov. 1 Holders of rec. Oct. 21
50e. Nov. 15 Holders of rec. Oct. 29
Preferred (guar.)
Pacific Finance Corp. of California(Del.) 514 1-1-33 Holdens of rec. Dee. 18
% Preferred A (guar.)
20e. Nov. 1 Holden' of rec. Oct. 15
6(4% rreferred C (guar.)
164r 'Nov. 1 Holders of roe. Oct. 15
7% Preferred ri (guar.)
Postage teacetnery. or pref (quar2-. 174e Nov. I Holders of rec. Oct. 15
14 Nov. 1 Holders of ree Oct. 21)
Penman's. Ltd.. common (guar.)
750. Nov. 15 Holders of rec. Nov. 5
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 21
Pollock Paper & lion pre/ (atm%)
Si
Der 10
_
Process Corp., common (quar.)
5c. Nov. I Holders of rec. Oct. 22
Procter dr Gamble corn (guar.)
50e. Nov. IS Holders of rec. Oct. 250
Pullman. Inc. (guar.)
71ie Nov. IS Holders of roe. Oct. 24
Peruse I,* r'n prof Morni en. 'V
$4
Dee. I Holders of rec. June 30
Quaker Oats;6% Preferred (Otter.)
I
Nov 30 If alder. at rev. Nov 1
Ftsyrnond Concrete idle. 1.3 pref (guar.)
75e, Nov. 1 Holders of rec. Oct. 20
Reed (C. A 1 Co., class A (guar.)___.
50e. Nov. 1 Holders of roe. Oct. 21
Rich Ice Cream Co.. Inc. (quar.)
50c. Nov. 1 Holders of rec. Oct. 15
Name of Company.
When
Per
Cent. Pat/able.
Miscellaneous (Concluded).
Riverside Cement Co..$6 let pref.(qu.)- $134 Nov. 1
Roos Bros.,Inc..(Del.)$634 pref.(guar ) 810. Nov. 1
13( Nov. 1
Rose's, 5-10-250. Stores, 7% pref. (cm.)
St. Lawrence Flour Mills. pref.(quar.)__ Si,' Nov. 1
37%c. Nov. 1
Common (quar.)
250. Nov. 1
Salt Creek Producers Assoc.,Inc.(qn.)
$1% Nov. 1
Savannah Sugar Ref. Co., corn. (cu.)
31% Nov. 1
Preferred (quar.)
Scott Paper Co., 7% sec. A pref.(wt.)._ 1% Nov. 1
6% series B preferred
1% Nov. 1
30o. Nov.15
Sootten Dillon Co.(guar.)
Nov. 1
Second Stand.Royalties, Ltd., pt.(qo.)- 1
Seeman Bros., Inc
62540. Nov. 1
Selfridge Prov. Storm
234 Dec. 1
Dec. 8
Amer.dep.rec
St 34 Nov. 1
Servel. Inc.. preferred (guar.)
Sharp & Dohme,Inc., cony. pt.CIA(qu) 500. Nov. 1
Nov. 1
Simpson (Robt.) Co., pref.(s.
-a.)
$3
Solvay Amer. Invest. Corp., pref.(qu.)_ 81% Nov. 15
Sparks Withington Co., Prof.(guar.)._ $1% Dec. 15
Spring Valley Co.. Ltd., coin. (liquid'10- $133 Oct. 31
250. Nov. 1
Squibb (E. R.)& Sons,coca.(quar.)
1st preferred ((mar.)
$134 Nov. 1
37•40 Nov.15
Stanley Works preferred (qua?.)
Steel Co. of Canada. corn. et pref.(qu.)- 143% Nov. 1
43%0. Dee. 31
SU" Baer & Fuller. 7% pref.(quar.)
50o. Nov. 1
Sunshine B180.111.9, common (quar.)-Superior Portland Cement Inc.
27)40. Nov. 1
Class A (monthly)
Tacony-Paimyra Bridge, 734% Pf. ((lu.) 1% Nov. 1
1150. Nov. 1
Teck-Hughes Gold Mines,Ltd.(quar.)
Telautograph Corp.,cap. stk.((Mar.).
- 25e. Nov. 1
20o. Jan. 1
Telephone Invest. Corp.(monthly)
1% Nov. 1
Texas Pow. & Light, 7% pref. (quar.)
$6 preferred (guar.)
21% Nov. 1
90e. Nov. 15
Thatcher NIft.t. Co., pref. (guar.)
Tide water Oil Co., preferred (quar.)
$I% Nov. 16
750. Nov. 1
TungSol Lamp Works, Inc., pref. (cu.)_
250. Nov. 10
Union 011 Associates (quar.)
• 250. Nov. 10
Union 011 01 California (guar.)
Union Storage (quar.)
62tio. Nov. 10
United Biscuit Co.of Amer., pref.(qr.)_ $134 Nov. 1
United Piece Dye Works. met.(Oust.)... 1% Jan.233
Oct. 31
-a.)_ _ 5
United Profit Sharing Corp.. pf.(s.
500. Jn.20'33
U. S. Pipe & Fdy., corn.(mar.)
80c Jn.20'33
First preferred (guar.)
10c. Nov. 1
United Verde Extension Mining Co.(qr.)
500 Nov. 1
Universal Leaf Tob. Co.. corn.(qua:.)
West Virginia Pulp & Paper pref.(on.)
$1% Nov. 15
pref.(qt). 1% Nov. 1
WesternUnited Corp..6% %
Westinghouse Air Brake Co.
250. Oct. 31
Capital stock (qua:.)
Westinghouse Elect.& Mfg.. pref.(orJ- 87)10. Oct. 31
Nov. 1
Si
W1I-Low Cafeterias. pref.(guar.)
Nov. 1
$I
Wilton Cafeterias. Inc., prof. (fluar.)
Nov. 1
2
Whisted Hosiery (guar.)
600. Dee. 1
Woolworth (F. W.) Co.. cap.stk.(qu.)_
250. Nov. 1
Wrigley (Wm.) Jr. Co.(monthly)
250. Dee. 1
Monthly
250. Jan. 2
Monthly
250. Feb. 1
Monthly
Boots Closed.
Days Inclusive.
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Nov. 1
Holders of rec. Oct. 21
Holders of rec. Oct. 21
Holders of rec. Oct. 15a
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of roe. Oct. 17
Holders of roe. Oct. 17
Holders or roe. Nov. 7
Holders of roe. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Nov. 15
Holders Of MO. Nov. 15
Hbiders of rec. Oct. 20
Holders of rec. Oct. 17
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Dec. 8
Holders of roe. Oct. 10
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of reo. Nov. 5
Holders of roe. Oct. 7
Holders of rec. Dee. 15
Holders of roe. Oct. 180
Holders of rec. Oct. 22
Holders of rec. Oct. 10
Holders of rec. Oct. 14.
Holders of roe. Oct. 15
Holders of rec. Dec. 20
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 31
Holders of rec. Oct. 15
Holders of rec. Oct. 20
Holders of rec. Oct. 17
Holders of rec. Oct. 17
Holders of roe. Nov. 1
Holders of rec. Oct. 17
Holders of rec. Dee. 22
Holders of rec. Sept. 30a
Holders of rec. Dec. 810
Holders of rec. Dec. 31a
Holders of rec. Oct. 6a
Holders of rec. Oct. 19
Holders of rec. Nov. 1
Holders of reo. Oct. 15
Holders of rec. Sept.30
Holders of Teo. Oct. 10a
Holders of rec. Oct. 20
Holders of rec. Oct. 20
Holders of roe. Oct. 15
Holders of reo. Nov.10
Holders of rec. Oct. 20
Holders of rec. Nov. 20
Holders of roe. Dec. 20
Holders of rec. Jan. 20
•The New York Stock Exchange has ruled that stook will not be quoted 0X
dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that 'took will not be
quoted ox-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. s Payable in stock.
fPayable In common stock. g Payable in scrip. h On account of accumulated
dividends. I Payable In preferred stock.
m Blue Ridge Corp. pays 75c. at the option of the holder, providing written notice
Is received by Nov. 15, or 1-32nd of a share of common stock for each share of such
Preference stock.
I Payable In Canadian funds.
u Payable in United States funds.
•American Cities P.& L. Corp. pay 730. in cash or 1-32 of a share of el B stock
on the cony. cl A stock.
is Leas deduction for expenses of depositary.
s Less tax.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now Make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dee. 31 1930, pages 3812-13. We give the
statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, OCT. 15 1932.
Clearing House
Members.
• Capital.
*Surplus and Na Demand
Deposits,
Undivided
Average.
Profits.
Time
Deposits,
Average.
$
$
$
$
11,892,000
80,820,000
9,134,200
6,000,000
Bank of N. Y.& Tr.Co41,927,000
217,523,000
34.566,500
22,250,000
Bank of Manhat.Tr.Co.
82,028,100 a961.037,000 185,317.000
National City Bank-- 124,000,000
29,222,000
235,216,000
45.640,900
21.000.000
Chemical Bk.& Tr.Co-.
67.609,000
90,000.000 180,830,200 5833,624,000
Guaranty Trust Co
86,987,000
246,030,000
22,125,700
32,935,000
Manufacturers Tr. Co
60,546,000
435,163,000
70,119.500
21.000,000
Central Hanover Bk&Tr.
22,680,000
170.773.000
22,740,800
15,000.000
Corn Exch. Bk.Tr.Co
323,626,000
25,443,000
85,527,300
Bank_ __ _
10.000.000
First National
43,697,000
296,274,000
76,148,000
50,000,000
Irving Trust Co
2,794,000
18,862,000
6,784,900
4,000,000
Continental Bk.St Tr.Co
148.000.000 118,336,500 c1,110,477,000 158,396,000
Chase National Bank
3,523,000
40,272,000
3,608,900
500,000
Fifth Avenue Bank
46,248,000
25.000.000
77,007,600 4463.947,000
Bankers Trust Co
1,218.000
26,123,000
21.218,400
10,000,000
Title Guar.& Trust Co_
40,008,000
5,568.000
7,075,800
10,000.000
Marine Midland Tr. Co_
10,422,000
1,144,000
2,697,700
3,000.000
Lawyers Trust Co
23,696.000
190,337,000
22,093,500
12,500,000
New York Trust Co
2,959,000
43,211,000
8,583,900
7.000,000
Com'l Nat.Bk.dr Tr.Co.
23,967,000
6,267.000
848,400
2,000,000
Harriman N.B.& Tr.Co.
33,897,000
28,205,000
4,385.300
8,250,000
Public N. B.& Tr. Co
622,435.000 900,372.100 5,801.599,000 855.238,000
Totals
• As per official reports: National. Sept. 30 1932; state, Sept. 30 1932; trust
companies. Sept. 30 1932.
Includes deposits in foreign branches: a $200,897,000; b $49,120,000: c $55,988,000; 4 $21,161,000.
Oct. 22
Financial Chronicle
2788
1932
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 Oct. 14:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. OCT. 14 1932.
-AVERAGE FIGURES.
NATIONAL BANKS
Loans,
Other Cash, Res. Dep., Dep. Other
Gross
Disc. and Gold. Including N. Y. and Banks and
Investments.
Bank Notes Elsewhere. Trust Cos Deposits.
8
lanhaitanGrace National. 19,913,427
$
3,300
$
$
79,358 1,477,566
Brooklyn
Peoples Nat'l__
5,000
67,000
5.730,000
$
$
4
993.632 17.833,68
25,000
379,000
5,464,000
TRUST COMPANIES
-AVERAGE FIGURES.
Loans,
Discount &
Investments.
Cash.
Reserve Dep. Dep. Other
N. y, and Banks and
Elsewhere, Trust Cos.
ManhattanEmpire
Federation
Fulton
United States
$
$
$
52.487,000 *2,373,600 13,805.000
6.478.763
123,392
555.557
17,397,200 *2,228,300 1,022.400
68,150,103 5,523,560 20,920.940
Brooklyn--Brooklyn
Kings County
90,417,000
24,159,936
2,656,000 27,839,000
1,641,009 6,271,083
Gross
Deposits.
$
$
2,256,600 59,102.300
2,425,179 7.037.906
808,200 16,868.100
67,065,746
371,000 104,620,000
25,388,543
•Includes amount with Federal Reserve as follows: Empire, 81.073,700:
Fulton, $2,059,600.
Boston Clearing House Weekly Returns.
--In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
Oct. 19.
1932.
Changesfrom
Previous
Week.
Week Ended
Oct. 12.
1932.
Week Ended
Oct. 5.
1932.
S
$
$
s
79,900.000 Unchanged
Capital
79,900,000
79,900.000
67.518,000
66,666,000
Surplus and profits
+964,000
66.554.000
Loans, dIsirts & Invest'ts_ 861.479.000 +1,599.000 859,880.000 857.069.000
674,235,000 +12,035.000 662,200,000 690,5.58,000
Individual deposits
164.522,000 +1,739.000 162,783,000 156,725,000
Due to banks
222.393,000 +20,288,000 202,105,000 205.367.000
Time deposits
21,818,000
+720.000
United States deposits
23,845,000
21,098,000
11,768.000 +1,566.000
Exchanges for Clg. House
22,320,000
10,202,000
148,256,000 +11,559.000 136,697.000 146,931,000
Due from other banks
73,473,000 +1,243,000
Res've in legal depositles
80,344,000
72,230,000
8,363,000
Cash in bank
8,070,000
+288,000
8,075.000
4,207,000 -4-1.415,000
8.7118.000
Res.in excess in F.R.Bk.
2.792.000
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Oct. 15
1932.
Changesfrom
Natoli,
Week.
Week Ended
Oct. b
1932.
Week Ended
Oct. 1
1932.
$
3
$
$
77,011,000 Unchanged
77,011.000
Capital
77,011,000
200,378.000
-318,000 200.696,000 201,324,000
Surplus and profits
Loans. discts. and invest- 1.148,902,000 +3,002.000 1,145,900,000 1,152,489,000
15,432.000
20,544.000
-427,000
Exch.for Clearing House15,859.000
166.502.000
-604.001 157,066.000 136,902,000
Due from banks
197,069,000
+220,000 196,849.000 184.508.000
Bank deposits
629,407,000 +3,674,000 625,733.000 626,555.000
Individual deposits
267,408,000
-608.000 268,016,000 268,675,000
Time deposits
1,093,884,000 +3,286,000 1.090.598.000 1,079,738,000
Total deposts
91.052,000 +1.586.000
89.023.000
89.466.000
Res've with F. R.Bank_
9789
Financial Chronicle
Volume 135
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 20, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2738, being the first item in our department of "Current Events and Discussions."
,
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CL0 11 OF BUSINESS OCT. 19 1932.
l0a. 19
,0a. 12 1932. Oct. 5 1932. Sept. 28 1932.ISept. 21 1932.15s78. 14 1932.1Sept. 7 1932.!Aup. 31 1932 Oct. 21 1931.
1932.1
$
3
3
I
3
I
$
3
I
$
RESOURCES.
.2,211,864,000 2,198.090.000 2,181,139,000 2,166,537,000 2,144.988,000 2,130,678,000 2.088,557,000 2,081.761.000 1,537,885,000
Gold with Federal Reserve agents
68,127,000
48,538,0001 54,350,000, 56,560.000, 57,078.000, 57,668.000
47,610,000
48,287.000
Gold redemption fund with U. S. Treas I 47.573,000
1
2,199.338,000 2,187.238,000 2.145,635,000 2,139,429,000 1,606,012,000
Gold held exclusively aged. F. It. notes_ 2,259,437.000 2,245.700,000 2,229.426.000 2,215,075,000
297,630.000, 262.556,000 273.486.000 339,691,000
Gold settlement fund with F. R., Board__ 304,922.000 1 299.056.0001 300,570.000 264,484.0001 286,056.000, 347,754,000, 386.382.0001
360.046.000 818,414,000
Cold and gold certificates held by banks_ 391,246,000 387,202,0001 382,532,000 399,087,0001 379,297,0001
I
2,955.605,000,2,931,958,000 2,912,528,000 2.878,646,000 2,864,691,000 2,832,627,000 2.794.573.000,2,772.961,000 2,764,117,000
reserves
Total gold
, 206,702,000 163,277,000
00
196,523.000' 192,073,000, 196,940,000 205,907,000 1 202,129,0, 202.180,000, 196,
Reserves other than gold
428.°°01
I
1
3,152,128,000 3,124.031.000 3,109,468.000 3,084,553,000 3,066,820.0003,034,807,000 2,991.001,000,2,979.663.000 2,927,394,000
Total reserves
69,149,000
75,119,000
80,562,0001 74,414,0001
83,946,0001 79,556,0001
73,476,000
76,681,000
80,879,000
Non-reserve cash
Bills discounted:
107,059,000, 118,309.000, 144,302,000, 152.137,0001 157,545,000 300,064,000
98,127,000 103,286,000 106,946,000
Secured by U. S. Govt. obligations
215.412,000 224,381.000 226,481.000 232,588,000' 240,714.0001 257,631,000, 268.291.0001 275,211,000 398,247,000
Other bills discounted
313,539,000 327,667.000 333.427,000 339,647,0001 359.023.0001 401,933,0001 420.428.0001 432.756,000 698.311,000
Total bills discounted
34.098.000 769,066,000
33,726,0001 33.585,0001
33,652,000
33,604,0001
33.278,000
33,583,000
33,266,000
Bills bought in open market
U. S. Government securities:
420,863,000 420,768,000 421,189,000 421,482,000 421,348.000, 420,747.000, 420.772.000, 420,988.000 316,470,000
Bonds
22,828,000
399.799,000; 395,974.000
352.086,000 390.578.000 396,295,000 402,866,0001 408.355.0001 400,796,00
Treasury notes
I
°I
Special Treasury certificates
1.078.050.000 1,039.550,000 1.033,834,000 1,029,335.000 1,021.843.000 1 1,029.384,000 1.030.352,000,1,034,753,000 387,706,000
Certificates and bills
Total U. S. Government securities_ 1,850,999,000 1,850,896.000 1,851,318,000 1,853.683,000 1,851,546.0001 1,850,927,000 1,850,923.0001,851,715,000
5,714,000i
5.915.000
5,426,000
4,402.0001
5,422,000
5,911,000
4,872.000
5,437,000
Other securities
Foreign loans on gold
727,004.000
30,017,000
Total bills ant securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
2,203.558,000 2,217,283,000 2,223.922.000 2,231,806.000 2,248.623.000 2,292,012.000 2.3i0.650.0002,324.484.000 2,224.398,000
8,760,000
2.668.000
2.659,000,
2,660.000
2.653.000
2,698.000
2,663.000
2,688.000
2,698.000
16,931,000
13.305.000, 15.082.000
18.065,000
17.871.000
15,648.000
15,358.000
15,900.000
13,507,000
361.983.000 411,019.000 330,425,000 312.272.000 483,455.000
404,398,000 378.192,000 374.122.000 341,295.000
59,382.000
58.121.000
58,121,000
58,127.000
58.126.000
58.134.000
58.127.000
58.135.000
58 126.000
37,633,000
48.055,000
47,613.000
50,310,000
43.754,000
44.016,000
45,251,000
45.064,000
38,012.000
Total resources
LI.4BI1ITIES.
g, It. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks
Other deposits
5,955,708.000 5,914,403,0005,903,577,000 5,862,083.000 5.879,386,000 5,947.562.0005,828.630.000 5,815.022,000 5,827,102,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,391.810.000 2.357.097,000 2,344,989.000 2,353.142,000 2,315,088.000 2,298,610.000 2,220,156.000 2.241.284.000 2,507,258,000
391,777,000 364.264.000 360.165,000 334,900,0001 353.790.000 404,987.000 324,495,000 308,796.000 478.116,000
153.018.000 153.040.000 152.966,000 152.996.000 152,988.000 153.066.000 153.094,000 153.099.000 164,668.000
259,421,000, 259,421,000 259,421.000 259.421,0001 259.421,000 259,421,000 259,421,000 259.421.000 274,636,000
19,062,000
38.402.000
39,715,000
42,355,000
38,962.000
40.636.000
41.168.000
42,252,000, 42,738,000
1
5,955,708,0005,914,403,000 5,903,577,000 ,862,0.3,000 5,879,386,000 5,947,562,000 5.828.630,0005.811,022,000 5,827,102,000
2,717,430,000 2,737,843,0002,744,868,000 2,720,988,000 2,759,137,000 2,789,123.000 2.831,749,000 2,814.020.000 2.383,362,000
2.325.546,000 2,245.791,000 2,283.965.000 2,268,521,000 2,210.587,000 2,243,816,000 2,141,655.000 2,146,183.000 2,275,506,000
24,492,000
47.295.000
59.429.000
18,474.000
68,969.000
50.058,000
48.405.000
27,164.000
23.877.000
14,187,000 160,910.000
11.079.000
10.556.000
10.702,000
9.864,000
8,177.0001
9,194,000
10.280.000
46,350,000
21,485,000
20.127.000
25,764.000
24.830.000
53.071.000, 27,953.000
26,352,000
28,820,000
Total liabilities
Ratio of gold reserve to deposits and
I
F. R. note liabilities combined
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
57.8%
57.5%
57.2%
56.5%
56.7%
56.4%
65.6%
55.3%
54.8%
59.6%
59.2%1
58.9%
59.9%
44,973.000
49,043.000
68,335,000
299,302,000 304.870.000
34,793.000' 33,378,000
49,502,000
47.290,000
33.623,000
29,799.000
9.244,000, 11.383,000
464,401,000
51,340,000
94,234,000
76,774.000
11,562,000
81.7%
61.3%
61.1%
60.8%
60.4%
41,766.000
45,227,000
44,236,000
43.486,000
41,978.000
42,437,000
223.281,000
25,165,000
36.222,000
21,253.000
7,618,000
230.672.000
28.590,000
36,152.000
25.026,000
7,227,000
231,724,000
29,498.000
38,989,000
26,144.000
7.072,000
236,003.000
27.994.000
41,266,000
27,174,000
7.206.000
241,609.000
28,258.000
43,906.000
27,555,000
17.695.000
283,154.000
33,991.000
46.038.000
30,151.000
8.599.000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought In open market_
31-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought in open market
313,539.000
6.105.000
4,118,000
7.405.000
15,955,000
327,667.000
5,142.000
9,766,000
8,085,000
10.285,000
333,427,000
3,800,000
5.357.000
5,962.000
18,063.000
84.000
339.647.000
2.267.000
1.644,000
1,792,000
27.871,000
30,000
359.023,000
4,806.000
928,000
1,063.000
26,825,000
401,933,000 420,428.000
2,681.000
4,622.000
4,237.000
1,757,000
983.000
901.000
26,413.000, 25,684,000
30,000
432,756,000
10.009,000
9,438,000
3,836,000
10.815.000
698,311,000
124.886,000
103,446,000
248,307,000
284,623,000
7,804,000
Total bills bought in open market
1-15 days U.S. certificates and bills
16-30 days U. S. certificates and bills
31-60 days U. S. certificates and bills
61-90 days U. S. certificates and bills
Over 90 days certificates and bills
33.278.000
33.583,000
89.456.000
55.000.000
109.100,000, 36,600,000
120,249.000, 189,749,000
61.600,000
125,456.000
668.245,000 662.145.000
33,266.000
100.240,000
55.000.000
171.350.000
76.600.000
630,644,000
33,604,003
19.422,000
150,417.000
156.349,000
25,000,000
677.747.000
33.652.000
51.550,000
136.290,000
122,100,000
93,750.000
618,153,000
33.726,000
171,426.000
60,822,000
219,568.000
136,250,000
441,318.000
33.585,000
144.340.000
58.050.000
236,789.000
149,850.000
441,323,000
34,098.000
168.891,000
49.502,000
236,791.000
116.350,000
465,219.000
769,066.000
10,620.000
38,836,000
135,039,000
16,652,000
186,559,000
Maturity Distribution of Bills and
Short-Term Securities
1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
1,078,050,000 1.039,550.000 1,033,834.000 1,029,335,000 1,021,843,000 1,029,384,000 1.030352.000 1,034,753,000 387,706,000
5,534,000
15,000
4.238,000
3,910.000,
4,162,000
4.632.000,
4,442.000
5,081.000
4,790.0001
172,000
1,258.000
1,276.000,
1
758,000
608,000
25.0001
425,000,
260,000
25,000
25,000
25,000,
25,000
1
2,088,000
I
10.000
68.000
50,000
10,0001
222,000
1
14,000
184.000
193.000
215,000,
205.000,
154.000
172.000
205.000,
I
2,377,000
5,714,000
5,915.000
4.402.000
5,426.000
4,872,0001
5,911,000
5.437.000
5.422.000,
Federal Reserre Notes—
Issued to F. It. Bank by F. R. Agent____ 2,057.817,000 2,968,793.000 2.980,299,000 2,972.797,000 3.007.531.000 3.031,049,000 3,055,161,000 3.051.999.000 2,715,018,000
240,387,000 230.950.000i 235,431.000 251.809.0001 248,394,000, 241,926,000, 223,412,000 237,979.000 331,656,000
Held by Federal Reserve Bank
In actual circulation
2,717,430.000 2.737,843,000 2.744,868.000 2.720.988,000 2.759.137,000 2.780.123,0002.831.749,000 2,814,020,000 2,383,362.000
Collateral Held Dy Agent as Security for
Notes Issued to Bank—
By gold and gold certificates
1,068,749.000 1,059.075,000 1,059,074,000,1.030,622,000 1.034,973.000 1,032,863.000 1.071.042.000 1,081.996,000 559,705,000
1.143,115.000 1,139,015.000 1,122,065.000,1,135,915,000 1,110.015.000 1,097,815,000 1.017.515.000 999,765.000 978,180,000
Gold fund—Federal Reserve Board
297,791.000, 311.916,000 317.494.000' 323,915,000 342.626.000 384,674.000 403,407.000 416,786.000 1,369,840,000
By eligible paper
464.500,000 495,000,000 516,200.0001 503,800,000 532.600,000, 533.300.0001 589.800,000, 578.100.000
U. S. Oavernnient securities
2,974.155.0003,005,006,000 3,014,833.000 2,994,252,000 3.020.214.000 3.048.656.000 3.081.764.000 3.078.647.000 2.907,725,000
Total
• 11.0vked liLturcm
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF TFIE 12 FEDERAL RESERVE B tN CS AT CLOSE OF BUSINESS OCT. 18 1933
Two Ciphers (00) omittea.
Boston. New York. Nita, Cleveland. Richmond Atlanta. Chicago. St. Louts. Aftnneap. Kan.C'ity. Dallas. San Fran.
Total.
Federal Reserve Bank of—
Agents
aold with Federal ReserveTreas._ 2.211.864.0 169,427.0
47,573,0 3,150,0
aold red'n fund with U.S.
s
$
$
$
s
$
$
s
$
$
$
603,724.0 151,500,0 174,470,0 72.000,0 61,000,0 647,970.0 64.460,0 37,835,0 58,480.0 21.735.0 149,263,0
1,766,0 2,308.0 2,415,0 1,253.0 6.632,0
5,503,0 5,470.0 5,908.0 2,113,0 3,325,0, 7,730.0
Gold held stet eget. F. It. notes 2,259,437.0 172.577,0
old set tle't fund with F.R.Board 304,922,0 12,351.0
,01d and gold ate held by banks_ 391,246.0 17,533.0
609,227,0 156.970,0 180.378,0 74,113.0 64,325,01655.700.0 66,226.0 40,143.0 60.895,0 22,988.0 155.895,0
106,577.0 12.018,0 24,201.0 4,668,0 4,446,0 84.858,0 9,257.0 7,496,0 10.534.0 6,727.0 21.789.0
256,182,0 7,329.0 19.395,0 8.150.0 8.818.0 25,683.0 5,954.0 3,852.0 11,184,0 4.201,0 22.965,0
RESOURCES.
Total gold reserves
Iteserves other than gold
$
$
2.955,605.0 202.461,0 971..986.0 176,317.0 223,974.0 86,931.0 77,589.0 766,241,0 81.437.0 51.491.0 82.613,0 33.916.0 200.649.0
196,523,0 18,209.0 - 57,267.0 28.127,0 16 295 0 8,329.0 5.072.0 28,495,0 8,191,0 3,893,0 5,242.0 7 318 0 10 015 0
3,152.128.0 220.670.0 1,029,253.0 204,444,0 240,269,0 95.330.0 82,661,0 794.736,0 89,628,0 55,384.0 87,855.0 41,234.0 210,664,0
Total reserves
21,944,0, 4,905,0 4,432,0 3.440,0 5,455,01 14,986.0 3,652,0 2,297,0 2,992,0 3,075,0 8.222,0
80,879.0 5,479,0
fon-reeerve cash
I
discounted:
Ills
720,0 20,101.0
911.0
30.606,01 13,100,0 12,764,0 2,808,0 2,158,0, 5,827,0 4,295,0 1,060,0
98.127,0 3,777,0
Sec. by U.S. Govt. obligations_
29.693,0, 35.735,0 17,539,0 M.3-0A317.7nA U,294,0 4.648,0 10,979,0 15,368,0 9,051,0 37.181,0
215,412,0 8,844.0
Other bills discounted
1
.
60,299,0 48.835,0 30,303,0 19,151,0 19,895,0 18,121,0 8,943.0 12.039,0 16,279,0 9,771,0 57,282.0
313,539,0 12,621,0
Total bills discounted
0660 941q C
0446(1
6200
1(1 977(4 2999(4 2 116 A 9 1A7 0 9477(4 4140(1 1(4(444(4
9 1A2 n
22 AQ2 n
2790
Financial Chronicle
TIO0 Ciphers (00) omitted.
RESOURCES (Concluded)
U. 8. Government securities:
Bonds_
Treasury notes
Certificates and bills
Total.
$
Boston. New
$
420,863,0 20,348.0
352.086,0 20.105,0
1,078,050,0 80.774,0
Total U. S. Govt. securities_ _ 1,850,999,0 121,227.0
Other securities
5,437.0
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected Items
Bank premises
All other resources
York.
$
Phila.
Oct. 22 1932
Cleveland. Richmond Atlanta. Chicago. St. Louts. Mtnneap. Kan.City. Dallas. Sao Pram.
S
$
$
$
I
$
$
S
$
188.223,0 31.173.0 36.492,0 9,649,0 9.585.0 40.776.0 13,941.0 17,340.0 11,776,0 16,287,0 25,268.0
133.454.0 28.408.0 37.261,0 9,851.0 9.731,0 45,532.0 13.722,0 9,850.0 11.951,0 6,421.0 25.800.0
392,110,0 79,688.0 104,529.0 27,633,0 27,299,0 176,002,0 38,493,0 27,608.0 33,525.0 18.013.0 72.376,0
$
713.792,0 139,269,0 178,282,0 47,133,0 46,615.0 262.310,0 66.156,5 54,798,0 57,252.0 40,721,0 123,944,0
3,933,0
1,322,0
182.0
2.203.558.0 136,201.0
2698.0
212.0
15,900.0
279.0
404,398,0 47.412,0
58.135.0 3.336,0
38,012,0 1.361,0
788.301.0 192,658.0 211,701.0 68,441.0 68,987.0284,580.0 76,108.0 67,653.0 74,426.0 51.357.0 183.145.0
287.0
987.0
269.0
106.0
99.0
374,0
17.0
184,0
11.0
75,0
77.0
4.491,0
615.0
852.0 1,354,0
803.0 2,095.0
788,0
716.0 1.337,0
387.0 2,183.0
106,980,0 33.919.0 37.656.0 34,094,0 11,009,0 46.754.0 17,624,0 9,507.0 22.436,0 14,578,0 22.429,0
14.817,0 2.915,0 7,968.0 3.617,0 2489.0 7,828.0 3.461,0
1.835.0 3,649.0 1.787.0 4,433,0
19,786.0
741.0 1.226.0 3.087.0 3.768,0 1,397.0 1,055,0 1.619.0
888.0 1,286,0 1.298,0
5.955,708,0 414,950,01 1,986.559,0 440,484,0 504,373.0 209,469,0 175,271,0 1,153,250 192.333,0
139,022.0 193,660.0 113.779,0 432,558,0
2,717,430,0 198,502,0 580,994,0 238,909.0 274,988,0 102,206,0 102,064,0 677,508,0 100,873,0
80,236,0 91,164,0 37,834,0 232,152,0
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deg:melts
Member bank reserve account_ _ 2,325,546.0 133.826.0 1,124,144,0 121.0320 143,457,0
51,012.0 42,111.0 367,110,0 54,411,0 37,257.0 67,525.0 43.211,0 140.450,0
Government
27,164.0 2,685.0
6075,0 1,430,0
1,956,0 4,649,0 1,401 0 1,878,0
657.0 1,227.0
1,461,0
977.0 1,868.0
Foreign bank
10,280,0
628,0
4,715,0
850 0
834.0
330._
306 0 1,106.0
289.0
570.0
182 0
239 0
231 0
Other deposits
28.820,0
244,0
16.095,0
182 0 2,222,0 2,621.0
500,0
321,0
917,0
267.0
69,0 5.113,0
269,0
Total deposits
2,391.8100 137,383 0 1.151 929.0 123,494.0 148,469.0 59.612 0 44.318,0 370.415.0 56.274.0 38.9330
Deferred availability Items
69 010 0 45 379 0 147.594,0
321.777.0 46,954.0 104,666,0 32,788.0 35,571,0 30,365.0 10,645.0 44.815.0 19,348.0
21.401.0
8.770 0
Capital paid In
153 018.0 10.8700
59.006,0 16.106,0 14,209,0 5.170.0 4.853.0 17 017 0 4.414,0 2.909.0 20 397 0 16.0570 10.510.0
40570
Surplus
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 8,1240' 3.8(170 17.707,0
7,6240
All other liabilities
42,252.0 1.2020
14.887,0 2.701.0 3.496.0 1.633,0 2.942.0 5.084.0 1,399,0 1,818,0,
008.0, 2,988.0 3.194,0
Total liabilities
5,955,708,0 414.950,0 1,988,559.0 440.484.0 504,373,0 209,469,0 175,271,0 153,250.0 192,333,0 139,022,0
193,660,0 113,779,0 432,558,0
Memoranda.
1
Reserve ratio (per cent)
1
1
59.4
61.7
56.4
65.7
56.7
59.3,
56.5
75.8
57.0
46.5,
54.9,
55.5
Contingent liability on bills pur49.6
,• ........ ,. s ,,,,,,, s
I
chased for foreign mere@ omarts
1 I no.. n
.1 one. n
ac17(1
1 rran of lAkla
con9n
1 ;Ink a
nes rt 1 env ol 1 oar, n 1 nail 0
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve Agent at
-
Total.
Boston. New York. Phila. Clereland. Richmond Atlanta. Chicago. St. Louis.
Two Ciphers (00) omitted.
Federal Reserve notes
:armed to F.R.lik. by F.R.Agt. 2,957,817,0 220.197.0 655,562.0 252.1930 287,425.0
108.921.0 120.139,0 709,001.0 109,137.0
Held by Federal Reserve Bank_
240,387.0 21,695,0
74.568,0 13.284,0 12.437.0 6,715.0 18.075.0 32,393.0 8.264.0
In actual circulation
2,717,430,0 198,502,0 580,904,0 238,909,0 274,988,0 102.206.0 102,064,0 677,508,0,100,873,0
Collateral 'mid •ir Agt, as security
tor notes Nalled to bank:
Gold and gold certificates
1.068.749,01 47,010.0 439,724,01 79.320,01 71,470.0 12.920.0 13.500.0261,970.0 21,260,0
Gold fund-F. R. Board
1,143,115.0 122.417.0 164.000.0 72.180.0 103 000.0 59,080.0 47.500.0 386,000.0 43 200.0
Eligible paper
297,791,0 12.5320
57,896,0 48.711.0, 30.272,0 20,034.0 1(1,385,0 17.935,0 8.813.0
U. S. Government securities
38,300.0
53.000.0j 85.000,0 17.000.0 40.000.0 47.000,0 36,000.0
464.500.°1
Total collateral
2 974 155 0 220 2.01.0 661.6200 253 211 0 289.742.0 109 034 0 120 385.0 712.1)05.0 109.273.0
Aftrinrap. Kan.CUp
Dallas. San Aram.
83.156.0 102.681.0 43,455.0 265 050.0
2,920,0 11,517,0 5,621 0 32.898.0
80,236,0 91,164,0 37,834,0 232,152,0
12,635.0 9,680.0 12.260.0 87,000,0
25.200 0 48.800 0 9,475.0 62.263.0
10,067.0 16.069.0 9,559,0 46.518.0
35.900,0 30,000.0 12,300.0 70,000,0
83.802.0 104.549,0' 43.504,0225,781.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the
and liabilities of the reporting member hanks from which weekly returns are obtained. principal items of the resources
These figure* are always a week
behind those for the Reserve banks themselves. Definitions of the different
ment of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page items in the statement were given in the state2523. The
the figures for :he latest week appears in our department of "Current Events and Discussio comm.nt of fh• Rase-ve Board upon
ns 'on page 2739, 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
1029. the loan figures exclude -Acceptances
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other bank, sod bills of exchanze or drafts sold with emioreeinent. and Include
of
Of the banks Included mortgages In Investments. Loans secured by U. S. Government other banks and bills sold with eigtwlement were leolu 11•1 with loani, and some
obligations are no lower shown aeparately, Only the total of luaus on
being given. Furthermore, borrowing at the Federal Reserve Is not any
securities
paper, only a lump total being given. The number of reporting banks more aubdivided to show the amend secured by U. A. oblitatIona and thrse secured by commercial
Ls
ning Oct.9 1929 even this has been omitted. The fLcures have also been now omitted. In Its place the number of eaten Included (then loll. was for it time given, but beginrevised to exclude shank In the an Francisco district with loans
and Investments of $138,000,000
en Jan.2 1929. which had then recently merged with a non member hank The figures are now riven In round rollilana
Instead of In thausanda
PRINCIPAL RESOURCES AND LIABILITIES WEEKLY REPORTIN
G MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS
AT CLOSE OF
BUSINESS OCT. 12 1932 lb n millions a dollare).
s
$
Loans and investments
-total
1.244
7,899
Loans
-total
10.634
764
4,057
4,467
6,167
287
477
1,911
2,146
On securities
All other
Investmenta-total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Ttroe depoelta
Government depezits
Due from banks
Due to banks
Anrwavv1 no. from 17 II a..fr
8,347
480
3,842
5.064
3,283
292
188
2.573
1,269
1,799
207
11,309
5.660
550
1,570
3,189
83
15
745
414
25
151
165
959
50
5,799
1,288
265
140
I,430
i n,
1,4
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Aftnneap,
Kan.CIty, Dallas. Sac Pram.
3
$
$
$
$
$
$
$
$
s
1,115
1,931
584
50)3
'2.235
523
312
518
388
1,732
614
1,116
316
322
1.485
296
184
254
086
240
306
505
119
105
676
111
54
78
243
72
308
611
197
217
809
130
185
176
743
168
501
815
268
178
750
227
128
264
746
148
483
151
94
426
108
66
144
410
91
332
117
84
324
119
62
120
336
57
109
32
27
314
33
20
41
27
85
25
13
8
7
36
5
14
15
7
850
273
217
1,243
278
158
341
219
556
810
231
194
203
903
143
181
128
893
41
21
31
43
9
3
7
25
35
90
95
SO
330
50
95
153
94
151
232
97
83
392
104
54
163
83
176
I',
0
I
WW
Boston. New York
$
18,981
Crao
Total.
40.0WO.W
Federal Reserve District-
0
,
.
A CI
Condition of the Federal Reserve Bank of New York.
The following shows the
eond‘tion of the Foils 11 Reserve
Comparison with the previous week and the correspo.•ding risk Bank of New York at the close of business Oct. 19 1932, in
last year:
ResoucresGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury
Oct. 19 1932. Oa. 12 1932. Oct. 211931.
$
S
$
603.724 NO 586.725.000 299,950,000
5,503.000
5.804.000
17,336,000
Goldheld exclusively sot. F. R. notes
Gold settlement fund with F. R. Board.
Gold and gold Otte. held by bank
609.227.000
10.3.577.000
256.182.000
Total gold reserves .
Reserves other than gold
971.985.000
57,267.000
Total reserves
1,029.253.000
Non-reserve cash
21,944.000
Bills discounted.
Secured by U. S. Govt. oblItgations30.603.000
Other hills discounted
29,693.000
Total bills discounted
Buis bought In open market
U. H Government securities:
Bonds
Treasury notes
Special Treasury Certificates
Certificates and bills
592.529.000
100.148.000
244.326.000
:37,0.
55.644.000
317,286,000
136,393,000
547,998.000
1,001,679,000
38,920,000
992.647.000 1,010,599,009
17.987.000
20,591,000
33.115.000
30.3(14.000
60 299,000
10.277,000
63.479,000
10,347,000
56,478,000
102,531,000
--159,032,000
214,149,000
188,228.000
133.454.000
188.739,000
148.417,000
107,984,000
2,519,000
392.110.000
379.136.000
131,193,000
Resources (Concluded)
Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncrmected items
Bank premises
All other resources
Total resources
Oct. 19 1932. Oct. 12 1932. Oct. 211931.
$
$
$
987,000
986,000
3,217,000
4,491,000
4.417.000
5,665,000
106.980.000
8(1.852.000 134.908,000
14.817 000
14.817 000
15.240,000
19.786.000
26.399.000
14,726,000
1,086.559.000 1.941.140.000 1,864,510,000
Lirth1litiesFed Reserve notes In actual circulation. 580,994,000
533,870.000 467,360,000
Deposits-Member bank reserve noel._ 1,124,144.00
0 1,079,371.000 1,029,657,000
Government
6,975.000
25.752.000
5,28,1,000
Foreign bank (see note)
4.715,000
2.613,000
49.011,000
Other deposits
16.095,000
14,62 1,000
29,889,000
Total deposits.
1,151,929,000 1,122,357.000 1.113,840,000
Deferred availability Items
104,666.000
87 037.000 132,527,000
Capital pald In
59.006.000
59.005.000
64,209,000
Surplua
75.077.000
75,077.000
80,575,000
All other liabilities
14,887,000
13.794,000
5,999,000
Total liabilities
1,986.559.000 1.941.140.0(10 1,864,510,000
Rath) of total reserves to depoelt and
Fed. Reserve note %termitic@ combined.
59.4%
58.2%
65.8%
Contingent liability OD bills purchased
los ,•.• .•/•//1
411.
799 101 (410 794 r111 005 629.964,000
for forrlan correspondeute
11,625.000
15,0913.000
27 593 000
, n
noSIu.aa. s,th to,....meat of irga
Mk two ilea mew Were added in order to silos separately the amount
of balances held abroad and amounts
In addition the captloa All other earnings assets.' previously made to
due to
of Federal inierinesilate Credit Bank debenture,. was changed to -Other
securities and the caption "Total earnings assets- In 'Total tells and securities
The latter term was adopted as a more accurate description of the total
of the discount
acceptances and securities acquired under the provisions of Section 13 and 14 of the Federal Reserve Act, which it was stated are the
only Items included therein
Total 13.8.Government securities._
()tiler securities (see note)
Foreign Maus on gold
"
713.792.000
3.933.000
716.232.000
3.917.000
241,698,000
14,683,000
Financial Chronicle
Volume 135
at
Quotations for United States Treasury Certificates of
Ore 001;
otaiitiorrig
ginanri(It Iiri iittl
PUBLISHED
Indebtedness, &c.
Maturity.
WEEKLY
Terms of Subscription-Payable in Advance
12 Mos.
including Postage6 Mos.
Within Continental United States except Alaska
010.00
06.00
in •Dominion of Canada
11.50
6.75
South and Central America. Spain, Mexico. U. 8.
Possessions and Territories
13.50
7.75
Continental Europe (except Spain). Asia.
Great Britain,
Australia and Africa
15.00
8.50
The following publications are also issued:
t MONTHLY PUBLICATIONS
COMPENDIUMSPUBLIC OTILITY-(seml-annually)
IBANK AND QUOTATION RECORD
RAILWAY & INDUBTRIAL-(four a year) lMosTnLy EARNINGS RECORD
STATS AND MUNICIPAI,-(Selni-a1111.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record is $6.00 per year each; for all the others is
WOO per year each. Foreign postage extra.
-00 account of the fluctuations in the rates of exchange
NOTICE.
remittances for foreign subscriptions and advertisements must be made
In New York funds.
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
-in charge of Fred. H. Gray. Western Representative.
Cameo° Orrice
208 South La Salle Street. Telephone State 0113.
LONDON OFFICE-Edwards & Smith. 1 Drapers' Gardens. London. E. C.
WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce. New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert;
Business Manager, William D. Riggs:
Treas.. William Dana Seibert: See.. Herbert D.Seibert. Addresses of all. Office of Co.
Wall Street, Friday Night, Oct. 211932.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 2789.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Oct. 21
Sales
for
Week.
Range for Week.
Lowest.
II
Highest.
Range Since Jan. 1.
II Lowest. I Highest.
RailroadsPar. Shares. $ per share.
per share. ,'8 per share:$ per share.
Central RR of N J.100
300 70 Oct 21 70 Oct 21. 25 June 101
Sept
Chic & East 111 pref. 100
300 1% Oct 21 2 Oct 15:
34 May 5
Aug
Colo & So 1st pref100
40 12 Oct 21 14 Oct 20, 8
Mar 30 Sept
100
40 12 Oct 19 12 Oct 19 4
Cuba RR pref
July 20
Aug
Duluth 8 5,k A
100
100
34 Oct 18
34 Oct 18,
% Apr
% Aug
Preferred
100
300
34 Oct 18
54 Oct 18
34 Apr 134 Aug
Havana Electric Ay_
100
% Oct 17
34 Oct 17
34 Oct
yy Oct
Int Ity of Cent Am Ws*
Prefered
100
Manhat Elev guar 100
Market St RY
100
2nd preferred__100
Nash Chad & St L-100
Rutland RR pref
100
20 2 Oct 15 2 Oct
30 8 Oct 17 8 Oct
30 1211 Oct 18 1234 Oct
20
% Oct 15
Oct
180 111 Oct 18 234 Oct
10 1234 Oct 21 12% Oct
200 8 Oct 20 8 Oct
15
171
18,
15
19,
21.I
20
Indus. & Miscell.Affiliated Products_ __* 1,000 z9 Oct 18 911 Oct 17
Antal Leather
Oct 21
14 Oct 21
Preferred
.100 lir
5"
534 Oct 21
Amer Chain Pref.. 100
100 1011 Oct 18 1011 Oct 18
Am Home Prod rights__ 61,077
10 Oct 21
X Oct 18
American Ice pref__100
100 3911 Oct 21 3934 Oct 21
American News
•
10 2434 Oct 15 2434 Oct 15
Anchor CaP Corp pret*
601 67 Oct 17 7134 Oct 17
Arch Daniels Mid p1100
40 96 Oct 18 96 Oct 18
Art Metal Construct_ 10
2001 4 Oct 19 4 Oct 19
Asso Dry Gds 1st pi 100
300 33X Oct 19 34 Oct 17
Austin Nichols prior A *
10 1611 Oct 17 1634 Oct 17
Barker Bros pref_100
301 11
Oct 20 11
Oct 20
Budd (E G) pref-100
34)1 7 Oct 19 734 Oct 15
Burns Bros class A
•
100 134 Oct
1% Oct 18
Class A Ws
•
% Oct 17
X Oct 17
Columbia Pi v t c.....*
700
1034 Oct 2
Comm Inv Tr pfd(7)100
10102 Oct 19102 Oct 19
Consol Cig pr pfd x-war
100 40 Oct 20 4() Oct 20.
Crown Cork di Seal pfd*
200 2334 Oct 18 2334 Oct 19
Cush Sons pfd(7%).100
20 82 Oct 15 82 Oct 15
Davega Stores
15
200 234 Oct 18 234 Oct 17
Dresser Mfg ci B
•
200 334 Oct 21 334 Oct 21
Franklin Simon pfd_100
Fuller Co prior pref..*
Id preferred
•
General Clgar pref...100
Gen 0& E pfd A (7) *
Preferred A (8)
*
Hamilton Watch
•
,
Hat Cerr pref el A...100
Keliy-Springfld T ctfs_•
8% [ref eds._ ...lee
Kresge (SS) Co Pref 100
Loose-W Bis let pfd 100
1
334
9
)4
34
711
3
May
Jun
Sept
Jun
Sept
May
May
2
1134
4
634
x
534
3034
1434
Oct
Sept
Mar
Jan
Mar
Sept
ECM
4%
34
5
7
in
3934
14
40
85
4
20
11,4
May
Apr
Oct
Jun
Oct
Oct
July
May
Apr
May
Jul
July
/634
2%
10
26
%
68
33
75
96
734
42
18%
Mar
Sept
Mar
Jan
Oct
Mar
Jan
Sept
Oct
Feb
Sept
Sept
10
334
1
x
434
94
15
17%
6034
234
2.14
A
so
July 14
Ap
234
Oct 134
May 1411
Feb 105
Ju
58%
June 25%
June 90
Oct 7;1*
Jun 12%
Jan
Jan
Feb
Jan
Aug
Sept
Jan
Stmt
Mar
Sept
May
15
234
3
75
534
511
2
fi
Oct 72%
May 2534
Jun 32
June 105
July 30
July 40
Jun 12
Au 20
MaY 234
Jun 24
May 110
July 118
Jan
Sept
Feb
Oct
Aug
Feb
Feb
Sept
Sept
Sept
Mar
Oct
10 20
30 253
120 11
110104
560 1834
510 28
50 5
30 12
1.000 1
400 1234
60 99
50 118
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
17 20
17 2534
15 1234
18105
isl 25
151 3534
201 5
171 15
20 I%
20 1334
18 100
20118
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Ott
17
17
15
20
IS
21
20
15
15
17
19
20
McLellan Stores pref100
20 14
Mesta Machine Co. 5 1,400 8
100 26
Nat Distill Prod pfd 40
N Y* 500 234
40 20
Hie
Preferred
Panhandle Produc &
100
Refining prer_
80 5
100 2934
Pirelli Co of Bali
100 6
Pitts Term Coal Pt 100
5 2,100 914
Plymouth Oil Co
Procter & Gamble pf100
115100
60 18
Revere Cop & Br pf 100
Oct
Oct
Oct
Oct
Oct
18 14
17 834
20 26
17 234
19 3211
Oct
Oct
Oct
Oct
Oct
18 10
19 5%
20 20%
18 1%
20 20
July
May
May
Jun
June
36
1934
3234
4%
57
Mar
Jan
Feb
Aug
Mar
Oct
Oct
Oct
Oct
Oct
Oct
20 5
18 29%
21 634
17 1034
17101
17 18
Oct
Oct
Oct
Oct
Oct
Oct
20 3%
18 21
21 5%
2
17 8111
17 10
Apr 10
June 31)4
Sept 12%
Oct 1211
July]103
July' 25
July
Mar
Mar
Sept
Jan
Sept
30 Oct
15 'Oct
% Oct
49 Oct
2 Oct
29 Oct
15 30
1818
21
%
18 50
19 2
191 29
87
21 105
21 95
20 534
201 3211
211 40
20 '2354
Oct 15 18 MAY 42
Oct 17. 6
July 2934
Oct 21'
% July 16.‘
Oct 17 38
July 85
% Apr 354
Oct 19,
Oct 19 22
Apr 40
Oct 1816411 June 9334
Oct 21 8434 June 105
Oct 21 70
July 97
Oct 20 sq Apr 7
Oct 18 15
July 4211
Oct 21 2034 Jan 40
Oct '11 20,
‘
24
Feb
Sept
AOr
Jan
Sept
Sept
Jan
Oct
Oct
Feb
Sept
Oct
Oct
•!
Scott Paper
Sloss-Shoff St& Ir pf100
•
Spear & Co
[ref100
The FM:
United Dyewomi.....100
100
Preferred
Unit Piece Dye Pfd-100
S Gypsum pre:_ _100
Unto Leaf Tob Prof 100
*
Van Raalte
let preferred__ __100
Eiteniehr pf100
Webster
White Mete- "ifs
Si)
20
100
20
20
10
10 105
20 95
.
1501 5
80 30
10 40
(100OO 2214
•No p tr value.
Oct
Oct
Oct
Oct
Oct
Oct
7
88
96
2791
Ins.
Rate.
Sept. 15 1933 _-_
June 151933....
Mar. 15 1933 ___
May 2 1933_
Aug. 1 1934....
May 2 1934....
June 15 1935___
IX %
134%
2%
2%
234%
3%
3%
Bid.
Asked.
Maturity.
'n
1006
10026n
100nst
1011n
10166n
10066n
10066n
____
101%
10116n
April 15 1937.-Dec. 15 1932__
Aug. 1 1936_
Sept. 15 1937_
Feb. 1 1933_
Mae. 15 1933-
103111 1032st
102"st
102",,
Int.
Rate.
Bid.
Asked.
101.,,
3%
334% won.,
sg% 10216n
354% 1012%
314% 1011111
101%
mt.
102"as
101nn
101un
334% 10121n 1012211
U. S. Treasury Bills.
Rates quoted are for discount at purchase.
Bid.
Oct. 26 1932
Nov. 9 1932
Nov.16 1932
Nov.23 1032
Asked.
0.25%
0.25%
0.25%
0.25"I.
0.05%
0.05%
0.05%
0.051.
Bid.
Nov.30 1932
Dec. 28 1932
Jan. 11 1933
Jan. 18 1933
Asked.
0.25%
0.25%
0.25%
n 2SW-
0.05%
0.05%
0.05%
n Inez
United States Liberty Loan Bonds and Treasury
on the New York Stock Exchange.
-
Certificates
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
t
17. Od. 18.10d. 19. Oct. 20. Oct. 21.
Oct.
;Oct. 17)
Daily Record of U. S. Bond Prices. Oct. 15.
.
I
I
High 101.16n, 10126n 10126nI 101not 101.24” 101"st
First Liberty Loan
ii
334% bonds of 1932-47_ LOW- 1012, 101,1ii 101Iliit 1012), 10112., 101"n
Close 101nn 101%, 10166n 101n., 1011432 101"n
11
381
99
137
28
80
Total sales in $1.000 units__
---I
-- 43).--{
Converted 4% bonds of HIM; 101",,
Low_ 10116111
19T2-47 (First
Close 1011in
Total sales in 01,000 units.-,
Converted 434% bonds{IIigh 102nn, 102nn lealct 1021i, 10il's: 1671;.;
of 1932 47 (First 4Xe) Low_ 10216,21 102nst 103221, 10217n 10211ts 10222st
Close 10260.'1021 ,, 10222st 102"st 1022fits 111216st
5
45
23
26
21
80
Total sales in $1.000 Units...
Secondconverted 4%/High
bonds 011932-47(First Low_
Close
Second 4(4s)
Total sales in 31.000 units__ _
10-71;:,
3
16;;; 10- W, 10316n
3
Fourth Liberty Loan
(High
"
434% bonds of 1933-38._ Low_ 103 ft 10327s2 10372 103" 10327 I0.316n
Close 103ust 103"st 10322n 103n 10317n 103osi
(Fourth 434s)
28
57
75
74
34
77
Total sales in 81,000 unffs_
108
107nst 10718n
Treasury
[High 10722n 10722st 108
434s. 1947-52
Low. 1071253 10760n 10726n 107"in 10722at 107"n
Close 10726st' 107"st 10722n 107"at 1072212 107"11
181
22
282
15
Total sales in $1,000 !mfrs.__
53
64
10411,21 104",, 1041, 101'',, 10411n 10410n
33
4s, 1944-1954
{HighLow- 1046n 1 1048n 1041,n 104"n 104"si 1042st
Close 104in I 10466n 104",, 10452.21 10412n 1042n
37
7,
19
7131
681
8
Total sales in 01.000 units.- _
10211.1 102"n 1021,132 102nn 1023in 102"ts
334s, 1946-1956
!High1.0w. 10216221 102,2 l02"' 10272n 102"n 10222n
,,
Close 10272st 102"st 102nst 102:in; 1022in 10222st
Total sales in $1.000 units___
146
61'
159'
103
,
33
6
10026, 1006.. 10066n 109nn 10065,, 1002211
41
31.1e, 1943-1947
{HighLow_ 10024n 1002on 10022st 1002esr 100":1 100un
Close 10012n 10022n 10022n 1002231 100"st 1002211
Total sales in $1,000 units___
1)
10
141
6
7
High 982st I 9827n' 9822n, 98"st 9822st 96169
1H
38. 1951-1955
Low_ 961n
966n I 9616,21 9616n 96"ss
, 9611H. 961%1 9615,, 98u. ger„
Close Nip
Total sales in 01.000 units...
82
8
118'
31
38
SSI
100ss.,' 1012n r10120n1 1016n 1016n 1011,1
?
3145, 1940-1943
{HighLow- 100228 100"n 101 i 101'n 101',, 1016n
Close 10022n 1012n 1 1012n I 1012n 101in 1016n
Total sales in 01.000 units...
68
261
48
221
11
87
100661.0 10111n 1 1016n I 101,3n 101% 1014n
314s. 1941-43
{HighLow_ 1002X4 1001614 101
101132 101 6,2 1013
13
Close 10066ii' 101112 , ICIlin 1011n 101.6,, 101'n
Total sales in 01.000 *mfrs.__
11
54
52
122
130
97)
9727n' 97"s: 982,1 I 982st 98%1 982at
334s. 1946-1949
{HighLow_ 9724n1 976•121 98
9722n
,
98% 98
Close 9722ss' 97"n. 982n
982n 982n
98%
Total sales in 81.000 units__
198
94.
167
240
85
195
Note.
-The above table_ includes only sales of coupon
bonds. Transactions in registeriMonds were:
12 4th 434s
100 Trees 3348
r Cash sale.
1013612 to 1.03
;
7
97"to 97nn
Foreign Exchange.
-
To-day's (Filliay's) actual rates for sterling 'exchange were
3.39 9-16(41
311)13-1t/or ditecks
-TridTh.39
3.39 15:16 for catles. Commercial
on banks,
3.39t4 ©3.39 : sixtilleye.,3.38 ©3.38
ninety days,
.
%
327'443:3
• and dcicuinn
or . isTment,760 klays, 373/3q03.39.
1'
Coaoni'or6-iiayment. 3,39j.
ay's (Friday's) actual rates for Paris bankers' francs were 3.93)4(43
for short. Allistet_Llam bankeders were 40.27(440.29.
xc anilictor r -- l=0naoirT(6731Friveek's range, 87.74 francs lAgh
, afs o
.
and 86.30 francs low.
Trim
'Fli73"weer:rat:mine exchange rates Billows:
.... terling, Actual=
g
ereks.
High for the week 3.44 11-16
ar for-the
v
-week
3.37 11-16
Paris Bankers' Francs1ror The week
3.9334
CU'for the week
3.92
Germany Bankers' MarksHigt - the week
--- ar
7
23.78
the week
23.7434
Amsterdam Bankers' Guildets
High for the week
40.29
Low for the week
.40.1434
ave-tor
3.4411
3-374 111
3.9r1TT6
3.9234 ..a
23.791
23.7634
40.30
40.1834
IS
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 2783.
A complete record of Curb Exchange transactions for the
week will be found on page 288.
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages—Page One
ng- FOR
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
,
111011 AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Oct. 15.
Monday
Oct. 17.
Tuesday
Oct. 18.
Wednesday
Oct. 19.
Thursday
Oct. 20.
Friday
Oct. 21.
Sales
for
the
Week.
$ per share $ per share $ per share $ Per share $ per share $ per share Shares
41Is 433
4 4014 427
8 413 443
4
79,600
434 46% 4412 4714 4011 44
64 64
64 64
.63
65
1,000
*62
65 65
70
65
65
21
21
2114 2114 21
2,500
22
2412 204 21
22
2414 24
1212 13% 113 123
4 12
4
113 124 28.200
8
1314 1213 1312 123 133
4
4
1512 157
8 1412 153
4 143 1512 15
157
8 15
1514 4,800
4
157
8 14
*21
24
*21
24
23
*21
2212 2114 25
500
*22
*2112 25
*80
82
*80
82
*80
80
80
*80
82
82
*80
60
82
*10
12
*83 12
4
*8
10
*8
10
4
*812 11
*83 12
43
4 43
4 *33
4 6
*4
*43
6
100
6
4 612 *312 6
*4
4412 4412 *444 517 .4414 55
200
8
*4414 4818
*4414 513 *4414 55
1914 2112 2012 223
2218 47,390
4 2112 237
8 223 233
4
4 2212 234 21
59
5914 6112 624 62
4
4
6314 6212 6212 613 623 *5914 604 3,000
*3
4
1
*7
8
1
34
1
"2
7
1
1
1
I
1,000
1
1412 154 137 143
8
8 137 143
8
8
1418 1478 133 14
73,700
8
4 143 147
8
55 55
55
55
*56
60
65
60 "52
110
.56
56
"52
2114 217
8 2012 213
4 207 2218 214 233
8
8 2112 2314 84.100
4 2318 243
312
314
800
3,
2 33
4
34 37
4
8
8 •312 33
33
8 33
8
34 33
84 91 s
84 83
4
9
,
9
9
9 3
8
77
8 8 4 3,600
812 914
212 212
213 212
8 23
212 212
4
900
4 *23
23
4 23
24 212
4
4
33
4 4
4 4
33
4 4
4
4
33
313 33
8 4.300
74 74
712 24.800
67
8 712
614
7,8 73
73
8 8
8
72 8
,
•1118 14
1014 101 a
12
1012 1012 2,400
203 12
4
11
1112 12
7
7
63
4 63
4 *634 7
618 1,109
7
7
6
7
73
4
10
10
9
1012
400
9
10
10
1012 *8
*914 10,1 *9
*7
8
8 12 9
.612 812
500
83
8 812 *712 101: •612 912
*164 22
*1714 22
*1714 22
*1714 22
*1714 22
*1714 22
*3
5
*3
4
*3
4
100
4
*3
3
4
3
*3
63
6512 62
5,400
63
66
6612 6812 63
67
63
6412 63
28
8 2712 293
293
8 2612 283
8 2938 321 1 31
34
273* 3214 160,360
*37
8 5
4
*378 4
5
4
*37
8 4
500
4
4
*4
7
7 14
63
1,300
4 7
111, 7
7
*612 7 4 *63
7
,
4 712
*8 • 87
8
812 812 .712 912
800
812 812
83
4 9
812 812
*5
712 *3
7
7 I *3
*3
7
612 *3
*4
812
123 1312 12
8
1314 13
8 1112 123 17.300
13
14 I 1312 143
12
4
*314 714 *314 67
8 *314 67
8 *314 64 *314 67
8 *314 67
8
•7
*6
912 *6
714
7
1140
714
*612 714 *6
10
7
*15
18
177
8
"1512 1612 *1512 1712 16
200
16 I *1612 1812 *16
143 153
133 153 29.300
4
8
4 13 4 1512 1414 153
4
8 1518 1612 1512 17
3
*6
*8
9
10
•738 9
10
*75 10 I
8
812 812 *73
s 812
418 44 MOO
412 431
41, 53
434 518
8
4
43
5
4 518
74 8
3
*63
i 8
909
*73
4 8,
87
8
8
8
8,
4
812 812 *7
•1618 217 *16
8
217 *157 214 *16
8
20 I •157 20
8
8
*154 194
1413 1512 14
1518 1412 16
16
16 4 1512 1712 1418 1512 13,400
3
2014 201, 2012 21
20
21
21
2214 22
203
4 2.500
2214 *16
512 63
4
6
612
614 7
614 612
512 618
54 512 9,900
5
*3
*3
5
5
*3
*3
5 I *3
5
*3
5
*4
3
2
*14
h
14
14
100
*la
3
3! •14
4
h
*14
'1
3
.118 314 *1
314 *1
314' *1
212 *1
22
,
734 21,600
713 77
8
714 818
712 84
4
714
84 83
8
8 12
8 1412 1412 1513 1612 1512 1712 1612 1712 1514 161
1412 153
3,400
53
4 6
2.700
53
8 6
*5
"5
53
512
84 6
3
57
8 812
914 1014
8
94
8
9
9
10
878 92
84 93 12,800
14
400
"4
3
8
3
8
14
*14
3
8
*15
38
*4
14
•Is
223 237
8
8
8 2114 2314 217 233
8 227 247
8
4
8 233 253
8
8 213 23i 101,800
3
3
414
200
414
4 414
4 4,
8 *33
*33
4 414 *34 414 *33
44 414
43
8 412 .412 514
5
5
5 1
5
1,809
43
4 43
4
*10514 110 *10512 114 1*106 114 *10514 1113 *105 114 *105 114
4
1414 154 15
8 14
1512 16
8
8 1612 177
163 14,900
8
153
8 153 167
*2858 32
*2812 32 I *28
3014 32
32
32
33
2814 30
1,000
814 91
9
93
4
87
8 93
84 812
4
812 812
73
8,200
4 812
34
100
3
4
"4
*38
7
8
•aa
7
8
'
3
8
3
8
*3
8
12
3
8
ili., *14
114
178
178 *114
•114
114
114
2
114
114
1.000
983 10212 2,900
8
98
99 100
97 1 98
95 4 9712 *94
3
99 102
78 4 784 *783 80 I *783 80
3
4
4
4
*783 80
70
4
4
783 783 *783 SO
4
1818 193* 1712 183
8 173 187
1612 1812 32,200
4
3
8
8 1818 194 183 193
27
27
8 .1
27
*1
8 •1
27
8 *1
27
8 *1
27
8 *1
1518 153
4
8
143 1514 143 153
8 15
8
16
8
153 161 1 1418 1512 33,900
*13
8 2
8 41
13
131 *13
*138
13
*13
4
8 2
4
200
612 612 "2 1 6 18 61s
13
67
8 67
8 "7
6
700
612 619
6
1212 1212 1014 1012 11
1012 12
1118 .1012 1238 *103 12
8
460
•____
8
8
8
1
8
8
8
'9
8
1012
80
*8
9
*8
19
*8
19I *8
16
19
100
•8
19
1618 1618 *8
*32
38 .31
38
*33
34
35
34
37
800
32
3512 36
*2412 3218 25
25
*26
8
100
3218 •26
3218 *254 3218 *247 32'o
*2434 28
243 243
4
*2612 27
2612 262 2512 252
700
4 27 27
*218 2'4
214
24
238 23
2'8
700
8
218 214
2'8 *Ds 214
*23
8 23
4
23
8 25
8
238 238
2.s
23
23
5 212 2,500
4 *212 312
*612 15
*7
9 I *612 11
*712 12
*612 11
*612 11
*1112 24
*10
20
*12
24
*12
24
24
*10
*10
24
3
3
2
32i
38
8
"8
12
600
"8
"8
12
12
12
12
*3
3
3
55
8
h
*3
3
3
4
*3
8
7 '
8
7 - -- 8
5
8
7 '
8
• 3
8
193 213
4
8 1918 2012 19
207
8 2014 2218 2114 227
4
1,800
8 483 2114 14918 934
83
4 94
18 9,600
9
9 12
83
4 97
8
912 101,
838 9
1112 1117 1114 1114. 1112 1112 11
1214 1114 1212 .93 12
2
3,100
*13
•13
30
297 *13
8
297 *13
8
30
*13
30
.13
30
9 4 738
3
64 7 4
,
712 73*
67
8 67 '67
8
8 7
8 3.400
638 63
*13
4 23
*13
4 23
4 513
4 23
4 .13
4 24 *13
4 23
100
4
13
4
13
4
*7
133
'714 135
*74 133
4 *7, 133
4
4 5714 133
4 *714 l33
63 4 663, 62,-1 64 4 6314 6512 6514 683
3
,
4 673 701 1 623 681 1 74,600
8
4
57
57 I 59
*5612 61
60 I 62
82
*5818 6312 *57
6312
600
*23
8 2
3
*218 2 8 *218 23
3
8 *218 2513
214
500
214
2
2 14
*25s 3
212 212 .23
3 312 *23
4 4
*23
4 4
212 212
500
63
8 67
8
612 97
64 6%
63
4 712
7
7 12
6
6 12 5,800
81
*5
63
"44 812 *5
'6
812 '5
812 *5
819
*218 3
2 4 2,
,
4 *134 3
*17
8 3
*17
8 3
•17s
3
100
*33
8 4
312 312
4 4
3,
2 34 *23
312 312
900
312 312
____
*16
*8312
64
*60
*16
10 4
3
23
4
553
8
•13
4
113
8
.23
2
138
*319
*3
*3
*94
217
8
87
63
8
65
18
103
4
24
3
56%
2
12
212
13
4
4
43
5
5
10
•164
*8312
53
4
*60
*15
1012
•23
4
55
*14
1114
*23
8
138
*3
*3
4
*23
*914
____
____
____
____
____ ____
23
*18
23
22
*15
*18
23
85 85
*85 1044 .85 1043
87
4
6
57
8 63
8
538 618
61s 612
*60
65
*60
65
6412 *5512 6412
1814 1714 17, •15
17 .15
4
17
1012 1012 1012 1118 1114 114 Ill,
4
23
4 3
21
4 23
3
3
3
4
4
5612 553 5712 563 5814 574 583
4
2
*13
4 2
13
4
13
4 *14 2
8 1112 1212 12
1212 113 1218
113
8
212 *238 212 *23
8 212 *24 238
4
13
8
134
13
8
13
13
8
17
8
13
4
*3
43
4 *312 44 *34 412
4
5
*312 43
*3
5
4 *3
43
4
412 *3
512
47
8
4
*3
5
*91 1 10 I
91 1
9
,1
*914 10
10
,
INV
•Illd ar dashed orb.... ,,,...g1, , WI I' III. ,
r Ex-dlvtdend
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest
o Ex-rights.
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
Railroads
Par i Per share 3 per share I Per share $ per share
Atch Topeka & Santa Fe__100 177
8
8June 28 94 Jan 14
7914 Dec 2033 Feb
Preferred
100 35 July 9 86 Jun IS x75 Dec 10814 Apr
Atlantic- Coast Line I015 100
93
491ay 26 4-i Sept 2
25 Dec 120 Jan
Baltimore & Ohio
100
33
4June 1 213 Jan 21
8
8
14 Dec 877 Feb
Preferred
100
6 June 3 4112 Jan 14
25 Dec 8012 Feb
Bangor dr Aroostook
50
912June 2 3534 Aug 29
18 Dec 6634 Feb
Preferred
100 50 June 1 91 Sept 13
80 Dec 11312 Mar
Boston & Maine
100
4 July 13 19 48ept 2
3
10 Dec 66 Feb
Brooklyn & Queens Tr_No par
1338Ju1le
27
8Ju1y 6 1014 Mar 8
612 Oct
Preferred _ ___ _-_No par 2314June 28 58 Mar 5
.
4
46 Dec 643 June
Dklyn Manh Transit___No par 1118June 8 5014 Mar 8
8
3118 Oct 693 Mar
$6 preferred series A..No par 3112June 8 783 Mar 5
8
63 Dec 944 Feb
Brunswick Ter & Sty SeeNo par
12 Apr 13
218 Aug 11
912 Feb
13 Dec
8
Canadian Pacific
25
714May 31 2038Mar 5
8
103 Dec 453 Feb
4
Caro Clinch & Ohio stpd 100 39 July 26 70 Feb 6
72 Dec 102 Apr
Chesapeake & Ohio
25
934 July 6 3112 Jan 14
233 Dec 41112 Feb
8
114June 2
Chicago Great Western-100
53 Aug 29
8
21/ Dec
77 Feb
8
Preferred
100
2121May 25 1512 Jan 22
712 Dee 2712 July
Chic 5111w St P & Pac—No par
3
4June 1
412 Aug 2r
878 Jan
112 Dec
Preferred
118May 20
100
8 Aug 25
212 Dee 153 Feb
8
1413 Aug 25
2 May 31
Chicago dz North Western.100
5 Dec 451/ Feb
Preferred
100
5 June 29 31 Jan 22
1312 Dec 116 Mar
1121May 25 163 Jan 22
Chicago Rock Isl & Pacific.100
8
77 1)ec 6512 Jan
8
7% preferred
414May 26 2712 Jan 14
14 Dec 101 Mar
100
6% preferred
1018 13ec 90 Jan
100
2 May 25 2412 Jan 14
412June 29 2912Sept 23
Colorado & Southern
74 13ec 48 Jan
100
111/ Jan 2
278July 21
Consol lilt of Cuba pref_100
10 Dec 4212 Feb
Delaware & Hudson
64 Dec 15714 Feb
100 32 July 8 92128ept 3
Delaware Lack & Western.50
457
8804 23
812June 1
Jan
174 Dec 102
112May 28
9 Jan 13
Deny & Rio Or West pref._ 100
312 Dec 453 Feb
4
481ept 8
Erie
113
2 May 31
4
5 I iec 393 Feb
100
638 Dec 4513 Feb
First preferred
8
23
8May 19 157 Aug 26
100
5 111ec 4012 Jan
Second preferred
2 May 25 1012 Aug 25
100
Great Northern pref__
100
5125iay 28 25 Jan 14
4
154 Dec 693 Feb
312 Dec 2714 Feb
Gulf Mobile & Northern__.100
2 Slay 3 10 Sept 8
Preferred
1512Sept 8
Jan
13 Dec 75
100
3 June 1
Hudson & Manhattan
3
8 May 31 30 4 Jan 18
2614 Dec 4412 Feb
100
434June 1 2478 Sept 6
Illinois Central
94 Dec 811 Feb
100
,
7 Dec 61
RR Sec etfs series A__1000
4 May 5 1412 Jan 2.
Jan
Interboro Rapid Tran v t 0.100
8
214June 10 143 Mar 7
43, Dee 34 Mar
Kansas City Southern... 100
214June 1
151,Sep1 8
678 Dec 45 Feb
Preferred
5 June 9 2514Sept 2
100
15 Dec 64 Feb
Lehigh Valley
5 June 8 29',Sept 8
50
8 Dec 61
Jan
Louisville& Nashville
712May 26 384 Sept 2
100
2014 Dec ill
Feb
Maid) Ity Co mod 5% guar.100
4 June 8 204 Mar 8
67 Dec 39 Feb
8
Market St Ry prior pref___100
9 Jan 26
314June 2
512 Dec 22 Feb
Minneapolis & St Louis...100
3 Aug 11
8
18 Jail 12
12 Dec
3 Jan
4
Minn St Paul & SS Marie_ 100
7
8May 13
43
8Sept 7
I Dec 1112 Feb
Mo-Kan-Texas RR----NO par
114May 26 13 Sept 23
37 Dec 2634 Jan
8
Preferred series A
314June 1 24 Sept 23
100
Jan
1012 Dec 85
Missouri Pacific
100
112May 25 11 Jan 22
63 Dec 423 Feb
8
4
Cony preferred
100
2125iay 26 26 Jan 26
12 Dec 107 Feb
Nat Rya of Mexico 24 pref_100
18 Feb 9
7 Sept 3
8
12 Oct
12 Jan
New York Central
8
4June 2 363 Jan 15
100
83
247 Dec 1324 Feb
8
NY Chic & St Louis Co.....100112May 18
4Sept 8
212 Dec 88 Feb
93
Preferred series A
100
2 June 2 1538 Jan 22
5 Dec 94 Mar
NY & Harlem
50 82141May 18 1202 Aug 16 x101
Dec 227 Feb
N Y N II & llartford
6 May 26 314 Jan 21
100
8
17 Dec 947 Feb
Cony preferred
100 117 July 6 783 Jan 14
4
*
8
52 Dec 1193 Feb
N Y Ontario & Western
$14 Oct 137 June
33 July 12 153 Sept 8
8
100
4
8
N Y Railways pre_ _No par
14 Apr 19
I
Feb 26
2 Feb
18 Dec
Norfolk Southern
334Sept 6
12June 1
100
34 Der
814 Jan
Norfolk & Western
100 57 June 27 135 Feb 17 1053 Dec 217 Feb
8
Preferred
651/ Dec 93 Mar
100 65 July 6 783 Oct 15
4
512May 26 253
Northern Pacific
8Sept 8
100
1412 Dee 607 Jan
8
Pacific Coast
1 Mar 17
100
312Sept 9
7 Mar
14 June
Pennsylvania
50
612June 1 23% Jan 21
1614 Dec 64 Feb
Peoria & Eastern
8May 27
51,Sept 8
7
100
1 12 Dee
912 Jail
Pere allumuette
4June 30 18 Aug 25
13
100
4 Dec 85 Feb
Prior preferred
312June 2 26 Aug 35
100
812 Dec 9214 Feb
212June 1
Preferred
24 Aug 25
100
518 Dec 80 Jan
Pittsburgh & West Virginia 100
8 July22 2112 Aug 25
Jan
11
Dec 86
Reading
912June 10 52118ept 2
30 Dec 974 Feb
_50
1st preferred
50 15 July 11 33 Jan 29
Jan
28 Dec 46
24 preferred
50 15 May 2 34 Sept 2
273 Dec 47
8
Jan
3,M8.y28
St Louis-San Francisco-- 100
63 Jan 14
8
.3 Dee 623 Jan
4
93 Jan 22
4
1 May 2
let preferred
100
414 Der 76
Jan
1378Sept 8
3 May 21
St Louis Southwestern____100
414 Dee 334 Jan
9 Apr lo 2012 Jan 26
Preferred
100
814 Dee 00
Feb
18 Jan 2
1 Sept 2
Seaboard Air Line
No par
12 1)ee
Vs Jan
100
4 Jan 4
IN Sept 2
l'referred
, Dee
8
218 Jan
612June 1 374 Jan 21
Southern Pacific Co
264 Dec 10912 Feb
100
212May 16
1812Sept 8
100
Southern Itallway
63 Der 657 Feb
8
8
233
48ept 8
3 July I
Preferred
100
10 Dec 83
Feb
100 16 May 12 35 Sept 7
Texas & Pacific
22 Dee 100 Jan
37
8May 28 14 Mar 8
100
Third Avenue
54 Apr
1514 July
411111 ne 10
13 Apr 20
8
Twin City Rapid Transit 100
2 Dee
177 Feb
8
7 June 16 2412 Jan 26
100
Preferred
114 Der 62 Feb
8July Ii
9412 Feb 13
100 273
Union Pacific
7012 Dec 205, Feb
8
713 Aug 2;
8
100 40 May 31
Preferred
Si
Der 87 May
?,June 2
100
44 Aug23
Wabash
4 Dec 26 i8n
I June 1
11 Jan 28
Preferred A
100
1 12 Dee 51
Jan
11 3
1 12May 28
Western Maryland
100
8Sept 2
5 Dec 1938 Feb
2 May 26
1114 Sept 2
24 preferred
100
5 Dec 20 Feb
12.1une 9
100
Western Pacific
43 Aug 25
4
13 Dec 147 Feb
8
8
',May 31
100
875 Aug 25
Preferred
3 Dec 314 Feb
Industrial & Miscellaneous
____ ______ Abitibi Power & Paper_No par
Preferred
100
18
18
100 Abraham & Straus
No par
50
*85 1044
Preferred
100
512 64 10.900 Adams Formant
No par
5512 553
8
30
Preferred
100
100 Adams MI11q
*15
17
No par
•1012 11
800 Address Muffler Corp__No par
23
4
23
4
900 Advance ltureelY
No par
531j 57
No par
16,500 Air Reduction Inc
*13
4
2
200 Alr Way Elea Appliance No par
11
114 30,900 Alaska Juneau Go'd Min_ _ _ 10
A P W Paper Co
No par
•
218 212
112
131 8.000 Allegheny Corp
No Par
•318 4
Pref A with $30 war.._.100
Pref A with $40 warr___ _ 100
*3
43
4
4 I
200
*3
Pref A without warr____100
70 Allegheny Steel Co____No par
*94 10
__ __
PER SHARE
Range for Year 1932
On basis of 100-share lots.
e$ Sept 27
112June 14
10 June 1
68 July 1
14May 31
22 June 24
12 June 1
tv:July 20
114June 8
307 July 1
8
12June 6
73
4June 11
1 July 27
3
8Slay 31
',May 31
%June 3
',June 11
5 May 27
3 Feb 13
914 Jan 15
244 Aug 29
98 Mar 1
912Sept 7
73 Sept 8
3038 Mar 8
14 Sept 8
44 Ain 11
8312Sept 8
31 2Sept 9
163 Jun 21
8
4 Mar 15
33
8Sept 8
1,14Sept 9
8 Sept 8
8 Sept 9
15 Sept 8
2 Dor
1414 Feb
47 Dee 52 Feb
/
18 Dec 39 Aug
96 Dec 106 2 May
,
34 Dec 231/ Feb
501/ Der 92 Apr
2218 Jan 334 Aug
10 (Set 2312 Feb
2 Sept11 8 Mar
,
473 Der 1094 Feb
8
1 14 Dec 104 Feb
Jan 2012 June
7
23 De,.
4
9 Aug
118 De, 1234 Feb
2 Dec 5918 Feb
Feb
114 Dee 59
13 Dec 5512 Feb
4
10 Dec 461 Feb
,
tar FOR SALES DURING
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Oct. 15.
Monday
Oct. 17.
Tuesday
Oct. 18.
2793
New York Stock Record-Continued-Page 2
THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
Wednesday
Oct. 19.
Thursday
Oct. 20.
Friday
Oct. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100-share lots.
Highest
Lowest
PER SHARE
Range for Previous
Year 1931.
Highest
Lowest
Indus. & Miscell. (Con.)_Par $ per share $ per share $ per share $ per share
4
64 Dec 1823 Feb
Allied Chemical de Dye-No par 4212June 27 8814Sept 8
100 964 Apr 14 119 Mar 11 100 Dec 126 Apr
Preferred
4 June 1 1538Sept 8
1012 Dec 4234 Feb
Allis-Chalmers Mfg_-_No par
412July 7 10 Jan 11
752 Dec 18% Feb
Alpha Portland Cement No par
1114 Dec 23 Mar
No par 12 Jan 25 2234Sept 8
Amerada Corp
312June 2 1512Sept 3
3
512 Oct 29 4 Feb
Amer Agri° Chem (Del) No par
4
1214 Dec 623 Feb
5 May 31 2212Sept 8
10
American Bank Note
35 Dec 6614 Feb
50 28 June 21 47 Feb 15
Preferred
414 Jan
27 Aug 25
4 Dec
14 Apr 29
American Beet Sugar--No par
2
934 Aug 25
14 Dec 177 Jan
I Apr 29
100
7% preferred
134 Dec 315 Feb
612June 2 177sSept 8
Am Brake Shoe de Fdy-No par
71 Dec 12434 Mar
100 40 July 11 90 Feb 18
Preferred
5812 Dec 1294 Mar
25 2934June 27 7371 Mar 8
American Can
100 9312June 2 129 Mar 14 115 Dec 1524 Apr
Preferred
412 Dec 3834 Feb
312June 2 17 Sept 6
American Car & Fdy---No par
2034 Dec 86 Mar
100 16 June 30 50 Aug 29
Preferred
6 Dec 43% Feb
7'sSept 6
1% Apr 22
No par
American Chain
3014 Dec4834 Mar
No par 18 June 1 3732 Mar 8
American Chicle
5 Oct2114 Feb
84Sept24
2 July 13
Amer Colortype Co---No par
'
Am Comm. Alcohol Corp__20 11 May 26 27 Sept 29
234 Dec 16 Mar
5 Jan 9
1 May 26
Amer Encaustic Tiling-No par
734 Dec 334 Feb
4Sept 8
234 Apr 11 153
Amer European Seals-No par
64 Dec 5114 Feb
2 May 31 15 Sept 6
Amer de Fora Power...No par
20 Dec 100 Mar
5 May 31 3812 Jan 21
No par
Preferred
10 Dec 794 Feb
234May 26 2114 Aug 29
No par
2d preferred
18 Dec 90 Feb
334June 1 33 Jan 18
No par
$6 preferred
.
3
4 Dec 10 Jan
64 Aug 30
3 May 27
10
Am Hawaiian S SCo
8 Mar
1 Sept
2Sept 8
67
I May 31
Amer Hide & Leather-_No par
74 Dec 30 Apr
475May 3 27 Sept 7
100
Preferred
37 Oct 64 Mar
Amer Home Producta_No par 25 June 1 5132 Mar 9
1012 Oct 3152 Feb
6t4 Oct 11 2152 Mar 8
No par
American Ice
5 Dec 26 Feb
212J1,ne 2 12 Sept 8
Amer Internal Corp
No par
14 Jan
14 Dec
3 AUg 30
4
14 Jan 6
AmLFranoe&FoamiteNopar
14 Dec 15 July
414 Aug 30
I July 20
100
Preferred
5 Dec 302 Feb
352July 1 1514 Aug 29
American Locomotive__No par
294 Dec 84% Mar
100 19 July 5 49 Sept 6
Preferred
4
16 Oct 433 Mar
712June 27 2214 Jan l4
Amer Mach & Fdry Co_No per
7 Ma
114 Oct
334 Mar 9
par
1 June 9
Amer Mach dv Metals...No
47 Dec 23 4 Fe r
3
914 Aug 30
112June 1
Amer Metal Co Ltd---No par
14 Dec 894 Feb
84June 2 32 Aug 30
100
6% cons preferred
,
1
Oct 397 Jab
17 Jan 11
8
1 Jan 4
Amer Nat Gas pref---No prof
2
1152 Dec 647 Fen
3 June 2 1714Sept 8
Am Power & LIght--__No par
4412 Dec 102 mab
No par 1514June 30 58 Jan 14
Preferred
3
par 10 July 6 49 4 Jan 14
No
25 Preferred
35 Dec 85 Apr
-- - -- -No par- ---- -Pref A stamped
5 Dec 2112 Mar
1 214Sept 9
318June 1 -Am Rad & Stand Saley_No par
14 Dec 123e Feb
4 Feb 19
Apr 29
4
American Republics-No par
73 Dec 37% Feb
2
3 May 25 1812Sept 6
25
American Honing Mill
1914 Dec 66 Feb
Rasor_No par 1332June 27 2294 Mar 7
American Safety
9 Feb
152 Dec
4Sept 12
33
%June 20
No par
Amer Seating v t ci
Ds Feb
4 Dec
%Sept 2
4 Apr 22
Amer Ship & Comm-No par
20 Oct 42 Jan
June 22 2512 Jan 14
Amer Shipbuilding Co_No par 10
174 Dec 5812 Feb
51238ay 31 2714Sept 8
Amer Smelting & Refg_No par
75 Dec 13812 Mar
100 22 June 21 85 Jan 29
Preferred
4
45 Dec 1023 Mar
-100 15 July 5 55 Feb 19
28 preferred 6% cum.
28 Oct 4214 Mar
25 2134June 1 3512 Aug 29
American Snuff
977 Dec 110% July
90 Jan 11 106 Sept 13
100
Preferred
412 Feb
12 Jan 14
Is Feb 15
14 Nov
Amer Solvents & Chem_No pa
as Dec 1112 Feb
114 Jan 20
No pa
14 Feb 18
Preferred
5 Dec 3114 Feb
3 May 31 154Sept 6
8
3:500 Amer Steel Foundries_No par
7/2 812
8
812
74 7
814 8
712
114
8
832
68 Dec113 Feb
100 34 July 6 80 Feb 18
Preferred
65
65 *64
*6314 66
*6314 66
*6314 70 *64
70 •64
33 Dec 4814 Mar
No par 20 May 31 3634 Mar 3
*30
32
*32
3214 32
300 American Stores
324
32
32 *30
32
32 *30
3412 Oct60 Mar
100 13 June 2 3914 Jan 13
2214 2,300 Amer Sugar Refining
2334 22
224 2212 *22
*223 23
4
2332 23
23
227
8412 Dec 10812 Mar
100 45 May 31 90 Aug 27
Preferred
100
•75
•76
794 76
763
4
4
76
*75
7912 *7514 7912 *753 79
34 Dec 1112 Feb
284 Apr 29 1014 Aug 25
100 Am Sumatra Tobacco-No par
7
*5
*6
712 *6
74
*514 7
6
*514 7
6
4
100 69 4July 11 13732 Feb 19 1124 Dec 2011 Feb
3
10514 1067 1022 10512 103 106
2
4
10414 1087 1053 10514 101 lO51s 169,400 Amer Telep & Teleg
2
4
25 4012June 1 8634Mar 9 6012 Dec 1283 Apr
7114 7114 69
6.800 American Tobacco
651 5912 61
61
6612
69
6514 6914 64
4
64 Dec 1323 Apr
25 44 June 1 8934 Mar 8
Common class B
714 733
7014 72
6652 7212 655 6834 634 6818 6214 641 82,100
96 Dec 132 May
100 9514June 2 11812 Oct 14
Preferred
800
117 1184 116 116 *115 11678 113 115
11234 113 *110 11112
19 Dec 105 Jan
12•7 12
4 June 3 25 Jan 25
Type Founders-100
13
American
*7
15
'7
"7
15
*7
*712 15
72 Dec 11012 Feb
100 I012July 6 70 Jan 8
Preferred
50
4014 201
"204 2912 *2014 25 *2014 27 *2014 27 *2014 291
3
234 Dec 80 4 Feb
2234 7,800 Am Water Wks de Eleo_No par 11 May 26 3412Mar 8
234 24
23
234 24s 22
2332 2234 2312 24
245
218 Dec 8034 Feb
1,200
No par 11 May 27 31 Mar 8
Corn 302 tr els
2012 201
1912 2034 2012 204 2012 21
*1912 211 "1912 21
6412 Dec 107 Mar
No par 26 June 2 75 Jan 15
62
1st preferred
631 *50
*50 633 *50
6312 *50
631 *52
6312 *50
252 Dec 117 Jan
57
e
152May 25 10 Sept 6
No par
61
55
.3 53
4 2,800 American Woolen
*512 6
538 634
534 534
612 612
1514 Dec 40 July
100 1512 Jan 4 39755ept 8
261,2 27
2,300
2812 29
Preferred
2812 29
2714 274 274 2812 2812 281
4 Jan
*7
8 13
214 Aug 29
12 Dec
45
8 13
14May 10
'Am Writing Paper ctfs_No par
358 18s*732 i8
33
8 j8
*5
8 184
214 Dec 18 Feb
8 Aug 29
2 July 9
No par
.
33
Preferred certifs
61
*312 61
*3
61
*3
612 *3
61 '
3
8I2
53 Feb
4
212 Dec
675Sept 6
114May 25
312 312
100 Amer Zino Lead & Smelt__-_1
*34 37
"34 37
*312 4
*312 4
*312 4
1912 Dec 4512 Aug
25 10 June 1 35 Aug 30
*19
21
21
*18
281 .
Preferred
.19
318
21
21
*18
*18
21
914 Dec 4314 Feb
97 10's
3 June 30 1938Sept 8
97 1012
98 1O 4
83
4 934 49,400 Anaconda Copper Mining-50
1012 11
952 lO's
6 Dec 2614 Mar
3 Apr 11 15 Sept 8
10
100 Anaconda Wire & Cable No par
*6
10
*6
10
*6
*6
10
712 71
*712 8
13 Sept 36 Feb
514May 2 1712Mar 2
1014 1014
No par
*104 12
7952 l0's
900 Anchor Cap
94 101 *1012 12
*1012 11
4 Dec 194 Feb
9 Sept 9
132May 31
Andes Copper Mining_No par
*44 7
*412 7
*4
•418 6
6
9
*4
*4
7
8 May 18 Feb
7 Apr 18 1512Sept 3
12
123
4 12
400 Archer Daniels MIdl'cl_No par
*12
121 •12
1234 *12
1212 12
121 "12
*38
41
41
100 Armour & Co (Del) pref--I00 2 May 31 61 Aug 29
41
340
"40
42 .
41
42 .
*40
340
41
4
20 Oct 22 Jan
412 Jan
48ept 9
23
3 Dec
4
%June 2
11:. 112 2,100 Armour of Illinois class A-25
112 134
112 1.2
112 ll
4
132 112
112 13
2% Jen
12 Oct
2 Sept 12
%June 7
1
1
7
8
78
25
Class B
7
8
7
2 1.900
1
I
I
1
1
1
54 Dec 47 Jen ,
1572 Aug 29
312May 31
Preferred
100
. 872 9
.
1
9
*734 9
9
9
400
712 712
9
"74 81z
9 July
134 Dec
334 Aug 29
1 May 3
214 *2
24 2's
*Vs 214
200 Arnold Constable Corp_No par
24
•2
214 *2
2
2
47
4 Oct1012 Feb
4Sept 24
53
24 Apr 19
No par
3
3 12 *3
100 Artloom Corp
*312 4
"34 4
"34 4
*34 4
2
15, 134 4,400 Associated Apparel Ind_No par
114 Dec287 Feb
3 Aug 29
%June 30
152 I%
2
2
2
112 17s *158 2
2
2
5 4 Dec295 Mar
3
614 61
3 May 16 11 Sept 8
No par
1,500 Assoc Dry Goods
612 61
64 63
4
64 6% ."61 I 6%
611 61s
83 Dec31 Feb
Co_ __
__ .15 .
612July 9 1612 Aug 11
25
_ *15
Associated 011
_ _ *15
.1.5
__ "15
__ 4
10 Dec39 Jan
All 0 & W I SS Lines_ _No par
6 June 8 1214 Aug 1.;
*512 -10
•15-*512 10
*512 Io .51s To e512
*512 To
15 Dec 5312 Jan
*6
10
10
612July 25 1434 Jan 22
Preferred
100
*6
10
*6
10
*6
10
*6
*6
10
52
2 1572 1634 19.800 Atlantic Refining
8% Feb 9 2172Sept 8
25
16% 173
85, Dec23 Feb
1612 1638 1512 1634 16
167s 1652 17
18 Dec54 Feb
12
200 Atlas Powder
1014 1014 "10
712July 8 2512 Feb 2
No pa
4.11
15 *104 15 *1014 12
*1034 11
774 Dec 99% Jan
100 45123u11e 29 7912 Jan 13
100
6912 *6712 6912 *6712 6912 *6712 6912 "6712 694
Preferred
6312 6512 66
37 Aug 10
*27
2 3
112 Dec34 Jan
3
400 Atlas Tack Corp
3
*212 3
1 July 25
*212 3
No par
*3
314
3
3
404 45
444 478
46
8412 Oct 29512 Apr
35,000 Auburn Automobile-No par 2834May 16 151% Jan 14
4
4
4 41% 4434 43
433 4514 403 433
h Feb 19
214 Mar
1
1
12 1,200 Austin Nichols
178 Sept 9
No par
12 Sept
.3112 112 *112 14 *Us 112 *Ps 112 "112 14
212 July
4 Dec
73 Jan 8
Autoeaiee Corp
18May 17
No par
5 Feb
1 Dec
2 Jan 11
Preferred
%Mar 30
50
64 Mar
2 Dec
-1 3"6;56(7) Aviation Corp of Del (Tbe)__5
04
732 Oct 6
112June 1
4
612 634
6i2 14
.
612 6%
a% 1
; 6I. i637
6
6 14 1,900 BaidwlnLocoWorks___Nopar
7
7
434 Dec 2772 Mar
7
7
64 634
2 May 31 12 Aug 29
63
4 7
7
7
15 Dec 10412 Mar
18
18
17
18
400
174 183
Preferred
100
8 May 27 3712 Aug 29
4 184 1812 184 1812 1812 1812
76
76
80
85 Dec 107 Feb
77 77
90 Bamberaer (L)& Co pref 100 62 July 8 99 Feb 25
80 *76
80 80 *76
*674 80
*3
4 2
1% Oct 10 Jan
312 Aug 24
*78 2
*3
4 2
*34 2
*3
4 2
*3
4 2
Barker Brothers
No par
h Alm 9
48
41 1 45
2 6,100 Barnsdal Corp class A
4
4% 43
4 Dec 144 Feb
434 47
7 Sept 8
45
2
338June 1
434 5
5
42 434
10
612 61, *6
46h 1014 *612 1014
,
10 Bayuk Cigars Inc
14 Dec 33 Jan
*431 11
June 2 13 Feb 1
4
No par
.
71312 11
*404 54
*4014 54
54 •40 54 "40
60 Dec 90 Mar
52
151 preferred
100 35 July 29 59 Jan 7
"40 50 *40
13
3.000 Beatrice Creamery
37 Dec 81 Mar
4 1312 1312 13
50 13 Oct 21 4312 Jan 14
1334 1434 134 1312 13:2 1312 1312 133
697 6972
2
200
70
*6972 74 •70
Preferred
70
90 Dec 111 Mar
• 2.69% 74 •6978 74
74
2
100 697 Oct 21 95 Jan 18
49
40
40
/00 Beech-Nut Packing Co
374 Oct 62 Apr
384 384 3812 3812 40
40 40
20 2914May 31 45 Aug 27
*3812 45
53
58
64 Aug
134Juna
232 Jan 4
3512 57
834Sept 8
512 53
4 1,601 Belding Herninway Co-No par
•512 6
*54 53 '
534 58
Belgian Nat Rye part prof-- 573
6114 *5852 6012 5
5
547 Dec 80 4 Jan
359
.59
624 '5914 6012 *591 1 6012
2June 1 62'8 July 8
*59 613 .
1112 124 104 1112 28,900 Bend's Aviation
1234 Oct 2512 Feb
1014 1112 103 1112 1114 12
4
412May 27 1834 Jan 14
114 12
No par
1372 1152 1152 117 13
134 134 1231 1312 1.600 Best de Co
53
4June 2 247 Feb 19
No par
193 Dec 4614 Mar
4
2
134 133 *11
1714 Dec 708, Feb
3Sept 6
714June 28 295
183 20,700 Bethlehem Steel Corp-No par
183e 1912 1812 19% 17
4
4 1714 18
1752 1832 163 173
37
387
2 2,900
393
387
2 383 3912 39
7% preferred
100 1614July 1 74 Jan 9 60 Dec 123% mar
4
40 4134 384 4012 38
Blaw-Knox Co
4 812
4 812 *53
6 Dec 29 Feb
3 .4June 1 10 Aug 11
5
No par
812 *53
*53
4 812 *53
*54 8
*534 81
2
Bloomingdale Brothers_No par
15 Oct 21 Nov
614June 13 14 Feb 15
5
0772 1212 *re 1212 *77 1212 *77 1212 *74 1212 *77 1212
75 Dec 95 Jan
Preferred
100 90 Apr 22 81 Jan 6
4.66
60 *5534 60 *5572 60 *50 60 *484 60 "4814 60
1,100 Bohn Aluminum & Br-Aro par
1012 11
12
12
12
12
47
2June 2 2214 Jan 14 2154 Dec 83 Aug
8 1112 1112 114 113
1134 115
*49
51
51
*49
349
51
51 .
Bon Ami class A
*49
51
No par 31 June 1 54 Sept 8
49 Oct 20614 Apr
*49 52 *49
3 Feb
1 Dec
4
*I4
3
8
1 Aug 23
%May 13
No par
13 1,400 Booth Fisheries
3
2
12
34
*14
*14
12
*14
14
12
I
•13 1 .2_
1
1 •___
lat preferred
Vs Dec 174 Feb
114 Jan 5
1 *--- 12May 11
100
1 •____
4._
31112 Dec Ma Mar
27 2 27
7
20July 1 434 Mar 9
27% 2872 26i2 2714 8,800 Borden Co (The)
25
27
2738 2712 283
iirs 28
3
814 9
9%
9 Dec 30 4 Feb
2,800 Borg Warner Cori
*9
914 95
94 934
33
2May 26 1414Serit 8
10
914
9
912 95,
38 July
*4 1
0,4 1
12 Dec
el
s 1
*3
2 1
Botany Cons Mills class A-50
*3
2 1
1148ept 7
14 Apr 26
se. 1
5
4 52
4
472 54 5,000 Brigge Manufacturing-No par
5
512
518 53
2
512
532
64 53
2
27sJune 1 111 Mar 5
4
7'S Dec 223 Mar
4
$ per share $ per share $ per share 8 per share $ per share $ per share Shares
67
715 7514 73
724 744 714 733
74 68,200
76% 75
7 , 70
400
*11412 1174 1174 1174 11714 11714 11714 11714 "115 11712 *115 11712
812 9
3,700
74 8
3
8 4 914
3
834 87
812 812
834 9
200
*73 10
4
*7 4 10
3
*7 4 10
3
4
812 812 *73 10
*73
4 812
300
20 "1912 2012 *1912 2012 1912 194 *191 1 20
*20 204 20
400
8
8
*8
94
812 812 *734 9
*8
8%
9
9
2,0(0
13
1334 14
13
4 134 14
1314 1312 *123 1334 *1234 133
4
30
43% 40 40
437 *40
2
437 *40
404 404 *40
*4012 437
*114 2
100
*114 2
*14 2
.14 2
•I12 2
114 114
60
4
44
4
4
714
*4
714 *4
4
4
*4
714
700
11
1314 10
12
12 *11
4
1112 *103 12
*11
1314 *11
*7034 75
*7034 75
4
75 *703 75
75 *71
*71
75 *71
504 52
4934 514 4934 524 5114 5414 5234 5434 4912 5234 121,900
1.000
120 12034 *120 128
11934 121
121 121
*11834 122 120 120
9
92
9
9
8
88 1,700
83
4 9
3
84 84
94 93
4
2214 21
.321
2312 *2034 2512 •207 2514 *2112 2434 22
900
213
2
43
47
100
*3
*3
5
5
2 *3
*3
5
47
*3
5
700
35
35
35 35
36
2
36
3512 3512 36
3534 353 *35
1,000
63
*5
*012 7
7
7
7
73
2
7
7
2 63
4
634
21
204 214 2114 2114 1852 2012 2,800
214 20
2012 204 21
"112 2
*112 2
4 *112 2
*112 13
4
.112 2
4 *14 13
94 94 .
3612 872
914 914
300
94
91s 94 "9
*93
4 98
87
712 812 24,800
832 872
8
712 814
814 84
734 814
1,100
*1558 17
*10
15
16
16
1512 16
1514 1514 1514 16
10
600
4
1012 1012 1012 104
107
2 *93
9 4 93
3
394 10
2 912 '
*13
*1114 14 *114 16
14
"1214 141 *1114 1212
*12
16
*4
5
600
414 43
4
4
44 44 •412 5
"Cs 5
*33
37
413
900
"4
4
334 37
4
4
4%
*372 414
2
15
15
200
*1314 1512
*1512 18
15
*14
15
16
*143 18
4
3914 3014 3812 387
10,400
3714 38
39
38
8 3852 39
3834 38
63
4 63
4 1,100
7
7
7
7 2 732 *634 73
3
7
67
2 67
2
4
10,500
652 7
74 8
74 8
714 712
2 7'2
73
74 77
*14
*14
38
101)
14
14
38
*14
32
*14
38
*14
3
2
*2
31
10
*2
3
3
"2
31
*2
2
2
.
32
3
600
•812 914
814 814 *74 8
814 814
812 S's
8
8
5
.2712 30 *274 30
600
28
*2812 2912 28
28
28
27 27
21212 1312 3,900
1312 14
1334 14
1334 14
1312 1334 1312 14
.
3214 3
*214 27
*214 3
*24 27
s *214 27
*24 27
1,500
5
5
5
5
*5
6
53
4 51
514 514
*5
514
*1612 20
80
20
21
21
19
20
.2012 21
2112
204 204 4
---- ---- -9
10 22,200
9
934 10
05 103
2
2
105 1114
8
10% 11
10
1,100
33
33
35
3012 3112 3012 3011 307 31
5
317 32 *33
e
•24
26
25
900
281 •234 2712
25
25
264 2718 274 28
---- --74 7 4 31,000
3
2 8'S
74 77
77
712 834
73
4 8'
7 2 8!
7
___- ---- ---- ---- ---- ---- --------- ---- ---- ---- ---- ___
114 12% 1114 1152 1112 117
- 117 1212 1112 1234 1012 1112 11,700
2
20% 207 *2014 22 *2014 22 "2014 22
8
600
2
4
22 227
2 213 213
*112 312 *112 3
"112 212 *112 24 *112 212
*112 3
100
3
2
".
14
*14
4
%
*14
*4
2
3
2
*14
3
14
4
*131 1412
140
1312 1312 134 1312
*1312 16
1312 134 *1312 16
15
16
1334 15
14
4 14% 1534 1334 147 11,900
15
1434 153
600
46
4634
4514 454 46
*44
50
50
*46
46
46
46
34
34
100
36
*3312 36 •33
36
*33
*33
36 *33
36
3112 3112 3172 317 *3114 3214 "3114 313
4 3114 3114 1,400
*314 32
*104 106 *104 106 *104 106 *104 106 *104 106 *104 106
ai:,
• Bid and asked prices no sales on this day. a Ex-dividend. I/ Ex-rights.
.
2794
New York Stock Record-Continued-Page 3
ar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Oct. is.
Monday
Oct. 17.
Tuesday
Oct. 18.
Wednesday
Oct. 19.
Thursday
Oct. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
on basis of 100-shor, tote.
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
Friday
Oct. 21.
Lowest
Highest
$ per share $ per share $ per share 3 per share $ per share 3 per share Shares Indus. & Miscell. (Con.) Par
5 per share 5 Per share $ Per share 5 per Oars
4
.71: 9
*712 9
[
371: 9
*712 9
*712 9
*712 9
Briggs & Stratton
No par
4 May 26 1012 Jan 14
8 Sept 2412 Mar
Brockway Mot Truck_ _No par
14 July 1
118 Aug 10
514 Mar
h Dec
7% preferred
100
112 Apr 22
578 Jan 9
212 Oct 26 Feb
'75
76
78
78 *76
78
7814 79
*79 801
78
78
600 Brooklyn Union Gas_No par 46 June 2 894 Mar 8
723 Dec 12938 Mar
*31
31
35
31
31
31
*30
*30
31
31
31
*30
200 Brown Shoe Co
No par 23 July 9 36 Feb 15
3234 Jan 4512 July
*218 314 *214 314 *21
4 3
14 *214 314 *24 314 *214 314
Bruns-Balke-Collender_No par
118July 8
24 Dec 15 Feb
4128e0t 6
*4
412
4
4
33
*4
35
412 *4
412
438 438
600 Bucyrus-Erie Co
10
112June 2
714Sept 8
314 Dec 20% Feb
55* *512 714 *512 714 *51: 7
58
3
*512 812 *512 612
100
Preferred
212May 31 1018Sept 9
45* Dec 34% Feb
*40 85 *40 65 *40 65
*46
65 *48
65
*46
65
7% preferred
100 35 June 18 80 Sept 7
75 Dec 114 Apr
15
8 15
2
17
8 17
8 *112 2
112 112 .15
8 17
8 152
8
500 Budd (E 0) Mfg
15
No par
1: Apr 9
348ept 22
11: Dec
538 Feb
*212 3
*21
3 3
.212 2
52 *23
8 212
214 214 *DI 3
100 Budd Wheel
No par
shMay 26
238 Dec 13 Feb
412 Jan 14
*134 3
214 24 *214 3
24 2's *214 3
300 Bulova Watch
214 24
No par
1% April
34 Dec 1534 Jan
312 Jan 25
*4
5
*4
5
*4
5
4
*4
4
4
512
4
500 Bullard Co
No par
24May 28
8 Sept 7
3% Dec 23 Feb
81: 83
4
812 812
813 9% *8% 914 •87
6.700 Burroughs Add Mach_ _No par
8 914
84 87
614June I 13'; Aug 24
10 Oct 3214 Feb
*53
8 6
•53
4 8
.44; 6
*43
8 8
*438 6
*45
Bush Term
51
:
No par
312June 23 213 Mar 9
4
155* Dec 31 Feb
*1313 15 *134 1412 1312 1318 *13
14
14
90
1412 13
13
Debenture
100
714July 14 65
Dec 104 Jan
*30 40 *35
40
36
36
38
364 38
36
36
36
90 Bush Term Fildge gu pref.-100 1214July 12 85 Mar 9 49 Dec 113 Mar
Jan 7 85
•14 114 *118 112 *118 14 *14 14
11
400 Butte at Superior Minim. _10
1 Is I4
12
'July 5
Feb
17 Sept 8
8
1
1
1
I
*78 118
7
8 .
1
7
2
7
8 1
500 Butte Copper & Zit. ------5
1
1: Apr 5
1Dey
2 Sept 1
23 luly 1'
14
Dec
84
34 Ma
212
212 *23
8 3
025* 3
3% 312 *3
3
3
'
4 I
500 Butterlok Co
No stir
13
2June 10
57
8Sept 8
8
3 Dec 203 Feb ,
1614 14!2 1512 15
15
153
4 15
1612 1512 16 4 1414 1512 9,300 Byers Co(A 31)
No par
7 May 16 2438Sept
4
107 Dec (393 Feb
8
*4314 68 *4314 63 *45 63 8,
7 •___. 64% *4314 84's •4314 64
Preferred
100 35143lay 23 1.9 Sept 6
8
68 Oct 1067 Feb
1012 10[2 4
9
93
4 *914 1112 11
11
1118 1114 1012 1012
930 California Packing----No par
1'4June 1 19 Sept 8
8 Dec 63 Feb
Cs,
*4
12
%
%
%
*3
5
12
200 Callahan Zino-Lead
12
44
3
8
12 '
10
4June 17
118Sept 10
138 Mar
% Oct
Calumet & Arizona Mining.20
z21 Oct 433 Mar
8
Ws 4,tj
--358
33
4 34
3
4
4
s 1,800 Calumet & Herta Cons Cop_25
31
4 37
112May 27
77
2Sept
3 Dec ll% Feb
*41
814 *3
6
'
33
512 *3
512 *3
512 . *3
54
-- - Campbell W & C Fdy-No par
212June 1
914 Aug 2
534 Dec 1658 Mar
*gip 978 10
104 *1014 1014 105* 10'
14 1012 103
4 1014 1014 -1,000 Canada Dry Ginger Ale No par
6 June 2 15 Sept
10% Dec 45 June
*1814 20 .18
1912 18
1812 .1714 19
19
*16
18
*16
300 Cannon 3111Is
No par 104June 2 2334Sept
17 Jan 25 Mar
*512 612 *5% 614
814 814 *5
•5'
7
7
300 Capital AdmInIsci A__ _No par
*54 5%
24 Apr 8
44 mec 16 Feb
91:Sept
26 .22
*22
28
26 •22
*22
26 *22
*22
26
26
Preferred A
50 19 June 16 3.1 Aug 2
24 Dec 3638 Feb
41
434 3914 4l!! 397 421
8
4 413 41314 434 4512 40 4314 193,600 Case (.1 Ii Co
4
100 163
4June 9 1:534(3ept
3Oct 13112 Feb
SeptS16
2
55Mar
4
4 563 •544 65 *52
65 •52 65 *52
*5214 65
6.5
30
Preferred certificates_
100 30 May 17 73 Jan 1
5324
818 812
85* 818
8
8
8%
81: 834
814 4,300 Caterpillar
812 9
43
8June 2 15 J,. 1
____ ____ ____ ____ ____ ____ ____ ___. ____ ...... Cavanagh Traotor--No par
104 1)ec 5212 Feb
-Dobbs Ino--No par
112 Jan 7
4 Feb 1
4 Dec
4 Feb
75 Jan 12 2234 Feb I
Preferred
100
53 Dec 26 mar
8
n 8
7
7
*7
738
73
s 8
*712 73
714
714 1,400 Celanese Corp of Am_ _No par
114June 21 123
8Sept
25* Dec 16 Feb
•1..1 112
118 118 01
118
17
8 17
8 •1.
*I
2
2
200 Ceintex Corp
NO par
78 Aug 10
33 Jan t
2
45* 1
*3
4 1
218 Dec 143 Mar
8
*3
4 114
•4 115
3
4 14
*3
*3
4 1
Certificates
No par
8 Aug 11
4
24 Feb 2
135 Dec 13% Mar
•2
5
*2
5
218 2% *214 314 *214 314
2
2
160
Preferred
Minna 17
100
712 Mar 1
738 Dec 3734 Mar
1814 184 .153 184 •1518 164 1618 16'8 *153 1818 *155* 184
8
300 Central AguIrre Asso__No par
738J05e 2 2012Sept
37
11 Dec 25% July
37
414 414
•35* 412
318 35* *3144 412 *314 412
400 Century Ribbon MIlls_No par
23aJune 2
014 Jan
814 Sept
24 Jan
75 *84
*54
75
*64
364
75 '
75 .64
70 *64
70
Preferred
100 60 July 11 85 Jan 23
50 May 90 Sent
77
75
71
812
8
8
7
81s 85*
814 812
4,0002 Cerro de Pasco Copper_No par
712 8
312June 2 1512Sept 8
97 Sept304 Feb
•153 212 *152 212 0178 21
*152 21
*15
2 212 *Ps 212
I Certaln-Teed Producta.No par
I May 26
35* Feb 17
24 Jan
714 Mar
*7
10
*7
10
10
*7
*7
10
*7
10
*7
10
I 7% preferred
100
8 May 24 I..% Aug 13
11
Jan 35 Aug
•114 1114 1118 1118 1112 il's 11
li's 11
1118 11
11
i,aooI City Ice dt Fuel
No par 11 Oct 13 2812 Feb 19
8
2512 Dec 373 Feb
5312 *50
*50
531: 523g 525* 53 53
50 •__ ._ 50
50
100 50 July 8 88 Jan 5 6312 Dec 90 Apr
1101 Preferred
28
26 •25
25 25 •24
26
251 •25
2512 *24
2518
2001 Checker Cab Mfg Corp
5 161s Aug 19 3013Sept 9
1234 1314 1278 1322 1378 147
131s 14
144 153
4 13
1412 10.2001 Chesapeake Corp --No par
478June 28 z2031Sept 8
137 Dec 5418 Feb
4% 4%
3 45*
33* 41s
44 45*
4 8 41
3
37
44 44 2,3001 Chicago Pneumat Tool.No par
I May 25
534 Jan 22
3% Oct 1518 Feb
84 9
3
*8
73
4 81s
7a 3
7
91
*8
918 *8
7001 Cony preferred
94
No par
212June 17 121;Sept 9
638 Dec 35 Feb
.101r 11
*1012 10 4 •up: 103
3
4 lois 101t lois Iola lois 1018
701 Chleago Yellow Cab-NO par
612Juiy 15 14 Mar 12
8 Sept 23 Jan
*912 10
*9'8 10
918 91
*918 10
*912 10
*918 10
1001 Chlekmba Cotton OH
10
5 June 10 124Sept 7
8 Dec 12% Mar
*312 412 *378 5
*37
37
.37
8 4
4
3
9001 Childs Co
34 314
112June 23
No pc:
8 Sept 10
Ws Dec 333 Feb
4
141s 147
135* 1412 1418 1434 1438 1538 147 153
8
4
4 13% 143 os,sool Chrysler Corp
No Par
5 June 2 213
4Sept 8
43
4 4
11% Oct 2534 Mar
•34 I
*3
4 1
2001 CirY Stores
7
*3
4
•4
3
7
13
8
4
3
4
No pas
14July 6
218 Jan 14
43 Feb
% Dec
*7
738 *7
738 *7
71
*7
78
3
*7
7
7
75*
1001 Clark Equipment
No par
3',July12
8 4 Jan 7
1
8% Dec 22% Mar
17% .10
*10
16 •14
16
*13
171 *10
1712 *10
15
I Cluett Peabody & Co-.No par 10 Apr 14 22 Mar 5
15 Dec 34% Feb
[
390 100 *90 100 '
390 100 .90 100 *90 100 *90 100 --.
Preferred
100 90 June 1 98 Feb 15
92 Dec 105 July
9412 9412 *93
94
9312 941
9412 97
98.p 97
9512 2,300 Coca-Cola Co (The)_--No p
*94
744July II 120 Mar 8 97% Oct 170 Feb
*453 47
4
47 47
47
477 *4612 477 *4512 47 4 *4612 477
3
7001 Class A
No par 413
8July 9 60 Mar 22
453 Dec 531:June
133 133
4
4 133 133
14
4 1334 131
14
14
14
135* 137
8001 Colgate-Palmolive-Peet No par 11 June 30 311: Mar 9
24 Dec 5012 Mar
85 85
*8412 90% *8412 90
8614 861
8614 8614 85
85
700 6% preferred
100 83 June I 93 Mar 11
791 Dee 10418 Sept
43
5
6
44
3
5 4 53
012 312
3
512 512
5
4
5
1.4001 Collins & Alkman
No par
254May 31 107 Mar 7
2
612 Dec 171:June
•5214 7018 *5214 7018 *5214 704 *5214 701 *5214 704 *524 704
Non-voting preferred-100 53 June 9 80 Mar 17
68 De• 95 Aug
*9
*9
15
15
*9
15
*9
12
12
*9
12
*9
Colonial Beacon 011 Co_No par
9 Jan II 1212 Oct 14
7l Jun* 101: Nov
75* 75*
74 75* *7
600 Colorado Fuel & Iron--No par
812 *712 84
85* 83
:3 *74 8
22July 1 1478Sept 3
7
014 1)0C 1912 June
2738 28
29
28
28
2812 28
291
281: 293
4 253 273
4
4 7,900 Columbian Carbon v t c No par 1312May 31 4178 Mar 9
32 Dec Ill's Feb
137 1412 13
8
133
4 135* 1414 1332 147 z14
145* 1235 1312 42.400 Columbia Gas & Elee--No par
414June 2 21 Sept 8
1 tel Dec 455* Mar
7112 7112 694 7012 .69
7212 7212 7213 x7018 704 67
1.000
68
Preferred series A
100 40 Apr 8 7978 Aug 30
7218 Dee 10912 Mar
*434 5
4% 43
45* 432
514 6
.512 57
8
512 512 1,100 Commercial Credlt____No par
37
8June 2 11 Mar 5
8 Sept 2314 Feb
•1714 243 *1714 243 *18
2412 24
3 243 *18
24% 245*
25
200
Class A
50 113
4July 19 23 Sept 2
1918 Dee 357 Feb
*18
19
18
18
18
18 .18
201 *1872 20% 2012 2012
110 Preferred B
2.5 101:June 14 21 Seat 3
15 Oct 2418 .11119
73 *72
73 *72
*72
73 *72
73 *72
72
72
73
50 6.35% first preferred----100 40 June 7 73 Aug 25
52 Dec 92 Sept
201 2212 214 2112 2112 2222 23
8
22 22
2318 2218 2212 3.800 Comm Invest Trust-No par 10 8-Tune 2 277k Mar 3
7
15% Sept 34 ?Mar
77% 7712 *774 8112 *773 8118 •775* 811 *7735 8112 *775* 8112
8
100
Cony preferred
No par 551:June 2 81 Sept 6
60 Dec 90 Jan
*98 101
101 101 *100 101
10014 101 .99 102
*99 102
420 635% 1st preferred
100 88 June 3 101 Oct 1: 94 Dee 106
Aug
91: 10
914 95*
94 93
4
912 97
852 914 12,900 Commercial SolventsNo par
9
.12 10
312May 28 133
4Sept 8
635 Dec 2112 Feb
3
3
314
3.8
3.8
3
3
3
3
3
314
3 18 15,200 Commonwlth & Sou_ _ _No par
panne 2
518 Ana
3 Dee 12 Feb
48
481: 4812 484 50
48
5018 1.500 58 preferred series-No Par 271eJune 2 8812 Mar 29
50 4 51
3
5114 514 50
II
48 Dee 1003 Mar
8
•84 1312 •13.41 1312 *6% 1312 *818 131
Conde Nast Publica'ns_No par
*618 1312 *Ws 1312
5 May 25 12 Sept8
10 Dec 344 Feb
87
*Ws 9
83
s 812 1,200 Congoleum Nairn Ine__No par
*9
85* 8%
9
A 9's
94
812.4une 2 12'iliept 7
87 Jan 1434 Aug
*7
£08 *7
*7
10
10
7
400 Congress Cigar ----No par
7
•7
10
*7
10
4 May 28 11 Sept 8
6% Dec 3034 Mar
43 Aug 13 2412 Jan
721
712 *5
712 *5
Consolidated Cigar.---No par
*
5
712 *5
5
712 *5
74
8 20 Sept 3734
*45 47 *431 443
8
4312 4318 44
44
53 Prior preferred
44
44
44
44
100 17 June 2 60 Mar 7 42 Dee 73 June
Mar
*3
312
314 314 *3's 34
600 Consol Film Indus
34 318 *3
34
1
3
3
1 June 1
55* Jan 11
33
4June 15 Feb
77
8
8
81s 814
1,804
814
Preferred
81s 85*
73
8
4 8
8
No par
2 4June 14 115 Mar 7
3
,
754 Oct 181 Feb
7 5314 57.800 Consolidated Gas Co
55 4 571 1 545* 557
3
5912 54
8 55
4
4 583 5914 58
573
-No par 3112June 2 683
431ar 8
5714 1)ec 10935 Mar
*94
9512 95 95 *94
800
9512 95
943 95
Preferred
951
4
9518 9518
No par 7212June 2 93 i Sept 21
'
88 Dec :107 July
55* 514
55* 514
514 512
514 512
55* 514 2,300 Consol Laundries Corp NN parpar
514 514
4454
El IS%
65* 7
(Ps 63
4
612 634
612 65*
4
63
8 63 18,800 Consol 011CorpFe i n
612 7
No
June
Aug i
nd
44 I)ec b
81 1 Der
i Mar
*94 100 *91
97
*94
97
8% preferred.
97 *94
97
*94
*94
97
100 79 Feb 6 101 Sept 8
84 Dee 103 Mar
%
5
8
%
114
*3
8
3
4
3
8
.58
58
5
8
3
4
5
8 2,403 Consolidated Textile_No par
',Mar 22
I% Aug 34
14 Jan
•115 112 *118 112 *118 Pe •118 15
184 Mar
8 .118 152 *1 18 Ps
Container Corp class A.__.20
%June 18
21: Feb 19
78 Dec
812 Jan
'
312
kr
*12
kl
*12
Clays B
3
4
*12
3
4
•
12
8
4
ki
*12
No par
4May 4
118 Jan 18
14 Dee
3 Jan
45* 45* *43
47
4 5
45
3
1.100 Continental Bak class A No par
44 5
5
514
*47
278May 31
8 Sept 7
4% Dec 30 Feb
3
4
3
4
34
3
4
Class B.
34
8 1.000
No par
2
4
7
3 ' *al
4
3
4
12 Apr 7
7
8
17
8Sept 9
is Dec
.3818 40 *3818 40
3% Feb
371: 38
Preferred
3812 381
3712 373
4 2,100
38
38
100 247
8June 2 4734 Mar 5 40 Sept
31
31
30 8 31
774 Feb
3014 311
18,300 Continental Can Ine.....No par 173
4 313 3414 333 3412 3134 33
8June 27 41 Mar 8
304 Dee 62% Mar
5
5
5
5
*44 5
*44 5
5
*434 5
3
300 Cont'l Diamond Fibre__No par
3 Apr 6
8128e91 7
312 Dec 16% Feb
1512 15'8 154 15's 155* 15
154 1512 •15
154 1512 1512 1.900 Continental Insurance -2.50
6345fay 25 254 Aw;112
1818 Dec 5178 Feb
214 214
25* 2.5*
24 25*
24 21
24 1,900 Continental Motors...No par
2
24 218
%May 27
33
4Sept 24
57
1 Dec
412 Fob
614 614
6'
5',
53
5s 8
6'4
8
84 9,303 Continental 011 of Del_No par
818
6
Vann° 2
93
8flept 6
5 June 12 Feb
Continental Sbares----No par
'aline 15
8 Jan 13
4
14 Dec 12 Feb
508 508 483 5012 4912 52
4
505* 5235 323 33[8 4918 52
19,390 Corn Products Refining_-__25 243
8 .
4July 6 55 sSept 24
3
3614 Oct
•130 132 132 132 13314 135 *130 138 •130 133
237
138 138
Preferred
100 9912June 2 138 Oct 21 118 Dec 14838 Feb
15212 AM'
•44 412
3 4 412
3
314 4
4% 412
2.103 Coty Inc.
41: 41:
37
8 4
No par
11:May 31
73 Sent 9
8
27 Dec 18 Feb
2218 223
8 22
24
23
24
22
1,690 Cream of Wheat etfs___No par 1312June 27 2612 on 4
22
23
23
2314 238
20 Sept 3412 Mar
Crew Carpet
- -.
100 1014 Jan 3 204 Aug 24
1014 NOV
1058 Apr
*312 5
.312 5
niz 434 *31: 5
*312 5
Crosby Radio Corp----No par
.312 5
214May 3
71 03ept 9
218 Dec
834 Fez.
131s 133
4 1318 14% 135 1414 1414 1412 134 14
131: 134 5,500 Crown Cork & Seel .No par x7 8May 31 157 Mar 5
7
8
133 Dec 384 Feb
4
Ws 17
*15* 178 •138 1% *13 .178 *I% 17
8 •15* 17
Crown Zellerbach vi o_No panl
%June 9
s
3 Aug 21
87 Jan
118 Dec
*108 18
1212 1212 *10
1212 *10
121.
100 Crucible Steel of America..1001
1212 •10
1212 *10
a May 31 2314 Jan 14
20 Dec 63 Feb
24 2112 25
28
*25
25
25
25
24
27
Preferred
IRO
21
27
1001 15 June 29 497 Jan 14
3078 Dec 106 Jan
2
11
: 14
2
13
4 13
14 112 *114 112 .
II: 1,100 Cuba Co(The)
31.14
igune a
No par
3izseot a
57 Jan
7a Dec
Cuba Cane Products
Is A pr ig
-No par
:Jan 15
I
2% Jan
14 Dec
15
8 13
•112 1.7 •
18
8 DI
4
8
I12 13
3
114 114 *114 2
700 Cuban-Amerloan Sugar_...iOl
asMay 25
37 Aug 21
53 Mar
1
Dec
20 *12
16 •12
17 *12
•12
20
12
12
10 Preferred
*6
20
1001
341 1aY 26 2); Aug 31
3
6 Der 35 Jan
__ ____ ___ ____
...... Cuban-Domtn Sugar
-No par
ill Jan
;Ws -- 2 iiir.1 -2312
3
28
28
*2712 30 *2712 28
100 Cudahy Packing
*2712 28
.30 20 May 26 3512 Mar -i) z2918 July 45% Mar
Or
15 *145* 147
14% 15
8 14
*12
1512 *14
15
600 Curtis Pub Co(The) No par
*12
15
7 June 29 31 Jan 15
20 Dec 100 Feb
65 *60 65 •60 63
*83 65 *80
60
624 *59
63
400
Preferred
No parl 47 June 1 86 Jan 14
70 Dec 11835 Mar
214 2%
21s 23
21s 2'4
8
24 24
24 214
218 214 9,500 Curtiss-Wright781May 5
ii
31480p0 22
57 Feb
1 Dec
*312 37
312 35* *34 35*
s
31: 33
*312 31
34 31
1,300
Class A
48 Sept 6
11: Mar 28
II
138 Dec
81: Mar
71
46
8
.7!
*6
4.13
8
8
*8
*6
8
*8
Cutler-Hammer Ino-No pan
312May 23 12 Sept 6
7 Dec 41
Jan
414 512 .4
4%
41: 412
414 414
4
414
312 4
4,600 Davison Chemical
No Par
1 Mar 26
9 ,Sept 6
34 Dec 23 Feb
•18
4 3
'3134 3
.134 3
*134 3
.158 3
.1.53 3
Debenham Securities
I June 30
13
4May 25
13 Sep
8
121s Jan
4012 10
10
*912 10
10
10
10
10
10
900 Deere & Co pref.
10
10
20
814June 29 15% Jac '5
1358 Der 22 Jan
8012 *78 80
7712 775* •79
8012 801 *73
791
400 Detroit Edison
*75 83
100 54 July 8 122 Jan 14 11014 Dec 195 Feb
4.13
153
4 1510 16'3 *13
154 •13
1.000 Devoe & Reynolds A-_No par
7 May 26 163 Oct 20
17
1614 161
164 163
4
812 Dec 11)18 Feb
173 18
1818 184 *1734 18
*175* 18
18
18
*1713 18
1.600 Diamond Match
No par 12 Apr 9 1918E3ept 6
103 Dec 23 Mar
8
255 233 *25
8
3
26 •25
254 *25
2514 25
25
2514 253
800
Participating preferred.. 25 2012May 13 28 Sept 23
1912 Dec 2102 Aug
,
• 414 1'04 tolc.-1 ..1•4.4: ... ,,I-. ... 141 1•tv
r1:.-11‘.1,tond
New York Stock Record-Continued-Page 4
2795
Or FOR S .LES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Oct. 15.
Monday
Oct. 17.
Tuesday
Oct. 18.
Wednesday
Oct. 19.
Thursday
Oct. 20.
Friday
Oct. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share tots.
Lowest
Highest
PER SHARE
Range for Precious
Year 1931.
Lowest
Highest
Indus. & Miscall. (Con.) par $ per share 3 per share I per share $ per share
712 Jan 4 121 1 Sept 16
No par
Dome Mines I.td
65 Oct z1312 Mar
Dominion Stores Ltd No par 1114June 2 1812Sept 2
11
Oct 24 Apr
77 Dec 2114 Juoe
5 June 2 11112Sept 21
Douglas Aircraft Co Inc No par
No par 23 May 31 57 Feb 13
Drug Inc
423 Oct 784 Mar
4
3
4July 25
Dunhill International _No par
/64 Mar
112 Dec
312Sept 6
512June 1 15 Sept 23
No par
10 Sept I43 Feb
Duplan Silk
4
20 Duquesne Light let pref_ _100 87 May 31 9818Sept 23
923 Dec 10712 Aug
4
612Sept 9
1 June 1
100 Eastern Rolling Mills-No par
/
4
212 Dec 131 Mar
4
13.400 Eastman Kodak (N J).No par 3514 July 8 873 .1,80 14
4
77 Dec 1851 Feb
100 99 Jan 22 125 Oct /8 103 Dec 135 Sept
100 6% cum preferred
53 Dec 217 Mar
0 8Sept 7
7
3 Juse.27
No par
900 Eaton Mfg Co
8
14
50 Dec 107 Mar
99.800 E I du Poet de Nemours____20 22 July 19 50 Feb 19
4June 2 10518 Aug 2i
100 803
4
94 Dec 1243 Aug
1.900 6% non-voting deb
12 Dec 1118 Feb
218Sept 12
IsJune 17
No par
100 Eittngon Schild
712 Dec 69 Feb
14May 9 1212 Jan 6
2
100
614% cony bit pref
100
812June 1 323 Mar 7
4
--No par
8
20 Oct 743 Mar
11,000 Elec Auto-Lite (The)
94 Dec 110 Jan
100 61 June 1 10014 Feb 16
Preferred
30
3
212 Jan 6
12june 22
4 July
/
1
4
3 Dec
4
1,700 Electric Boat
4 Jan 8
%June 30
Ws July
2 Sept
/
1
4
3.700 Elec & Mug Ind Am shares-16 Sept 8
9 Dec 60 4 Feb
2 * July I
3
3
22,700 Eleetne Power & Light No pail
/
1
4
41 Dec 10818 Mar
par1 10( July 9 64 Jan 14
No
Preferred
1,300
37 July 8 5512 Jan 14
32 Dec 984 Mar
/
1
No par
$6 preferred
200
121
8June 2 3314 Mar 7
23 Dec 66 Mar
500 Elec Storage Battery .No par
/ Dec
1
4
3 Aug 31
4
Is Jan 13
114 Feb
200 Elk Horn Coal Corp _No par
14 Dec
23 Mar
4
Emerson-Brant cl ANo par
8
/
1
4
700 Endicott-Johnson Corp__50I 16 July 7 3714SePt ) 23 Dec 453 Sept
2
100 98 May 31 10714 Marl? 2983 Dec 115 Aug
Preferred
4 June 2 25 Feb 16
15 Dec 49 Mar
400 Engineers Public)Serv_ _No par
42 Dec 87 Jan
$5 cony preferred_--_No par 16 July 6 51 Feb 23
42 Dec 91 Mar
18 July 7 57 Mar 16
500
$511 preferred -_-_No par
181s Oct 3538 Jan
200 Equitable Office Bldg_No par 12 June 27 19 Jan 4
314 Dec 12% Mar
714 Mar 29
2 June 9
Eureka Vacuum Clean-No par
5
12May 26
1 Dec
2198ept 8
81 Feb
8
200 Evans Products Co
4
Jan
10 Dec 25
9% Jan 30 113 Jan 11
Exchange Buffet Corp_No pm
13
4Sept 13
1 Sept 9
3 Mar
12 Sept
Fairbanks Co
251
4 Aug II
2 Dec 13 June
1 June 30
Preferred
1001
61 Aug 2v
*July 22
/
4
21
8
312 Dec 293 Mar
Farlbanks Morse de Co_No par
40 Dec 1097 Feb
8
40
Preferred
1001 15 July 26 4734Mar 8
42,june 13
UsSept 10
612 Feb
1
Dec
Fashion Park Assoc_ _ __No par
108 Apr 20 22 Jan 25 zI512 Dec 497 Feb
15
8
100 Federal Light & Tract
48 Dec 92 Mar
No par 30 June 16 64 Mar 11
Preferred
212 Dec
7% Feb
358 Feb 6
112May 26
Federal Motor Truels_No par
11 Dec 1512 Feb
/
4
12may 25
236 Aug 12
2,100 Federal Screw Works_No pa
3 Dec 30 Jan
3 May 31
103* Mar 16
1,600 Federal (Nate? Serv A_ _No par
1012 Dec 2718 Aug
45ept 3
612June 17 153
100 Federated Dept Stores..No par
20 Dec 5614 Feb
6 May 28 2734 Jan 15
2,700 Fidel Phen Fire Ins N Y__2.51)
9 Feb
54 Oct
/
1
8':Mar 8
5 4June 2
3
IC Fifth Ave Bus Sec Corp.No par
1514 Oct 24 Aug
1612Sept 6
7 Mar 31
No par
Filene's Sons
8514 Feb 104 May
100 75 June 24 94 Jan 18
Preferred
127 Dec 20 June
8
1012June 14 1878 Aug 30
503 Firestone Tire & Rubber--_10
491 Dec 661s June
*
100 45 July 7 68 Aug 30
Preferred series A
600
41
Jan 63 Aug
par 35 July 8 5114Sept 3
2,300 PIM National Stores_No
/ Feb
1
4
14 Sent
% Aug 30
Is Feb 1
No par
18.900 Flak Rubber
21 Aug 30
3 Feb
/Sept
1
4
/ Feb 2
1
4
100
1st preferred
4,700
3 Mar
/
1
4
12 Sept
2 Aug 30
/ Oct 10
1
4
100
lst pre( convertible
500
7 Dec 351/ Jan
/
1
4
/
1
4
4 Apr 29 10 Feb 20
Florshelm Shoe class A.No pa
/
4
80 Dec 1021 Mar
100 63 July 19 8212 Apr 14
6% Preferred
3
4 Dec 19 4 Feb
814Sept 6
2 June 2
__
Follansbee Bros_ . No par
8 Dec 6412 Feb
3 May 25 1578Sept 8
No par
2,600 Foster-Wheeler
714 Aug 27
2 Dec 1612 Mar
/
1
4
1 July 5
No par
100 Foundation Co
2.2385ept 6 8151s Dec 3212 Feb
1 1014June 1
1,300 Fourth Nat Invest w w
2 Dec 8856 Feb
/
1
4
5 Aug 27
/
1
4
1 July 8
5
4,200 Fox Film class A
/
1
4
13 Oct 43 Mar
/
1
4
8Sept 3
No par 10 May 31 267
9,900 Freep/rt Timis Co
632 Feb
1 Dec
312Sept 28
'aline 11
-No par
100 Gabriel Co (The) CIA.
15 Dec 60 Feb
5 4May 31 17 Jan 11
3
----No par
20 GameweU Co(The)
23 Mar
2
sa Oct
Gardner Motor5
/ 37
1
4
3
/ 318 *3
1
4
77 Mar
37
8 *312 3 8 •31
7
218 Dec
512Sept 9
12June 9
La Gen Amer Investors-No par
*33
*312 37
37
*54
6712 1154
64 •54
67
6711
6712 *54
/ *54
1
4
45 Dec 88 Mar
Preferred
No pail 26 June 9 71 Sept 24
6712 *54
153 16
4
154 16
153 1614 1618 17
4
28 Dec 7312 Feb
912June 27 35 4 Mar 8
hi% 165* 5,700 Gen Amer Tank Car
16 4 17
3
3
No par
814
77
514 84
814
95 Sept 47 Mar
814
74 3
3
8
8
434June 8 1512 Jan 15
71 71
/
4
4 3,000 General Asphalt
No parj
.4418 143
4 14
14
14
14
*13 2 133
1
14
4 13 4 1412 14
8
912 Dec 251 Apr
3
8
5 1012June 2 191 Mar 4
2,400 General Baking
*100 115 *100 115 •100 115 *100 115 *100 115 *100 115
95 Dec 114 Mar
88 preferred
106 Sept 15
No par 90 June 2
3
*3
3
3
3
5
*27
8 33*
258 21
8
3
3
314 314
9 Feb
/
1
4
12.1une 2
600 General Bronze
1% Dec
5 Aug 24
.23
4 4
*23
4 4
*234 4
*23
4 312
*234 4
23
4 24
1
112 Dec 13 Feb
5 Sept 6
14May 31
100 General Cable
__No par
*43
4 8
*418 8
*438 8
*45
8 8
*4 2 8
5
212 1)ec 2512 Feb
112May 14 1112Sept 8
*614 8
Class A
No par
1114 1114 *11
167
8 11
*11
161 *1118 15
/
4
11
11
11
111 Dec 65 Jan
/
4
25
14Sept 2
3 4June 1
1
40
7% cum preferred
100
*3212 3312 •30
1
3214 *30'3 34
/
1
4
3114 3112 *31
*30
34
25
Oct 48 Feb
200 General Cigar Inc
33'r
No WV 20 June 1 3858 Mar 10
154 1612 1512 1614 15 4 1612 157 16
4
3
8
4
8
14 151 16% 143 1512 63.000 Generai Electric
2
812May 31 2618 Jan 14 s227 Dec 543 Feb
No par
1112 1112 1112 1112 1134 111
/
4
1112 115* 4,300
8 1112 1134
8 1112 111
107 Dec 121 Jan
2
117
8Sept 8
Special
tel 1012July 1
303
8 2933 297
30
8 293 3018 2936 3014 2912 3012 23% 293
4
8May 31 4012 Mar 9
8 7,700 General Foods
2814 Dec 56 Apr
No pail 191
13
8
112
1% 11
8
13* 13
11. 112 11111
13*
112
8
812 Feb
112 1.500 Gen'l Gaa & Elee A
11 Dec
/
4
2% Feb 17
O8 July 14
No par
124 1212 *11
/
1
1312 1314 1512 15
a
4
143 Dec 7614 Mar
4
3 June 28 243 Jan 14
147 15
15
1512 15
1,400
Cony pre!scrim A
No par
__ *2318
8
_
_ *227
2314 2314 *2312
. *23
1818 Apr 29 25 Mar 11
____
203* Dec 35% Mar
100 Gen Ital Ed son Elec Corp__ _
41 -- -14 41 --*2342 42
41
4112 4112 42
417 424 2,000 General Mills
8
*417 _-8 42
2918 Dec 50 Mar
/
1
No pail 28 May 28 4212Sept 8
94
94
98
95% 9518 9512 *93
951 *93
/
4
593 051 *93
/
4
85 Dec 10014 Sept
Preferred
100 76 July 15 9518 Oct 19
400
8
14
1412 133 14
13 8 1434 14
1
8
133 147
4
2 12 / 137 159,500 General Motors Corp.
15
2158 Dec 48 Mar
Patine 30 245* Jan 14
10
76
76
•7012 82
*7514 764 7614 761
7612
4 71212 7612 *76
791 Dee 10358 July
No Pal 56'4 July9 8714 Mar 12
400
$5 preferred
.614 73
*6'4
758 *614
514 Oct 28 Jan
9 Feb 13
61 614
/
4
4 June 28
200 Gen Outdoor Ad? A-. No par
734 *614 712 *614 612
*218 314 *21
8 314 *234 318 *233 3
8 318 *234 3
/ *25
1
4
314 Oct 104 Feb
4 Jan 5
/
1
2 4July 15
3
Common
No par
1
77
*312
*33
4 714 *3
72.4
73
4 *418
77
8 .4
718 *4
14 Jan 28
212July I
1014 Oct 31 Mar
General Printing Ink _No par
*5512 70
.5512 70
*5512 60
*55
60
*551 60
/
4
*554 60
/
1
4312 Sept 76 Jae
No par 2712June 27 60 Feb 18
$6 preferred
3
4
4
4
4
34
3
37
8 4
.3
4
312 3
/ 1,800 Gen Public Service----No pan
1
4
4I
74 Aug 2v
/
1
25* Dec 23 Feb
1 May 4
*1212 153 *1212 16
*13
/ 14.2
1
4
15
15 I *12
15
101312 157
100 Gen Railway itanal_-__No par
21 Dec 8418 Mar
8
618July 11 281 Jan 14
*60
83
*60
83
*60
83
)13
83 I *60
*60
83 "(X
8% preferred
81 Dec 114 Mar
100 65 July 30 90 Jan 13
*118
114
1
1
.1
1
11
/ 1111
4
1
1
1 I
112
ROO Gen Realty & Utilities_No par
912 Mar
214 Sept 2
12 Dec
'*May 19
*10
16
*12
16
*10
*10
14
15
1418 *12
1512 .12
1356 Dec 7418 Mor
4Sept 14
5 June 10 183
86 Preferred
No par
718 8
/
4
*618 71 *618 71
/
4
.7
8
712 71
*612 74
/
1
300 General Refractories
12 Dec 6732 Feb
13
4June 29 1538Sept 7
-No par
*19
20
*19
*19
20
19
*19
191
*19
20
20
In Gen Steel Castings pref No par
19
14 Des 65 Apr
8 Mar 28 27 Aug 29
16
167
2 1614 1714 1614 171 1614 17141 158 1614 9,900 Gillette Safety Razor-No par MA Jan 5 2414 Mar 3
1056 17
/
4
9 Oct 381 May
/
1
4
4
.6712 69
*6712 69
4
3 661 1 6712
68
63
*673 69 '673 687
4
200
Cony preferred
72 A1111 22
_No par 45 June 2
45 Dec 767 May
/
1
4
2
*218 212 *218 212 .2
214
212 *2
211 212 *2
214
35 Aug 29
100 Gimbel Brothers
Vs Feb
13 Dec
4
%June 24
No par
7 *--- 147 .10
*____ 1478 .6 14
1478
*12
14% *---_- 14
Preferred
8 May 31 31 Jan 13
100
2618 Dec 52 July
61
8 618
6% 61
/
4
61 612
/
4
512 6
6
6 14
612 612
1,600 Glidden Co (The)
318June 3 103
No par
8Sept 7
412 Oct 1618 Feb
65
65
68
*65
65
*65
*65
6914 6518 69
*62
30
Prior preferred
6914
100 35 Apr 28 76 Sept 14
40 Dec 82 Aug
412 5
5
5
*41 5
/
4
5
5
*45g 5
*43
4 5
31 Oct
900 Gobel (Adolf)
No par
9 Mar
/
1
4
2
12May 14
R Aug 30
4
173
4 16
/
4
16 4 1714
3
17
173 *163 17
8
1612 6,500 Gold Dust Corp•to-No par
163 171 17
4
814May 31 201
8Sept 8
/
1
1412 Dec 424 Mar
*90
95
95
98
98
98
98
95
9812
*96
95
.90
600
$6 cony preferred
No par 70 July 1 9812 Oct 21
85 Dec 11712 may
.512 6
6
6
6
6%
5% 6
512 53
4 5,500 Goodrich Co (B F)__-No par
54 6
2 4MaY 28 123
,
33 Dec 20 Feb
:88e9t 3
8
/
1
4
15
*121 17
/
4
*13
16
147 14
8
/ *1312 17
1
4
*141 1712 15
/
4
200
Preferred..
7 May
3314
11
1512 1414 1534 1534 1534 154 1634 1418 lSlz 12,800 Goodyear Tire& Rubb_No 100 512May 31 29%Sept 30 10 g Dec 68 Feb
/ 15
1
4
1512 15
par
81
Aug
133 Dec 5212 Feb
42
42
4118 4.4212 431 4214 4214 42
/
4
/ 43
1
4
•1012 4.3
1,200
let preferred_
No par r191
Feb
4June 1 6912 Aug 311
35 Dec 91
1
235
8 23 8 2512 2412 2512 24
23
2512 21
23
2312 23
12,300 Gotham Silk Hose
714 Jan 5 30 4Sept 2
No par
3
3% Sept 13% Apr
70
*64
*64
70
70
70
70
70
1067
70
.64
Preferred
7018
140
100 6014 Jan II
7018 Oct 21
50 Jan 72 Apr
Gould Coupler A
14 Aug 9
No par
.
1 Jan 11
34 Dec
63 Feb
8
2
2
2
2%
238
8,200 Graham-Paige Motora_No par
218
213 23
2r8
214
218 2%
1 May 27
456 Jan 12
6 May
/
1
4
11 Sept
/
4
1
, 6
*558 5
6
8
*53
6
400 Granby Cons bi Sm & Pr_ _100
614 61 *533 6
/
4
614
2 8June 14 111
3
s
8Sept 7
514 Dec 225 Feb
____ ___ ______ Grand Silver Stores__ Na pan
',June 17
3 Jan 22
112 Dec 2512 Mar
.57
8 6% 3614 65
614 614
6
6
6
6
/ 614
1
4
400 Grand Union Co tr ctia_No par
6
312June 1
/
1
9 4 Mar 4
3
7 Oct 184 Mar
31 3114 3114 *311 33
/
4
/ 32
1
4
32
3312 3312
400
3312 *31
Cony pref series
No par 22 June 1 354 Mar 7
.30
58i
/
1
21 Dec 46 May
4
4
*
4
4
4
,
100 °mutt° City Steel
No par
1212 1212 •113 15 I*113 143 *111 145 *113 145 *11% 1434
6 4June I
1
17 Sept
1134 Dec 2936 Feb
2136 22
2118 22
/
4
22
/
4
2218 211 2112 211 2112 1,900 Grant (W Ti
21
No par 1412May 28 3014 Mar 8
21
2412 Dec 42 Aug
1
733 756
74 74
/
1
/
1
734 7
1,600 Gt Nor Iron Ore Prop...No par
15
8 71
4
7 8 8% *814 83
7
5 June 23 1314 Jan 14
10 Dee 2312 Apr
614 614 *63
6% 6 8
1
612 67
2
2 612
618 831 1,800 Great Western flugar No par
51
63* 63
314 Apr 5 12 Aug 27
/
4
5 4 Oct 111 Jan
3
*72
79
79
*70
*70
*70
79
*70
76
78
Preferred
79
- -100 48 June 1 83 Aug 24
•74
73 Dec Ms Jan
13
13
8
13*
13*
13
, 1,800 Grigsby-Grunow
134
112 *114
13
s .138 112
Is Apr 13
No par
13*
4
63 Mar
23
1 Dec
48ept 8
•I., 1
•12 1
*12
12
3
4
100 Guantanamo Sugar
*12
•12
12
1
1
No par
la Mar 7
18 Dec
I Sept 7
112 Jan
13
/ 13
1
4
12
13 .1312 1412 1312 14
/
1
4
12
131/ 1,900 Gulf States Steel
No par
4
212June 8 2118Sept 22
123 13
4 Dec 3712 Feb
*20
40
40
*10
40
*20
40
*20
*20
40
Preferred
32
100 12 July 23 40 Oct 14
*20
15 Dec 80 Mar
2
Hackensack Water
4
212 *18% 2212 *187g 2212 *1878 2212 *187 2212 *157 2212
22
25 15 May 27 23 Jan 12
•187
22 Dec 3012 Mar
:
60
7% preferred class A
25 19 May 27 28 Apr 26
264 Sept 30 Apr
/
1
425,, 28 *2512 28 I*2513 28 2512 2512 *2512 28 251 2512
214
214
2i4
214
214
214
318
214
218 21*1
1,200 Hahn Dept Stores
934 Mar
No par
3
41 Aug 30
/
4
%July II
*212 2 4
11 Dec
/
4
2
*161 18
/
4
*1614 18
Preferred
500
4
/
1
4
14 Dec 63 Mar
718July 5 28 Aug 29
100
163 163 *1612 1814 1614 167 *1614 18
2
57
*4
57
2
414 414 *414 5
100 Hall Printing
*414 5
3
*4
3
12July 19 1118 Jan 7
10
3
11 Sept 19 a Mar
*4
$ per share I $ per share $ per share $( per share $ per share $ per share
8 1112 1112 113 1112 1136 118 1114 1112
1118 1118 1114 113
4
16
*153 1614 *153 1614 *153 1618 1612 1618 16
4
*153 16
13
1312 111 1214
1314 13
7
127 13
2
8
13
1312 1214 13
4 3312 3514 33% 351 321 3314
/
4
/
4
344 3518 3214 3312 3234 333
/
1
4 *114 2%
/
4
4 *114 23
4 *11 23
4 •118 23
*11 2 4 .118 23
/
4
3
*1212 15
•1212 15
*1212 15
*1212 15
*1212 15
*1212 15
/ 9818 *0718 9818 . / 984
1
4
/
4
/
1
*97
9712 *974 9712 971 9712 .97
97
1
4
/
1
*31
8 5
*31
8 5
.31
2 5
3 8 35
1
.31
8 5
*31
8 5
52
.5312 53 544 523 5414 491 51%
5114 53
/
1
4
5114 53
4
125 12.5 *112
125 125
__ *112 _ __
120 120 *11212 125
.512 6
/
1
4
614 61
6
6 14 *614 _/
4
612
6
614
6
6
8 3612 38
3518 3612 3536 373* 3614 383
3214 361
3618 373
2
/
1
4
98% 987
*9312 10212 10012 10012 *100 101 *100 10114 99 100
*Ai
y7
*7
8 1
8
1
*7
8 1
*7
8 1
%
7
2
*7
*7
8
8
8
*7
812 *7
7
7
8
17
1778 1712 1812 18
/
1
164 17
183
4 16
1714 18
17
*8114 88
88
85
*3114 88
83
85
*8114 88
*3114 88
al
138
13* *1
/
4
112 *11 112
1
1%
1
1
118
15
13
4
134 13
4
4
11
8 13
15
13
112
4
13
4 14
11
8
83
8% 9
81
8 914
812 812
812 92*
78
86
91/4
30 303
4 2914 30
3112 30 30
29
*27
30
31
29
23
*2314 30
*2312 28
24% 23
*23
28
*23
23
23
23 .22
2312 2314 2314 23
*2212 2412 23
23
23
23
14
14
3
2
14
*14
*18
14
*14
3
8
*12
14
14
__ ____ ____ ____ ____ ____ ____ ____ ____
3
3014 3014 *30 4 33
*31
32
31
31
3012
4 30
304 303
__ 10114 _ _ *10114 _ __ *10114 10518 *10114
*10114
.9
11
11
*10114__-_-918 - / *91 11
*912 -10
10
8
94
1
9
914
*34
40
*34
40
*34
40
40
*34
*34
40
*34
40
4614 36
36
361 *36
/
4
•38
45
*3612 4614 3612 3612
38
151
8 1412 1412 *14
1412 14
14
•15
*133 137 *1312 14
4
8
*24 5
/
1
*412 5
*411 5
*412 5
*412 5
*412 ,5
114 141 .114
112
•114
112 .114
112 *114
112
1 1,8 • 118
103 *10
4
4
*10
103 *10
1041 *10
3
103 *10
4
3
103 .10
4
10
*2
8
1
33
8 1
*38
118
*3
8
11
/
4
11
8
*3
8
*3
2
12'
*112 5
*112 5
*DI 5
*11 5
/
4
*112 5
*112 5
*334 412
.312 43
4 *312 412 *3
/ 412 *312 412 *312 412
1
4
1712 15
15
1712 *15
*101 14
8
15
*101 14
8
*1058 14
•18
114
"8 114
"8
118
"8 114
*1
2 114
"8 11
/
4
*10
14
*10
13
*10
10
14
10
*10
1112 *10
1114
*45
52
*45
445
52
*45
52
52 .45
52
*45
52
•11 2
/
4
/ •112 218 •114 2
1
4
/ •112 3
1
4
7
/ *11
1
4
o
8 2
*112 27
1
7
8
7
8
r3*
7
8
7
1
7
9
7
8
2*
7
8
14
7
8
41 412
/
4
412 412
412 412
43
414 412
43
8
4
4/
1
4
12
*12
1418 *10
1112 1112 *11
*11
14
14
*111s 14
15
1518 1412 15
14 4 153
3
8 14 4 1514 15
3
1514 *1412 1514
tips 7
8612 8
.134 8
/
1
64 612 3612 8
/
1
*612 8
.9
1612 *9
161g *9
1612 *9
1612 *9
1612 *9
16,
3
*83 100
*8.3 100
*83 100
1633 100
*83 100
*83 100
4
1312 *113 1214 *117 1312 *117 1212 *1172 1212 113 12
*12
8
4
8
6012 60 4 *60
627 63
8
3
6218 *56
56
624 6018 6018 56
/
1
*4812 4912 4812 4914 50
2
50
49 g 503
4 507 51
2
49
49
18
14
1.1
18
18
18
18
14
18
18
Is
14
%
3
2
%
%
3
2
34
14
%
14
%
14
3
8
'
1 14
%
1
8
3
8
as
% '
/
1
4
1
8
14
/
1
4
14
14
*7
9
*7
9
*7
*7
9
*7
9
9
"7
9
*70
*70
85
83
*70
85
*7
85
*70
85
*70
8.5
*312 6
*314 5
*3
/ 6
1
4
*412 .5
41
*37
2 44 *37
/
1
9
912 1012
9
912
912 10
94
/
1
912 93
8% 83
4
4
*312 4
*312 4
*31g 4
*312 412 *312 5 2
,
312 313
*1712 18
183* 183
4 18% 1312 18
1712 171
18
1818 13
)2
/ 27
1
4
2
27
2 3
278 3
3
2
/ 3
1
4
23
4 3
3
/
1
4
4
4
2112 221
8 201 2114 208 2114 21
2214 22
2212 1958 217
•13
4 214 *1% 24
136
/
1
13
4 .112 214 *112 214 *134 214
11
*11
12
11
*11
*101 12
4
12
*1014 1114 *1014 1114
f
• nil nod asked °drew. 00 sales on thls day r Ex-dividend
y Ex-rights.
Shares
2.100
200
6,300
33,800
,
2796
tar FOR
New York Stock Record-Continued-Page 5
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 15.
Monday
Oct. 17.
Tuesday
Oct. 18.
Wednesday
Oct. 19.
Thursday
Oct. 20.
Friday
Oct. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share tots.
Lowest
$ per share 3 per share 3 per share $ per share $ per share $ per share Shares Indus. & MIscell. (Con.) Par $ per share
.20
30 .20
40
*20
40
__ 25
____ 40 .____ 40
Hamilton Watch prof
100 30 Mar 7
60
*58
58
58
.58
60 "58
58
58
58 .56
60
50 Hanna (NI A) Co $7 pf_No par 33 May 28
.13
17
*13
1412 .13
17 .13
13
163 .13
4
13
100 Harbison-Walk Refrac_No par
15
7 May 26
•3
4.38
8
1
1
•s2
4
•
/ 4
1
4
*58
es,
1
I
Hartman Corp class B_No par
14June 22
•1
214 .1
214 *1
214 .1
214 .1
Class A
21: •1
214
3
8June 27
No par
.4
5
418 418 *44 43
312 312
4
44 418 *312 5
300 Hawaiian Pineapple Co I.td_20
312 02121
2
2
213 218 .13
4 218 .13
4 2
.134 2
500 Hayes Body Corp
13
4
13
4
14June 7
No par
.67
7118 .67
71Is .67
72
673 673 .68
4
4
68
300 Helme(OW)
68
72
25 50 June 2
•518 7
.518 7
*518 7
*518 7
*518 7
•518 7
Hercules Motors
No par
43
4June 8
•17
24
.16
25
*16
25
.16
24
25
25
.16
.16
Hercules Powder
8
No par 137 Aug 4
.901.1 10014 *9012 10014 9012 9012 .9012 95
*9012 95
10
37 cum preferred
.9013 95
100 7012June 1
55 4 567
3
8 563 563 *5212 553 .5312 57
.8
*6212 563
8
57
57
4
4
600 Hershey Chocolate--No par 4313 July 13
.77
80 .77
80
793 80 .7618 7912 .78
4
Cony preferred
400
7912 7912 7912
No par 57 June 14
.1
4
.1
4
*I
212 *I
24 *1
Hoe (R) & Co Class A..No par
212 *I
212
14 Apr 1
"8
83
4 *7
812 .7
8
1,000 Holland Furnace
814 814
9
714 912
9
No par
718 Oct 8
*33
8 612 *313 512 .312 512 .
Hollander & Sons (A) No par
312 512 .
312 612 *312 64
3 July 8
124 124 .120 12612 .123 126 *123 126 .12214 120 *12214 126
100 Homestake Mining
100 110 Feb 15
.2 3 27
3
8
23
4 23
4
27
8 27
8 .23
8
400 Houdallle-Hershey el B No par
213 27
8 23
23
4 23
4
4
1 May 25
.51
5112 51 13 5118 .51
500 Household Finance part pf_50 4214June 3
4
52
*51
51 13 .513 5212
5113 51
143 1478 14
8
15
14
1553 5,300 Houston Oil of Tex tern otts 100
16
1312
1512 163
4 1614 17
4Ntay 31
83
3
314 314
3 18
338 4,100
318 314
Voting trust ctfs now__ __25
314 312
318 33
8
118May 4
3
.712 834 .714 812
714 714 .714 812
300 Howe Sound v to
718 718
712 712
No par
5 June 2
5 8 53
3
4
512 512
514
53
8 512
512
514 614 2,300 Hudson Motor Car ___ _No par
512 512
8Slay 31
27
3
3
3
3
.2 4 27
3
8
3
3
313 318
8 1,100 Hupp Motor Car Corp__ _10
112May 28
23
4 27
*7
8
114
*7
8
1
7
8
7
8 1,100 Indian Nlotocycle
.78
1
1
1
1
1
8June 1
3
No par
•158 2
178
2
158
13
8 *15
1,000 Indian Refining
.17
8 2
8
8 2
2
.17
1 Apr 1
10
28
2812 2531 277
8 2514 2612 2618 28
a 4,400 Industrial Rayon
2514 253
2714 28
Mauna 27
No par
2914 30 4 "2814 3112 *2814 2912 29
3
28
1,600 Ingersoll Rand
28
30
30
31
143 Apr 29
4
Vo par
•164 17
1614 1614 15
800 Inland Steel
1614 1612 1612 16
161 1 .1512 16
____No par 10 June 25
4
.312 33
312 312 *33
334 3 4 *312 4
4 4
3
500 Inspiration Cons Copper__20
312 312
3
4May 25
*273 3
.278 3
2 4 27
3
4 1,190 Insuranshares Ctfs Ine_No par
g .25
8 23
23
4
4
1 June 1
23
23
4 23
4
53
8 53
4
512 53
4
53
4 53
4
314July 15
5 4 53
3
4
53
4 634
WI " 1,100 Insuransharos Corp of Del__ _1
•17
8 218 •15
8 218 •158 218 *138 218 .13
8 218
Intercont'l Rubber____No par
8 218 "15
14 Apr 6
*312 4
*312 4
400 Interlake Iron
358 33
33
8 35
8 •312 4
8 •312 4
3July 13
13
No par
•1
13
4 .1
112 .1
200 Internat. Agricul
1 12
114
14 Apr 7
1
1 12 .1 18
1
112
No par
Prior preferred
*57
8 9
2 *57
4
.57
*57
8 9
*57
8 9
*6
8 9
8 9,
33 Apr 18
9
100
9012 92
92
92
90
92
91
923
95
937
4 2,400 Int Business Machines No par
8 94
5212July 8
90
.33
3 312
33
8 33
8
3I2 3I2
334 378 .312 4
358
334
1,600 Internal Carders Ltd
1
114May 31
10
1012 .93 104 1012 1012 1012 103
4
1,400 International CernontNo par
9
35
8June 3
9
8
4 105 107
8
*3
4
7
8 .
*3,
3
4
12N1ay 23
:
7
8
61 // Inter Comb Eng Corp__No par
3
4
3
4
38
3
4
5
8
3
4
3
1
*7
812 *612 7
812 .7
812 .7
658 7
65
8 654
Cony preferred
400
4
43 Oct 10
No par
4 213 2318 2112 2338 225 2412 2218 243
2214 233
8
8
2214 97,600 Internal Harvester
8 21
No par
103
3July 8
.94
943 *94
8
200
Preferred
943 *94
8
4June 15
94
9418 94
93
100 1383
93 .9314 94
612 612
618 618
83
8 63
8
614
61
25slune 10
2,100 Int Hydro-El Sys Cl A__No par
512 6
618 614
International Match pref35
14May 2
.218 312
2
213
2,200 Int Mercantile Marine_No par
78June 30
.2
11
2
2
2
3
2
17
2
812 9
8
83
3127.lay 31
8
83
8 85
8
87
8 814 26,800 Int Nickel of Cauada__No par
814 84
8
81 i 83
80 .50
.60
80 .70
Prefermd
80
*70
80
*70
100 50 June 28
80
84) .70
*513 7
.518 7
20 Internet Paper 7% pref
*54 7
; 8June 2
3
7
100
7
*518 9
7
7
.112 2
*112 2
112 112 *112 2
15
8
12June 9
700 Inter Pap & Pow el A__No par
.13, 2
1 12
*2
•12
8
1
1
*5
8
•5
8
1
7
.5
8
1
14Slay 25
*3
3
1
Class B
No par
7
8
7
8
*12
7
8
*68
7
8
*5
8
2
*5
8
7
8
*18
78
200
Class C
No par
14 AM' 14
412 5
412 43
8
412 41
412 412
100
2 May 31
1,300
*4
Preferred
43
4
314 4
*512 612
512 512 *512 612 .513 6
200 Int Printing Ink Corp_No par
4 June 2
512 512 *512 612
.3413 42 .36
.3412 42
42 .3412 42 .3412 42
Preferred
.3412 42
100 s 2434 Jan 15
.133 1412 .1334 1412 1412 1412 .1412 16
4
.143 153
4June 2
4
8 143 143
93
200 International Salt
No par
4
4
2612 2612 •26
267 *26
8
267 "2618 267 .2618 207
8 267 267
8
300 International ShoeNo par 20',July7
8
8
8
1713 1812 "1614 1714 .1412 177 .1618 177 *1611 184 *141 1 184
500 International Silver
712July 9
100
045
.45
50
*45
471. 4712 4713 50
50 .45
20
50
50
7% preferred
100 26 May 7
1012
918
10
973
918 97
8
934 1012
9 4 104
3
4
238May 31
9
9 3 63.800 Inter Telep & Teleg___No par
*4
43
4 *4
412 .4
412 .4
41 1
43,
4
411
43
3
112May 31
700 Interstate Dept Stores_No par
*35
37
*35
37
*35
37
*35
37 .35
10 Preferred ex-warrants
100 18 Juno 24
37
35
35
*318 5
.318 5
.318 5
.318 5
.318 4
.318 5
Intertype Corp
314June 14
No par
Investors Equity
5
3May 27
No par
•1312 1612 .1318 1612 *133 1612 133 133 *1312 16
8
4
4
1312 1312
300 Island Creek Coal
1014 Apr 18
I
*2712 28
2712 26
•27
26
26
26
400 Jewel Tea Inc
25
25
2b
26
1518May 31
No par
2212 2314 2118 2212 2112 233
4 225 2438 223 24
8
8
2012 23
10 May 31
37,600 Johns-SIanville
No par
*69
77
*69
77
*87
77 .67
77 .67
77
.67
71
Preferred
100 45 July 21
5712 5712 .52
57 .52
5712 .52
56 .52
5412 5212 523,
50 Jones & Laugh Steel pref_100 30 July 6
.102
___ *102
____ "102
____ .102
____ .102 101 *102 104
K C P& Lt Ist pf ser B_No par 9012 Apr 8
____ ___
Karstadt (Rudolph)
3 Apr 11
3
5
512 512
512 512
5 8 55s
1
512
51 1 534 *5
512 1,5(10 Kaufmann Dept Stores 512.50
3 May 21
9
914 914
9
83
4 914
911 912
913 912
2,300 Kayser( J) & Co
812 9
4July 23
No par
43
13
8
13
8 .13
13
8 '13
114
8 112
3 112
13
8
112
1,400 Kelly-Springfield Tire_No par
114
1 14
12June 1
141, .1313 201, *1212 2012 *1212 201 2 *1212 20 2
•1413 2013 *5
8% preferred
100
65
8June 27
,
*453 571; *453 5712 *453 5712 *4534 5712 .453 5712 *453 5712
4
4
4
4
4
6% preferred
100 20 Jan 2
118
13
8
114
13
3
115
114
1
Ds
1
1
1 18 6,000 Kelsey 11ayes \Vheel__No par
1
18
7 Oct 13
8
43
431 43
8 412
4
4l4 412
418 43
412 412
412 412
8 2,400 Kelvinator Corp
4May 16
23
No par
"2612 31
.2534 31
.2534 31
.2512 31
.26
31
31
.26
Kendall Co pt pf ser A.No par 17 July 21
1012 113
8 105 1113 11
8
1112 11 18 113
1114 113
4 1014 11 1 1 37,500 Kennecott Copper
4
3June 30
No par
47
11
11
11
11
107 107
8
1034 *10
3
8 10 4 10 4 .10
3
1012
10 July 7
400 Kimberley-Clark
No par
*314
37
8 *314
37
8 •314 37
8 .314
37
8
314
314
3
3
200 Kinney Co
13 Apr 4
No par
12
12 .11
12
11
11
83
8 85
8
834 83
Preferred
4 *87 11
120
8
3 June 25
No par
103 1118 103 103
4
4
4 10 4 11
3
113
8
103 11
107 1138 *11
4
3
4,200 Kresge (SS) Co
,
10
6 8July 5
.2314 30 .23
30
*2213 30 .2218 30 .2213 30 •
18 June 30
2213 30
Kress (S H) & Co
No par
14
14
'l
138
',,Slay 25
11
11 21,300 Kreuger & Toll(Am ctfs)
11
14
14
11
11
11
15
1514
15
15141 15
1458 1514 5,800 Kroger Groc & Ilak_No par
151 1
151 1 1512 1513 16
10 May 31
3614 37
36
377
383
8 37
41 37
33
33
383
3 36
37
4,200 Lambert Co (The)- _No par 25 May 31
*3
6
.3
6
.3
6
*3
6
.3
6
2 May 26
.3
Lane Bryant
6 I
No par
418 414
418 414
414 414
44 412
43, 418
r
13 Apr 12
4
4
44 2,200 Lee Rubber & Tire
*613 8
.6
8
*6
7
.6
8
.6
7
Lehigh Portland Cement _50
35 Apr 6
*6
8
7 1
.55
130 .55
60 .55
60 .55
80 .55
60
7% preferred
*55
100 47 June 15
60
.213 3
.212 3
.21., 3
212 212
I May 14
200 Lehigh Valley Coal...No par
2 2 212 '23
,
4 3
.4
6
*4
6
.41- 6
2
*412 7
114 July16
2412 712
414 412
Preferred
600
60
.42
423
4 42
423
8 42
4318 43
43 4 437 434 41
3
8
4.100 Lehman Corp (The)_No par
43
3012June 16
1814 19
183 185
3
8 18
18
18
1812 1712 1812 .17
1712 2,900 Lehn & Fink Prod CoNo par
6 May 26
.631 714 .8
63
4
.6
618 612
6
613
61
6
6
1,000 Libby Owens Glass___No par
4Stay 13
33
*60
62 .61
63
5718 5718 *57
69
53
513
55
57
900 Liggett & Myers Tobacco 25 3214June 2
63
6313 6214 63
5818 637
8 57 4 6014 5718 60
3
563 35,800
Series 11
4
54
25 3418Nlay 31
131 132 .129 135
13012 13013 .120 128 .120 128 *120 12S
300
Preferred
100 100 May 31
.1612 1713 *1612 1712 1612 1613 *16
1712
100 Lily Tulip Cup Corp No par
1712 .16
1712 *16
14 June 21
1318 1314 .123 14
8
1214 1214 .1218 14
.1214 14 .123 14
8
300 Lima Locomot Works_No par
814 Apr 4
*11
12 .11
12 .11
12
11
11
.103 12
11
4
11
200 Link Belt Co
No par
612June 2
.1213 137
8 137 14,
8
8
1334 133
4 1338 14
1414 141 1
13
2,900 Liquid Carbonic
13
9 May 3
No par
2714 277
8
8 251 2712 27
8 2014 273
2812 2714 285
,
8
8 25 4 273 24,400 Loew's Incorporated_ _No par
1314May 31
763, 763, "76
*7512 77
787 .76
8
787
3 78
78
400
78
78
Preferred
No par 39 July 7
338 4
334 4
4
4 18
33
334 4
4 33.
312 334 1,800 Loft Incorporated
8Juno 2
No par
17
•1
2
2
.1
'1
13
4 .1
13
8 •1
13
8
1
40 Long Bell Lumber A No par
1
145tay 26
2638 .25
363 265
4
26
4 26
26
27 .25
26
2512 2512 1,600 Loose-Wiles Biscuit
8July 1
25 16,
133 137
8
8 123 1418 1212 133
8 1318 135
8
8 127s 133
3
8 123 1318 49,300 Lorillard (P) Co
9 May 31
No par
*81 1067 .81 105
8
.81 104
.81 106
1027 103
8
*85 10312
200
7% preferred
100 7318 Jan 5
•114
112 *114
112 *114
112 .114
112 *11 1
112 •114
Louisiana 011
112
12June 24
No par
15
*___ 24
15
*163 2312 .1612 2312 *16
4
231 *____ 24
300
Preferred
8 May 18
100
1912 20
1912 19
1912 "19
•19
20
20
20
*1914 20
400 Louisville 0 & El A__No par
812June 2
.6
83
8 7
.6
4 87
83
8 *67
612 *8
4
5
63
8
700 Ludlum Steel __ _ __ ___No par
63,
Ill Jan 5
30 .20
30 .20
30
30 .20
.20
*20
30 .20
30
Cony preferred
612 Jan 5
Vo par
8
3
.10 8 12
3
.103 12 .1058 111.2 .105 1113 .103 12
8
.103 12
3
4June 16
MacAndrews & Forbes_No par
93
90
*60
90 .60
9() .60
90
*60
.60
90
*60
90
8% preferred
100 5712May 3
203 2214 20 4 223
3
8
4 22
2314 217 2214
8
2012 21
1912 21
10 June 2
9.200 Mack Trucks me
No par
8 42
4 4112 427
423
8 40
4 4134 413
40
407 4118 4018 413
8
3,700 Macy (R 11) Co Inc
17 June 14
No par
8 .278 3
27
8 27
3 3
.27
8 3
.27
.27
3 3
•27
3 3
100 Madison So Gard v t c_No par
218 Jan 8
8
8
778 fi
8
8
8
8
712 7 2
,
1900,
7is
Magma Copper
711
413 Apr 14
No par
2
.112 2
002 214 *1 12 2
*112 214 "17
8 214
2
200 Mallinson (11 ft) & Co_No par
12 Jan 6
*12
11,,
•12
pi
141
4
,12 0
•12
4
*I2
it,
•1. 104
Maned Sugar
100
Is Mar 2
.12 2
.3, 2
.12 2
*12 2
.12 2
.g
8.
2
14 Apr 13
Preferred
100
8
3 8 34 "27
8 3
,
3
3 4 *313 314
,
.27
10 Mandel Bros
*3's
118June 3
.34 3'4
No par
4612 722 *512
712 .512 712 .512 712 *512 712
900 Manhattan Shirt
5
512
312June 2
25
7
8
%June 28
*3
53
4
Maracaibo 011 Explor_No par
4
7
8
3
*3
4
7
8
7
8
7
8
.1
*3
4
'8
7
*3
4
8
3
8 103 10 4 103 11
4
8
1012 I034
1012 1012 1,700 Marine Midland Corp
l0
612June 2
1018 1053 103 103
.81, 9
73
.83
4
4 9
73
.83
*812 9
4 9
100 Marlin-Rockwell
4May 31
.812 9
53
No par
12 Apr 21
80,1 Slarmon Motor Car. No par
112
112
17
,4 •112 2
Ps
13
4
1,2
13
1
13
4 *112
112
3 July a
813 87
8
8
812 83
8 814 3,400 Marshall Field & Co No par
814 83
8
77
04 83a
818 03
4
*12 1
•12
1
1
*12 1
•i2
Martin-Parry Corn ---N0 par
'
4 12
•12
1
14 Apr 19
1
• Ilid and asked prices no sales on this day. 2 Ex-dividend. y Ex-rights.
Highest
PER SHARE
Range for Precious
Year 1931.
Lowest
Highest
$ per share $1 per share $ per share
30 Mar 7
94 June 103 Jan
87 Dec 94 Feb
70 Jan 14
IS Sept 7
1112 Dec 441 Feb
;
12 Dec
2 Sept 6
75 Feb
8
4 Mar 8
17 Dec 103 Feb
8
3
10 Jan 12
814 Nov 1213 Jan
312Sept 2
I Dec
8 Mar
8153Sept s
60
Oct 100 Feb
812 Jan 15
5 Dec 18 Mar
2912Sept 9
26 Dec 258 Mar
95 Jan 12
95 Dec 11912 Mar
83 Mar 9
68 Dec 1033 Mar
4
83 Mar 8
7012 Dec 104 Mar
13 Jan 12
13 Dec
4
3
812 Mar
1212 Aug 1 ;
1014 Dec 37 Feb
514 Dec 1918 Apr
103 Mar 10
8
Jan 138 Dec
1313
81
4June 4
412Sept S
£114 Mar
212 Dec
5713 Jan 5
5212 Sept 65 Mar
2814 0131)1 11
1514 Dec 6812 Fob,
1418 Fe.
1
53
3 Dec
8Sept ,
1612 Jan 12
1112 Dec 2912 Feb
113 Jan 8
4
73 Oct 25 Jab
4
5 8 Jan 11
3
33 Oct 13111 Feb
4
218Sept 6
4
43 Feb
7 Dec
8
218Sept S
45 Feb
8
14 Dec
Feb
40 Sept 3
21
Oct 86
447
8Sept x
Jan
253 Dec 182
4
277 Sept 2
8
197 Dec 71
8
Feb
4Sept ti
73
3 Dec 113 Feb
3
37 Jan 7
8
93 Feb
8
214 Dec
818Sept 3
4
414 Deo 123 JulY
318 Aug 30
11 Sept
412 Feb
Jan
71.1Sept 11
27 Dee 16
8
313 Aug 26
1
Doc
514 Feb
15 Aug 31
412 Dee 51, Feb
4
117 Mar 9
92
4
Oct 1793 Feb
512 Jan 13
3 Dec 123 Feb
8
183 Jan 14
4
16 Dec 8212 Feb
17 Jan 15
8
4 Feb
13 Oct
21 Jan 15
312 Dec 393 Feb
4
341a Aug 11
22% Dec 8013 Mar
108 Jan 8 105 Dee 14312 Mar
115 Mar 9
8
918 Doc 31
Feb
2412 Feb 19
11
Dec 7314 Mar
4, Aug 27
212 Dec
4
1813 Jan
1212Sept 8
7 Dec 2018 Feb
88 Mar 7
80 Dec 123 Mar
12 Sept 8
7 Dec 42 Mar
438 Aug 29
17 Oct 1014 Feb
8
2 Aug 29
12 Dee
6
Jan
112Sept 6
12 Oct
412 Feb
123
8Sept i'l
614 Dec 4312 Mar
83 Mar 10
414 Dec 1614 Feb
4
42 Oct 1
25 Dee 6913 May
2312 Feb 17
18 Dec 42 Feb
443 Jan 15
s
37 Deo 54 June
2,1 Sept s
157 Dec 51 Mar
8
65 Feb 13
50 Dec 9018 Mar
1514Sept S
718 Dec 333 Feb
3
11 Jan 9
8 Dec 213 Feb
8
5213 Jan 8
5212 Dec 8713 Mar
7 Apr 1
45 Dec 1812 Feb
8
23 Jan 14
8
114 Dec
914 Feb
2012 Aug 30
1454 Dee 31
Jan
35 Feb 13
24
Oct 5712 Feb
333
8Sept 23
155 Dee 80 4 Mar
8
3
993 Jan 22
4
8314 Dec 126
Apr
84 Jan 5
68 Dec 12312 Mar
1133 Jan 23 11114 Oct 11512 Apr
4
112 Jan 13
14 Dec
7 Jan
914 Mar 7
512 Dec 18
Feb
143 Sept 2
3
8
714 Dec 243 Mar
27 Mar 7
8
312 May
3 Oct
4
2112Sept 8
54 Oct 26 Mar
5312 Oct 13
10 Sept 45 Mar
414 Jan 14
3 Dec 293 Feb
4
103 Feb 19
8
11 Sept
1512 Mar
38 Feb 23
20
Jan 60 Apr
19'i Sept 8
93 Dee 3112 Feb
8
1912 Jan 9
137 Dec 41
8
Jan
5 Sept 2
1 12 Dec 2012 Jan
19 Aug 31
5 Dec 70
Jan
19 Jan 14
15 Dec 293 Aug
8
37 Jan 21
2614 Dec 55 Feb
913 Jan 28
414 Dec 273 Mar
4
187 Star 8
8
1212 Dec 3512 May
563 Jan 14
4
40, Oct 2877 Mar
8
8
75 Aug 30
8
314 Dec 1718 Jan
818 Sept 9
43 Mar
4
17 Oct
8
II Aug I
5 Dec 183 Feb
4
75 Jan 12
72 I)ec 10112 Feb
43 Aug 26
4
ih Dec
838 Jan
1112 Aug 30
6 Dee 30 July
517
35
8
88ept t-'
Oct 893 Feb
2414 Mar 7
4
1812 Oct 343 Feb
938Sept 8
8
512 Dec 207 Apr
Fell
39
Oct 91
6512 Oct 4
6714 Sept 21
40
Oct 913 Feb
4
132 Oct 15 110 Dec 146 May
21 Mar 8
16 Sept 2612June
1938 Aug 27
123 Dec 343 Feb
4
4
Feb
14 Mar 0
14 Dec 33
22 Mar 8
1312 Dec 554 Feb
3734Sept 9
8
237 Dec 8312 Feb
811 Sept '.
56 Dec 99 Mar
5 Sept 10
23 Oct
3
612 Apr
Jan
27 Aug 12
8
4
h Jiily
363 Feb 17
8
297 Dec 547 Mar
8
8
1.3
8Sent . 10
8
Oct 217 July
10S13Sept 27
743 Dec 10212 Aug
4
214July 27
412 Feb
1
Dec
18 Jan 9
Jan
20 Dec 55
2338 Mar 8
177 Deo 353 Feb
2
8
113
8Sept 6
4 Dec 19 Mar
26 Sept 13
10 Dec 5214 Feb
1514 Feb 17
13 Dec 25 Feb
80 Sept 13
60 Sept 10012 Apr
204Sept 2-1
12 Dec 437 Feb
8
6013 Jan 14
50 Dec 10614 Feb
412Sept 3
712 Mar
2 Sept
13-',Sept 7
3
718 Oct 273 Feb
4 Sept 3
4
43 Mar
12 Dec
214Sept 2
5 Mar
3 Nov
3
31 t Sept 2
114 Dec 1273 Jan
43
4Sept 11
3 Sept8 June
9 Aug 29
413 Doc 12 Feb
112 Aug 5
4
12 Sept33 Feb
143 Aug 23
8
914 Doe 2414 Feb
1334Sept 8
95 Dec 3253 Feb
8
312Seps x
114 Dec 10 Feb
1312 Jan 14
8
912 Dec 323 Feb
14 Star 23
12 Dec
318 Jan
,
1
I
,
!
•
Lg. FOR SALES DURING
New York Stock Record—Continued—Page 6
2797
THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
•
Wednesday
Thursday
Friday
Tuesday
Monday
Saturday
Oct. 21.
Oct. 19.
Oct. 20.
Oct. IS.
Oct. 17.
Oct. 15.
Sales
for
the
Week.
STOCKS •
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share tots.
Lowest
Highest
PER SHARE
Range for Previout
Year 1931.
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Mlscell. (Con.) Par $ Per share $ per share $ per share $ per share
9 June 1 207 Mar 10
8
12 Dec 3112 Jan
14
1614
15
2,800 Mathleson Alkali WorksNo par
4 1614 1634 1618 1612 16
1612 1612 1614 163
/
1
4
100 89 Apr 13 105 Jan 13 104 Oct 1253 Mar
8
Preferred
•10014 110 010014 110 *10014 110 *10014 110 *10014 110 *10014 110
912June 30 20 Jan 13
25
155 Dec 39 Mar
8
4
701 May Dept Stores
*14
15
1514 *133 15
15
15
15
14
1518 1518 14
3,8
•3
318
1 July 13
8 8 Feb
7
112 Dec
6 Aug 30
338 *3
No par
Maytag Co
33
8 *3
33
8 03
3
33* *3
3 Apr 14 1012Sept 19
No par
8
5 Sept 243 Mar
Preferred
714 *6
94 *6
/
1
*7
912 *7
200
714
7
7
8
*7
35 Dec 7112 Mar
No par 27 Aug 10 3514 Jan 7
Prior preferred
*2218 40
*2218 40
*2213 40
*2218 40
*2218 40
.2218 40
1513 Dec 36 Jan
No par 10 May 31 21 Jan 14
16
16
*1514 1614
*1514 16
200 McCall Corp
4
4
•153 1612 153 153 *1514 16
4
7 June 18 16 Apr 18
4
15 Dec 513 Feb
McCrory Stores class A No par
145
8
145
8 *5
145
8 *5
145
8 *7
145
8 *7
•7
13
*7
978
97
8 .7
97
8 *7
97
8 *7
7 June 33 19 Jan 14
97
8 *7
8 •7
8
1412 Dec 515 Feb
No par
•712 97
Class B
/
1
100 21 June 2 62 Feb 18
54 Dec 934 Mar
*33
38
35
Cony preferred
*3312 38
35
10
*3318 35
*3218 35
35
*32
212May 13
713 Jan 7
6 Dec 29 Feb
McGraw- Hill Pub Co_No par
4 *312 53
4 *312 53
4
/ *312 53
1
4
/ *312 5
1
4
*312 53
4 •315 5
12
Oct 2612 Mar
4July 1 1
900 McIntyre Porcupine Mines-5 13 May 25 183
8 1714 1714
8
*1614 163
4 167 173
*1614 17
17
1612 1612 17
4418 46
4512 .012 427 447
/
4
3812 Oct 10312 Apr
4 441 45
8
8 8,100 McKeesport Tin Plate_No par 28 June 2 6214 Feb 19
445 4518 4338 443
8
6128ept 9
338 Dec 17 Jan
118June 1
3
/ 37
1
4
8 2,200 McKesson & Robbins—No par
3 4 37
3
8
34 3 4
3
3
4 4
33
4 33
4 *33
*334 4
318May 31 23 Feb 13
8
15 Dec 373 Feb
50
714
Cony prof series A
714
67
8 6
/ *7
1
4
714
7
714
7
7
/ 1,400
1
4
7
7
38July 6
4 Mar 5
112 Dec 1012 Mar
No par
McLellan Stores
*13
4 2
*13
4 2
*13
4 2
*13
4 2
4 2
*2
23
4 *13
1412 Dec 34 Mar
8 May 25 18 Jan 9
Melville Shoe
No par
8
8
8
8
8
3
8
*107 1212 *107 123 •107 1218 *107 123 *107 1212 *107 1212
8
2 Sept
5 Aug 29
R1 Feb
/
4
1 July 20
1
8 *214 37
Mengel Co (The)
5
8 *214 3 8 *214 23
/ *214 37
1
4
4 *2'4
*214 3
212
15 Dec 27 Apr
*15
20
Metto-Goldwyn Pict pref-27 14 June 9 2214 Jan 14
*17
20
*1612 20
20
*1512 20
20 •15
*15
614SePt 8
112June 1
23 sept 10 8 Feb
4
5
312 *3
5
200 Miami Copper
3
3
31
/
4
312 312 *3
*33
8 4
*3
3 12
334 Apr 9
No par
5 Oct1634 Jan
878Sept 7
5 4 53
3
4
6
6
512 5-8
,
53
4 534
6
6
55
8 5
/ 1,100 Mid-Cont Petrol
1
4
8Sept 8
7 Oct 3113 Feb
2 June 9 123
612 61
*614 7
7
No par
618 618 *6
61 63.3
/
4
600 Midland Steel Prod
*618 7
3514 Oct 94 Feb
100 25 June 2 65 Sept 2
*42
51
*42
51
*42
51
51
*42
*42
8% cum let pref
50
50
*42
15 Dec 58 Feb
/
1
4
1412 1514 15
*133 15
14
14
*14
15
15
4
900 Minn-Honeywell Regu_No par 11 June 3 2312 Jan 18
•1512 17
11
7 Feb
/
1
4
114 Dec
3 Aug 27
/
1
4
%June 8
*114 11
*114
11 138 914
/
4
13
8
112 0114
*114
138
300 Minn Moline Pow Impl No par
618 Dec 48 Mar
8
5 May 27 145 Aug 11
*612 12
*6
12
*7
12
No par
*612 12
*612 12
*612 12
Preferred
8
7 4 Dec 215 Mar
3
S'lJune24 14 Sept 9
814 84
0/ 9
8
1
4
400 Mohawk Carpet MilLs_No par
8
8
*814 9
812 81
*813 9
4
1614 Oct 283 Aug
4
8May 31 303 Mar 8
2512 258 2578 2618 26
261 2512 2512 1,900 Monsanto Chem Wks_No par 133
/
4
2512 2513 2434 25
658 Dec 2914 Feb
161Sept 29
/
4
312May 3
4
/ 1118 127 135,300 Mont Ward & Co Inc_No par
1
4
8
4
4
8
123 13'4 113 1258 12
l27e 125 1314 123 13
28 Dec 58 Feb
No par 20 May 14 3514Mar 12
02512 33
*30
*30
33
*2512 33
100 Morrel (J) & Co
30
30
33
*2512 33
3 Feb
4
/ Aug hi
1
4
18May 20
14 Sept
300 Mother Lode Coalition_No par
*14
3
8
14
1
*14
3
3
*14
3
8
*14
3
8
*14
311
412
2,
8
2
412
*12
3
44 Mar
/
1
*12
7
/
1
42
7
/
1
42
7
8
5 Dec
8
114Sept 8
14 Apr 22
Moto Meter Gauge&Eq No par
15
Oct 4753 Apr
7
/
1
4June 27 2933Sept 8
l61s 16
153 153
4
173
8 16
16
4 1512 16
1512 16
173
8 8,100 Motor Products Corp—No par
8
2 June 10
5 Dec 197 Feb
658Sept 8
33 3
3
*334 412
No par
*312 41
3
*313 41
400 Motor Wheel
4
*33
4 4
314 33
8
814 Dec 367 Mar
2 June 1 1338 Jan 13
No par
*7
*6
71
612 61
*612 7
/ *612 714
1
4
100 Mullins Mfg Co
612
714 *6
1712 171 1117
20 Dec 7212 Mar
5 "June 1 2712Sept 2
4
No par
17
2212 15
221 *17
•1712 2212 *173 221
Cony preferred
40
/
4
11 Dec 311 Jan
7 Aug 17 1518Sept 8
*1014 14
No par
*1014 14
*1014 14
*1014 14
Munsingwear Inc
*1014 14
*1014 14
5 Oct 183 Mar
9 8 Mar 2
7
/
1
4July 1
4
2
38 4
7
33
4 37
4
4
37
8 4
3
/ 414 3,400 Murray Corp of Amer_ _No pa
1
4
418 41
/
4
20
Oct 4513 Mar
718June 30 19 Feb 13
*1012 15
*11
No par
*11
*11
15
*11
15
15
•1012 15
Myers F & E Bros
15
15 Dec 407 Mar
4Sept 8
3
8 May 31 193
4
143 x133* 1412 123 13 2 10.600 Nash Motors Co
143
8 14
No par
1414 1412 133 1412 14
4
,
218 Dec 10 4 Mar
514Sept 7
3
114May 25
10
*23
4 33
3 *3
*27
s 3
31
312 *3
3
/ *3
1
4
100 National Acme
/
1
4
24 23
/
1
4
4 Sept 13 Mar
713 Jan 21
5 Jan 5
/
1
4
Nat Air Transport____No par
_--- ---- ---- ---7 Dec 10 Feb,
8
113 Jan 5
14 Mar 17
No par
.
_ _ _
-_ - —
- - -.- -- _ ...... Nat Hellas Hess
—
3 Dec 32 Feu
/
1
4
6 Sept 8
18May 25
:
.ii", i .ii 1 *13*1 ;ii2 212 ;ifs ilS .ii2 --12
100
Preferred
2
/
1
4
3638 Dec 83 Feb
8Mar 7
10 2014 July 1 467
39
393
4 3812 391 3814 397
/ 39
1
4
3 37
8 3914 403
8 3812 403
/
4
17,300 National Biscuit
100 101 May 31 134 Sept 26 11911 Dec 15314 NlaY
*135 14018 *135 14018 *135 14018 *130 14018 *132 14018 *132 14018
7% cum pref
74 Dec 39 4 Feb
3
/
1
413ept 7
8
/
4
8 103 ii1 113 1112 103 1114 2,500 Nat Cash Register A—No par
612June 30 183
8
111 1018 i13
/
4
111 113 •11
/
4
3
8
3
20 Dec 50 4 Mar
/
4
8 173 1818 177 184 18
4
183
No par 1438June 29 311 Mar 8
18
1812 1818 1812 1714 18
/
1
22,500 Nat Dairy Prod
8
7 Feb
/
1
4
/ Dec
1
4
21g Aug 30
14June 30
114
•1
114 *118
*
/ 1
1
4
118
118
*1
/ 1 13
4
200 Nat Department Stores No par
7
8
7
8
4 Dec 60 Jan
/
1
4
2 June 23 10 Aug 27
*35
8 6
100
*33
4 6
*33
4 4
*3
/ 4
1
4
*33
4 4
*33
4 6
Preferred
16 Dec 3638 Feb
1712 1714 173
17
1714 17
No par 13 June 1 2714 Aug 12
/
4
1714 1718 1714 161 161 2,400 Nat Distil Prod
/
4
3 17
7
5 Dec 27 8 Feb
/
1
4
81
/
4Sept 12
338July 8
*414 7
/ *414 7
1
4
/ *4
1
4
/ *414 7 8 *414 7
1
4
*4
8
8
7
Nat Enam & Stamping-No par
733
4 6014 733 *6014 80
/
1
*60
80
*60
100 45 July 8 92 Jan 8 x784 Dec 132 Jan
80
*6014 80
*6014
National Lead
•106 10614 105 106
103 103
/
4
100 87 July 12 125 Mar 11 111 Dec 143 June
1021 103
10314 10314 *103 105
Preferred A
90
4
*90
97
*90
95
*90
100 61 July 7 105 Jan 13 100 DeC 1203 July
*90
97
*90
97
97
*90
97
Preferred B
/
1
4 1418 145
1014 Dec 444 Feb
8June 2 20388ept 6
8 145 15g
1412 143
8
65
143 1538 15
8
No par
3
4
1512 137 143 12.300 National Pr & Lt
11g Feb
/ May
1
4
218 Jan
/ Sept
1
4
No par
Preferred
/
1
- 25 8
254 i53
18
/ Oct 5818 Feb
1
4
E12 2
4 2/
25 164 241- ---1 12:1
263
5
.
25325 - 14 .
54
No par 1312July 8 3378Sept 3
- Nat Steel Corn
3E6
*5
/ 7
1
4
*6
7
5 Dec 7014 Feb
6
/ 63
1
4
312June 2 13 Sept 6
4
50
63
4 61
4 *67
200 National Supply of Del
8 71 *61 8
/
4
/
4
Feb
3312 *30
•31
3312 *31
20 Dec 111
334
/
1
3312 •30
3312 *30
3312 *30
100 1312May 28 3918 Aug 29
Preferred
/
1
4
10
10
412July 8 19h Aug 29 :10 Dec 76 Mar
*9
11
10
*93 10
8
8 9
95
8 953
95 1014
8
1,300 National Surety
87
8
*514 7
*614 7
614 Dec 247 Mar
312May 26 107 Aug 25
614
*612 614
15613 67
8
614
8 *612 7
No par
100 National Tea CO
102 8 23
5
*25
8 3
4 *253 4
3 Dec 2514 Feb
11 Apr 26
/
4
*24 3
/
1
*25
8 3
*25
8 3
513 Jan 14
No par
Neisner Bros
4
61 614 *5
/
4
/
1
4
4 Dec 143 Feb
/ 612 *5 8 6
1
4
212May 31 1014Sept 8
700 Nevada Consol Copper NO par
57
3 57
51
4 51
4
5
51 5
/
4
/
1
4
3
No par
Newport Co
50
Class A
300 Newton Steel
No par
500 N Y Air Brake
No par
New York Dock
100
100
Preferred
NY Investors me
No par
No par
190 NY Steam $6 prof
$7 lot preferred
No par
80
4,900 Noranda Mines Ltd_No par
No par
52.800 Norte American Co
50
200
Preferred_
5
2.800 North Amer Aviation
200 No Amer Edison pref—No par
300 North German Lloyd
20 Northwestern Telegraph-50
Norwalk Tire & RubberNo par
No par
12,0011 Ohio 011 Co
No par
400 Oliver Farm Equip
400
Preferred A
No par
1,300 Omnibus Corp(The) vtcNo par
600 Oppenheim Coll & CoNo par
Orpheum Circuit Inc pref_100
No par
6.300 Otis Elevator
100
Preferred
10
3,100 Otis Steel
No par
Pilot preferred
100
430
14.400 Owens-Illinois Glees Co_-_25
10,200 Pacific Gas & Electrio----25
4,800 Pacific Ltg Corp
No par
100
260 Pacific Mills
140 Pacific Telep dr Teleg
100
13,900 Packard Motor Car_--No par
--- _ Pan-Amer Petr & Trana____5
Class B
700
5
Park-Tliford Inc
No par
300 Parmelee Transporta'n No par
Panhandle Prod & Ref_No par
42,200 Paramount Publix
10
1
200 Park Utah CM
500 Pathe Exchange
No par
3C0
Preferred class A
No pa
900 Patine Mines & EnterprNo par
100 Peerless Motor Car
3
5,000 Penick & Ford
No par
15,100 Penney (J C)
No par
600
Preferred100
200 Penn-Dixie Cement—No per
300
Preferred series A
100
Peoples Drug Store—No par
-634% cony preferred__-_100
2:500 People's 0 L & C (Chic)_l00
Pet Milk
No par
g18 1,NO Petroleum Corp
618 2,800 Phelps
-Dodge p frA m-N° PA
Co p
.
34
300 Philadelphia Co 6% met__ _60
70
$6 preferred
No par
514 6,400 Phila & Read C & I
No par
9
/
1
4
500 Phillip Morris & Co Ltd _10
758
700 Phillips Jones Corp
No par
20
Pirliipe Jones pref
100
513 5.400 Phillips Petroleum
No per
4
20 Phoenix Hosiery
5
Pierce-Arrow class A_-No par
312
500 Pierce Oil Corp
3
8
25
61
/
4
100
Praferred
100
1
500 Pleree Petroleum
No par
14
600 Pillsbury Flour Mills_No par
---- ---- ---- ---- ------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---37
8
Vs
3 4
414 *37
4 413 *4
31 312 *33
/
4
031 5
/
4
*71 104 *713 1014 *71 1014 *712 1014 *7
/
4
/
1
712 712
/ 1014
1
4
/
4
*3
9
*3
9
*514 9
*51 9
/
4
*514 9
*514 9
•15
25
1515
*15
25
*15
25
25
*15
*15
25
25
•11 218 *11 2
/
4
/
4
*13
4 2
*13
4 2
*13
4 2
*13
4 2
98
9812 981 *98 100
98
/
4
098
99
098
99
98
98
105 105 *108 110 *106 110 *108 110 *108 110 *108 110
1712 177
8 175 177
8
17
/ 1814
1
4
8 1712 175
8 1712 1814 1814 181
/
4
271 284 2838 2934 291 31
/
4
/
1
28
/ 30
1
4
3018 31
2712 30
*4212 4312 *4214 4212 4214 4214 4212 4212 *4214 441 •4212 441
/
4
314 33
3 8 33
5
3 4 33
3
/ 37
1
4
e
4
3
/ 37
1
4
35
8 37
8
3
4
8 8012 8012 *80
*8012 825
*8012 81
8
8238 8238 823 *8012 84
54 5
/
1
8 653
*55
8 65
8 *53
/
1
4
8 8
/
1
/
4
57
8 5
/ *54 61 *55
1
4
*26
32
/ *26
1
4
4
323 *26
4
325
8
323
4 323 323 *26
323 *26
4
*114 2
*114 2
*114
*114 2
/
4
/
4
17
8 *11 11 *a% 2
812 8
/
1
4
814 812
812 83
87
8 93*
812 9
4
135
8 87
8
11 11 *15
/
4
/
4
8 2
13
4
153
4 21
11 *13
/
4
11
/
4
4 214 *13
4
/ 4
1
4
/ 11418 .54
1
4
8
*5
5
/ *Cs 53
1
4
53
8 51
/
1
8 *41
/ Ms
4
214 21
/
4
24 212 *23
2
/
1
21
/
4
212 24 *238 21
/
1
8 21
714
*6
/ 8
1
4
05
8
7
7
734 8
714
74 74
/
1
/
1
*61 10
/
4
*61 12
/
4
*618 12
*55 12
8
15718 12
*55 12
8
/ 1214 121
1
4
123 127
4
8 1214 12
1212 12
/ 1214 12/8 12
1
4
124
/
1
0101 103 *101 103 *101 103 *102 103 *102 103
103 103
434 5
5
5
s
5
5
5
5 14
53*
5
/
1
4
1018 103
8 10
101 107 107
/
4
9
/ 1012 10
1
4
93 1018
8
8
10
8
271 30
/
4
2614 27
29
3112 3014 3118 281 30
29
301
4
/ 2814 28
1
4
2814 2814 27
28
2878 2812 29
29
27
2712
3918 391 40
/
4
384 40
/
1
41
40
/ 414 x41
1
4
/
1
42
3812 39
9
9
95
8 95
8 *9
9
912
94
3
'9
/ *9
1
4
812 83
4
76
7612 78
76
76
80
81
82
*77
1180
78
80
3
3 18
3
3 18
3
314
3
3
3
3
3
/
1
4
31
/
4
0
010
10_ •10
_ *10 __ *10
•10 -_ _
12
•111 12
/
4
-12 12 -1218
*1112 1218 *1118 - - - *1112 1218
12
12
.612 6
*613 8
*612 7
/ *612 7
1
4
*612 3
*612 7
*3
4
*h
7
8
14
*3
4
7
8
7
8
*3
4
3
4
*3
8
7
8
12
0.33
432
1
1
*38
12
*3
8
12
*3
8
12
*53
12
3
/ 41
1
4
/
4
3
/ 41
1
4
3
/ 4
1
4
4
/
4
37
8 413
418
3
/ 3
1
4
/
1
4
*1
114
1
1
*1
118
1
1
*1
118 *1
118
12
012
1
8
*12
12
*12
1
4
12
5
8
521
12
Is
8 2
/ *238 278 *232 278
1
4
8 *23
23
3 238 *238 27
23
4 2
/
1
4
*54 6
/
1
*6
612
53
4 6
53
4 5
54
6
61
/
4
6
6
•1
11 01
/
4
13
4 *1
11 0118
/
4
/
4
114 *11 114
1
1
285 31
8
28
23
3012 29
/ *30
1
4
3012 303
29
4 3014 30
/ 2212 2314 224 23
1
4
8 2218 22
22
23
/
1
2218 227
2114 223
8
*8414 89
87
861
87
/ 8612 8612 *85
1
4
*8414 89
8612 8712
114 *1
114 *1
114 *11 11
11 *118
/
4
118
118 *1
/
4
/
4
•71 32
/
4
*71 10
/
4
*71 12
/
4
.7la 10
*71 10
/
4
7
7
*10
15
*10
*10
15
010
15
15
15
*10
*10
15
_ _ *71
-- *71
*71
85
•71-- *71
*71
.._
66 -6612 67 - 70 -if
69
71
70
69 6912
, 68
66 4 -
.--W4
634
3314
•_ _
/92
.57
8
.55
8
1012
513
.312
03
.3
3
•614
1
*14
14 14 .--ET4
14
6h 67
7
3
61
4
32
*30
3314 *27
___ 72 •__ __
72
514 51
61
5
/
1
4
9
/
1
4
87
8 8
214
55
8 55
8 055
6i2
8
*12
20
*11
20
553
513 6
6
*312
*34 41
/
1
4
*3
31
312 *3
*3
11
h
3
h
63
8 *53
4 6 8 *614
,
01
1
1
1
14
4
4
133 133
15
g14 *--8-3.
3
611
/
4
04
331 *33
72 •___
53
8
5
/
1
4
914 *9
7
7
/
1
4
20
012
bh
6
412 *4
3
/ *3
1
4
3
8
3
3
63
3 *514
118
*1
14
14
g38
gla
6
/
1
4
61
334 3212
/
1
70 *___ _
6
53
4
10
912
73
4
7
*12
20
5
/
1
4
6
414 •4
312 *3
1
8
•3
9
6
6
118
*1
14
14
54
'
gi "
6
/
1
4
6
3314 *28
72 *_--,
5
/
1
4
41
/
4
94 *9
/
1
7
7
/
1
4
*12
20
55
51
/
4
8
5
4
312 *3
3
8
12
*55
8
6
118
1
14
*1312
• Bld au,t /O18 ea prices: no sales on this day. a Ex-dividend and ex-rights.
101k June 20 Mar
/
1
4
/
1
4
41 June 55 Oct
214 Dec 24 Feb
812Sept 6
15
8June 29
412 Dec 25 Jan
414June 13 1412f3ept 7
/
1
4
7 Dec 37 Jan
/
1
4
4 June 17 10 Sept 8
20 Sept80 Jan
20 Apr 9 30 Aug 17
11 Dec 1218 Jan
/
4
334 Aug 29
12June 2
4
8018 Dee 1073 Mar
70 May 28 99 Sept 2;
94 Dec 118 Apr
90 June 4 10918 Mar 14
10 Oct2912 MaY
/
4Sept 8
10 4May 31 211
3
28 Oct9014 Feb
133
4June 2 4314S pt 8
4012 Dec 57 Mar
2512July 11 x48 Sept 6
Apr
238 Dec 11
578Sept 3
114May 31
79 Dec 10712 Aug
49 July 13 88 Sept 6
4 Dec35 3 Apr
3
8 Jan 21
25
8June 20
/
1
4
21 Dec 47 May
15 June 3 33 Aug 30
2 Nov
13 Jan
2 Aug 30
/
1
4
h Feb 9
/ Jan
1
4
54 Dec 19
/
1
5 Jan 5 11 Aug 10
58 Dec
53 Feb
8
4 Aug 6
12 Apr 28
Jan
212 Dec 26
212May 24 1014 Aug 25
613 Mar
11 Oct
/
4
43 Mar 8
4
112 Jan 4
818 Dec 2812 Feb
9 3 Jan 21
7
3 June 7
43g Dec 72 Mar
314June 16 15 Sept 9
1618 Dec 5818 Jan
/
1
4
9 May 31 22 Jan 8
97 Dec 12913 Mar
105 Jan 15
90 May 26
8
312 Dec 163 Feb
91413ept 7
114May 2
8 Dec 6912 Feb
318May 19 2038Sept 6
20 Dec 39 Jan
/
1
4
12 June 2 3112 Oct 19
8
295 Oct 547 Mar
8
8June 1 37 Feb 13
167
/
1
4
35
Oct 69 Mar
203
4June 2 4712 Aug 29
3'4May26 14 Aug 29
73 Dec 2614 Mar
4
4
/
1
4
4
58 June 1 1043 Mar 5 x93 Dec 1313 Mar
51, Jan 11
1
3 Dec 1178 Feb
/
1
4
112July 8
6 July 11 14 Sept 19
7 July 15 1412Sept 14
/
1
4
3 Sept 11 Mar
2 Apr 28 10 Sept 6
8
47 Jan
2 Jan 8
1 Dec
14June 1
414 Feb
114 Jan 15
h Jan 23
5 Dec
8
54 Dec 5014 Feb
/
1
112May 28 1113 Jan 14
2 Mar
/
1
4
/ Apr 14
1
4
/ Sept
1
4
2 Sept 9
27 Feb
8
'*May 12
114 Aug 29
h Dec
838 July
112 Dec
5 Feb 17
/
1
4
114June 1
41 Sept 1512 Feb
/
4
912Sept 6
3 July 14
/
1
4
8
45 Feb
2 Oct
4 Apr 12
/
1
4
%June 8
22 Oct 4611 Feb
16 June 8 323 Mar 8
4
/
1
4
/
1
4
13 May 31 34 Mar 8
26 Dec 44 Aug
/
1
4
3
60 June 1 91 Mar 5
79 4 Dec 10014 Sept
513 Feb
3 Dec
4
212 Aug 29
/ Apr 14
1
4
212 Dec 29 Jan
312June 9
8 Sept 14
12 Oct 3 1612May 17
15 Dec 3513 Mar
5018July 8 95 Feb 25
78 Dec 10414 Aug
39 July 9 121 Jan 15 107 Dec 250 Feb
7 Aug 9 1212 Jan 7
/
1
4
9 Dec 1712 Jan
1378rua e t
4 nY
18 June 3
48 June 27
2 June 27
7 June 1
313 Apr 25
10 Apr 26
2 June 1
312Mar 23
114June 1
14 Jan 2
313 Jan 5
12May 17
9 4btay 31
3
175 Se4 2
13 el
s
8
41 Mar 10
76 Sept 7
7
/
1
4Sept 9
13 Aug 22
12348ept 22
32 Feb 10
818Sept 6
912 Aug 27
9 Jan 13
%Sept 1
9 Aug 9
158Sept 30
224 Jan 9
/
1
rl
a
i
30
60
2
/
1
4
8
313
36
4
313
513
14
313
13
3
19 4
Z: Feb
Dece
Dec 5612 Mar
Dec 1023* May
Dec 1214 Mar
8
Dec 125 Aug
/
1
Dec 144 Nov
Dec 52 Jan
3
Dec 165 Jan
Dec 1014 Apr
Oct 2714 Feb
11 Feb
/
4
Dec
/
1
4
Dec 23 Feb
338 Feb
Dec
Dec 87 Mar
New York Stock Record-Continued-Page 7
2798
sarFOR SALES DURING THE WEEK OF STOCKS NOT
RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING
.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Oct. 15.
Monday
Oct. 17.
Tuesday
Oct. 18.
!Wednesday I Thursday
Oct. 19.
Oct. 20.
Friday
Oct. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Yeas 1932
On baits of 100
-share lots.
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
Lowest
Highest
A. per share 3 per share $ per share S per share $ per share $ per shoe Shares
Indus. & Miceli. (Con.) Par 3 per share $ per share $ per share $ per share
6
6
9
.6
.512 10
*5
3 10
*512 10
.512 10
AO Pittsburgh Coal of Pa
100
3 May 4 115
8Sept 6
4 Dec 2812 Jan
37
.25
•25
37 .25
30 .25
30
29
25
25
25
200
Preferred
Y3 June 28 40 Jan 28
1011
273 Dec 80
4
Jan
*33
4 4
*312 4
0313 4
*33
4 4
*312 4
*312 4
Pittsb Screw dr Bolt_ No par
2 Apr 12
47 Aug 18
8
3 Dec 1514 Feb
*21
24
*21
2213 .21
2212 .21
2213 *21
24 .21
Pitts Steel 7% cum pref__ _100
24
912Juue 29 243
4Sept 12
217 Dec 87
8
Jan
*1
212 .1
21. •1
212 *1
212 01
212 .1
212
Pittsburgh United
25
4 July 8
..
3.
34Sept 7
Dec 15 Feb
1
*2612 28
24
24 - *2312 28
.26
26
28
*2312 2612 2312 23,2
Preferred
100 14 May 17 44 Sept 6
40 Dec 993* Feb
.2
23
8 *2
212 .2
212 *2
213 *2
212
114
1 14
50 Pittston Co (The)
No par
1 14 Aug 11
3 Sept 12
51 Dec
8
1814 Jan
*3
37
8 *3
312 *3
312 312
312 *3
312 *3
100 Poor & Co class II
4
No par
112May 25
65
8Sept 8
3
133 Jan
Oct
4
*3
43
4 *3
43
4 *3
43
4 *3
412 *3
43
4 *3
Porto Ric
-Am Tob Cl A_N, par
43
4
1 14May 27
4118
65
8Sept 8
2 Sept 27 Feb
112 •1
1 12 01
112 01
114 *118
D2 .118
11,
Class B
No par
%Stay 6
234 Aug 16
5 Sept
8
8 Feb
814 9
8
814 *8
84
,
75
4 814
8
1,100 Postal Tel Ar Cable 7% pref 100
83
8 *712 S
18* July 6 1712Sept 8
4 Dec 3912 Jan
.612 73
8 *65
3 78
3
63
4 63
4 .612 7 4 .67
3
8 8
*63
4 731
300 Prairie Oil& Gas
312June 2
25
91 2Sept 7
8
418 Dec 203 Feb
93 10
4
.914 1014 .9 4 10
,
10
10
*912 10
*93 10
3
1.000 Prairie Pipe Line
25
512June 2 12 ,Sept 6
57 Dec 2612 Feb
8
*2
214
2
2
.2
214 .2
214
2
13
2
4 2
1,000 Pressed Steel Car
No par
84June I
4 Aug 3
,1
114 Dec
7,8 Feb
*6
8
.13
8
.6
7
*6
7
7
*6
*5
6
Preferred
25
100
8June 13 17 Sept 7
512 Dec 4758 Feb
31
3114 308 31
3
30 307
8 303 31,
8
8 303 31 1 4
4
3612 31
9,800 Procter & Gamble
No par 197
8June 30 423 Jan 14
4
363 Dec 71,4 Mar
8
.3
8
3
4
*1
8
3
4
*3
3
3
4
1538
3
4
*3
Producers & Refiners Corp_ _50
8
3
4 *63
8 93
4
13May 25
13 Mar 9
4
Dec
6 Feb
1
.612 7
63
4 63
4 *63
4 7
*63
4 7
*63
4
7
7
Preferred
7
200
1 May 10
50
93 N1 ar 30
4
3 Dec 16
Feb
4712 477
8 4614 473
8 4714( 4814 48
4912 4814 4934 49
4814 12,800 Pub Ser Corp of N J___No par 28 July 11
60 Mar 7
4918 Dec 96 12 Mar
*81
85 .81
85
*81
84
84
*8112 84
84
200
84
84
$5 preferred
No par 62 June 30 907
8Sept 6
78 Dec 10212 May
.9812 10018 *9812 100
9913 9913 *98
997 .98
44
200
9S3
4 98
98
6% preferred
100 71 12June 2 11058 Mar 11
92 Dec 12014 Aug
•105 11018 905 11018 .105 11018 106 106 .105 11018 109 109
200
7% preferred
100 9212May 27 114 Mar 10 11212 Oct 1393 Aug
4
•120 126 .12012 126 *122 126 *12212 126 .12012 126 .12012 126
8% preferred
100 100 July 8 13014 Mar
16013
•9712 100 .9713 99
98
98
*9712 99
*98
99
100 Pub Ser El & Gas pf $5_No par 83 June 3 99 Sept 5 118 Dec 10714 Aug
99 .98
7
873 Dec
Aug
4
213 2214 2012 2114 21
4
217
8 217 23
8
2214 11,500 Pullman Inc
227
22
8 21
No par
1012June 2 28 Sept 3
1514 Dec 5812 Feb
Punta Alegre Sugar
50
1 ., Feb 17
' Jan
3 Jan 2
8
414 412 *4/4 412
15 Aug
414 414
412 412
41:
4
1.400 Pure 011 (The)
4
4
25
27
8June 2
613 Aug 25
314 Dec 117 Jan
4
.65
75 .65
75
•65
7012 .65
6s
7012 68
87
68
30
8% cony preferred
100 50 Jan 5 90 Aug /1
8
5312 Dec 1017 Jan
9
9
*9
914
9
914
812 918
812 87
3
73
4 814 6,001) Purity Bakerlea
43
3May 25 157 Mar 7
No par
8
4
101 Dec 5514 Mar
73
8 8
7
714
718 7 8
7
78 8
5
75
8 8
67
5
8 75 72.300 Radio Corp of AmerNo par
212May 26 33 -.Sept 8
518 Dec 2713 Feb
.18
23
•18
23
*18
23 .18
193 .18
4
18
1914
18
100
Preferred
50 10 June 2 327 Jan 12
8
20 Dec 5518 Mar
13
133
3 1114 123
4 1213 123
4 123 1312 123 1353 113 12
4
4
5.200
8
Preferred 13
33
3N1ay 31 2333Sept 9
No par
912 Dec 60 Mar
*4
414
34 4
3
34 4
3
4
4 18
414
4
2,800 Radio-Kelth-Orph
33
4 4
No par
1 12June I
731Sept 9
2 Dec
34
4 Dec
.63
4 7 4 *63
3
4 812
7 4 814
3
812 813 .7
912 *7
814
300 Raybestos Manhattau_No par
43
3July II 1123 Aug 31
4
812 Dec 2912 Mar
5
5
*412 512 .412 5
1,100 Real Silk Hosiery
5
.5
514
5
5
514
___10
214July 18
n12Sept 2
g
17 Dec 307 Feb
8
*21
28
*20
28 .20
28
•20
28
2/12 21 12
28
10
*20
Preferred
7 June 23 30 Sept 1
100
*33 1
Feb
5 Deo 110
.
3
8
1
43
8
.3
1
8
1
*3
3 1
.3
8
1
Reis (Robt) dr Co
18 Apr 12
No par
112Sept 1
8
17 Jan
18 Dec
812 83
*3
813 .3
812, .3
812 .2
8
.2
8
lot preferred
13 Apr 15
100
4
758Sept 3
8 Sept 13 APt
45
8 43
4 •43
8 43
3
414 43
4
43
8 47
414 412 2,700 Remington-Rand
412 45
8
8
I May 28
I
712 Aug 2:
17 Dec
8
193 Feb
4
•11 18 173 .11 51 18
4
.11 18 1818 *1214 17 4 *1314 173 *1314 1734
3
1st pr. ferred
4
4 June 3 29 Aug 30
100
814 Dec 88
Jan
•I1 18 2012 .11 18 2012 .1212 20
*121, 20 .1212 20
*1212 20
2d preferred
5 June 14 31 12 Aug 40
100
10 Deo 98
Jan
14 214
2 4 214
,
2
218 213
214 2 4
,
2
2
900 Reo Motor Car
2
2
10
112 Apr 4
37
8Sept 8
,
27, Dec 101 Feb
73
4 812
78 8
3
712 8 1
8
814 15,800 Republic Steel Corp___No par
7
!
83
Sit 83
4
3June 2 13,Sept8
17
418 Dec 253 Feb
8
1658 163
4 1514 1514 163 163
4 16
4
16
17
1,700
6% cony preferred
1714 1514 16
100
6 June 28 287
8Sept 6
818 Dec 54
Feb
•2
5
*2
5
*2
5
47
*2
8 •2
Revere Copper & Brass_No par
47
8
47
8 .2
1 July 8
6 .Sept 8
2, 1)ec
Jan
8
13
*4
7
7
*4
.4
7
*4
7
7
*4
Class A
*4
7
212May 3 1212 Aug 1,
No par
3
6 Dec 30
Jan
83* 83
4
87
8 9
9
9
912 912
812 812 1,300 Reynolds Metal Co___ _No par
87
8 9
558July 20 1173Sept 22
7 Sept 223 Mar
8
.11
113
8 11
11
.10 4 11 18 11
3
1118 *103 1118 103 .03
4
660 Reynolds Spring
4
4
No par
3 Feb 23 127
8Sept 9
212 Oct 1814 Mat
31
3133 30 8 31
1
2912 307
8 29 8 3012 2912 3053 29
1
29 8 102,606 Reynolds (R J) Tob class B_10 2812June 30 403* Jan 14
,
3213 Dec 5412 June
.65
66 .65
67
85 .65
85
67
67
10
.65
*85
Class A
67
10 69 May 2 71 13June 13
69 June 7512 Feb
.12
5
8
MI Richfield Oil of Calif_ _ _No par
12
12
53
5
8
12
12
3
8
5
.a2
8
ks
Wane 23
1118July 26
3 Dec
8
113 Jan
8
_
_
_
_
_ _ _ _ _ _ _
Rio Grande 011
IssMay 28
No par
313 Aug 10
1 14 Nov
1014 Feb
•T8 li
;
14
'7 1
*Fs 1-4
. .i -fi •ii 11 •i 14
Ritter Dental Mfg_ _ _ _No par
4 July 12 12 Oct 3
53 Deo 413 Mar
4
4
47
8 512
47g 5's 0 4 514 *412 514
43
15438 53
5
3 041.g
5
800 Roasla Insurance Co
1125/ay 28
'P. Aug :3
314 Dee 26
Feb
.20'3 2038 1914 193* 19 8 193
5
4 187 1914 .187 19
g
8
1814 1812 3.100 Royal Dutch Co (N Y shares) 1218 Apr 21 2334Se11t 7
13 Dec 4258 Feb
*812 10
912 912
9
9
*912 10
9
800 St Joseph bead
0
9
9
10
453July 13 1734sept 8
7 Dee 303 Feb
8
50 4 513
8
4 50 5012 511
5(14 51, 523
3 5153 52
4
48
6,300 Safeway Stores
50
No par 30',July 8 5914 Mar 5
385 Jan 6913 Aug
8
•88
89
88i2 8812 897s 897
88 88
90
89
00
6% preferred
340
.3 110
100 60 May 26 99 Oet 3
6314 Dec 9818 Sept
973 9812 9812 9812 99
4
99
99
99
.98
99
*98
350
99
7% preferred
100 89 June 2 i.9 ort I
71
Dec 10812 Aug
.414 5
5
3
5
.314 5
.314 414
400 Savage Arms Corp_ _ _ _No par
2
3 4 33 .3
4
3 4 4,
4July 14
1,
73 Feb 1
8
35 Dec 2014 Feb
8
•15
8 2
*13
8 2
*153 2
153 15
8
2
.112 2
2
3110 Schulte Retail Stores_No per
7
8May 31
4 Jan 13
3 Dec 1118 Mar
•513 8
*518 8
*513 8
*5,
8 8
.518 8
*518 8
Preferred
100
8 May 28 30 Jan 5
30 Dec 65 Mar
13
1318 1212 14
133 14,
4
4 133 143
8
4
3 133 1412 13
1312 22.400 Seaboard 011 Coot Del_No par
611 Apr 12 17,2Sept 8
,
513 Oct 203 Apr
4
•113 312 *1 12 312 "112 312 .12 312 912 312 .112 31 2 2,000 Seagrave Corp
1
1 Apr 12
No par
23 Jan 21
4
2,4 Dec
Fob
II
Ms 2013 18 3 1953 19, 203
5
3
4 20
213
8 20 2 2112 18334 2012 51,300 Sears, Roebuck & CoNo par
,
8June 28 373 Jan 18
97
8
30, Dec 6314 Feb
4
•1f2 2
.113 2
.113
17
8 .112 2
*113 2
*112 2
Second Nat Investors
12July 5
I
3 Aug 30
84 Dec
613 Feb
.30
41
•30
41
.30
41
.30
41
.39
41
41
•30
Preferred
I
2114June 22 3618 Aug 25
27 Deo 5818 Feb
I.
15
12
12
012
*12
400 Seneca Cooper
5
8
58
12
*3
8
12
12
Is May 4
No par
1 Aug '1(
14 Sept
214
23
18 Feb
8
214 2 8 .23* 23
4
3
8
2 4 23
,
233 23
8
3
218 21 4 2.600 Servel Inc
112June 25
I
53 Jan 13
8
312 Deo 11/4 Apr
8
8 14
814 812
81N 8 8
,
812 812
8
812 812
814 3.000 Shattuck (F 0)
5 Slay 28 1234 Mar 8
No par
8 4 Dec 2102 Fel.
,
412 *314 412 *314 412 *314
•314
412 .311
412 *314
412
Sharon Steel Hoop
No par
112July 1
7 ,Sept 8
,
212 Dec 137, Feb
3
3 4 414
3
339 313 .3 8 31,
900 Sharpe dr Dohme
37
8
53
37
8
314 3
312 312 .
8June 13
No par
17
7 Sept 8
318 Oct 21 Mar
•20
*1912 25 .20
25
25 .20
25
•20
24
.20
24
Cony preferred ser A.No par 11 12July 21 3014 Jan 18
28 Dec 6112 Mar
612 63
57
g 6
8
618 612
6 4 83
3
,
612
6
53
4 6
7,100 Shell Union 011.
212 Apr 23
No par
8348ept 7
212 Dec 1014 Jan
*487 5214 *4514 53
8
48
49
48
497 *47
8
47
49
47
Conv preferred
500
.100 18 May 31 85 ,Sept 7
15 Dec 78
Feb
I.
3
.12
4
.12
13
3
4
*12
100 Shubert Theatre Corp_No par
*3
3
8
4
8
3
4
3
*5
4
),June 2
1 18 Aug 10
14 Dec
934 Mar
83
4 9
812 9
84 9
3
9
9 12
918 9 8
7
83g 87
8 8.300 Simmons Co
23
4June 1
No par
133
8Sept 2;
67 Dec 233 Feb
8
4
.512 57
513 6
3
.512 618 '5 4 618 *512 6
3
.512 6
1,000 Simms Petroleum
10
3 4 Apr 8
,
713 Aug 23
312 DoC II
Feb
Sinclair Cons 011 Corp_No par
414 Jan 4
---718 Jan 7
4,8 Dec
1574 Feb
Preferred
100 79 Feb 6 96 Mar 24
64 Dec 103 Mar
-;5i2 -11- -;ii2 -11- -4 -1- --ii -1- -;334 -ill, -;3i2 4 i,iiiko Skelly oil Co
, .
.
2
4
25
212 Feb 8
5`4Sept 8
2 Dec
127 Jan
8
026
30 .26
30
30 .26
•26
30 .25
Preferred
30 .26
30
100 12 Jan 4 331 2Sept 7
10 May 62 Jan
3
24 3
3
3
3
2 4 23
4 .25
8 *2
3 27
253 253
4
53 23
700 Snider Packing Corp __No par
25 Oct 21
8
7,
2sept 6
Preferred
1 June 13
No par
414 Jan II
2 Oct 15% Feb
93
8 912
93
8 912
9$8 10
97 1018
8
97 1013
8
953 93 38,900 Socony Vacuum Corp
4
25
514May 31
12 .Sept 6
83 Dec 21
3
Aug
61
61
.6113 6312 02
6012 61
1,700 Solvay Am Invt Tr pref._ _100 35 June 28 67 Sept 6
64
.60
64
63 4 .59
3
40 Dec 95 Mar
155 153
8
4 1512 1513 1514 15 4 15 2 153
/514
4 15
3,000 So Porto Rico Sugar--No par
,
,
4 1512 153
412 Apr 12 1•3
4gept 8
634 Dec 1712 Jan
908 114 .108 114 *108 114 .108 114 *108 114 .108 114
100 8812May 27 111112 Aug 31
Preferred
87
Oct 11213 July
26
2638 25 4 26 4 28, 263
3
3
22714 273
3
4June 2 323 Feb 19
4 2512 2612 6.500 Southern Calif Edison
4 2613 28
25 153
4
283 Oct 54f2 Feb
4
.138 5
.138 5
.138 5
Southern Dairlem Cl B_ _No par
.13
8 5
114May 28
93
8 5
•13
3 Feb 26
3 5
212 Sept
5 Mar
•713 10
*713 10
.8
*8
10
10
10
412July 7 12 Jan 12
.8
8
100 Spalding (A G) de Bros_No par
S
8 Dec 36
Jan
•40
55
•40
55 .40
55
55
1540
*40
55
*40
lot preferred
55
100 32 June 3 95 Jan 9
94
Dec 11512 May
.412 93
4 0412 934 •412 93
4 *412 9 4 .412 93
3
Span Chalfant&Co IncNo par
4
4 *413 93
83 Mar 7
93 Mar 3
4
4
93 Dec 2713 Feb
4
•I51g 26 .1518 26
•1518 26
*1518 26
Preferred
*1518 26
•1518 26
100 29 Aug 9 4813 Jan 2
4812 Oct 9213 Jan
.2
27
3
2
2
8 .2
218
218 213
2
2 18
400 Sparks WIthington____No par
I May 28
5 Sept 8
2 Dec
1358 Mar
*912 11
*912 11
spencer Kellogg & Sons No par
*913 11
*913 11
*912 11
•912 11
8 Slay 4 11 Sept 8
9 Sept
1612 Mar
8
*5
.5
8
*5
.5
8
8
.5
*8
Spicer Mfg Co
.5
s7 8
8 e91 7
No par
8
5 Apr 20
8 Sept
173 Feb
4
*1514 18 .1514 18
•1514 17
*1514 17
*1514 17
Cony preferred A
.1514 17
912June I
No par
18 Sept 7
11 14 Dec 3312 Feb
*214 312 *3
31
3
3
*214
5
4 312
3May 31
312 *214 312 023
100 Spiegel-May-Stern Co_No par
5 Aug 29
3 Dec 1713 Mar
157
15
4
44 143 15
1412 1513 143 153
4
8 1514 153
4 15
8June 2 1739 Aug 27
1512 29,210 Standard Brands
83
No par
1012 Dec 2012 Feb
•120 ____t121 121
120 _ .*12012 _ _ •12012 - - •12012 - -Preferred
50
No par 110 June 2 r121 1 28ept 6 1143 Dec 124 July
4
1 14
14 *I
13
4 01
1
13 01
1
12 *I
-3
1 8 el
- 3
13
100 Stand Comm Tobacco_No par
7 J Illy 20
s
2 Jan 4
18 1/ec
4
4
Feb
1814 183
4 17 8 1843 175 1818 173 1812 17
5
8
4
14 183
75
,
8June 2 3414 Mar 8
4 161 1714 4,900 Standard Gas & El Co.No par
25,8 Dec 883 Mar
8
27
28
2778 2712 271, 25 4 25 4 *26
28
3
3
26
Preferred
27
900
26
914June 2 41 14 Jan 14
No par
297 Dee 647 Mar
8
*
.4018 4518 .41
451g .41
451. .41
2'
4412 .401g 4418 .401g 441g
$6 Cum prior pref__ No par 21 July 19 6)12 Aug '4
40 Dec 101
Mar
.48
55
*48
58
*50
5514 50
50
27 cum prior pref___ .No par 28 June 3 75 Jan 15
55
*48
50,
*48
100
2
55 Dec 1093 Mar
4
.1
114 .1
114 .1
114 ./
13* .1
h00 Stand Investing Corp_ _No par
154
'*June 24
1
1
214 Aug /5
3 Dec
8
414 Feb
•97
14 98
*9512 9712 9712 98
977 98
8
9612 96.2 9512 9512
700 Standard (111 Export pref _100 z 81 June 9 99 Oct 6
8718 Dec 106 Sept
2514 2513 25
25 4 2453 2 3 243 253
,
8 25
53
4
2512 2414 2514 /3,400 Standard 0,1 of Calif. _ _No par
1518June 2 317
88ePt 7
2318 Dec 5134 Feb
•1213 123* *1114 12
6)10 Standard 01101 Kansas
4
1212 .123 123
/2
113 113
7 Apr 7 181 2 Aug 'ii
25
4
3
4 in /23
8
73 Dec
4
19
Jan
8 3014 307
4
8 2853 30
297 3014 29+2 3014 293* 3014 293 307
8
21.600 Standard Oil of New Jersey_25 19 3 Apr 23 373
7
4Sept 6
26 Deo 5312 Feb
Standard 01101 New York. _25
-137 June 26
8
Feb
-78Fs -1- -7 F4 -I- -7 i8 -- -1- -I- -;iig -- - -1-11- --if - __
•
.
6
i- .T8
Starrett Co (The) 1,113_ _No par
6i8
6
3 July 12
834Sept 7
6 Dec 3414 Feb
1
1
s
113
13
3 */
13
.1
13
8 •I
18May 21.
13
3 •1
2,0 Sterling Securities cl A.No par
13
,
2, 18*ut 7
12 Dee
57 Feb
3
2
3
8 24
2
1517
.158
.17
8 3
213 *15
Preferred
21.0
5sJuly 11
3 212 .154 213
No Par
4 Sept 8
13 Dec
3
914 Feb
.21
227 *21
8
233 .
4, 21
Convertible preferred__ __ 50 1312June 2 21 Aug 27
300
227
8 21
. ,
20'2 2012 201 20 2
21
18' Dec 40 Mar
8
, 433 43
8
418 412
413 412
412 412
4
413 2,600 Stewart-Warner Corp
4
413
8May 26
17
10
81 2Sept 8
434 Sept 217 Mar
8
93
8 94
3
83
4 93
8
9
43
'8 9
8July i 1734Sept 8
912 1014
'2
914 913 7.200 Stone & Webster
9 8 1012
7
No par
97 Dec 5412 Mar
8
2121May 28 1314Sept It
613 612
57
25,300 Studebaker Corp (The) No par
8 6'11
5
'2 6
53
4
512 6
6
Ws
6315
9
Oct 26 Mar
.4014 5212 .50
5212
55 .50
5212 .50
Preferret.:
13 3,8 oAr 1
.50
5212
5212 .50
100 3238 NApr1ay 25 10474 Sfa 31
p7. 24
7
APT
2454
3618
38
100 Sun 011
38
.36
38/2 *30
3
.36
38'1; .36
No par
38 .36
Dec 148118 Feb
Oct
15
:
7
91
87 4 88
2
4
0873 90
Preferred
120
.541. 8712 .8412 8712 8 /2 8712 *88
100 88 July 13 01 Aug 21
75 Dec 10412 Feb
.9
10
10
10
10
10 •IO
12
500 Superheater Co (The)__N" par
12
7 June 11
12
•10
*10
111 3Seet 3
II
Dec 40 Feb
53
84
3
.1
*3
800 Superior 011
4
14 Jan 5
7
8
*8
7
4
No par
8
7
4
7
8
7
3
7
2 Sept 8
8 45 8 642
is Dec
13 Feb
4
.7
6 8 77
614 814 .5
612 *512 7
100 Superior Steel _____.. -_100
•8
73
4
2 4May 28
,
9 'Sept 28
27 Dec
8
187 Mar
8
3i2 *3
.3
*3
4
1012 .3
11, July19 11 Jan 4
1012 •3
1012 .3
Sweets Coot Amer (The). _ _50
1012
1012 Dee
157g Aug
014
3
4
3
4
*12
v12
•P2
12
rit
12
3
4
v12
166 Symington Co
1
14 Mar 31
No Par
1 Sept 6
is Dec
218 Feb
13
41
4
1
1
.113
113 *Vs 113 .1 144
112 .113 /12
12May 28
Class A
/00
No Par
VA Aug III
1
Oct
612 Jan
1014 1014 1014
933 11
103 103
4
1012 2,800 Telautograph Corp_
0 July 20 133 Mar 23
4 /0
No par
4
1014 1018 10
II', Deo 21 13 Mar
.23 3
7
*2 5 3,
7
318 *2 8 31
8 '27s 3 8
7
1 May 25
7
'
100 Tennessee Corp
239 25
,
2
No par
'2g
43
8Seut 8
2 Dec
912 Jan
1318 133
4 133* 133
25
4 1313 14
1253 133 18,300 Texas Corp (The)
13341
914Ju0e 29
8
13
113 .Sept 6
133g
13
978 Dec 357g Ian
3
4 20 4 21 1s 211g 2153 20/8 2013 6,500 Texas Gulf Sulphur_ _ _ _No Par
4 2014 207
g 2012 203
12 July 8 263 Feb 17
4
20f: 202
1913 Dec 5514 Feb
_
21. 4,2
23
8 .2
2
2 14 •2ta
214
200 Texas Pacific Coal dc 011.- 10
214 214 •
/12 Apr 12
4 Aug 5
.214 212
Ds Dec
613 Jan
.u,lnn,Iasked prices no sales on this day
r Ex-dividendEs-rights
New York Stock Record-Concluded--Page 8
2799
Iff• FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
1H AND LOW SALE PRICES
If
Monday
Oct. 17.
Tuesday
Oct. 18.
Wednesaay
Oct. 19.
Thursday
Oct. 20.
g per share
5
.4 - 533
40
.30
*6
97
8
212
212
16
16
.934 14
5%
.514
07
8
1
17
•12
3
334
37
*40
45
•9
15
•4612 5412
*312 414
15
15
9 per share
433
43
4
53
54
03014 33
97
*6
233
*2
*1512 21
*975 14
57
.514
7
8
7
8
17
012
312
314
45
.42
15
09
5412
*47
To
11133
3
1412 1412
S per share
47
8
5
.4
533
UN 3014
*6
712
0218
23
4
*1512 17
.97 14
8
5
5
/3
8
*78
*12
16
33
3%
8
447 4478
15
*9
*47
5412
*312 3 8
1412 14%
9 per share
5 ,
8
514
*4
5%
*3014 40
71.
0
6
238
258
*1512 17
097 14
8
5
5
*7
8
13
8
*12
16
35
37
8
*41
45
*4
15
047
5412
4
`3%
147 15
8
$ Per share
*43
4
512
*4
6
*3014 40
614
614
.2
2%
*1512 17
7 14
*9
55
3
533
078
13
8
*12
16
312
352
45
45
*9
15
*47
5412
*35
5 4
143 1512
4
--47
*312
37
8
.54
*248
*34
*4
*112
16
.6%
25,8
*1114
*1338
2412
*53
.2012
*81
1314
14
6
9
5
323
4
19%
-113
6
4
70
253
8
2
412
1%
16
8
2618
1112
1414
2618
55
21
98
1314
3
8
6
93
8
3312
4
4
193
-71
4
*314
37
60
.243
8
*3
4
414
*114
4
153
*65
5
24
x11 18
,
13 4
23
.5214
2012
*7914
12
14
*412
833
3318
*4
19
-16
4
60
25
2
41
11
153
4
8
255o
11%
1312
4
243
55
21
98
1212
3
5
10
913
333
4
48
1912
-71.7
8
0312
38
6014
.243
*3
4
*4
*114
16
612
2412
113
8
1318
2338
55
•20
*7914
12
14
*412
83
4
3212
*4
1938
-16
38
6014
25
11
5
112
1614
612
267
113
4
1314
254
55
203
4
9812
1212
3
2
10
933
3338
412
19 4
3
54
--95. -- 12
512
*312
7
33 4
06014 62
*2435 25
*3
4
I,
*4
5
112
.114
*163 18
4
"614 84
25 8 2614
3
115 113
8
4
.1318 1414
243 2712
4
*527g 5518
21
21
*7914 98
12
1212
14
:
12
*412 10
9
9 12
3314 3312
43
8
4%
20
203
4
--E- --5 4
-1-
1814
*92
•12
*6
*1 18
04012
.22
*33
•7
8
11 8
,
•1312
•I
*14
*8,8
*4
•40
*23/8
.3
2514
*414
.812
*61
53
4
8
187
93
1
733
I.%
43
26
35
1
1112
1414
12
12
123
8
412
48
253
4
5
26
5
9
70
504
18
*92
*12
*6
1 18
.4012
*2218
"33
7
8
*1033
1312
*1
3
8
*812
4,8
*40
.223
4
*3
24
*4
*813
*61
*Ws
183
4
93
1
8
118
43
25 2
,
35
%
1112
1312
12
3
8
10
418
48
2312
412
2512
4%
84
70
6
1738
9212
*12
7
•1,
8
*4012
23
*33
.1
.10%
*1314
*I
*11
*812
*33
4
*40
223
4
*3
25
0 8
43
512
*61
6
1812
9212
1
7
13
8
43
23
35
1,
8
11 12
1414
12
714
10
44
,
48
223
4
412
253
4
5
83
4
67
6
18
187
9212 93
4.12
1
Saturday.
Oct. 15.
*312
4
6012
02438
"4
3
*4
114
1614
*612
25 4
,
1114
*133
5
253
4
*55
1912
*7914
12
,
s
*412
9
3312
412
2012
183
8
*92
•12
0612
•1 18
*4012
*2318
*33
*1
1134
01314
01
"
14
.812
•
*41
.2312
312
253
4
"412
*83
4
*61
*6
512
41 1
6012
25
--5
114
1614
83
4
2614
11%
141 4
273
5
5518
2012
9812
1212
3
2
10
912
343
8
412
2114
Friday
Oct. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest
Highest
PER SHARE
Range for Previous
Year 11431.
Lowest
Ills/test
S Per share Shares Indus. & Miscell. (Concl.) Par $ Per share $ per share $ per share $ per share
.4%
41 Des
5
3,600 Texas Pacific Lan. Trust.- -I
8l-'Sept 6
212June 2
17% Fel,
37 Der 22
*4
6
2 Apr 5
Thatcher Mfg. .. .. No par
9 Aog 25
Feb
2218 Apr 19 30114Sept 13
*301 1 40
100
No par
93.60 cony pre./
Mar
24% Der 41
N. par
*6
4 Slay 17
712
8 .Sept 8
100 The Fair
Jar.
53 Der
5
23
218
218
8June 2
4 Sept 10
400 Thermold Co
No par
7
1 12 Dre
9 Eel,
.1512 1618
10 May 31
163
100 Third Nat Inve.tors..... _.1
Feb
4Sept 9
11 14 Dec 27
7 11
814 July1
*9
... _. Thompson (J R1 Co..
_25
163 Mar 5
4
12 Dec 35 Mar
63 Oct
23
*47
4June 3 10 Feb 29
8
30( Thompson Produ.ts fneNo par
57
8
Pet,
18
*1
%June Ii
13
214 Aug tir
200 Thompson-Starrett Co_No par
7 Dee
8
53 Mar
8
*12
16
No par
12 June 2
$3.50 cum prof
1712Sept 22
1412 Dec 3414 Mar
2 Apr 8
No par
53
2,500 Tidewater Assoc 011
8Sept 8
218 Dec
34
,
333
Jan
0
100 20 Feb 3 60 Sept tl
Preferred
*42
45
300
Jar.
2012 Oct 6*
97 Nov
5 June 6
10 Aug ,6
*9
15
No par
Tide Water OR
18 Mar
*47
100 30 Feb 9 62 Sept 8
Preferred
30
5412
Eel,
Dec 83
0312 4
2 July 6
63
10
4Sept 8
100 Timken Detroit Axle
12
Feb
312 1/er
73 July8 23 Jan 9
4
1414 15
1612 Der 59
2,100 Timken Roller Bearing _No par
Fel.
63 Mar 5
8
27 Jan 5
158 JUDO
8
Tobacco Products Corp No par
412 Nov
63 Jan 4
8
9 Mar 3
No par
Class A
6 lier
14
Apr
218 Jan 2
--93- -- /i 16.900 Transamerica Corp. No par
4
il718Seut 8
2 Dee
18
Feb
21 July13
81-.Sept 6
*312 6
278 Der
Transue & Williams MIN° par
1712 Mar
1 l511.1ay 26
2
34
3
her
512 Sept 3
37
8
5,300 TrI-Continental Corp_ _No par
113 Fet
4
427 Jan 2 72 Sept 9
*61
8
52
3612 Der
No par
9414 June
300
6% preferred
193
sMay 31
31 12 Mar 9
24
*24% 25
Dec 45% I. el,
Trice Products Corp___No par
1451ay 27
Der
3% Jan 14
1
lo
No par
Jab
200 Truax Traer Coal
3
4
3
4
57 Der 24
04
7,, Aug 29
10
2 Apr 19
43
4
Eel,
100 Truscon Steel
12May 4
2 Dar 213 Mar
315 Aug 29
4
No par
•1 18
IN
206 Ulen & Co
755 Feb
735July 7 24335e11t 6
13% Dee
15
15
1,200 Under Elliott Fisher Co No par
063
512June 2 IN Au 25 De. 14
Aog
4
RN
200 U111013 Bag&Paper CorpNo par
1512May 31
3615 I\ler 7
Fel.
2718 Der
72
2318 2
5
35.600 Union Carbide A Carb_No par
8 July 8
1118 113
Der
1538Sept 6
25
II
8 2.500 Union 011 California
21133 Feb
lin. Jan 'I
1134.11mne 30
.133 1414
8
16
Dec 2515 Jar,
400 Uialon Tank Car
No pat
612May 28 343
2211 2518 465,900 United Aircraft & Tran No par
8Sept 23
97 lier 3875 Mar
8
40
*55
Ott 61 14 Aug
50 3014Slay 13 5. 12Sept 2
5513
Preferred
200
11 July 6 2812 Mar 4
18 Dec 4134 Mar
1912 2014
No par
900 United Biscuit
100 75 July 8 103 Mar 22
90 1)e. 122 Mar
*7914 9
Preferred
812
1117 12
5June 1
14 Sept 26
65
618 Oct
2534 tel.
No par
2,400 United Carbon
7% Apr
13 Jan ii
4
, Oct 4
.1
1
1, 1/er
8
14
33 45.000 United Cigar Stores
218May 21
20 Jan 11
20 Der *711
Apr
100
*412 10
100
Preferred
312.1une 2
14 Sept 8
712 De,
818
83 59,200 United Corp
31 14 Mar
No par
3
20 June 2 39 1.Sept 8
2618 11er 5215 Mar
3212 333
_ No par
7,200
Preferred
8
I 78 Aug 31
8July 8
23
4
3
Jan
4
12
Feb
600 United Electric Coal_ _ _No par
1014.10ne 2 3238 Aug 22
1712 Dee 67% Feb
No par
191 1 20
12.900 United-Fruit
914June 2 22 Sept 8
1530 De, 3712 Mar
143 181 1 15,800 United Gas Improve-No par
70 June 2 96 Aug 23
4
83 Der 1063 A.14
No par
Preferred
600
923 923
8
8
•12
1
3, Aug 8
34 Aug 8
3,4 Jr.
2 Sept
100
United Paperboard
335.1une 28 117
914 Der 31% Feb
58ept 6
100 United Piece Dye Wks.No par
712
*6
3 Jan 28
3
133 Dec
411lay 23
,No par
933 Apr
201) United Stores class A,
1 14
1,
4
Apr
21
Oct
52
27 Jan 4 4814 Mar 9
Preferred class A_ ...No par
*4012 43
4112 Apr
11 May 31
31 Sept 9
15% Oct
200 Universal Leaf TobaccoNo par
2318 23,
8
23 J11119 2 50 Jan 27
24 May 5711 Aug
•33
38
10 Universal Plet,res let pfd. 10(
11 0•1
4
1 al
,
12 Apr 7
2% Aug 2..
.No par
7
8
1
400 Universal Pipe & Rad.
10 lier
2715 Mar
18,S.PI 6
714June 2
10% 11
1,500 U 9 Pipe & Foundry
1112June 22
2014 Mar
11, 8 Aug 2..
3
133 Dee
4
No per
*1314 1414
1st preferred
101,
2 June 9
4
5 Aug 1
Dec
10 Mer
No par
*1
12
U 9 DIstrib Corp
IN Jan
1,,Sept 7
100
14 Jan 15
3 lie
5
,
100 U 9 Express
•14
%
31270ay 27
3012 Mar
153 Sept 8
4
No par
412 Der
812 812
100 U 9 Freight
IN fist
Panne 16
1218 Feb
6 .Sept 3
700 U 9 & Foreign Secur....No par
44
,
414
Feb
26 June 2 14 Sept 8
.91
48
,No par
40
De,
Preferred
9(1
.20 1012June 2
1412 Der 50 Mar
2314 231 1
27 Sept 6
500 U -S Gypsum
*3
412
123 Apr
6 Sept 6
5
100 U 9 Hoff Mach Corp_ _No pa
, Apr 29
212 Der
4
2314 2412 11,400 U 9 Industrial Aleohol_No par
1314Jun• 2 36,.Sept 3
203,, (Set
771, tel.
412 412
71 ,8e111 8
No par
1 14May 31
1 3 t)ee
5
100 US Leather v t e
10 4 Me
3
,
8
83
4
31.June 13
16 Sept 3
900
No per
Class A v t c
314 De(
1575 Mar
*61
67
8612 .110)
100 9414.1iine 30 70,5Sept 8
Prior preferred v to
5714 Der
*512 53
2 June 2
4
512 l)ee 3614 tot.
I 13
4Sept 7
300 U 9 Realty & Inlet_ ___No par
18%
9412
1
.6,
2 7
7
*1 18
130
I%
04012 43
43
021 12 247
24%
35
35
35
1 18
*1
118
113 12%
4
12
.1314 1414
14 4
,
*1
12
12
*14
7
3
7
5
*812 10
1014
412
433
414
.40
45
48
23
2433
24
*3
312
-312
26
267
8
26%
*412
5
5
9
*812 918
*61
67
67
6
7
6
55
53
53
8 512
512
518
58 6
533 2,500 U 9 Rubber
No par
58 57
58
4
1112 1112 1112 12
113 113
4
11
1112 01112 1214 *10
1112
500
10
101 preferred
16
16
*15
16
014
15
15
15 14 *15
1614
14
1414
700 U 8 Smelting Ref & Mln .b0
3
*393 4118 939 4 41 18 *393 4012 *393 4012 397 397
4
4
393 40
4
4
700
50
Preferred
7 393
3712 38
353 3733 358 38
4
8 35
37
393
4 37
3733 242.600 U 9 Steel Corp
100
7412 7614 7514 773
755 77
8
76
7812 7712 7912 7312 7712 22,200
.100
Preferred
5714 57 4
,
56
*55
56
5814
59
59
58
*56
50
58
500 US Tobacco
No par
43
47
8
48
, 43
4
433
433
433
433 43
43
4
414
43
8 2.100 Utilities l'ow & Lt A__.No par
3
4
3
4
*12
3
4
No par
*12
*12
kl
31
53
31
,
5
3
4
500 Vadsco Sales
*10
30
*10
30
*10
30
30
.10
*10
30
30
"10
1110
Preferred
13 4 1412 127 135
3
123 1412 11,100 Vanadium Corp of Am_No par
4
1312 1414
14
147
5 1418 15
II
118
*1
118
11.
1 12 *1
112 *1
*1 15
1 1 2 *1
100 VIrginia-Carolina CheruNo par
*5
63
4 *5
6
.55
6
.512 63. *5
.
4
61
*5
51
100
6% preferred
*53
57
*53
58
5912 5912 593 593
*55
60
4
59
58
100
400
7, preferred
7
83's 83.8 83.8 83.3 .8318 85
83
*8318 857
831
8 8314 8314
110 Virginia El & Pow 66 pf No par
19331 1838 207
19
197 20
8
1914 2012
100
8
177 I9'o
19
8
204
1,55(8 Vulcan 1)et1nning
*1012 11 12 .1012 1214 *1012 1214 *11
1214 *1012 1214
1012 11
300 Waldorf System
No par
.2
212
2
2
2
2
*2
212
212 23
4
*2
233
500 Walworth Co
No par
*3
6
.3
*3
6
6
.3
6
*3
6
.3
6
Ward Bakeries class A.No par
it, •1 18
•1
1,
4
118
1 18
*118
114
114
1
118
1 15
500
Claus It
No par
,
17
8
.16
18 4 .16
*157 20
.157 20
16
3
1618 *1518 20
200
1110
Preferred
212 2 8
233
,
238
214
212
212
214
212
212
2
214 14,300 11 artier Bros Pictures_ No par
7
97
97
*5
97
5 05
*5
•5
9
•5
9%
98 .5
No par
$3.85 cony pref
13
4
*1
112
112
13
111 1
*1
.
7
8
13
4 .1
13
4
*1
No par
Warner Quinlan
47
433
53
8
414
53
8
412
418 48
412
414
4-2 412 1,300 Warren Bros
No par
*10
*10
14
14
*10
*9
14
It
*10
14
.10
14
Convertible pref.__ _No par
*712 9
*712
812 *712 812 *712 9
712
712 *712
812
100 Warren Fdy & Pipe- - - -No par
.1
114
1,
4
*1
*1
114
1 14 .1
*1
13
8
I
1
No pa
100 Webster Elsenlohr
•I214 1418
1212 1212 .1212 14
.13
1418 *1212 14
12 4 1214
,
200 Wesson Oil& Snowdrift No par
5412 .50
5412 050
5412 *50
*50
5412 *50
5412 059
Cony preferred
54,
2
No tar
31
30
31
2612 23 8 20,700 Western Union Telegraph_ 100
29
2814 30
3
291
20
303
4 28
13
13
1314 1314 *1314 1312
1333 134
1312 14
13
13
2,700 IVestInghIse Alr Brake.No par
2812 293
4 2714 285
5 263 293
4
27% 2912 27N 2914
25
273 79,5)0 Westinghouse El & Mfg___.5
s
.6233 68
.62 8 68
8
8
.623 68
8
69
.625 68
*625 68
5
20
lot preferred
701
:
50
*512 8
*5
8
*514
8
*5
*5
8
8
.512 8
We.ston Elm InstrumIt_No par
1212
*12
1712 *12
1712
1712 *12
1712 .12
1712 .12
*12
Class A_
No par
*40
51
45
59
59
*49
45
04533 59
*51
59
10 %Vast Penn Elee class A_No par
*47
5612 57
*5614 GO
57
•5715 6212 .5433 6212 *5414 6212
140
57
Preferred
100
5912 *51
60
.51
591., *51
5912 *491/ 5912 04912 5912
"50
6% preferred
100
10612 108 *108 11012'108 11012 110 110
110 West Penn l'ower pref.._ _ toll
•106 109 *106 108
14 95
94
95
95
*9414 95
947 .94 4 95
95
.94
8
40
,
6% preferred
094
100
53
5
6
*318
*318
West Dairy Prod el A_ _No pa
5 4 .318
3
8
*315
*3%
53
8
*313 53
*13
8 2
015
•15
5
8
2
2
*15
8
2
*10
8
IN
*153
IN
Class It v IC
No par
61
.614
678 .6
7
7
65
.614
8
7
0612
618
600 Westvaco Chlorine ProdNo par
633
14
.10
*10
14
14
.10
.10
1118 •10
14
Wheeling Steel Corp___No par
14
•I0
23
24
237 22,661, White Motor
223
4 2112 224 2112 2312 23
20
8
223 23
50
16
15
*14
.14
16
*14
.14
15
16
16
100 White Rock Min epr ctf No par
•1414 1612
.1
us
va ve *1
1
1 *1
115
*1
118
200 WIlte Sewing SI achine.No par
l's
.34
114
1
1
*1
114
114
*1
*3
100
Cony preferred
114
4
114
*1
No par
43
43
478 •412 4 4
414
5
1,500 Wilcox 011.14 Gas
45
5
43
4
3
438
4%
438
5
*1612 18
16% 17
*1612 18
.1612 231 *1612 18
200 Wilcox-Rich Cl A conv.No par
22
017
2
214
.18
-18
213
218 2,700 Willys-Overland (The)
218
214
5
218
213
8
23
214
20
*18
20
20
20
Cony preferred
*IS
*18
*18
20
*18
100
20
•18
01
114
*1
114
1
*I
1
114
114
"I
*1
114
100 Wilson & Co 1110
No par
317
Class A
31z
312 1,900
312 31 2
No par
312
312 31
4
'2 33
3
331
33
4
*16
16
1613
21
19
21
.1612 19
.17
600
Preferred
*15
100
15
15
8 3514 37% 23,300 Woolworth (F W) Co
8 3733 383
377
8
3752 385
8 37
10
3734 3614 307
37
14
4
1414
14.2 153
15
1233 1334
1412 151
2.900 Worthlngton P & M
100
1412 14
1412
*20
1115
25
Preferred A
25
*18
.20
25
25
25
100
1115
30
•16
35
.18
.15
35
Preferred B
35
018
*10
35
35
100
•15
•16
35
*1013 15
*1012 15
Wright Aeronautical..
*1012 15
.1012 15
.No par
1012 *1012 15
.9
38
38
39
700 Wrigley(Wm)Jr (Del)_No par
3812 3812 371 2 381 x38
*371. 382 03612 381
11
11
.11
13
13
.11
13 .
14
111
100 Yale & Towne Mfg Co
.11
25
011 - 15
43,
433
414
412
44
,
415
414
.
414
8
418 25 400 Yellow Truck & Coach Cl 11_10
43
3111
414
40
.27
.27
30
.27
.27
30
30
40
Preferred
100
.27
40
*27
553
78
4
7
800 Young Spring & Wire...No par
718
7
7
7
7
7
778
7
07
14
1334 1412
13
1312
1312 14,2
1212 1312 3,500 Youngstown igheet Ar T_No par
13
8
8
137 143
1 18
1 14
400 Zenith Radio Corp. ..No par
, 18
1
1 14
114
•118
114
*1 15
*118
114
*118
114
57
61
1,800 Zonite Products Corp
6
63
, 61! .635
638 612
612 612
1
Cr, 6b,
4 .1 pri,VS; 110 ....m., ou I I, I i -1V I En-,it Vtlielld a EX-III/lila. a I,%-.4IT•alts
, 13 d ,,,,,,i ,,. 8
PER SHARE
Range for Year 1932
On basis of 100
-share lots
114480e 2
1014 Aug :SO
318June 10 20% Aug 30
10 June 2 228 Aug 11
4
31 July 6 457 Aug 11
5
21 14J1ine 28 5238 Feb 19
5112June 28 113 Pet, 19
55 June 2 66 Apr 27
112May 25
103 Jan 14
8
II,,Sept8
14 Star 3
12 June 1
2() Jan 9
514May 31
233,Sept 6
12 Mar 14
238 Aug 28
11 , Aug 24
4
318 Fe1,26
20 Apr 12 65 Aug 24
60 June 0 90 Sept 9
714July It
347 Aug 27
8
718May 31
19 Jan 2
3
4.hine 27
43 Aug 30
8
2147'tay 14
1014 Jan IS
2 8 .1.0114
,
3 /1aY 7
41
4012Mar 16
12 Slay 31
12.11ine 2
4 1 2SePt 9
4 June 2 20 Feb 1
%Slay 26
214 Aug 30
114111ay 28
8358*111 11
2 June 2 1712 Jan 14
712May 13
14 1,Sept 9
%Slay 4
2 Jan IS
818 July I
20 Sept 6
423 July 29 5812Srpt 8
4
123
8June 29 50 Feb 10
914 Apr 8
1'- 18 Sent 2
153
5.11ine 29 43128'ept 7
5212.1une 2 82 Sept 9
212 Apr 8
914 Feb 19
1314 Apr 8
19 Jan 19
25 May 27 40 SePt 1
22 June 1
76 Jan II
20 June 2 70 Jon 12
80 June In III Oct 10
6612.1une 10 1013
4T/tar 28
33
5June 25
1612 Mar 3
43 Mar 4
1 June 1
3 Jane 1
,
12 5 Mar 9
5 June 15
15 Sept R
67
8June 2 27,:Sept 14
11 July 7 2812 Mar 7
14 Apr 8
2N Aug 29
N Apr 8
23
49e1,t 6
4Slay 4
23
814 Aug 12
1312June 2 2012 Mar 17
38May 26
3 8Sept 8
7
6 June 7 25 Jul, 20
%June 2
13 Mar 14
4
13
85iay 31
47
8Sep1) 1
11 June 2 31 Mar 10
22 June 2 453 Mar 8
5
5 N1ay 31
24 Sept 8
1412June 2
41
Jan IS
12 May 27 31 Sept 3
37 Apr 8
1812Sept 8
2514.1.me 1
57 Jan Is
612July 5
15 Sent 23
138June 1
734Sept 6
12 May 17
4018Sept 8
3 Jane 2
117
3Sept 9
4 May 2.5
2712Seet 6
12May 17
2 Jan 22
97
,515,
433.1une 25
312 De
203 Mar
5
618 Dec3615 Slat
25N Nov
1233 Sep
Apr
35 Sept47
36
De. 152% Fel,
04
Dee 150 Mar
5478 De
71% Mar
Feb
77 1/e. 31
8
38 Der
2
Fel.
Fel,
14 May
28
11
Dec 763 Mar
4
12 Oct
314 Fel.
Feb
17
23 Dar
34
De. 7134 Jar,
Dee 109 May
81
2014 Doe 71% Fel,
173 Oct
5
277 Fel,
,
Feb
1 12 Dec
IS
614 Apr
2712 Mar
112 I /er
85 Jan
5
24
Apr 5712 Jai,
215 Dee 203 Feb
5
812 Der 4012 Jar.
%
3N
1214
1314
lz
12
4414
3812
11
2212
6014
6
s19
5018
55
4911
9314
88
814
218
75
9
73
73 Fen
De.
lier
413 Fel,
5
Dee
4978 Feb
Fel,
I/es 32
Des
6
Feb
De(
2614 Mar
Om
5718 Eel,
Der 160 4 Feb
3
Der
3615 Eel,
Dee 10734 Eel,
Des 11912 Feb
Pet,
15ec
28
D.
, 3611 Jan
Dec 10514 AM
Der 112 Star
De. 103 Slur
Fel,
De( 1211
Dee 11312 July
Dee
4412 Fel.
t)ee
1275 NW
Der
40 Mar
Dec 2014 .
111IY
Oct2614 Jan
20
%
1
23
4
1714
IN
1412
ss
13
4
15
35
1514
3814
23
718
46
814
3
1512
6
12
3
8
Rh
4
Dec 473 Mar
Apr
5
Dec
Dec
ION AP'
938 Mar
Dec
Der 30 Mar
Oct
8 Star
Oct 5614 May
Fel,
Oct
4
Ort 10 4 Eel,
3
Oct 513 Jan
Der
72N Aug
Dee 10675 Fell
Der 95 Mar
Dec 833 Mar
8
Fel,
Dec 27
Dec 80% Mar
Jan
Dee 30
1515 Mar
Dec
Dec 76 Mar
Feb
Dec 29
Feb
Dec 78
514 Feb
Der
14 Jon.
Der
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2800
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-except for income and defaulted bonds.
..r.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
Price
Friday
Oct. 21.
Week's
Range or
Last Sale
.
,1
g1t.
co co
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
E...
r Cash -ale.
a Deferred delivery
• Al the exchange rate r 1 11.8 6., to the E Sterling.
ta
Vr
`-, ci;
Prize
Friday
Oct. 21.
Week's
Range or
Last Sale.
Range
Z
%1
Since
co
Jan 1.
U. S. Government.
Bid
High
High
Ask Low
High No. Low
High No. Lew
Bid
Ask Low
First Liberty Loan9918
4
Czechoslovakia(Rep Of) 8.5-1951 A 0 99 100
99
673 10118
4
399% of 1932-47
1 D 1012322 Sale 10110810111n 333 9413210111n
Sinking fund 85 ser B----1952 A 0 99 Sale 98
9918
9
70 10012
Conv 4% of 1932-47
J D 1011822
2102
1 968,
101",101°z
Denmark 20
-year est'6s......1942 . J 93 Sale 925
8
96
55 a653 96
1
4
Cony 491% of 1932-47
J 1:1 10217ts Sale 102u:11021
.n 200 97113210271n
External gold 590
92
35
59
95
1955 F A 9114 Sale 91
2d cons'491% of 1932-47
J D 102
__-- 100"nAug' ---- 1008221011n
External g 4 345.. Apr 15 1062 A 0 765 774 767
32
8
78
129 a474 814
8
Fourth Liberty LoanDeutsche Elk Am part ctf 65_1932 M S 90 Sale 90
91
14
57
9212
491 % of 1932-38
A 0 1031522 Sale 10314210388n 335 981.110341n
Stamped
79
80
8
78,4 86
Treasury 491 s
1947-1952 A 0 107'42 Sale 0107.
22103
462 9870n 10871sr Dominican Rep Cuer ad 5948 .42 51 9 54 Sale 54
85418
8
3818 r62
Treasury 413
1944-1954 J D 104131 Sale 10142 104.22 852 94 1041822
2d series of 5998
50
50
1942 M 8 -------- 50 Feb'32 --__
Treasury 3915
1946-1958 IN S 021822 Sale 102.22102282, 478 891822102"22
let ser 594s of 1926
30
51
47 47
Oct'32 --__
1940 A 0 __
Treasury 395a
1943-1947 J D 008322 Sale 1001822100.1, 48 87713001.n
2d series sink fund 5348_....1940 A 0 42
47
47 Sept'32 ---285 a50
8
Treasury 3s
Sept 15 1951-1955 M S 961822 Sale 9642 968223 562 82'n 98148 Dresden (City) external 78_1045 M N 65
74
56
64
3
243 64
4
Treasury 3915 Jane 15 1940-1943 1 D 101 sn Sale 002822 rI011822 461 877330'10125: Dutch East Indies exti 88_1947 1 .1 10034 Sale 993
4
1003
4 88
7912 1005
8
Treasury 334s_Mar 15 1941-1943 M 9 10i,, Sale 10O13 101 822 456 88122101822
10-year external 85
1962 M S 1004 Sale 995
136
7514 101
8 101
Treasury 394s_June 15 1948-1949 J II 9842 Sale 97710 987ts 985 133
9912
,
30
-year ext 5348___Mar 1953 14 S 100 Sale 100
100
3
7412 100
30
-year esti 5948..__Nov 1953 M N 100 Sale 00
75 100
100
2
I El Salvador (Republic)85 A.1948 J J 60
65
60
60
3
20
65
STATE AND CITY SECURITIES
Certificates of deposit
J J 50
60
60 Sept'32 _-__
40 r60
Sales of State and City securities occur very rarely on the New York Estonia (Republic of) 7s_.._1967.8 J 48
45
50
47
32
3212 544
Stock Exchange and usually only at long intervals. dealings in such securities Finland (Republic) esti 65__1945 M S
72
74
7212
7234
7
41
7314
being almost entirely at private sale over the counter. The Stock Exchange
External sinking fund 7s__1950 M 5 71 Sale 703
7212 38
4
743
4
42
record hence is imperfect and misleading, and accordingly we omit it here.
External sink fund 8948_1958 m S 6612 Sale 6611
9
4018 73
69
Bid and Asked quotations, however, by active dealers in these securities
External sink fund 5945_1958 F A 04 Sale 64
32
354 68
67
will be found on a subsequent page under the general head of "Quotations Finnish Mun Loan 8995 A.-1954 A 0 62
6312 63
2
4018 67
65
for Unlisted Securities."
External 6945 series B..___1954 A 0 58
6512
____ 65
2
40
667
s
Frankfort(City of) s 1 630-1953 M N 3412 Sale 34
3514 37
1418 39
French Republic est' 7995-1941 - D 1215 Sale 12114
1
8
8
122
55 1105 124
Foreign Govt. & Municipals.
External 75 of 1924
1949 J D 11618 Sale 11514
1163
8 20 a 1087 118
8
1947 F A 30
32 8 10
7
22
41
Agile Mtge Bank 8 f 618
_-_- 327
8
Sinking fund 68 A__Apr 15 1948 A 0 31 Sale 34
34
3
2212 41
German Government Interna74 Sale 7212
1963 M N
74
Akershus (Dept) ext 5a
13
497 74
8
Donal 35-yr 5948 of 1930__1965 J D 51 Sale 51
5318 774
24
51
Antioquia (Dept) colt 75 A 1945.8 J
10
1012 1012
1012
1
3
1612 German Republic esti 7s____1949 A 0 7114 Sale 7114
7312 381 4411 7312
e
Externals f 7s ser B
19452 .1
914 1012 1012 107
3
8
3
157 German Pros' & Communal Bke
8
2
External s t 7s ser C
19452 J
11
334 15
94 1012 1012
(Cons Agile Loan)6945 A_1958. D 3814 Sale 3714
1
44
41
68
14
External s178 ser D
1945 J J
914 11
1018
1012 12
23 15
4
Graz (Municipality) 89
1954 M N 4814 ___. 4812
49
2818 60
9
External s f 78 1st ser
10
1957 A 0
3
4
93 1012 10
2
1312 Gt Brit & Ire(U K of) 554s.,,.1937 F A 1063 Sale 10618
8
1063 374 08912 1004
4
External sec s t 78 2d ser 1957 A 0
9 4 15
3
10
1012
7
44 143
4
F A --------10414 July'32 ___ 100 1044
Registered
External sec 51 78 3d ser__1957 A 0
93 13
4
104 20
4
15
10
*4% fund loan E opt 1980_1990 M N *i 7478 *a7412 a743
4
7 *a56 •a775
8
86
1. e64 89018
Antwerp (City) external 55..1958 .9 D 88412 sale 8412
*5% War Loan E opt 1929-1947 J D *67
6818 *6814
6814
14.a773
8
I *a65.
5514 34
Argentine Govt Pub Wits 68_1960 A 0 5018 Sale 504
3418 61
Greater Prague (City) 790_1952 M N 95
98
95
95
1
70
903
4
Argentine Nation (Govt of)Greek Government 5 f ser 78_1964 M N
3614__ 3612
3612
5
17
6312
Sink funds 6s of June 1925-1959 .1 D 48 Sale 48
553 122
4
35
8712
1968 F A
Sinking fund sec 68
2212 -25
2412
12
48
26
6
Esti 8 f 68 of Oct 1925___1959 A 0 51 Sale 51
553
4 37
344 67
Haiti (Republic) e I 6s
1952 A 0 7618 80
7458
77
8
52
77
External 8 t 68 series A_ _ _1957 M S 50 Sale 50
55
153
344 68
1946 A 0 42 Sale 42
Hamburg (State) 63
43 4 42
3
1614 4514
55
39
344 67
External 65 series B_ Dec 1958 J D 5038 Sale 504
Heidelberg(German)estl 7118'50 J J 423 45
4
43
Oct'32 ___
20
444
Esti 8168 of May 1926-1960 M N 494 Sale 4914
5512 29
343 67
8
lIelsIngrors(CIty) ext(191s 1960 A 0 605 Sale 605
8
8
62
8
34 a6814
5478 71
344 08
External s t 68 (State Ry)-1960 M 5 51 Sale 5058
Hungarian Munk Loan 7948 1945 2 .
1 1712 1912 18
20
19
1018 2512
Esti 6/2 Sanitary Works_ -1961 F A 475 Sale 4758
8
554 60
3418 6712
Externals t 78_ _ _Sept 1 1946 2 J
17
21
21
1
958 25
21
8
544 17
Est'(is pub wks May 1927 1961 M N 505 523 51
s
3418 67
Hungarian Land M-Inst 7995 '61 M N 2912 34
2812 Oct'32 ___
17 r40
4412 Bale 44
4878 81
Public Works esti 5 Ns___1962 F A
MN 2912 35
3059 593
4
Sinking fund 734s scr B
1961
29
30
5 1434 35
Argentine Treasury 58 .E_ -1945 M 5 59 Sale a58
60
13
41
67
Hungary (fsingd of) s t 7998_1944 P A
3714 41
383
4
41
30
1812 55
15
4012 /53 Irish Free State esti et 5e
Australia 30-yr 55_ __July-- 1955 J .1 8134 Sale 813
4
83 8 394
7
4
1980 M N 80
90
81
81
81
I a69
External ts of 1927__Sept 1957 M S 81 Bale 81
84
235
4812 8914 Italy (Kingdom of) esti 7s 1951 J D 96 Sale 96
9714 111 882
9838
77
262
41
External g 4998 ot 1928-1956 MN 7312 Sale 7312
3214 Italian Creel Consortium 78A '37 M El 9514 Sale 9514
98. 8
3
5
8014 100
1943 J D 944 Bale 9118
943
8 36
Austrian (Govt) 5 f 75
623 98
8
External sees f 78 ser B___1947 M 8 90 Sale 90
92
12
7012 54
1957 J .1 50 Sale 4818
5014 73
Internal a f 75
20
55
Italian Public Utility esti 78_1952 J J 88 Sale 86
8812 54
90
55
Japanese Govt 30-yr a 16 945_1054 F A 604 Sale 607
8
8314 184
5212 84
4958 Sale 473
Bavaria (Free State) 6345_1945 p A
4
5214 12
22
5214
MN 51 Sale 51
Est' sinking fund 5998_1965
51
204
434 734
1949 M S 100 4 Sale 10014
3
Belgium 25-yr est'6 Ns
10114 42
83 102
Jugoslavia (State Mtge Bank)1955 J .1 9812 Sale 98
External s t Os
99
61
80 10018
1957 A 0 22
Secured s I g 718
247 25
8
28
7
4312
25
External 30
106
98
-years t 78. _1955 .1 D 10412 Sale 10414
913 107
4
Leipzig (Germany) e t 78
1947 F A 43 8 Sale 433
7
4
45
1812 46
14
1956 MN 10478 Sale 104
Stabilization loan Is
10512 451
913 105
4
Lower Austria (Prov) 7 Nti__1950 J 13 4418 43
43
3
32
50
Bergen (Norway)Lyons (City of) 15
-year 6s__1939 M N 101 /late 1033
4 104
49
983 105
4
Esti sink funds 5.5__Oct 15 1949 A 0 8018 86
69 Aug'32 ___ _
55
70
External sinking fund 58_1960 M S 73
793 76
4
76
2
46
76
Marseilles (City of) 15-Yr ea-1934 IN N 104 Sale 10334 104
988 r10514
4
37
44
Berlin (Germany) a 1 6/40
64
1990 A 0 44 Sale 4312
1558 44
Medellin (Colombia)8 Na._1954 J 13
918 Sale
918
1118 24
7
184
Externals t 6s___June 15 1958 .1 D 3712 Sale 3712
4012 Mexican Irrig Asstug 4148_1943 MN --------28 Sept'32 ____
4012 78
15
,
4
24 34
1945 A 0 15 Sale 147
Bogota (City) ext' 5 1 883
8
16
5
63 a22
4
Mexico (US) esti 55 of 1899 E '45 Q J
258 biz 26 Apr'30 ____ --- - -Bolivia (Republic of) esti 85_1947 M N
7
712 65
5
7 s 97
3
314 10
Assenting 55 01 1899
1945 ------------6 Sept'32 __
- 2
614
63 Sale
4
External secured 78 (flat)_1958 J 1
63
4
7
37
24 912
Assenting 58 large
---- --rr - 112 May'32 ____
14 6
1989 M S
512 Sale
Externals 175(flat)
512
65
8 45
2
812
Assenting 48 of 1904
312 1
4 Sept'32 ____
114 6
Bordeaux (City of) 115-yr 66_1934 MN 104 Sale 1033
104
4
47
983 10514
4
Assenting 4s of 1910
---3
6
17 Sept'32 ____
8
218 47
5
4
205
8 24
3i1a
Brazil(US of) external 85_ _1941 1 D 2114 Sale 193
16
Assenting 48 of 1910 large
------------4
Oct'32 __
2
6
20
61
External s t 6 Ns of 1926__1957 A 0 19 Sale 18
1312 r2512
Assenting 48 of 1910 small
---z
3
5
312 Oct'32 ___
15
s 5
External 5 t 6998 of 1927_1957 A 0 19 Sale 18
1912 42 a14
25 8
3
Trees 6801'13 assent(large)'332 3 ---- ---- 418 Oct'32 __
258 478
1952 .1 D 17 Sale 1618
1712
5
75 (Central Ry)
1218 25
Small
5 Sept'32 ____
214 5
Bremen (State of) extl 78---1935 M 9 5612 Sale 5512
563
4 44
26
5678 Milan (City. Italy) esti 8345 1952 A 6 8234 Sale 823
4
8412 99
5718 87
1957 NI S 70 Sale 70
723
4 21
Brisbane (City) a f 5s
334 78
Minas Genies (State) Brazil
1958 F A
7112 Sale 7112
Sinking fund gold 55
73
1958 M S 1212 20
19
32
787
s
External s I 6995
8
1278
127
8
5
1612
19502 D 71
79
79
79
20
-year a t 68.
6
37
85 8
7
Esti sec 694a series A----1959 M S 124 Sale 1214
1212
6
84 17
284 24
Budapest (City) eat' /3 f 68-1962 J D 2512 2814 27
1112 3012 Montevideo (city of) 78_1952 J D
19
2214 23
23
72
614 2814
473
4
Buena' Aires(City)634s2 B 1955.8 J 45 Sale 45
6
33
584
External s t 68 series A___1959 M N
20 Sale 20
614 25
2314 22
5212
1960 A 0 45 Sale 5212
5
31
External 5 t 65 ser C-2
5212 New So Wales(State) esti 55 1957 F A 803 Sale 804
4
833
4 89
3012 88
1960 A 0 45
45
External 5 I Os ser C-3
47
45
1
28
55
External s f 58
Apr 1958 A 0 80 Sale 80
8312 81
297 873
8
4
32
55
21
3714 Norway 20
Buenos Aires (Prov) esti 613-1961 M 8 2918 Sale 2918
-year ext16a
1943 F A 873 89
s
88
90
8912 51
70
1961 F A
30 Sale 30
31
49
External e 1 6995_
2118 37
20
-year external 6s
1944 F A 8712 Sale 87
8812 38
714 895
8
20
2312 19
Bulgaria (Kingdom) 5 t 75_1967 J J 18
8
10
34
30
-year external 6.5
1952 A 0 873 88
8
877
8
90
8812 26
70
2812
8 81412 4112
Stabil'n 5 t 7 Ns__Nov 161968 MN 254 Bale 2512
40-year s f 5948
1965 J D 835 85 a8312
8
8514 24
6418 854
Externals t 5s___Mar 15 1963 M S 082 Sale a82
84
18
6314 8478
12
14
1414
1414
2
8
22
CaidasDeptof(Colombia)740'46 1 J
Municipal Bank esti a t 58_1967 J 13 79 Sale 79
80
3
5978 80
9214 334
Canada(Dom'n of) 30-yr 48_1966 A 0 90 Sale 89
71
9214
Municipal Bank esti 5 I 55_1970 J D 774
- - 775
8
803
8 21
64114 804
1952 M N 1015 Sale 0114
55
8
10214 85
87 102 14 Nuremburg (City) ext'614-1952 F A
3712 .
40
37
15
4138
17
38
1936 F A 1003 Sale 100
8
10012 138
86 10012 Oriental neve'guar 65
434s
1953 M S 51 Sale a503
4
5284 41
363 72
8
1954 J .1 75
80
Carlsbad (City) s I 811
77
77
4
61
90
Ertl deb 599s
1958 M N 453 Sale 453
4
4
464 41
35
584
Cauca Val (Dept) Colom 7448'46 A 0 11 Sale 11
123
4 11
54 1912 Oslo(City)30
-year 8 t 6s
1955 MN 885 92
8
90
90
11
60
90
Central Agile Bank (Germany)
Farm Loan 8 f 78_ _Sept 15 1950 M IS 57 Sale 57
59
61 a2518 6138 Panama (Rep) extl
_
1953 J D 9714 Sale 964
9712 33
85 100
Farm Loans f 65_ _July 15 1960 J J 50 Sale 50
52
84
2114 54
Est'8 t 58 ger A__May 15 1903 M N 55
53485512 55
55
10
45
721s
Farm Loans t 6s_Oct 15 1980 A 0 5018 Sale 50141
5212 56 32159 It
Pernambuco (State of) ext' 75'47 M 8
55 Sale
8
55
8
6
29
3
97
8
Farm Loan Os ser A Apr 15 1938 A 0 5612 Sale 5612
5712 61
23
53
Peru (Rep of) external 7s
1959 M 5 1012 12
13
34 1432
Oct'32 ____
812 Sale
Chile (Rep)-Ext1 5 f 7s____1942 M N
812
94 11
44 19
Nat Loan esti e f 68 1st ser 19602 D
6 Sale
612 20
6
3
10
External sinking fund 6s..196O A 0
84 Sale
73
4
812 37
34 15
Nat loan esti a f 6812d ser-1961 A 0
6 Sale
6
5
211 912
6
Eat sinking fund 6a__Feb 1961 F A
8 Sale
77
8
85
8 48
3
143 Poland (Rei) of) gold 6s ...l940 A 0 54 Sale 5324
4
5412 14
6014
44
Ry ref ext 8 t 68
Jan 1961 .1 J
7 4 Sale
3
734
8
14
312 15
Stabillzatioo loans t 78_1947 A 0 55 Sale 52
55
97
394 5812
Sept 1981 M 5
Extsink fund Es
8 Sale
74
84 11
4
1514
External sink fund g 843___1950 J J 6014 Sale 5812
6014 39
4312 65
External sinking fund 65__1962 M 9
712 814 75
8
814
16
33 1412 Porto Alegre(City of) 88____1961 J 0
8
834 117
8 8
8
16
84
8
External Sinking fund 13a__1963 M N
814 Sale
712
814 52
338 1412
Esti guar sink fund 7948-1936 J J
712 10
712
54 114
814
11
Chile Mtge Bk 6448 June 30 1957 J D
95 Sale
8
812
93
4 57
4
20
Prussia (Free State) ext' 834s '51 M 5 413 Sale 4412
4
50
17
485
8 32
E3 t 691e of 1926__June 30 1981 .1 D 0113 Sale 1014
4
0 463 Sale 4234
113
4 38
85 r32
8
External a t 88
1952 A
4
4 12 106
,
154 497
8
Apr 30 1961 A 0
Guar s t 65
85 Sale
8
8
85
8 76
4
1512 Queensland (State) exile f 751941 A 0 97
983 98
8
9912 26
804 101
1962 NI N
Guar 5 1 65
912 9 4 8
3
93
8 53
3
1514
25
-year external (Is
1947 F A 89 Sale 89
9358 73
47
91112
1960 M S
7 Sale
Chilean Cons Munic 75
Si 5 57 Sale 57
612
7
4
24 13
Rhine-Main-Danube 75 A-1950
575
8 64
24
585
8
Chinese (liukuang Ry) 58_1951 J D 1514 17
147
8
147
8
1
7
1478 1110 Grande do Sul esti s t 88_1948 A 0 10
113 10
4
14
10
8
21
90
8812
Christiania (Oslo) 20-yr s t fitt '54 M S 86
8812
4
63
8812
External sinking fund 60-1988 J D
1018 Sale
9
412 r13
1018 24
Externals I 711 of 1926____1966 MN
10 Sale
912
113
8 12
5
1414
Cologne(City)Germany85451950 al 8 41 Sale 41
4238 88
16
44
External s f 75 mule loan_1967 i 1)
83 Sale
4
818
9
5
5
13
Jan 1961 .1 J 34 Sale 315
Colombia (Rep) 68
8
34
45
1378 40
Rio de Janeiro 25-year e t 85_1946 A 0 10
12
10
18
5
7
11
Ext 5 t 68 of 1928_ _Oct 1961 A 0 34 Sale 3012
31
54
134 40
85
8 9
81,
1953 F A
9
External 51 6348
6
5
14
-Colombia Mtge Bank6995ot 1947 A 0 2412 2814 2718
28
3
1812 30
Rome (City) esti 6945
1952 A 0 86 Sale 82854
91
62
88
99
Sinking fund 7801 1926-1946 MN 254 Sale 2512
265
8 17
18
30
Rotterdam (City) eat! 68_1964 M N 100 Sale 100
8434 101
8
10012
Sinking fund 78 of 1927___1947 F A
284 32
28
2918
2
19
307 Roumania (Monopolies) 70-1959 F A
s
32 Sale 32
33
6
284 56
1952 J D 75 Sale 75
Copenhagen (City) 55
7712 29
5512 84
Saarbruecken (City) 65
1953 J J 6218 65
624
0312
8
39
854
1953 M N 7318 7.559 a72I4
25-year g 4948
46
77
7514 14
Sao Paulo(City)s f 8s .Mar 1952 MN
1412 16
153
8
7
23
1
1559
_1957 F A
1318 1412 1314
1314
5
818 34
Cordoba (City) exti 81
I927--1957 MN
External s f 614e of
841 10
9
Oct'32 _ __
0 r17
78_718___ _Noy 15 1937 Si N
16 Sale 15
External s f
17
11
15
46
San Paulo (State) ext' If 88-1936 i J 213 27
4
24
20
50
Oct'32 ___
Cordoba(Prov) Argentina 7819422 .1 32 Sale 31
32
5
20
42
External sees(68
1950 1 .1
1914 21
20
8
25
25
20
Costa Rica (Republic)External s I 78 Water L'n_1956 Si 5 1112 Sale 1412
18
12
10
15
Oct'32 ___
2412 r45
75 Nov 1 1932 coupon on_1951 MN 2714 274 27
115 Sale 103
8
Externals! 65
1988 J J
17
4
7
12
18
7s May 1 1936 coupon on_1951 --------27
2714
274
1
27
2714
0 573 Sale 67
Secured 51 7s
1940 A
8
64
4512 65
60
Cuba(Republic)55 of 1904-1944 M 1
3
-- 90
Oct'32 ____
783 r96
s
Santa Fe (Pros' Arg Rep)76_1942 Si S 224 Sale 2212
24
II
163 4512
8
89
9011
89
90
External 5s of 1914 see A_1949 F A 89-14
83
9212 Saxon Pub Wks(Germany) 75'45 F A 5612 Sale 553
1612 5814
4
584 64
1949 F A
80
- 79
82
External loan 4948
31
52
82
Gen ref guar 634s
1951 M N 51 Sale 51
55
13
5312 38
783 Sale 76
4
Sinking fund 5995 Jan 15 1953 J J
783
4
29
66
8218 Saxon State Mtge Inst 75_1945 J D 6612 70
71 12
89
7
25
70
43
79
Public trim 5995 June 30 1945 1 D 4178 Sale 4138
33
43
Sinking fund g 6('45-Dee 1946 J 0 58
____ 58
214 5914
Oct'32 ___
Colombia
Cundlnamarea (Dept)
Serbs Croats & Slovenes 86-1962 M N
20 Sale 20
20
50
2618 30
1959 MN
10 Sale 10
11
14
34 17
External 5 1 6395
4
1912 Sale 19
External see 78 ser B.-_-1982 I1 N
47
19
23
25
il
`8rt.'
New York Bond Record—Continued—Page 2
Price
Friday
Oct. 21.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
Bid
Foreign Govt. & Municipals.
Silesia (Prov of) exti 78
1958 JD 42
4014
Silesian Landowners Assn 65_1947 FA
Soissona (City of) exti 6s___ _1936 MN 105
Styria (Prov) external 7s
1946 FA 41
Sweden external loan 5518_1954 MN 9512
4
Switzerland Govt exti 5518_1946 AO 1043
70
Sydney (City) sf5348
1955 FA
Week's
Range or
Last Sale.
Ask Low
Sale 4114
Sale 40
1057 105
8
4212 413
4
Sale 95 8
,
Sale 104 2
,
72
72
44
*
g'1,
53
4514
39
48
10
69
4714
40
42
31
30
954
5014
41
5018
Railroad
Ala Gt Sou let cons A 5s____1943 J D
lot cons 4s ser 14
1043 J
Alb & Susu let guar 334a.,.1946 A 0
Alleg & West 1st g gu 45
1998 A 0
A lieg Val gen guar g 45
1942 M S
Ann Arbor 1st g 4s___ _July 1995 Q J
Atch Top & S Fe—Gen g 413_1995 A 0
Itegistered
A 0
Adjustment gold 45_ _July 1995 Nov
Stamped
July 1995 M N
Registered
M N
Cony gold 48 of 1909___1955 J D
Cony 48 of 1905
1955 J D
Cony g 48 Issue of 1910
1960 J D
Cony deb 4515
1948 J D
Rocky Mtn 1)1v let 45_1965 J J
Trans-Con Short L 1st 48_1958 J J
Cal-Ariz 1st & ref 4548 A_1962 M S
All '<nosy dr Nor let g 58_1916 J D
Atl Chart A 1.1st 4518 A..1944 J J
let 30
-year 55 series 13.... 1044 J J
Atlantic City 1st cons 4s
1951 J J
Atl Coast Line let cons 4s July '52 M S
General unified 4515 A
1964 .1
L & N roll gold 4s__ _Oct 1952 M N
A tl & Dan iota 45
1948
2(148
1948J J
All & Yad 1st guar 4s
1949 A 0
Austin & N W let gu g 53_1941 J J
105 Sept'31
/8
8012 Feb'32
83 82
83
7
_ 6612 Sept'32
934 9214 Oct'32
42
40
40
3
9312 131
Sale 92
8812
88
6
83
85
8312 Sept'32
83% Sale 8218
8318 24
7412 76
80 Aug'32
79
84
84 Sept'32
79
8114 80
8014 23
80 Sept'32
891891
8914
91
68
81
8218 79 Sept'32
9012 Sale 90
9012 14
923 95% 94
4
95
5
_ _ 10312 Feb'31
80%-75
90
71
Oct'32
81
85
81
Oct'32
78 Sept'32
7914 Sale 78
7914
6
6012 66% 67
6712
4
547 Sale 5278
8
54%
15
2412 Sale 22
2412 26
1618 24% 25 Sept'32
30
63
36
Oct'32
9212 104 Mar'31
70
Ball & Ohio let g 4s___July 1948 A 0
Registered
July 1948 Q J
20-year cony 4518
1933 M S
Refund dr gen bs series A_1995 J D
1st gold 58
July 1948 A
lief dr gen Os series C_...1995 J D
P L E & %V Va Sys ref 48_1941 MN
Southw Div 1st 58
19502 J
ToI dr CM Div 1st ref 48 A_1959 J
Ref & gen 58 series D___ _2000 M S
Cony 45113
19611 F A
Bangor & Aroostook let 55_1943 J
Con ref 45
1951 J J
Battle Crk & Stur 1st gu 38_1989 J D
Beech Creek let gu g 45
1936 J J
2d guar g bs
1936 J J
lieech Crk ext 1st g 3548_1951 A 0
Belvidere Del cons gu 3518_1943 J
13Ig Sandy let 4e guar
1944 J I
Boston & Maine let be A C 1967 81
let NI 58 series II
1955 M N
1st g 441s eer JJ
1961 A 0
Boston & NY Air Line 1st 4n 1955 F A
Brune & %Vest 1st gu g 48_1938
Buff Roch & Pitts gen g 5s__1937 M
Conant 450
1957 MN
Burl C It & Nor let & cell 513_1934 A 0
4514
4614
3918
40
4912
4712
11
11
72
Oct'32
4714
48
39
43
4612
4612
29
3212
291.
3112
9612
97
5214
50
4018
41
513
8
52
71
8114
693
4
71(4
645
8
Sale
81
8214 31
763 Aug'32
4
57
584 179
46
47
31
8712
885
8 49
5012 46
4814
73
73
15
707
8
72
14
5612
5612
2
4512
46
16
31
333 208
4
93 Sept'32
71
71
4
61
Feb.
31
Oct'32
87% 84
100
Jan'30
73
88 1%lar'31
gale
Sale
Sale
Sale
76
Sale
Sale
46
Sale
95
Sale
_
Sale
783
4
Sale
87
95
503 Sale
4
57 Sale
Canada Sou cons gu 55 A._ _1962 A 0 89 Sale
Canadian Nat 4518 Sent 15 1954 M
845 Sale
8
30-year gold 45113
1957 J J 9114 Bale
Gold 4515
1968 J D 91 Sale
Guaranteed g 5s____ iuly 19691
97 Sale
Guaranteed g bs____ Oct 1969 A 0 9658 Sale
Guaranteed g be
1970 F A
9612 Sale
Guar gold 4 SOL...June 15 19552
9212 Sale
Guar g 454s
1956 F A
91 Sale
Guar g 451s
Sept 1951 M
9112 Sale
Canadian North deb s f 7a_.1940 2 D 10518 Sale
25-year s deb 651e
1916 I J 107 Sale
10-yr gold 454s___Feb 15 (9352 A
995 100
8
Canadian Pac lty 4% deb stock
J J
70 Sale
Coll tr 451e
194851
81
833
4
58 equip tr etre
1944 J J 9214 Sale
Coll tr g Ss
Dec 1 1954 J D 8412 86
Collateral trust 41,45
196(1 J J a7812 Sale
Car Cent 191 CODA g 4s......19411 J J
17
Caro Clinch dr 0 1st 30-yr 58.1938 .1 I) 8912 Bale
let & cons g Os ser A_Deo 15'52 .4 D
75
82
Cart & Ad 1st gu 48
1981 J
61
65
Cent Branch U P 1st g 48_1048
25
40
Central of Ga let g 513__Nov 1945
76
80
Coned gold 58
1945 81 N
34 Sale
Ref & gen 5518 series 13
1959 A 0 24 Sale
Ref & gen 58 series C
1959 A 0 19 Sale
Chatt Div pur money g 48.1951 I D 35
75
Mac & Nor I)Iy lot g 58_1946 1 J 26
75
Mid Ga & All Div par m 58'47 J J
16_
Mobile Div 1st g bs
1946 iJ 40
854 Ja- - 32
n'
693
4 a703
4
72
723
4
64
64%
60 Sept'32
90 Sept'32
88
Oct'32
503
4
53
57
64
a I 1.-f',Ind
my
16
2
20
_
6
89
89
1
89%
9112 32
9114 64
8938
89%
9178 45
95%
9712 70
9618
973
s 26
96
973
8 22
9112
93% 83
90
92
31
893
4
92
113
10518 50
104
10512
107
18
9918
100
21
70
7112 84
803
4
83
7
91%
93
75
8458
8614 20
7812
803
8
8
17 July'32
8912
8912
1
8018
80 2 12
,
63
63
1
5312 Sept'32
76
Oct'32
34
40
6
24
2512 15
19
20
24
75 Sept'31
934 June'3I
0212 Nov'30
40 Aug'32
Cent New Eng 18t gu 45_ _ _1961 3 J 6512 6834 6512
6512
Cent RR & Mg of(la coil 50_1937 M N
3018 44
46
Oct'32
Central of NJ gen gin 55...1987 J J
9112 Sale 90
9212
Registered
1987 Q J 85
8414
91
8414
General 45
1987 J J
75
79, 7612 Oct'32
4
1919 ir A 8212 Sale 81
Cent Pac 1st ref gu g 45
82%
Registered
F A
9914 July'31
Through Short List gu 45_1951 A 0 80 Sale 80
80
Guaranteed g be
1900 F A 65
67
65
663
8
Charleston & Sav'h let 75_1936 1 J 98
_
111 June'31
ches & Ohlo 1st eon a 58
1939 M N 1033 Sale 10212
4
1033
4
Registered
1989 M N
9618
100 Sept'32
General gold 4348
1992 M S 96 Sale 943
4
96
Registered
M S 86
93 Sept'32
1903 A 0 8134 Sale 8114
Ref & impt 454s
82
1995 J J 82
Ref & impt 4515 ser B
83
81
8112
Craig Valley let Se.
.May 1940 J J 80
Feb'32
97
99
Potts Creek Branch 181 48_1946 J .1 --__ 85
943 Aug'31
8
R & A Div 1st con g 48...1989
J 87 Sale 87
87
1989 J
2d consol gold 4s
81
83
80% Oct'32
Warm Spring V let a 5(3_1941 M S 92
973 92
8
Oct'32
Chic & Alton RR ref g 38_1949 A 0 40
45
Oct'32
45
Railway first lien 3341.-1960 J J 7912
7912
7912
r Ca.h solos
11
4
34
3
_
4
6
2
62
30
2
57
14
8
713
4
643
4
7912
6712
91%
39
923
4
8218
7312
57
46
885
8
48
72
70%
5612
42
31
84
70
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21,
High No, Low
.42
11
2518
1312
40 14
10
8
1057
97
8
4214
5
22
96% 179
75
1044 23 101
7418 13
34
Taiwan Elec Pow 13 f 5318_1971
J
Tokyo City bs loan of 1912_1952 M
External f 5555 guar____1961 AO
Tolima (Dept of) exti 78_ _1947 M N
Trondhjeni (City) lst 5518_1957
N
Upper Austria (Prov) 7e.__1945 JD
Externals f 651s_June 15 1957
D
Uruguay (Republic) exti 85 1946 FA
External s f 6s
N
1960
External a f 6s
May 11961
N
Venetian Prov Mtge Bunk 75 '52 AO
Vienna (City of) exti s f 0_1952 M N
Warsaw (City) external 75_1958 FA
Yokohama (City) exti Os_ _1961 Jo
Sale
4014
Sale
11
7412
Sale
42
45
Sale
Sale
97
Sale
Sale
51%
Range
Since
Jan. 1.
2
11
2
80
10
8
38
14
14
2
2
High
47
Chic Burl & Q—Ill Div 3515_1949 J 1
41
Registered
J .1
10612
Illinois Division 48
19492 J
41
General 45
1958 M S
97
1st & ref 451s ser B
1977 F A
10512
lst & ref 5s ser A
1971 F A
79
Chicago & East Ill 1st (is__ _1934 A 0
C & E III RY (new co) gen 58_1951 M N
36% 674 Chicago & Erie let gold bs_ _1982 M N
29
451: Chicago Great West let 45_ _1959 NI 5
36
70
Chic Ind & LOONY ref 6s,.,..1947 J .1
512 18
Refunding gold 58
1947 J .1
4114 73
Refunding 48 series C
1947 J J
48
16
1st & gen 55 series A
1961 M N
153 43
4
lot dr gen 68 series II_May 1966 J J
29
50
Chic Ind dr Sou 50
-year 45..1956 I .1
20% 393 Chic L 9 & East 1st 4515_ _1969 I D
4
22
39
Chi NI & St P gen 4s ser A _ _1989 J J
801 9912
:
Gen g 3518 ser B_May 1980 J J
31
643
4
Gen 4518 ser C
May 19893 .1
24% 4514
Gen 451e sec E
May 1989 J J
40
75
Gen 4548 ser F
May 19801 J
Chic Milw St P & Pac 51A ._1975 F A
Cony au) its
Jan 1 2000 A 0
Chic dr No West gen g 3548.1987 NI N
78
833
4
Registered
-0 F
671: s3
198 NI N
General 4s
65
71
Stpd 48 non-p Fed Inc tax '87 51 N
78
95
Gen 4515stpd Fed Mc tax.1987 M N
131 40
:
Ger 55 stpd Fed Inc tax._ _1987 NI N
a74% 9412
Sinking fund deb bs
1933 M N
77
881
:
M N
Registered
70
89
15
-year secured g 0348...1936 M S
63
85 8
5
1st ref g be
May 2037 J D
72
85
lst & ref 451a
May 2037 J D
60
84
1st & ref 451a ser C May 2037 J D
60
83,
4
Cony 451s series A
1949 MN
74
80
68 a94
Chic R I & P Ry gen45
1988 J J
75
82
Registered
1 J
773 91
4
Refunding gold 45
1934 A 0
9412
80
A 0
Registered
1952 NI 5
Secured 434'i series A
6114 85
Cony g 434s
196( MN
60
90
Ch St L dr N 0 59__June 15 1951 1 D
78
78
J D
Registered
6014 8518
Gold 354s
June 15 1931 J D
4412 82
Memphis Div 1st g 45___-1951 J D
25
65
Chic T H & So East let 58_ _196( 2 D
15
40
Ire gu 5s
Dec 1 1960 M S
9
30
Chic lin Stan 1st gu 4 Ms A1963 J J
7
40
1st 58 series B
1963 J .1
Guaranteed g 58
1944 J D
let guar 634s series C._ _1963 J J
58
8612 Chic & West Ind con 413
1952 J 1
55
81
let ref 5515 series A
1962 NI 5
31
87
Choc Okla dr Gulf cors 5a
1952 M N
2454 7112 Cln II & D 2d gold 451s
1937 1 J
6312 965 C 1St L & C DM g 4s__Aug 2 1936 Q F
8
2712 793
4
Registered
Aug 2 1936 0 F
045
80
Cln Leb & Nor let con gu 4s.1942 MN
40% 8212 Cin Union Term 1st 4 As_ _ _2020 .1 .1
313 63%
4
1st mtge 58 series 13
2020 .1 J
25
71
Clearfield dr Mal, 1st gu bs_1943 1 J
16
59
Cleve CM Chi dr St L gen 48_1993 J D
70
96
General 55 series B
1993 J I)
48
79
Ref & Rapt (Is ser C
1941 1 J
Ref & lmpt 5s ser D
1963J J
84 -1k5i
Ref dr Impt 4519 ser E
1977 1 J
Cairo Div let gold 4s...193(1 J J
Cin W & M Div 1st g 45_ _1991 J J
St L Div 1St coil tr g 48...1990 NI N
1940 NI 5
891 & Col Div 1st g 4s
'
43
80
W W Val Div 1st g 4s
1940 J J
45
80
46
7512 CCC&I gen cons g 6s
1(134 J J
511 75
:
Clev Lor & W COP let g 58..1933 AO
8312 90
Cleveland & Mahon Val g 5s 1938 J J
70 r93
Clev & Mar let gu g 451s
1935 MN
2612 62,4 Clev & Fees gu 4 Hs ser B 1942 A0
40
833
4
Series II 351a
1942 AO
Series A 434s
1942 1
9018
72
Series C 3515
1948 1%1 N
723 9112
8
Series D 3518
1950 AF
7318 9114
Ger 4515 ser A
1977 FA
724 91% Cleve Sho Line 1st gu 4 518_1961 AO
80
0712 Cleve Union Term 1st 5515_1972 A0
8012
/32
1st e f 68 series 13
1973 AO
07934 9,38
1st f guar 4 As series C 1977 AO
75
93% Coal River Ry 1st gu 45._ 1945 ID
73
92
Colo & South ref & ext 4548_1935 MN
75
92
General mtge 4515 ser A 1980 MN
8
905 10538 Col & Il V let ext g 48
1948 A0
9152 10i
Col & Tol 1st ext 48
1955 FA
83 100
Conn & Passum Riv 1st 45_1943 40
04714 74
3
Consol Ry non-cony deb 45 11/53
64
8612
Non-cony deb 45
1955 J J
68
93
Non-cony deb 45
1955 AO
6112 8714
Non-cony deb 45
1956 J J
56
84
Cuba Nor Ry 1st 5%48
1942 ID
17
21
Cuba RR let 50 year 5s g_1952 J J
75
03
1st ref 7.51s series A
1936 Jo
53
94
lot lien & ter (3s ser B
1939 Jo
113
75
3014 55
Del & Hudson 1st & ref 4s 1943
N
55 r81
50
1935 A0
16
55
Gold 551s
1937 MN
12% 41
1.) RR & Bridge 1st gu g 48..1936
A
1112 38
Den & R G 1st COM g 4s
1936 J J
.1
Consol gold 450
1936
Den & It 0 West ger be Aug 1955 FA
Ref & impt bs ser B_Apr 1978 AO
Des MA Ft D let gu 45
1935 1
J J
Certificates of deposit
49 2 75
,
Des Plaines Val let gsn 4515_1947 MS
3312 65
Det & Mae 1st lien g 48
1955 J I)
75
98
Second gold 4s
1995 ID
71 r94
Detroit River Tunnel 4518_1961 MN
66
82
Del Missabe & Nor gen 58..1941 J
04712 88
Dui & Iron Range 1st Is_. .1817 AO
Dul Sou Shore & Atl g ba
1937 J J
-55" 16
30
79
East Ry Minn Nor Div let 45'48 AO
East T Va & Ga Dv 1st 58.1956 M N
Flgin Joliet & East 1st g 58_1941 MN
1004 El Paso & S W let 513
1965 40
977 Erie 1st cony g 48 prior_...1996 J
8
93
Registered
199C 1.5
87
1st corm] gen lien g
'3
88
Registered
1996 J J
9934
Penn coil trust gold 45
1951 FA
50
-year cony 4s series A..1953 40
8714
72
Series B
1953 AO
64
84
Gen cony 45 series D
1953 40
92
92
Ref & Impt 58 of 1927
1967 MN
333 50
8
Ref & (rapt 55 of 1930
1975 40
76
7912
Erie & Jersey 1st a f Os
1955 3,
Genesee River 1st 5 f 68..1957 J J
95
97%
70%
83
6012
60
953
4
1- 64
2801
Price
Friday
Oct. 21.
Week's
Range er
Last Sale.
Bid
Ask Low
High
8712 89
8712
89
8114 Aug'32
9118 Sale 911s
934
8818 Sale 8618
90
85
867 8412
8
85
94 Sale 94
96
6012 74
70 Aug'32
1212 Sale 1112
1312
90 Sale 90
90
43 Sale 43
443
4
42
75
38
Oct'32
41)
983 50 Aug'32
s
5112 Sept'32
2214 23
26
Oct'32
2214 2512 2212
26
62 Sept'32
9012 94
94 Sept'32
59 Sale 59
61
56
6112 6112
6112
5918 Sale 5918
63
59 Sale 59
59
65
6918 66 Sept'32
24 Sale 24
27
a8 Sale
74
3
9
483 Sale 4812
4
4914
40
41% Aug'32
54
8
5314 Sale 485
5314
44
70
60 Sept'32
70 Sept'32
62
667 737 Sept'32
8
65
75
64
64
60
Oct'32
67 Sale 67
70
25 Sale 24
2814
2314 Sale 23
254
2212 Sale 2212
26
19 Sale al83
4
2112
-g,
44
No Low
14
73
78
7
76
41
74
4
74
70
68
4112
43
6
2
79%
67
24
32
35
High
90
81 14
96%
93
8814
9912
7012
25
92
564
60
55
-1718
62
88
49
4514
57
52
57
13%
'27
8
4012
41%
36
4614
60
50
bl
60
5212
17
1512
16
818
13 2
.148
80
94
71
62
72
72
76
42
153
8
61
417
8
70
70
73
83
85
75
87
57
463
8
46%
39
4
7
12
9
1
172
381
22
56
7
25
50
57
685
613 644 6314
4
6434 31
53
6412 Sept'32
73
2
4
343 Sale 335
119
964 Apr'31
3212 Sale 32
333
4 63
19 Sale 19
2112 109
68
77% 7114 Aug'32
6412 May'32
61
75
454 -- 85121%lay'31
6412 65 Sept'32
60
48 Bale 48
49
12
2812 35
35
35
5
9814 Sale 9612
9814 20
2
102 10312 102,
10312 12
100 Sale 100
10114 21
112 113 113
11312 11
695 70
8
69
70
24
82 Sale 82
8312 18
70 Sept'32
7212
90 May'32
94
994 95
9512 13
95
95
1
77 May'32
9318 Sale 93
93%
4
10018 Sale 100
1003
s 58
75 Sept'32
7712 79% 7712 Oct'32
89
94
97 Nov'31
70 Sale 70
70
5
4714 54
54
55 2 10
,
44 Sale 44
4812 19
86 Sept'32
6612 701 60 Aug'32
75 Sale 75
5
75
81
85
80
Oct'32
5618 Aug'32
106
9714 100
95% 97
7112 90
90
9212
83
9212
774
----
100
100
2
95 Sept'32
_
101 Sept'31
95 Sept'32 - _
91 June'32
_
97 Mar29 - _
98 Dec'30 - 763 June'32
4
8618 Apr'30 -.
81
Oct'32
80
87
8018 Oct'32 85 Sale 83
85
3
7912 Sale 7612
7912 10
73 Sale 70
11
73
85 Sept'32 - 807 85
8
80
81
9
6015 Sale 601
6314 22
773
8
75 Feb'32
8312 Sale 8312
8312
2
66
71
90 Dec'30 - 42
50
45 Aug'32
44
48
56 Aug'32 - 42
48
4612 Sept'32
42
66 4 45 Dec'31 - - -.
,
2414 Sale 24
2558 29
32
35, a3412
3512
2
8
26
38
32
1
32
31
3712 4012 Sept'32 -- - 84 Sale 8312
8412 37
92
97
9312 Oct'32 -9512 97
8
9672
963
4
9214 ---- 92 Sept'32
41 Sale 40
4118
6
39
443 42
4
Oct'32
18 Sale 17
19
73
243 Sale 2434
4
25
7
212 10
8 Feb'32
2
4
212 Sept'32
_
_ 45 Aug'32
34 Sale 30
34
4
25 Sale 25
25
25
86
9712 85 Sept'32
_
97
100 July'32 -.-100
100
10012
9
20 23 25
Oct'32
844
8312
8914
60
74%
49
-85"
39%
3918
27
2714
84%
85
90
9612
9214
75
754,
_
Sale
Range
Since
Jan. 1,
82 Sept'32
85 Sept'32
89
89
98 Sept'31
74%
7512 88
57(2 June'32
4718
28
49
50 Aug'32
-661 99 Oct'32
2
403 39
4
39
2
4112 39
39
1
5712 Aug'31
Sale 27
2912 66
Bale 2(312
30
158
90
86 Sept'32
89
86%
86%
1
53
C2
19
80
(Pi
73
18
10
46
6412
- 1834
50
78
6412
4511
30
1212
83
90
92
100
55
55
60
90
70
85
75
8314
933
8
75
83
8159
49
9814
104
101 1,
11312
79
8734
70
90
9512
95
77
95
10034
75
7712
-81 11640
2814
75
5912
65
647
8
56,
4
84
714
86
70
75
80
58
94
90
102
97
-58-
- -95
91
91
76
798
80
63
537
2
55
82
60
35
75
77
764
3i1-2
87%
1031:
93
8412
881
:
93
70%
75
3312
-88- 16'
40
5714
4612 4612
10
18
25
24
32'n
45
45
42
83
8714
8212 94
7413 97
92
02
29
69
3112 70
6
38
818 493
4
8
8
2,
2 5
45
51
34
24
34
20
71
89
98 100
94 10012
17
321
:
70
65
80
52
87
95
571, yi);
42812
39
99
20
22
lIlt
1314
67
75
6612
6314
53
99%
51:
1
4912
-- 2
491.
49
93
91
New York Bond Record-Continued-Page 3
2802
CONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
>
3
t1
z 7...
'4:
Erie & Pitts g gu 314s set B 1910.1 J
19411 J J
Serlee C 3145
Fla Cent & Fen lot cons g 50 1943 1 .1
Florida East (:oast lot 43.48.19592 D
1974 Ni 5
let & ref 55 series A
Certificates of deposit
Fonda Johns & Glov lot 41451952 M N
(Amended) let cons 4145_ _1982 111 N
Fort St U D Co 1st g 4145...1941 J J
Ft W & Den C lot g 5k40....1961 J D
From Elk & Mo Vol 1st 65_1933 A 0
_1933 A 0
Gale Boos dc Head let Is.,,..
Ga & Ala Ity lot cons 55 Oct 1945 J J
Ga Caro & Nor lot go g 55 1929Extended at 8% to July 11034 J .1
Georgia Midland 1st 3s_ _ _1946 A 0
Gouv & Oswegatchle lot 5s__1942 J D
Or R & I ext let gu g 4145_1941 J J
Grand Fronk of Can deb 75_1940 A 0
1930 M 5
-years f 65
15
_1947 J D
Grays Point Term lot
serA
Great Northern gen 755s.-- _1936 .1 .1
J 1
Registered
lot & ref 4145 series A ____1961 J J
General 5145 series B_1952 J .2
1973 .1 J
General 5s series C
1976 .1 1
General 414s series D
1977 J J
General 4145 series E
Green Bay & West deb ctfs A_ Feb
Feb
Debentures Ws B
Greenbrier fly 1st Cu 45____1940 NI N
Gulf Mob & Nor 1st 5145B 1950 A 0
1950 A 0
let mtge 55 series C
Gulf & St lot ref & ter 55Feb1952 J J
IlockIng Vol let cons g 4145_1999 J 1
1999.1 J
Registered
Housatonic fly cons g 55........1937 NI N
J
II & T C lot g 5s Int guar__ 19372_
Ilouston Belt he 1 erm lot 5s_1937 J J
Houston II & W Tex 1st g 55_1933 M N
1933 M N
let guar 55
Ilud & Nlanhat let 59 ser A_1957 F A
Adjustment income 55 Feb 1957 A 0
IllinoIs Central let gold 45_1951 -1 J
.1
1051 .1
1st gold 314s
J J
Registered
Extended 1st gold 3145_ _ _1551 A 0
1951 M S
lot gold 3s sterling
Collatend trust old 45...._1952 A 0
1955 MN
Refunding 45
10522 1
Purchased lines 3140
Collateral trust gold 45_1953 M N
1955 NI N
Refunding 50
-year secured 61413 g_ _ _1936 J J
15
Aug 110)16 F A
-year 404s
40
1951)2 D
Cairo Bridge gold 45
Litchfield Div let gold 35_1951 J J
Louise Die & Term g 3145 1953 J J
Omaha Div let gold 3s_ _ _1951 F A
St Lords Div & Term kg 35_1951 J J
1951 J J
Gold 3145
Springfield Div 1st g 3145_1951 J J
1
1951 , A
Western Lines lot g 45
F A
Registered
Ill Cent and Chic St LA N 0Joint 1st ref 55 series A-__1963 J D
1st & ref 4145 series C..1943 J D
Ind Bloom & West lot ext 451940 A 0
1950 J .1
Ind III he Iowa lot g 45
Ind he Louisville let gu 4s..)956 J .1
Ind Union Rs gen loser A 1965 1 J
1965 1 J
Gen he ref 55 series B
hit he Grt Nor lot 65 eer A 1952 1 J
Adjustment 65 sec A_July 1952 A 0
1056.1 1
1st 5s series 13
1956 J -I
lst g 55 series C
lilt Rys Cent Amer lot Is B 1972 M N
1st coll trust 6% g notes.1041 M N
1947 F A
1st lien & ref 615s
Iowa Central 1st gold 5s-1938 J D
J 1.1
Certificates of deposit
1951 M S
lot he ref g 45
James Frank he Clear let 45 1959 1
1938 J
Kal A he 0 R let gu g 5s
1990 A
Kan he NI 1st gu g 45
K C Ft She NI Ity ref 8 4s-1936 A
Kan City Soil lot gold 35.-1950 A
Apr 1950 2
Ref he impt 58
Kansas City Term lot 45_1960 J
Kentucky Central gold 48..1987 J
Kentucky & Ind Term 4 145_1961 J
1961 1
Stamped
1961 J
Plain
D
.1
0
0
0
1
J
J
J
1
.
J
Lake Erie & West list g 55_1937 I J
1941 J .1
2d gold 55
Lake Sh he Mich So g 3145..1997 J 1)
1097 J D
Registered
Leh Vol Harbor Term go 55 1954 F A
Leh Val N Y let gu g 4145_1940 J J
Lehigh Val (Pa) cons g 40_2003 M N
m N
Registered
2003 M N
General cons 4145
2003 M N
General cons 55
Leh V Term Ity 1st go g 55_1941 A 0
Lehigh he N 1( lot gu g 4s.._1945 M 5
Lex he East let 50-yr 55 gu_1965 A 0
Little 1.111aMi gen 45 seres A-1962 NI N
1935 A 0
Long Dock control g 65
long Island1938 J D
General gold 45
1949 M S
Unified gold 4s
1934 J D
Debenture gold 59
1937 M N
20-year p DI deb be
1949 M S
Guar ref gold 45
.ouislana & Ark 1st 55 ser A _1969 J .1
.ouls &Jeff lIdge Co Rd g 45 1945 MI S
1937 M N
.oulsville & Nashville 5s
1940 .1 .1
Unified gold 45
J J
Registered
lot refund 5145 series A__2003 A 0
2003 A 0
be series II
lst & ref
2003 A 0
1st he ref 4145 series C
1941 A 0
Gold 50
45_1946 F A
Paducah he Stem Div
St Louis Dle 2d gold 35_1980 M S
Slob & montg iota 4145_1945 NI 5
South Ry Joint Monon 45_1952 2 J
AU Knoxv & CM Div 45_ .1953 M N
1934 J J
lahon Coal RR let Is
lanna RR (South Lines) 45 1939 M N
1959 M N
1st ext 40
lanitoba SW Coloniza'r 55 1934 J D
..1 J
Ian 013 dr N W lat 3145_1941
Price
Friday
Oct. 21.
Ask
____
-_ _
32
68
4
6
8
157
7
Bid
85
8612
24
4312
4
33
312
7
5
50
87
71
69
78
62
8
75
65
Week's
Range or
Last Sale.
High
Low
8612 Aug'32
8612 Aug'32
23
23
Oct'32
43
414
4
4 Sept'32
Oct'32
7
Oct'32
6
9612 Aug'32
93 Sept'32
Oct'32
77
67
11
4
g S.
z'
Range
Since
Jan. 1.
No. Low
83
____
8012
____
23
1
43
____
3
7
212
____
5
____
514
____
9012
___
81
____
77
____
1
67
Aug'32 ---
High
88
8612
4212
60
8
7
17
912
9013
9412
96
3212 75
814 18
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
.
t3
Price
-0 TPridrzy
'et, Oct. 21.
I
Week's
Range or
Last Sale,
4
F:j..'
F:
al,
Range
Since
Jan. 1.
High
High No Low
Ask Low
Bid
2
2
Mex Internat 1st 48 as5td__ _1977 NI 5 ---- ----2 Sept'32 ____
Michigan Central Detroit & Bay
____ ____
City Air Line 48
19402 2 80 ____ 98 Aug'32 ____
Jack Laos he Sag 3145_
1951 M 5 --------79 Slay'26 -----------3
703 05
1st gold 334s
195:2 M N 86
__ 85 Sept'32 ____
67
45
Oct'32 ____
Ref & impt 414s ser C
1079 J .1 60 /0 67
55
90
4
54
53
Mid of NJ Ist ext 55
55
1940 A 0 43
87
75
Nth & Nor lot ext 4148(1880)1934 1 D 70
87 June'32 ____
80
7112
50
Cons ext 4145 (1884)
6912 737 Sept'32 ____
5
1934 J D
s
69,
40
5212 59
Mil Spar & N W lot Cu 45_ .1947 hi S 4712 Sale 47
____
Mllw & State Line lot 3145_1941 J J --------90 Apr'28 ____
23 _- 3 612
4
33 Sept'32 ____
212 5
Minn & St Louis lot cons 55_1931 NI N
314 0
335 Oct'32 ____
Ctfs of deposit
373 11
1934 NI N
Ni
73
1st & refunding gold 4a
1949 M S
214
212 212 Oct'32 ____
373 8
Ref & ext 50-yr 55 ser A_ _1982 Q F
5
37 Sept'32 ____
s 8
7
6
5
4
Q F
4 Aug'32 _ _ _
Certificates of deposit
4
607
35
20
NO St P & SS M con g 48 Int gu'38 J 1 47 Sale 47
48
501
13
5
lat cons 55
38
3712
1938 J J 37
39
60
let cons 55 guns to Int
35
9
8
1038 J J 5112 Sale 5014
515
37
II
1946 J .1
Oct'32 ____
lot & ref 65 series A
16
2212 23
51
12
1
1949 M S 18
25
18
18
25
-year 5145
72
40
6
1st ref 514s ser B
6753
1978 J J 65 Sale 65
5
let Chicago Terms f 45...1941 Ni N 60 ___ 955 Dec'30 ____
- ---.
201s
15
-------- 20 Aug'32 ____
2931 63
Oct'32 ____
35
____ 34
__
__ _
---- ---- 100
Jan'31 ____
-7414 a90
Oct'32 ____
835
8 0 83
8
s
023 1017
8 87
1047
10478 Sale 104
4
8712 1013
4 74
1013
4
1013 Sale a101
__
_ __
41
• _ 96 Nov'30 _ __
983
4512 -- 4
7312 200
70 Sale 70
--------9712 Oct'31 -----------85
72
87
61
85 Aug'32 ___ _
Mississippi Central lot 55.19492 J ____ 84
3 13
847
8314
8412 Sal
1412 42
1959 J .1 245 Sale 2453
5
8
Mo-III RR lot 55 ser A
26
3812 85
15
59
5712
59
58
5514 80
10
70
5
5
4353 7812 Mo Kan & Tex lot gold 45 1990 1 D 76 Sale 75 3
5713
58
58
55
79
:18
17
6814
7373 Mo-K-T RR pr lien 53 ser A_1962 J J 67 Sale 67
90
56
5
5412
62
48
31 15 08
1962 .1 J 60 Sale 60
5
-year 4s series 11
40
62
7412
38
23
56
5413 Sale 5415
36
4
1978 J .1 59 Sale 59
703
5
Prlor lien 4 14e ser D
_
60
____
5712 Apr'31 ____
21
60
29 a12
4
38
Cum adjust 55 ser A _Jan 1987 A 0 373 Sale 36
712
_-2
5
712 Aug'32 _-__
355 28 Sale 2714
2212 (1313
90
90
Mo Pac let & ref 5s ser A __ _1965 F A
2912 15
_ 90 Aug'32 ____
80i2
1975 M S 1512 Sale 1513
329
7
17
41 12
50
General 45
20
38 ____
20 16 38
1977 M S 263 Sale 26
60
4
21
2812 200
let he ref 5s series F
52
20
1
4
393
4314 38
38
1978 NI N 263 Sale 265
611
4
22
8
2812 25
1st & ref As ser CI
40
22
22 May'32 ___
25
40
1418 Sale 14
a5
1578 30S
1940 M N
4613
Cony gold 510
A 643 91
00
8914
4
873 91
4
60
22
1980 A 0 263 Sale 2653
2814 42
10013 Apr'31 ------------1st ref g 55 series II
2615 Sale 2618
2813 165
2113 60
1941 F A
88
1st & ref bsser I
75
Oct'32 ___
88
80
ilt)
63
69
69 Sept'32 ____
Mo Poe 3d 75 ext at 4% July 1938 NI N 65
8513 100
90 Sept'32 _-_- a8012 90
J ____ 95 95 Aug'31
Mob dr Ihr prior lien g 5s__ 19452_
4
833 80
Oct'32 ____
85
86
79
J J ____ 90
97 Sept'31 ____ .___ _--95
Small
00
____
9213 ____ 95 Sept'32
25
-57 1945 J J --------53 Aug'32 ___ _
1st M gold 4s
1
93 a96
05
95
95
98
81 July'31
J J ____ 50
Small
89
60
8 23
845
8412 Sale 8312
02
20 July'32
20 -2 Mobile & Ohlo gen gold 45_ _1938 NI 5 14
6
64
27
43
50
8
493 Sale 4814
8
Montgomery Dlv 1st g 55_1947 F A _ _ _ 357 6512 Sept'31
6 12 6
6
618
3 - 112 2312
1977 NI 5
Ref & impt 414s
72 a88
____
7314 July'32
7318
6
514 7
812
4
2
28
1034 NI 5
See 5% notes
651s 75
75 Sept'32 80
73 743 70 Aug'32
4
. 67
4
753
._ _ _ __ Slob & Mal lot Cu gold 4s 1991 NI 5 61
__
--------8613
95 Sept'32 _
99
88
10372 1 ____ 05
75
Mont C lot go 65
6119
1
73 ____ 75 June'31;-- __
05
88 Sept'32 ____
82
00
_
1937 J .1 87
lst guar gold 5s
Mar'301 _
73 Sept'32-25
62
75
1
78
4
763 75
70
Morris & Eg4eX lot go 3155-2000 1 /
1 76
20
5812 19
5814 Sale 57
81
81
1
81
1955 Si N ____ 81
86
Constr NI 5sser A
68
35
49
58
5718
5718 65
Oct'32
79
80
65
00
1955 SIN 75
4911 (16
Constr NI 4145 ser 13
Oct'32 66
65
54
25
10
s
557
51
3
50 8 Sale 49
48
7112
60
Nash Chatt & St L 45 set A 1978 F A 6514 7214 71 Sept'32 ____
37
2
61
62
80
58
70
70
1
08
1937 F A 6614 69
83
8234 N Fla & S let gu g 55
35
1
0413
6412
65
62
4 212 18 July'28
13
5313 Nat Ity of Mrs pr lien 43.4e 1957 J J
19
16
39
3653 Sale 3612
4
_ _ .1 J --------183 July'28 ___
July 1014 coupon on
56
50
50 June'32 _
61
13
4
13
4 10 -'j13 - 2
134 ---'2.1_
h
____
Assent cash war rct No. 4 on
5014 __ 70 Sept'31 ____
50 - .
81
Guar 45 A pr'14 coupon.....1977 ;CO --------1234 July'31
60 ____ 61 Aug 32 ____
2
i E„ --31
Assent cash war rct No. 5 on ------------2 Sept'32
55
42
__ _ 55 Sept'32 ____
4
213 23 3512 July'28
51
Nat RR 111ex pr lien 4145 Oct '26 1 J
45
_.
Oct'32 ____
51
63
4815
212 10 - 1
Assent cash war rct No. 4 on ------------213
57
50
2,2
65
50 May'32 _--56
1951 A0 --------22 Apr'28
1st consol 45
7812 7812
5612 783 7812 Aug'32 ____
5
04 212 2 Sept'32
4818 68
Assent cash war rct No. 4 011 - 7
61
60
6473 61
72
5212 June'32
1954 MN 62
____ ____ Naugatuck !tit Ist g 4s
5212 5212
--------00 July'31 ____
___ 100 Sept'31
New Englund RR cons 58,19452 .1
6213 75 90 Sept'31 --------- __ -- ---- --- _
1945 J J 6842
COID101 guar 45
2314 59
8
443 Sale 42 • 45
_
92 Nov'30 ____
90
NJ Junction RR guar lot 45_1986 F A 60
2212 58
2
3
403
3
4213 403
37
53
50 Aug'32
ii- -5:4-1_ NO& NE lot ref he impt 4 As A'52 1 J 38
2
80 Dec'31 ---78
64
72
64
81
New Orleans Term lot 4s..1953 J .1 65
____1
50
01
7055
75 - -14 81 Sept'32 __ -_
81
35
34
Oct'32 ____
N 0 Tex he Mex n-c Inc 58.1935 A 0 '25
56
'2(1
39
45
Oct'32 __.39
____ 44
0 27 Sale 27
1951 A
92
,
27 2
tot bs series B
79
8
1612 45
9014 Sept'32 ____
8714 94
26
Oct'32
1956 F A ____ 35
91
1st 55 series C
1853 45
91
91 Sept'32
8714 _
285
8
2853
443
1956 F A 2512 35
5
1st 414s series D
12
16
1514 60
26
,
2213 Sale 22
35
3
1954 A 0 3
73
3 4 31
1st 5148 series A
6
30
19
2
20
7
501 1
4
53
6 Sale
92
8912 Aug'32 ____
8912
80
4
N he C Bdge gen guar 4145_1945 J J 70
1312 50
20
15
20
24
8
95
A 0 925 99
95
1312 4812 N Y B he 51 It 1st con g Ss_ _1935
7
95
1
92
20
8
20 Sale 197
2455 64
4
4114
8
8
407 Sale 407
5014 NY Cent RR cony deb 65 19351V1 N 59 Sale 57
23
6913 15
Oct'32 ____
3518 92
4313 42
42
72
69
7213
7212
1998 F A
Consol 45 series A
35
18
I
50
3012 Oct'32 -3
807
4
303 38
4
Ref & impt 43.45 series A.2013 A 0 4713 Sale 463
493
4 44
253 512
:12
72
512 512 Aug'32 _--4
52
Ref & impt 55 series C_ _ _2013 A 0 50 Sale 4914
253 51 i
233
331z 7834
8 514 Oct'32 ____
8
25 107
747 75
8
12
7 4 28 a6712 79
112 N Y Cent he Bud itiv NI 3Hs 1997 J .1 73
63
8
5 July'32 __---_ ____
7013 75
1997 J J
6712 7:1
.
73 Sen_t'32 _..,.. r.
Registered
8
715 Sale 71
1934 M N
/4
99
51
1021,
85
Debenture gold 45
72
7378 72 Sept'32 --__
71
81
75
1942 .1 J
30
8212
Oct'32.
-year debenture 48
63
____ ____
_ 103 Slar'31 ____
-___
57
,
72
76
31
4913 113
Ref he impt 4148 scr A __ 2013 ----4613 Sale 4613
70 se92 32 ____
70
12 Sale 69
Lake Shore coil gold 3148_1990 FA 69
70
34
6913
6
25
60
48
79
46 Sale 46
59
8
1990 F A 625 69
Registered
3514 70
25
59
4
583 593 57
4
,
ii
t_3
_ 5 .. (83
: 102
079 1illi ota 7rt.37 :5
6._,_
119398 F A .513 7 ..74_ 7353 IVi acY 5332 i ii; :'
Mich Cent coil gold 3145_ 109970 AF 0 ....79, :75
2872 7118
22
46
73
61
JO
71
46 Sale 45
90
Registered
78
4 84
893
8914 Sale 8812
NY Chic he St L 1st g 45__1937 A 0
85
51
8412 77 Sept'32 ___.
76
Registered
84 Aug'31 ---- ---- ------ - 80
1932 A 0 4013 Sale 35
0% gold notes
42
217
8914 July'31 --80
40 Sale 3514
_
Guaranty Trust dep
46
40
33
32
--------89 Apr'30 ------- ---rets___-- Refunding 514s series A_ _1974 A0 23 Sale 22
23
28
1414 4612
1978 NI 5 1812 Sale 18
Ref 4145 series C
8312
1212 40
50
2012 122
3
6355
6312 Sale 63
A 8714 Sale 8714
N Y Connect 1st gu 4145 A..1953 F
69
2
32
8714
1
75
51
89
51 Sale 51
1953 F A 0114 92
1st guar 50 series B
0013 Sept'32 -__
7912
66
17
6734 93
79
76
7814 78
_.. 80
N Y he Erie lot ext gold 45_1947 M N 821 7041 44
75
67
75 Sept'32 ____
6918 76
21933 M S 9514 100 100 Se '3
3d ext gold 4148
9012
83
-- ---- --- 9012 Mar'32 __-84
.59
81
55
79
8018 Oct'32 ____
75
,l946 M N ....,..
N Y & Greenw 1. gu g So.
JDee3 ii-2712 60
un c131
15
2
47
4
443 4512 45
10
40
N Y he Harlem gold 3145_2000 M N 8014 --- 8112 Sept'32 ____
33
6814 811,
33
33 Aug'32 ____
____ 50
.
oct 32 ......
7912 ____ 81
NY Lack & W ref 414511_1973 M N
63
35
3
4
503
50 Sale 50
75 r82 .
4
3553 673 NY he Long Branch gen 48-1941 M 5 66 ---- 8414 Dec.31
51
3
537 5212 Oct'32 ____
1039 A 0 ____ --0-_ 0512 July'29 _ _-_ - ---- - -- N I' & N E Bost Term 45
90
80
_
84 Aug'32 _....
89
85
7
1947 M S 60
62 Sept'32 .....: -517
__ N Y Nil & II n-e deb 45
1- 69
9514 Aug'31 .___
-___ 70
Non-cony debenture 310_1947 51 S 50 .--. 50
84
81
I ____-50
82
84
90 84
50 r07
I
70
Non-cone debenture 3140_1951 A 0 43
50 July'32 _-.
9112 May'31 --- __,34
8234 _
61
63
6218 75
Non-cony debenture 95 1955 J .1
--93 101
05
9812 - 3- 0515 Sept'32 ____
11034
9 4
40
8
65 02
Non-cony debenture 4s_1950 M N 61
Oct'32 --_„
40
418
.11 J
. 75
3145_1956 J .1 _5_1_ Sa__Io 51
Cony debenture
8214 913i
9212 95
9318 Oct'32 ____
1948 1 J 76 Sale 76
Cony debenture65
7014 871s
Oct'32 _
87
85
Registered
95
80
Au5P132 __2_1_I
:
9214 100
02 Aug'32 _
610134 9952857s
4317
:
19-10 A 0 77 -711
Collateral trust 65
a
787
70
6
55
6053 93
93- Oct'32.
9314 95
94
50
1957 M N 48
48
8714
Debenture 45
70
48
10
2
85 Sale 85
83
30
59
1927..1987 J D 6412 Sale 63
1st & ref 4145 ser of
1513 50
8 42
343
65
3312 Sale 3313
843 82 Sept'32 _ _3_
4
70
55
Harlem R & Pt Ches 1st 48 1954 M N 78
Oct'32 ___
_0
72
;
18
;2
7214 75
73
87
8512 96
919
____ 9514 Sept'32 -___
3824 00
11
5114
3
1992 SI 5 50 8 Sale 5002
N Y 0 he W ref g 4s June
89
66
30
86
86 Sale 8414
1955 J o 42
45
General 45
42
7813 8212
7818 8413 80 May'32 _
34
4913
Oct'32 ---/arm ..
-_ _ 96 N.
NY Providence & ISOSCOD 481942 A 0 81
84
50
2
68
76
69
6813
86 70 Aug'32 ------ -i(1NY & Putnam 1st con gu 45_1993 A 0 72
78
45
65
2
72
60
7062
2518 35
7518 N Y Soso & West 1st ref 58 19372 J
30
40
54
29
10
60
4
643 5753
60
Oct'32 ---.
1937 F A ---- 65
95
2d gold 4145
21
91
21
2
21
91 Sept'32 _
21
89 100
23
1940 F A
29
General gold 55
30
8012
88
70
15
4
68 Aug'32 ____
30
55
393
2
1943 M N 80
90 0212 June'32 --Termical lot gold 58
2
447 56
4934 47 Sept'32 __
45
92
9212
N Y W Ches & Is lot ser I 410'96 J J 4912 Sale 47
85
81
62
28
Oct'32 ____
4 14
491
--------85
ss
20
5912 Nord Ity ext'l sink fund 60481051) A 0 1043 106 10514
1
3
41
4118 45
106
41
4
963 1003
9
5 Sale
Norfolk South 1st & ref A 55_1961 F A
5
81
70
2012
4
533 32
75 ____ 78
Oct'32 ____
2212 Sale 2213
2212
Norfolk & South lot gold 55_1941 M N
50
Norf & West RR impt&ext 65 '34 F A 10313
93
95
9913 95 Sept'32 ____
98
1
- 10314 Sept'32 ...., 101024 10 1 12
96
84
N & W Ity lot cons g 45_1990 A 0 9412 --- 96
60
52
52
1
4
60
783 9712
56
9714 31
1996 A 0 ---__ 86 Alay'32 -7
Registered
65
51
, 8013 80
5218 Oct'32 _
67
50
3 637
Div'l 1st lien he gel) g 45-1914 2 1 943 - % 9514
80
80
80 Aug'32 ____
___. 80
8634 0811
18 17
95
,323,
7 075
4
9231
1941 J D 9234 ____ 923
Pocah C & C joint 45
___. ____
--------8713 Aug'31 ____
-..
-ig
r Cash sale. a Deferred delivery.
IL
New York Bond Record-Continued-Page 4
11
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
/:
Vi
.-.13.
Price
Friday
Off. 21.
Week's
Range or
Last Sale.
il
,11
ea
Range
Since
Jan. 1.
Bid
Ask Low
High A o. Low
High
87 Aug'32 ____
North Cent gen & ref 511A_-1974 M S____ 102
37
9938
1974 M 5 80
Gee & ref 4 Hs ser A
9912 85 Aug'32 ____
85
35
North Ohlo 1st guar g 681945 A 0 4014 45
40
40
1
35
50
North Pacific prior lien 49-1997 Q 1 833 Sale 8213
5
833
s 78
65
86
Registered
Q J --------76 Aug'32 --5334 78
/
1
4
Gen lien ry & Id g 3s_Jan 2047 Q F 63 Sale 6212
6312 34
48
65
Reglatered
Jan 2047 Q F --------54
Oct'32 _-_50
56
66
Ref & impt 4545 series A__2047 J J 61
61
66
11
38
77
Ref & impt 6e series B____2047 J 2 79 Sale 7812
80
68
45
9013
4
Ref & impt be eerie., C__2647 J J 693 Sale 67
693
4
5
48
82
/
4
Ref &impt 55 series D.___2047 J J 651 70
65
65
2
4812 82
Nor Par Term Co 1st 568-1933 2 2 82 100 10012 June'32 ---- 10012 10012
Nor Ry of Calif guar g bs ---1938 A 0 40 ---- 9514 Oct'31 ____
/ Sill 4813
1
4
Og & L Cham let gu g 48___1948 J J 48
4
818
1
28
54
Ohio Connecting fly let 48_1943 M S 87 ---- 97 Mar'31 --_1938 J D 90 ---- 87 June'32 --i6 Ohlo River RR let g 58
90
1937 A 0 7814 ---- 80 Sept'32 _--General gold As
70
80
Oregon RR dr Nav com g 45_1946 J D 91 ---- 9012
9114
4
77
9114
Ore Short Line 1st cons g 58.1946 J J 10011 ..--- 9834 10012
3
38 1001
/
4
1946 J J 10112 102 10012 10212
Guar stpd cons bs
8812 1024
4
/
1
Oregon-Wash let ar ref 45-1961 2 J 811 Sale 8033
/
4
82
45
8012 81
Pacific Coast Co 1st g 68_11...6 J D
Pac Itit of Mo 1st ext g 49_1938 F A
1938 J 1
2d extended gold Is.
Paducah & ills 1st e f g 41/3_1955 J J
Paris-Orleans RR ext 5148_1968 M S
Paullsta fly 1st de ref 8 f 78..1942 M B
Pa Ohio dr 1)et 1st & ref 414e A'77 A 0
i•annsylvania RR cons g 48_11143 M N
1948 M N
Coated gold 45
48 sterl spiel dollar May 1 1948 M N
Consul sinking fund 4218_1960 F A
General 4545 series A
1965 J D
General 5s series B
1968 J 0
1936 F A
15-year secured 6119
Registered
F A
40-year secured gold 5s.„19(14 M N
Deb g 434s
1970 A 0
1981 A 0
General 411s ner D
Peoria & Eastern let col/548_1940 A 1)
Income 4s
April 1990 AP1'
Peoria & Pekin Un 1st 5 Hs_1974 F A
Pere Marquette 1st ser A 59-1956.7 J
1956 J J
let 45 series B
1980 M 5
let g 4 Hs series C
Phila Bait dr Wash let g 48-1943 SI N
Oeneral 59 series II
1974 F A
Gen'l g 4548 ser C
1977 J J
Philippine fly 1st 30-yr II I 4s'372 .5
Noe creek reg 1st 68_ ___1932 J D
F' C C & St L gu 4118 A... _1940 A 0
Series IS 41-0 guar
1942 A 0
Series C 4 Hs guar
1942 M N
Series D 45 guar
1945 MN
Series E 41.48 guar gold___1949 F A
10532 D
Series F 48 guar gold
Series 0 48 guar
1957 M N
Series li cons guar 4s
1960 F A
Berirs 1 eons guar 4 Hs„.1963 F A
Series J cons guar 4 148_1964 M N
General 1.1 51 series A.._1970 2 D
Gen mtge guar 59 set B 1975 A 0
Oen 454s series C
1977 2 i
Pitts MeK & Y 25 gu 65_--1934 J J
1910 A 0
Pitts Sit & L E let g 58
let consol gold 58
1943 J .1
Pitts Va & Char let 45
1943 MN
Pitts & W Va 1st 41 ser A 1958 J D
/
4s
let 884 He series B
1958 A 0
1st 54 4 Hs series C
1980 A 0
Pitts Y de Ash 1st 45 set A__1948 J D
gen As serlea B
1st
1962 F A
Providence &cur deb 45_1957 M N
Providence Term 1st 4s
1956 M 8
'Leading Co Jersey ('en coil 4s'Si A 0
Gen & ref 414s series A_1997 J J
Gen & ref 414e series 13_1997 J J
Rensselaer & Saratoga 65-1941 M N
Rich & Itterch let g 49
1948 MN
Itichm Term fly 1st gu 53_1962 J J
itlo Grande Juno let ell 58-1939 J D
Rio Grande Sou tar gold 48_1949 j j
Guar 45 (Jan 1922 coupon)'403 J
RIO Grande West 1st gold 45.19393 J
1st con & coil trust 45 A__1949 A 0
Ill Ark & Louis lat 043_ 1934 m B
1949 J .1
Rut-Canada 1st gu g 45
Rutland let con 410
1941 J J
--------2713 Oct'32 ___1714 30
8314 87
86
87
9
72
90
8314 88
8414
8414
1
74
93
75
93 87 Sept'32 ---87
9518
1013 Sale 1014 10214 12
4
/
1
8312810412
4014 46
40
Oct'32 _ -30
85
8034 83
8012 Oct'32 ---60
8114
964
/
1
__ 94
Oct'32 --, 88
94
9414 _95
944
/
1
95
12
8514 964
/
1
8714 9412 92
941
/
4
6
85
96
99 Sale 99
991 10
/
4
8613 99
/
1
4
80 Sale 78
/
1
4
81
16
5014 8712
8812 89
883
4
89
12 r5412 94
100 Sale 100
101
60
7514 10218
833 Mar'31
4
____
__
8418 Sale 83
85
12
53 90
6512 Sale 64
6618 60
3212 743
4
76 Sale 7518
76
16
47
81
44
46
51
Oct'32 ____
23
55
3
4
438 Sept'32 _-_253 10
____ 80
70 Aug'32 --....
65
79
53
66
54
54
2
30
71
35
49
47
Oct'32 ___,3112 67
4212 Sale 4212
45
3
26
60
91
98
9612
9612
1
86
961
/
4
8612 10014 80 Aug'32 --_90 84
81 ---- 81
Oct'32 ____
77
8312
2212 Salo 2212
223
4
9
167 26
8
____ 100 100 Sept'32 ---- 100 100
951 97
8
95 8
,
95
'8
1 a9212 97
9514 96
9514
954
1
9112 9712
95
_-__ 9353 Aug'32 ---90
94
88
____ 86 June'32 _-__
86
90
7812 --- 95 Mar'30 --_- ____ ____
83
____ 98 Sept'31 _-__ _
8312 ---- 84
Oct'32 ____
14114 84
81
____ 80 Apr'32 -30
80
9214 ---- 92
Oct'32 ____
844 92
9154
_ 88 June'32 ---87
93
872 OVe 87
8712
2
5212 9212
8714 Sale 86
871
3
8
55
9412
77
80
78
Oct'32 ____
58
8513
98
____ 99 may'32 ---/
1
4
99 100
9813 ---- 9718 Oct'32 --954 971
/
1
/
4
94 --- 10014 Aug'28 ---- ___ . _
76 ---- 73 June'32 ---73 - 73
39-_.._ 41
Oct'32 ---88
56
39
42 s 38
1
Oct'32 ___36
b5
39 Sale 39
40
3
32
563
4
8514 8712 85 Oct' 32 ---/
1
4
8512 8512
91
____ 90 July'32 ___
8812 90
873 _
4 - 714 July'31 -- _ _
/
1
___
793 ____ 75 June'32____
4
fils 75
7018 7313 71
71
1
85
87
8433
8512 13
84 Sale 84
84
2
113
Oct'30 _-_____ - ; 40 Sept'32 ____
743
8914 9613 95
95
2
56
35
5 Bept'31 __
---------214 June'31 ____
-------- 712 Apr'28 __-53 7
Oct'32 ---,
6
44 Sale 4234
44
b
30 Bale 30
32 4 17
3
. 60
60 Aug'32 -- _
__ 68
50 Aug'32 ____
St Joe & Grand 151 let 45_1947 J J 33
8514 85
85
I
19962 2 5212 81
St Lawr de Adr 1st g be
95
Apr'31 ---1998 A 0 6018 81
2d gold 65
6634
66
/
1
4
1
St Louie Iron Mt & Southern
1933 M N 4712 Sale 4712
Riv & G Div let g 48
50
41
-I950 J 1 12 Sale 1218
fit L-Ban Fran pr lien 46 A.
/
1
4
133
4 50
certificates of deposit...... ---- 1112 123 1234
4
125
4
5
Prior lien be series it
1950 I 1 14 Bale 13
/
1
4
15
23
Certificates of deposit...... ___
1218
__ 1352 Oct'32__ _
1978 M is 11 111;le 1012
Con M 454s series A
11
19
Certificates of deposit...... ---- 1014 12
/ 91/
1
4
10 4 15
,
Certifs of deposit stamped ---, ____ 54
1018
11
38
9
St L Peer 81 N W let 5 65-1948 2 2 ---- 64 Aug'32 ____
at I.SW 151 g 48 bond cUs.1989 MN 665 --- 8653
8 71
663
4
6
28 g 49 Inc bond Ws Nov-1989 J J 45 Bale 43
45
15
1st terminal et unifying 58_1952 .1 J 38 Sale 365
/
1
4
8
38
/ 18
1
4
1990.5 J 26 Sale 2534
Cell & Ref g 58 ser A
26
3
at Paul & K C So I, 1st 430_1941 F A
3712 Sale 3712
40
16
73 Mar'32
St P & Duluth let con g 4a 1968 J D
Paul E Or Trk 1st 4 Hs_1947 .1 J
62 Sept' 32 ____
Bt
at Paul Minn & Man con 48_1933 J .1 5438 1613 9513 Oct'32 ___1933.5 2 95
1st consol g 13s
98
98
Oct'32 __-(Is reduced to gold 4%5_1933 J J 9714 Sale 9612
97
6
J D
Registered
- 100
Apr'31--1937 J D 82
Flout ext 1st gold 411
89
883 Sept'32 ---4
/wine e/t gu 48(sterling) 1940 J J
78
87
78
Oct'32 di Paul Un Dcp let & ref 55_1972 1 .1
9938 100
9818
1001 34
/
4
a A & Ar Pass 1st gu g 45-- _1943 J .1 65 Sale
65
65
9
Santa Fe Pros de phen let 58_1942 bl 5 97
99
97
Oct'32Say Fla & West 1st g 69-1934 A 0 96 102
95 Aug'32 _--1934 A 0
1st gold 58
-- 101
Oct'31 ____
V & N E let gu 4s_1989 M N 90-Scioto
88
96
90
86
5
Seaboard Air Line 1st g 45-1950 A 0 11
23
11
Oct'32 ____
1950 A 0
Gold 4s stamped
7
11
10
Oct'32 ---_
A0
Certificates of deposit
6 _ _ 412 Sept'32 ---Oct 1949 F A
Adjustment As
1
1
12 1
Oct'32 _-__
1959 A 0
Refunding 48
212 413 34 Oct'32 ---Certificates of deposit...... ---212 314 4 Sept'32 ---4
414 4
1st de cons Os scrim A.---1946 M S
414
4
Certificates of deposlt...... ---312 412 312
3
12
4
AU& Birm 30 yr Mg 4841933 M 8 10
12
12
12
1
,
r Cash sale. d Due Mag. it Due Aug. a 1/ tarred delivery
5712
57
554
/
1
____
32
93
____
___
____
4
303
3
20
30
35
79
864
8512
__ _
40
9612
____
____
___
75
66
70
60
50
61
85
__
5212 --1
89 8
35
/ 8312
1
4
9
34
125 1512
4
912 42
1358 16
8
Me
9
15
9
1212
64
64
47
/ 71
1
4
37
65
15
55
15
433
4
245 80
4
73
73
02
62
90
98
92 10014
85
9814
-_-- -_
79 / 92
1
4
68
81
87 10018
44
8013
80
97
94 100
____
-__
7013 90
10 r25
43 19
3
/
1
4
412 14
/ 112
1
4
113 6
114 7
2
7
/
1
4
14 7
/
1
Vs 20
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
13
,r1
1.
3Z.
'"'5.
2803
Price
Friday
Ocl. 21.
Week's
Range or
Last Salt.
17._
%.3
830
Range
Since
Jan. I.
Bid
Ask Low
High No, Low
High
Seaboard All Fla 1st gu 6s A 1935 F A
2
212 2
/ Oct'32 ___
1
4
1
812
Certificates of deposit__ _--- - .
14 Sale
/
1
15
8
14
/
1
1
114 6
Series 11
1935 F -A
15
8 3
5 Aug'32 _ _ __
pa 5
Certificates of deposit
11 44 2 Feb'32 --_/
4
/
1
/
1
4
2
12 2
12
Seaboard & Roan 1st 55 extd 1931 J .1 ____ 60
9012 Aug'31 ____ ____
_-So & No Ala cons gu g 55___1936 F A 8914 96
8914 Oct'32 ___
75 - ,
89 4
Gen cons guar 50
-year 55_1963 A 0 80
8512 85 Aug'32 __-85
85
So Pac colt 4s (('ent Pao coil) k '49 J D 55 Sale 4912
55
35
29
74
let 4 Hs (Oregon Lines) A 1977 M S 6814 Sale 6814
6912 28
484 843
/
1
4
20
-year cony 58
1934 J D 72
76
75
/
1
4
78
4
58
97
Gold 015
1968 M S 49 Sale 49
51
37
31
7312
Gold 4 Hs with warrants 1969 M N 4812 Sale 483
4
5012 173
29
74
Gold 4%s
1981 MN 49 Sale 483
4
5112 66
2812 73 2
,
San Fran Term 1st 48_
1950 A 0 80
85
8112
83
4
591 85
/
4
So Par of Cal 1st con en g- 1937 MN 10012 ____ 10012 Sept'32 ____
5s
gg 10022
So Pao Coast let gu g 45-1937 J .1 80
____ 96
Jan'30 ___- ___
_
So Pac RR 1st ref 45
1955 1 J 80
81
79 4
3
8112 44
50 - lt
li
Registered
Stamped (Federal tax.___1955 J J --------9212 May'30
Southern Ry 1st cons g 55_1994 J J 69 Sale 68
6914 42
557 111
8
12
Registered
J J --------75 Aug'32 ____
75
75
Devel & gen 48 series A___1956 A 0 264 Sale 263
/
1
3
28
84
12
54
Devel de gen Os
1956 A 0 3214 Sale 31
33
27
1612 67
Devel & gen 848
1956 A 0 353 Sale 34
4
36
26
18
72
Mem Div 1st g 59
19962 .1 65
70
48 July'32 ____
48
55
St Louis Div let g 48
1951 2 J 47 Sale 47
50
10
44
67
/
1
4
East Tenn reorg lien g 55_1938 M 5 75
90 101 Bept'30
Mobile .4 Ohio con tr 45_1938 MS 2812 30
ill'.
30
Oct'32 ___
Spokane Internat 1st g bs 1955 J J 32
33
32
32
1
19
40
Staten Island Ry 1st 4 Hs._1943 J D --------60 May'32 _ - _
60
60
Sunbury & Lewiston lst 42_1936 J J --------9714 Nov'31
fenn Cent 181 68 A or B.....1947 A 0 3114 32
30
32
8
Term Assn of St List g 4215 1939 A 0 9713 99
96 4
3
99
17
1st cons gold 55
1944 F A 9653 ---- 97
Oct'32 _-_Gen refund s f g 4s
1953 J J 79- 79
Oct'32 ____
Texarkana de Ft 5 let 510 A 1950 F A 67 - -- 73
71
Oct'32 _-_l'ex de N 0 con gold As
1943 2 J 70
8212 70 Aug'32 --Texas & Pac 1st gold As.
2000 J D
88
91
8812
8812
1
2d Inc5s(Mar'28 epon)Dec2000 Mar --------95 Mar'29
Gen &ref bs series B
1977 A 0 473 50
4
4914
491
/
4
8
Gen & ref 58 series C
1979 A 0 48
50
4834
49
9
Gen de ref 55 series 13
1980 J 0 49 Sale 4814
/
1
4
497
8 11
Tex Pac-Mo Pac Ter 548 A 1964 31 5 59
62
6212 Oct'32 _- _Tol dr Ohio Cent tat gu 5s1035.7 .1 81
90
87 Sept'32 ___Western Div let g 5s
1035 A 0 79
- 75 Aug'32 ____
General gold 55
1935 J D 76 - 85
75 Sept'32 ___Tol St L & W 50
-year g 48_1950 A 0 40
54
/ 50
1
4
Oct'32 ___
Tol w V &0gu 4 to ser'3_1933 j 2 974 ____ 0013 Oct'30
/
1
123 guar 4 series c
8
1942 M 5 96
-- 9618 Apr'31 ____
Toronto Ham &Buff 1st g 4s1946 .1 D 6338 -8
0
83 Dec'31
Ulster & Delaware 1st 58-1928
Ctrs dep stpd as to Dec 1930
lot and $570 ret of prin____ ____
2018 244 20
/
1
Oct'32
Union Pac let RR & Id gr 48 1947 J J 9612 Sale a9538
97
Registered
J J 91
- 9514 Sept'32
1st lien & ref 49
June 2008 M S 84 87
83
/
1
4
8518
Gold 410
1967 J 2 5513 Sale 85
85 12
1st lien dr ref 58
June 2008 M S 101 Bale 10012 101
40
-year gold 4s
1968 2 D 7913 Sale 791
/
4
81
U NJ RR & Can gen 4s1944 M 13 9612 ____ 96
Oct'32
Utah & Nor 1st ezt 48
1933 J J 98
_-_- 100 July'31
Vardalla cons g 4s series A__1955 F A
Cons 5 f 48 series B
1957 M N
Vera Cruz & P asst 4 Hs
1933 J J
Virginia Midland gen 5s- -1936 M N
Va & Southwest 1st gu 5 -2003 J J
s
1st cone 55
1958 A 0
Virginian Ry 151 55 series A.1962 M N
1st mtge 434s series B
1962 M N
8312 ___
8312 _
_
14 -/ 2
1
85
95
64
69
/
1
4
50
53
9312 Bale
86
88
11
884
/
1
85
70
514
/
1
70
75
51
99
9712
8012
78
70
9212
28
25
28
40
70
75
75
50
70
7012
70 2
,
89 3
,
92 4
3
96
75
60
____
_
__
____
151e 7718
132 88412 984
4
____
88
954
41
70
88
/
1
4
20 a57
/ 8/
1 81
4
4
5
843 103
4
23
56
53 541
4
___
89
96
____ ____ ____
9312 Sept'32 ___
9312 Sept'31 ___.
11
/
4
13
4 10
8212 Aug'32 -65 Sept'32___
4912 Oct'32 ____
92
9312 28
83 Aug'32 _-__
go
_--114
75
55
23
7014
70
go
-4 95
80
60
951
/
4
85
Wabash RR 1st gold 5s_1939 M N 62 Bale 62
62
7
5214 79
25 gold 55
1939 F A
46
47
4814 Oct'32 ___
21
69
Deb 6s Berko B registered 1939 J J
25
-- 984 May'29 __ ___
/
1
1st lien 50
-year g term 48.1954 2 J ____ -45 45 Sept'32____
35 -47
Del & Chic ext 1st 5s_1941 J 2 6314 70
67 Sept'32 ____
52
73
Des Moines Div lst g 45_1939 1 J 33
40
32 Aug'32 ___
28
46
Omaha Div let g 3 As__ _1941 A 0 27
28
79 May'31 ____ ___ _Toledo de Chic Div g 46_1941 M 5 __ _ 56
5712 Aug'32 ____
50
60
Wabash Ry ref & gen 5348 A 1975 M S
'712 9
718
712
3
2 4 19
3
Ref & gen bs(Feb'32 coup)B '76 F A
712 812 653
65
8
6
313 19
Ref &gen 4148 series C
1978 A 0
7
8
658
8
4
2 5 1618
3
Ref & gen 53 series c
1980 A 0
7
/ 1112 7
1
4
Oct'32 ____
2 s 161t
3
Warren let ref Bug 3%s..,,_2000 F A 40
66
56
Oct'32 __
5533 56
Washington Cent 1st gold48 1948 Q M 60
66
56 Mar'32
56
56
Wash Term 1st gu 3He
1945 F A 8018 91
84 Sept'32 ___
77
/ 8812
1
4
1st 4 `-year guar 4s
1945 F A 88_ - 90 Aug'32 _ _
8312 90
Western Maryland let 491952 A 0 57 - - 5714
_
/ 58
1
4
58
i3
3712 6612
1st & ref 554s series A
1977 J J 60 Sale 60
61
11
285 69 4
8
3
west N y & Pa 1st g 5s
1937 2 J 993 1004 a9912 10014 17 a8918
4
10012
General gold 4s
1943 A 0 80
86
/ 8512 Sept'32 ____
1
4
7213 911
/
4
Western Pac 1st As ser A_ _1946 M S 3312 Sale 3212
35
33
2113 4912
West Shore 151 45 guar
2361 .1 J 734 75
7314
7314
1
65
7814
Registered
2361 J J 69
73 683 Oct'32 ____
8
62
74
Wheel & L E ref 454s sec A_I966 M S 57
65 8 69 Aug'32 ____
,
go
69
Refunding be series B._ 1966 M 5 60--- 9712 Aug'31
RR 1st consol 48
1949 M S 70 7312 70
70
2
521s 80
Wilk & East let gu g 5s--1942 .1 D 25 Bale
25
25
1
11
85
12
Will & Ell F 1st gold 58
1938 2 D 80
-.- 913 Oct'31 _ __ __
3
_
Winston-Salem 5 B let 49_1960 2 .1 82 85
68 June'32 _-_ _
68 id'
Wls Cent 50-yr 1st gen 48.-1949 J 1 4211 43
/ 4212
1
4
4312 1
.1
251s 47 4
3
Sup & Cul div & term 1st 48'36 MN 25
30
30
Oct'32
16
38
Wor & Conn East let 4He 1943 J J --------8814Be t'31 __
INDUSTRIALS.
Abitibi Power & Paper 1st 58 1953 J D
1712 Sale 1714
19
51
1414 41
Abraham & Straus deb 530_1943
With warrants
A 0 881/ Bale 8812
6812 9012
9012 22
Adams Express coll tr g 48_1948 M S 6018 65
60
/
1
4
6018
1
4714 70
Adriatic Mee Co esti 7s____1952 A 0 9114 92
91
913
4 11
6812 918
4
Ajax Rubber let 15-yr St 89.1936 J 13
3
213 June'32 ____
2
/ 6
1
4
Albany Pertor Wrap Pap 68.1948 A 0 311 6
/ 36
4
311
Oct'32 ____
24
481s
Allegany Corp coil tr 55-.1944 F A
2412 Sale 2412
27
77
8
41Is
Coll & cony bs
1949 J D 20 Bale 18
21
25
a% 40
Coll & cony be
1950 A 0 15 Bale 1412
17
90
a312 33
Allis-Chalmers Mfg deb 68-1937 M N 85
/ 854 85
1
4
/
1
/
1
4
36
5
66
91
Alpme-Montan Steel let 75_1955 tel 5 47
/ 483 4734
1
4
3
48
14 a30
5112
Amer Beet Bug cony deb 65_1935 F A 28
39
/ 26
1
4
Oct'32 ____
16
47
American Chain deb 8 t 68_1933 A 0 4112 57
55
55
b
40
87
/
1
4
Amer Cyanamid deb 58
1942 A 0 7312 78
Oct'32 ____
62
80
Am & Foreign Pow deb 5.1-2030 M S 32 Sale 85
31
33
/ 267
1
4
/ 61
1
4
15
American Ice 8 f deb 55
195.3 J D 6412 70
68
68
11
60 75
1s
Amer 10 Chem cony 5145_1949 m N 763 Sale
4
80
40
/5414 80
Am Internal Corp cony 5%3 1949 J J 8012 Sale 7614
7912
8012 20
6314 8112
Amer Mach & Fel) s f 8s_...1939 A 0 10312 Bale 10312
1031z
3 10214 10312
Amer Metal 514% notes__ _1934 A 0 68
69 4 66
3
69
19
37
801
Am Sm & It let 30-yr 5s serA1947 A 0 90 Bale 90
/
1
4
9112
72
96
Amer Sugar Ref 5-year 6s 1937 J J 10313 Sale 103 3 10414 28
1
12
98 108
Am Telep & Teleg cony 45_1936 M S 101 1015 102
4
102 4
,
7
9412 10 /
21
4
30
-year coil tr 55
1946.5 D 10514 Sale 1044 10512 114
/
1
9718 10513
35
-year s f deb As
1960 1 J 10314 Sale 1023
3 10313 192
913 103
4
/
1
4
514s
20
1943 MN 10714 Bale 1063
-years f
4
107
/ 69
1
4
99 1073
1
Cony deb 4 Hs
1939 J J 106 Bale 106
610612 24
95 10713
/
1
4
Debenture 55
1965 F A 103 Sale 10212 10312 163
911 1034
/
4
/
1
New York Bond Record-Continued-Page 5
2804
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
Am Type Found deb 6s_ _ _ _1940
Am Wat Wks et El coil tr 59_1934
Deb g Os series A
1975
Am Writing Paper let g 68._1947
Anglo-Chilean Nitrate 7s._ _1945
Ark & Mem Bridge & Ter 59_1961
Armour & Co (Ill) 1st 410_1939
Armour & Cool Del 5345.1943
Armstrong Cork cony deb 53_1940
Associated 0116% g notes 1935
Atlanta Gas L 1st 5s
1947
All Gulf & W I SS L coil tr 5s 1959
Atlantic Refining deb 5s
193't
Price
Friday
Oct. 21.
Week's
Range or
Last Sale.
High
!itch No. Low
Ask Low
483 073
8
5
4
58
58
58
95
11
68
3
9214
Sale 90 4
8418
48
6
71
70
71
4
12
12
44
Sale 4212
1
18
2
Sale
3% 32
80
75
_ _ _ _ 78 Aug'32
5712 Si
Sale 77%
797 256
8
45
71%
Sale 7314
78, 134
8
74
50
18
74
Sale 7312
9418 103
2
10212 10212
1023
4
9512
_ _ 95 June'32
95
9514
44
1
29
354
3.518
354 40
854 102
19
4
102
102 Sale 1013
89 10112
98
98
99
Sale 92
923
4 49 07012 92%
90
76
8212 Oct'32
88
983 10918
4
Sale 1067
8
10712 22
983 10
4
1074 19
Sale 107
85
64
8212 18
Sale 80
204 5178
5318 26
Sale a51
2012 54
5212 72
Sale 50
4
5114 67
1912 5112
Sale 493
2312 504
504 42
Sale 50
69
97
9212 10
Sale 91
53
7214 98
4
96
Sale 943
2
13
30
15
Sale 1412
6
19
3
1012
Sale 1018
_
30
50
4114 Oct'32
9
312 27
312
114 44
Sale
1
11,
112 Aug'32
7
71
8
50
64
68
68
9
9714 10612
10612
10612 10518
9912 106
10512 40
4
Sale 1043
88
9114
8612 193
Sale 85
58
51
51 Sept'32
52
50
554
50 Aug'32
50
9212 June'29
75
77
75
80
7 100 10818
1075 Sale 10714
8
10818
103 113
1123 114 113 Oct'32
4
147 160
158 Sept'32
158
8912 102
13
102
10112 Sale 10112
10414 25 10018 10434
1005 10214 10312
8
6
91 102%
1003
8
10214
2
4812 7312
80
54
47
7312
26
71
5112 20
4712 Sale 4712
3514 00
7478 15
71
73 4 73
3
5
3412 60
41
41
423 46
8
9814
92
8418
107
1074
82
051
50
493
4
504
92
9512
15
1012
5
12
3
15
8
66
10518
1053
8
8512
30
40
Cal 0& E Corp unt & ref 53.1937
1940
Cal Pack cony deb 55
Cal Petroleum cony deb 5 t 58 '30
1938
Cony deb s f g 5148
Camaguey Sug 1st s f 7s_ __ _1942
Canada SS L 1st & ger) 68.._ _1941
Cent Dist Tel let 30-yr 55.1943
Cent Foundry 1st Sf 63_ May 1931
Cent Hudson G & E 5s_Jan 1957
Cent III Elec & Gas 1st 5s_ _1951
Central Steel 1st g s 8s_ -1941
Certain-teed Prod 5148 A...1948
Cespedes Sugar Co 1st s f 714s'39
Chesap Corp cony 58 May 15 '47
Chic City & Con Bye 5s_Jan 1927
Ch G I. & Coke 1st go e 55-1937
Chicago Rya 1st 5s stud sets 15%
principal and Aug 1931 let....
1945
Childs Co deb 53
1947
Chile Copper Co deb 55
1968
Cin G & E 1st M 4s A
Clearfield Bit Coal 1st 48__.1940
1938
Colon 011 cony deb 69
Colo Fuel & Sr Co gen s 59.1943
Col Indus 1st & coil 55 gu...1934
Columbia G & E deb 58 May 1952
Apr 15 1952
Debenture 59
Jan 15 1961
Debenture 58
Columbus Ry P & L let 4149 1957
1942
Secured cony g 514s
103%
7114
92
94
214
40
104
75
104
7312
8412
4012
5
06112
9
10412
Commercial Credits f 68 A 1934
1935
Coll tr f 524% notes
Comm'i Invest Tr deb 5149_1949
Computing-Tab-Ree s t 69_1941
Conn Ry & L 1st & ref g 424s 1951
1951
Stamped guar 410
Consolidated Hydro-Elec Works
of Upper Wuertemberg 79_1956
Cons Coal of Md 1st & ref 59_1950
Corso! Gas(N Y) deb 548..1945
1951
Debenture 449
Debenture 541
1957
Consumers Gas of Chic gu 6s1936
Consumers Power 1st 56 C 1952
Container Corp 181 68
1946
15
-year deb 55 with wars_ _1943
Copenhagen Telep 5s_Feb 15 1954
Coro Prod Refg 1st 25-Yr 81 5834
Crown Cork & Seal f
Crown Willamette Paper 68_1951
Crown Zellerbach deb Sew w 1940
Cuban Cane Prod deb 65_
Cuban Dom Sugar 1st 748_1944
Stpd with porch warr attached
Ctrs of dep stpd and unstpd._ _
Cumb T & T 1st & gen 56_1937
99
96
95
1064
55
5518 57
11 Sale 11
8
1053 Sale 1045
4
0718 Sale 9718
10112 Sale 100%
8
10112 10212 1013
8
10418 Sale 1035
27
27
30
10
1914 20
7212 Sale 7212
1033 1043 104
4
4
84
8414 85
6612
6812 68
05314 Sale 05112
238
24 3
5
412 ____
4
4
4
40
10412 Sale 10412
Del Power & Light 1st 414s_1971
1969
1st & ref 4148
1969
1st Mortgage 4148
Den Gas es El L 1st &refs f 56'51
Stamped as to Penne. tax.1951
Detroit Edison 1st coil tr 59_1933
1949
Gen ret 65 series A
1955
Gen & ref 5s serles B
1982
Gen dr ref 513 series C
1961
Gen & ref 445 series D
1952
Gen & ref 58 series E
Dodge Bros cony deb 68...._ _1940
Dold (Jacob) Pack 1st 66_1942
1042
Donner Steel let ref 76
Duke-Price Pow 1st Os ser A.11468
Duquesne Light lst 454s A._1967
1957
lst M g 4148 series B
934
9512 96
932
90
90
90
974 Oct'32
95%
92
9014 9112 92
90
90 Sale 90
100 4
3
1003 101 10058
4
10112
10112 1013 101
4
10114
10014 10112 101
1003 10218 010012 1013
4
4
9612
964 Sale 9512
1007 Sale 100%
8
101
8712
874 Sale 8814
6812
675
8
6812 70
68
68
68
80
5412 Sale 54
583
4
10314 Sale 10212 10312
103%
104
103%
37
East Cuba Sug 15-Yr if g 7348'
Ed El Ill Bklyn 1st cons 48-1939
Ed Elec(NY) 1st cons g 58_1995
El Pow Corp (Germany) 0149 '50
1953
1st sinking ftlud 824e
Ernesto Breda Co 1st M 79-1954
With stock purchase warrants_
Federal Light & Tr 1st 5/L 1942
1st lien 8 1 58 stamped.___19411
1942
1st lien 89 stamped
30-year deb 68series B----1954
6%
65
8
8523 Sale
10012
10012 Sale 10012
Oct'32
110% 120 110
523,
2
5114 Sale 5114
5218
5112 Sale 5112
44
Range
Since
Jan. 1.
Bid
56
9214
65
4212
3%
7712
7812
754
7312
Baldwin Loco Works 151 5s..1940
Batavlan Pets guar deb 4146_1942
BeldIng-Heminway 68
1936
Bell Telep of Pa 5s series B 1948
1st & ref 55 series C
1960
Beneficial Indus Loan deb 65 1946
Berlin City Cleo Co deb 634s 1951
Deb sinking fund 1310...A959
1955
Debenture 6s
Berlin Elec El & Underg 810 1956
Beth Steel 1st & ref 58 guar A '42
30-year pm & inlet 81 58_1936
1950
Bing & Bing deb 6348
Botany Cons Mills 61412_ _ _1934
Bowman-Bill Hotels 1st 75....1934
Irway & 7th Ave 1st cons 53.1943
Certificates of deposit
_1941
Brooklyn City RR 1st
Bklyn Edison Inc gen 58 A..1949
1952
Gen mtge 55 series E
Bklyn-Manh R T see 6s......1968
Bklyn Qu Co & Sub con gtd 58'41
1941
1st 55 stamped
Brooklyn It Tr 1st cony g 48_2002
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 58...1945
1st lien & ref (Is series A..1947
1936
Cony deb g 54s
1950
Debenture gold 5s
1st lien es ref 56 series B.- _1957
1981
Buff Gen El 4249 series B
1952
Bush Terminal 1st 45
1955
Consc I Ss
Bush Term Bldgs 55 gu tax ex '30
By-Prod Coke 1st 5149 A__ _ 1945
r Cash sale. a Deferred delivery.
.
01
43%
233
4
33
943
4
104%
10412 10412
7114
Sale 07118
a95
95 095
96
96
98
6
212 Oct'32
4218
Sale 40
105
105 105
99 June'32
98
104
105 104
7312
Sale 72
85
Sale 8412
41
Sale 40
812 814 Oct'32
63
Sale 5812
912 Aug'32
12
105 10412 1043
4
5112
2714
Sale
Sale
-4712 55
52
2618
82
83
81
91
101
58
32
84
Sale
Sale
Sale
Sale
4512
4512
29
30
33
35%
937
8
95
77 Dec'30
47
49
Oct'32
54
32
32
81
8214
8112
83
8212
8014
904
91
4
101
1003
99
99
96
9814
944
9514
10618
10818
944 Oct'32
9512
93% 9612 9512
60
7214
80
66
52
9914
9614
Sale
----
64
Sale
7214
78
70
5518
114
106
98
10112
Oct'32
10418
30
20
75
104
85
68
05311
3
Dee'31
Oct'32
Oct'32
1054
64
613
4
7214
7512
7614
77
70
70
62
0(3'32
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
5
s 13
58
'A '0
Price
Friday
Oct. 21,
Bid
Federated Metals s f 78
D 75
1939
Flat deb s f g 7s
1946 J J 9112
Fisk Rubber 1st 518s
1941 MS 53
Framerican Ind Dev 20-yr710'42 J J 100
Francisco Sug 181 91 7249_ _ _1042 MN
17
Ask
88
Sale
Sale
101%
103
Gannett Co deb (is ser A_ _ _ _1943 PA 77
79
Gas & El of Berg Co cons g 581949 J D 0012
__
Gelsenkirchen Mining 6s_ _ _ _1934 MS 50 Sale
Get' Amer Investors deb 58 A1952 FA
79 Sale
Gen Baking deb s f
AO 99% Sale
Gen Cable 1st s f 510 A...1947 J J 65 Sale
Gen Electric deb g 324s
-.
1942 FA 96%
Gen Elec (Germany) 75 Jan 15'45 J J 48
504
St deb(1148
194 JD 42 Sale
20
-years f deb Os
N
393 Sale
4
1948
Gen Mot Accept deb 65
8
1937 FA 1027 Sale
Genl Petrol 1st s f 58
1940 FA 10314 Sale
Gen Pub Serv deb 524s
1939 J J 8518 Sale
Gen Steel Cast 5145 with wars '49 J J 6614 Sale
Gen Theatres Equip deb 14._1940 A0
34 Sale
Certificates of deposit
318 4
Good Hope Steel & Ir sec 78_1945 AO 64913 Sale
Goodrich(B F) Co lst 6149_1947 J J 81
8114
Cony deb 68
1945 JD 5312 Sale
Goodyear Tire er Rub 1st 53.1957 MN 78 Sale
Gotham Silk Hosiery deb 89_1936 JD 874 Sale
Gould Coupler 1st s f 68
918 12
1940 FA
Gt Cons El Pow (Japan) 78_1944 PA 4634 Sale
lst & gen f 6 Ms
1950 J J 37
413
4
Gulf States Steel deb 5149._ _1942 JD 464 5512
Range
Week's
Range or
Last Sale.
two
80
9014
5114
100
18
Since
Jan. 1.
High No. Low
55
87
8
43
60
01
153
16
55
14
815e
101%
15
18
1
7712
4
77
9818 June'32
49
53 4 80
,
37
79
80
99%
993
4 13
102
64
65
_
9712 Oct'32
8
48%
50%
4314 29
42
21
393
4
41
129
10212
103
10
034
103%
15
85
85 4
,
64
6614 24
34
4
29
1
38
5
35
8
48
503
4 76
8
7912
81
53
55
128
78
8012 93
1
8712
8712
2
10
1014
4612
11
4712
40
414 22
9
4514
4814
Hackensack Water 1st 4s.._1952 3 .1 91
92
92
92
Hansa ss Lines Os with warr_1939 AO 3912 Sale 43812
4018
Harpen MinIng 65 with stk purch
53% Sale 52%
war for corn stock of Am shs'411 J J
54
1814 20
Havana Elec consolg 58
1914
1952 FA
2,
04
Deb 5148 series of 1926...1951 MS
5 Oct'32
33
4 711
Hoe(R)& Co 1st 614s Ber A.1934 AO 13
181 30 Sept'32
:
18
Holland-Amer Line Os (flat).1947 MN
83 Oct'32
8
5512 Sale 54
Houston OH sink fund 54s 1940 MN
55 8
5
Hudson Coal Ist a 5s ser A_1962 JD 41 Sale 40
41
Hudson Co Gas 1st g 58
,
1948 MN 10414 1057 0414 Oct'32
Humble Oil& Refining 56...1937 AO 10212 Sale 01%
10212
24
15
3
22
23
27
Illinois Bell Telephone 55._ _1956 3D 105 Sale 05
10512 38
Illinois Steel deb 414e
,
1940 AG 101 1027 .0012
10114 35
Tinder Steel Corp mtge Os_ _1948 F A 04312 Sale 04312
4712 16
16 Sale 16
Indiana Limestone 1st 51 65_1941 MN
1
3
Ind Nat Gas & 011 ref 58
95 Sept'32
1930 MN
4
9914 10512 Inland Steel 1st 410
1978 A0 -8038 83 80
2
82
lat M s f 41.4s ser El
6 04912 76
81
1931 FA 80 Sale 80
24
5
6112 98
'3 4818 Sale 4618
12
Interboro Rap Tran 1st 544..1986
97
64
391
50
15
10-ve.ar Os
11432 AO
1712 16
1
6
1714 36
14
4218
Certificates of deposit
14
5
1918 16
Oct'32
4
10-year cony 7% notes_1932 MS 5
993 105
4
812 Sale 55
8012 142
56 Sale 56
Certificates of deposit......
85% r99
60
6
43 Sale 4218
Interlake Iron ist 5s B
1951 MN
963 105
4
39
9
43
1st Agile Corp 1st & coil tr 5s
9
54
77
423 50
4
4218 Oct'32
Stamped extended to 1942.... MN
60
16
97
Int Cement cony deb 5s........1948 MN 6312 Sale 6358
234 48
42
22
64
5
931 Internal Hydro El deb 6s_ _1944 AO a47 Sale 4614
4912 38
Internet Match 9 f deb 53.__1947 MN
814 9
3412 76
58
78
5
402
10
812 Sale
Cony deb 59
1941'3
612 912
74
3
r10
279
97 105% Inter Mere Marine e f 65._1941 AO 40 Sale 40
2
4012 11
'3 48 Sale 48
Internet Paper 5s ser A & 13_1947
4912
Ref s f 6s series A
.1955 MS 17% Sale 1712
1
31
54%
19
53
J 334 Sale 33,2
lot Telep & Teleg deb g 4148 1955
14
. 52
48
28
3512 90
Cony deb 414s
1939 .1 3 40 Sale 40
119951A
62
20
70
4314 180
36 Sale 36
FA
Deb 58
823 953
4
41
4
3912 204
827 82
2
Investors Equity deb 58 A-1947 JD 81
82
2
Deb 58 ser B with warr_1948 AO 8018 8312 81
63 02618 60
8212 28
Without warrants
1948 AO 7712 82
38
67
8312 Sept'32
13
65
28
J 100% 102 10112
K C Pow es Lt 181 4148 ser B.1957
48
8
597 88
10338 16
FR 101% sale 1003
lst M 4248
21
00
8212
,
4
102
119
1
94
58
8912 42
8712 Kansas Gas &Electric 4349.1080 JD 8738 8812 8712
28 Sale 273
Karstadt (Rudolph) 1st 88....1943 MN
14
4
79 92
294 178
1946 MS 41 Sale 41
9
9814 10112 Keith (13 F) Corp 1st 68
41
3
8
Kendall Co 524s with warr.-1948 MS 607 65
6012
607
8
6
9914 Keystone Telep Co 1st 55._ _1931 J J 6812 Sale 8812
11
88
69
9
8312 9112 Kings County El L dc P 5s 1937 AO 1034 10412 1044 Aug'32
6
Purchase money Os
1997 AO 130 Sale 130
96
79
56
13114
4
1 104 10678 Kings County Elev Ist g 4
s-1194997 PA 6812 Sale 6812
6812
3
864 9523 Kings Co Lighting 1st 58__ _1954 J J 95 105 101 Sept'32 -11118 125 111 Sept'32
First and ref 6145
96
195 J J
4
89
75
Kinney (Gil)& Co 714 %notes'36 JO 60
80
Oct'32 _ _
8
D 667 Sale 864
5518 Kresge Found'n coil tr Gs__ _1936
6712 17
22
5
MS 154 Sale 154
2214 Kreuger & Toll sec s f
5
11
17
62
MS 14 Sale 14
Certificates of deposit
71 a99 107
143
4 10
87
984
138
98 10214 Lackawanna Steel 181 58 A..1950 MS 90 Sale 90
272
90
Laclede G-L ref es ext 55____1934 *0 913 Sale 89
s
904 10%
9138 84
Coll & ref 5348 series C___1953 FR 65 Sale 65
66
9812r10714
7
35
64
65
Coll & ref 5248 series D._ _1900 FA
8312
65
60
20
10
8
4 Sale
Laufer° Nitrate Co Ltd 68..1954 J J
4
5 r35
4
512 17
92
5018 7712 Lehigh CA Nay s f 4 4s A__1954 .1 J 9014
8
92
4
Cons sink fund 4148 ser C.1954'3 894 101
88 Sept'32
1017
8
1 100%
J 584 75
Lehigh Valley Coal 1st g 55...1953
73
88
62
6
73
1
98
'3 51
1st 40-yr gu int red to 4% 1933
94 Dee'31
81
50
18
1st & ref s f Ss
1934 FA 10012
10018 Oct'32
4414 69
14
3,5
39
1st & ref 5 t 59
40 Sept'32
1944 FA
N
6
8
33
FR 30
1st & ref
31
5s
31
2
30
40
FR
24 July'32
1st & ref 8 t 55
4012 3212 Oct'32
FR 30
let & ref. f 55
14 518
6
Liggett & Myers Tobacco 75.195754 AO 119 120 119
1 9941
119 4
91
120
9712 105%
8
8
PA 107 Sale 107
512
10734 26
AG 83 Sale 83
Loew's Inc deb .1 89
96
85
2
85
10
7814 Sale 7814
I D
9312 Lombard Elec 78 ser A
78
80
3
15
119421 AO 113 sale 1114 113
9544
854 9738 Lorillard (P) Co deb 78
21
FA 951e Sale 9518
59
965
8
75
9212
2
7
5
Louisville Gas & El(KY) 56.19 2 MN 104% Sale 103% 105% 44
195 1
797 93
1
5
LolvereA 6 tria Hydro El Pow
st tuslis
1 10018 102
PA 39 Sale 38
9512 10312
28
2
39
94 r104
14
1944
s4
73
90 102% McCrory Stores Corp deb 514' 1 JO 7012 Sale 7012
8
8
3614 Sale 353
McKesson & Robbins deb 549'50 MN
4
97
87
41
38
64
1212 10 Sept'32
Manatl Sugar 151st 7)4s...1942 *0
206 100 101
9
Stamped Oct 1931 coupon 1942 *0
012 Oct'32
66
8912
86
112 5 Sept'32
5
Certificates of deposit......
50% 75
24 Sale 2212
-m 4st
50
25 4 30
3
8612 Manha Ry (N Y)cons g 48.1990 11
7
J D
12, 25
2
25 Aug'32
39
3712 814
63 10112 85
1°13
9314 1034 Manila Elee RR & Lt f 56..2953 M
Oct'32
90
Mfrs Tr Co ctfs of panic in
98 104
20
D 6512 76
Al Namm & Son 1st 130-1943
65
Oct'32
45
Marlon SWAM Shovel s f(4._1947 AD 40
48
Oct'32
3
18
2
2
Market St Ry 78 ser A..A or111940 Q J 75, Sale 74%
761: 28
94 101
10
4
45
4
_ 10412 1113 Mead Corp 1st 8s with warr_1945 MN 45 Sale 44
1957 AO 90 Sale 894
5312 Meridlotude Elea let 78 A
9012 23
20
42
J 98 Sale 95
Metr Ed 1st & ref 58 ser C..1053
98
21
82
183 55
4
MS 884 Sale 87
let g 4 46 series D
8012 16
50
8
74
643 Metrop Wat sew dc Dr 5146_11° *0 69 Sale 69
4
13
35
20
1334 1814 1912 Sept'32
Met West Side El(Chic)4s..1938 PA
53
70
15
45
MINI Mill Mach 1st s f 76-1958 JD 41
41
41
2
534 78
6
3
Midvale St & 0 colt tr 5 f 56 1936 MS 95 8 Sale 94
48
82
9512 138
1
41
88
69
9818
2518
67
8912
25
93
267
8
28
8
225
97%
4
953
7212
38
1
112
12,
s
60
344
811s
72
9
334
30
21
High
00
9114
5612
1024
20
78
9818
57
82
100
67
9812
52%
49
4514
103
105
8512
74
754
6
50%
9912
62
8
8
8812
2512
09
80
57 2
,
784 9212
4018
11
183
2
1412
3
64
8
83
44
2614
98
94
54
26
8
30
21
7014
5014
40414
103
9812 1011
90% 101%
1538 4712
19
08
90
61
88
83%
59
3114
103
4
16
44
56
30
59
443
4
23
79
63
60
32
42
19
2
le
30
28
11
147
5
1714
16
55
55
65
547
8
74
60
621s
64
543
4
59
3812
61
59
5412
87
85%
834
96 103%
901: 10212
7212 92
32
12
63
24
66
41
5812 70
8
984 1045
ugis 132
70
57
92 101
106 111
99
a25
40
9112
594
6
0
19
53
71
45
443
4
14
81
804
93
98
70
75%
1614
92
90
96'* 10031
397 44
2
18
43
43
24
41
30
115 120
961 107%
:
904
64
53% 83
101% 11313
8114 1013
4
01 105%
20
413
52
251s
3
2
4%
17
1212
70
91
80
10
10
75
8
4312
354
85
83
60
55
21
854 112
60
25
953
4
58
75 100
90%
67
334 79
4
1514 383
42
14
734 97
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
z‘g
t r..
1
.f.,'
Y4
1
Price
Friday
Oct. 21.
Week's
"
Range
Vv
Range or , Since
Last Sale.
ezi,
4
Jan. 1,
BONDS
.11
Price
N. Y. STOCK EXCHANGE
Z
Friday
,
Week Ended Oct. 21.
a; Oct. 21.
2805
Week's
Range or
Last Sale.
"
t3
1,
11Z
Bid
Alli Low
High No, Low, High,
Bid
Ask Low
High No.
82
21
Mllw El Ry & Lt 1st bs B-.1961 1 D 8014 Sale 80
7312 9412 Roch G & El gen M 530 ser C'48 M S 101 1031 103
Oct'32 --__
83
8012
81
1971 J J 78
1st mtge fas
13
72
Gen mtge 4%s series D..,1977 M 5 96
95
____ 9612
9612
1
8714 50
Montana Power 1st be A _-_1943 J J 87 Sale 86
60
9512 Rocti & Pitts C dr I pm 5s__1946 M N --------85 Dec'30 1962.9 D 44
70
71
Deb be series A
7112
4
54
823 Royal Dutch 45 with warr__1945 A o 8658 Sale 86
4
87
178
Montecatlui Min J; Uric
Ruhr Chemical a 1 6$
____ 4512
1948 A 0 47
47
7
8
193, J J 937 95
933
8
95
Deb g 7a
14
67
95
90
90 14 16
Montreal'Cram let dr ref 55_ _1941 J J 8914 91
7514 903 St Joseph Lead deb 534s___ _1941 M N 9018 91
4
9018
12
91
7512 Oct'32 ____
A_ _1955 A 0 7614 78
Gen & ref a f 5s series
675 7512 St Jos Ry Lt lit & Pr 1st 5s_1937 M N 834 Sale 8314
8
8314
2
Gen & ref at 5s sec B_ __ _ 1955 N 0 7614 ____ 6314 Aug'32 __
6314 6314 St L Rocky Mt & P55 stpd_1955
J 3218 34
3218
3218
3
4
7014
Ger & ref 5 1 4 Sis see C._1955 A 0 693
7014
1
60
7014 St Paul City Cable cons 5s...1937
J 5012 51
50
Oct'32 - --85
Gen & ref s f 5s ser D_ _1955 A 0 7614 .
77 Sept'32 - -__
77
77
Guaranteed 55
5012 69
1937 J J
50 June'32 --- 78
7918 7812
1039.9 J
Morris & Co lets 14 iis
79
17
61
8012 San Antonio Pub Serv 1st 65_1952
.1 89 Sale 89
91
3
Mortgage-Bond Co 40 ser 2_ _1966 A 0 4012 70
5014 Sept'32 ____
4014 5014 Schulco Co guar 630
1946.9 .1 24 Sale 24
24
2
82
1934 J D 78
82
Murray Body ist ft 34s
82
88
9512
1
Guar 81 630 series B_ _ _1946 A 0 40 Sale 40
40
4
Mutual Fuel Gas Ist gu g 5s_1947 MN 101N 105 100
Oct'32 ____
9012 10018 Sharon Steel Hoops f 534s_ _1948 F A 40 Sale 37
40
15
kiln tin Tel ghl 6e ext at 5% 1941 M N 83
98
86 Aug'32 ____
86
86
Shell Pipe Lines f deb 5s_ 1952 M N
7814 24
77 Sale 77
Shell Union Oil a f deb 5s__ _1947 M N
74 Sale 74
7612 68
Namm (Al)& Son_ _See Mfrs Tr
Deb 5s with warrants
1949 A 0 076 Sale 76
a78
110
_ _1951 J J 5012 52
Nassau Elec gu g 4s stpd_
5012
52
31
3014 .54
Shinyetsu El Pow 1st 634s_ _1952 J D 63 Sale 38
3818 12
Nat Acme 1st s 168
1942 J 0 56
80
54 July'32 ____
54
60
112 3
Shubert Theatre 6s-June 15 1942 J D
23
4
24
3
2
8718 Sale 87
194s F A
Nat Dairy Prod deb 5315
88
235
7112 9512
1956 A 0 79 Sale 785
Nat Steel lot coil 5s
8
793
4 49
60
85
783 ____ 79
8
Siemens & Halske I f 75..
..1035 J J
7912
3
Newark Consol Gas cons 55_1948 J 0 10214 -- - - 99 Aug'32 --__
95 100
8
Debenture s 1 6345
1951 M 8 a623 Sale a63
94
65
NJ Pow & Light 1st 4 Sis-- -1960 A 0 8714 Sale 8514
87's 85
9534 Sierra & San Fran Power 5s_1949 F A 9614 9712 9612
77
9612
4
Newberry (J J) Co 634% notes'40 A 0 78 Sale 78
53 2 83
3
80
,
Silesia Elec Corp at 6 34s_ _ _1946 F A
46
46 Sale 44
.
11
New Eng Tel & Tel 5s A_ _ _ _1952 J D 107 Sale 106
107
19
9711 1074 Silesian-Am Corp coil tr 78 1941 F A
28
303
8
30
31
5
1961 NI IV 1027 Sale 102
8
1st g 4948 series 13
10312 22
91 10312 Sinclair Cons Oil 15-yr 7s
1937 M S 9412 Sale 94
943
4 45
New On Pub Serv 1st be A_ _1952 A 0 65 Sale 05
6714 30
4612 82
1st lien 634s series B
9212 28
1938 i D 92 Sale 91
1955 1 D 6414 Sale 6414
First & ref 58 series 13
661
7
452 14 805 Sinclair Crude 011530 ser A_1938 .1 J 10212 Sale 10212
8
103
29
N Y Dock let gold 4s
1951 F A 62
63
6118
6212
45
70
2
Sinclair Pipe Lines 1 55
1942 A 0 10112 Sale 101
10112 34
Serial 5% notes
1935 A 0 42 Sale 4134
42
Skelly Oil deb 534s
30
54
15
1939 M S 64 Sale 61
64
46
NY Edison 1st & ref 834s A.1041 A 0 11134 Sale 11012 1113
4
4 50 10612 1123 Smith (A 0)Corp 1st 634s_ _1933 M N 993 Sale 9914
4
1003
8 41
1st lien & ref 5s series 13
1944 A 0 106 Sale 10512 10612 19
9712 10612 Solvay Am Invest 58 ser A.,1942 M S 88 Sale 8712
8812 15
1st lien & ref 55 series C__ _1951 A 0 10512 Sale 10512 108
J 1053 Sale 1045
8
4
South Bell Tel & Tel 1st 5 f 5s '41
43 100 103
1053
4 13
NY Gas El Lt H & Pow g 5s 1948 J D 108 1085 1073
8
4 1087
8
8 12 10014 1057 S'west Bell Tel 1st & ref 5s 1954 F A 106 Sale 10518
106
24
Purchase money gold 48...1919 F A
99 Sale 0712
99
J 8018 Sale 8018
8718 100
39
Southern Colo Power 65 A._1947
8512 13
N Y 1. E dr W Coal & RR 5348'42 M N ____ 90
80 June'32 __-_
104
80
139
80
Stand Oil of NJ deb 58 Dec 15'46 F A 104 Sale 10312
N Y L E & W Dock & Imp Ss '43 J J _
100 100 June'31 --__
_ Stand 01101 NY deb 4 Hs_ _1951
4
4
D 963 Sale 967
_
973 109
8
NY Rys Corp Inc 65 _.Jan 1965 Apr
l Sale
.
's
Us
212
175 1812 1714
8
8 ---5s -- Stevens Hotel lat 6a series A_1945 J J
13
4
1712
2
Prior lien fis series A
1965 J J 3414 40
3712 Oct'32 __
138 4
28
50
4 Sept'32 ____
Sugar Estates (Oriente) 7s 1942 M 5
NY & Itichm Gas 1st 65 A-1951 M N 9712 Sale 97
M S ____
4
9712
8514 98
1 Sept'32____
4
Certificates of deposit
N Y State Rya 1st cons 43443 A '62 M N
15
8 312 15
8
15
8
1e5
1
512 Syracuse Ltg Co 1st g 55___1951 J 13 105 Sale 105
1
N
Certificates of deposit
MN
2
412 5 July'32 ____
1
512
50-yr 1st cons 634s ser B__1962 MN
2IS 5
314 Oct'32 _ _ _ _
2
734 Tenn Coal Iron & RR gen 55_1951 J .1 105
__ 10218 Oct'32 - -__
Certificates of deposit
2
___
518 Aug'32 ____
2
514 Tenn Copp & Chem deb 68 B 1944 M S 60 Bale 60
a61
3
N Y Steam 6s ser A
1947 M N 108 10812 108
99
9912 1011. Tenn Elec Pow 1st (is
4
10812
40
4
1947 J D 983 Sale 98143
1st mortgage be
1951 M N 10158 Sale 10114
1013
1944 A 0 89 Sale 8714
4 27
8918 139
9
014 1013 Texas Corp cony deb 541
4
181 M 58
1956 MN 100 Sale 9958
10012 62
88 10112 Third Ave By 1st ref 45
4612 19
1960.9 ./ 4412 Sale 4412
N Y Telep 1st & gen 514 y45_1930 M N 10312 Sale 0212 10312
26
AdJ Inc 5s tax-ex N Y_Jan 1960 A 0 23 Sale 22
9518 1035
8
134
100
N Y 'Crap Rock 1st Os
1946 J 0 6512 Bale 65
6512 11
90
91
1937 J J 90
38
3
90
Third Ave RR 1st g 5s
70
Niag Lock &0 Pow 1st 55 A_1955 A 0 100 Sale 9914
9314 Sale 93
Tobacco Prods(NJ) 61.4s.2022 M N
8618 101
10014 45
953 237
4
Niagara Share deb 534s
1950 M N 65 Sale 65
39
7212 Toho Elec Power 1st 7s 1955 M 5 55 Sale 55
4
65
55
3
Norddeutsche Lloyd 20-yr 5168'47 M N 44 Sate 44
165 473 Tokyo Elec Light Co Ltd
8
62
45
4
Nor Amer Cam deb 648 A 1940 51 5 20
26
22
24
3812 127
1112 37
3
1st 68 dollar series
1953 1 D a36 Sale a36
North Amer Co deb 5s
8418 Sale 8384
1961 F A
8478 51
53
89
Trenton 0 & El lst g Ss.,....1949 M S 10212 104 10238
1023
8
1
No Am Edison deb 5s ser A_ _1957 M 5 7914 8
4
8112 Oct'32 ____
12
32
65 r9112 Truax-Traer Coal cony 6tis_1913 MN 32 sate 3014
Deb 5345 ser B___Aug 15 1963 F A 84 Sale 83
31
84
60
94
Trumbull Steel 1st a 1 6s
1940 SIN 5714 Sale 56
6012 31
Deb be series C...... Nov 15 1969 M N 8118 Sale 7914
82
38
57
89
Twenty-third St Ry ref 5s...1962 J J -------- 10 Feb'32 - -Nor Ohio Crac & Light O5...1947 M S 10112 Sale 0112
1013
4 16
904 1017 Tyrol Hydro-Elec Pow 7345_1955 M N 48
4
42
46
10
60
Nor States Pow 25-yr bs A..1941 A 0 101 Sale 100
101
51
89 102
Guar sec s f 713
1952 F A 40
43
8
40
43
1st & ref 5-yr 6s ser IL _ _1941 A 0 10412 Sale 101
1043
4 14 100 1057
s
North W T 1st Id g 4 tis gtd_1934 J J 84
91
84
84
80
9712 Uhgawa Elec Powers 175_ _ _1945 M 5 563 Sale 56
1
62
41
8
Norweg Hydro-El Nit 5.34s_ _1957 M N 73
7414 72
4118 7414 Union Elec Lt & Pr (151o) 58_1933 M N 1017 Sale 10112
7414 31
102
44
8
tin EL & P (III) lst g 534fi A 1945 1 J 10314 ____ 103
I
103
Ohio Public Service 73413 A...1946 A 0 100 Sale too
102
73 10614 Union Kiev Ry (Chic) 58- _1954 A 0 143 Sale 143
13
4
4
7
17
1st & ref 75 series 11
1917 F A 97 10014 99
7
100
71 10414 Union Oil 30-yr (is A__May 1942 F A 10114 1013 101
1017
8
8 11
Old lien Coal 181 88
1944 F A 22 Sale 20
22
4
6
25
lot lien s f bs ser C__ _Feb 1935 A 0 983 Sale 98
8
6
9876
Ontario Power N F lot 55_,1943 F A 993 ____ 100
4
100
10
83 100
Deb 59 with warr_ __Apr 1945.9 D 84 Sale 83
84
28
Ontario Power Serv lot 5348_1950 J J
7318 Sale 7234
735
8 37
21
735 United Biscuit of Am del,68_1942 54 N
8
96 Sale 96
1
96
Ontario Transmission lst 55_1945 M N 91 100
94
Oct'32 ____
80 100
United Drug Co (Del) 5s....1953 M S 58 Sale 58
64
105
Oslo Gas & Ni Wks extl 53
1963 M 5 74
77
7812 Oct'32 _--5014 75
6
33
United Rye St List g 4s---1934 J i 33 Sale 3212
Otis Steel it hi 65 ser A __ _ _494 I M S 2912 Sale 2912
317
8 17
15
50
US Rubber 1st & ref 5s ser A 1947 1 J 46 Sale 46
483
4 61
Owens-Ill Glass 5 f g 5s
1939 J J 97 Sale 97
2
97
90
97
United SS Co 15
-year Os. _.1937 64 N 85
2
85
____ 8412
Un Steel Works Corp 6345A _1951 J D 353 Sale 3412
37
4
150
Pacific Gas & El gen & ref 5s A '42 J J 1035 Sale 1023
8
9414 101
4 1037
8 22
Sec at 610 series C
1951 1 D 3412 4012 34
363
4 27
Pac Pub Serv 5% notes
1936 5 5 84
4
93
9514
97
29
78
367 129
8
91
Sink fund deb 634s Fier A _1947 J J
3412 Sale 34
Pacific Tel & Tel 1st 58
1937 J J 10518 Sale 10412 10518 48 a97 10%14
Ref mtge 55 series A
1952 M N 10614 Sale 106
10614
3
963 10614 United Steel Wks of Burbach4
Pan-Am PetCo(ofCal)conv Os '40 J 0 24 Sale 1912
2412 29
712 37l4
Esch-Dudelange at 7s....1951 A 0 95 Sale 94
95
6
Certificates of deposit
-_--19
22
2212 22
1
4
31
Universal Pipe & Bad deb Os1936 .3 0
5
912 20 Dee'31 ____
Paramount-Irway 1st 5344_1951 x J 49
50
50
50
8
34
82
Unterelbe Power & Light 6s..1953 A 0 47 Sale 4712
483
4 23
Paramount-Fam's-Lasky 6s_1947 J 0 24 Sale 23
25
6
13
6076 Utah Lt & Trac 1st & ref 58_1944 A 0 6214 Sale 6214
12
65
Paramount Publix Corp 5345-1950 F A 21 sate 21
24
55
1012 55
Utah Power & Light let 5s._1944 F A
7314 46
72 Sale 7112
Park-I,ex 1st leasehold 6 34s_1953 I J 22 Sale 20
22
3
10
26
Utica Elec L & P 1st s f g 5s_ i950 1 J 10112 105
97
Jan'32 __-Certificates of deposit
., 15
20
18
Oct'32 ____
10
20
Utica Gas & Elec ref & ext 5s1987 J i 10212 ____ 10312 Sept'32 __- Parmelee Trars deb 6s
1944 -_--0 a15 Sale 15
A
16
7
2
2312 UM Power St Light 534s
1917 1 D 3212 Sale 3214
12
34
Pat & Passaic G & El cons 5s 1941 M 5 103 Sale 103
103
1
9914 103
Deb 5s with warrants
1959 F A
28 Sale 28
102
31
Pathe E'xch deb 7s wItil warr 1937 M N 6518 68 06518 a6518
1
49
8012
Without warrants
Pa Co au 3tie coil tr A reg._1937 M 5 7014.... 87 Nov'31 ______
_ _
Guar 334s coil trust aer 13_1941 F A
7114 79
8078 Aug'32 ____
807 - - Vanadium Corp of Am cony 58 '41 A 0 4712 50
8 81
47
4912 12
Guar 334s trust.
ctfs C....1942 J 0 6112 .... 855 Jan'32 ____
8
853 854 Ventilates Sugar 1st ref 7s_ _1942 J D
8
3
4
258 Oct'32 ____
Guar 3945 trust ctfe D...1944 J D 601
Oct'32 __
_ 78
76
807
8
178
--,
Certificates of deposit
5 Sept'32 ____
5
Guar 45 ser E trust ens_ _ _1952 M N 74 4- _- 4 7312 Oct'32 __
863
6518 78
Victor Fuel lot s f 5s
1953.9 J
10
9
9
14
6
Secured gold 411s
1963 51 N 8414 Sale 83
85
51
5514 8512 Va Elec & Pow cony 5345_1942 M S 101 Sale 1003
4
13
101
Penn-Dixie Cement 1st Gs A .1941 M 8 47
49
503o
24
5112 16
60
Va Iron Coal & Coke 1st g 551949 M S 50
50
Oct'32 _ _ _
65
Pennsylvania P & I. It 130_1081 A 0 9114 Sale 9014
92
128
73
93
Va Ry & Pow 1st & ref 544._ _1934 J ..1 1013 Sate 10112
4
5
10212
Peon Gas I.& C let COW16s_1943 A 0 10712 Sale 10718
10712
3 100 101N
Refunding gold 55
1947 M 8 10318 Sale 10114
8
10318
86 104
Walwortb deb 6945 with wan '35 A 0 15
12
21
7
17
M 5 _
Registered
_ _ 96
Apr'32 _ __
96
96
A 0 15
Without warrants
28
23
Oct'32 _ __
Mile Co sec 5s series A
1967 J 0 87i4 Sale 87
88
57
68
90
1st sinking fund (is ser A__1945 A 0 28 Sale 26
30
8
Phila Elec Co 1st & ref 4343.1967 M N 10214 10212 101
9212 103
10212 67
Warner Bros Pict deb (is_ _ _1939 M 5 24
2614 24
25
19
1st & ref 48
1971 F A
947 Sale 943
8
8
9518 83
83
93'4 Warner Co 1st (is with wart.1944 A 0 04114 Sale a39
5
4114
Mita & Reading C & ltdf 58.1973. J 597 Sale 59
1
8
60
17
52
7018
Without warrants
A 0 36
63
54 Aug'32 __
Cony deb Os
1949 M S 513 Sale 50
4
52
29
31
61
Warner-Quinlan Co deb 68_1939 M S 15
183 16
4
183
8
6
1440119s Petrol deb Sits
1
1939 . ID 6812 Sale 6814
693
8 42
45
78
Warner Sugar Rena 1st 75..1941 J 0 105 106 105
10514
3
Pillsbury F1'r Mills 20-yr 66_1943 A 0 9912 Sale 9912 10014 10
90 101
Warner Sugar Corp 1st 75_1939 J J
212 77
8 712 May'32 _
Pirelli Co(Italy) cony 78._ _ _1952 IA N
953 98 10012 Oct'32 ._ _
4
78 10012
Stamped July 1931 coup on '39 J J
212 5
212 Oct'32 ___
Warren Bros Co deb Os
1941 M 5 4114 4412 43
i
45
Pocah Con Collieries 1st a f 5s'57 J J 62
62
68
Oct'32 ___ _
62
89
Powers 1 58-1939
J
Port Arthur Can St Dk Os A_1953 F A 45 74 6312 Oct'32 ___ 497 80 Wash WaterLtg 58 stpd gtd.1950 J D 104 105 105 Oct'32 __
8
J
Westchester
10518 Sale 10518
106
9
Nit 111 (is series 13
1953 F A
50
67 63 Aug'32 _ _ _ _
5012 63
West Penn Power set A 55_1946 M 5 1053 Sale 1053
4
4
1053
4
3
Port Gen Nice lst 430ser C_1960 M 8 573 Sale 5514
8
5712 68
38
6614
1st 5s series E
1963 M - 105
__ 104
10512 16
porttand Gen Elec 1st 58.---1935 J J
9314 Sale 9314
9512 65
837 983
8
4
1st sec Ss series0
1956 J D 105
____ 10412
10412
3
Porto Rican Am'!oh cony Os 1942 i J 2714 3512 30
35
17
1476 4212 Western Electric deb 58_ _1944 A 0 10014 Sale 10014
1005
8 94
Postal Teleg & Cable coil 55_1953 J J
3112 Sale 3118
33
55
14
42
Western Union coil trust
-55_1938 - J 80 Sale 80
1
80
15
Pressed Steel Car cony g 5s...1933 J J 51
55 a51
52
62
40
797
8
Funding .1, real eat g 4345_1950 M N 613 66 2 61
4
,
633
4 11
Pub Serv El & G 1st & ref 430'67 J 0 102 1027 10172 103
8
9114 103
33
15-year 6345
1936 F A
8414 Sale 83
85
24
1970 F A 1005 10214 1015
1st St ref 4348
8
10218 47
91 1027
25-year gold bs
5
1951 i 0 57 Sale 567
8
60
49
1971 A 0 96 Sale 9514
1st & ref 45
96
78
83
9614
30
-year bs
1960 M 5 55
563
60
50
1937 F A
Pure 011 s f 534% notes
723 74
4
70
70
1
ow: 87 Westphalia Un El Power 65_1953 J i 35143 Sale4 55
34
353 128
8 1 5 A% notes
194051 5 7012 Sale 70
5912 S5
18
72
1948 1 J 68
69i2 6912
Purity Bakeries s f deb 5s
Wheeling Steel Corp let 53451948 J J 68 Sale 68
51
79
5
7014
70
9
1st & ref 434s series B
1953 A 0 60
6212 60
5
60
Radio-Ketth-OrPheum part paid
etre for deb 65 & corn stk1937 MN
75
95
88
Oct'32 ____
50 10412 White Eagle 011 dr Ref deb 5 48'37
Remington Arms 1st St 85..1937 M N 70 Sale 68
40
13
7014
8534
With stock purch warrants.... M S
Sale 10258
1023
4 12
52 Sale 52
Rein Rand deb 534e with war '47 M N
28N 7112 White Sew Mach 6s with wart '36 J J 10276
15
57
29__ 2512
2512
3
Repub 1 & S 10-30-yr Es s L.1940 A 0 77
7912 80
Oct'32 ____
45
85
J J
Without warrants
24
-3
5
21
Oct'32 _
51
Ref Sc gen 5348 series A...1953 J J
5118
57
29
65
5
55
Parties f deb (is
1040 M N
24
3712 24
6
25
Revere Cop & Brass 6s ser A _1948 M S 6414 6512 65
44
75
Oct'32 ___
Wickwire Spencer SCI 1st 78_1935 J J
112 ___
312 Feb'32 _ _
Itheinelbe Unions f 7s
1946 J J 42 Sale 42
4512 95
Ctf dep Chase Nat flank _ __ r - - 1476 44
2 Sale
i
2
2
Rhine-Ruhr Water series 6..1953 .1 i 4612 Sale 3638
79(Nov 1927 coup on) Jar 1935 NI 71
4212
12
24
41
2
5
412 Sept'32 ____
Rhine-Weitphalla El Pr 78_1950 M N 56
9
577 5514
8
28
6812
57
Ctf deo Chase Nat Bank._ M N
11
. 418 318 Oct'32 _
1952 M N 4912 Sale 4912
Direct mtge 65
31
51
21
52
Whirl-Overland 516 4e....1933 51 S 6812 74
68
Ort'32 ._ 2
1053 F A 4912 Sale 49
Cons M OS of 1928
I57
r51
183 52
4
Wilson & CO 1st of Os A _ __ _1941 A 0 86 Sale 84
22
87
Con fil 8501 1930 with wa 1955 A 0 4912 Salo 4912
185 5112
8
503
4 67
1944 M N 23 Sale 112114
53 31
Richfield Oil of calif (is
Youngstown Sheet Sz Tube 5s '78 J J 68 sale 6776
23
15
50
69
194 21
M N
Certificates of deposit
1914
22
5
27
4
1st mtge s f 55 ser B
1970 A 0 6712 Sale 6612
6712 19
19551F A
38
____ 38
26
4
MN
Mina Steel 1st 5175
40
* Cash sale. a Deferred delivery. d Union 011.5s series C 1935 sold on Jan 5. 51 000 at 73 -deferred delivery."
Range
Price
Jan. I.
Low
High
90 10312
9742
75
_ _
..
a --87
17
47
66
70
3218
50
40
7()
21
40
23
567
8
47
47
32
114
95
90
42
61
53
93
5012
82
95
8812
847
41
85
593
4
6
42
80
27
73
80
9714
10
48
4118
20
725 99
8
97 8
7
88
918 103
89144 10112
43
7812
9512 1014
66
8912
9774 1053
4
9612 106
64
9312
983 10414
4
82
983
4
10
28
12 8
3
8
1
9814 105
93
39
8576
7112
33
1812
84
75 4
3
3912
10218
66
102
9312
51
391
4
91
9612
68
26
99
9
38
10
25
22
62
10014
32
6612
10
53
51
4276
99
9814
144
9212
490
66
857s
58
22
28
72
135
8
8
147
1012
71
10212
1037
s
48
102
983
4
893
s
9911
93
40
6212
85
4311
4312
4312
83
___
2212
55N
60
07
9812
124
10
9712
-50
82
9112
97
105
5144
48
30
1
17
8
9
89
40
Ms
75
10
55
8
19
101
6918
10212
10
1012
1014
014
30
5314
a14
9712
712
212
21
9576
100
4
963
9412
96
89
50
49
50
36
35
113
8
22
30
37
40
66
67
36
10011
712
0
55
105
10612
10534
1044
10'12
101
8614
80
97
75
7218
4018
40
30
77
65
9612
812
714
818
312
IN
212
N
6I18
6414
44
45
1031 4
2512
21
40
3
12
2
5
81
:
92
s8
75
7914
2806
Financial Chronicle
Oct. 22 1932
Outside Stock Exchanges
Friday
Sales
Last Week's Range
for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Boston Stock Exchange.—Record of transactions at
the Boston Stock Exchange, Oct. 15 to Oct. 21, both inclusive, compiled from official sales lists:
Stocks—
Par.
Railroad—
Boston & Albany
100
Boston Elevated
100
Boston & Maine
1st pre( el A stpd_ _100
Prior pref stpd
Chic Jet & Un Stkyd pd100
Eastern Mass St RY Co—
Preferred B
NY N H & Mulford-100
Old Colony
100
Pennsylvania RR
50
Friday
Sales
Last Week's Range
for
Sale
ofPrices.
Week.
Price. Low.
High. Shares.
99
66
99
99
8535 6654
120
575
25
12
12
24
25
8331 8331
11
25
5
215 234
1534 1734
8545 8515
1444 1635
1434
Range Since Jan. 1.
Low.
High.
Jan
5034 July 130
59 June 7834 Jan
3
12
72
July
June
June
20
690
6
556
131
6
45
654
June
3
June 3194
June 100
June 2354
Feb
Jan
Jan
Jan
55
4,270
125
247
10
Jan
Jan
Mar
26
62
92
Miscellaneous—
Amer Continental Corp—.
5
5
5
Amer Tel & Tel
100 101
101 10814
Bigelow Sanford Carpet. _• 11
11
12
Boston Personal Property_
834 916
Brown Co pref
514
546 834
East Gas & Fuel Assn—
•
7
Common
741
7
415% prior pref
100 6235 6215 64
6% cum prey
100 52
52
55
Eastern s S Lines Inc corn •
5
516
5
Edison Elm Ilium
100 179
178 181
General Capital Corp
1441 15
Georgia Corp Inc pfdelA 20
2
2
2
Gillette Safety Razor- --•
1635 1734
Hathaway Bakeries cl-A.
1145 1154
Hygrade Sylvania Lamp Co 1444 1954 1434
Preferred
53
53
Internal Hydro Elec Co.
634 631
Loews Theatres
ii
7
7
Mass Utilities Assoc v t o..•
234 235
Mergenthaler Linotype 100 20
20
23
National Leather Co__ 10
45
44
National Service Co
28c 40c
NE Gas & Elec 515% pref_ 40
40
38
New Eng Tel & TeL —100 95
98
93
Pacific Mills
100
8
9
8
Reece Buttonhole Mach100
445 434
Shawniut Atun IF ctfs---•
814 7
845
Stone & Webster
•
9
1034
Swift & Co new
845
8
•
8
Torrington Co
• 31
3034 35
Union Twist Drill
10
5
10
United Founders com— --•
146 134
131
25 3544 35
U Shoe Mach Corp
3634
Preferred
25
30
30
Waltham Watch pr pref.. __ ___ _ _ 10% 1034
Warren Bros Co new_ _ —•
454 5
434
I%
7054
6
53-4
2
Apr
915
July 137
June 22
July 1235
June
94.4
Sept
Feb
Feb
Feb
Jan
214
316
186 35
174 28
5
145
254 119
370 10
2
56
432 1034
15 1134
10 10
15 48
2%
30
17
7
270
154
75 1934
31
Sc
300 30c
20 25
163 6514
5
195
4
5
280
334
37.5
434
602
7
155 22
744
10
365
34
1.572 2234
17 2334
20 10
115
45
may 10
June 67
June 70
May 10
June 205
June 21
Apr
854
Jan 2445
Oct 16
June 2446
May 7515
June 1054
June
844
June
344
July 63
44
Jan
1
May
Sept 55
July 118
May 1416
946
June
8
June
July 1734
June 20
June 38
May 13
314
July
June 4031
June 3741
May 35
May
845
Feb
Sept
Jan
Feb
Mar
Sept
Feb
Mar
Mining—
Cons Min Co__25
146
Calumet & Heels
25
Copper Range
25
234
Isle Royal Copper
25
Mohawk Mining
25 1234
Nepplssing Mines
5
North Butte
Old Dominion Co
25
Pond Creek Pocahontas_ __ ___
Quincy Mining
134
Utah Metal & Tunnel._ _1
6,855
27
175
50
620
100
1,055
100
390
440
1,000
37c
131
134
45
9
%
15c
31
4
15
200
SeptMt
May
8
Apr431
245
July
May 1831
Apr
145
June 75e
Arcadian
Bonds—
Amoskeag Mfg Co 68_1948
Boston Consol Gas 58_1947
Can Internatl Paper 613 '49
Chic Jet Ry az Union Stk
Yds 5s
1940
Eastern Mass St Ry—
1948
Series A 414s
•No par value
99c
Pi
314 354
234 244
134 141
1234 1245
1
1
40c 41c
1
1
7
8
134 134
35c 35c
$1,000 40
60
60
1,000 103
103 103
3331 3331 1,000 31
97
Aug
Jan
Jan
Mar
May
Aug
Jan
Sept
Jan
Aug
Jan
Aug
Jan
Sept
Sept
Apr
Aug
Jan
Aug
Mar
Jan
July
Sept
Oct
Sept
Sept
Aug
Feb
Sept
Sept
Apr
134 Aug
June
May
June
Sept
10
Sept
3
650 Aug
June 6534 Mar
Oct103
Oct
June 47
Feb
June
97
97
1,000
81
22
22
1,000
1734 Jan
97
Oct
3141 Mar
Ken-Red Tube & L p cmA*
Kentucky Util Jr cum pf 50
Libby McN & Libby comb0
Lincoln Printing cora_
•
Lion Oil Refining
_*
Lynch Corp common_ ___•
Marshall Field common.'
McGraw Electric corn--•
McQuay-Notris Mfg. com•
Meadow Mfg corn
•
Mickelberry's Food Prod_l
Middle West UM new
_•
Midland United common.•
Convertible preferred..'
Midland U Ill
7% prior lien
100
Mo-Kan Pipe line corn. _5
Monroe Chemical pref w w•
Muskegon Motor Sp c A.•
National Leather corn_ _10
National Standard corn •
Noblitt-Sparks Ind com—•
No American Car com_ •
No Amer Lt & Pow cora_.*
Pines Winterfront corn_
Potter Co (The :corn_ _ _•
Public Service of Nor ill—
Common
100
Common
•
6% preferred
100
7% preferred
100
Quaker Oats Co—
Common
•
Preferred
100
Raytheon Mfg corn
*
Ryerson & Son Inn cow—•
Seaboard Util Shares
•
Sears. Roebuck & Co corn •
Signode Steel Strap pfd_30
So Colo Pew Elec A com_25
Southern Union Gas com.•
Standard Dredging—
Cony preferred
•
Storkline Fur cony pfd. 25
Swift International
15
Swift & Co
25
Union Carbide & Carbon.'
Unit'Amer Util cl A w ay.-•
U S Gypsum
20
U 13 Radio & Telev com_.•
Utah Radio Prod com_
•
Util Ot Ind Corp cora. _ -_•
Convertible preferred. _•
UM Pow & Lt Corp A__ __•
Vortex Cup—
•
Common....
Class A
•
Walgreea Co common..__•
Ward (Monts) & Cool A.•
Wayne Pump cony pfd— •
•
Western Con UM A
Wisconsin Bank She corn In
Yates
-Amer Mach pt pfd.'
Zenith Radio comrnon—.•
10%
34
14
45
15%
2
37
135 1%
50
24
24
20
200
2% 231
200
111 1%
2% 3
100
10
10% 1,800
741 835 3.950
4
4
50
2515 2545
50
200
34
34
5
250
5
34 35 8,150
150
11
3.4
115 145
50
Range Since Jan. 1.
Low.
High.
15 Apr
14 June
34 May
111 Oct
1
June
10
Aug
3
July
244 June
20% June
% Jan
3
July
45 Apr
15 July
1
Aug
2
48
445
14
335
18%
1346
515
35
45
7
7
844
15%
Sept
Juu
Jail
Jan
Aug
Feb
Sept
Jan
Feb
Sept
Sept
Jan
Jail
Jan
Apr
Apr
May
Oct
June
June
Oct
Apr
Apr
May
June
60
2
32%
10
34
2044
2011
6
24
6%
145
Jan
Jan
Feb
Feb
Sept
Jan
Sept
Jan
Jan
Jan
Feb
5
41
2645
3%
14
1135
10%
3%
6
2
1
20
5
450
41
21315
10
335
20
150
35
,
12
150
1541 2,850
3%
100
6
50
2
50
1
150
3
34
1844
3%
34
7%
941
235
4%
1
1
35%
39
60
79
39
41
133%
79
Feb
27
July 115
Jan
22
July 125
49% June 10444 Jan
Jan
July 114
55
7915
107
3%
835
44
1841 18%
4%
415
4
41
41
7934
341
350
150
80
30
81
570
107
90
441 1,450
835
50
46
250
2115 16,000
441
14
4
50
300
1
June 103
June 10715
615
A-pr
May II
145
May
Oct 2116
8
May
Apr 16
215
May
50%
95
15
515
4(
17%
4%
334
14
Mar
Mar
Oct
Sent
Jun
Oct
Jan
Jan
Mar
115
1731
8
2
2
134 135
16% 1846
734 8%
2,250
5.850
1
1%
914
7
Apr
Oct
May
May
4
6%
25%
19
Sept
Mar
Mar
Mar
1111
2515
31
23%
941
%
141
4
4
2834
11
23%
14
1
146
415
4
400
300
300
9,950
350
200
1,300
50
204(
34
10%
5
31
15
2
241
Aug
Apr
June
Mar
Jun
Jan
July
May
82
3
2141
In
145
2%
1135
10
Jan
June
Sept
Sept
Jan
Aug
Feb
Jan
5
515
16% 17
1235 1335
54
57
235 234
1
1
244 3
1
1
I% 1%
250
500
3,000
640
100
100
250
50
200
5
14
815
22
1
15
2
34
46
Oct
June
Apr
July
Apr
July
Apr
May
May
1411
2314
19
73
4%
6
4
1%
234
Jan
Jan
Aug
Jan
Jan
Jan
Jan
Jan
Sept
4034 41
4535 46
4434 45
33
33
41
41
141 2%
35
35
64%
62
16% 1634
y Ex-rights
54,000
2.000
10.000
10.000
5,000
22,000
1.000
16.000
5,000
3315
35
35
33
3414
Si
29
4445
16%
June
5145
64
51%
38
41
38%
35
65
23
Aug
Aug
Sept
Sept
Oct
Jan
Oct
Sept
144
444
4
5
1834
1215
54
1
3
Bonds—
Chic City Rys 5s____1927
Certificates of deposit_
Chicago Rye 181 5s. _1927
Certificates of dep. _1927
Consol Elec & Gas tls 1937 33
Grigsby Grunow 6s... _1936
Insult URI Inv lis.. _ _1940
Lindsay Nunn Pub 65 A '4
Pub Se:v Sub 515s A._1949 6434
Union Elevated 5s____ 1945 1634
• No par value. z Ex-dividend
100
6
Apr
Apr
Oct
June
May
Oct
May
Oct
July
Ex-dividend.
Toronto Stock Exchange.—Record of transactions at
Chicago Stock Exchange.—R?cord of transactions at the Toronto Stock Exchange, Oct. 15 to Oct. 21, both inChicago Stock Exchange, Oct. 15 to Oct. 21, both in- clusive, compiled from official sales lists:
clusive, compiled from official sales lists:
Friday
Stocks—
246
214
150
50
45
35
14
Si
134
1634
10
35
2
1734
834
934
334
41
7215
150
110
100
50
150
10
110
200
1,100
150
5,050
50
4,700
200
800
Low.
1811
9
414
534
1
4
415
lg
334
1
1
44
15
45
44
%
g
7
44
46
954
5
645
144
31
4834
June
May
July
Oct
June
June
May
July
May
July
May
Range Since Jan. 1.
Low.
High.
3131
1815
50
634
1234
35
1831
Jan
Sept
Jan
Oct
Jan
Feb
Jan
554
Jan
1434 Sept
231 Sept
Aug
4
June
131
May 6934
345
May
2
Oct
1335
May
June 55
Apr 14
2
Oct
June
234
July 20
Oct 1494
July 13
1345
May
116
May
June 122
Jan
Jan
Jan
Sept
Feb
Jan
Apr
Jan
Sept
Sept
Aug
Mar
Jan
Sept
Jan
45
794
2
245
15
235
7
31
541
15
33-4
354
June
June
June
June
June
May
Aug
July
June
Apr
July
July
315
2534
854
13
84
13
16
234
1335
241
1134
5
Sept
Sept
Jan
Jan
Jan
June
Feb
Jan
Jan
Sept
Jan
Mar
3
13
514
1054
400
10
150
150
an
1
8
254
53.4
in
May
Oct
May
May
holy
431
18
7
13
22;4
Sept
Jan
Aug
Sept
Mar
Dominion Stores corn_ _ _.• 1731
1731
Ford Co of Canada A__ _ _•
735
741
General Steel Wares com •
145
Goodyear Tire & Rub Pf100
93
Great West Saddlery corn •
1
Gypsum, Lime & Alabast.•
234
Hayes Wheel & Forg corn •
135
Hind°& Dauche Paper- •
215
International Nickel coin.*
815
854
Intl Utilities A8
:
B
2
Laura Secord Candy corn • 39
38
Loblaw Groceterias A ___.• 1144 11
• 1134 1041
B
Maple Leaf Milling pf__100 17
18
Massey-Harris corn
•
341
344
Moore Corp corn
•
831
8
A
100
80
la
100
AO
1751
816
134
94
1
3
154
234
954
8
2
39
113-4
1134
17
4
834
80
02
.6
2,200
1,150
3.750
100
110
20
200
500
350
1,500
50
50
Abitibi Pow & Pa com. •
44
34
100
11( 2
6% preferred
131
Beatty Bros corn
•
7
7
Bell Telephone
100 99
9836 9914
Blue Ribb Corp 636% Pf 50 17
,
17
17
Brantford Cordage 1st pf 25
1744 1754
Brazilian T L & P corn....
844 946
814
•
Brit Col Packers com_
2
2
Brit Col Power A
•
21
2116
Building Products A
•
12
12
Canada Bread corn
•
234 235
Canada Cement corn
•
4
4
Canada Steamship pref.. 100
534
514
5
Canadian Canners com_ •
331 344
Convertible pref
•
6
534 8
1st preferred
100
58
58
Canadian Car & Fdry pf 25 1634 1634 1634
Can Dredging& Dock com•
1234 12%
Can General Elec Pref---50
56
56
• 1045 1054 1045
Canadian Oil coin
Preferred
100
98
98
Canadian Pacific Ry__._25 14% 1434 In%
Cockshutt Plow corn
534 545
•
514
Consolidated Bakeries_ •
346
3
Consolidated Industries_ •
114 115
Cons Mining & Smelting_ 25 68
8734 7336
Consumers Gas
100 173
173 175
Coemos Imp'l Mills pf 100
4715 4734
WWWWWWWWWWWWNOW§WWC
M.. M
NVOWN
001VMO
=MN
N
.. .-.1
V
2
183-4
434
7
343.4
5
734
41
834
114
414
4
17U
Par. Price.
4
22
50
13
80
50
6
650
631
500
135
20
714
15,250
12
600
231
944 18,160
Stocks—
Sales
Week's Range
for
of Prices.
Week.
Low.
High. Shares.
..
Abbott Laboratories. com• 22
22
Acme Steel Co cap
25
13
Amer Pub Serv pref_ _100
6
Asbestos Mfg Co com_ __ _I
515
5%
Assoc Tel Util comtnon._•
114
$6 cony prey a
•
715
Bonilla Aviation corn-- —• 1034
1034
Bloke, Mfg CIA cony pfd..•
215
2
Borg-Warner Corp com.10
8
8
Brown Fence & Wire—
Class B
215
•
234
Butler Brothers
20
241
Cent Illinois Sec Co—
Common
•
%
Central III PS prey
•
33
Cent Pub Serv CIA
44
41
*
Cent Pub Util v t rt corn— 1
41
31
Cent 8 W UM coin new. •
115
Prior lien preferred. •
163.4
Chain Belt Co corn
•
915
Chic City & Con Ry ctfs _•
45
Chicago Investors corn. _ •
2
Convertible preferred_ _• 1755
113
Chi & N W Ity corn. .100
611
644
Chicago Yellow Cab Co__'
93-4
Cities Service Co com _ _._•
335
354
Club Alum Glen corn._ _•
41
51
Commonwea/th Edison 100 72
70
Continental Chicago Corp
•
Common
144
154
• 1735 1734
Preferred
5
415
Cord Corp
415
25
Crane Co common
7
Preferred.
100
3034
5
Curtis MW Co corn
5
716
734
Fitz Sim & Co D & D com •
Great Lakes Aircraft A--•
45
41
•
8
8
Great Laken D& D
111
Grigsby Grunow Co com.•
114
446
Hall Printing Co cam— _10
Harnischfeger Corp corn_*
4
Southall& Hershey Corp—
*
245
Class B
13
Indep Pneum Tool vtc_ •
5
535
Fireman Mfg Co v t c•
Iron
Kalamazoo gtOve COM_ t
1054
I
171.‘
s
Last
Sale
Range Since Jan. 1.
w1...w...4wwWWWW00WWWWWW..WNNOWCWWW
pos.WwNweiNN...-$W..MVWV
MNOWW.-.MN
.c.2 V
N
N
N
M.
-.N
W
Friday
Sales
for
Last Week's Range
of Prices.
Sale
Week.
Par. Price. Low.
High. Shares.
High.
45 Oct
341
1
Oct 10
315 July 1034
76 June 119
834 July 25
1754 Jan 20
734 May 1444
May
I
2
1515 June 28
10
July 20
154 July
4
7
234 July
134 June 1115
144 June
644
9
341 July
40 June 80
1044 June 1835
7 June 17
50
Aug 59
7 June 13
84
July 100
845 May 2234
334 June
831
241 Oct8
5
July
1
25 June 101
142 May 175
40 June 68
13
544
44
70
45
,
2
115
1
4
2
%
36
9
8
8
234
445
82
no
June 2045
June 1644
254
July
June 95
July
13-4
5
June
Oct4
245
May
June 1315
Aug 10
4
July
Aug 40
June 12
June 1141
July 2015
a%
May
June 11
Aug 93
July 97
Mar
Mar
Apr
Feb
Jan
Mar
Mar
Oct
Aug
Mar
Aug
Mar
Aug
May
Apr
Jan
Sept
Mar
Mar
Sept
Oct
Mar
Sept
Jan
Jan
Sent
Oct
Jan
Sent
Mar
Alla
Oct
Aug
Feb
Jan
Oct
sent
sent
Aug
AUg
Sept
Sept
Jan
Aug
Sept
Jan
Jan
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares
Ont Equit Life 10% NI- 100
Page-Hersey Tubes com--*
Photo Engravers & Elec_ _*
*
Pressed Metals corn
Simpson's Limited pref_100
Cons corn_._.*
Stand Steel
Steel Cool Canada com_ _*
*
Walkers, Hiram corn
Preferred
Weston Ltd, Geo
*
Union Gas
Banks.
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
2807
Financial Chronicle
Volume 135'
Cleveland Stock Exchange.—See page 2785.
Range Since Jan. 1.
Low.
4
35
9
5
12
1%
10%
234
9
1611
13.4
1031
21
19
6
9%
2234
100
100
100 165
100
100
100 16234
100 17934
Loan and Trust.
.
Canada Permanent _ _100
Huron & Erie Mortgage100
TS nn I 'Co!
o.
T.nan
ion
* No par value.
5
54
8
1034
21
334
2034
6%
934
2234
511
15
70
25
125
10
20
165
1.057
4,000
25
403
180
16111
165
186
265
161
179
164
165
166%
189
265
164
181
58
17
17
14
4
31
27
166
106
17.5
53%
5
50
8
10%
21
3
19
6
911
22%
534
169
106
175
Aug
June
June
July
July
May
June
Apr
June
Mar
June
40 135
5 93
5 140
121
125
130
150
238
120
120
High.
9
69
1911
1034
5511
5%
24
8
12
23
7
Feb
Sept
Mar
Oct
Jan
Sept
Sept
Aug
Feb
Sept
Sept
191
194
193
225
275
171
193
Jan
Jan
Feb
Jan
Sept
Sept
Feb
July 186
July 108
sniv sin
Jan
Sept
-FA,
July
July
July
June
June
May
June
Toronto Curb.—Record of transactions at the Toronto
Curb, Oct. 15 to Oct. 21, both inclusive, compiled from
official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Stocks—
—
Beath & Son, W D A_ _ _ _5
*
Brewing Corp pref
Canada Bud Brew corn_ •
*
Canada Malting Co
Canada Vinegars com.---•
Canadian Wineries
*
*
Consolidated Press A_
Distillers Corp Seagrams _*
T & Rub com_ *
Goodyear
•
Hamilton Bridge com_
•
Honey Dew preferred_
Humberstone Shoe corn. 5
.
Imperial Tobacco ord- -5
Montreal L H Jr P Cons_ _•
Power Corp of Can com_ •
Robert Simpson pref_ _.100
.
Service Stations corn A_ _*
Preferred
100
Shawinigan Water & P—•
Toronto Elevators corn_ _ _•
United Fuel Invest pref100
Waterloo Mfg A
*
Oils.
British American 011
*
Crown Dominion Oil Co *
Imperial Oil Ltd
*
International Petroluern_ _*
McColl Frontenac 011 corn*
Preferred
100
Supertest Petroleum ord_ •
Preferred A
100
*
"Mayers Ltd met
13%
14
6
3334
13
12
811
3
934
10%
834
13
92%
4
1%
734
13%
14
2
6
6
70
434
10
17
834
3331
10
82
334
25
12%
12
7
1%
4
1%
8
14
1411
2
6
6
73
4%
10
20
811
3434
10
82
334
25
14
13
7
I%
25
20
340
80
40
10
10
168
15
15
10
15
210
209
7
5
65
10
180
76
30
20
8
234
931
1031
834
85
1211
92%
15
834 10,331
520
334
9% 3,838
10%
606
9
65
15
66
100
13
5
92%
15
10
Range Since Jan. 1.
Low.
High.
3 Sept
5
July
1
334
9
634 Apr
914 July 15%
934 May 17
1
May
334
234 Aug 15
331 Aug
734
38 June 84
2
Apr
7
Oct 40
10
15 Sept 21%
6 June
8%
21 June 3914
6 June 18
62 May 82
3 July7
20
Aug 46
734 May 33
7
July 15
3
July 15
1
July
3%
May
June
Jan
Sept
Sept
Sept
Jan
Aug
Sept
Feb
Jan
Jan
Jan
Sept
Sept
Oct
Jan
Feb
Feb
Sept
Jan
Jan
811
2
711
911
7
58
931
90
1414
Sept
Oct
Sept
Sept
Sept
Oct
Jan
Jan
Ma
Oct
Sept
June
June
Apr
July
June
June
Sent
11%
334
11%
13%
11%
68
18%
98
18
• No par value.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Oct. 15 to Oct. 21, both inclusive, compiled from official sales lists:
Stocks—
bales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
25c
Appalachian Corn
* 1934 1934
Arundel Corp
Ches&Pot Tel of Balt pf100 115% 11531
18
Comm' Credit pref B___ 25
72
611% 1st preferred_ _ 100
18
7% preferred
2434 2431
Convertible A
64
Consol Gas, E L & Pwr_ •
107
6% preferred ser D..100
10134
511% pref w 1 ser E._100
9911
100
5% preferred
20c
Consolidation Coal_..100
11
Preferred
25c
20
115%
18
72
18
24%
65
107%
102
99%
20c
11
9
41
10
434
634
5
2%
1834
51
5
9
4234
10
434
634
5%
234
19
51
5%
Fidrnity & Guar Fire Cp_ 10
50
Fidelity & Deposit
Home Credit Co
Houston 011 preferred
Mfrs Finance 2d pref__ _25
Maryland Cas Co
Mtge Bond & Title w 1_ _
New Amsterdam Cas Ins__
Penns Water & Power_ •
U 8 Fidelity & Guar new 10
Bonds—
Baltimore City
48 sewerage !rapt_ —1961
1951
4s annex impt
1951
4s paving loan
48 1944, 2nd school
Botany Cons M (111s flat'34
Consol G E L & P 4.318 1935
United Ry & El 1st 4s_ 1949
Tnonrne
flat
10
1834
5
9934
9934
9911
100
1034 1034
10211
16
9
2
Range Since Jan. 1.
High.
Low.
80 10e June 50c Feb
July 28
Sept
980 14
42 10934 July 11634 Feb
Jan
6 11 June 20
Oct
10 50 May 73
20 1234 July 1931 Sept
20 24 Sept 25 Sept
Aug
129 39 June 70
2 103 June 110% Jan
Jan
17 97 May 107
96 9211 June 1003.4 Sept
100 200 July 75c Feb
Oct
90
5
Feb 11
2
12
34
2
June
May
May
June
Feb
June
Jan
Apr
June
Jun
15
8534
10
7
634
834
3
22
57
8%
Jan
Jan
May
Aug
Mar
Jan
Sept
Sept
Sept
Jan
90
90
93
923.4
1011
9734
1034
114
Jan 100
Feb 99%
Jan 9934
Feb 100
Oct 1034
Feb 10234
June 23
Yuma
5
Oct
Oct
Oct
Oct
Oct
Oct
Sept
Rent
11
49
3
20
82
415
270
175
15
1,270
634
2814
10
2
534
9934 81,000
400
9934
9934
300
100
1,000
1034 1,000
10234 1,000
16
9,000
2
2000
2%
* No pa" value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Oct. 15 to Oct. 21, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
-20
Amer Laundry Mach...
Champ Coated lot pref..100
*
Chttrngold Corp
On Gas & Elec pref_ —100
50
Cin Street RY
50
On & Sub Bell Tel
City Ice & Fuel pref_..100
•
Dow Drug com
•
Formica Insulation
*
Gibson Art corn
Kroger corn
*
50
Little Miami Guar
Procter Jr Gamble new.. •
100
P & G 5% pref
100
Pure 0116% pref
100
Pure 011 8% pref
Richardson corn
•
10
U S Playing Card
•No par value.
13
85
13
85
134
8334 83
714
6211
63
50
50
8
3
9
13
1534
7034
3034 3014
101
51
65
4
1234
13
85
1%
84
711
64
50
3
9
14
1534
70%
31
101
57
65
4%
13
Range Since Jan. 1.
Low.
120
834
7 85
20
%
110 62
4
281
146 49
10 50
50
234
5
15
115 11
4 10
15 68
190 20
5 90
50 40
15 65
14
4
201 10
High.
Mar 1734 Sept
Oct 9514 Jan
Jan
Aug
2
July 9011 Jan
July 17% Jan
Jan 67
Jan
Mar
Oct 63
June
534 Sept
Jan
June 12
Jan
Aug 30
May 18% Sept
Jan
Apr 75
June 4234 Jan
May 102% Jan
May 6011 Sept
Oct
Oct 65
Jan
June
7
June 24
Jan
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, Oct. 15 to Oct. 21, both
Pittsburgh Stock Exchange.—Record of transactions
inclusive, compiled from official sales lists:
at Pittsburgh Stock Exchange, Oct. 15 to Oct. 21, both
r naay
bates
inclusive, compiled from official sales lists:
Range Since Jan. 1.
Last Week's Range for
Stocks—
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
Low.
American Stores
*
3034 3011
Bell Tel Co of Pa pref._ _100 109% 109% 110%
•
Budd (HG) Mfg Co
1% 134
•
Budd Wheel Co
2% 2%
Camden Fire Insurance_50
13
13%
Electric Storage Battery100
22% 22%
10 26
24
Fire Association
26
HOrIl & Hard (Phila)com_*
93
92
Horn & Hard(NY)corn_ * 23
22
23
Preferred
1150 oo
so 00%
Lehigh Coal & Navigation•
934 10
Lehigh Valley
50
14% 17%
1
Mitten Bank Sec Corp pf25
1
1
Pennroad Corp v t c
•
1% 2%
Pennsylvania RR
50
14% 1634
Phila Elec of Pa $5 pref_ _.* 98% 98% 99
Phila Elec Pow pref
25
2934 2934
Phila Rapid Trans 7% Pf 50
5% 634
Reliance Insurance
10
6
8
Scott Paper
• 2834 2811 31
Series A
100 100
100 100
1
Seaboard Utilities Corp_ _
1
1
Tacony-Palmyra Bridge_ _*
32
32
Tonopah Mining
1
%
11
50 10
Union Traction_
10
1034
Ctfs of deposit
10
10
United Gas Impt com new • 17% 1734 18%
Preferred new
* 9234 9234 93
100
275
100
100
300
100
300
50
200
30
300
485
300
8.600
2,900
80
1,300
250
100
40
36
20
57
500
400
100
5,900
270
Bonds.
Ches & Ohio Ry 4%_ _ 1992
Con Trac of N J 1st 58 1935
Phila Elec (Pa) 1st 55.1966
Phi's Elec Pow Co 51181972
• No par value.
1,000 95
9,000 16
6,000 100
3,000 98
95
2034
106%
10534
95
21
107
105%
20 June
96% May
11 API'
1 June
8
July
13% June
% June
74 June
15 June
82 June
511 Jun
514 Jun
% Jun
I June
634 Jun
86 June
2234 Jun
4% June
Apr
2
19 June
72% July
% July
25 Jun
'Is May
7% July
8% July
934 June
70 June
High.
3634
113
334
434
15%
333-4
26
150
28
107
14%
28%
3%
434
23%
9934
38%
18
7
4234
100%
334
35%
34
1734
1534
22
94
Feb
Mar
Sept
Jan
Sept
Feb
Oct
Apr
Aug
Sept
Jan
Sept
Jan
Sept
Sept
Sept
Feb
Jan
Sept
Mar
Oct
Jan
Apt
Jan
Jan
Feb
Sept
Mar
Oct95
Oct
June 29
Feb
Feb10711 Oct
June 106
Oct
Stocks—
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Arkansas Nat Gas corn_ •
234
Armstrong CorpCo*6
634
Blaw-Knox Co
•
7
7
Clark (DL) Candy
13%
1334
Columbia Gas Jr Elec.....
7%
711
Devonian 011
3
334
Independent Brewing___50
50
4
Preferred
534
Lone Star Gas
•
614
634
Pittsburgh Brewing
50
8
714
14
50 15
Preferred
3
Pittsburgh Forging
•
Pittsburgh Plate Glass_25 1434 14
4%
Pgh Screw Jr Bolt Corp.*
5
10
Plymouth 011 Co
Shamrock Oil Jr Gas
•
1
1
* 13
13
United Engine Jr Fdy
weatInghouse Air Brake_ _• 1311 1334
Westinghouse El & 131fg_50 25
25
Unlisted—
General Motors Corp_ _10
Lone Star Gas6% Pref_ 100
634% preferred
100
Pennsylvania RR
50
Pennroad Company v t e.•
Standard Oil of N J
25
United States Steel_ _ _100
West Pffillir Rary v t n
•
*No par value.
134
Ale
Range Since Jan. 1.
Low.
High.
Sept
Jan
Aug
Mar
Sept
Aug
Oct
Oct
Sept
Oct
Oct
Jan
Sept
Aug
Sept
2% Sept
2334 Jar
1734 Sept
5
43% Sept
May
June
June
Apr
June
Mar
Jan
Jan
June
Jan
Feb
July
12% June
234 June
6
Apr
1
Mar
12 May
914 Jan
18
Jan
331
10
10
831
21
9
3%
511
11
8%
15
334
2034
EoM
13
27
33
10
38
451
48
332
7%
42
70
8%
%
2234
2134
July
July
May
June
June
June
July
20
82
78
2334
434
3734
52%
Jun(
Sept
Sept
Sept
AAA
05Z
',Ina
01.4
flaill
234
6
7
7
1434
734
334
534
7%
834
15
3
15
434
1034
111
1434
1334
2931
25
110
25
145
398
25
740
917
3,153
730
570
150
1,728
20
210
285
75
607
1,085
1334
68
72
14%
134
29%
3611
1434
6911
72
16
2%
31
39
Ai/
Al/
1
3
314
534
434
4
2
2
334
3%
6
2
Aug
Sept
Sept
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Oct. 15 to Oct. 21, both inMilwaukee Grain & Stock Exchange.—Following is clusive, compiled from official sales lists:
the record of transactions at the Milwaukee Grain & Stock
Friday
Sales
Last Week's Range for
Exchange, Oct. 15 to Oct. 21, both inclusive, compiled
Range Since Jan. 1.
Sale
ofPrices.
Week.
official sales lists:
from
Stocks—
Par Price. Low. High. Shares.
High.
Low.
Stocks—
Friday
Sales
Last Week's Range for
Sale
OfPrices.
Week.
Par. Price. Low. High. Shares.
•
Briggs & Stratton
10
Bucyrus Erie
5
Firemens Insurance
25c
Hecla Mining
Securities- -10
Insurance
Old Line Life Insuranee-10
•
Outboard Motors B
10
Wis Bankshares
Wh3 Investment A
•No.par value.
834
7%
33-4
1%
8% 814
4% 4%
7% 7%
3% 334
1% 1%
12% 13
54
14
214 2%
134 2%
1
1%
100
100
280
300
100
160
300
825
200
550
Range Since Jan. 1.
Low.
514
I%
411
2
3.4
1034
34
2
1
34
Aug
June
July
July
May
JUIY
July
June
June
July
High.
1011
5%
11%
5
Jan
Oct
Jan
Jan
Jan
20
Mar
1
Jan
4
Jan
211 Oct
1
Jan
Brown Shoe met
100
Common
• 31
Coca-Cola Bottling corn_ _1
•
Corno Mills corn
Globe-Democrat prof-.100
International Shoe pref.
-100
Johnson-S S Shoe Corn. *
Laclede Steel corn
20
Moloney Electric A
•
Mo Ptld Cement corn- _25
National Candy corn
•
Plekrel Walnut corn
• 75c.
Scullin Steel pref
S-western Bell Tel nref.
.100
• No par value.
105 105
30
31
15
15
11
11
105 105
101 101
19
20
11
11
12
12
7
8
634 1311
750. 1
2
2
110 112%
30 102
Aug
July
70 24
19 10
July
100 11
Oct
43 100
July
20 9934 July
80 1211 July
400
6 June
8
10
JUIY
86
5
July
50
3% May
145 750. Oct
12 1134 Am
254 100 June
120
36%
20
16%
10931
105
20
15%
12
15
9
134
434
115
Jan
Mar
Jan
Mar
Mar
Mar
Oct
Mar
Oct
Feb
Mar
Sept
lOct
Mar
2808
Financial Chronicle
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Oct. 15 to Oct. 21,
both inclusive, compiled from official sales lists:
Stocks-
Alaska Juneau Gold Mining
Anglo Calif Nat Sk of S F
Atlas Imp Diesel Eng A_ __
Bank of California N A__ .
Bond & Share Co Ltd
Byron Jackson Co
13%
Calamba Sugar 7% Prcf13%
California Copper
%
Calif Ore Power 7% pref
88%
California Packing Corp _
944
Calif West Sts Life Ins cap.
Voting trusts
Caterpillar Tractor
7%
Coast Cos G & E 8% 1st pf 83
Crown Zellerbach v t c
______
Preferred A
1034
Preferred B
10%
Douglas Aircraft Corp..- ______
Fagool Motors corn
7% preferredSi
Fireman's Fund Indemnity
10
First Nat Corp of Portland
Food Machinery Corp corn
Hale Bros Stores Inc
634
Hawaiian Pineapple
3%
Home F & M Insurance Co
Honolulu Oil Corp Ltd__ _ _
9%
Langendorf United Bak S
Leslie Calif Salt Co
Lyons Magnus Inc A
Magnavox Co Ltd
%
Market St Ry com
North Amer Invest nom_
4
54% preferred
North Amer Oil Cons
33%
Occidental Insurance Co
10%
Pacific Gas & Elec com
27
6% 1st preferred
24%
534% Preferred
Pacific Lighting Corp corn. 383%
6% Preferred
Pac Pub Ser non vot com
______
Non voting preferred._ _
7%
Pacific Tel & Tel corn
783%
6% preferred
Ry Equip & Realty 1st Pref
Series 1
Et J L & Pr 7% or Pref .._
6% prior preferred
85%
Schlesinger & Sons(BF) Pfd
Shell Union Oil com
Sherman, Clay & Co pr pfd 85
Sierra Pac Elec 8% pref.-_
72
Socony Vacuum Corp
Southern Pacific Co
183%
Standard Oil Coot Cant
243%
Transamerica Corp
434
Traung Label Ss Litho Co A
Union 011 Assts
10
Union Oil Co of California_
Western Pipe & Steel Co_ _ _
CO4
.
.. WWN. .
N
...4toNN.NOWN4 .4M.0NNONNW.WW.0.0Q4.140NNNQC21. 00000004WN0WWQq.OW
OWQ
0NNO,...40-40000.000W0040.0.00000.0000000.004,0000N.40N00,M0.0000000
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Oct. 22 1932
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Chrysler Corp
*
Claude Neon Elec Prod_ *
Douglas Aircraft Co Inc_ _•
Farmers&NferchNat Bk100
Goodyear Text Itfilispf..100
Goodyear Tire & Rub pf100
Ilal Roach Studios 8%pf 25
Hancock Oil corn A
•
Los Angeles Gas & El pf 100
Moreland Motors pref _ __ 10
Mortgage Guarantee Co100
1534 15%
7%
'7
13
13
280 280
693% 89%
35
35
4
4
734
734 744
913% 92
,4i
%
15
16
Range Since . 1.
Low.
200
8
334
200
53%
100
5 210
3 82
1 21
170
3
434
1,000
87 66
34
200
35 10
High.
May 203%
June 10%
June 183%
May 300
Apr 77
July 57%
May
5
103%
May
May 100
Mar
1
June 115
Sept
Mar
Sept
Oct
Jan
Mar
Sept
Sept
Jan
Oct
Jan
183% Jan
24% Sept
5% Aug
Jan
162
Aug
4
3% Aug
354 314
Sept
18
1334 13%
% Sept Pacific Finance pref A_ __10
%
%
93% 93%
9% Aug
200
8 June
Jan
101
8444 883%
Fret C
10
8% Sept
8% 8%
300
844 Jan
18% Sept
93% 11%
Pref D
10
8% 834
500
8% Sept
8
Apr
38% 3834
383% Oct Pac Gas& El6% lst pf _ _25
Jan
24
24
200 20
May 26
Oct Pacific Lighting corn. .....5
36
36
38
41% 41%
200 21% May 4534 Sept
Jan Pac Mutual Life Insur_ _10 30
15
7%
9
Mar
30
31%
May 39
800 25
Jan Pac Public Seri/ 1st pref_ _•
98
81
83
Mar
200
834 834
534 June 13
234 Aug Pacific Tel & Tel pret _100
1% 1%
104 104
Oct
May 104
50 87
19
103% 1134
Aug Pacific Western Oil Corp_•
Sept
5
8
500
53
3 June
19
Aug Republic Petroleum Co_ _10
103% 11
1
1
I
144 Aug
% Jan
100
183% Sept Richfield 01lCo com
12% 13
Si
•
li
%
134 July
100
% June
% Jan San Joaq I.& P7% p Pt 100
S4
%
Jan
983% 100
June 108
76 64
% Jan
8% prior preferred_ _100
%
%
Feb
83
83
June 94
10 57
20% Jan Sec First Nat Ilk of L A.25 50% 50
15
15
Mar
51
850 383% June 65
15% Jan So Calif Edison Ltd com_25 253%
10
10
253% 27
700 18% June 32% Feb
Feb
11
7
7%
Original preferred_ __25
Jan
383% 3934
June 43
300 31
8% Oct
8% 634
7% pref A
25 253% 253% 25%
500 21% May 273% Jan
9% Jan
3% 3%
Pref B
25 223% 22% 23
6%
Mar
800 183% May 25
28
Sept
25
25
25 21%
534% pref C
Jan
203% 21%
700 173% June 23
9% 9%
14
Aug Southern Pacific Co_ _100
19% 213%
Jan
1,400
6% June 37
2
Apr Standard Oil of Ca.if
I% I%
• 24% 24% 25% 2.300 153% June 313% Sept
1144 Sept Transamerica Corp
10
10
•
4%
4% 5% 5,700
Sept
7
2% Jan
6
Sept Union OilAssociates_.__25 10
5
5
10
1,100
104
7
July
13% Sept
15 Feb
%
%
%
Union 011of Calif
25 11
11
11%
1,200
7% July 15% Sept
%
.3:
4
% Oct Weber Showcase&Fixlst pf
3
3
200
2% July
5% Mu
4
5
Feb
4
• No par value.
19
Sept
14
14
5% Aug
3% 37%
New York Produce Exchange Securities Market.
133 Aug
4
10% 10%
38% Feb Following is the record of transactions
27
29
at the New York
28% Jan
24
24%
244 Jan Produce Exchange Securities Market, Oct. 15 to Oct. 21,
21% 213%
483% Aug both inclusive, compiled from sales lists:
385 41%
4
Jan
95
90
90
Friday
334 Mar
144
1
Sales
Last Week's Range for
143% Mar
9
7
Range Since Jan. 1.
104
Sale
Mar
ofPrices.
763% 82
Week
StocksJan
Par. Price. Low. High Shares.
112
104 104
Low.
High.
11% Jan
534 5%
8c
I%
Sc
5 June Admiralty Alaska Gold_ _ _1
I%
80
1,000
8c July 23c Feb
5 10c
Jan Andes Petroleum
107
99 100%
8c
14c
Oct
4.000
14c
3c
Jan
1 20c
8534 8535
Jan Bagdad Copper
98
20c 20c
Jan
1,000 200 Apr 700
1
II
23%
Feb Bancamerica Blair
2
2
23%
500
23%
2% Sept
X June
6% 6%
8% Sept Beauharnois Power A_._'
1%
1%
100
134 Oct
134 Oct
1
85
85
85
Oct Como Mines
5c
50
1,000
5c
Oct 19c Mar
•
72
72
76
Feb Continental Shares
Sept
%
%
200
1
41 Oct
1
944 9%
113% Aug Fade Radio
3
334 12,500
334
2
Aug
4% SePt
18% 223%
•
1.10
1.10
373% Jan Fremont Gold
Sept
300 1.10
Sept 1.10
243% 25%
10
*4
%
313% Sept Fuel 011 Motors
% 10,300
Feb
4
44 June
43%
•
244
534
7
Sept General Electronics
2
234 4,200
13% Sept
234 Oct
15
Mar Hendrick Ranch Roy_
1
•
15
15
1
300
% Jan
1% Sept
10
10%
14
Sept Kinner Airplane & NIotor.•
Si
Si
%
Feb
100
1
3% Oct
11% 11% 1
21c 25c
1 21c
153% Sept Intl Rustless Iron
1,500 15c June 42c Feb
10
20
Feb Nat'l Liberty Insurance. _2
103%
3% 3u
100
234 May
434 Mar
Petroleum Conversion_ _5
13-4
1%
200
I
June
33-4 Feb
1
50c 50c
Los Angeles Stock Exchange.
-Record of transactions Sherritt Gordon
500 25c
Apr 63c Sept
%
44
1
6,400 31c Sept
Jan
2
at the Los Angeles Stock Exchange, Oct. 15 to Oct. 21, Shortwave & Television._I
•
Sylvestre Util A
1%
144
300
% may
144 Sept
•
B
2
both inclusive, compiled from official sales lists:
234
200
2% Oct
2
Oct
Western Television
1
Si
Si
200
% Oct
23% Jan
Friday
Sales
21c 25c
Zenda Gold Mines
1
8,000
Sc Feb 25c Sept
Last Week's Range for
Range Since Jan. 1.
Sale
Week.
ofPrices.
Bonds
StocksPar. Price. Low. High. Shares.
High.
Low.
Louis Geo Explor 7s_ _1935
70
1
70
52,000 70
Mar
Mar 70
1941
22
It IC 065W 1
22
4.000 19
Oct
Oct 22
2
Base Chica 011A
2%
5% Sept
141 Apr
10
600
• No par value.
4444 44%
Jan
Bway Dept Store pref _.100
July 55
25 30
w
.
w.o b'mb.
w
..00wl.w..0 w
.1.z..... CO CO
4.w
12
12
2134
21
4
4
1
145% 145%
2% 2%
June
8
153% Aug
1% June
May
99
June
1
44 June
8% May
44 Jan
June
65
441 June
July
30
July
30
4% May
70 June
June
1
834 May
8 June
Oct
11
% Feb
*4 Mar
10 June
Mar
8
4
May
6% Oct
3% Oct
May
13
43% May
1
may
834 Jan
2% Jan
Si Jan
% Oct
July
2
5 June
2% June
5% May
18% June
19% June
17% June
213% May
633% May
% May
5 June
58% June
May
85
3% July
1
July
63 June
58 June
I
May
2% Apr
40
Apr
July
54
5% May
6% June
153% June
2% Jan
Mar
13
July
7
73% July
7
July
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 (Oct. 15 1932) and ending the present Friday (Oct. 211932). 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.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week Ended Oct. 21,
Stocks-
Indus. & Miscellaneous.
Aero Supply class B
.44
Mum puni Co commun. .• 5144 51
6% preferred
100 513-4
5134
Aluminum Ltd corn
•
8
8% preferred
100 35
35
Amer Austin Car corn_ ___•
44
%
Amer Beverage Corp..... •
5%
5
American Book Co_ _100
55
Amer Capital Corp33 preferred
•
734
734
Amer Cyanamid corn 13.•
434
434
Amer Dept Stores Corp •
%
1st preferred series A_100
334
Amer Electric SecuritiesNew Part pref
I
234
Amer Equities Co
3%
3%
•
•
Amer Founders Corp
1%
1%
1
Amer Investors corn
23
%
234
Amer Laundry Mach
123%
American Mfg Co pref_ 100 48% 4834
American Transformer_ •
2%
•
Armstrong Cork
544
Assoc Rayon common_ _ _ _•
2%
234
Atlas Utilities Corp etna__•
6%
854
• 34
$3 preferred A
34
Warrants
2%
234
Auto Voting Mach com_ •
234
55
Axton-Fisher Tobacco A 10 56
33
100 33
Babcock & Wilcox
1 Beneficial Industrial Loan* 113411%
Blue Ridge Corp2%
•
Common
251
29
50 29
8% opt cony pre(
4
•
Bourinis Inc
%
*
Bridgeport Mach
4%
•
Brill° Mfg com
11
Bulova Watch $314 pref..
•
Burma Corp.1%
Amer dep rots reg She.
20244
Butler Bros
•
10%
Carnation Co com
61.c
Range Since Jan. 1.
Low.
High.
July
MS%
July
Oct
June
Jan
Jan
Oct
244
00
66
42
39
34
8
82
Feb
Sept
Aug
Sept
Sept
Sept
Oct
Oct
2% May
154 June
si Jan
2 June
83%
8%
%
10
Mar
Sept
Mar
Mar
234
13%
Si
144
834
423%
1%
3
*4
43%
32
1
144
30
20
8
Oct
June
June
June
May
Feb
Jan
May
Apr
Jan
June
June
May
July
July
July
5%
334
gh
3%
18
54
2%
9%
4%
113%
40
43.4
33%
56
45
12%
Oct
Aug
Aug
Aug
Jan
Aug
Oct
Sept
Sept
Sept
Aug
Sept
Sept
Oct
Mar
Oct
434
11
900
1.100
100
200
'200
100
*4
1634
1%
*4
434
5%
May
July
May
Aug
June
Apr
4%
33%
434
1%
8%
14%
Aug
Sept
Sept
Feb
Sept
June
13.4
234
11
61.4
300
100
200
150
154
*a'
6%
2%
Aug
Apr
June
June
234 Sept
374 Aug
Jan
18
12% Aug
%
5754
52
834
3534
34
7%
82
500
480
100
1,000
200
400
5,500
20
7%
4%
54
3%
400
2,500
800
100
4%
344
1%
244
123%
483%
23%
5%
2%
7%
35
3
234
58
3434
11%
1,100
600
1,800
300
25
100
25
200
100
7,800
700
1,100
100
300
175
300
3
293%
4
o‘.
44
22
3334
8
23
44
2%
55
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Celanese Corp 7% or pf 100
51% 52
125 17
Oct
July 59
Celluloid Corp corn
2
•
2
100
I% Aug
534 Sept
234
Centrifugal PIP° Corp.--•
234
214
200
of Feb
134 July
CitIcli service common_ __.
344
334
53-1 32,100
1% Mal
8% Feb
Preferred
• 20
20
500
2154
10 M ay
53ts Mar
Claude Neon Lights
I
44
1
600
Si Jun(
13% Jan
Columbia Pictures
•
936
9% 936
100
434 May
Aug
15
Consol Automatic Merch_•
h
34
500
% Sept
III Feb
Continental Securities_ •
134
I%
200
h Aug
154 Oct
Continental Shares Inc
Converted nreferred_100
1
300
34
434 Aug
h July
Cooper-Bessemer Corp.
$3 pref A with warr_ _100
554 534
334 June 10
Sent
100
Cord Corp
5
444
434 434 3,000
2
Mat
834 Sept
Corroon Reynolds Corp
Common
134
•
13-4
200
1
June
23% Mar
Courtaulds
Amer deP rcts ord reg_ 21
554 53%
200
4% June
644 Sept
Crocker Wheeler Elee..._.•
5
5
5% 1,300
134 June 1034 Aug
Crown Cork Internet A- •
3
334 3,000
134 Jan
3% Sept
• 1034
Deere & Company
9% 12% 30,100 854 June 1734 Sept
1/e Forest Radio corn_
•
%
Si
400
44 June
1% Jan
Detroit Aircraft Corp_ ..- •
sri
lit
54
1,900
I" Aug
44 Feb
Driver-Harris Co
53% 5%
10
400
11% Sepi
134 Jan
Dubiller Condenser Corp_ I
*4
%
800
44 July
134 Sept
Eisler Electric Corp
•
174 2,800
134
1%
% June3
Sept
Elect Power Assoc corn_ •
5%
100
534
9
Aug
234 June
Class A
•
5% 6
500
0
Aug
234 June
Electric Shareholding-$8 prof with warrants.• 4434 44% 45
300 19
Mar 543%Atm
Ex-Cell-0 Aircraft & Tool*
3% 3%
200
23.4 Aug
374 Oct
Fairchild Aviation Corp. •
134
144
300
24.4 Sepi
44 June
1% 1%
Far/steel Products
Jar
100
% July
2
Federated Metals
: I734 16% 12% 3,000
17% Oct
4
June
Federated Capital Corp_ •
3
Jar
100
51
% Feb
X
Flat Am dep rcts
844 9
Ocl
200
5
May
9
First National Stores Inc
106 10844
7% Pit preferred_ _ _100 108
.
300 100
May 10844 Sept
•
Fisk Rubber new w 1
244
2% 2% 4,800
234 Sept
33-4 SePI
Pref new WI
2034 24%
100 22
1,600 19% Sept
V% 8091
Ford Motor Co LtdAmer den rcts ord reg_£1
37.4
3%
234 ela/
63 Jail
434 12,900
•
Ford Motor of t 'an cl 4 _.
744
mar
15
May
5
1.100
734 7%
Volume 135
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par. Price. Low. High. Shares.
Financial Chronicle
Range Since Jan. 1.
Low.
High.
•
1
134
14 Jan
400
General Alloys Co
3
Apr
500
General Aviation Corp---•
234 3
154 June
534 Sept
Gen Elee Co (Gt Britain)
200
534 June
Am dep rots ord reg.-51
eh 654 634
831 Mar
Gen Theatres Equipment•
34
34
34
100
% June
$3 cony preferred
I% Jan
• 1234 1014 1234 1,000
Glen Alden Coal
6 June 2334 Sept
334 334
300
Globe Underwriters Exch 2
3 June
5 Sept
Goldman Sachs Trading-.
7,300
3
1 June
5
234 3
Aug
Gold Seal Else
1
14
94
34 17,700
34 July
34 Oct
Gt Atl & Pao Tea140 145
Non Tot corn stock_ ....• 141
80 10331 May 188 Sept
*
734 711
Grelf Brothers
100
734 Oct
934 Jan
Greenfield Tap & Die-.
134 114
100
1
Aug
234 Sept
14
HaPPIness Candy Stores_ •
34 May
14
200
14
% Sept
10
9
100
9
9
Heyden Chemical
614 May 10
Aug
434 June 1134 Mar
Hydro Elec Securities.--•
400
554 6
Hygrade Food Producta-•
3
3
100
134 June
434 Sept
35
35
Insurance Co of No Am10
100 1834 May 40
Mar
34
Inauranee Securities ___ _10
% 154 1,300
% May
234 Sept
Internatl Hold & Invest__*
154 134
100
34 Jan
134 Oct
Interstate Equities Corp.'
34
as,, Apr
34
300
114 Feb
• 1334 1334 1434
83 cony preferred
300
5 June 1634 Aug
•
6
Irving Air Chute
534 634 1,500
2 June
8 Sept
•
14
Jonas & NaumburR
14
300
34 Aug
134 Sept
.
23,4
234 234
Kelly-Spring Tire new _ _ _5
200
2
Oct
434 Aug
•
New preferred
8
8
8
100
8
Oct 1431 Sept
.•
134
Lakey Foundry & Mach .
154 154
100
34 May
234 Aug
.
Letcourt Realty Corp_ _ _.
114
134 134
100
I
May
6
Feb
• 10
Lehigh Coal & Nay
10
10
500
554 May 1434 Sept
•
Lerner Stores Corp
334 334
100
2
JUIY
734 Feb
LOU18111118 Land & Expl__-•
1
1
1
1,800
234 Sept
11 Mar
Mengel Stores Corp134 134
134 Oct
034% pref. with warr 100
720
5
Jan
7,,
Mavis Bottling class A __I
500
14 July
%
% Aug
Mead Johnson & Co com.• 40
40
300 2934 July 61
Mar
4034
Miss River Fuel warming_
3
3
100
3 June
6
Mar
Moore Corp 7% pref A-100
7134 7134
Aug 7134 Oct
20 60
Morison Else Supply____*
34
34
100
34 July
2
Feb
Murphy(GC)Co
•
18
100 18 May 23
18
Apr
National Amer Co
•
14
34
200
14 Oct
314 July
National Aviation
254 Jan
•
514
534 534 1,100
634 Sept
Nati Hellas Hess com____I
134
134 134 9,100
134 Oct
23,4 Rept
Nat Bond & Share Corn-. 2534 2534 253,4
100 18 June 30
Sept
Nat Food Prod class A' 134
134
134
100
% Apr
134 Sept
Nat Investors corn
1
200
1 June
334 33,4
434 Sept
Warrants
2
34 June
234 1.200
254 Sent
Nat Rubber Mach
•
334
134 334
500
134 July
35 Mar
Nat Service Cos
*
14
14
100
% Jan
74 Sept
Nat Steel Coro warrants_
20
iis July
154 Jan
23,4 234
New Max & Arizona Land I
%
34
400
% May
134 Sept
New York ShipbuildingFounders Shares new__1
234
234 254
20
234 Oct
234 Oct
Niagara Share of M0 cl B 5
6
100
6
4 June 1234 Aun
Noma Electric corn
•
2
2
200
2
2
Apr
314 Jan
Northam Warren pref___•
3134 3114
100 26 June 3754 Mar
Outboard Motors el A pt.
•
700
134 May
13,4 134
234 Jan
Pan Amer Airways ----10 2334 2334 2334
200 1334 July 30
Sept
Parke. Davis & Co......*
16
400 114 Apr 19
1614
Jan
Parker Pen Co com___10
314 314
100
334 Oct
334 Oct
Parker Rust-Proof cum ___•
2814 2834
50 14
Aug 55
Mar
Pennroad Corp corn v t e__•
174
45,4 Sept
134 23,4 13,300
1
June
Pennsylvania Salt
50
3234 3234
100 3214 Oct 37
Jan
Phillip Morris Cons cl A 25
19
19
100 14 May 25
Sept
Philip Morris Inc
10
1,100
2 June
434 Mar
234 3
Phoenix SecuritiesI
Common
iris
iii
300
71, July
13(Sept
$3 pref ser A
10 1034 1014 1134
400
8
July 12
Aug
Pilot Radio & Tube class A.
174 234
800
23,4
34 Jqne
334 Jan
Pitney-Bowea Postage
Meter
374
334 4
•
1,200
154 June
53,4 Sept
Pitts Bess & Lake Erie_50
2834 29
100 2054 Aug 29
Oct
Pitts & Lake Erie com_50
50
50
50 18 May 51
Aug
Pittsburgh Plate Glass_25 14
lan 1454 500 1254 June 1914 Sept
Pratt & Lambert
•
12
12
100
9 June 19
Jan
Prudential Investors
•
4
800
July
434
2
754 Sept
Pub Utll Holding com-Without warrants
34
•
h July
34
34 1,200
134 Sept
Warrants.
Irst Apr
500
34
114 Aug
14
34
Pyrene Mfg corn
10
234 214
800
ag Apr 234 Aug
Quaker OatsCommon
• 8034 8034 sox
10 55 June 102
Mar
Railroad Shares
34
•
200
34 May
114 Aug
51
Rainbow Lumln Prod el 13•
corn__34
14 June
34
800
34
134 Sept
Reliable Stoma corn
114 Oct314 Jan
•
134 134
100
Reliance Internal corn A...
234 Oct
2
2
34 June
600
234
Republic Gas Co
•
34
34 Apr
14
200
% Jan
Reynolds Investing
•
14
14
100
1
LH Jan
Sept
Royal Typewriter
•
7
100
7
234 May 10 Sept
Ruberold Co
*
200 14 May 38
189,4 209-4
Feb
Ryerson & Sons
100
7
7
7
Apr
914 Feb
Safety Car Heat dr Lt--100
25
225 1231 June 40
25
Sept
81 Regis Paper com....10
I% June
334
834 Sept
334 454 3,600
7% pref
30
20 1434 July 50
100
33
Apr
Seaboard Util Shares__ --•
34
400
14 May
134 Aug
34
Securities Allied Corp....
734 734
200
4% June 10
•
Aug
Segal Lock & Ilardware-•
600
h
h
54 June
34
2
Jan
Selected Industries Ina-Common
I
134 131 1,700
134
14 June
3
Aug
$5.50 prior stock new_ 25 40
200 2834 June 57
40
40
Sept
Selfridge Provincial StoresAmer dep rec
el
114 114
34 July
200
134 Sept
Shenandoah Corp-Common
•
334
300
34 June
431 Sept
35-4 334
6% cony pref
50 1835 1834 19
700
434 June 2454 Sept
Sherwin- Williams com 25
22
225 20
July 2434 Jan
233.4
Silica Gel Corp v t o
•
34
h 4,900
34 Apr
3 Sept
Sieger Manufacturing_100 100
9834 103
160 75 May 138
Sept
Singer Mfg Ltdretaord reg shst1
Am dap
1
1
100
1
Oct
2
Jan
• 20
20
25
250 11
July 59
Smith (A 0) Corp
Jan
Southern Corp corn
•
134 15-4
500
I
Mar
254 Sept
Spanish & Gen'l Corp LtdAm dep rcta ord bearer ah
14 Feb '
100
%
Yr
34 Jan
Starrett Corporation
•
34
Common
%
300
34 Mar
114 Aug
Stinnes(Hugo) Corp
100
*
34 Jan
134 134
134 Oct
stilts Motor Car
• 10
9
700
1134
834 June 24
Sept
*
Sun Investing com
234 254
300
I
May
334 Sept
8
Cu
. .25
8
Swift &
7 May 22
83-4 2,900
Mar
1814 2,500 10 May 26
Swift Internacional- -15 1754 17
Mar
Taggart Corp nom
•
2
2
2
1,000
I
May
4
Feb
•
Tastyeast class A
34 June
% Feb
h
sis 2.200
gen
Technicolor Inc com.___•
34 June
331
514 Aug
33,4 334
Tobacco & Allied Stocks..* 20
20
21
200 1534 June 26
Sept
Tobacco Prod of Del
1
34
14
34 1,900
)f May
% Sent
Tobacco Secs Trust Ltd12
Am dep rins ord reg
12
300
734 June 12
Oct
•
10
1054
Todd Shipyards
200 10 May 1814 Mar
Tmnscout Air Trans.___*
134 June
454 Sept
33.4 334
900
354
Trans Lux Daylight
2
Picture Screen new.._.1
2
214 1,400
134 Oct
254 Oct
Trl-Continental Corp
13,4
Warrants
34 May
314 Sept
134 134 1,700
TUblze Chatillon corn-..I
5
514
34 June 14
200
Aug
United-Carr Faatener____•
234 214
100
154 Max
334 Jan
United Dry Docks
14
14
500
14 May
34 Jan
.
354 Aug
134 17-1 10,300
hi May
154
U nited Founders cora.- •
25 3554 3554 3634
450 213.4 June 4034 Mu
United Shoe Mach
14 June
34
United Stores Corn v t a •
34 2.200
44 Jan
2809
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Litre. High. Shares.
U 8 & Intl Securities-Common
•
34
LI 8 Playing Card
10
El(3 Stores Corn
14
utility Equities corn
•
'Utility dr Indus corn
*
134
Preferred
•
Van Camp Pack 7% pref-25
Vick Financial Corp__ ---5
Vogt Mfg
Corp* 13
•
Waigreen Co corn
Walker (H) Gooderham &
•
Worts common
534
•
Cum preferred
834
%
Wayne PUMP CO Cam_ __ _•
Westvaco Chlorine pref 100 50
West Va Coal & Coke_
•
Williams(R C)& Co
•
Woolworth (F W) LtdAmer dep rcts for ord she 1034
Public Utilities
Alabama Power 27 Pref.-. -----Am Cities Pow & Lt New Cony class A.- _25 2934
New class B
1
434
Amer Com'wealth PowerClass A Mammon
•
Amer & Foreign Pow warr.
5
Amer Gas & Elec com____• 2731
Preferred
Amer L& Tr com
25 1734
Am Superpower Corp com •
45,4
•
First preferred
$6 cum ul pref_ .. ....• 36%
Appalachian El Power
*
57eum pref
Assoc Gas & Elec com_•
•
Class A
2
• 15
$5 preferred
Warrants
•
AWN:Tel Utilities
100 8934
Bell Telep of Can
834
Brazilian Tr L & P ord.-.•
Buff Nlag & East Pr $5 P-•
Cables & Wireless Ltd
Am dep rcts A ord shs_ 21
Am dep rcta B ord ohs_ £1
Cent Ilud G & E com vtc_•
•
Cent Pub Sere corn
Class A
•
34
Cent States Elea coin- •
3
100
Cony pref
Cities Serv P & L 58 pref.' 21
*
57 Preferred
Cleve El Blum corn
•
Columbia Gas dr Elee100 85
Cony 5% pref
Commonwealth Edison_100 7234
Common & SouthernCorp
,
Warrants
34
Conant0 E L&P Balt com• 6334
Consol GAS Util el A
•
Duke Power Co
10 53
East Gas & Fuel Assoc.-.
634
East States Pow corn B__•
East Util Associate,
•
Cony stock
Edison El Illum (Bos)_ _100 180
Elec Bond &Share new nom5 2231
• 4134
$5 cumul pref
• 4634
$6 preferred -- -- _,
.
Else Pow dr Lt ware
334
Empire Gas & Fuel
100
834% preferred
100 15
7% Preferred
100
8% preferred
Florida P & L $7 pref____. 3534
Gen 0 & E $6 pref 11• 15
Gen Pub Serv $6 pref....' 38
Georgia Pow $6 pref
• 66
Hamilton Gas corn v t c 1
•
Illinois P & I.$6 pre!
Internat. SuperPower
1 1234
New com stock
114
Internal Util cl B
•
Warrants
Italian Superpower A......*
134
Long Island Ltg100
7% preferred
154
Marconi wire!T of Can-1
Mass Util Assoc vtc
•
Memphis Nat Gascom___•
Met Edison $6 pref
• 75
Middle Weit, Util corn...'
*Is
$6 preferred series A_•
Mohawk & Hud Pr 1st pf.•
Montreal L II dr Pow corn•
National P & L $11 4611....• 6534
Nev-Calif Else com lea
New England Pow Assn
_1110 5134
6% preferred
NY Telep 614% pref__100
Niagara Bud Pow
New Corn WI
15 1434
Cl A opt wan new
34
Pacific G & E 8% 1st p125 2454
Pa Water & Power Co....• ______
Puget Round Per L $6 pf..•
$5 preferred
• 4514
Ry & Lt Secur com
•
934
Shawinigan Water & Pwr•
Sou Calif Edison
334% pre class 0.---25 2114
Sou Colo Pow el A
25
4
Sou New Eng Tel Co..100
SolVest Bell Tel 7% Pf- 100
So'west Gas Util corn.'
Standard P& L com
•
Common class B
•
Preferred
Swiss Amer Elec pref
37
Tampa Electric
•
Union Gas of Can
com___•
United Corp warraaa.---314
United Gas Corp corn....'
23-4
Pref non-voting
• 29
Option warrants
"is
United Lt & Pow corn A •
.
451
$6 cony lit pref
• 1834
U s Elec Pow with warr_ •
1
Stock porch warrants__ ___ _ _
UM Pow & Lt corn
•
2;4
• 6
ClassB v t c
West Massachusetts Cos.. 33
Former Standard 011
Subsld Mines
Chesebrough Mfg
25
Imperlat oil(Can)coup--•
Registered
•
854
834
Range Since Jan.l.
Low.
High.
%
34
12
1234
14
34
2
2
134 134
334
334
34
%
434 5
234 234
13
1334
700
375
200
100
100
600
100
1,300
100
400
%
10
34
14
1
334
%
314
254
834
Jan
June
Oct
July
June
On
May
May
May
Apr
13(
23
1
434
334
554
234
654
5
1834
Sept
Jan
Oct
Aug
Feb
Oct
Jan
Sept
Feb
534
834
%
h
50
50
34
34
534 534
400
400
200
25
200
100
234
8
34
42
34
434
May
June
July
Aug
Jan
July
834
834
1
6634
34
Ion
Aug
Aug
Jan
Mar
Feb
Mar
1,700
734 Jan
1034
Oct
20
5134 July
93
Jan
200
2,600
1934 July
114 July
3934 Aug
834 Sept
34
10
4134
9114
2454
1054
7234
48
534
834
1034 1034
75
75
2934 2934
434 43,4
Aug
14
5
27
86A
1734
454
5834
36
14
100
6
2,300
2934 13,500
8634
100
1834 1,300
534 27,800
100
5834
300
3634
14
134
1434
60
10
134
2834
9
May
Apr
June
July
May
June
June
June
90
2
2
1214
"is
134
8934
834
87
90
2
234
15
'is
194
8934
874
87
30
100
4,300
60
300
200
25
1,500
100
8234
14
1
8
lst
I
6834
7
71
July 9314 Sept
7
June
Feb
July
534 AMC
Aug 59
Jan
Mar
II, Aug
July 1134 Jan
July 100
Mar
May 1334 Mar
June 88 Sept
14
34
1334
34
ii
234
18
21
25
29
34
34
1334
34
1
334
19
21
25
29
200
100
100
200
900
6,300
75
50
50
100
'is June
'is May
12 June
14 Feb
14 JULY
114 May
454 May
14 June
11 May
19 June
x8434 x85
71
7334
75
600
'Is
14
62
6614
134 134
50
5334
634 754
3
3
7,400
1,100
100
150
400
300
1
34
16
4
33,4
6%
40
50
56
35
Jan
Sept
Sept
Aug
Aug
Aug
Aug
Aug
Oct
Sept
Jan
Jan
Jan
Sept
Sept
Jan
Jan
Aug
40 May 10834 Sept
4934 Jell' 12
2
Jan
1
8934
33,4
7314
854
8
Aug
Sept
Aug
Mar
Mar
Sept
534
May
May 195
June 48
July 5934
May 87
May
734
Oct
Mar
Aug
Aug
Aug
Aug
June
May
May
July
July
May
May
May
JUne
22
4654
5214
7951
25
50
82
1
8334
Aug
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Mar
414 July
34 July
'is MAY
34 June
15%
334
34
434
Sept
Aug
Sent
Aug
50
34
114
194
35
14
1
5634
2034
35
15
July 101
214
May
May
33.4
514
July
June 80
Apr
7
Aug 5134
June 9314
june 3434
June 8034
Oct25
Mar
Sept
Aug
Jan
Aug
Jan
Jan
Mar
Sept
Sept
Apr
12
98
June 5954 Jan
June 11534 Sept
714
34
19%
35
2734
31
4
oi
July 20
134
June
Jul
2631
June 5834
Oct54
july 5514
July 20
May 2034
Aug
Aug
Jan
Sept
Feb
Apr
Jan
Sept
213,4
800 1734 June 2234
4
100
2
Apr 15
109
10 80 june 109
11314
400 100 June 115
is
34
% Ma
200
34
83.4 854
300
6
Apr
20
11
11
100
63-4 Apr 20
40
40
150 20 June 70
37
37
150 2534 Aug5434
25
26
300 18 Jun
32
434 451
8
300
134 june
39-1 354
600
134 June
6
234 25,4 9,000
34 May
434
28
31
1,200
834 June 55
34
% 1,500
134
sir May
454 534 5,500
914
154 May
183,4 2034 1,900
834 June 5354
1
134
500
1.4 June
254
14
14
100
Ii Apr
%
2
23,4
434
3,100
34 May
.
6
6
100
134 July 15
33
33
25 19
JulY 3511
Jan
Jan
Oct
Mar
Jan
Jan
Jan
Aug
Mar
Jan
Sept
Sept
Aug
Jan
Aug
Aug
Jan
Aug
Aug
Sept
Aug
Sept
454
178
2231
4134
4834
334
16
15
195,4
3551
1334
38
66
•ir
38
434
200
114
60 135
180
5
2834 240,300
4234
800 1634
4934 1,000 19
100
334
114
16
1734
20
3534
15
38
683.4
.i
38
25
400
150
25
600
30
100
400
50
1234 133-4
214
1
Si
31
154 134
1,800
4,900
100
700
83
134
214
334
6034
34
2
8731
303,4
6534
15
85
134
234
334
80
14
2
88
3034
6754
15
40
1,400
100
200
1,100
1,300
100
200
100
600
10
5134 52
11434 11434
150
125
1454
thr
2394
5014
28
4534
93,4
1234
elm
3731
34
31
274
%
1534
I
2434
5014
29
4534
931
123,
4
3,600
800
500
100
30
20
50
300
1034
6
7
25
334
1034
47
h
21
June
June
Aug
July
June
June
21
4
109
111
79
79
854 83,4
851 854
100
1,400
100
53 June
634 June
696 May
Mar
90
1034 Sent
1054
2810
Financial Chronicle
Friday
Sates
Last Week's Range for
Former Standard Oil
Sale
Subsidiaries
Week.
of Prices.
Par Price. Low. High. Shares.
Conciuded)
5
New York Transit
Penn Meg Fuel new cora
25
South Penn Oil
Standard Oil (Indlana)-25
10
Standard 011 (Ky)
Standard Oil (Ohio)corn 25
Other 011 Stocks
Arkansas Nut Gas corn_ _ ..•
Corn ,lass A
•
Preferred
100
Atlantic Lobos 011 pref__50
Carib Syndicate
35e
Colon Oil Corp corn
Columbia oil & Gas•t s.•
Consol Royalty Oil CO._10
Creole Petroleum Corp__ .•
Crown Cent Petroleum_ •
Gulf(MCorp of Penna. _25
Indian Terr IIlum 011
•
Non vol class A
Class B stock
•
Intercont Petroleum
5
International Petroleum_.•
Kirby Petroleum
•
Lion 011 Refining
•
•
Lone Star Gas Corn
Nlexico-Ohio 011 Co
Middle States Petrol
Class A vtc
•
Class 13 vtc
•
Mo-Kansas Pipe Line _-.5
klounsein Prod ucers____10
National Fuel (las
•
Pacific Western Oil
Pantepee Oil of Venez •
Pure 011 Co 6% pref___100
Salt Creek Prod Assn __1l)
Southland Royalty new...5
Sunray Oil
5
Tenon (Ill & Land
•
Union 011 Associates____25
Wood ley Petroleum
1
'•Y" 011 & Gas Co
•
Mining Stocks
Bunker 11111A Sullivan..10
Bwana M'Kubwa Copper
American shares
Comstock Tun & Drain _l
Cresson Consol0 M & M .1
Coal Mexican Mining_ 50c
Evans Wallower Lead_
•
Hecla Mining Co
25
Hollinger Consol0 M_ _5
Iliad Bay Min & smelt__
4
Kerr Lake Mines
Lake Shore Mines Ltd__
•
Mining Corn of Can
Newinont Mining Corp 10
New JeNey Zdne Co
21
NY&Honduras Rosario_ 10
Nipla9ling Mines
5
Ohio Cormet Co.1
Pacific Tin special stock__•
Pioneer Gold Mines Ltd_ _ I
Premier Gold 7.iining__...1
:it A rithonY Gold
_1
Shattuck Derin Nfining. •
Standard Silver Lead____1
Teek Ilughes mines
Tonopah Mining
1
Utah Apex Mining Co_ __5
Wenden Copper
1
Wright Hargreaves Ltd_ •
Bonds
Alabama Power Cole Sr ref 55.
1946
1st & ref 55
1951
1956
1st & ref 58
lit & ref 434e
1967
196k
lit Sr ret 5.
A.14(nInurr Cos deb 551952
Al oninum Ltd den 55 1)4e
Am Aggregates Corp 68 '43
with warrants
%nue!. Comm. Pr els 1940
‘m & Continental 55.1943
Amer Comm Pow 53551953
Am El Pow Corp deb ris_ 57
Amer G A El deb 59..2028
Am Gas & Pow deb 65_1059
Seemed deb Is _._ _1553
Am Pow & It deb es_ _2016
Am. Radlat deb. 4491947
Amer R01111111 deb 68_1945
44% notes... Nov 1933
A iner seating mule Cs. 11)24
Amer Thread Co 5345.1938
A ppalaelitan ,Pr 55..1956
41
Appalachian Gas 68.__1945
Cony deb (19 B
1945
Appalachian Pow 55.. 1941
Debenture (is
2024
Athens. it & 1.1 5s..19Se
Arnold Print Wks 65_1941
A sociated Etee 448..1)53
,
Assoelated inns & Elec Co
('ore deb 48
1938
Cony del. 4 145
1948
Registered
Cony del) 1,45
1949
Cone deb 55
1950
Deb 58.
1961
)
Registered
Cony ftvli 545
11177
Amoc Rayon deb. 58 1950
Assoc. Tel. Ltd 55____1965
A880C tit T deb 5 35e A '51
Assoc Tele!) Uhl 548 1944
4% rote's...1923
Atlas Plywood 548_1943
Baldwin Loco 5555_1933
Bell Telep of Canada
1955
1st M 58 ger A
1957
151 M 59 ser B
1960
1st M 58 ser C
Birmingham El 4558.1968
Iiirminglitun Gas 55. 19511
limeton 'mem! Gas 55.1947
Boston A Main RR 0A.1933
Broad River Pwr 58 A_1954
Bklyn Borough Gas 581967
Buffalo Gen Elec 55_1939
1966
Gen & ref 55
Canada Nat Ry en 78.1928
1955
Can Nati Sh 5s
caned» Nor Power 5a 1953
Can Pacific Ry 65 _1942
Capital Administen 541953
With warrants
13
224
1154
24
2
4%
34
31
1)4
235
30
335
335
1234
2034
1154
23
234
1%
455
34
35
335
100
335
200
13% 5,100
23
18,200
500
1134
23
100
2%
255
435
44
31
134
134
235
13-4
1
24
34
284 30%
355
24
334
2%
934
931 1055
31
31
2% 3
7
7%
2
254
3%
234
ill
3
7
335
1234
431
34
34
Oil
.
335
124
534
35
58
455
335
3.4
51
35
335
1234
5%
34
59
435
4
Ill
7
10
Its
21
10
2
114
714
1055
2
ii
Sept
Oct
Aug
Sept
Mar
Aug
500
5,400
900
300
400
200
500
600
3,100
300
1,900
4.1
44
155
34
54
34
4
1
134
35
23
May
May
July
May
Jar
June
May
Jan
Jar
Apr
June
334
335
545
34
31
14
1
235
2
335
35
44%
Aug
Sept
Aug
Oct
July
Aug
Aug
Aug
Aug
July
Sept
1,400
400
600
1,900
200
500
1,500
300
34
255
los
8
44
144
354
134
June
May
Ma
June
Jar
May
Apr
June
5
455
34
1234
1
355
11
334
Sept
Jan
Jan
Sept
Aug
Aug
Aug
Sept
55 Apr
44 Jar
55 Apr
255 Apr
June
8
3 June
1.• June
40
July
2% nine
34 June
31 Feb
4
MAY
744 Jul)
1)4 Jan
55 Feb
1%
35
234
4%
14%
8
35
604
54
5
3.4
In
13%
235
35
Aug
Aug
Jan
Sept
Aug
Sept
Aug
Sept
Sept
July
July
Sept
Sept
Sept
June
234
234
95%
9334
924
7955
85
97
69
974
04
934
814
864
9755
71
839,000
7,000
13,000
68,000
14.000
10,000
8.000
lii
54
lie
Ill
34
ill
335
24
274
3)4
4%
234
31
27
14
14
314
10
334
43.4
3
2735
134
1535
3155
10
181*
34
474
5
4
4
044
3
34
,
18
14
1„
3
55
34
34
535
454
11
134
34
31
34
II
9734
93
7934
85%
9734
High.
6
34
1514
2535
15%
304
1,000
100
100
400
100
500
100
2,000
200
700
100
3,600
100
100
700
2,200
2.000
5,100
1,500
8,500
300
2.500
2,800
300
200
3,200
200
34
.te
111
3'
Low.
June
Oct
Jan
Apr
June
Apr
25
21
21
Range Since Jan. 1.
254
355
934
1334
834
1555
300
1,400
700
500
200
100
200
20
700
500
3,500
600
300
100
300
15
July
3,5 May
35 Aug
55 Jut
35 JUTIC
55 Apr
2
JUIY
34 June
31 May
it. Jun
2134 June
34 Apr
435 May
1 435 Apr
Oct
10
114 Jun
to Jar
1% Feb
235 Apr
34 May
1.6 Jar
34 Jun
1.4 Ma
234 Nin.
35 Oct
nir Mar
Ile Jan
134 Apr
84
75
78
70
75
81
45
June
June
June
May
May
May
July
32% Aug
1
34
35
55
44
535
5
5
/le
274
135
2435
3545
1435
135
35
535
434
4.‘
8,1
3
Yfi
454
34
155
34
235
Aug
Jaa
July
Aug
Sept
Jan
Jan
Sept
Sept
Oct
Aug
Sept
Sept
Mar
Sept
Sept
Oct
Oct
Aug
Jan
Sept
Jan
Jan
Jan
Sept
Jan
Sept
9914 Jan
9535 Mar
a
84 51 !Mn
9
6
091u
9
Aug
Sept
75
APT 40
Jan
Jai:
May
11
Jan
70 Sept
May 19
Jan
July
46
Aug
May 8655 Mar
July 47
Aug
July 374, Jan
Mar 8235 Jan
Sept
July 96
Mar
r
July 6
Mar
Apr 78
Mar
Judy
47
Sept 95 34 (a
914 Sept
May
Jan
16
July
13(4 Jan
Apr
Aar 1034 Oct
Sept
June 00
9134 Sent
Mar
Sept
Aug 65
June 67
Aug
27%
27%
254
2834
294
274
26
3034
4135
844
35%
224
44
3835
75
1,000 27
6,000
134
2,000 47
1,000
234
29.000 18
54.000 6244
22,000 1331
29,000 1134
126.000 3$
16.000, 79
42,000 30
6,000
1,000 17
1,000 94
36,000 7234
40,000
2
44
8.000
12,0001 06%
3,000 54
37,00(1 67
4,000 33)
58,000 17
1
117,000,
21,000,
94
1,000 25%
285,000
9
167,000 z10
131,000
83,4
3,000 1355
18,000
931
51,000 19
3.000 7454
70,000 144
88,000 12
3,000 25
9,000 29
6,000 45
Judy
July
Oct
July
Jul)
July
July
July
June
June
July
July
June
Aug
JuiY
45
45
28
43
49
45
35
51
4644
88
72
54
7514
3835
93
Aug
Aug
Mar
Aug
Aug
Aug
Feb
AUK
Sept
Jan
Feb
Jan
Feb
Oct
Aug
994 101
99% 10055
9955 1004
7654
75
5734 574
10334 1024 10335
10035 10055
47
47%
100% 10035
10435 105
103% 1034
103
101 103
9535 9534
7554 7534
9631 96% 97%
34,000 84
44,000 8334
15,000 8355
8,000 65
5,000 39%
3,000 914
18,000 80
4,000 3834
2.000 92%
10.000 101
7,000 9855
25,000 94
1.000 79
1.000 54
130,000 9555
Jan
Jan
Jan
June
July
June
June
July
Apr
Mar
Feb
A nr
Jan
JUN
Oct
101
10034
100)4
75 4
814
Oct
Oct
Oct
Mar
jan
2%
58
28
83%
35
29
64
95
53
6934
9035
64
634
103
78
8635
58
3955
40
40
234 334
58
58
8
8
28
3335
8334 85
35
37
29
3135
624 6535
96
95
53. 544
6954 6934
35
35
9,534 9555
9055 9254
534 634
6
64
102% 103
78
78
86
8751
55
58
38% 42
2555
26
25%
24% 24%
28
274
25% 2535
2554
29%
40
39
8434
30
30
2134 2155
42
38
75
26
26
1004
100%
99%
75
76
76
2.000
Oct. 22 1932
aales
Last Week's Range for
Week.
Sale
of Prices.
$
Price. Low. High.
Si tun(l
6134 June
111334 Sept
10034 Sept
100%
68
MarOct
Oct
1(15
1044 Aug
.
11)23.4 Sept
9554 Oct
r7554 Sept
9834 Sept
76
Jan
Bonds (Continued)
Carolina Pr & Lt 5s. 1956
Catemillar Tractor 55.1988
Cedar Rapids M & P 5.953
Cent ArIzor.a I.& 55*.lion44
Cent III Light 55
1943
Central ill Pub Service
1st mtge 5s ser E..1956
let & ref 454s eer F.1967
1st mtge 5e ser 0_ _1968
43.4sseriesH
1981
Cent Me Pow 55 ser D_ 1955
Cent 01110 I. & P
Central Pow 55.er D .1947
Cent row & 1,t let 55.1955
Cent Pub Serv 548..1949
With warrents
Without warrants
Cent 'irides Elee 55_, _1948
Deb 545 Sent 15, 1954
with warrants
Cent States P & 1. 5 344 '52
Chic Disc Elec(Ien 455e '70
Deb 534v Get. I. 1935
Chic Pneumat Tool 535541
ltys en fa of dells.i927
Cigar Stores Realty Holdine
Deb 5 tyg Aeries 4
1949
Cincinnati El Ry 5345 A '52
6s series B
1955
Cities Service 55
lose
Cony deb 58
19511
Cities Service Gas 5 4s '42
Cities Serv Gas Pipe L '43
Cities Serv P & L 5345 '52
5355
1949
Cleve Floc III 1st 5s_ _111he
5s series A
1954
5s series B
1961
Cleveland Ry 55
1033
Cleve Term Bldg 6s_ .1941
Colorado Power 55_ _1953
Commerz und Privet
Bank 53
5s
1937
Commonwealth Edison
lot NI 5s series A__ _1953
54
lot 5.1 59 series B....10
1st 434s series C____1956
1st NI 44* series D.1957
4 55s series F
1960
1st M 48 series F___1981
5555 ceries 0
1962
Com'wealth Subsid 5345 '48
COMMIMIty Pr it I.t 5431957
Connecticut Light & Power
1st & ref 7s
1991
548 series B
1954
4358 serleir C
1956
58 series I)
1962
Conn River Pow 55 A..'52
Corm) Gas Co (Balt City)
Gen mtge 4345
1954
Consol0 El,& P 4355 1935
Consolthis El Lt & P(lia,t1
1st ref 9 f 45
1981
1st & ref. 5 158 ser E 1952
43.55series0
1969
4355 series H
1970
Consul Gas Utli Co
1st & coil 69 ser A_ _1913
Deb 634* with warr 1943
Consumers Pow 4549_1958
1st & ref 55
1936
Cora% & El 58
1958
Continental 011 6145..193Cunt Securities 55_ __1942
Crane Co 5s___.AUR 1 1940
Crucible Steel 5.9 .. 1940
Cuban Telephone 7451941
Cudahy Pack deb 549 1927
Shildne fund 55_ _1946
Cum'I'd Co P & L 4558 '56
Dallas Pow & Lt 68_1949
5s series C
1952
Dayton Pow & Lt 5s 1941
Denver Gas & El 58___1949
Denver & Salt L 6s___1950
Det City Gas Ils ser A 194
68 1st series II
1950
Detroit & Internet Bridge
63-45 ctfs of deeosit_1952
Dixie Gulf Gas 6348 _1937
With warrant..
East Utilities Invest
5s With warrants_ ._,J954
East Util Assoc 5.9_._.1935
Edison Elec Ill (Boston)..
1933
455% notes
1933
5% notes
2 year 5s
1934
5% notes.
1935
El Paso Electric
1950
Elea Power & Light 55 211341
Empire Dlet El 55
1952
Empire011& Refg 530194?
Ercole Marelli Elec Mfg
655s with warrants, 1953
Erie Lighting 5s
1967
European Else 635FL...1965
ithout warrants
European Mtge Inv 7s C'67
Fairbanks Morse deb 51.'42
Farmers Nat Mtge 78.1963
Federal Water Sere 54554
Finland Residential Mtge
Banks (Is
1961
Firestone Cot Mills 55.'48
Registered
Firestone T & Rub 58 1942
Fisk Rubber 545.....1931
Certificates of depoilt..
ctfs of deposit. __1941
Fla Power Corp 5555 .1973/
Florida Power tt It 5s, 1954
FoItis Fisher 834s._._1939
Garlock Packing 85_ __19311
Gary El & Gas 55 ser A 1934
Gatineau Powcr lot 55 1950
Deb gold 68 June 15 1941
Deb fis ser B._ _ _ 194
Gen Bronze Corp 6e.._1940
1934
General Cigar 6s
Gen Motors Accept Corp
5% aerial notes
_1933
5% serial notes
1934
193%
5% serial notes
5% Cellar notes
1936
Gen Pub Util 6355 A _1956
1933
6445
General Rayon 68. .1948
Gen Refractor's; 55_. 1933
General Vending 65...1937
Without warrants
67
91%
9534
90
76
6735
73
654
7035
6534
Range Since Jan. 1.
Low.
High.
76,000
70
67
91% 91% 1,000
2 000
9534 96
90
12,000
90
10255 10254 4,000
56
7935
9534
74
9834
July
8644
Mae 92
Oct 97
June 91
June 10234
Aug
Sept
Oct
Ault
Aug
10,000
87,000
10,000
1.000
1.000
9,000
16.000
39,000
6235
53
57
55
74
54
5154
42
July
Julie
July
June
May
July
May
June
Sept
Aug
Jan
Aug
Oct
Sept
Aug
Aug
7244
6544
7244
68
95
61
70
6431
76
6735
74
68
95
67
7134
6635
6235
79
85
79
95
78
76
76
42%
73-4 954 104,000
8
874 15.000
39,000
414( 43
34 June
14 July
17
June
2734 Jan
20
Aug
5034 Aug
42%
41
7755
7934
36
44
4144
4034
7735
79
36
43%
18
20
5434
42
1855
34
57
59
8455
8535
504
5334
Aug
Feb
Smut
Aug
Jan
Aug
2035
2035
57
a61
3834
37)35
5255
6035
41
4234
105
105
106%
84
15
904
June 40
June 62
June 67
49 44
Mal
Ma) 5234
May 62%
4'8
Slay
July
5831
Oct 51
JAI tI'll
Feb 10635
Feb lOT
Oct 87
July 3934
Aug 9035
Mar
Mar
Mar
Aug
Jan
Aug
Aug
Jan
Sept
Sept
Sept
Oct
Oct
Jan
Oct
734
39
381
4
5235
6255
413.5
42%
10535
105
85
5234
43 118,000
414 30,000
78% 7,000
79% 3.000
9,000
44
44
13,000
21
57
a61
40
3935
5334
63
4334
4335
10555
10534
107
85
15
90%
5234 54
45,000 1014
5,000 3944
5,000 4334
11,000 16
1038000 417
50,000 33
19.000 494
150,000 2645
39,000 42%
57,000 D9.A
4,000 99
5,000 99
7,000 )4
2,000
835
5,000 82
11,000 52934 June
10034 10134 9,000
101
10134 1004 1014 36,000
30.000
9234 94
93%
9255 9314
7,000
93
93% 4,000
87 120,000
8634 85
103% 10234 103.4 136,000
53,000
7735 7534 78
23,000
55
5444 54
1114
106%
100
100
1044 10335
9551 944
103
106
86
8234
78
78
78
69%
94
40
38
57
101
103
10235 6,000 0644 Aug 1034 Oct
10334 25,000 100% Aug 1034 Oct
9434
106
10435
10055
954 27,000 F2
10634 6,000 102
1,000 96
10434
1004 2,000 94
535
535
Jan 96
Oct
June 110
Sept
June 10434 Oct
Feb 104
Sept
29,000 1634 May 40
Aug
28,000
4
May
29
Aug
53,000 1173,4 Feb 101% Sept
41,000 10054 Mar 105% Oct
98,000 35
May 6835 Aug
31,000 8035 Apr 954 Aug
14,000 32
July 52
Aug
7,000 5134 July 89
Jan
8,000 39
Jumie 77
Mar
3,000 55 June 83
Jan
37,000 59
June 07
Mar
26,000 95
June 1004 Oct
8,000 71
June 86
May
7,000 97
Juni. 106 % Sept
4,000 90
Judy 10134 Oct
116,000 90
Jan 10334 Sept
28,000 02
Apr 99
Oct
1,000 80
May 8634 Oct
37,000 704 May 9755, Feb
28,000 6455 May 91
Sept
1,000
255 Sept
7
81
81
82
8,000
46
22
993g
22
22
994 100
1,000
2,000
July 35
8
9955 Oct 100
10254
102%
8534
4355
494
4535
1013-4
10034
,
10255
10254
84
4335
4935
45%
1014
10035
10235
10254
85%
4935
49%
47
66
66
934 9435
59
2855
5835
3735
Aug
Jilin. 1)123.4 Oct
June 10244 Oct
June 9445 Aug
June 95
Aug
Nlay .944i Awn
iq)
MaiAug
Aug 10434 Sept
May 83
Aug
June 69
Aug
1114
1,000 10835 July 11134 Oct
106%
1.000 10155 Sept 10644 Oct
100% 33,000 9)1
Judy el()i
Oct
10434 36,000 95% Judy 10444 Sept
0534 396,000 91
Oct 97% Oct
28
23
25
13%
11
1255
99y, 10044
100
10434 105%
105
574 5734 5934
9335 94
45
45
7235
72% 72
60%
59
59
7935
7935 78
864 8454 8634
9955 994 10034
85
85%
85
104 1054
100% 10054 10035
10234 10235 103
9731 98
8634 8634
85
82
80%
79
535
May
July
Apr
July
July
Apr
5854
27
56
304
37%
494 52
79
80
7634 7634
8434 85
424 46
4234 4534
5235 533.5
6055 6335
6831 6935
1355 1355
6334 64
68
66
70
704 7034 47.554
64
63
69
63
63
67%
46
47
47
10234 10234
764
8431
4455
4434
5255
6034
6835
101
10135
102
10134
2654 2635
35
26
44
5
4,000
7,000
16,000
23,000
3.000
7,000
111,000
57,000
19,000
25,000
114,000
2,000
9.000
24,000
131,000
28,000
40,000
18,000
5,000
101
2,000
102
7,000
102
3,009
102
10,000
2835 22,000
36
2,000
26
7,000
14,000
49
6
Feb
854 Oct
Aug
Oct
11,000 10034 July 10134 Sept
23,000 WS% Jan i11234 May
18,000 9935 July 1024 Oct
51,000 08
May 103
Sept
6,000 61
July 87
Sept
162,000 29
June 6751 Aug
14,000 36
July 65)4 Jan
38,000 26
May 59,34 Aug
604 22,000
2835 38,000
58% 8,000
304
1,000
42
66,000
4935
June
7,000
42
90
June
June
38
Apr
1934 Apr
34
July
14
may
21
July
714 Oct
100
Aug
604
35
64
40
56
Oct
Jag
Aug
Aug
Aug
26
Jan 5444
6'1
Jan sl
764 Oct 76%
68
July 8634
194 Apr 48
5 'Apr 474
5255 Oct 5335
45
July 68
50
May
78
634 Sept
1435
55% July 64
49
July 85
544 Mar
7534
374 June 734
Juno
37
7055
20 June 80
984 Jan 102%
Sept
Aug
Oct
&Pt
Sept
Sept
Oct
Aug
Feb
Oct
Oct
Feb
Aug
Sept
Sept
Aug
Oct
101%
102
1024
102
44
52
30
70
Aug
Sept
Oct
Oct
Aug
Aug
Sent
Jan
08
96%
94
9334
19
24
17
29
Jan
Jan
May
Jan
May
June
Aug
July
1
Ain
834 Sept
Financial Chronicle
Volume 135
Bonds (Continued)
-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
$
Gen Wet Wks & El 56 1943 4234
1944
9
6s series B
Georgia Power ref 552_1967 85
Georgia Pow & Lt 55_ _1978
1953
Gesfurel deb 65
Without warrants
0634
Gillette Safety Razor 55 '4(
Glen Alden Coal 4s___ .1965 5234
1935
Glidden Co 5)45
Godchaux Sugars 7%s 1941
Grand (1.. W) Prop 65_1940 10
Grand Trunk fly 6%5.1935 100
Grand Trunk West 48.1950 65
Great Northern Pow Is '35
Great Western Pow 5s 1946
Guantanamo West 63.1958 27%
Guardian Invest 55___1948
With warrants
1937 100
Gulf 011of l'a 55
Sinking fund deb 59.1947 97%
Gulf States Utll 58_ __ _1956 77
1st & ref 4348 ser 13_1961
42
9
84%
62
53
096
50%
86%
89
8
100
6334
101
102
2734
43
99%
97%
77
73%
Range Since Jan. 1.
LOW.
High.
434 33,000
10% 53 000
76,000
86
1,000
62
22%
7614
63%
45%
May
June
May
June
28,000
30.000
19,000
19,000
3,000
3.000
5,000
19,000
2.000
37,000
25,000
23
77
42%
62
53
2
87
45
90%
9144
13
June 58
May 98
July 5034
May 58%
June 90
June 29
Jan 101
June 69
July 101%
Feb 103
Apr 34
5,000
44
100% 45,000
97% 27,000
11,000
79
9,000
74
24
90
83
56
55%
June 44
Aug
June 100% Aug
June 9.834 Aug
July 85
Sept
July r78
Sent
533
4
96%
5234
88
89
10
100%
66%
101%
102%
27%
4831 Aug
Aug
24
Jan
90
6834 Oct
Sept
Sept
Aug
Sept
Oct
Jan
Aug
Mar
Oct
Oct
Aug
9,000 59% Oct 673% Oct
59% 61
Stall Printing 5348.--.1947 61
1935
7044 71
Hamburg Flee 7s
5,000 34
May 80,4 Aug
Hamburg El & Und 5%8'38 53% 53% 5734 32,000 g23% May 05
Sept
1931
84% 84%
1,000 70
Hanna (NI A)65
Aug 92
Feb
Harbour Conunissioners of
1969
95% 95%
Montreal 55
1,000 94
Oct 95% Oct
37,000 33
42
Hood Rubber 10-yr 5848'3e 41% 41
Sept 60
Aug
1936 50
50
52% 5,000 4044 Sept 71
78
Aug
Houston Gulf Om 6%s 1943
39
39
With warrants
3,000 17% June 50
40
Jan
44
12,000 21
46
let mtge & cull 68_2_1943
May 58% Aug
Hous L& P 1st 4448E21981 91% 90% 91% 11,000 73
May 91% Aug
90
90% 7,000 75
lot & ref 4 %s ser D21978
May 92% Oct
1953
100 10034 10,000 85% June 100,4 Oct
1st 58 series A
Hudson Bay M & S 65_1935
6934 71
10.000 55% May 79% Aug
Hungarian Hai 13k 7348.'63 35
35
2,000 26
35
Mar 48% Feb
Hydraulic Pwr (Niagara)
104 1044 4,000 98% Feb 1044 Oct
1950
lot & ref 55
!met 59
1951
103% 1034
Ref &
2.000 95,4 Feb 103% Oct
Ilygrade Food On oar A 1949
47
4814 16.000 21% May 49% Jan
1947 99)4 99
Idaho Power 55
99,4 40,000 88,4 Feb 100
Oct
Illinois Central RR 430'31 42
40% 44% 30,000 39% Oct 61
Aug
9334 94
13.000 72% Apr 94
III Nor Utilities 55_2_1957
Oct
Illinois l'ower 55
1933
al00%a100% 2,000 96
Apr 100% Oct
74
III l'ow & I. Lot 68 ser A '53 74
75% 49,000 56
June 91,4 Jan
It & ref 5%5 ear 13_1954 70
45,000 50 June 88
68;1 70
Jan
ref 58 ser C__-1956 65% 65% 6634 81,000 48% June 83
1st &
Jan
60,4 17,000 30% June 74% Feb
S f deb 5 Sis_Nlay 1957 59
59
Indiana Electric Corp
1947 77
65 aerie. A
77
78% 4.000 63 June 90
Mar
1953 81
648 series 13
81
2.000 75
81
July 95
Mar
1957
5s series C
69% 72% 24,00(1 55
Jan 79
Mar
Indiana II ydro Elec 58 1958
76% 7834 10,000 57
June 20
Sept
Indiana & Mich Flee
1955 9534 95
1st & ref tis
9534 6,000 82 June 9714 Sept
1957 93,4 99% 100% 31,000 91
Ls
May 10134 Oct
Indiana Service Se__ __1963 33
24,000 16
32
34
July 62
Feb
1950 34% a34 a35% 17,000 16% July 63
lot & ref 59
Feb
Indianapolis Gas 58 A_1952
4,000 71
8034 81%
July 86
May
Ind'polis P & 1. 5s oar A '57 931 , 9234 9434 49,000 72
/
May 96
Jan
Inland Pwr & Lt 68 0_1957 19
5,000 10
20
19
Slay 36% Jan
Instill URI Invest 68_21940
With warrants ser 13___.
23i
1% 2% 202,000
% May 38% Jan
1949
Deb 55 series A
12,000
1% 3
% May 27
Jan
Intercontinents Pwr 65 '48
with warrants
3
24 Aug
6
Jan
3% 10.000
International Power Sec.
Secured 6148 ser 0.1955 84% 84
10,000 52 June 90
85
Oct
1936 99% 9944 99% 3,000 SO
78 series 13
June 99% Oct
1957 91
is series F
91
91% 7,000 62 June 93
Oct
series F
1952 81.% 81)4 82% 5,000 52% Jan 63
Oct
International Salt 582.1951
17,000 57% June 81
78% 81
Oct
Internet Securities 58.1947 43
43
46% 3,000 36
July 60
Aug
Interstate Irn&St'15%8 '46
30,000 28
47
50
June 60
Aug
Interstate Power 5s.._1957 6534 65% 66 158,000 46,4 July z6934 Mar
Debenture 65
1952 46
20,000 19
46
47
May 52
Aug
Interstate Public Service
634s series B
1949
84% 84%
2,000 77
June 103% Aug
195(1 69
55 series I)
15,000 57
66
69
July 80
Aug
414s series F
1955 64% 6334 64% 24,000 5134 Apr 75
Feb
Registered
64%' 64% 64%
1,000 64% Oct "V.1 Oct
Interstate Telep 5s _2_21961
65
4,000 42% June 65
65
Jan
lowa-Neb I. & P 58_2_1957
77
7735 12,0(10 64% June 82
Aug
lot & ref 5s series 13 1981
7734 75
7744 17,000 66
June 08034 Oct
Iowa Pow & IA 410..1958
5,000 '75 June 57
87
87
Oct
Iowa Pub Service 552_1957 76
73
76% 8,000 61
May 82% Jan
ist mtge 5345_ _____ 1959
79
2.000 76
79
Aug 84
Feb
Isarco Hydro-Flee 78_1052
73
764 11,000 48
June 77% Oct
'Botta Fraschini 78_2_1942
With warrants
65
6334 65
6,000 44
July 67
Feb
Without warrants
64% 67
9,000 25
June 67
Oct
Italian Superpower of Del
Debs 65 without war '63 4934 48% 50
84,000 21% May 55
Oct
Jacksonville (1119 55_ _ .1f)42 5844 58% 60)4 0,000 40
July 66
Feb
Jer C P & L lot 58 13-.1947 97
95% 1/744 34,000 7914 Slay 99% Sept
1st 414s series C_ _ 196 I 9034 90
91% 44,000 74% May 93% Oct
Jones&Laughl'n Steel 5839
100% 100% 6,000 92% June el01
Mar
IiIVISILS Power & Light
1st nitge 65 ear A__1955
92
1,000 NU July 95
92
Jan
lot nage 55 oar I3...1957 84
83% 85
11,000 6334 July 85
Oct
Kentucky Utilities Co
1961 75
let NI 58
713i 76
17,000 60
June 82
Jan
1st in 6149 car D___1948
86% 86% 2,000 66% June 06% Jan
5%5 series F
1955
79% 80%
2,000 62 June 84
Jan
1961
be series I
18,000 58% June 82
69
73
Jan
Keystone Public Ser 55 '78
80
1,000 68
80
June 83
Sept
Keystone Te ephone5%8'55
55
2,000 37% June 56
55
Mar
Kimberly-Clark 58_ 1943
82
82
1,000
June
:.(1
Aug
Koppers 0 A C dab 55 1947 7344 72% 74% 33,000 40 June 8734 Mar
88
Sink fund deb 5145 1950 83
80% 83
58,000 52
June 90% Mar
Kresge IS Si Co 5s.___1945
92
8,000 80
91
May 95
Jan
Ctfs of deposit
86
85% 86'
4,000 70% July 95
Jan
Laclede GM Light 5482'35 63
61
63
3,000 38
June 77
Aug
Lehigh Pow Seeur 65.21128 79% 79
81
58,000 40% June 87% Aug
Leonard Tietz 7%5_2_1946
53% 54
3,000 28
June 55
Aug
Lexington Utilities 55_1952 69% 69% 70% 7,000 54% June 78
Jan
Libby N1cN & Libby 5s '42 58
21,000 42% May 81
58
59
Mar
1942
Lone Star Gas is
85
2,000 76
88
June 93% Mar
5% s A '52
80
I.ong Island Ltg
1,000 68
80
July 85
Mar
Imo Angeles (las ite Hee_ 1961 97% 97% 0734 3,000 82
lot it general
June 10(1% Sept
Gen & ref 5)45 ser 1194)) 103% 102% 103% 10,000 03 June 103% Oct
Louisville (1 & E Os 2_1937 1004 100% 100% 8,000 95
Aug 100% Oct
1961
4358 series C
98 100
6,000 90
Nfity 100
Oct
Louisiana l'ow & Lt 55 1957 88
87
May 9:1
88% 23,000 60
Mar
102 102
Luzerne Co 0 & E 65_1954
2,000 100
Aug 102
Oct
5445.1951
Manitoba Power
5434 51
June 07% Sept
54% 22,000 36
MeV Gas CO 5 402- -1946 89% 89% 90% 17,000 65 June 97% Jan
Sink fund deb 55-1955 84
84
June 9144 Sept
85% 16.000 64
100 100
Memphis Pow A Lt 58_2'48 100
3,000 91% May 1001 Sept
4
Ntetropolltan Edison 45 '71 80% 78% 80% 12,000 65 June 80% Oct
1962 94% 94
963 199,000 85
58 series
Aug 9814 Sept
%
65
65
Mich Assoc Telep 55_ _1961
1,000 50 June 70
Aug
99
Michigan Nor Pwr 58_1041
1,000 00
99
Oct 99
Oct
Middle West Utilities
7
a654 7% 8,000
Cony 5% lunge-- 1932
1% May 80% Jan
-1933
2
614 7% 22,000
May 69
Cony 5% notes_
Jan
1934
854
May 65
Cony 5% notes_
7)4 19.000 72
Jan
7
e'Il.4 Ion
muy
6.4 7
23.000 72
Cony 5% notes ...Ifni
Bonds (ContInueel)-
2811
Friaag
sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
5111w Gas Lt 43-0_2_21967 98
9634 98
Minneep Gas Lt 4%8_1950
8'5
87%
Minn P & L 1st 55_2_21955
86% 86%
1st & ref 434s
1978
81% 82
Mississippi Power 552_1955
75% 75%
Miss Power & Light 58 '57 74,4 72% 74%
Miss River Fuel 65_2_1944
With warrants
84% 84% 85
MISS RP? Power 1st be 1951 102% 102% 102%
Missouri Pr & Lt 5%s.1955 91
91
91%
Missouri Public Serv 58 '47 61
61
61
NIonon West Penn Pub Ser
1st lien & ref 5345 B 1953 72
70% 72%
Montreal L HAP Con
lot & ref 5s ear A___1951 96% 9634 96%
5s series B
1970
94% 95
Morris Plan Shares 68_1947
a46 a46
Munson SS Lines 6.34s__37
with warrants
10% 11
Range Since Jan. 1.
Low.
High.
23,000
14,000
2,000
3,000
6,000
23,000
88
62
70
67
5014
56%
June 100
June 89
June 91
June 84
77%
JUIY
May 84
48,000
16,000
9,000
4,000
62
86%
68
50
July 90
Star
June r104% Oct
July 92
Aug
Jrily 6634 Aug
43,000
54% May
.
8034 Slar
55,000
29,000
1,000
82% Feb
81% Feb
41
Aug
97
Sept
95% Sept
65
Mar
2,000
4% June
24
Narragansett Elec 58 A '57 0931 98% 99% 38,000 89% June 100
1957 9944 98% 9934 36,000 96% Aug
5s series B
9914
Nassau & Suffolk Ltg 55'45
94% 94%
1,000 89% Aug 96
Nat'l Elec Power 55___19711
5% 6% 23,000
5%
34 June 4644
Nat Food Products 58_1944 25
25
25% 5,000 20
May
3434
Nat Pow & Lt 6s A__ _2026 SO
18,000 52% June 90
7834 80
Deb 55 eerier; 13
2030 67
66
67% 24,000 40,4 June 80
Nat Public Service
1978 24,4 24% 28 320,000
534 June 45
Certificates of deposit... 24
24 a27
37,000 17
Aug 726
National Tea 00 58. __1935 81% 8134 81% 3.000 6014 June 85%
Nebraska Power 440_1981 98
97
98% 28,000 88
Feb 9934
Deb 6s series A
2022 97
97
97% 3,000 75
Slay 99
Nelsner Bros Realty 65..'48
24
24
1,000 15
June 37
Nevada-Callf Else 58_1956
6434 67
14,000 55% June 77
N E Gas & El Assn 5s_1947 59
a56,4 61
96,000 4034 Apr 7034
Cony deb 55
1948 58
56% 59% 71,000 40
Apr
0
Cony deb 55
57
1950
Apr 72
59% 82.000 41
New King Pow Assn 58_1948 61% 613-4 63% 47,000 29% June 67%
Deb 53.s
1954 62% 62% 65% 56,000 30
June 7514
New Engl Pow 59
100 101
1951
4,000 93
July 101
New On Pub Serv 4145 '35 66% 06% 68% 2.000 36
June 77
Income 6s series A_1949
53 '53
2.000 35% July 8034
N Y Chl & St Louis 65 '35 29
26
31
157,000 20% Sept 3234
N Y & Foreign Invest
534s with werrants_1948 65
67
8,000 38 June 75
68
NY PA L Corp 1st 444s'67 92% 92
Slay 94
94 100,000 73
NY State G & E 430_1980 9134 87% 91% 201,000 66% June 91%
Registered
88
88
Sept 88
1,000 85
5148
1962
Aug 101)
96
97% 17,000 84
Niagara Falls Pow 8s..1950 107
106 107% 9,000 10114 Mar 107%
Nippon El Pow 6102.1953 3874 38% 39
3,000 30 June 59
No American Lt & Pow
5% notes
1933
98
99% 19,000 87% May 9934
5% notes
1934
89% 91
19,000 60% Feb 92
5% notes
1935 82% 8034 8234 6,000 55
July 85
5% notes
,
1936 80
13,000 47% July 8 iti
79% 80
57.45 series A
1956 39% 3814 4034 53,000 35
Oct 54
Nor Cont Util 5%82_1945 36
4834
34,4 36
May
23,000 21
Nor Indiana GA E 65_1952
9934 99%
2,000 9011 July 99%
Northern Indiana P
& ref 54 ser C___1966
82
84
8,000 62 June 87%
.55 series D
1969 80
80
8334 14,000 64% June 88
4%s series E
1970 77% 76% 77% 2,000 62% May 82%
Nor N Y Utilities 68_ _1943
90
1,000 8
90
634 Aug 94
Nor Ohio Pr Lt 535s 1951
98
98
June 1,9
98% 6,000 85
Nor Ohio Tree & Lt 5s 1956 93
93
Jan 97
934 11,000 79
No States Pr 5% %notes'40 84% 84% 86% 8,000 75
May 93%
ttef 4%8
1961 93
9134 93
75,000 79
Apr 93%
Northern Tex Util 7s_1935
84
84
June 786
1,000 54
N western Pow Rs A ..1960 17%
17% 20
3,000
May 4334
N'western Pub Ser 55_1957 73% 73% 74% 9,000 73% Oct 78
Ogden Gas 5s
1945 96
96
96
Ohio Edison 1st 552_196(
95% 9634
Ohio Power 1st 55 13_21959 101
100% 101
1st & ref 4 %slier D21958 954 95
95
Ohio Publle Service Co
1st & ref 58 car D._ _1954 8214 79
82%
1st & ref 5.14s ser E.1961
8634 86%
Okla Gas A Flee 58.2_195(1 85
8444 85,4
Gs deb series A
1940
78
78
Okla PA Wat 59 ser A_1943 61
61
63%
Osgood 6s
1938
With warrants_
30
30
1941
54
Oswego Falls 65
55
Pac Gas & El Co
1st 63 eenes B
1941
1st A ref 58 oar C__ _1952
1955
Ss series V)
1st & ref 414s
_1957
1st A ref 444s F....IOOli
Pacific Incas 55
1948
Pac Pow & Light 55
1955
(1acitic Western 011 61411'43
with warrants
Palmer Corp • La)65_21938
Penn Cent I. & P 4%5.197'
5s
1979
Penn Dock & NVhse Os '49
Certlficutes of deposit__
Penn elec 45 oar F____1971
Penn Ohio Ed 534s 13_1959
Deb 68 series A___ _1950
Penn -Of-In PA I. 5.14e 1954
Penn Power 5s
..1956
Penn Pub Semi 85 C__1947
Penn Telep 55 C
1960
Penn Wet & Pow
1st mortgage 5s. .1940
Penn Wat & Pow 4%8 11'68
People( Gas Lt At Coke
4s series 11
1981
4% serial notes
1934
6s series C
1957
10034 107% 10334
104% 104% 105
101% 102
1132
9534 96
954
95
71% 72
72
70
70
71
62%
81%
75%
71%
99
95,4
62
79%
75
75%
10,4
71%
69
71
99%
98%
91
95%
103% 103% 10334
94%
94
83
81% 83
100 100
102
101% 101
Peoples Lt A Pow 5s_ _1979
Plilla Electric Co 58_2_1906 1061
%
Phila Flee Pew f 1 48. 1972 105%
.
PhIla Rapid Trans 68.1962
Phila Suburban Counties
Gas & Elec 4%82_2_1957
Phila Suburban Water
1st mtge 58
1955
Piedmont Hydro El 001st & ref 6 .4s cl A .1900 64%
1
Piedmont & Nor Ry 551054
Pittsburgh Coal On. __1949 80
Pittsburgh Steel 68_ __1948
Poor A Co 65
1939
Portland Gas & Coke 5840
Potomac Edison As E 195n
86
4%e series F
1961
Potomac Elec Pow 551936
corp IN Y) 534s '4;
630 series A
1942
Power Security 6s....1949
American shares
62
Procter & Gamble 43-4s '47 103%
Prusstan Flee ieb 68 1054 5334
Pub Sery of N .1 fl°: eV!'
Pub Serv of H 4 t5s 59r.7
124 /3
106% 107
105% 106
45
47
99% 101
9994 995-4
Sept
Sept
Sept
Sept
Jan
Jan
Sept
Jan
Jan
Oct
Sept
Oct
Oct
Aug
Jan
Aug
Aug
Aug
Jan
Aug
Oct
Aug
Jan
Oct
Sept
Oct
Oct
Sept
Aug
Oct
Feb
Oct
Aug
Aug
Aug
Sept
Sept
Oct
Jan
Jan
Aug
Aug
Oct
Sept
Aug
Oct
Mar
Mar
Oct
2,000
22,000
10,000
31,000
94%
80
83
74
Oct
Sent 96
May 96% (xt
June 102% Oct
June 96
Oct
10,000
0,000
90.000
3,000
21,000
65
70
67
60
43
June
June
May
June
June
88%
8734
90
83
6914
Jan
Aug
Sept
Aug
Aug
4.000
12,000
24
35
June
June
50
63
Jan
Sept
11,000,
21,000
39,000
20,000
11,000
4,000
21,000
100
94%
91
8234
82
6314
50%
624 23,000 747
82% 37,000 73
7644 23,000 61%
2.000 68
79
15
7234
69
71%
100
99
91
95%
Sept
Aug
Sept
Oct
Mar
Aug
7.000
26,000
1,000
7,000
20,000
17,000
2,000
13,000
104
843,
41
55
84
814
86
84%
8,000 100
3.000 85
3,000
1,000
166,000
June 108% Sept
June 115% Oct
May 1)1734 Oct
May 96% Sept
9-34 Oct
Slay
Aug 72
Oct
June 85
May
June
7134
Sept 82%
Jul, 85
June r93
Mar
Oct
Aug
Sept
Oct
Oct 15
774 Sept
JU1Y
May 8334 Apr
June 84% Mar
May 100.1 111M
June 99% Oct
June 100
Aug
July 95% Oct
Apr
July
10514 Oct
9814 Oct
68
May 8734 Aug
Aug 100% Oct
99
97% Aug ii2244 Sept
10,000
1
(3%
June
16,000 101% Apr 107%
39,000 98
June 106%
6,000 38
Aug 8834
10,000
94
2,000
90
Aug
Oct
Oct
Jan
Jan 103% Sept
June
9934 Sept
6414
6634
80
66%
6434
95
85
83
104%
71
92
65% 11,000 34% May 63
Oct
1,000 50
May 70% Aug
6634
SO
Sept
June 90
1,000 68
6614 5,000 55
Jan
July 85
64%
1,000 40
Mar
May 70
95
Oct
3,000 90
Aug 95
86
13,000 70
Mar
July 90
83
4,000 68
Oct
July 04
10534 2,000 1014 July 10% Oct
71
2,000 4734 July 80
Aug
92
1,000 67 June 98
Aug
62
103
53%
110%
89
62
1.000 62
Oct 70% Oct
103% 4,000 96% Feb 104% Mey
21,000 15.4 June 58
56
Oct
17.000 1004 Apr III2% Ants
111
8994
3.000 70% JUIY 91
Oct
Bonds (ContInued)Pub Serv of Nor Mole
1956
1st & ref 55
1st & ref 5s see C-__1966
1st & ref 4335 ser D_1978
let & ref 434s ser BASSO
let & ref 4 As ear V_1981
1937
6 Hs series GI
Pub Serv of Oklahoma
1961
59 series C
1957
55 series D
Pub Serv Sub 534s A _1949
Puget Sound P & L f348 '49
1st & ref 5s ser C-- A950
Ist & ref 4%s ser D.1950
Queens Borough G 4345.'58
Reliance Managem't 58 '54
With warrants
Remington Arms 5325-'33
Republic Gas (Is June 15'46
Rochester Cent Pow 5s1953
Rochester 0& E 56 E_1962
Rochester Ry & Lt 58_1954
Ruhr Gas Corp 834s. 1953
Ruhr Housing IS 34s A.
Ryerson & Sons 58...1943
Oct. 22 1932
Financial Chronicle
2812
Sales
Friday
Last IITeek's Range for
Week.
of Prices.
Sale
Prize. Low. High.
8334
80
7833
99
64
7034
6734
6534
Range Since Jan. 1.
Low.
High.
87
8331
80
78
7733
98%
89
88
81
80
79
9931
19,000
13,000
16,000
16,000
55,000
259,000
70%
70
60
60
58
9734
June e9131 Sept
June 90% Sept
Aug
July 82
Jan
June 84
JUIY 8331 Aug
Oct 102 Sept
7234
7334
61
7033
6734
64%
95
72% 2,000
7334 1,000
64% 45,000
7231 32,000
68% 9,000
22,000
66
1,000
95
56
5534
38
56%
5331
52%
82
May
May
June
June
July
June
May
77
8034
78
82
7734
73
95
Oct
Aug
Aug
Aug
Mar
Mar
Sent
2,000
1,000
19,000
40,000
36.000
3,000
78,000
15,000
1,000
48
53
7
1331
9431
92
13
15
5833
July 8831
May 98
may 2534
June 64
Aug 10154
Aug 10434
May 47
May 43
June 8434
Jan
Seat
Aug
Aug
Oct
Oct
Oct
Oct
Jan
63
82
1634 1534
3934 39%
99%
100
10134 101%
43
3931
75
6334
82
1634
4234
100
10134
4533
43
75
Bonds (Concluded)
Rrtclay
Last
Sale
Price.
Waldorf-Astoria Corp
let 76 with warr__-_1954
Ctfs with warrants
Ward Baking Co 6s.... _1937
Wash Water Power 56_1960
West Penn Elec 5s____2030
West Penn Pow 4s ser H '61
West Texas Util 56 A _ _1957
Western Newspaper UnionCony deb 61
1944
Western United Gas & Elm
1955
1st 534sser A
Westvaco Chlorine Prod
Deb 5Hs----Mar 1 1937
Wisc Elec Power 5s A.1954
WIFC Pow & Lt 55 F ._ _1958
let & ref 59 ser E 1958
Wisconsin Public Service
1958
5346 series B
1942
55
Yadkin My Pow 56.„1942
owes
Week's Range for
Week.
of Prices.
Low. High. $
Range Since Jan. 1.
Low.
334
4
73
83
3534
84
25
May
July
June
July
May
June
July
High.
2031
12
93
9834
6834
98
65
Jan
Sept
Sept
Sept
Aug
Oct
Feb
934
7
59
97
65
943-4
50
931 5,000
a731 4,000
8933 6,000
17,000
98
3,000
65
10,000
96
5134 84,000
2531
25
27
8,000
1434 Apr
35
Aug
8433
833.4 8434
5,000
6234 May
90
Sept
102
100
8734
88
2,000
4,000
6,000
1,000
99
90
6934
7134
933
8933
9734
65
96
51
102
102
100
100
8734 86
88
8931
86
8931 9034 5.000
9334 9334 1,000
85
86
17,000
Feb 10334 Sept
Oct
June 100
Oct
June 92
June 8954 Sept
73 June
9334 Oct
78 June
92 Sept
Oct
95
9494 Sept
Foreign Government
400 Munkin lithe.
Agri Mtge Bk (Colombia)
Sent
Jan 39
6,000 22
1946
78
2834 35
3131 3134 3,000 21 June 4934 Sept
1947
76
5 May 2534 Sept
7,000
1431 16
0 & Coke 65.1947 1431
St.louts
42,000 1634 May 43 Sept
(0,000 8734 June Els% Oct Baden (Consol) 7s----1951 4034 4031 42
Safe Harbor Wat Pr 414s"79 9833 97% 9834
Beat
41
37
Buenos Aires(Prov) 7345'47 37
55,000 2634 June 46
San Diego Cons Gas & Elec
32
April 1952 32
Ext
Oct
3334 35,000 2434 June 4354 Jan
1960 1013.4 100% 101% 37,000 9934 Oct 10134 Aug Cauca 76
534sserlesD
10
1948
10
Valley 79
3 May 1534 Jan
5,000
July 103
93
101% 101% 1,000
San Joaquin L & P 69__'52
of German State &
92% 93% 2,000 8134 July 9331 Sent Cent BkBanks Os B_ _ _1951
1957
55 series D
Prov
5733 70.000 23 May 6134 Oct
54
Sept
4,000 2531 Jan 119
Saxon Pub Works 55.-1932 66
1952 4333 4134 4334 11,000 1134 May 4331 Oct
Sept
6s serles A
16,000 3734 July 6334
59
58
1937 58
rle
Oct
1953 78
Feb 78
76
78
Danish 53
7,000 45
65.'35
Schulte Real Estate
Sept
87
1955
Jan
8734 5,000 53
Jan 90
5335
Oct 40
2,000 10
10
10
With warrants
Feb Danzig Port & Waterways
July 42
10% 1031 3,000 10
Without warrants
41
41
634a July 1 1952
5,000 2134 June 4434 Jan
63% 7,000 52)4 June 7094 Mar
62
Scripps(E W)Co 53451943
Oct
4834 103,000 15 May 52
Aug (634 Aug German Cons Munk,75.'47 4334 43
58% 16,000 54
57
Seattle Lighting 56.-1949
Oct
43
1847 43
4731 105,000 1331 May 49
Mar
Secured 0s
Aug 76
6534 67% 26.000 55
'67 67
Shawinigan W & P 434s
41
4234 26,000 1634 June 4234 Oct
Mar Hanover (City) 7s_ _ 1939
Aug 676
55
10,000
66A 68
1st 433s series B.-- -196b 68
39
39
Mar Hanover(Prey)6%6..1949
14 June 4134 Oct
10,000
Aug 86
16,000 61
77
1970 7634 73
1st 5‘series C
Mar Indus Mtge Bk (Finland)
6731 65,000 52 June 75
tat 4346 series D_ _1970 6634 65
Sept
1st mtge coils! 7s...1944 7434 • 7331 7434 13,000 49 June 75
Aug
Aug 75
7034 7031 2,000 48
Sheffield Steel 533s_ _1948
534 634 7,000
331 Fob 10
Aug
3031 5,000 1334 July 373.4 Aug Llma (City) Peru 634s 1958
30
47
Sheridan Wyo Coa Os
Feb
a6
434 July 10
a6
1,000
Maranhao (State) 7a..1958
Sines Gel Corn 634'32
Sept
1234 14
8,000
Sept Medellin 7s series E_ _ _ 1951
934 May 19
9,000 24 June 65
52
46
50
with wa- rants
Oct 91% Oct Mendoza (Prov) Argentina
4,000 19
91
89
91
Sioux City G& E Os A.1947
Apr
31
25
Mar
External 73466 f 9..1951 31
76,000 2034 May 41
6834 6833 1,000 47 June 70
South Carolina Pow 55.57
Mortgage Bank of Bogota
Southeast P & L Os_ 2025
28
28% 5,000 2054 Jan 37
75(Issue of May'27) 1947
Jan
72% 68,000 44 June 8634 Aug
6934
71
Without warrants
Jan
28
2834 2,000 2033 Jan 37
75 (issue of Oct'27)_1947
Sou. Jersey G & E & Tr
Feb
933 933 10,000
934
9 June 18
Aug Mtge Bk of Chile 65..1931
July 103
2,000 95
100 100
1953 100
5s
1534 7634 6,000 51 May 7634 Oct
Feb 10234 Oct Mtge Bk of Denmark 56'72
45,000 94
Sou Calif Edison 55_1951 10234 10131 102%
Oct
63
63
2,000 63
1952
Oct 63
10134 10231 11.000 9334 Feb 10231 Oct Newfoundland 55
1952 102
Refunding 5s
Jan
9
9
3 June el6
934 6,000
Feb .10234 Sept Rio de Janerio 634s_ __1959
101301103 25,000 93
Refundlag 5s June 1 1954 102
Feb 10534 Sept Russian Govt
105 105% 3,000 9831
_1939
Oen & ref Fs__
1921
34 May
334 Aug
134 133 20,000
534s
Southern Calif Gas Co
Aug
134 154 1,000
5345 certificates_ _1921
July 10134 Sept
94 July r3
101 101% 12.000 86
1st & ref 5345 ser 13_1952
Jan 9434 Oct
9333 Sept Saar Basin Counties751935 98% 98% 9831 11,000 83
July
93% 93% 2,000 82
1957
1st & ref 5s
1935 10333 103 10334 4.000 88
Oct Saarbruecken 75
Mar 10334 June
9,000 70 May 90
8934
1961
1st &ref 4346
2034 2033 3,000 1334 Aug 38% Mar
1945
Oct Santa Fe ext'l 78
Sou Call Gas ;ore 56_1937 8731 86% 8731 49,000 7134 June 1.1334
Jan
631 634 2.000
434 May 13
Santiago (Chile) 76-1961
Southern Gas Co 6345_1935
Aug
3,000 62 June z93
85
85
Without warrants
9334 Aug 102
Sept
• No par value. a Deferred delivery. I Correction. n Sold ander the rule
Sou Indiana Ci & E 5345'57 100% 99% 10031 34,000
Soutt ern Natural Gas 68'4
WI When issued. a Ex-dividend. e-o-d Certificates of deposit.
42% 31,000 2533 July 5031 Aug r Sold for cash.
42% 41
Vi 1th privilege
Apr 8131 Sept cum Cumulative. cons Consolidated. vto Voting trust certificates, cony eon•
16,000 58
77
75
Southwest0 & E 55 A.1957 77
Sept vertible. w. w. with warrants. m Mortgage. IA sale on the Peoples Light & Power
Oct 79
7,000 73
77
74
1st mtge.5s ser B __1957 77
Aug
8,000 47% June 79
6334 67
in the "Chronicle" of Aug. 15. There
Sou'west Lt & Pow 58_1957 67
Aug cony. deb. Is of 1979 was Incorrectly reported
31% 23,000 11% May 39
So'west Nat Gas 6s__ 1945 3134 31
Jan was 88.000 sold at 2 not 8.
22,000 35% June 81
64
So'west Pow& Lt 65..2022 6234 59
Aug 72% Sept
2,000 60
67
66
r See alphabetical list below for 'Deferred Delivery" sales affecting the range
S'west Pub Serv 65_1945
Oct
July 74
10,000 45
74
72
Staley (A E) Mfg 68„1942 72
for the year.
62% 31,000 3234 June 8331 Aug
59
Stand Gas & Elea 131 1935
Aug American Capital Corp. common class B, June 14. 700 at 33.
62% 18,000 35 June 83
60
1935 61
Cony 68
40,000 80 June 7734 Aug American Solvents & Chemical 634s. w. w., 1936. March 17. 51,000 at 1434.
55
51
1951 52
Debenture Os
Aug
May 73
57,000 80
54
Debenture 68 Dec 11986 52% 50
Oct Associated Gas & Electric 5s. 1950. July 14, 53.000 at 9.
6931 6,000 5034 May 71
68
Stand Invest 5345---.1939 68
Sept Bell Telephone of Canada 5s. 1957. March 7. 39,000 at 9434.
7033 8,000 50 June 75
55 without warrants 1937 70% 68
Aug Central German Power 65 1934, Sept. 12, 33,000 at 51.
40,000 26 June 70
Stand Pow & Lt 8s.._1957 5131 50% 52
Jan
May 51
38% 38% 2,000 27
Central States Electric common. June 1, 100 at 34.
Stand Telephone 5331 1943
Stinnes (Hugo) Corp
Sept Cities Service deb. 55, 1950. May 28. $1,000 at 1634.
Mar 47
4233 43% 19,000 22
a without warr Oct 1 1936
1734 June 43 Sept Commerz-and-Privat Bank 534s, 1937. May 28. $1,000 at 29.
40.000
41
76 without warr ._..1946 40% 39
Oct 6031 Sent Commonwealth-Edison 4.34s, series E, 1960, Sept. 1, $4.000 at 95.
55 867,000 48
Studerbaker Corp 65- _1942 52% 48
Jan 10034 Oct
99 100% 32,000 86
Sun 011 deb 5346......1939 99
Aug Commonwealth & Southern warrants, June 15, 500 at 34.
Feb 6100
1934 9931 9931 9934 4,000 86
5% notes
Sept Continental Gas & Electric 7% prior pref.. July 22. 25 at 42
July 95
3.000 80
95
95
1940
Sun Pipe Llne 58
Aug Employers Reinsurance Corp.. June 28, 100 at 14.
5434 July 80
Super Pow 0( 111 4346_ '68 76% 7434 7634 28,000 52
Aug
Apr 79
Works & Elec. 8s, series B, 1944, June 6. $10.000 at 6.
7531 31,000
let M 4346.....____1970 7534 74
Aug General Water
31.000 9234 June 103
10131 102
Swift & Co lat m e Ids 1944
Mar Hamburg Elev., Underground & St. Ry. 5335, 1938, May 25. 85.000 at 2331
95
9231 9331 21,000 67 May 10434 Sept
1940 93
5% notes
Interstate Power ess. 1957, March 10, 85,000 at 70.
Apr
10231 102% 30,000 84
Syracuse Lt Sc ser B _1957
Oct Interstate Equities Corp., May 21. 200 at h.
10534 105% 1.000 100 June 10534
let & ref mtge 5%s_1954
Iowa Public Service 534e. 1959, Feb. 1. $1,000 at 84.
1,000 78 June 9234 Mar
90
90
Tenn Elec Power 59._1958 00
Oct Middle West Utilities 56, 1934, May 28. $1.000 at 131.
July 88
11,000 67
88
85
Tenn Pub Serv 5s____1970 87
48,000 42 May 7233 Oct Middle West Utilities 55, 1935, May 28. 55.000 at 194.
Tern! Hydro Elec 634s 1953 7033 70% 72
3234
4534 5,000 63 June 613)4 Aug National Public Service 5s ctfs. of dep. 1978, Oct. 15, 35,000 at 27.
Texas Cities Gas 58._ .1948 4531 40
may tio% Aug
Texas Elec Service 55_1960 8634 8631 8731 40,000
Aug New Bradford Oil, Feb. 8. 500 at 31.
Apr 25
8
14,000
Texas Gas Util 68.._ .1945 18% 18% 1934
June 9231 Feb Northern Texas Util 78 1935, Sept. 28, 81,000 at 86.
46,000 67
Testa! Power & Lt 55_19513 8934 8834 90
103 Sept Pacific Western 011 634s. w. w., 1943. June 7. $1.000 at 4634.
90
511
1937 10134 101% 10131 55,000 7034 June 94
Mar
July
6,000
90
90
2022
Debentures 65
Public Service of Northern Illinois 7% pref.. April 5. 75 at 68.
1934
Thermold Co 6s
Sept Securities Corp. General. April 9, 300 at 2
July 50
4133 8,000 22
40
With warrants
JUIY 68% Seat Southern Gas Co., 6345, 1935, Aug. 30, 81,000 at 94.
46
13,000
64
64
Tide Water Power 55..1979
July 101% Oct Super Power Co. Os, 1981. June 7. 31.000 at 77.
81
1947 101% 101 101% 4,00
Toledo Edison 5s
2333 Jan
% AP
a33 a% 3,000
Tri-UtIllties deb 55_ _1979
Aug Tri-UtIlitles Corp. deb. 5s, 1979. Feb. 1, 32.000 at 33.4,
2434 May 44
27,000
Twin City Rap Tr 5345 '52 3231 32% 33
Aug
55, 1942, June 14. $2.000 at 75.
37
19
20% 6,000 10 Jun 103 Seat Union Terminal (Dallas)
1944
Olen Cn deb 66
94
Aug
Union El L & P Moil% 1957 99% 99% 100 106,000 9934 Oc 100
See alphabetical list below for "Under the Rule" sales affecting the range for
Oct
9934 0934 100 109,000
New when Issued
Feb 10134 Oct the year.
9931 9931 2,000 90
1947
bs series B
May 9931 Oct Agricultural Mtg Bk (Columbia) 78, 1947, Sept. 28, 81,000 at 44.
9831 9933 36,000 84
Un Gulf Corp 58.July 1 '60 99
Sept
99
9834 27,000 91% Jun
9834 98
United Elec(NJ)46..1949
Oct Blackstone Valley Gas & Elec. 5s, 1939. May 19. $1,000 81 102)4.
75
11,000 32 Jun
75
74
United Elec Service 78 1958
Oct Blackstone Valley Gas & Elec. 55. 1951. Sept. 21. 83,000 at 10634•
23,000 14% May 53
5134 52
United Industrial 8%s 1941
May 5234 Oct Cities Service. pret B, Jan. 11. 10 at 5.
35,000 19
_1945 51% 51% 52
let 136
Aug Connecticut Light & Power 493s, series C, 1956, Aug. 30. 83.000 at 105.
May 70
16,000 30
51
48
United Lt& Pow 6s ___1975 51
Jan
85
Jul
73% 7531 14,000 52
let 534e____Anrli 119511
Telephone 5e, series A, 1961. May 9, $2.000 at 68.
June 7134 Aug Interstate
1974 51% 5131 5234 5,000 34
Deb e 830
73,000 32% June 6834 Jan Jones & Laughlin Steel 58, 1939, March 31, 83,000 at 10394.
54
1952 5331 52
Li & Ry 534e
Un
Mar Kansas City Gases, 1942, March 1, 84,000 at 98.
16,000 5934 July 89
80
78
1952 7934
08 series A
Jan
Apr 29
3,000
2
9
9
NinLYsIng Mines, March 23, 100 at 133.
United Pub Serv es _1942
434s, 1978. Feb. 8, $1.000 at 85.
U S Rubber
Jan 91% Seat Public Service Co. of No. Illinois
93% 119,000 5934
93
-year 0% notes .._ _ 1933 93
3
Jan 100 Sent Public Service Co. of No. Illinois 5s, 1956. Aug. 24. 81.000 at 92.
4,000 66
9934 100
64% serial notes...1933
Aug Rio de Janeiro 6348, 1959, Jan. IS, $12,000 at 1694.
20,000 2733 May 70
59
59
634% serial notes_ _1935
1,000 25% July 65% Sept ShawIntran Water & Power 4345. series B. ¶968. Marsh 10, 82,000 at 78.
48
48
6)4% serial notes 1930 48
Aug
5,000 2134 June 85
46
51
633% serial notes__1937 46
Apr 62 Seat Southern Call!. Edison 58 1954, Oct. 20, 52,000 at 103.
1,000 24
45
45
634% serial notes_ _ _ 1938
Aug Sun 011 55, 1934. Sept. 7, 81.000 at 102.
Apr 62
21
634% serial notes__1939 40% 4031 4531 7,000 46 June 76
Aug Sylvanite Gold Mints. Jan. 2'. 100 at %.
1,000
65
65
Utah Pow & Lt 6s ser A2022 65
Oct
2,000 811 June 101
10031 101
UM& Gas & Elec 58 E_1952
Edison 5s, 1947. Apr 26, $1.000 at 94.
15
1734 10,000 12% Oct 4033 Apr Toledo
__1948 15
Van Camp Pack 65_
July 99% Oct United Light & Rye. deb. 65. 1973, March 9. 82.000 at 6531 •
4,000 79
98
98
Va Elec Ar Power 55_ _1955 98
9935 9934 3.000 9033 July 9933 Oct Universal Pictures, common, Sept. 28, 100 at 634.
1942
Va Power 58
Aug
6933 70% 15,000 52% July #0
common, Jan. 27. 25 at 3734.
Va Public Serv 533.5 A 1946
Aug Welch Grape Juice
July 75
8,000 60
67
65
1950 65
1st ref 5s ser B
Oct wheeling Eleesrie 5*. 1941, May 18. 81.000 at 101.
3.000 !OH Joao 72
7033 72
72
-year deb 05
20
Financial Chronicle
Volume 135
2813
Quotations tor Unlisted Securities
New York State Bonds.
But.
Canal & Highway
55 Jan & Mar 1933 to 1935
55 Jan & Mar 1936 to 1945
55 Jan & Mar 1946 to 1971
Highway Imp 4348 Sept '63
Canal Imp 434s Jan 1964_ _
Can & Imp High J & NI 196-5
Barge CT 4348 Jan 1945._
3.25
3.75
3.90
115
115
111
157
Ask.
___
___
___
__ _
_
___
Public Utility Stocks.
Bid. Ask.
World War Bonus434's April 1933 to 1939__ 3.25 ___
4).(s April 1940 to 1949__ 3.50 ___
Institution Building
4s Sept. 1933 to 1940_ _ __ 3.35 ___
4s Sept. 1941 to 1976_ _ __ 3.50 ._ _
Ifighway Improvement45 Mar & Sept 1958 to '57 108
___
Canal Imp 48J & J '60 to '67 108
___
Barge CT 4s Jan 1942 to '46 105
__ _
New York City Bonds.
a3s May 1935
5334s May 1954
a3 Ms Nov 1954
ais Nov 1955 & 1956
ais NI & N 1957 to 1959_ _ _
a4s May 1977
als Oct 1980
c 4Xs Feb 15 1933 to 1940_
a434s March 1960
a434s Sept 1960
a434s March 1962 & 1964 _ _
a43.913 April 1966
a434s April 15 1972
Bid.
9312
80
80
84
85
84
84
5.25
88
89
89
89
81
Ask.
9412
83
83
86
8712
86
86
3.25
90
90
90
90
90
a434s June 1974
a434s Feb 15 1978
a4398 Jan 1977
0434s Nov 15 1978
a43113 March 1981
a434s NI & N 1957
a4345 July 1967
a434s Dec 15 1974
a434s Dec 1 1979
Bid.
89
89
89
89
8912
92
92
92
92
a3s Jan 25 1935
ais Jan 25 1936
a3s Jan 25 1937
Par
Arizona Power 7% pret_100
Assoc Gas & El °rig pref__•
•
$6.51) preferred
•
$7 preferred
Atlantic City Elec $6 pref _•
Bangor Ilydro-E17% pf _100
Broad River Pow 7% p1.100
Cent Ark Pub Serv pref_ 100
Cent Maine Pow 6% Pf -100
Cent Pub Seri Corp prof...•
Consumers Pow 5% pref_.•
100
6% preferred
100
6.80% preferred
Dallas Pow & Lt 7% pref 100
Derby Gas & Elec $7 pref. _•
Essex-liudson Gas
100
Foreign Lt & Pow units_ .._ _
100
Gas & Elec of Bergen
liu•lson County Gas -._ _100
Idaho Power 6% pref
100
7% preferred
Inland Pow & I.t 7% pf _100
Jamaica Water Supply pf_50
10014 101
4
1003 10112
101 102
Ask.
90
90
90
90
9012
94
94
94
94
Bid
Ask
Par
__ 32
Kansas City Pub Serv pref •
-8
11
Kentucky Sec Corp corn.100
12
15
6% preferred
100
13
16
Metro Edison 17 pref B__•
9812 ___ Mississippi P & L$6 pref....*
101 10312 Miss River Power prof..100
__ _ Nlo Public Serv 7% pref,100
25
58
k5
Nassau & Suffolk Ltg pref__
82
Nat Pub Serv 7% pref A 100
79
1
3 Newark Consol Gas_ ..100
74
76
New Jersey Pow & Lt $6 pt•
89
91
N Y & Queens E L & P 0100
92
96
Pacific Northwest Pub Serv
911
___
6% preferred
40
_
Prior preferred
128
._. Philadelphia Co $5 pref_ __ _
36
___ Somerset Un Md Lt_ .._.100
91
95 South Jersey Gas & Elec_100
124
___ Tenn Elec Pow 6% pref _100
75.. United G & E(NJ) pref 100
United Public Service pref
83
86
3
6
Wash Ry & Elec com___111111
48
51
5% preferred
100
Bid
1
---12
70
52
85
14
69
1
87
74
c6
19
15
16
55
72
140
72
50
--r 320
88
Ask
212
-00.:
_ -57
8612
18
73
3
90
so
---
fa
79
145
r-212
400
92
Investment Trusts.
a Interchangeable. b Coupon. c Reg stered coupon (serial).
Ask
Pat Bid
Par Bid
Ask
Port of New York Authority Bonds.
17
8 218 Major Shares Corp
Amer Bank Stock Corp_ _ _ _
al% 214
4
9
8
Mass Investors Trust
• 135 15(8
Amer Brit & Coat $6 pref _•
Iltd. Ask.
Bid. Ask. Amer Composite Tr Shares.
23
4 318 Mohawk Investment
26
2719
Arthur Kill Bridges 934s
Bayonne Bridge 4s series C
3
___ Mutual Invest Trust Corp_.
Amer & Continental Corp__
class A
33
9 43
3
series A 193346
M&S 6.00 5.50
1938-53
J&J 3
4.35 4.00 Amer Founders CorP 6% pr. 15
22
Mutual Management com_• a
23
4
Inland Terminal 430 ser D
15
22
Nat Industries Shares A _ ___
1.9J ...
7% Preferred
Geo. Washington Bridge1936-60
M&S 5.85 4.30 Amer & General Sec corn A.
7
National Re-investing Corp4
1,2
4s series B 1936-50 _ _ _ J&D 4.90 4.60 Holland Tunnel 434's series E
30
40
National Shawmut Bank... 29
6% preferred
3012
434s ser B 1939-53_ _M&N 4.90 9.60
1933-60
M&S 4 60 4.30 Amer Insuranstocks Ceti).*
112 2
National Trust Shares
413 514
312 4
Nation Wide Securities Co
Assoc Standard Oil Shares__
2.35 2 43
8
Voting trust certificates
U. S. Insular Bonds.
Atl & Pac !Merl Corp units 138 173
818 858
18
38 N Y Bank Trust Shares_ ___
Common with warrants__
3% 918
13
Philippine Government17
No Amer Trust Shares
Preferred with wo r,..0 to_ _
1.82 1.92
Bid
Ask
Bid. Ask
Bancamerica-131alr corp....
48 1934
2
Series 1955
23
4
1.81 1 95
9014 10014 Honolulu 58
94.85 4.75 Bankers Nat In% est'g Corp • 10
4s 1946
14
Series 1956
1.51 195
94
96
U S Panama 35 June 1 1961_ 100 101
3
311 011 Shares Inc units
Banealctlia Cor,
97
434s Oct 1959
98
312 $12
2s Aug 1 1936
9934 1004 Basic Industry Shares
•
178 __. Old Colony Inv Trust corn.
4345 July 1952
212 312
97
98
2s Nov 1 1938
993 10014 British Type Invest A.....*
4
60c 85c Old Colony Trust Assoc 138 •
5s April 1955
100 102 Govt of Puerto Rico9
1012
103 113 Petrol & Trad'g Corp cl A 25
8
8
55 Feb 1952
Bullock
6
10
100 102
434s July 1958
45.00 4.75 Central Nat Corp class A_ _
5345 Aug 1941
Public Service Trust Shares 2.57
17
21
10012 105
53 July 1948
15 00 475
kIlawall 45. 434s & 434s _- n4.20 4.10
Representative Trust Shares 6 17 6.53
al
3
Class B
es
'
_
'_
1514 1613 Royalties Management
Century Trust Shares
- ---14
Chartered Investors corn__
all2 212 Second Internet Sec CorpA
3
1
Federal Land Bank Bonds.
55
1612 2612
Preferred
50
67 preferred
0
414
I
Securities Corp Gen $6 pref 431
Chelsea Exchange Corp A
1314 Ask
clams B
'It Selected American Shares__
'16
1 75 1.85
Bid
Ask
4s 1957 optional 1937_M&N
•• 512 8712 434s 1943 opt 1032__M&N
” -_ Selected Cumulative Sits__
47s 519
9012 9112 Colonial Investors Shares
4s 1958 optional 1938_M&N 8512 8712 434s 1943 opt
consolidated Equities Inc 161-2 2 Selected Income Shares...
11
212 2/1
7
1956 opt 1936____J&J 8712 8912 434s 1953 opt 1933____J&J 9012 9112 Continental Securities pref.
4348
412 612 Selected Man Trustees Shs__ 3.70 4.20
1933____J&J 89
90
934s 1957 opt '37
J&J 8712 8912 4345 1955 opt 1935____J&J 89
Corporate Trust Shares.... 1.75 1.85 Shaw mut Association corn__
612 7
90
434s 1958 opt 1938___M&N 8712 8912 4S43 1956 opt
Series AA
1.57 1.80 Shawmut Ilk Inv Trust__
4
1936____J&J 89
90
5s 1941 op:Ional 1931.M&N
Accumulative series
95
; lo
I 57 1.80 Spencer Trask Fund
97 44s
1- 63
4
9012
134* 1933 01)1 1932 J&D 10194 10034 4Sis 1953 opt 1933___J&J 9012 91)2 Crum & Foster Ins SharesStandard All Amer Corp.__ 2.90
.
1954 opt 1934____J&J
9112
Common 11
7
10 standard Amer Trust Shares 2.35
10
100 70
7% preferred
73 Standard Collet Trust Sias__
312 414
New York Bank Stocks.
Crum & Foster Ins corn_ __
9
11
Standard Invest 534%
_
7
17
8% preferred
77
81
Standard 011 Trust SharesA
33
8
pf_Par Bid
Ask
Par Bid
Cumulative Trust Shares... 2.62 ___
Ask
Class B
3'4 -4
Ilank of Yorktown
10.
35
Manhattan Company__ __20 3012 3212 Deposited Bank Shs ser N3( 2.95
4112 4312
State Street Inv Corp
Bensonhurst Nati
100 34
41
Merchants
100Deposited Bank Shs ser A _
234 318 Super Corp of Am Tr Shs A 2.55 --Chase
21
3418 3658 Nat Bronx Bank
50 36
-- 41 - Deposited Insur Shs A
25
8 3
1 45 1.65
AA
Citizens Bank of
__ 100
National Exchange
21
71
18
Diversified Trustee SW A_
B
City (National) liklyn_100-21
4312 4512 Nat Safety Bank & Tr_ _25
6
8
53
9
BB
1.45 1.65
Conam'i Nat Bank & Tr.100 160 '70 Penn Exchange
25
4
C
8
2.15 2.40
4.25 4.77
C
Fifth Avenue
100 1250
i 350 Peoples National
100 115 151
D
313 37
14..3.65 4.45
8
First National of N Y 100 1500 1550 Public Nat Bank & Tr ...25 3114 3314
Dividend Shares
1,1)3 1.11 Trust Shares of America....
2,, 258
Flatbush National
10(
160 Richmond Natl
20
312 612 Equity Corp corn stamped
dl
___ Trustee Stand InvestmentC 1.55 1.80
Fort Greene
100
35 Sterling Nat Bank & Tr 25 1112 1412 Equity Trust Shares A
2.10 2 35
1 50 1 75
D
Grace National !sank __ _10() .._ Soli Textile Bank
32
28
Five-year Fixed Tr Sh,ires
25
8 .
Trustee Standard Oil Shs A
33
8
Harbor State Bank
25
110 Trade Bank
100 26
31 , Fixed Trust Shares A
13
•
3•4 35
614
8
I larriman Nat Ilk & Tr
.
_ Washington Nat Bank_ 100
: 4 1
1
11
•
Trustee Amer Bank Shares.
5
33
3
_
K1ngsboro Nat Bank ___100 --_10027 ..
49
59
-- Yorkville(Nat Bank of) _100 25
35
Fundamental Tr Shares A
8 314
278 314
Series A
Lafayette National
25
7
111
Shares B
27
8 314 Trusteed NY City 13k Sim_
3'a 418
Guardian Invest prof w war
4
__. 20th Century orlg series_-_ 1.75 .
Gude-Winmill Trad Corp_.• 30
Series13
.
1.85 2,15
Trust Companies.
lluron Holding Corp
58
78 Two-year Trust Shares
8
734 87
Incorporated Investors_ .• 21318 1414 Trust Fund Shares
8 314
Par Bid
27
Ask
Par Bid
Ask
Incorporated Invest Equity.
112 _.. United Bank Trust
Banca Comm Italians Tr100 146 151
412
Empire
20 243 263
4
4 Independence Trust Shares. 1.75 2.05 United Fixed Shares ser Y
Bank of Sicily Trust_ ___20
438
Fulton
15
17
100 '260 290
Internet Security Corp(Am)
hank of New York & Tr_100 315 335 Guaranty
United Ins Trust
118
634% preferred
10
15 U S & British International
Bankers
10 6312 ( 512 Irving Trust
100 3283 3253 1
10 03 8 13 8
6% preferred
Bronx County
10
15
Preferred
20 15
2.1
7
Kings County
14
100 2000 2100 1
Investment Co of America
Brooklyn
1
2 US Elec Lt & Pow Shares A
100 180 195
1512
15
Lawyers Title & Guar..100 53
58
7% preferred
Central Hanover
7
12
20 134 138
B
Manufacturers (new)
2,45 2.55
_25 2812 3012
Chemical Bank & Trust..10 3434 363 Mercantile Bank & Tr WI
234 334
Voting trust ells
4
83
4 914
314 614 Investment Fund of N J
Investment Trust of N Y....
Clinton Trust
100 30
3,1 33 Un N Y Bank Trust C 3
4
40
New York
412
i
91
9
4
Investors Trustee Shares__ _
Colonial Trust
100 2412 2812 Title Guarantee & Trust_20 40
312 __
Un Ins Tr Sits ser F
414 _-43
Leaders of Industry A
Cont Ilk & Trust
10 1634 1894 Trust Co of N i
258 _
U S Shares ser H
__ 75
B
Corn Exch Ilk & Trust_20 x7012 7312 Underwriters loin (new) 20
1,89 1.95 Un Corn Tr Shs A 2
100- 6
0
70
c
County
25 1912 2112 United States
2 01 2.07 Universal Trust Shares... 2.00 --100 1980 1580 Low
Priced Shares
New
29
25
8
31
Guaranteed Railroad Stocks.
Telephone and Telegraph Stocks.
(Guarantor in Parenthesis.)
Par Bid. Ask.
Par
Alb & Susq (Del & Ilud) 100 152 160
Mich Cent(N Y Cent)._100
Beech Creek (N Y Cent)_50 29
32
Morris & Essex (DL&W)_SO
Bost & Alb(N Y Cent)...100 95
99 N Y Lack & W (DL&W).100
Bost & Prov (New IIav)_100 120 128
North Central (Penn)_ __ _50
Can Sou(NY Cent). -100 40
46 Old Col(NY N If & 10_100
Carolina Clinchtield &
-Ohlo
Oswego & Syra(D L & W)50
(L& N,A CL)4%..l00 48
53 Pitts Ft W & C (Penn)_100
Common 5% stamped_100 55
58
Preferred
100
C C C & St L pf(N Y C)_100 55
65 Renss & Sarat (D & 10.100
Cleve & Pitts(Penn)
50 57
60 St L Br 1st pt(Term ER)1003
Betterman stock
50 29
33 Tunis RR St L(Ter RR).100
Ga R & Bkg (L & N.
Ilia NJ RR & Can (Pa)_100
A CL)
100 110 125 Valley(DL & W)
100
Lack RR of N J (DL&W)100 60
65 Warren of N J (I) L & W1_50
Bid.
700
56
78
66
85
55
118
134
100
95
95
185
70
43
Ask.
900
59
82
69
90
60
125
137
106
105
105
190
80
98
Bid
7912
77
70
7
,
••
35
69
81
73
8412
Ask
82
79
0
7-12
el
-.111
37
7114
--75
---
Public Utility Bonds.
Bid
Amer 8 l' S 5343 1948.M&N
5812
Atlanta G L 5s 1947 __J&D 1,2,12
283
4
Cen (I & E 5348 1933..F&A
1st Ilen roll tr 53.4s'46J&D 92
let lien roll tr 65'46.M&S 45
Fed P El 1st 6s 1947___J&D 2012
Federated Utll 534s '57 M&S 4914
ill Watt Ser Ist 58 1952 _J&J 7412
Iowa So Utli 5348 1950-J&J 113
Louis Light 1st 58 1953_A&O 10112
Ask
62
-.
32
-14
45
4812
2314
5214
78
6512
___
Bid
35
30
20
58
90
15
Ask
35
40
411
30
63
_ _
20
-
Par Bid Ask
Northw Bell Tel pf 634% 100 103 10513
Pac & All Teleg US 17 _25 10
Porto Rico Telephone °leki
Roch Telep $6.50
1_100 10
So & Atl Teleg $1.25
1st,p 25
13
_....
Tri States Tel & Tel $8_
• 90
_Wisconsin Telep 7% prof 100l0212 10412
Sugar Stocks.
Ilaytian Corp Amer
Pal Bid
Ask
Par Bid lAsk
2 11Sugar Estat s Oriente p11001 ____ R 1
e
Chain Store Stocks.
Newp N & Ham 5s '44.J&J
N Y Wat Ser 53 1951.M&N
Old Dom Pow 5s_May 15.
51
Parr Shoals P 5s 1952....A&O
Peoples L & P 5343 1941 J&J
Roanoke W W 5s 1950_J&J
United Wat Gas & E 5s 1941
Western P S 530 1960 _ F&A
Wichita fly & L 5s1932....
• No par value. d Last reported market. 4 Defaulted.
dividend. a Ex-dividend. y Ex-rights.
Par
Cuban Telephone
7% preferred
Empire & Bay State Tel_100
Franklin Teleg $2.50____100
Int Ocean Teleg 67, ___100
Lincoln Tel & Tel 874
New York Mutual Tel__100
1 Bid price less .34.
Par Bid
Ask
Butler (James) common__
_ __
2
Preferred
100
3
7
Diamond Shoe wet
40
48
Edison Br Stores
WO
____
35
Fan Farmer Catire8 gi i__• 16
dy r
ier
21
Fishman (11 Al) StoresP
eons- ___. 16
Preferred
* __. 90
Kobacker Stores pref ___10017
Lord & Taylor
100 - - -- ILCO
7
0
1st preferred 6%
100 55
80
Sic preferred 8%
100 60
80
k Due in 10 years or longer. n Bici price
Par Bid
Miller (I) & Sons pref_100
.
NlockJuds&Voelningerpf100 -- 23
Murphy (S C) 8% pref.100 ____
Nat Shirt Shops Del.)pf 100 _____
NY Merchandise 1st pf..101
) ,a
.
•
3
Plggly-Wiggly Coro
Reeves (Daniel) pref___100 100
Rogers Peet
_ _.
corn...- 100
Schiff Co pref
100 5
C°
less 1. s Bid price less 134.
Ask
15
33
9(1
35
- I
_
ili
3 Ex-atoOk
Financial Chronicle
2814
Oct. 22 1932
Quotations for Unlisted Securities-Concluded
Insurance Companies.
Industrial Stocks.
Par Bid
Ask
Alpha Portl Cement p1- 100 50
85
American Book $4
100 50 60
Bliss(E W)1st pref
50
20
241 preferred B
10
712
Bohn Refrigerator 8% pf 100
55
Bon Anil Co B com
23
30
Brunsw-Balke-Col pref
* 2512
Burden Iron pref
25
35
Canadian Celanese com
9
7
Preferred
100 60 65
Carnation Co com $1.50___•
912 1312
Preferred $7
100 82 87
Chestnut Smith com
2
Preferred
4
10
Color Pictures Inc
3
4 112
Columbia Baking cora____•
5
8
18
let preferred
i
212
•
2d preferred
14 114
Congoleum-Nairn $7 pf_100 98 101
Crosse & Blackwell com
2
21
Crowell Pub Co $1 com new 17
$7 preferred
95
85
De Forest Phonofilm Corp
38 158
Doehler Die Cast pref.---•
8
Dry-Ice Holding Corp
5
Eisemann Magneto com
45
Preferred
100
Gen Fireproofing $7 pf 100 40
50
Gmton dr Knight corn
•
14
114
Preferred
2
6
100
Herring-Hall
19
-Mary Safe 100 13
Howe Scale
6
3
Preferred
15
100 10
Industrial Accept com_ - __•
_
4
Preferred
100 -- - 30
2
7
312 5
Locomotive Firebox Co___*
Macfadden Public'ns com_5
5
3
Par
Macfadden Public'ns $6 pf *
Merck Corp $8 pref
100
100
National Licorice com
National Paper & Type Co_
New Haven Clock pref...A00
New Jersey Worsted pref
Ohio Leather
let preferred
2d preferred
Okonite Co $7 pref
100
Petroleum Derivatives
Publication Corp $3.20 com•
100
$7 let preferred
Riverside Silk Mills
Rockwood & Co
•
100
Preferred
Rolls-Royce of America- -Boxy Theatres unit
Common
Preferred A
Rubel Corp com
Preferred
Solid Carbonic Ltd
Spiltdort Beth Elec
Standard Textile Pro___100
100
Class A
100
Class B
Stetson (J B) Co $2 pref _25
Taylor Wharton Ir&St corn•
100
Preferred
Tenn Products Corp pref _50
TubizeChatillon 7% cu pf100
Walker Dishwasher com- •
White Rock Min Spring
100
$7 let preferred
100
$10 2d pref
100
Woodward Iron
Bid
14
70
18
Ask
18
74
24
20
30
12
#0
55
15
90
70
40
7
15
2
9
75
8
5
35
1012
12
714
2414
1
45
2
212
2
812
.
1
4
_
10
-- - 19
15
3 512
9
4
3314 46
212 412
__
70
2
88
_5
Industrial and Railroad Bonds.
Bid
Adams Express 4s '47_J&D 59
American Meter 69 1946___
7812
Amer Tobacco 45 1951 F&A 93
Am Type Fdrs 6s 1937 MEN 60
Debenture 65 1939_M&N 55
Am Wire Fab 7s'42M&S 45
Bear Mountain-Hudson
River Bridge 78 1953 A&O 7512
Chicago Stock Yds 58 1961 62
1712
Consol Coal 4345 1934 MdrN
Consol Mach Tool 78 1942 58 14
Consol Tobacco 48 1951____ 90
Equit Office Bldg 58 1952__ 5712
e 7
Ilaytian Corp 8s 1938
Journal of Comm 6345 1937 47
Hans City Pub Serv 68 1951 25
Loew's New Brd Prongs 1945
J&D 69
Bid
Ask
8512
___ Merchants Refrtg Os 1937__
N 0 Or No RR Sc '55_F&A 51614
NY & Bob Ferry 58'46 J&D 6414
16 NY ShipbRig 58 1940.M&N 60
65 Pierce Butler ds P 634s 1942 10
50 Prudence Co, Guar Coll
48
534s, 1961
7912 Realty Assoc Sec 6s'37.J&J 43
40
Securities Co of N Y 4s__
_
61 Broadway 534s '50.A&O 60
ill; So Indiana Ry 49 1951_ F&A 43
Stand Text Pr 6348 '42 M&S 18
661- Struthers Wells Titusville
- 2
44
630 1943
10
55 Tol Term RR 4348 '57 M&N 77
114
2612 US Steel bs 1951
7
WItherbee Sherman 68 1944
Woodward Iron 58 1952 J&J 40
72
Ask
1812
Ask
Par Bid
Par
Aetna Casualty & Surety .10 30
32
Hudson Insurance
10
Aetna Fire
31
Importers & lisp of N Y25
10 29
Aetna Life
4
10 1434 163 Independence Indemnity_10
Agricultural
43 Knickerbocker (new)
25 38
5
American Alliance
10 11
5
14 Lincoln Fire(new)
American Colony
5
9 Lloyds casualty
10
a
American Constitution
20
Voting trust certifs
5
7
9
American Equitable (new)_5
9 Majestic Fire
5
6
American Home
20
9 Mass Bonding & Ins
25
7
American of Newark____234
712 9
Merchants Fire Assur com10
American Re-Insurance 10 23
30
Merch & Mfrs Fire Newark 5
American Reserve
10
834 1054 Missouri States Life
10
American Surety
25 1312 1512 National Casualty
10
Automobile
10 1312 1512 National Fire
10
BaltimoreAmerInsurance234
23
4 33 National Liberty
2
4
Bankers & Shippers
25 25
35 National Union Fire
5
Boston
110 305 330
New Brunswick
10
Carolina
10 1214 1414 New England Fire
10
City of New York
93 New Hampshire Fire
100 83
10
Colonial States Fire
10
6
8
New Jersey
20
Connecticut General Life..10 3312 3512 New York Fire corn
10
212 4
Consolidated Indemnity ___5
North River
5
10 Northern
Constitution
10
7
26
Continental Casualty__-.10
7
9
Northwestern National..
.25
12 Pacific Fire
Cosmopolitan Insurance _10
7
25
5 Phoenix
4
Eagle.
5
10
6 Preferred Accident
5
Excess Insurance
5
5
5112 Provid.nce-Washington _ _10
Federal Insurance
10 47
35 Public Fire
Fidelity & Deposit of Md_20 40
6
8
Franklin Fire
5 1252 145 Public Indemnity (formerly
8
hi
General Alliance
•
Iludson Casualty)
5
Glens Falls Fire
10 2812 3012 Reliance !astir of Phila....10
9 Rhode Island
6
Glob, & Republic
10
10
Rochester American
91 III
Globe & Rutgers Fire new.
25
2
Great American
10 1238 137 St Paul Fire dr Marine
25
8 Security New haven
6
Great Amer Indemnity_
5
10
912 1112 Springfield Fire & Marine 25
Halifax Insurance
10
Standard Accident
Hamilton Fire
50
50
10 2212 2412 Stuyvesant
25
Hanover
912 1118 Sun Life Assurance
100
Harmonla
10
100
39 Travelers Fire
Hartford Fire
10 37
U S Fidelity dr Guar Co__ _2
38
HartfSt'm Boiler Ins&Ins 10 35
U S Fire
10
Home
5 1412 16
8
15
8 25 Westchester Fire new__10
Home Fire Security
7
9
10
Homestead
Bid
10
21 1
3
'2
3
112
111
2
2
9z
25
412
8
6
31
312
30
9
7
3112
1012
6
1012
30
81
25
4312
7
15
I
Ask
17
4174
622
5
212
212
3412
29
712
9
8
36
5
33
11
12
3112
1212
9
1212
37
911
35
4512
9
17
3
278
612
8
30
93 104
22
21
40
70
25
10
12
8
260 310
333 3'))
5
7
x1712 1912
x1258 1458
12
8
312
5
15
49
50
63
47
23
8111
4312
Realty, Surety and Mortgage Companies.
Ask
Bid
4
223 253
4
40
150
18
- 14
Par
Bond & Mortgage Guar__ 20
Empire Title & Guar ____100
Guaranty Title & Mortgage_
Home Title Insurance...... 25
Ask
20
11
1012
4
23
Aeronautical Stocks.
Bid
Chicago Bank Stocks.
Ask
Par Bid
Par Bid
Ask $,
00 310
Central Republic
100
14
34 'Harris Trust & Savings_ _100 3
100 370 380
Continental Ill Bk & Tt..100 104 005 I Northern Trust Co
1001 197 1201 I Peoples Tr & Say Bank_100
First National
Strauss Nat Bank & Tr 100 119 -1 6/1"
.
Par Bid
International Germanic Ltd
15
Lawyers Mortgage
20
9
National Title Guaranty 100
712
N Y Title & Mtge w I
212
State Title Mtge(new) _100
Alexander Indus 8% pref _American Airports Corp-Central Airport
Cessna Aircraft common_
CUIC188 Reid Aircraft corn
Ask
40
1
4
112
112
Kinner Airplane & Mot....
Sky Specialties
Southern Air Transport
Swallow Airplane
Warner Aircraft Engine
Whittelsey Manufacturing
Bid
Ask
34 1'4
3
1
5
2
2
N
1 18
Other Over-the-Counter Securities
Railroad Equipments.
Short Term Securities.
Allis-Chal Mfg Sc May 1937
Amer Metal 534s 1934 Adz°
Amer Wat Wks Sc 1934 A&O
Ask
Bid
8558 86
67
70
9012 92
Bid
Ask
).lag Pet 4348 Feb 15 '30-35 10014
Union 011 58 1935____F&A
97513
100
United Drug deb Is '33 Adr0
Water Bonds.
Did
Ask
Hunt'ton W 1st 68 '54.MdrS 93
1st m Sc 1954 Ber B__M&S 8612
80-89
87
81
30
Is 1962
76
80 83 Joplin W W 5s '57 ser AM&S 76
___ Kokomo NV W 50 11158_J&D 76
91
___ Monm Con W 1s1 58'56 JAI) 83
86
86Monon Val W 534e '50_J&J 80
ifi- RIchm W W 1st 58'67_M&N 78
73
68
89 St Joseph Wat is 1941_A&O 93
___ South Pitts Water Co
27
93
F&A
let Sc 11155
87
__lst & ref fs'GO ser A_ J&J 90
86
1st & ref he '60 ser B J&J 87
86_ Terre Irte W WIds'49A J&D 90
.
let lo As 1956 ser 11_ -MD 80
30
114 75
Texarkana W 1st 55 '58 F&A
25
Wichita Nat 1st 130 '49 M&S 92
II_
81
1st Ns As '56 ser B.__ F&A
83 80
let ma Is 1160 ser C.M&N 81
Bid
Alton Water 5s 1956__A&O
Ark Nat 1st 5s A 1956_A&O
Ashtabula W W As '58_A&O
Atlantic Co Nat 58'58_M&S
Birm W W let 534sA'54A&O
1st m 5a 1954 ser
let 5e 1957 series C__F&A
Butler Water Sc 1957__A&O
City of Newca,tle Nat 58 '41
City W (Chat) 58 B '54 J&D
1st Sc 1957 series C_M&N
Commonwealth Water
F&A
1st 58 1956 11
let m be 1957 ser C_F&A
Davenport W bs 1961 J&J
J&J
ES L& Int W 58'42
let m 65 1942 ser B J&J
let 55 1960 ser DFdrA
CURRENT
Ask
8212
81
66
85
95
91•
80
86
85
NOTICES.
-UNITED STATES DEBT SIX .ILLION BELOW 1919 PEAK
DESPITE 4.3 BILLION INCREASE SINCE JANUARY 1931, ACCORDING TO FIRST OF BOSTON CORPORATION-The total outstanding
Interest-bearing debt of the United States Government as of Oct. 16, based
upon the latest official figures. is still $6.000.000,000 less than the peak
total reported during 1919, despite the fact that the total debt has been
Increased by some 54.300.000.000 since January 1931. The total interest
bearing debt now stands at 520,500.000.000 against $16,000,000.000 in
January 1931, the low point since the war, and compares with a war-time
high of $26.600.000,000 reported In 1919. The outstanding debt, maturing
within one year, included in the above total, is now under $3,150.000.000
or 16% of the total. This compares with a floating debt of $5,735.000.000
equal to 22% of the total peak debt reported in 1919. The recovery in
price; of United States Government bonds during the past year, in the
face of unfavorable national and world economic events, has brought the
callable Liberty bonds back to 1930 levels and long-term Treasury bonds
to prices better than those of 1929.
Important general information and specific facts on the interest-bearing
First
debt of the nation are revealed In a special booklet published by The
data is given covering the amount of each
of Boston Corp. Complete
Atlantic Coast Line Is
Equipment 6348
Baltimore & Ohio 69
Equipment 4348 & 58...Buff Roch & Pitts equip 0*
CanadianPacific 4348 &
Central RR of N J (is
Chesapeake & Ohio Os
Equipment 634s
Equipment Sc
Chicago & North West 65
Equipment 634s
Chic R I & Pac 434s & 58..
Equipment Is
Colorado & Southern Is
Delaware & Hudson
Erie 4 Me is
Equipment Is
Groat Northern es
Equipment Sc
Hocking Valley As
Equipment Is
Illinois Central 4348 & Is...
Equipment ile
Equipment 78 & 6/0
Bid
.6.60
550
7 00
760
7.81
6.50
5.00
6.00
5.60
5.01
$ 80
60
106
$0')
(1 0.)
551
9 01)
90l
5.50
5 50
55
55
8.50
2.511
8.50
Ask
4 50
400
5 40
5 10
00.)
5 75
4 00
1 00
4 041
'00
70
7 0')
750
750
14 OS
451)
7 50
780
4.75
4.75
4.75
4.75
7I0
7)0
7(0
Kanawha & Michigan 6s.„
IC AIMS City Southern 534s.
Louisville de4Nashville Os__
Equipment 6 /in-Minn St P& 581.4 434s& 5s
Equilmeent 634s & 78_ _ _
Missouri Pacific 6348
Equipment 6s
Mobile & Ohio is
New York Central 434s & 58
Equipment es
Equipment 7s
Norfolk & Western 4(4s
Northern Pacific 7s
Pacific Fruit Express 78_ _
Pennsylvania RR Null)56..
Pittsburgh & Lake Erie 634s
Reading Co 434. d As
St Louis & San Fran is
Southern Pad fie Co 4349
Equipment 75
Souther. Ey 4(4s & 58
/Sisipsst Its
Toledo & Ohio Central 66....
Union Pacific 7e
• No par value. a And dividend. d Last reported market.
Ex.dividend, V Ex-n(
1M.
Bid
Ask
7 00 5 511
85,, 710
5 75 4 75
5 75 4 75
1001) 8 00
10.01 8 00
1001)S 50
10 0( 8 50
104)6 8 10
625 5511
6 25 5.511
6215.50
4.00 3 00
5 , 4 10
1
4 50 3 50
4 7 , 37!,
6.50 875
471 125
10 00 s 00
C 00 3 1.0
It Os 1. 011
10 00 A 1 0
10 00 ft 50
6 75 5 75
4 50 3 50
Flat price.
separate Issue outstanding, the denominations, redemption provisions,
tax exemption features, and also their acceptability for tax payments.
Also a table for computing discount and accrued interest and a method
for determining the corporation taxable equivalent.
The booklet also contains a complete discussion of the subject of National
Bank Note circulation outlining the factors controlling tho profit to be
derived from exercising the privilege, the most satisfactory method for
calculating such profit, and detailed procedure for obtaining or retiring
such circulation.
-At the annual convention of the Investment Bankers Association of
Texas, which was recently held at Dallas, the following officers were
elected: T. II. Obenchain of Dallas, President; J. L. Mosle of Galveston,
First Vice-President; Raymond Gee of Fort Worth, Second Vice-President.
and J. L. Lafferty of Fort Worth, Secretary-Treasurer.
The new Board of Governors chosen, consist of George Rotan. Houston:
J. T. Bowman, Austin: A. W. Snyder, Ilouston; L. W. Stayart, Dallas;
J. S. James. Dallas and Hal Dewar, San Antonio.
It was determined that a phamplet outlining all phases of issuance of
bonds by various cities, counties, school districts, levee districts and all
other divisions within the State will be prepared by the association and
distributed to taxpayers and security holders. Fred Heaton of Dallas.
will be in charge of the compilation of this information.
Current eartung5
Aiontbip,
uartertp anb f)att
Nearly.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quar-yearly,that have appeared the present week. It covers all classes of corporate entities, whether railterly or half
roads, public utilities, industrial concerns or any other class and character of enterprise or undertaking. It is all
Inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, covers merely the companies whose returns have come to hand since
the Oct. 21 issue of our "Monthly Earnings Record" went to press, and is presented with the view simply of
making it easy for subscribers to the "Monthly Earnings Record" to find new statements.
Issue of Chronicle
1881111 of Chronicle
nen Published. Page.
Name of Company-Na1014 of Companynem Published. Page
Oct. 22..2815 Edmonton Radial Ry
Alton & Southern RR
Oct. 22_.2818
Oct. 22_2825 Fall River Gas Works Co
American Window Glass Co
Oct. 22..2818
Oct. 22..2834 Federal Water Service Corp
Arnold Print Works
Oct. 22..2818
Corp
Oct. 22..2816 (Geo. A.) Fuller Co
Artloom
Oct. 22_2818
Oct. 22_2816 General Cable Corp
Atlantic Refining Co
Oct. 22__2818
Oct. 22_2816 General Gas & Electric Corp
Beech-Nut Packing Co
Oct. 22...2819
Boston Revere Beach St Lynn RR___Oct. 22_2816 General Motors Corp
Oct. 22_2819
Bowman-Biltmore Hotels Corp
Oct. 22..2816 Gulf States Steel Co
Oct. 22..2819
Oct. 22_2835 Haverhill Gas Light Co
(E L.) Bruce Co
Oct. 22..280
Capital Administration Co
Oct. 22..2817 Haytian Corp. of America
Oct. 22 2839
Oct. 22_2816 Howe Sound Co
Central Vermont Ry
Oct. 22..2819
Chesapeake & Ohio Ry
Oct 22..2815 Kansas City Southern Ry System. Oct. 22_2816
conensaugh & Black Lick RR. Co......Oct. 22_2815 Kimberley-Clark Co
Oct. 22_2820
Connecticut Electric Service Co____Oct. 22-2817 Lambert Go
Oct. 22_2820
Oct. 22_2836 Lehigh Valley Coal Corp
Club Aluminum Utensil Co
Oct. 22..2820
Oct. 22..2818 McIntyre Porcupine Mines Ltd
Corn Products Refining Co
Oct. 22..2820
Mills Co
Oct. 22_2817 Mathleson Alkali Works Inc
Corno
Oct. 22_2820
Crystal Tissue Co
Oct. 22..2818 Minneapolis
-Honeywell Regulator
Da•lson Chemical Co
Oct. 22..2825
Co
Oct. 22..2821
Detroit & Mackinac Ry. Co
Oct. 22..2826 Montgomery Ward & Co
Oct. 22_2820
Detroit Michigan Stove Co
Oct. 22_2837 Montour RR
Oct. 22..2815
Dortmund Municipal Utilities
Oct. 22..2830 (Phillip) Morris & Co.. Ltd
Oct. 22__2821
Eastern Utilities Associates
Oct. 22_2818
•
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Southern
St Louie Southwestern
Western Maryland
Current
Previous Inc. 1+) or
Year.
Year.
Dec.
$
3.085,581
3.059.687
+25.804
2.810,000 2.934,000 -124.000
15.425.000 18.675.000
-3.250
228.277
225,510
+2.767
1,922,017 2.271,362 -349,345
524,300
675.908 -151.608
263.648
,297,735
-34.085
Period
Corered.
2d wk of Oct
2d wk of Oct
lot wk of Oct
2d wk of Oct
2d wk at Oct
2d wk of Oct
2d wk of Oct
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Orate Earnings.
Month.
1932.
July
August
1931.
274,976.249
266,892.520
269.633,741
267.473.938
254,382,711
245,860.915
237.482 789
251,761,038
January
February
March
April
May
June
8
365.522.091
336,182,295
375.817,147
369.123,100
38%417,190
369.133.884
376.314,314
363.778,572
1932.
March
April
May
June
July
August
90.545,842
69.289.775
85,983.406
101,649,162
-114.031.479
123,273.269
138.851.525
-112.017.534
Nd Earnings.
Month.
January
February
Length of Road.
Inc. (-1-) or
Dec.(-).
8
45.940,685
57.375,537
67,670.702
56.263.320
47.429.240
47.0014.035
46.125.932
62.540.800
1931.
8
72,023.230
66,078,525
84,796,410
79.185.070
81,082.518
89,688.856
96.983.455
95,070,808
1932.
244.243
242.312
241.996
251,876
241.998
242,179
242.228
242.208
1931.
Mites.
242,365
240.943
241.974
241.992
242.183
242.527
242,221
242,217
Inc.(+)Or Dec.(-).
Amount.
$
-26,082,645
-8,702.988
-17,036,708
-22.922.350
-33.13.278
-42.6110.821
-50.857 523
-32.530,008
Per Cent.
Montour-
SeptemberGross from railway.-Net from railway....
Net after rents
From Jon 1
-
1932.
$142.503
68.208
86.581
1931.
$193.604
85.608
102.086
1930.
1224.036
87.888
95.463
1929.
$228.604
85.916
94.052
Gross from railway
1.023.646 1,615.569
1,898.983
1.797.918
Net from railway..
290.957
563.076
637.161
628.414
Net after rents
439.309
699.764
711,976
706.968
New York Chicago & St Louis RRSeptember1931.
1932.
1930.
1929.
Gross from railway--- $2,332,750 $2,896,328 22.924,542 25,076.452
Net from railway_
538,428
1,173.520
1,706.150
Net after rents
301,987
94.455
675,577
1.171.796
From Jan. 1
Gross from railway... 21,988,525 28,379.207 35,929,068 43.108,889
Net from railway__
6,672,462 8,936.318 13.156.430
Net after rents
1,139,910 2,238,409 4,853,856 8,599.667
Union Pacific SystemSeptember1932.
1931.
1930.
1929.
Gross from railway-811.380.830 214.574,426 819.429.437 $21,465,905
Net from railway____ 4.725.324 5,788.780 7.929.515 8,182.658
Net after rents
3,266,184 3,918,381
5.477.526 5.392.587
From Jan. 1
Gross from railway--- 84.892,836 117,711,302 138,762,178 159.362.406
Net from railway._ 24,657.804 30.017,230 39.324.096 48,041,153
Net after rents
10,621.472 13.602,089 22,196,473 29,956.588
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.
Union Pacific System.
Month of SeptemberOperating Revenues
-
1932.
1931.
1930.
1929.
$9,563.974 $11.920.851 $16.256.580 217.323.501
Passenger
932.862
1,412.579
1.815,127 2.443.311
Mail
356.189
380.408
381.760
411.013
Express
157.564
259.556
289.855
37 .035
8
All other transportation_
381.776
225.568
406.954
507.820
Incidental
219,256
144.673
279.161
402.225
Railway oper. revs...211.380.830 814.574.426 219.429.437 221.465.905
Operattng ExpensesMaint. of way & struC__
936.529 1,197,415
1,997,937 2,583.016
Maint. of equipment_ 1.612.471
2.153.796 2,948.212 3.326.911
Traffic
301.138
2:15.492
344.636
389 769
Transportation
3,232.787 4,262.133 5.244.860 5.837.313
Miscellaneous operations
138.985
224.373
295.868
436.092
General
499.262
646.791
668.832
708.686
Transp. for Invest -Cr.
.....
423 def $1 460
Railway oper. erpens_ 36,655.506 $8,785,646 811.499.922 213.283.247
Iniome Items
Net rev, from ry. °per__ 4,725.324 5.788.780 7.929.515 8,182.658
Railway tax accruals_ _ _
620.765
980,893
1.248,515
1.632.939
Uncoll, railway revenues
2.511
619
771
685
Ry. oper. income.... 14,192.V.8 54.801.116 $6.6r,(1.451 56.549.0.14
Equipment rents-Dr..
787.935
847.502
1,145,657
1.075.572
Joint far. rents. net-Dr.
17 409
41.213
57.178
80.895
Net railway oper. inc. 83.26n.184 83.918.381 55.477.526 $ 5,392.567
Aver. miles of road oper.
9.843
9.866
9.859
9.859
Ratio of expe. to rev...
58.48%
60.28%
59.19%
61.88%
9 Afos. End. Sept.30Freight
-36.21
--13.17
--20.11
--28.94
-41.01
-47.58
-62.43
--34.21
Net Earnings Monthly to Latest Dates.
Alton & Southern RR.September1930.
1932.
1931.
1929.
Gross from railway__
$93.504
289.068
$78,050
Net from railway._ _
34 495
38.490
32.826
Net after rents
29.721
20.642
23.792
From Jon. 1Gross from railway...
820.108
828,413
670,847
from railway_
Net
261.773
227.345
285.696
Net after rents
151.178
219.453
182,309
Central VermontSeptembrr1930.
1931.
1932.
1929. Grose from rallway
$622.010
$507,887
$441.643
*761.198
Net from rallway
148.507
87.470
82.048
187.023
Net after rents
146.893
68.216
52.195
166.390
From Jon 1
Gross from railway
4,042.286 5,130.183 5.834,803 6.865.476
Net from rallway
981,340
619.448
387.165
1.584.094
Net after rents
991.850
142,462
543.205
1,452.866
Chesapeake & Ohio RySeptember1932.
1930.
1929.
1931.
Gross from railway- 29.323,488 $11,049,095 212342.034 313.504.189
Net from railway_ _ _
4,762.869 4.817,618 5,118.941
5.285.646
Net after rents
3,904,000 4,047.080 4,276,767 4,568,153
From Jan 1
Gross from railway... 71.077,053 91,886,579 103,596,309 111.995,953
30,049,254 35,034.705 37.081.175 38,720,946
Net from railway_
22.244.850 27,427,430 30,014.401 32,408.464
Net after rents
Conemaugh & Black Lick
September
1932.
1930.
1929.
1931.
railway_
298.883
218,428
Gross fromrailway____
253.298
$206.881
11.922
-5.062
63.830
8.167
Net from
11,595
-4.493
9.869
43,764
Net after rents
From Jan 1
246.127
Gross from railway...
1.665.826
574.844 1.152.863
156 782
-39.434
-56.520
341.985
Net from railway. _
171.978
-50.608
311.196
-18.922
Net after rents
City Southern SystemKansas
September1930.
19:12.
1929.
1931.
Gross from railway.- $852.249 $1.189.105 $1.566.010 31.997.573
266.560
511,599
770.424
516.957
Net from railway
348.741
562.837
354.838
Net after rents
From Jan. 1
Gross from railway- 7.459.612 11.084.980 15.099.007 14.548.895
1,859.655 3.816,889 4.982.412 5.068,200
Net from railway
2.330,099 3,104.146 3.796,782
Net after rents
Issue of Chronicle
Name of Compass.Vhen Published. Page.
Motor Products Corp
Oct. 22..2821
New Bedford Gas & Edison Light Co.Oct. 22..2821
New York. Chicago & St. Louis RR_Oct. 22..2815
Ogilvie Flour Mills Co
Oct. 22..2842
Otis Elevator Co
Oct. 22.-2822
Pittsburgh Terminal Coal Corp.
-Oct. 22_2822
Power Corp. of Canada. Ltd
Oct. 22..2825
Reliance mtg. Co. of 111
Oct. 22_2822
San Joaquin Light & Power Co
Oct. 22_ _2823
Sierra Pacific Electric Co
Oct. 22..2823
Sweets Company of America
Oct. 23__2823
Tampa Electric Co
Oct. 22..2823
Twin City Rapid Transit Co
Oct. 22..2823
Union Pacific System
Oct. 22..2815
Union Water Service Co
Oct. 22..2823
United Biscuit Co
Oct. 22..2823
United Fruit Co
Oct. 22..2823
U. S. Realty & Improvement Co...-Oct. 22..2824
Virginia iron Coal & Coke Co
Oct. 22_2824
Western Union Telegraph Co
Oct. 22..2824
(William) Wrigley Jr. Co
Oct. 22_2824
Zonite Products Corp
Oct. 22..2824
Operating Revenues
-
Freight
$68.190.046 393.867.989 $109118.180 $124547,930
Passer ger
8.393,675 12.925.313 16.846.209 20.725.526
Mall
3.251.000 3,563.554 3.695,711
3.763.412
Express
1,378,565 2,141.575
All other transportation_ 2.350.478 3,037.074 2.893.400 3.074.522
3.826.494 4.1:31.032
Incidental
1.329.072
2.175.797
2.182.184
3.119.984
Railway oper. rev
$84.892.836 $117711.302 $138762.178 $1593b2.906
Operating ExpensesMatot. of way & struc
8.362.257
Malnt. of equipment._. 14.596.617 16.267.372 18.380.491 22,855.491
22.617.864 26,096.962 28.961.913
Traffic
2.523.229 3,288.06.3 3,634.952 3.695.216
Transportation
28.349.518 37.187.790 42.674,682 46.081.093
Miscellaneous operations 1.346.346
2.251,343
3.476.345
2.638.451
General
5.056,423 6,087,638 6,012.967 6,252.380
'lot 5612
Transp. for inves.-Cr
5.00.8
423
1.I85
i Railway oper. exps
$u0.2.4a.032 387.694,072 $914.4.58,082 3111321.253
w Income Ilmsrev, from my. opera_ 24.657.894 30.017.230 39.324.096 48.041.153
Net
R.allway tax accruals... 9.017.194 10.818.993 11.777.337 12.796.598
Uncoil, railway revenues
1n:710
10.311
6 156
54.929
Railway oper. income815.599,1400 319.187.90:I 827.540.003 $35,235.626
Equipment rents-Dr.. 4.541.204
5.173.251
9.577.373
4.886.714
Joint fac rents. net-Dr.
417.224
412.566
457.416
701.665
Net railway oper. Inc.$10.1121.472 $13.602.489 $22.196.473 329.956.588
9.842
Por•
9.8t.
9.861
9.876
Ratio of exp.. to revenue
70.95%
74.50%
69 85%
71.66%
IlarLast complete annual report in Financial Chronicle April 30'32, p.3296
Phiancia/ Chronicle
2816
American Hide & Leather Co.
Ferrocarrites Nacionales de Mexico.
(National Railways of Mexico)
-Month of August--8 Mos.End. Aug.311931.
.1932.
1932.
1931.
Pesos.
Pesos.
Pesos.
Pesos.
61,116,958
Railway oper. revenues.. 6,369.722 6,895,649 49,959,184
Railway oper. expenses- 5,893,837 5,959,753 45.423,572 50,005,666
Net oper.revenue_ _-Percentage,exps. to rev_
Tax accruals & uncoiled.
revenue (deduction)._
Non-operating income_ _
Deductions, items 536541 (I. C. C.)
475,884
92
3.917
73,953
x935,895
x86
*
*
4,535,611 x11,111,291
x81
90
6.302
328,734
3,439,733
554.985
Month of SeptemberRailway oper.income._ _
Non-oper.income
1932.
$64,560
38,176
1931.
$69,432
37,209
1930.
$132,347
47,483
1929.
$171,262
44,346
Gross income
Deduct,from gross Inc_ _
$102,735
148,688
$106,642
134,380
$179,831
127,037
$215,608
67,545
$52,793
$148,063
76.12%
75.00%
78.71%
457
def$722,686 def$317,350
Net income
Ratio of ry. oper. exp.
87.93%
90.42%
to revenues
Ratio ofry. oper. exps.&
90.45%
94.27%
taxes to revenues
457
457
Miles of road operated
$850,251 $1,329,913
289,232
505,56
1,145,771
-Month of August--12 Mos. End. Aug.311932.
1931.
1931.
1932.
$760,925 37.804,740 38,325.023.
$729,385
385.041 3.747.498 4,458,004
359.644
Operating revenues
Oper. exps., inc. taxes...
Net revs, from oper_ _
Other income
3369,741
5,561
3375.884 $4,057,242 $3,867,024
40,710
490,670
223,204
Gross corp.income. _ _
Int. on long-term debt_ _
Other int. & deductions_
$375,302
155.925
6.584
$416,594 $4,280,446 $4,357,694
1,704,252
1,879.210
147,753
73.690
125,512
6,819
4212,793
Balance
Dividends on preferred stock
4262,022 $2,327,546 $2,527,930.
933,933.
949,305
Balance
Retirement (depreciation) reserve appropriation_
82.45%
78.00%
85.43%
461
80.00%
413
1929.
1932.
$852,249 31.169.i05 31,566,010 $1,997,573
1,054,410 1,227,149
652.148
585.689
770,424
511,599
516,957
266,560
87,636
134,250
104,032
96,954
123
6
453
147
$635,719
$423,839
$412,919
Railway open income_ $169.459
9 Mos.End.Sept. 30
Railway oper. revenues_ $7.459,612 311,084,980 $15,099.007 314,548,895
Railway oper. expenses. 5,599,957 7,268,091 10,116,595 9,480.695
Net rev, from ry. opera_ 1,859.655 3,816,889 4,982,412 5,068,200
946,790 1,038.725 1.074,006
872,587
Railway tax accruals
2,591
16,802
1,959
2,329
Uncollectible ry. revs......
Artloom Corp.
1932-9de).
T.-1932.
Period End.Sept.30- 1932-3 4'os.-1931.
3280,134
321,477
356,910
$226,727
Net loss after deprec. &c.
'Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1766
lar
Atlantic Refining Co.
(And Subsidiaries)
Period End. Sept. 30- x1932-3 Mos.-1931. x1932-9 Mos.-1931.
Net profit after interest,
deprec., taxes, &c_ _ _ $1,063,100 $1,241,600 $4,248,000 y$2,771,400
Earns, per sh. on 2,696,642 shs. corn. stk.(par
Nil
$1.58
x Approximate figures. y Loss.
3inF
Financial06
Chronicle Feb. 27 '32, p. 1567
KR-Last complete annual report0 9A
325).3
Barker
Alpha Portland Cement CO.
1929.
1930.
1931.
1932.
los.End.Sept 3034,210,575 36.610.293 310.294.030 312.373.664
Net sales
4,543,294 5,732,968 7,706.667 9.132.009
Operating expenses
1,266,721
1,383,594
1.398.048 1,393,521
Depreciation
Operating profit_ __loss$1,730.767 loss$516.196 $1.203.769 31,974.934
288.815
228.372
160,976
284.542
Other income (net)
loss$1.446.225 loss$355.220 31,432.141 32.263.749
Totalincome
274.404
152.124
27.755
Federal taxes
Cr13.940
Minority interests
loss$1.432,285 loss$382.975 31.280.017 31,989.345
Net income
140.000
140,000
140.000
140.000
Preferred dividends_ _ _
888,750 1.777,500 2.133,000
355.500
Common dividends
3283,655
3637.483
51.927,785 $1,411,725
Deficit
Earns per sh. on 711,000
000shs. corn.stock(no
$2.60
$1.60
Nil '
Nil
par)
Itg"Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1567
12
American Telephone & Telegraph Co.
1929.
1930.
1931.
9 Mos. End. Sept. 30-- x1932.
$
$
$
103.414,238 114,657,113 110,383.793 101,154,617
Dividends
19,117.805 20.378,581 20,256,179 15.308.340
Interest
Teiep. oper. revenues...... 68,517.324 82,957,466 86,065,211 82,443,893
1,032,507
1,062,297 1,008,419
769,991
Miscel. revenues
191.819,359 219.055,458 217,713.601 199,939.356
Total revenue
Expenses Incl. taxes........62.479,022 66.815.818 69,623,408 59,255,240
18,798,714 23,710,079 24,640,011 19,713.809
Interest
110,541.623 128,529,561 123,450,183 120.970.305
125,964.485 121,646,889 101,119.331 86.648.957
Df.15,422,862 6,882.672 22,330.852 34,321,348
Surplus
$9.25
$88.13
$7.01
$5.92
Net income per share......
x Suoject to minor changes when final figures for September are available.
r"Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1750.
Net Income
Dividends
American Zinc, Lead 8c Smelting CO.
(And Subsidiaries).
a lonths Ended Sept. 30-Net sales
Cost ofgoodssold
1931.
1932.
3992,931 31.389.377
855.409 1.180.148
Gross profit
Other income
3137.522
5.050
3209.229
11.367
Gross income
Expenses
Interest charges(net)
Depreciation and depletion
3142.572
64.476
Cr2,444
75.000
3220.596
78.078
Cr1.462
75.000
368.980
$5.540
Net profit
The net loss for the nine months ended Sept. 30 1932. was $39,816 after
for the nine months
taxes and all charges against a net profit of $325,014
ended Sept. 30 1931.
2524
larLast complete annual report in Financial Chronicle Apr. 2 '32, p.
Bros.
Corp.
1931.
1932.
$6,123,830 $8,702,554
6,594,295 8,600,772
Nine jonths Ended Sept. 30Net sales
Costs and expenses
Operating loss
Other income
3470,465prof$101.782
60.919
9.729
Loss
Federal taxes
$460,736prof$162,701
20,547
3460,736prof$142,154
Net loss
WLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1960
Railway oper.Income_ $984,739 $2,868,138 $3,941,095 $3,983,391
PrLast complete annual report in Financial Chronicle May 7 '32, p. 3444
INDUSTRIAL AND MISCELLANEOUS, COS.
$1,378,241 31,593.997
359,235.
299,096
31.079.145 $1,234,762
Balance
x Before dividends and retirement (depreciation) reserve appropriation
10 Last complete annual report in Financial Chronicle July 9 '32, p. 292
561,514
$210,040 $1,057,631
Kansas City Southern Ry. CO.
(Texarkana & Fort Smith Ry. Co.)
Month of September
Railway oper. revenues.
Railway oper. expenses..
Net rev. fr. ry. opera_ _ _
Railway tax accruals_ -UncollectIble revenues_ _
Arkansas Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
79.00%
413
$873,489 $1,355,811 $1,619,145
1,190,839
$96,488
$27,145
429.056
$148,048
Net profit
x Profit before inventory adjustment.
'Last complete annual report in Financial Chronicle Aug. 20'32, p. 1331
•
Central Vermont Ry., Inc.
$599,543
Grossincome
Deduct, from gross inc.
1,322.229
net income
Sept. 17'32. Sept. 19'31. Sept. 20'30. Sept. 21'22.
12 Weeks EndedOper. profit after deprec.,
$96,986
327,145
429,056
int. and res. for taxes. $148,048
500.
Loss sale fixed assets_
*
*
1,418,310
*
9,065
Balance (deficit)
Kilometers operated_ _ _ _ 11,380.119 11,533.619
*Due to changes in classification, figures not available. x As corrected.
r3"Lost complete annual report in Financial Chronicle Jan. 9 '32, p. 323
def$45.953 def$27,737
Netincome
Ratio of ry. oper. exps.
82.78%
81.42%
to revenues
Ratio of oper. exps. &
86.32%
85.38%
to revenues
taxes
457
457
Miles of road operated.. _
9 Mos.End.Sept. 30
$489,325
Railway oper.income__ _ $229,761
384.163
369,782
Non-operating income
Oct. 22 1932
Bayuk Cigars, Inc.
1932-9 Mos.-1931.
Period End. Sept. 30-- 1932-3 Mos.-1931.
3459,099
3148.693 def$24.925
def334,329
*Net earnings
82,615
20,548
61,933
22,199
Other income
$37,008
259,605
$541,714
283,490
def$98,268
Net income
56.507
Preferred dividends_ _ _ _
Common dividends
$64,846 def$222,597
63.037
172,068
68,139
$258,224
194,636
206,347
Deficit
ing
S aanes per m oin outi
Eh rr:f coshmoa com
standing (no par)
$66,330
$142,759
def$12,130
86,138
Total income
Reserves
$154,776
$169,241
104,395
$394,665
90,852
98,851
98,851
Nil
Nil
S 2
* After deducting charges for maintenancrand repairs of plants and
Federal taxes, &c.
estimated
VErLast complete annual report in Financial Chronicle Feb. 6
p. 1026
Beech Nut Packing Co.
1932-3 Mos.-1931.
Period End.Sept.30
1932-9 Mos.-1931.
Net profit after charges- $537,469
3504,836 31.646.760 $1,834,174
Bal. after allow, for est.
Fed,taxes and divs,on
465,568
class A pref.stock_ _ _ _
444,873
1,617,843
1,427,122
Earns. per sh.on 446.250
shs.com.stk.(par
$1.00
$3.20
S iniF
Financial Chronicle Mar. 5 '32, p.3 7 6
320).0
riErLast complete annual reportl 5
36
1. 3
Birmingham Electric Co.
(National Power & Light Co. Subsidiary)
-Month of August
-12 Mos. End. Aug.311931.
1932.
30
.
476
3578.667 36,417.312 37,64 1
1
1 i60
358.857
409.185 4.706.190 5,289,839
Operating revenues
Oper. exps.,incl. taxes_ Net revs,from operOther income
385.773
914
3169.482 $1,711,122 $2,355,321
9.740
270.725
23,953
Gross corp. income
Int. on long-term debt Other interest & deduct-
$86.687
45.750
11.787
3179.222 51,735,075 32,626,046
54.788
791.546
558.038
12.225
153.758
154.593
429,150
Balance
Dividends on preferred stock
4112,209 31.022.444 $1,680,742
419.630
434.957
Balance
Retirement (depreciation) reserve appropriation
3587.487 31,261.212
305.000
260,000
Balance
3956.212
3327.487
x Before dividends and retirement (depreciation) reserve appropriation.
nirLast complete annual report in Financial Chronicle July 9 '32, p. 293
Boston Revere Beach & Lynn RR.
[As reported to the Massachusetts Dept. of Public 'Utilities.)
Period End.Sept.30-- 1932-3 Mos.-1931.
1932-9 Mos.-1931.
Railway oper. revenues_ $267,500
$884,817
3325,059
3746,206
207,161
Railway oper. expenses733,126
249.487
622,593
7.587
Taxes
9,875
28,475
22,588
Operating income---Non-oper. income
$52.70
$65,697
70
$101,025
182
$123,216
241
Gross income
Interest, amortiz., &c.-
$52.810
34.677
365.767
35,194
3101,207
104,578
$123,457
105,554
318.133
330,573
def$3,371
$17,903
Net income
Financial Chronicle
Volume 135
2817
Beneficial Industrial Loan Corp.
Carolina Power & Light Co.
(And Subsidiaries)
1932.
Nine Months Ended Sept. 301931.
Consol. net earns, after all Mt., amort. charges and
provision for minority int. & Fed.income taxes__ 33.607.671 $3,845,670
3.042,278 3,284,069
Net income applicable to common stock
2,092,212 2,088.886
Shares common stock outstanding
$1.45
Earnings per share
$1.57
O"Last complete annual report in Financial Chronicle May 7'32, p. 3464
(National Power & Light Co. Subsidiary)
•
-Month of August--12 Mos.End. Aug.311932.
1931.
1932.
1931.
Operating revenue
$678.706
$813,586 89.093,208 $9,618,152
Oper.exps.,incl. taxes- _
397,592
432,549 4,518,176 4,561.758Net revs,from oper-Rent for leased property
$281,114
17,872
$381,037 34.575,032 $5,056,394
19,402
201,486
225,105.
Balance
Other income
$263,242
7,392
$361,635 84,373.546 84.831,289'
8,218
97.075
206.053
1932.
1931.
1930.
9 Months Ended Sept. 30Inc.from restaurants,concessions,&c $3,884,929 $5,878,081 17,857,985
678,331
84,139 prof694,827
Operating loss
200,838
192,992
Interest
232,057
Depreciation & amartization
316,616
317.643
31t .728
Gross corp.income,.Int. on long-term debt
Other int. & deductions-
$270,634
193,836
5,152
$369,853 $4,470,621 $5,037,342
193,906 2.326,753
2,324,576
5.384
54,913
57.160.
31.195,775
Net loss
$594.774prof$152,042
For the quarter ended Sept. 30 1932 ne., loss was $489.398 af.er taxes
and charges, against net loss of $445.064 in preceding quarter and net loss
of $172,961 in September 1931 quarter.
10 Last complete annual report in Financial Chronicle April 9 '32, p. 2726
-
Balance
471,646
Dividends on preferred stock
4170.563 $2,088,955 $2,655,606
1,256.348
1,260,156-
Balance
Retirement (depreciation) reserve appropriation__
Bowman-Biltmore Hotels Corp.
Broad Street Investing Co., Inc.
9 Months Ended Sept. 30-Cash dividends on stocks
Interest on bonds
Interest on deposit
1932.
$67,984
19,826
1931.
$73,835
117,997
1 926
Total income
Interest credited to contingent tax reserve
Custodian fees
Registrar and transfer agent services
State franchise and other taxes
Legal and auditing expenses
Directors'fees
Service fee
Stockholders' meetings and statements
Miscellaneous expenses
$87,810
6,136
2,970
1,259
2,740
3,681
1,960
4.124
1,460
1,525
$92,759
6,114
1,975
1,041
4,762
3,490
1,420
Net income
Net loss on securities sold
$61,954
356.940
$73,121
235,654
}
835
Net loss for the period
$294,986
$162.533
WI...est complete annual report in Financial Chronicle Jan. 30 '32, p. 851
Brooklyn-Manhattan Transit System.
(Including Brooklyn & Queens Transit System)
-Month of September- -3 Mos.End.Sept.301932.
1931.
1932.
1931.
Total oper.revenues_ _ _ _ 34,460,308 $4,693.503 313,378,278 314,117,709
Total oper. expenses_ ___ 2,667,369 3,054,561 8,447,041
9,336,662
Net rev. from oper__ $1,792,939 $1,638,942 $4,931,237 $4,781,047
348,541.
311,982 1.041,506
Taxes on oper. propertis
949.422
Operating income_ _ _ _ $1,444.398 $1,326,960 $3,889,731 $3,831,625
Net non-oper. income- _
68,965
65,395
202,332
204,782
Gross income
$1,513,363 $1,392,355 $4,092,063 84,036.407
Total income deduc'ns
822,270
795,281
2,417,438 2,384,399
Currentincome carried
to surplus
n691,093 *1597,074 $1,674,625 n1,652,008
*Accruing to minor. int.
of B. & Q. Tr. Corp
98,972
91.638
221,141
252,302
p. 1988
r:N Last complete annual report in Financial Chronicle Sept.17
Brooklyn & Queens Transit System.
-Month of September- -3 Mos.End.Sept. 30-1932.
1932.
1931.
1931.
Total oper.revenues-$1,805,039 $1,930,047 $5,366,277 $5,673,253
Total oper. expenses_ _ _ _ 1,290,208
1.479.076 4,072,458 4,376.543
Net rev, from oper_
$514,831
$450.971 $1,293,819 81,296.710
Taxes on oper. properties
135,357
104,701
406,565
332.298
Operating income_ _ $379,474
$346,270
$887,254
$964,412
Net non-oper.income__
53,372
17,804
16,675
51,804
Gross income
8362,945
3397,278
$940,626 $1,016,216
Total income deductions
142,591
143,430
431,062
427,622
Current income carried
to surplus
$254,687
$219,515
$509,564
3588,594
fg"Last complete annual report in Financial Chronicle Sept.17'32, p.1990
Balance
n127,393
8435.450
*Deficit. x Before dividends & retirement(deprec.)reserve appropriation
1:0 Last complete annual report in Financial Chronicle July 9 '32, p. 293.
-
CaterpillarTractor Co.
9 Mos. End.Sept.30- 1932.
1931.
1930.
1929.
Net sales
310,735.144 321,754,577 $37,319,910 338,346,300 •
Costs and expenses
9,821.802
843
Depreciation
1,298,411
1,216.975 " "
1,297.242 1,052.994
Interest
355,424
471,504
461,299
259.946.
Federal taxes
222,202
758,543
1,029,662
Net profit
loss $740,493 $1,629,482 36,137,301 87.650,855.
Earns, per sh. on 1,882,240shs. no par stock__
Nil
30.87
$3.26
$4.01
re East complete annual report in Financial Chronicle Feb. 6 '32, p. 1029
-
Central Arizona Light 8x Power Co.
(American Power & Light Co. Subsidiary)
-Month of August--12 Mos. End. Aug.311932.
1931.
1932.
1931.
Operating revenues
$210,030
$229.521 $2.893.142 $3,225.730 Open exps., incl. taxes
140,717
137,798
1,744,290
1,760,033
Net revs,from oper- Other income
$69.313
35,581
$91.723 $1,148.852 $1,465.697
33.900
374,886
357,731
Gross corp.income,,,
Int, on long-term debt. _
Other int. & deductions_
$104,894
31,250
413
$125.623 31,523,738 $1,823,428
31,250
375.000
375.000•
46
3,853
3.842
Balance
x$73,231
Dividends on preferred stock
Net earnings
Other income
$2.308,172 $2,087.225
6.086
5.502
Net earnings including other income
Income charges-net
$2,314,258 32.092,727
1,237.547
1,115.839
Balance
Preferred dividends
31.076.711
564.949
3976,888
531.003
Balance for retirement (deprec.) reserve,
amortiz. of debt disc. & exp., corn. div. & sur- $511,762
8445.885
x After deducting $53,334 and $150,000 respectively in the 1932 and 1931
periods, extraordinary operating expenses to be amortized, approved by
the Railroad Commission of California.
Last complete annual report in Financial Chronicle May 7 '32, p. 3465.
Capital Administration Co., Ltd.
Balance
$595,837
$919,572
Before dividends & retirement (depreciation) reserve appropriation.
WLast complete annual report in Financial Chronicle July 9 '32, p. 293
Cincinnati Street Ry.
Period Ended Sept. 30 1932Month.
9 Months.
Net income after charges and taxes
$48.776
$518.431
Earns, per sh. on 475,239 shs. capital stock (par $50)
$1.09larLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1951
Cities Service Co.
-Month of September- -12 Mos.End. Sept.301932.
1931.
1932.
1931.
$2,001,922 $2,504,478 335.827.439 341,264,822
66,712
169,545
1,898.230
2,465,441
Gross earnings
Expenses
Net earnings
81,935,210 82,334,933 $33,929,208 $38,799,381
Interest and discount on
debentures
986.149
1,006,226 11.655,999 12,177,199
Net to stocks and res_ 3949,060 $1,328.707 $22.273,209 $26,622,182
Dividends pref. stocks..,
626,825
613,465
7,432,526 7,361.577
Net to common stock
and reserves
$322,235
$715,241 $14,840,682 819.260.605
rarlast complete annual report in Financial Chronicle Apr. 23 '32, p. 3088
Total income
Interest on 5% gold debentures
Amort. of disct. & exp. on debentures
Compensation-Broad St. Mgt.Corp.
Custodian fee
Registrar and transfer agent services_
Taxes
Legal and auditing expenses
Certification of definitive 5% ES. debsStockholders' meetings and statements
Cost of paying coupons and dividends
Service fee
Directors' fees
Miscellaneous expense
$196.462
130,551
5,994
Net income carried to surplus
Dividends on preferred stock
1930.
$39,086
58,698
232,360
99.100
3,063
4,447
6.854
4,146
$300.175
147,804
6,769
29,766
6,249
3,670
10.678
6,788
2,081
1,698
19,373
1,940
810
$429,244
187,500
8,580
42.151
6,129
8,816
3,970
1,641
2,5LO
1,500
2,133
1,954
$15,505
97,725
$84,816
101,100
$166,004
135,000
382.220
$16,284 sur$31,004
Balance, deficit
x Net loss realized from sale of securities, which has been charged against
a special account under surplus, amounts to $1,776,712 for 1932 and $1,244,684 for 1931.
larLast complete annual report in Financial Chronicle Jan. 16 '32, p. 509
6 Mos. End. Aug. 27Operating profit
Interest earned
Total profit
Depreciation reserve
Inventory write-off
:Net profit
Preferred dividends
(And Subsidiaries.)
1932.
1931.
1930.
loss$99.008 $1.778,441 61,476.371
48.392
54,272
27.889'
loss$50,616 $1,832,713 31.504.260.
224,602
y511.571
y436,115
z162.762
292,082
592,747
loss$437,980 $1,029.060
222.094
285.967
$475,398
326,769
Surplus
df.$660.074
$743,093
$148,629
x Excludes $81,744 excess of par value over cost, of preferred stock purchased for retirement in 1932; $134,945 in 1931 and $94,578 in 1930.
y Includes taxes in 1931 and 1930. z Inventory adjustment of $462,762
less $300.000 portion thereof charged to contingent reserve created at
Feb. 27 1932 by a charge to surplus.
OrLast complete annual report in Financial Chronicle April 16'32, p.2916.
Connecticut Electric Service Co.
1931.
1381.305
1 5.549
213,321
104,538
$1,036,831 $1.336.581
440.994
417,009'
Collins & Aikman Corp.
1932.
1931.
$3,812,730 $3.947.812
1,504,558
1.860.587
1932.
$91,923
494,327 $1,144,885 31.444.586
108,054
108.005
Balance
Retirement (depreciation) reserve appropriation
California Oregon Power Co.
12 Mos. End. Aug. 31Gross earnings
x Operating expenses, maintenance & taxes
9 Months Ended Sept. 30
Interest on bonds
Interest on loans and deposits
Cash dividends on stocks
Profits realized on sales of securities.._
$832,607 31,395.450
960.000
960.000'
(Controlled by United Gas Improvement Co.)
12 fonths Ended Sept. 301932.
1931.
Gross operating revenues
$16,809.774 $17,720.011
Net income available for dividends
4.850.715 5.265,515
Balance available for common
3,984.743 4.291.726Earnings per share on average common stock__
$3.47
$3.73
la"Last complete annual report in Financial Chronicle Mar. 19 32, p. 2144
Continental Can Co., Inc.
Earnings for 12 Months Ended Sept. 30 1932.
Total income
37.669.687
Depreciation and taxes
3,198.837
Net income
$4,470.850.
Earns, per sh. on 1,733.345 abs. common stock (no par)
$2.58
KO"Last complete annual report in Financial Chronicle Feb. 27'32, p. 1687,
and Feb. 20 32, p. 1378.
Corno Mills Co.
(And Subsidiaries)
Period End. Sept. 30- 1932-3 Mos.-1931,
1932-9 Mos.-1931.
Net income after deprec.,
taxes & other charges_
314,656
$175,280.
324,541
$56,867
Earnings per share on
100,000 shares capital
stock (no par)
$1.75
$0.15
$0.25
10.57
rrLast complete annual report in Financial Chronicle Jan. 30 '32, p. 853
Oct. 22
Financial Chronicle
2818
Corn Products Refining Co.
1932.
1929.
9 fos.End.Sept.30-1930.
1931.
86.203.673 86.613.213 V0.130.476 810.814.470
*Net earnings
Other income
2.127.555 3.032.069
2.369.450 2,418.709
Total Income
Int. and depreciation
88 331.228 19.645.282 $12 499.927 813.233.180
1.866,224
2.329.585 2.363.997
2.091.562
Net Income
16.465.004 57.553.720 810.170.342 810,869,182
Pref diva.(1U %)
1.312,500
1.312,500t5S4)1312500(5 14)1312500
Common dividends(3%) 5.692,500
5.692 500(3)5.692.500(8)5.060,000
Corn,stock extra(2%)_ _
1,265,000(2)1.265.000(2)1,265.000
Balance,surplus
def$539,996 def$716.280 81.900.342 83,231.682
Earns. per sh on 2.530.000 she. (par $25)
$3.78
$2.03
$2.47
$3.50
* After deducting maintenance and repairs and estimated amount of
Federal taxes. &c.
; For the quarter ended Sept. 30 1932, net income was $2.311.623 after
charges and taxes, equal to 74 cents a share on common stock comps:lug
with 32.042.208. or 63 cents a share. in preceding quarter and $2,059.452,
or 64 cents a share in September quarter of 1931.
ICN Last complete annual report in Financial Chronicle Mar.12'32, p.1943
-
Cream of Wheat Corp.
(And Subsidiary.)
1932-9 Mbs.-1931.
Period End. Sept. 30- 1932-3 tios.-1931.
Net profit after charges
$990.924 81,133,039
$328,416
$323,710
Land Federal taxes_ _ _ _
Earns• Per sh.on 600.000
$1.65
$1.88
L she, cap. stk.(no par)_
$0.54
$0.54
1Z'Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1200
Crystal Tissue Co.
1932.
1931.
8709,179 .$1,088.203
18,646 prof61.193
9 Months Ended Sept. 30Net sales
Net loss after charges, taxes & depreciation
Dallas Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of August- -12 Mos.End. Aug.311932.
1931.
1931.
1932.
3450.131 85.288.148 85.420.410
Operating revenues____ $448.884
2.517,391
2.539.542
188.270
Oper. asps.. incl. taxes_
214.649
Net revs, from oper__
Other income
$234,235
*432
8261.861 $2,770.757 82,880,868
15.087
3.316
'545
'
Gross corp. Income-.
Int. on long-term debt
Other int. and deduct-
$233,803
58.125
4,473
$265.177 12.770,212 92,895.955
697.500
697,500
58.125
46.460
3.699
50.400
a$171,205
Balance
Dividends on preferred stock
a$203,353 a$2,022,312 652,151.995
488,909
412,439
31.533.403 81.739.556
Balance
* Debit. a Before transfers to accident, maintenance and depreciation
and surplus reserves in accordance with franchise provisions, and before
dividends. b Before transfers aggregating 1661.840 made during the 12
months ended Aug. 31 1932, to accident, maintenance and depreciation and
surplus reserves in accordance with franchise provisions.
"Last complete annual report in Financial Chronicle July 9 '32, p. 294
1932
Eastern Gas & Fuel Associates.
Earnings for 12 Months Ended Sept. 30 1932.
Total income
Depreciation and depletion
Other reserves
Interest, Federal taxes, minority interest
$13,483,157
2.561,605
1,467,098
4,367,344
Net income
Dividends paid on 4;4% prior preferred stock
Dividends paid on 6% preferred stock
$5,087,110
1.103,473
2,472,990
'Surplus
$1.510,647
Earnings per share on 1,987.676 she,corn.stock
$0.76
Last complete annual report in Financial Chronicle Apr. 16 '32, p.2904
Electric Power & Light Corp.
(And Subsidiaries
-Inter-Company Items Eliminated)
12 Months Ended Aug 31.
1932.
1931.
Subsidiaries- .
Operating revenues
$74,865.875 $82,306,842
Operating expenses, including taxes
36.699.404 39.992.483
'Net revenues from operation
Other income
$38.166.471 $42,314,359
1.036.934
2,059,945
Gross corporate income
$39.203.405 $44,374,304
Interest to public and other deductions
16.536.825 16,420,016
Preferred dividends to public
7,915,585 7,717,305
Retirement (depreciation) and depletion reserve
appropriations
6,116,770 6,684,699
Portion applcable to minority interests
973,092
157.360
Balance applicable to Elec. Pow. & Light Corp- $8,476,865 $12,579,192
Electric Power & Light Corp.
Balance of subsidiaries income applicable to Electric Power & Light Corp.(as shown above)
18.476.865 $12,579,192
Other income
263.689
201,458
Totalincome
Expenses, including taxes
Interest to public and other deductions
$8,740,554 $12,780,650
506.811
545,131
1,591.218
1,616,169
Balance applicable to preferred stocks
86.642,525 $10,619,350
Dividends on $7 and $6 preferred stocks
5,126,406
5,042,509
x Dividends on 2nd preferred stock, series A ($7)
applicable to respective 12 month periods,
whether paid or unpaid
759,173
764,582
3 Dividends on common stock
,
2,126.974
1.873,994
Balance
df.$1.370.028 12.938.265
x Last dividend paid for quarter ended March 31 1932. y Represents
three dividends of 25 cents each per share paid (Nev. 2 1931, and Feb. 1
and May 2 1932) during the 12 months ended Aug 31 1932, and four
such dividends during the 12 months ended Aug. 311931. Directors took
no action in June 1932, on the dividend ordinarily declared for payment
Aug. 11932.
ItarLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1739
Fall River Gas Works Co.
vionth ofSeptember- 12 boy. End. Sept. 30
1932.
1931.
1032
1931.
Gross
178.604
$77.807
8964.017 61.000.782
Net oper. revenue
22,950
20.811
296.491
272,655
Bafance before depreciation
272 023
251.354
ar Last complete annual report in Financial Chronicle July 9 '33, p. 294
Dallas Ry. & Terminal Co.
Federal Water Service Corp.
(Electric Power & Light Corp. Subsidiary)
-Month of August- -12 Mos.End. Aug.311932.
1931.
1932.
1931.
8218.191 $2,461,248 $2,899.665
$181.654
Operating revenues_ _ _ _
2,093,029
158.167
1.779,244
126,005
Oper. exps. incl. taxes--
12 Months Ended Aug. 311932.
1931.
Operating revenues
816.711,557 $17,381,794
Net income after ord. taxes, deprec., &c
8.633,737
9,131.685
i27Last complete annual report in Financial Chronicle April 2 '32, p. 2516
Net revs, from oper__
Rent for leased property
355.649
15.505
$60.024
15.505
$682.004
186.063
$806,636
163.523
Balance
Other income
$40,144
1,470
844,519
1,471
$495,941
17.991
$643.113
18.273
Gross corp. income
Int. on long-term debt
Other int. and deduct __ _
$41,614
25.000
2,376
$445,990
25.000
2.280
$513,932
300.000
28.898
$661,386
300.000
27.016
414,238
Balance
Dividends on preferred stock
a$18,710
bS185.034
104,650
b$334.370
105.000
$229.370
380.384
Balance_b
a Before retirement (depreciation) reserve and surplus reserve transfers
and before dividends. b Before retirement (depreciation) reserve and
surplus reserve transfers.
Netincome
Miscellaneous earnings_
1932-9 Mos.-1931.
1932-3 Mos.-1931.
$889.145 $3.075,959 $2,654.868
$971,243
1,430,015
481,740
1,527,977
532,919
215,970
108.626
45,950
67,358
8371,267
109,315
3361.455 $1,332,012 $1,116,227
190.361
420,388
62,642
xTotal income
$480,282
$424,098 $1,752,400 $1,306,589
x Before depreciation and depletion.
lairLast complete annual report in Financial Chronicle Apr.23'32, p.3104
(And Constituent Companies)
1931.
1932.
12 .lonths Ended Sept. 30-$8.563.143 89.301.064
Gross
3,580.037
3,4e5,169
Net revenue
2.176 287
1.803.783
Balance available for dividends and surplus
"Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2336
Edmonton Radial Ry.
-Month of September- -9 Mos. End. Sept. 301931.
1931.
1932.
1932.
$523,262
1528.596
$48,479
$51,011
3,937
328
2.830
254
12
289
114
7
233
2,088
2.141
233
3,105
3,341
371
371
1.206
6,550
3.907
359
Total
Expenditure
Main. of track & o'head_
Maintenance of cars
Traffic
Power
Other transp. expenses_
General and miscell
849,704
3,856
5,225
190
4.918
19.241
3.308
153,163
$539,233
$540,931
2,898
6,536
281
5,115
20.895
3.233
28,680
64.932
2.183
53.070
204,902
40.794
30,072
56,256
2,092
53.202
192.994
35.446
Total operation
Operation surplus
Fixed charges
Renewals
$36.741
12.963
17.506
$38.960
14.203
18.080
$394.563
144.669
159.470
22.000
$370.063
170.868
157.557
19.000
Total deficit
84.543
83.877
$36,800
55.869
$304.004
9,842
Gross corp. Income_-Int. on long-term debtInt. on mtge. bonds_ Int. on debentures (all
owned by American
Power & Light Co.)
Other int. and deductions
$313.846
1339.755 15.496.356 $5,793.866
71.971
410.001
927.062
$411.726 15.904.357 $6,720,928
216,667
216,667
2,600,000
2,600,000
110,000
16.489
110.000
14.183
1.320.000
165.802
1,320.000
144.119
a$70.876 11.820.555 12.656.809
1.152.480
1.174,916
Balance
Dividends on 2nd preferred stock
3668.075 $1,481.893
140.000
• 140,000
Balance
Retirement (deprec.) reserve appropriation
$528 075 31,341 893
450.000
500.000
Balance
$78.075
$841.893
*Deficit. a Before dividends and retirement (depreciation) reserve
appropriation.
p"
Last complete annual report in Financial Chronicle July 9 '32, p. 294
(Geo. A.) Fuller Co.
Eastern Utilities Associates.
RevenuePassenger
Advertising
Special cars
Police
Mail carriers
Other revenue
Net revs, from oper
Other income
Balance
*329.310
Dividends on preferred stock
Dome Mines, Ltd.
Period End.Sept. 30-Total recovery
Operating, gen. costs_ _ _
Dominion inc. tax, est
Florida Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month of August- -12 Mos.End. Aug 31.
1931,
1932.
1932.
1931.
Operating revenues
1678.421
1774.386 $10,728.660 $11.760.038
374,417
434.631
Oper. exps., incl. taxes_
5.232.304
5.966.172
(And Subsidiaries)
9 Months Ended Sept. 301932.
1931.
xNet income after taxes & charges
$151.459
8596.896
x Before deduction of dividends on 6% guaranteed and participating
preferred stock of George A. Fuller Co. of Canada. Ltd., and before dividends on the participating prior preferred stock and participating secoid.
ioorge A. Fuller Co.
preference stock of f
al
-Last complete annual report in Financial Chronicle Jan. 16 '32, p. 501
Fyr Fyter Co.
Period End. Sept. 30-- 1932-3 MOS.-1931,
1932-9 Vfos.-1931.
Net loss after chances.
$4,131 prof$5,079
826.332 prof.$12.971
Earns, per ah. on 17.668
Nil
shares class A stock- _ _
$0.29
Nil
50.73
larLast complete annual report in Financial Chronicle May 14 '32, p. 3645
General Cable Corp.
PeriodGross profit
State & local tax
Expenses, &c
-3 Mos. End.-9 Mos. End. Sept. 30
Sept. 30'32 June 30'32
1932.
1931.
8413.332
$307.108 11.078.160 $1,645.688
112.856
111.855
345.464
3:14.688
402.389
463.424
1.360.228
2.138.620
Net oper. leam
Miscellaneous Inc. (net)_
$101.913
38.514
1268.171
39.158
1636.756
96.325
1838.396
Dr.7.100
Loss
Interest
Depreciation
$140.427
195.741
359.646
8307.329
199.164
357.879
1733.081
598.537
1.078.736
8831,296
626.377
1.049,208
Net loss
$695.814
3864.372 12.410.354 82,506.881
KJI"Last complete annual report in Financial Chronicle Mar.12'32, p.1963
2819
Financial Chronicle
Volume 135
Harbison-Walker Refractories Co.
Galveston Electric Co.
-Month ofSeptember- -12 Mos.End.Sept.301932.
1931.
1932.
1931.
3292,290
$27,303
$331,365
$21,721
Gross earnings
$13,475
2,304
$186.926
37,399
$223,274
62,495
$26,511
$224.325
$285,770
$5.941
1,336
Total oper. expenses
$20,340
6.170
$15,780
Operation
Maintenance
$791
3,168
367,964
22,309
345,595
Balance
Taxes
34,604
$2,376 def845,655
Net oper. revenue *
* Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Last payment was July 31 1932 and interest for two
months since then not declared or paid is $3,000, and is not included in
this statement.
-The entire electric light and power business was sold in August,
Note.
1931, and subsequent earnings are from operation of the street railway
business. Current monthly and cumulative earnirgs are compared with
street railway department earnings for the previous year.
Galveston-Houston Electric Ry. Co.
-Month of September- -12 Max. End. Sept. 301932.
1932.
1931.
1931.
$20.151
$28.029
$263.8.31
$340.607
11.827
15,760
153.996
3,801
5,205
52.768
Gross earnings
Operation
Maintenance
Total oper. expenses
Balance
Taxes
Net oper. revenue____
Interest (public)
$15,629
4,522
2,130
$2,392
5,108
320.965
7,064
1,950
35,113
331.578
61.322
General Electric Co.
4,204,805 23,123,565 33,125,664 38,496,346
9,561,536
Profit avail, for diva__ 11,657,668 32,685,101
1,931,251
Divs. on special stock_ _ _ 1,931,273
11,324,254
11.400.378
44.449,918 49,896,925
1.931,210
1,931,093
Profit avail, for dive.
9,726,395 30,753,850 42,518,709 47,965.832
on com.stk.& surp__
Shs. corn. stk. outstand.
(no par)
28,845.927 28,845,927 28,845,927 7,211,481
Earnings per share
$1.47
$0.34
$1.07
$6.65
fairEast complete annual report in Financial Chronicle Mar. 26 '92, p.2325
General Gas & Electric Corp.
(And Subsidiary Companies)
1932.
1931.
12 lonths Ended June 30Operating revenues
$6.612,378 36.199.585
Operating expenses, maintenance and all taxes__ _ 3,522.697
3.105.252
Provision for retirement (renewals,replacements) of
fixed capital. depreciation, &c
690,633
509.736
Operating Income
Interest and dividends (net)
$2.399,048 32.584.597
5.188.874
6.852.915
Gross income
$7.587,922 x$9.437.512
Interest on funded debt
-Subsidiary companies
$1,605.446 $1,641.647
General Gas & Electric Corp
435.996
964.968
Other deductions
10.915
177.417
Interest during construction
Cr.18.257 Cr.603.059
Dividends on pref. stocks of subsidiary companies
120.689
148.133
Balance available for dividends and surplus____ $5.433,132 37.108,405
x Excludes interest during construction now shown under deductions.
General Motors Corp.
(And Subsidiaries.)
Period End. Sept. 30- 1932-3 /in.
1932-9 4'03.-1931.
-1931
yNet profit after taxes,
Int.. &c
x$4,464.229 $13.333.2143310,555,175 397,455.390
deprec.*
Preferred dividends_ _ _ 2,344,207
2,344,152
7.032,622
7,031,691
Earns, per sh. on 43,500,000 ells. coin. stk.
Nil
(par $10)
$0.25
$0.08
$2.08
a Preliminary figures. y Including equities in the undivided profits or
the losses of subsidiary and affiliated companies not consolidated.
OrLast complete annual report in Financial Chronicle April 23 32, p.
3086 and Mar. 19 32, p. 2136.
Grigsby-Grunow Co.
(And Subsidiaries.)
Earnings for Sir font/is Ended June 30 1932.
Net sales
36.481.413
219.261
6.25.3.312
971,125
Royalties
Costs and expenses
Depreciation and amortization
Loss from operations
Other income charges
$962,285
105.802
$1,068.087
Loss
Portion of net loss of Columbia Phonograph Co. applIc. to min.
12,061
interests
31.056.026
Net loss
Last complete annual report in Financial Chronicle April 2 '32, p. 2531
-
Gulf States Steel Co.
Period End. Sept. 30- 1932-3 Mos.-1931.
$162,674
$16.197
Net operating profit__-_
275.100
278.732
Int., taxes. deproc., &c-
1932-9 Mos.-1931.
$353,758
$52.550
825.836
8.35.769
$112,426
3472.078
3262.535
3783.219
Net loss'
orLast complete annual report in Financial Chronicle Mar.19'32, p.2159,
and Mar. 12 32, p. 1966.
-.lonth of September- -12 fox. End. Sept. 301932.
1931.
1932.
1931.
$657,726
355.872
356.239
Gross
$720,908
16.988
1613.165
177.121
19.330
Net operating revenue_ _
163.525
172.268
Balance before deprec_
Chronicle July 91932, p. 295
ItZ'East complete annual report in Financial
Holly Development Co.
1932.
358.205
67.500
Balance,surplus
Earned surplus, Dec. 31
1931.
$108 980
67.500
def39.295
117.658
9 font/is Ended Sept. 30Net earnings
Dividends paid
$41.480
74.904
$108.364
Total earned surplus, Sept. 30
$116 383
110 Last complete annual report in Financial Chronicle April 30'32, p. 3283
-
Houston Electric Co.
1932.
1931.
1930.
1929.
$
$
$
$
I) Mos. End.Sep t. 30-113,019,475 206,138,967 287.886,541 301,812,809
Net sales billed
Cost of sales billed, incl,
oper., maInt. & depr.
charges, reserves and
prey. for all taxes_ _ _ _108,844,670 183,015,402 254.760,877 263.316,462
7.452,863
Haverhill Gas Light Co.
$206,765
57.066
25.488
$29.774
$2,715
Deficit x
x interest on Income bonds and notes has not been earned or paid and $171.thirteen months since Sept. 1. 1931 is not included In this statement.
910 for
Note -In August 1931 certain property was sold and bonded Indebtedness
was subsequently reduced. Current month's interest charges are not
comparable with previous year as bond retirements were not completed.
Twelve months ending gross earnings are compared with corresponding
earnings for the previous year. Twelve months ended expenses and
Interest are not comparable with the previous year.
' Net inc. from sales
Sundry inc, less int. paid
& sundry charges__
Period End Sept.30- 1932-3 los.-1931.
1932-9 /03.-1931.
Net loss after deprec..
$149,800 prof$261,000 $277,100 prof$1136.000
deplet., taxes. &c_ _
Earns, per sh. on 1.440.
000 shs. corn, stock
Nil
Nil
$0.15
$0.69
(no par)
f2rLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1589
-Month of September- -12 Mos. End. Sept. 3019:32.
1932.
1931.
1931.
3167.116
3209.424 32,249.124 32.822,481
80.131
101,881
1,13:3.395
1,329.749
22,572
31.272
357.646
425,174
19,842
20.555
246.053
255 710
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Int. & amort. (public)
344.570
24.656
$55.715
26,530
3512.029
302.401
3611.647
320.911
Balance_x
319.914
$29,185
3209.627
3490,935
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Last payment was Feb. 1 1932 and interest for eight
months since then not declared or paid is $16.000 and is not included in
this statement.
-During the last 31 years, the company has expended for mainteNote.
nance a total of 13.27% of the entire gross earnings over this period, and
in addition during this period has set aside for reserves or retained as surplus
a total of 9.38% of these gross earnings.
Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary)
-Mouth of August- -12 Mos. End. Aug 31.
1932.
1931.
1932.
1931.
$722,924 38.432.573 38,515.283
Operating revenues
$686.746
302,377
330.635
3,803.873
4,131.80.1
Oper. exps., incl. taxes_
Net revs, from oper
Other income
3384.369
2.334
3392.289 $4,62M00 34,38.3.482
3,646
28.473
40,038
Gross corp. Income_ _
Int. on long-term debt
Other int. and deducts
$386,703
108,125
8,160
3395.935 $4.657,173 34.423.520
89.375
1,293,125
1,083.462
17,595
99.971
94,908
Balance
a$270,418
Dividends on preferred stock
a$288,965 33,264.077 $3.245,150
324.017
330,000
Balance
Retirement (deprec.) reserve appropriation
32,940.060 32,915.150
1,063.376
1,310.780
Balance
31.876.684 $1.604.370
a Before dividends and retirement (depreciation) reserve appropriation
IWLast complete annual report in Financial Chronicle July 9 '32, p. 295 ,
Howe Sound Co.
3 Mos. End. Sept. 301932.
1931.
Net loss after taxes. deprec.. &c., but before depl__
$83,241 prof$99.860
Earns, per sh. on 496.1038 shs. cap. stk. (no par)__
Nil
$0.20
f&
-East complete annual report in Financial Chronicle Mar. 5 '32, p. 1772
Industrial Rayon Corp.
(And Subsidiary)
Period End. Sept. 30
- 1932-3 Mos.-1931.
386.951
$585,299
Operating profit
180,850
Depreciation
197.508
Interest and discount_
2,216
4,682
50,000
Federal taxes
1932-9 Mos.-1931.
$372,232 31,066,295
574.408
591.239
8.752
15,085
62,000
Net profit
3333.109 def$210,928
def$96.115
$397.971
Shs.com.stk.nut.(no par)
144,999
144,999
144.999
144,999
Earnings per share
Nil
$2.30
Nil
$2.74
w-East complete annual report in Financial Chronicle Feb. 20 '32, p. 1383
Interborough Rapid Transit Co.
-Vfonth of August- 2 los. End. Aug. 31
1932.
19:31.
1932.
1931.
Grass oper. revenue__ _ - 34.576,657 $4,916.794 39.115.975 $10.057.132
Operating expenses
3.492,354
3.50'3.263
6.881.687
7.167.474
Net operating revenue $1.064.302 31.408.530 32,234.287 32,889.657
Taxes
192.052
198.034
389,721
398,587
Income from oper'n_ _
3892.250 $1,210,495 31.844.566 32 491.069
Current rent deductions_
417.878
418.400
835.444
837,099
Balance
$4474.372
3792.095 31.009,121 31,653,959
Used for purch. of assets
of the enterprises
def33.726
14,484
19,189
9.156
Balance-City & co_ _
$508.098
$777.610
$999,965 31,634.780
Pay, to city under Contract No.3
Gross inc. from oper__
Fixed charges
3508.098
1.161.096
Net inc.from oper Dr.
Non-operating income_ _
$652.997
3.081
$396.154 31,322.216
6.805
6,20'3
$712.691
13.813
3649.913
$389,348 $1,316.013
3698,878
Bal. bef. deduct. 5%
Manh.div rental__Dr
The amt. required for full
div. rental at 5% on
Mani). Ity. Co modified guar. stock, payable, if earned
$777.610
1,173.765
$999,965 31.634,780
2.322.182
2.347.471
231,870
231.870
463,741
463.741
Amt. by which the full
5% Manh. div rental
was not earned_ Dr - _
4881.786
$621.219 41.779,754 31.162.620
Note.
-The "Subway" and "System" balances, as shown herein, fell
short of the full amount of the subway preferential which the company is
entitled to collect from future subway earnings.
WLast complete annual report in Financial Chronicle Oct. 10 '31, p. 2429
Financial Chronicle
2820
Oct. 22 1932'
Interlake Iron Corp.
Louisiana Power & Light Co.
Period End. Sept. 30- 1932-3 Alas.
1932-9 Mos.-1931.
-1931.
Net loss after interest,
$505,032
deprec., taxes, &c___ $338,701
$309,725 $1,304,930
Y2rLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1590
(Electric Power & Light Corp. Subsidiary)
-Vfonth of August- -12 Vlos.End. Aug.311931.
1932.
1931.
1932.
Operating revenues_ ___ $459,103
$545.803 35,568.704 $6,303,443:
Oper. exps., incl. taxes267.094 2,915,352 3.162,480'
263,274
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
1931.
12 Months Ended Sept. 301932.
Gross earnings
$4,089,395 $4,478,619
Operating expenses and taxes
2,182.214 2,541,779
842,325
Bond interest
842,040
69,932
Other deductions
67,443
$997,689 $1,024,583
239,582
261,345
Balance
First preferred dividends
$785,001
Balance before prov. for retirement reserve___ $736,344
larEast complete annual report in Financial Chronicle May 7'32, p. 3456
Jacksonville Traction Co.
-Month of September- -5 Mos. Ended Sept. 301931.
1932.
1931.
1932.
5289,532
$68.006
$57.112
157,109
39.290
31.527
47.325
9,801
9,785
Gross earnings
Operation
Maintenance
$15,799
815
$18,907
Operating re venue --City of Jacksonville portion of oper. revenue_
$14,934
46
495
Net oper. revenue_
Int. and amortization
$14,938
373
$80,860
1,822
Balance
xDoes not include tax
accrual of(includes tax
on gasoline & Federal
tax only)
Int. on bonds and gold
notes included in above
figure
$14,564
$78,838
.
5199.796
73,046
5,818
$284.493 32.702.404 $3,215,205
793,337'
876,656
72.917
82,822
49.972
4,323
Balance
4120,932
Dividends on preferred stock
4207,253 51.775.776 52,339.046.
358,694'
353.518
Balance
Dividends on 2nd preferred stock
$1,422,258 $1,980,352'
180.000'
180.000
Balance
Retirement (deprec.)reserve appropriation
51,242,258 51,800,352'
325,578,
350.000
Balance
5892.258 81,474.774,
a Before dividends and retirement (depreciation) reserve appropriation.
PO Last complete annual report in Financial Chronicle July 9 32, p. 295
-
Market Street Ry. Co.
85,542
-Month of September- -12 Mos.Ended Sept. 301932.
1931.
1931.
1932.
$641,579
$700,562 $7,981,149 $8,767,079*
Kansas Gas & Electric Co.
(American Power & Light Co. Subsidiary.)
-Month of August- -12 vlos. End. Aug.311931.
1932.
1931.
1932.
$447,086 55.454.655 55.768.439
Operating revenue& __-5427,192
226.755 2,711.236 2,887,260
227.786
Oper. exps. incl. taxes,..
Netrevs,from oper__
Other income
5199.406
2.020
5220.331 $2,743.419 52,881,179
88.040
32,383
2.568
Gross corp.income__ _
Int. on long term debt
Other int, and deducts
$201,426
75.000
7.129
$222,899 $2,775.802 52,969.219
900,000
900.000
75,000
92,060
99.205
7,692
4119,297
Balance
Dividends on preferred stock
a$140,207 $1,783,742 S1.970.014
491.351
525.752
$1.257.990 $1,478,663
600,000
600.000
Balance
Retirement (deprec.) reserve appropriation
5878.663
5657.990
a'ance
a Before dividends and retirement (depreciation) reserve apporpriation.
WLast complete annual report in Financial Chronicle July 9 32, p. 295
Kimberly-Clark Corp.
1932-9 Mos.-1931.
Period End. Sept. 30- 1932-3 Mos.-1931.
$2.921,387 $3.998.211 510.041.433513,786.473
Net sales
2,484,227 3,294,790 8,444,414 10,781,056
Cost of sales
1.222,208 x1.736,999
x547,822
338,966
General and sell exp
Profit from operation _
Other income
$98,195
193.234
5155,598
173,400
5374.811 81,268.418
528.498
592.357
Total income
Bond interest
Federal inc. tax (est.)_ _ _
$291,429
103,727
23.500
$328,998
38,000
$967.168 51,796,916
317,107
21.429
74,000
Net after taxes
Preferred dividends... _ _
$164.202
149,445
5290.998
149.415
5576,062 51.579,486
449,445
448.335
$127,727 83,130,041
$141,553
814.757
Net for common
Earned per sh.on 499,800
$2.26
50.25
$0.29
50.03
shs. corn. stk.(no par)
x Includes bond interest.
129 Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2352
-
Lambert Co.
Period End. Sept. 30- 1932-3 Mos.-1931. 1932-9 Mos.-1931.
Consol. net profit after
charges and taxes_ _ $639.442 $1,788,787 $3,207,827 $5,361,317
Earns. per sh. on 748.996
$7.16
$4.28
$2.39
$0.85
shs. cap.stk.(no par)larLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1774.
Lehigh Valley Coal Corp.
(And Subsidiaries)
Period End. Sept.30- 1932-3 Mos.-1931.
xIncome from mining &
$508,716
selling coal
$111,119
7.272
46,731
xDeficit from other oper.
1932-9 Mos.-1931.
$318.551 52,352.598
93,532
54.481
x Total income
Other income
$103,847
149.292
$461,984
359,163
$264,070 $2.259.066
1.166.469
583,680
x Gross income
Int., carrying charges on
res've coal lands, Fed.
taxes & misc. deduc'ns
$253,139
$821,147
$847,750 $3,425,536
489,791
501,010
Net income before dedeprec'n & deplet'n. def$236.652
208,059
Deprec'n & depletion..__
def6.523
Inc. appllc. to min. int_
1,506,453
1.635.500
Gross earnings
Net earnings (incl. other
inc. before provision
for retirements
Income charges
82,059
48,371
119.084
50,372
968.029
586,989
1.341,018617,771
Balance
533.688
$723,246
368.712
$381,039
ra'Last complete annual report in Financial Chronicle April 16'32, p.2005'
Mathieson Alkali Works, Inc.
Period End. Sept. 30- 1932-3 Mos.-1931.
1932-9 Mos.-1931.
Total earns,from oper
$406,698
$711,120 $1,399,650 $2,005,428
Prov. for deprec. & depl.
285.481
857,616
287,872
857,415
Net earns, from oper_ $121,217
$423,248
$542,235 $1.147,812
Income credits (net)___
7,068
32,152
10,267
33,335
Total income
PrOV.for Fed. the. tax_
$128,285
1,877
5433,515
46.258
5575,570 $1,179,964
117,158
26,946
Net inc. trans. to surp $126,409
5387,256
$548,624 $1,062,806
Shs.com.stk.out.
(no par)
650,436
650,380'
650,380
650.436
Earnings per share
$0.13
$1.43
$0.53
$0.65
complete annual report in Financial Chronicle Feb. 13 '32, p. 1207
PirTast
Memphis Power & Light Co.
(National Power & Light Co Subsidiary)
tionth of August- -12 Was.End. Aug.311931.
1931.
1932.
Operating revenues
$477,1:28
$497.319 56.697.955 36,995,352'
Oper. exps. Incl. taxes
284.952
286.429 3.913.224 4,114,444
Net revs, from oper-Other income
$192.176
2,239
5210.890 52.784.731 $2,880,908186,543
2.693
26,328
Gross corp. income.Int. on long term debt
Other int, and deduct__
$194,415
61,448
13.695
$213,583 32.811.059 $3,067,451
744,724
61,448
737,375
114,758
13.024
155.489
Balance
4119,272
Dividends on preferred stock
a$139.111
Balance
Retirement (deprec.) reserve appropriation
51,918.195 32,207,969
380,058
395.773
$1,522,422 $1.827,911
676,726.
699.306
Balance
$823,116 $1,151,185
a Before dividends and retirement (depreciation) reserve appropriation.
(The) Memphis Street Ry. Co.
Vlonth of August- -12 los. End. Aug.31-1932.
1931.
1932.
1931.
$139.164
$169.758 82.011.010 32.357,023
110.751
129.365
1,747,760
1.505.632
$28.413
Net revs, from oper_ _
$40,393
$609.263
$505.378
949
Other income
38
1.117
1.722
Operating revenues._ _ _
Oper. exps. Ind. taxes__
Gross corp. Income
Int. on long term debt
Other int,and deductions
$29.362
35,533
13.541
540.431
33.353
14.981
a$7,903*
Balance
418.712*
Retirement (deprec.) reserve appropriation
Balance
a Before dividends and
* Deficit.
5507.100
403,016
169.177
3610.380
403,450'
161,836
*565.093
268.387
$45,094
260,983
*$333,480
*3215,889'
retirement (depreciation) reserve appropriation
Minnesota Power & Light Co.
$320,136 def$658.702 $1,790,036
1,019,177
663.085
293,433
13,997
77 def15,295
Net income applic. to
5756.860
Leh.Val.Coal Corp-def$438.189
$26,625df$1,306,493
$3.34
def$5.75
Earnings per share pref. def$1.93
$0.12
Earnings per share com$0.21
def$0.51
def$1.51
def$0.12
mon (after pref. div.)_
227.101226.564
227.101
226,564
Shs.of pref.stk. outst g.
1,202,413
1,202.809
1,202,413
Sbs. of corn.stk. outst'g_ 1.202.809
x Excludes depreciation and depletion.
1Z"Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1592
Madison Square Garden Corp.
(And Wholly Owned Subsidiaries)
1929.
1932.
1930.
1931.
Quarter End. Aug.31$102.271
$74.468
5314.853
Net loss after charges_ __ x$156.144
Square Garden
x Does not include the operations of the Boston Madison for the quarter
a net loss
Corp.. a partly-owned subsidiary. which showedthe similar quarter of last
of $35.893, compared with a loss of 533.946 for
loss of $111,643 in the 1930 quarter.
year, and a
rirLast complete annual report in Financial Chronicle July 9 '32, p. 309
Gross corp. income__ Int. on long term debt.._
Other int, and deduct
$20,241
13,250
5278.709 $2,653,352 $3,140,963
74,242'
49.052
5,784
Period End.Sept.30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Gross income
$1,449,008 51,277,222 52,899.853 52,401,893
Costs and developments
1,314.932'
742,178
1,495.563
691,531
81,892'
Taxes
70,519
42,093
142,260
Depreciation
119,785'
66,328
66,844
134,310
Net profit
$885,284
$569,983
$476,754 $1,127,720
Earns. per sh.on 798,000
shs.cap.stk.(par $5)$1.11
$0.71
$1.41
$0.60
10
-Last complete annual report in Financial Chronicle June 18 '32, p,4506.
$81,156
$4,155
$195,829
3,967
McIntyre Porcupine Mines, Ltd.
$85,098
3,941
Balance
Taxes
Net revs. from oper__
Other income
(American Power & Light Co. Subsidiary)
-Month of August- -12 Mos. End. Aug. 311932.
1931,
1932.
1931.
$390.033
Operating revenues
$494,359 35,444.578 $6.307.467
Oper. exp., incl. taxes_
154.575
167.000 2,061.068 2,318,487
Net rev. from oper
Other income
$235,458
1.241
.
8327,359 33,383,510 53,988,980
189,961
17.881
38.739
Gross corp.Income..
Int, on long term debt
Other int. & deduct...-.
$236.699
141.107
5.406
$345,240 33.422,249 $4,178,944
142.299 1,698.079
1,711,276'
67,419
5,770
66.898
Balance
Dividends on pref. stock
*390,186
*$197.171 31,657.272 $2,400.250-
Balance
Retirement (deprec.) reserve approp
991.520
998.954
3665.752 21,401,296250.000
250,000
Balance
$115,752 21,151,296*Before dividends and retirement (depreciation) reserve appropriation.
12 "Last complete annual report in Financial Chronicle May 28 '32, p. 3981
Meteor Motor Car Co.
1932.
Nine Months Ended Sept. 30$11.554
'Net income after taxes, depreciation, &c
$0.27
!Earnings per share on 42,000 shs. cap.stk.(no par)
1931.
$11,764
$0.28
Minneapolis Honeywell Regulator Co.
Earnings for 12 Months Ended Sept. 30 1932.
$4,197,583
Net sales
441,109
Net income after taxes, int., deprec., interest, &c
$1.72
share on 203,668 shares common stock
'Earnings per
lar'Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1029
Mississippi Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of August- -12 Mos. End. Aug. 311931.
1932.
1931.
1932.
2379,940 $4,814,466 $5,020,148
$333,012
-Operating revenues
236,154 2,949,814 3,209,762
206,587
exp., incl. taxes__
'oper.
$143,786 $1,864,652 $1,810,386
Net revenues from oper. $126,425
186,844
90,072
8.458
5,440
Other income
$152,244 $1,954,724 $1,997.230
Gross corp.income_ _ _ $131,865
817,875
828,480
68,142
68,521
Int. on long term debt
157,735
127,394
13,080
10,923
'Other int. lk deduct---Balance
Dividends on pref. stock
452,421
471,022
$998,850 $1,021,620
404,186
404,851
Balance
Divs. on 2nd Pref. stock
$594,664
210,000
$616.769
210,000
Balance
!Retirement (deprec.) reserve approP
$384,664
$406,769
120,362
141,082
$265,687
$264,302
Balance
*Before dividends and retirement (depreciation) reserve appropriation.
r. -Last complete annual report in Financial Chronicle Mar. 19 '32, p. 2146
Mohawk Investment Corp.
1930.
1931.
9 Mos.End.Sept.301932.
$132,935
$108,101
$83,365
'Divs. & int. rec'd
7,768
6,437
Reserve for taxes
3,586
39,077
25,188
'Expenses
10,061
1929.
$75.170
7.643
19.052
$86,089
115,799
$48,475
75,849
Net income
Dividends declared
269,718
77.710
$76,476
109.914
$27.374
$29,709
Balance,deficit _ -- - _ _
$33.437
$7,993
For the nine months ended Sept. 30 1932 there was a net loss from
the sale ofsecurities of51.120,210,as against a net loss for the corresponding
period of 1931 of $282.852 and $262,461 for the 1930 Period.
The liquidating value of the shares of this corporation on Sept. 30 1932
after all expenses and reserves for taxes, stood at $28.02, as against a
'similar value of $29.24 on Dec. 31 1931.
Sept.30'32. Sept.30'31. Sept.30'30. Sept.30'29.
Paid-in cap. & surplus_
$4.440,003 $44,686,865 $3,760,314
Net worth
51.977,045 2,376,967 4,028,598 5.366.777
60.449
77.538
No. of shs. outstanding.
73,454
70.540
$85.13
$51.95
Net worth per share_ ' $32.36
$28.02
lerLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1208
(The) Montana Power Co.
(And Subsidiaries)
-Month of August- -12 Mos. End. Aug. 311931.
1932.
1931.
1932.
$679,616 $7,754,361 $9,028,454
•Operating revenues
$536,205
3,676.738
Gper. exp., incl. taxes
288,137 3,089,058
231,908
Net rev, from oper_
'Other income
$304,297
18.481
$391,479 $4,665,303 55,351.716
279,585
256,021
13,920
Gross corp.income_ ..Int. on long term debt--Other int. & deduc
$323,078
181,915
17,210
$405,399 $4,921,324 $5,631,301
182,106 2,183.796 2,193,139
464,913
262,701
12,588
4123,953
4210,705 $2,474,827 $2,973,249
917,901
516,995
Balance
Divs, on pref. stock_
2821
Financial Chronicle
Volume 135
Balance
Retirement (deprec.) reserve approp
51.556,926 52,456,254
316,667
520,000
$1,240,259 $1,936,254
Balance
*Before dividends and retirement (depreciation) reserve appropriation.
arl.ast complete annual report in Financial Chronicle July 9 '32, p. 296.
Montgomery Ward & Co.
1932-9 Mos.-1931.
1932-3 Mos.-1931.
Per.End.Sept.30-Net losses after charges_ $1,030,028 51,316.719 $4,297,763 $2.692.687
1.1'Last complete annual report in Financial Chronicle Feb. 6 '32, p. lots
Montreal Tramways Co.
1932.
1931.
Eight Months Ended Aug. 3158.919.514 $9.720,200
Gross revenues
report in Financial Chronicle May 14 '32, p. 3636
larLast complete annual
(Philip) Morris & Co., Ltd., Inc.
1932.
1931.
6 Months Ended Sept. 30$259,417
$250,287
Net profits after charges but before Fed. tales_
Chronicle June 4 '32, p. 4168
ICU Last complete annual report in Financial
Motor Products Corp.
1932-9 Mos.-1931.
Period End.Sept. 30-- 1932-3 Mos.-1931.
$124,009
$628,546
$72,465
$25,916
Gross operating profit__
84.847
87,583
33,177
Other income
27,797
3716,129
$208,856
$105,642
Total income
$53.713
233,107
197.471
78,792
67,064
Expenses
235,543
223,153
78,492
74,384
Depreciation
42.000
Federal taxes
$211,768prof$205,479
$51,642
$87,735
Net deficit
195.699
191.285
195.699
Shs.com.stk.out.(no par)
191,285
Nil
$1.05
Nil
Nil
Earnings per share
Mar. 12 '32, p. 1971
rgl"Last complete annual report in Financial Chronicle
Mountain States Power Co.
1931.
1932.
12 Months Ended Aug. 31$33,107,445 53,463,171
Gross earnings
2.254,062
2,101.138
expenses, maintenance and taxes
Operating
$1,006,:307 $1.209.109
Net earnings
228.813
244,000
Other income
$1.250,307 $1,437,922
earnings including other income
Net
853.827
866,299
-net
Income charges
$384.008
371.798
$584.(95
373,773
Balance
Preferred dividends
Balance for retirement (depreciation) reserve,
amortization of debt discount and expense,
5210.322
$12,210
common dividends and surplus
larLast complete annual report in Financial Chronicle May 7 12, p, 5465
National Biscuit Co.
1932-9 Mos.-1931.
1932-3 Mos.-1931.
Per.End. Sept.30-Net inc. after taxes, &c- $3,902,692 $5,126,121 $12,402.688 $14,532,912
stk. outstand.
Shs. com.
6,289.263 6,286,238 6,289,263 6,286,238
(Par $10)
$2.10
$1.76
$0.74
$0.55
Earnings per share
,
10 Last complete annual report in Financial Chronicle Jan. 23 '32, p. 668
National Power & Light Co.
-Inter-Company Items Eliminated)
(And Subsidiaries
1931.
1932.
12 Months Ended Aug. 31Subsidiaries
$73,153,505 578.431,548
Operating revenues
38,403,845 42,265,009
Operating expenses, including taxes
$34.749,660 $36,166,539
Net revenues from operation
557.724
445,263
Other income
235,194,923 536.724,263
Gross corporate income
12,955.309 12,697,959
Interest to public and other deductions
6,049.555 5.895,037
Preferred dividends to public
Retirement (depreciation) and depletion reserve
5.687.472 5.877,110
appropriations
44,128
52,350
Portion applicable to minority interests
Balance applicable to Nat. Power & Light Co_ _210,458,459 512.201,807
National Power & I ight Co.
Balance of subsidiarieo income applicable to Nat.
$10,458,459 $12,201.807
Power & Light Co.(as shown above)
342.125
381,157
Other income
510.839.616 $12,543,932
Totalincome
175,771
142,278
Expenses,including to,ces
1.354.838
1.356,685
Interest to public and other deductions
$9,340,653 $11.013,323
1.678.174
1,678.245
5,450,292 5,448,273
Balance applicable to preferred stock
Dividends on preferred stock
Dividends on common stock
$2,212,116 $3,886.876
Balance
larGast complete an.tual report in Financial Chronicle Mar. 5 '32, p. 1761
Nebraska Power CO.
(American Power & Light Co. Subsidiary)
-Month of August- -12 Mos. End. Aug. 311931.
1932.
1931.
1932.
$550,625 26,491,732 $6,830,589
-_ $501,680
Operating revenues
3.151.053 3,227,995
274.211
265,612
Oper. exp., incl. taxes__
Net rev, from oper
Rent for leased prop..__
$236,068
58.584
$276.414 $3,340,679 $3,602,594
140,334
23,825
Balance
Other income
$294,652
86,457
$3300,239 33,340.679 53,462,260
160.319
309,567
86,492
Gross corp.income.. _ _ 4208,195
Int. on long term debt_
Other int. & deductions_
*5213,747 $.3,650.246 $3,622,579
837,313
952,500
112.846
85,239
. -_
Balance
Divs. on pref. stock_
$2,612,507 $2,672,420
462.408
500,538
Balance
Retirement (deprec.) reserve approp_
52,111,969 52,210,012
300,000
300,000
$1,811,969 $1,910,012
Balance*Before dividends and retirement (depreciation) reserve appropriation.
tarLast complete annual report in Financial Chronicle May 28 '32, p. 3981
New Bedford Gas & Edison Light Co.
1932.
12 Months Ended June 30$3,012,107
Electric revenues
1,119,758
Gas revenues
$4,131.866
Total operating revenues
2,027.019
Operating expenses and maintenance
Provision for retirement (renewals, replacements)
408,186
of fixed capital, depreciation, &c
659,341
Taxes (incl. provision for Federal income taxes).-
1931.
53.237,808
1,179.760
$4,417,567
2,210,843
414.410
618.661
Operating income
Other income
51.037.319 $1,173.653
35.732
45,772
Gross income
Int. on funded debt (incl. short-term gold notes)
Interest on unfunded debt
$1,083,090 51,209,386
234.530
125,563
4,220
21,028
$936.500
Net income
$970,686
New England Telephone 8c Telegraph Co.
1929.
1930.
1931.
1932.
9 Mos.End. Sept.30-$52,775,278 $56,461,156 $56,063,884 $54,452,870
Operating revenue
36,011,135 37,930,424 38,788,473 37,232,714
Operating expenses
4,322,493 4.907,134 4,481.244 4,263,836
Taxes
246.462
254,182
327,414
665,552
Uncollectible
Total oper. income---$11,776,098 $13,296,184 $12,539,985 $12,709,858
358,848
412,031
393.387
228.494
Net non-operating rev- _
Total gross Income_ --$12,004,592 $13,689,571 $12,952,017 513,068,707
Int. on funded debt..... 3,037,500 3,037,500 3,146,563 3,147,102
504,763
562,163
949,051
1,250.848
Other interest
487.207
608,324
610.079
581,367
Rent, &c
124,729
124,730
124,730
124,729
Debt, disct. & expense
Net income_ ------ $7,010,146 $8,968.211 $8.510,237 58.804,904
Dividend appropriation_ 8,000,746 7,994,604 7,290,347 6,640,688
Balance,surplus
$973,607 51,219,890 $2,164.216
def$990.600
Shares capital stock out1.106,610
1,320,981
1,332,400
standing (par $100).... 1.333.457
$7.96
$6.44
Earnings per share
$6.73
$5.26
Jan. SO '32, p. 841
1:W-Last complete annual report in Financial Chronicle
New Orleans Public Service, Inc.
(Electric Power & Light Corp. Subsidiary)
--Month of August-- -12 Mos.End. Aug.311931.
1932.
1931.
1932.
Operating revenues
$1.188,477 $1,321,259 816.037360 $17,727,784
876,789 9.896,166 11,319.270
764,191
Oper.caps..incl. taxes_ _
Net revs. from oper_ _
Other income.
$424,286
370
$444,470 $6.140.994 $6.408,514
18.108
30.239
2,053
Gross corp.income_ _ _
Int. on long term debt _ _
Other in & deductions
$424,656
233,964
13,213
$446,523 $6,159,102 $6,438.753
235.338 2,816.734
2,839,991
14.182
172.648
253.264
x$177,479
Balance
Dividends on preferred stock
xt197.003
Balance
Retirement (depreciation) reserve appropriation
53.169.720
553.845
$3,345,498
554,243
$2,615,875 $2,791.255
2.096.000 2.020.000
$771,255
$519,875
Balance
x Before dividends & retirement (depreciation) reserve appropriation.
annual report in Financial Chronicle July 9 '32, p. 296
tartest complete
2822
Financial Chronicle
Oklahoma Gas & Electric Co.
12 Months Ended August 31Gross earnings
:Operating expenses, maintenance & taxes
Peoples Gas Light & Coke Co.
1932.
1931.
511.286.489 312.450.209
5.710.170 6.328.485
Net earnings
Other income
35.576,310 56.121.724
104,335
58.299
Net earnings including other income
Interest charges
-net
35.634.618 36.226.059
2.235.827 2,142,838
Balance
$3,398,791 $4,083.221
Preferred dividends
1,177.20:3
1,228.459
Retirement (depreciation) reserve
1.070.000
950.000
Amortization of debt discount & expense
200.000
200.000
Balance for common dividends & surplus
$1,071,588 31,584.762
z After deducting $102,803 in 1932 and $205.607 in 1931 withdrawal
from contingent reserve.
120"Last complete annual report in Financial Chronicle May 7 '32, p. 3458
Otis Elevator Co.
Period End. Sept.30- 1932-3 Mos.-1931.
1932-9 Mos.-1931.
Net income after deprep elation. taxes. &c_ --- $358,716 31,171,181 $924,766 34.029.486
Earns. ger shon2.g%
ss.conmou0
$0.13
$1.87
$0.31
$0.53
rEPLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2356
Net revs. from oper
Rent for leased property
$155.r43
2,100
$173.507 $1,912,383 52,263.699
25,560
25,919
2.160
Balance
Other income
3153.543
61,691
3171,347 $1.886,823 $2,237,780
750,366
251.051
66,514
Gross corp.income.. _ _
Int. on long-term debt_ _
Other int. & deductions_
$215.234
85,417
28.208
3237.861 52,637.189 $2,488,831
859,720
80,556 1,025.000
344.406
41,433
83,180
Balance
x$101.609
Dividends on preferred stock
4115.872 51,267.783 51,545,931
448,065
430.978
$819.718 51,114,953
600,000
592.500
Balance
8219,718
5522,453
x Before dividends & retirement (depreciation) reserve appropriation.
'Last complete annual report in Financial Chronicle June 18 '32, p. 4492
(Including Subsidiaries)
Period End. Sept.30- 1932-3 Mos.-1931.
1932-9 MO3.-1931.
Gross earnings
S930.419
3789.096 $2,445,335 $2,807,346
Expenses
443.764
443.384 1,304,047
1,506.011
Depreciation
147.468
137,221
482,442
460.980
x Profit
$339,187
$208,491
3658.846
$840,355
x Before Federal taxes.
l'
Last complete annual report in Financial Chronicle Apr. 2 '32, p. 2541
Pennsylvania-Dixie Cement Co.
1932.
$329,453
1,380,844
598,473
1931.
1929.
1930.
5895,392 32,552,762 32,930,414
1,388,425
1,386,517 1,397,257
637.209
681.369
710.980
19,446
67,684
136,105
Net profit
loss$1,649,864 loss$1149688
3417,192
5686,072
Earns, per sh. on 7%
preferred stock
Nil
Nil
$3.07
$5.05
tarLast complete annual report in Financial Chronicle Feb. 13'32, p. 1210
Pennsylvania Gas & Electric Co.
(Controlled by American Electric Power Corp.)
12 Months Ended Sept. 30-1932.
1931.
Gross earnings
$1,243,951 51,322.478
Operating expenses and taxes
624.485
689.063
Net earnings
Subsidiary company charges & preferred dividends
Bond interest
Other deductions
5619.466
15,136
277,590
21,209
5633,415
18,212
273,325
21,866
Balance
Preferred dividends
$305,531
105,000
5320,012
104.976
Balance before provision for retirement reserve $200.531
5215.036
ra"Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3273
Pennsylvania Power & Light Co.
(Lehigh Power Securities Corp. Subsidiary)
-Month of August- -12 M03.End. Aug.311932.
1931.
1932.
x1931.
Operating revenues
82.504.186 52.691,141 534.161,823 535,305.136
Oper.exps.(Incl. taxes)_ 1.284.061
1.247,765 16.632,899 17,604.028
Net revs. from oper_ 51,220.125 51,443.376 317,528,924 517.701,108
Other income
36.372
31.909
598,760
611,299
Gross corp.income_ _ - 51,256.497 $1,475,285 518.127.684 518,312.407
Int. on long-term debt_ _
504.158
508,553 6,056.321
5,978.541
Other int. & deductions_
15,046
16,985
222,288
448,436
Balance
$737,293
$949,747 311,849.075 511.885,430
Dividends on preferred stock
3.811.331 3,584,586
Balance
58.037,744 58,300.844
Retirement (depreciation) reserve appropriation__ 1.500,000 1,556,173
Balance
56,537.744 $6,744.671
During Dec. 1930 the company acquired large additional (principally
electric) properties previously owned by a number of companies operating
In eastern Pennsylvania. Had the company owned during the entire 12
months ended Aug. 31 1931 all of the properties that it owned on Aug. 31
1931 the income statement for the 12 months ended Aug. 31 1931, with
Inter-company items eliminated, would have been approximately as
shown above.
rairLast complete annual report in Financial Chronicle July 9 '32, p. 297
Pittsburgh Terminal Coal Corp.
Period End. Sept. 30- 1932-3 Mos 1931. 1932-9 Mos.-1931.
Net loss after deprec. &
5173.952
depletion, &c
5233.161
5541,093
5546,099
rgrLast complete annual report in Financial Chroncile Mar. 19' 32, p. 2167
Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary)
donth of August- -12 vlos. End. Aug. 311932.
1931.
1 32.
1931.
Operating revenues__ 3308.005
3329.626 $3,980.708 34,259.038
Oper. expo., incl. taxes177.585
2.787.355
199.089 2.412.111
Net revs. from oper-Other income
3130.420
1,190
3130.537 $1.568.597 $1.471,683
28,235
19,628
1,734
Gross corp. Income___
Int. on long-term debt-Other int. and deduct.
$131.610
40.604
9,170
5132.271 31,588.225 31,499,918
487.250
40.604
487,250
84,618
8.374
69.755
a$83,293 31,031.220
427.945
$928,050
399.488
Balance
5528.562
3603,275
Retirement (deprec.) reserve appropriation
200.000
150.000
Balance
3328.562
3453.275
a Before dividends and retirement (depreciation) reserve appropriation.
-Last complete annual report in Financial Chronicle July 9 '32, p. 297
40
Public Service Corp. of New Jersey.
-Month of September- -12 Mos. End. Sept.31)1932.
1931.
1932.
1931.
Gross earnings
59.795,947 510.797,877 3128928,733 3138624,979
Oper. exp., maint., taxes
and depreciation
6.576,232 7,460,218 84.866.015 93.087,222
Net income from oper. 33,219,715 $3,337,658 $44,062,717 345,537.757
Other net income
9.335
51,995
1.026.132 1.910,062
Total
$3.229.050 $3.389.654 545.088.850 547,447.819
Income deductions
1,274.122 1,297.213 15.407,776 16,099.331
Balance for diva, and
surplus
81.954,928 82.092,441 529.681,074 331,348,487
"Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1783
Purity Bakeries Corp.
Penick & Ford, Ltd., Inc.
12 Mos.End. Sept. 30
Operating profit
Depreciation St depletion
Interest
Federal taxes
(And Subsidiaries)
Period End. Sept.30-- 1932-3 Months
-1931. 1932-12 Mos.-1031.
Gas sales
37.449.603 37,273,059 333.861.271 $34,080,576
Other oper. revs.(net)_
167.535
150.547
563.490'
582,558
Total income
$7,617,138 37,423,607 334,424,761 334,663,134
Net Inc. after chgs. for
taxes. int. & prov, for
retire, but before allowance for dividends..
773.630
947,549 6,203,385 6,756,783
Shs, corn, stk. outstand686.492
686,492
626.357
626,357
Earnings per share
$1.13
$10.79
$9.04
$1.51
KN'East complete annual report in Financial Chronicle Feb. 13 '32, p. 1188
Balance
a$81,836
Dividends on preferred stock
Pacific Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month of August- -12Mos.End.Aug.311932.
1932.
1931.
1931.
Operating revenues
3373.051 $4,108,428 34.712,978
3329.546
Oper.turps.,incl.taxes
173.903
199.544 2.196,045 2,449,279
Balance
Retirement (depreciation) reserve appropriation
Oct. 22 1932
(And Subsidiaries)
-12 Weeks End.- -40 Weeks End.
PeriodOct. 8 '32. Oct. 3 '31. Oct. 8 '32. Oct. 3 '31.
Net inc.after int.. depre.
Fed. taxes, &c
loss$24,878
3173,721
$235,474 31,364,6013
Earns, per sh.on 805,044
shs. cap. stk. (no par)
Nil
$0.21
30.29
51.69
lairLas complete annual report in Financial Chronicle Jan. 30 '32, p. 840
,
Railway & Light Securities Co.
Nine lonths Ended Sept. 30Interest received and accrued
Cash dividends
1932.
$208.516
289.354
1931.
$232,803
328,817
1930.
$274,659
385.921
Total income
Expenses and taxes
Interest and amortiz. charges
5497.870
44.839
185.902
5561,619
47,812
207.081
5660,581
71.042
207,680
Balance
Profit on sale of secure. after related
Federal tax
5267.129
3306.726
$3381,859
See x
72.477
595,705
Balance
3267.129
3379.204
5977,564
x Losses on sales of securities amounting to $224.190 for
the
are included in the special surplus account in the balance sheet.nine months
UrLast complete annual report in Financial Chronicle Jan. 30 '32,
p. sea
Reliance Mfg. Co. of Illinois.
Period End. Sept. 30- 1932-3 468.-1931.
1932-9 Vfos.-1931.
Net income after charges
and taxes
$156.734
$165,125
$247,441
$489,605
Earns. per sh.00 250.000
shs.stock (par $10)--$0.50
$0.53
$0.62
$1.58
OrLast complete annual report in Financial Chronicle April 2
32, p. 2543
San Diego Consolidated Gas 8c Electric Co.
12 Months Ended August 31Gross earnings
Operating expenses, maintanance & taxes
1932.
1931.
87.702,374 57.405,776
3,758,169 3,642,040
Net earnings
Other income
$3,944,205 $3,763,736
5.365
4.387
Net earnings including other income
Interest charges
-net
53.949.570 33,768,123
792.958
769.131
Balance
$3.156,612 $2,998,992
Preferred dividends
440.475
440,475
Retirement (depreciation) reserve
1,300,000
1,160,000
Amortization a debt discount & expense
100,595
93,283
Balance for common dividends & surplus
51,315,542 81.305.234
larLast complete annual report in Financial Chronicle May 7 '32,
p. 3459
Seagrave Corp.
(Including Seagrave Fire Engines,
Ltd.)
9 Mos. End. Sept. 30-1932.
1931.
1930.
1929.
Net sales
5652.976
$857,280 $1,310,727 31,768,036
Cost of sales, selling and
administrative exps
769,534
930.722
1.258.241
1,539,011
Operating profit
loss$116,558 loss$73,442
552,486
8229.025
Other income
25,181
33.605
35,401
38,548
Total income
loss$91,377 108439,837.
$267,573
$87,887
Charges and Fed. taxesx4,559
x2,319
x12,771
44,751
Net profit
loss $95,936 105442,156
475,116
$222,822
Shares of common stock
outstanding (no par)..
122,700
122,453
122,700
120,170
Earnings per share
Nil
Nil
$0.21
$1.41
x Federal taxes not included.
For the quarter ended Sept. 30 1932 the net loss was $40,539 after above
charges, against a net loss of $338,385 in the 'preceding quarter and a net
loss of $1,067 in the September quarter of 1931.
rairLaSt complete annual report in Financial Chronicle April 2 '32, p. 2545
2823
Financial Chronicle
Volume 135
San Joaquin Light & Power Corp.
Tampa Electric Co.
1931.
1932.
Eight font/is Ended Aug. 31$815.397 $1.630.369
Net income after taxes. deprec.. int.. &c
arLast complete annual report in Financial Chronicle June 4 '32, p. 4159
Seeman Brothers, Inc.
.lonth of September- -12 los. End. Sept. 301932.
1931.
1931,
19'32.
3291.070
Gross
1318.108 $3.873,787 64,424.653
95.345
1.385.815
Net oper, rev, aft. depr_
104.815
1.648.636
Balance for diva. & surp_
1.596.646
1.346,384
KNFLast complete annual report in Financial Chronicle Feb.13'32, p.1196
1929.
1930.
1931.
1932.
Quarter End. Sept.30Net profit after charges
6187.237
$142.238
690,409
$61,783
and Federal taxes._ _ _
Shs. corn. stk. outstand125,000
125,000
117,300
108.700
ing (no par)
$1.14
$1.49
$0.77
60.57
Earnings per share
annual report in Financial Chronicle Oct. 1 '32, p. 2350
Wl..ast complete
(American Power & Light Co. Subsidiary)
_tfonth of August- -12 los. End. Aug.311932.
1931.
1932.
1931.
$596.266
$671.845 $7.561,812 $8.613.559
Operating revenues
281,664
306.084
3.491.484
4.219.680
Oper. exps., incl. taxes_
Shawinigan Water 8c Power Co.
1931.
1932.
89.442.286 810.234.841
1,998.609
1,641.364
1,012.385
1,037.035
239.0:10
235.084
448.838
478.738
2.932.256
3.029.045
579.004
50.000
Nine Months Ended Sept. 30
Gross revenue
General operating & maintenance expense
Power purchased
Water rentals
Taxes and insurance
Fixed charges
United States exchange
$2.438.069 33 557.669
Surplus before deprec. & income tax
tarLast complete annual report in Financial Chronicle Feb. 27'32, p. 1569
(And Subsidiary Companies)
.lonth of September- -12 los. End. Sept. 30-1932.
1931.
1932.
19:31.
$146.566 61.511.354 61,567.605
$128,691
Gross
534,281
59.658
646.947
50.622
Net operating revenue
450,360
554.437
Balance before deprec_
'Last complete annual report in Financial Chronicle Feb. 13'32, p.1196
Sioux City Gas & Electric Co.
(Controlled by American Electric Power Corp.)
1932.
1931.
12 lonths Ended Sept. 30$3.115.307 $3.368.961
Gross earnings
1.515.524
1,622.910
Operating expenses di taxes
541.130
531.421
Bond interest
28.609
30.297
Other deductions
31.030.044 61.184.333
338.709
338.709
$691.335
Balance, before prov. for retirement reserve-6845.624
-Last complete annual report in Financial Chronicle April 30 '32, p.3275
10
Southern Bell Telephone & Telegraph Co.
-Month of September- -9 Mos.End.Sept.3019:32,
1932.
1931.
1931.
Telep. oper. revenues___ 84.168.211 84.829.939 $39,326.780 $44,763,658
3,044,206 24.918.351 28.470.990
Telep. oper. expenses___ 2.499,080
Operating income_ _ _ _ $1,091,369 $1.230,733 $9,387,069 611,225,568
Ig'Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1763
State Street Investment Corp.
los. End.Sept. 30Divs. & int. received_ -_
Reserve for taxes
Expenses
1932.
3230.942
10.196
31.201
1931.
$354,387
17 911
87.065
1930.
6533.875
28.751
145.374
1929.
$342.348
20.541
177.752
Net income
Dividends declared
6189.545
303.029
6249.410
404.212
1359.750
433.923
8144.055
408.250
Deficit
$113.483
2154,802
$74.173
6264.196
For the nine months ended Sept. 30 1932 there was a net loss from the
sale of securities amounting to 63.527,738. as against a net loss of $1.076.626
for corresponding period of 1931 and $520,000 for the 1930 period.
The liquidating value of the shares of this corporation on Sept. 30. after
all expenses and reserves for taxes, stood at $45.70, against a similar value
of $45.07 on Dec. 31 1931. This is an increase of approximately 1.40%,
as against a decline of 8.22% in the Dow Jones Industrial Average of 30
stocks.
Paid-in
Net Worth
Number
Net
of Shares. Per Share.
Worth.
Capital.
Sept. 30 1930
191.523
$15.202.379 $14.820.931
$77.38
Sept. 30 1931
8.834.254 179.381
14,238.596
49.24
Sept. 30 1932
7.832.646 171.399
45.70
-La
rff st complete annual report in Financial Chronicle Feb. 13 '32, p. 1211
Superheater Co.
(Exclusive of Canadian Affiliate)
Earnings for 9 Months Ended Sept. 30 1932.
Loss from plant operation
Other income
$145.205
474,453
Total income
Depreciation. Federal taxes, &e
6329.2/8
86.065
Net income
$243,183
WLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1212
Sweets Co. of America, Inc.
Period End. Sept. 30- 1932-3 Mos.-1931.
1932-9 Mos.-1931.
Net income after charges,
$33,682 loss$15,022
67.315
taxes & depreciation_ _
$106,287
Earns. per sh. on 100.000
Nil
$0.34
$0.07
$1.06
abs. corn. stk. (par $50)
September not income was $5.207 after taxes and charges.
WLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1975
Tennessee Public Service Co.
(National Power & Light Co. Subsidiary)
-Month of August- -12 Mos. End. Aug.311932.
1932.
1931.
1931.
$233,693
5270.636 $3,146,101 83,393.651
Operating revenues
1,920,620
171,009
142,063
2.044,410
oper. exps. incl. taxes._
$91,630
Net revs, from oper_ Other income10.164
Gross corp. IncomeInt. on long term debt__
Other int. and deducts-
6101,794
32.417
263
$99,627 51,225,481 31.349.241
120.698
10.903
$110,530 $1,346,179
389.000
32,417
3,106
161
$69,114
$77,952
Balance
Dividends on preferred stock
-------------------------------Balance
Retirement (deprec.) reserve appropriation
6954.073
296.685
6657.388
325.103
$332,285
Balance
a Before dividends and retirement (depreciation) reserve app-opriation.
$314.602
13.627
$365.761 $4.070.328 64.393.879
13.616
162,847
162.691
Balance
Other Income
8300.975
2.618
$352.145 63,907.481 54.231.188
4.524
53.508
59.336
Gross corp. income
Int. on long-term debtOther int. and deduct_ -
$303.593
140.542
2,764
$356.669 63.960.989 64.290.524
140.542
1,686.500
1.686.500
2.019
20.909
53.106
4160.287
Balance
Dividends on preferred stock
4214,108 62.253.580 62.550.918
382,733
311.166
$1,870.847 62.239.752
125.000
325.000
21.745.847 31.914.752
Balance
a Before dividends and retirement (depreciation) reserve appropriation.
annual report in Financial Chronicle July 9 '32, p. 298
1ff2ast complete
Texas Gulf Sulphur Co.
1932-9 Mos.-1931.
Period End. Sept. 30- 1932-3 Mos.-1931.
51.434.854 62.315.926 64.541.811 16.704.091
Net earnings
6.450.000
1.905.000
3.810.000
1,270.000
Dividends
$410,926
$731.811
8164,854
$254.091
Balance
Profit and loss surp.. Incl.
26,620.060 25.554,736
reserve for depletion_
Earns, per sh. on 2.540.000 she. capital stock
$0.91
31.78
$2.64
$0.56
(no par)
During the three months ended Sept. 30 1932 company increased its
depreciation. &c., and for Federal taxes (accrued), &c.. by
reserves for
577.073. making the total of these reserves 613.570.380 at Sept. 30 1932.
arLast complete annual report in Financial Chronicle Feb. 27 1932, p.
1599 and Feb. 20 1932, p. 1391.
Texas Power & Light Co.
(American Power & Light Co. Subsidiary)
.
-Month of August- -12 Mos.End. Aug 311931.
1932.
1931.
1932.
$821,064 $9,620.095 69.906.426
$750,488
Operating revenues
4.763.216
4.559,821
388.287
369.061
Oper.exps.,incl.taxes
Net revs. from oper
Other income
$381.427
2,363
$432,777 $5,060.274 $5.143.210
323.178
71,206
23.786
Gross corp.income
Int. OR long term debt- Other int. & deductions_
$383,790
190,854
14.280
.
2456.563 85,131.480 $5.466.388
2,208,025
2,290,250
190,854
202,399
166.786
15.389
x6178,656
Balance
Dividends on preferred stock
Net telcp. oper. revs__ 31,669,131 $1,785.733 614,406.429 616,292,668
oper. revenues__
40.000
65.000
570.000
370,000
512,762
515,000 4,451.360
Taxes assign to oper____
4.697.100
9
Net revs, from oper__
Rent for leased property
Balance
Retirement (deprec.) reserve appropriation
Sierra Pacific Electric Co.
Balance
Preferred dividends
Texas Electric Service Co.
x$250,320 82,674.444 13.055.964
797.132
860,558
Balance
Retirement (depreciation) reserve appropriation
51,813.886 $2,258,832
350.000
450.000
$1.463,886 $1.808,832
Balance
x Before dividends & retirement (depreciation) reserve appropriation.
Twin City Rapid Transit Co.
(And Subsidiaries)
Period End. Sept. 30- 1932-3 Mos.-1931. 1932-9 Mos.-1931.
Net profit after taxes &
$220.970
$39,381
loss$211,376loss$113,271
fixed charges
larLast complete annual report in Financial Chronicle Feb. 20 '32, p. 1372
Underwood Elliott Fisher Co.
[Including Elliott-Fisher Co. and domestic subsidiaries.]
1932-9 /os.-1931.
Period End.Sept.30- 1932-3 los.-1931.
$105.467 41.471.172
623.390
Net loss after exp. & chgs. 6184.004
17:1.661
152.967
79.482
43.614
Other net income
Total income
Depreciation
Federal tax reserve
def$140.390
161,616
3,806
656.092
169.650
9.805
647.500 $1,644.833
484.313
505.768
14.686
143.353
$451,499 4995.712
8103,753
6305,812
Net loss
Earns. per eh. on 696.835
Nil
Nil
Nil
$1.22
abs. corn.stk.(no par)
x Profit.
Feb. 27 1932, page
KV Last complete annual report in Financial Chronicle
1600, and Feb. 20 1932, page 1391.
Union Water Service Co.
(And Subsidiaries.)
12 fonths Ended Aug. 31Gross revenues (including other income)
Operating expenses
Maintenance
General taxes
Gross corporate income
Interest on long term debt
Res. for retirements, replace. & Federal inc. tax St
miscellaneous deductions
1932.
$498.810
143.148
15.390
55,112
1931.
6516.567
140.057
16.891
60.661
$285.160
142,449
6298.758
146,520
49,550
47.464
$104,774
Net income
$93.161
30.000
Dividends on preferred stock
35.283
WLast complete annual report in Financial Chronicle Apr. 30 '32, p. 3276
United Biscuit Co.
(And Subsidiaries)
Period End. Sept. 30- 1932-3 /ex.
1932-9 1°3.-1931.
-1931.
Net profit after deprec.,
int., Fed. taxes. &c__
6184.342
6646.785 $1,329.571
$481.735
470.766
She. corn. stk. outstand_
450.325
450.325
470.766
Earnings per share
$2.65
$0.36
$0.96
$1.27
arLast complete annual report in Financial Chronicle Mar.5 '32, p.1781
United Fruit Co.
Period End. Sept. 30- 1932-3 los.-1931.
1932-9 los.-1931.
x Net profit after deprec.
but before interest _ _ _ loss$350,000
$264,000 $1.300,000 66.964.000
x Approximate figures.
-Earnings figures for the third quarter and for the first nine months
Note.
of 1932 are before giving effect to the proposed property valuation readjustments. which will favorably affect profits for the current year and be reflected in the statement of Dec. 31 1932.
a'Last complete annual report in Financial Chronicle Jan. 16 '32, p.500
2824
Financial Chronicle
United Gas Corp.
(And Subsidiaries.)
(intercompany Items Eliminated.)
-12 dos. End. Aug. 31Subsidiaries1932.
1931.
Operating revenues
$23,044,627 $26,463,374
Operating expenses, Ind. taxes
11.362.903
10.439,330
Net revenues from operat on
$12,605.297 $15,100,471
Other Income
580.807
924.511
Gross corporate income
$13,186.104 $16,024,982
Interest to public & other deductions
1.721.961
1,500.385
Preferred dividends to public
33.126
31.290
Retirement (deprec.) & depletion reserve approp_ _ 2.125.000 2,338.000
Portion applicable to minority interests
52,807
40.590
Balance applicable to United Gas Corp
$9,488,859 $11.879,088
United Gas Corporation
Balance of subsidiaries' income applicable to
United Gas Corp.(as shown above)
89,488,859 311.879,088
Other income
52.095
172,828
Total income
59.540,954 $12,051,916
Expenses, including taxes
119,768
132.962
Interest to public & other deductions
3.034,522 3,051.745
Balance applicable to $7 preferred stock
56,386.664 58,887,209
Dividends on $7 preferred stock
3.135.893
2,977,832
xDividends on $7 2nd preferred stock,applicable to
respective 12
-month periods, whether paid or
unpaid
5.754,093 4,512.760
Balance
df$2,503.322 51,376,617
x Last dividend paid for quarter ended Feb.291932.
larLast complete annual report in Financial Chronicle May 28 '32, p. 3975
U. S. Hoffman Machinery Corp.
(And Subsidiaries)
Period End,Sept.30
- 1932-3 %lbs.-1931.
Gross profit on sales_ _
$88,621
$361.394
Expenses
246.672
391,782
Operating loss
3158.051
830.388
Other income
35,824
34.669
Total income
8122,227
84,281
Depreciation
37,187
46,184
• Other charges
16.890
37,973
Federal taxes
1,495
331
Amortization
58,473
60,008
Net loss
3236.272
8140,215
Loss on sale of plants,&c
1932-9 1103.-1931.
5371.664 81,205.354
809,532 1,144,461
$437,868 prof.$60.893
106,320
112,879
8331.548
119.031
63,554
4.784
177,596
$173.772
134.164
97,627
1,421
174,711
$696,513
$234,151
3,872
Deficit
5236.272
$140,215
$696,513
$238,023
Profit & loss surplus
1,915,070
10
-Last complete annual report in Financial Chronicle Feb. 18 '82, p. 1213
Oct. 22 1932
Virginia Iron, Coal & Coke Co.
Period End. Sept.30- 1932-3 Mos.-1931.
1932-9 Mos.-1931.
Gross
8184,532
8291.365
$634,781 $1,004,625
Expenses
179,292
308.125
648.616
1,009,096
Operating loss
Other income
prof.$5,240
19,188
Total income
Int., deprec. & taxes---
(And Subsidiaries)
9 Months Ended Sept. 301932.
1931.
operating incomefrom real estate(before depr.) $1,250,987 $1,812,449
Net
x Other income
435,080
1,861,487
Totalincome
51,686.069 $3,673,936
Depreciation
555.801
614,252
General and corporate expenses of parent company
161,549
183,783
Interest charges
893,016
1,859,184
Net loss on Savoy Plaza Corp
861.261
Federal income and State franchise taxes- ,
a53,254
244,402
Net income (before deducting sub. co. diva.).-_loss$838,812
8772.315
Subsidiary companies' dividends
z124,024
3,329,018
Net income after deducting sub. cos.' diva
loss$962,836
$443,297
Surplus Dec. 31
3,510,660 5,939,158
Difference between book value and purchase price
of Plaza Oper. Co., Savoy-Plaza Corp. and Geo.
A. Fuller Co. of Canada. Ltd., cap. stk. purch36.134
503,982
Net credit arising from purch. & retire, through
sinking fund of Geo. A. Fuller prior pref. and
second pref.stocks
65,880
Pro rata propor. of cap, of co. covering shs. retired 4,799,045
Total surplus
57.383,003 86,952,318
Amount charged to surp. purch. ofabs. of cap.stk.
of U. S. Realty & Improvement Co
560,996
443,187
Amount reserved for contingencies
825,000
Amount credited to res.for eventual losses on inv.- 5,917,443
Prov.for skg. fd. on Geo. A. Fuller prior pref.stk_
135,000
-U,S. Realty & Improvement Co
Dividends
1,466.884
Consolidated surplus as of Sept.30
$887,372 $4.099,438
Earns.Per sh.on 946,200shs. of cap.stk. out.(no par)
Nil
$0.47
x Includes interest and dividends received, profit on bonds retired and
net profit (before depreciation) of Geo. A. Fuller Co. and from Hotel
-operations.
SItidggy ci;irnsenies. divigeiid6s: Geo Aiaref
lgo g
96c
i
a
cor Fullei
r
Geo. A. Fuller
id preference,' .022; total, 8388.335. i.:ess amount
' .
8162
-of above dividends accrued by U. S. Realty & Imp. Co..on stocks held for
investment, $59,317; total dividends, $329.017.
z Not including cumulative dividends for the 6 months ended Sept. 30
1932 on the Geo. A. Fuller Co. prior pref. and 2d pref. stocks, amounting
to 8183.849, not declared. a State taxes only.
tartest complete annual report in Financial Chronicle Jan. 16 '32, p. 501
Jq...
Utah Power & Light Co.
(Including The Western Colorado Power Co.)
-Month of August-- -12 Mos.End. Aug.311932.
1931.
1931.
1932.
Operating revenues
$772,703
$867,874 $9,909,448 $10,861,627
Oper.exps.,incl. taxes
402.926
391,927 4,683,817 5,012,850
Net revs,from oper _
$369,777
8475,947 $5,225,631 85,848.777
Rent for leased property
90.604
952,275
787.898
79,005
Balance
Other income
5279.173
31,590
5396.942 $4,273,356 $5,060.879
38.621
441,496
508,607
Gross corp.income_ _ _
Int. on long term debt_.
Other int. & deductions_
$310,763
178.321
16,307
8435,563 $4,714,852 $5,569,486
178,321
2,139,850 2,139,850
190,346
16.050
193,677
Balance
x$116,135
Dividends on preferred stock
x$241,192 52,381,325 53,239.290
1.729,349
1.747.121
Balance.
Retirement (depreciation) reserve appropriation
$651,976 $1,492,169
500.000
700,000
$151,976
$792,169
Balance
x Before dividends & retirement (depreciation) reserve appropriation.
Last complete annual report in Financial Chronicle May 28 '32, p. 3984
313.835
113,770
84,471
270,113
824,429
48,323
$51,418
59,181
$99,935
152,520
$265,642
180,325
Net loss
$23,894
$7,763
$52,585 prof.$85 317
Earns, per sh. on corn
Nil
Nil
Nil
0.10
Note.
-The above shows results of operations for nine months after
having made allowances for depreciation and depletion.
fZ'Last complete annual report in Financial Chronicle Mar. 5 '39, p. 1782
(The) Washington Water Power Co.
(And Subsidiaries)
(American Power & Light Co. Subsidiary)
-Month of August- -12 Mos.End. Aug.311932.
1931.
1931.
1932.
Operating revenues
$646,353
$754,841 $8.068.921 89,158,957
Oper exps.,incl. taxes _
310,237
343,606 3,869,088 4.220,990
Net revs,from oper_ _ $336,116
5411,235 $4.199,833 84,937,967
Other income_ _ _ _ _ _ _ _
3.431
81,596
4,688
40.138
Gross corp.income_ _ _ $339,547
5415.923 84.239,971 85.019,563
Int. on long term debt- _
88,788
1,051.448
87,623
1,056.130
Other int. & deductions_
1,352
62,410
2,284
27,090
Balance- _ _ _ ------- $249,407
$326,016 $3,156,751 $3,905.705
Dividends on preferred stock
563.432
611,235
Balance
52.545,516 53,342,273
Retirement (depreciation) reserve appropriation_
728,984
549,500
Balance
81,996.016 52,613,289
x Before dividends & retirement (depreciation) reserve appropriation.
I"
Last complete annual report in Financial Chronicle July 9 '39, p. 298
Western Union Telegraph Co., Inc.
-Month of August--8 Vfos. End. Aug.311932.
1931.
1931.
1932.
Teleg. & cable oper. rev_ 56.959,387 $8,813.336
556.716.450 $74,815,579
Repairs456,965
.
170,817
All other maintenance__
862,098
1,001,872
Conducting operations__ 4,303.353 5.528.838
36,347,514 46,296,720
General & miscell. exp.353.774
398,680 3,069,635 3.498,144
Total telegraph & cable
operating expenses... 5,976,190 7,530,331
50,367.895 62,780,482
Net tel. & cable op.rev 083,196 $1,283,005
$6.348,556 812,035,098
Uncollect, oper. rev_ -31,317
26,440
224,447
255,224
Taxes assign, to oper_292.667
293,667 2,341.333 2,349,333
6:AM:gti 5: .
Operating IMMO-.
Non-operattng income..
U. S. Realty & Improvement Co.
516,760
68.178
Gross income
Deduct, from gross inc.
$659.212
99,283
5962.898 83,751,999 $9,461,318
112.621
1,268.643
1,074.421
$758.496 81,075,519 84,826.419 $10,729,960
707,183
713,546 5,720,148 5,728,052
$51,312
$361,973 def$893.728 $5,001,908
Net income
Income balance transferred to profit & loss_
$51,312
$361,973 def$893,728 $5,001,908
Last complete annual report in Financial Chronicle Apr.
1M9 1932, p.2705
Westinghouse Electric & Mfg. Co.
(And Proprietory Companies.)
Per.End.Sept.30-1932-3 Mos.-1931.
1932-9 Mos.-1931.
Orders received
$14,126,064 330.893,034 354.857.938 8105821,203
Sales billed
17,482,376 27,230.401 58,875,094 87.853.736
Net loss
2.715.122 prof992.632 5,917,250
Pr0
f966 709
.
larLast complete annual report in Financial Chronicle Mar.
19 '32. P. 21
"
Wisconsin Public Service Corp.
(And Subsidiary.)
12 ionths Ended Aug. 31Gross earnings
Operating expenses, maintenance & taxes
Net earnings
Other income
1932.
1931.
85.249,227 0,597,173
2.873.764 3,244,337
52.375,463 $2,352,836
18,170
19,851
Net earnings including other Income
Interest charges-net
32.395.314 32,371,008
912.428
902.893
Balance
$1,492.421 $1.458.078
Preferred dividends
722,347
706,616
Retirementi(depreciation) reserve
382,327
383,159
Amortization of debt discount & expense
20,846
57.575
Balance for common dividends & surplus
$347.957
3330.172
farLast complete annual report in Financial Chronicle May
7 '32, P. 3462
.
Wisconsin Valley Electric Co.
(And Subsidiaries.)
12 fonlhs Ended Aug. 31
Gross earnings
Operating expenses, maintenance & taxes
1932.
1931.
82.080,090 82,396.485
1,444,133
1,173,861
Net earnings
Other income
006.229
36.476
$952,352
20.228
Net earnings including other Income
Interest charges
-net
$942.705
379.531
$972,580
438.072
Balance
Preferred dividends
Retirement (depreciation) reserve
Amortization of debt discount & expense
8563.174
137.289
197.326
79,450
$534,508
90,725
191,889
19,440
Balance for common dividends & surplus
$149,109
3232,454
WLast complete annual report in Financial Chron.cle May 7 '82, p. 3451.
(William) Wrigley, Jr., Co.
(And Subsidiaries.)
Period End. Sept. 30- 1932-3 fos.-1931. 1932-9 fos.-1931.
Net profit after deprec:
Federal taxes, &c81,701.489 $3.034,609 $5,709,210 $8.457,791
fgrLast complete annual report in Financial Chronicle Mar. 12 32, p. 1977
Zonite Products Corp.
Period End. Sept. 30- 1932-3 fos.-1931. 1932-9 fos.-1931.
Net profit after taxes
and charges
8132,075
3232,238
$523,251
8781,521
ri"Last complete annual report in Financial Chronicle Mar. 19 82, p. 2171
FINANCIAL REPORTS
Power Corporation of Canada, Ltd.
-Year Ended June 30 1932.)
(Seventh Annual Report
President A. J. Nesbitt says in part:
Owing to the decline in revenues due to the passing of dividends and
interest on some of the securities held by company, and reduction in fees
from engineering and construction, it was necessary to omit dividends on
the common shares beginning with the quarter ended July 31 1932.
During the year bank loans were reduced from $1,300,000 to $828.000 and
the company purchased and cancelled $784,000 4%% and 5%de bentures.
Since the close of the fiscal year the notes payable to affiliated companies,
amounting to $085.000, have been retired, and the company has cancelled
a further $116,000 of its 4 % and 5% debentures, making a total reduction
of4900,000 in its outstanding debentures up to Sept. 30 1932.
During the year some investments were liquidated and changes were made
In other investments which resulted in a net loss of $1,045,000 after deducting balance at credit of investment reserve and discount on debentures
redeemed, or a total loss of over $3,500.000.
The combined value of investments in and advances to controlled and
affiliated companies, and other investments, based on available market
prices or estimated fair value as at June 30 1932, was $21,386,495 and at
Sept. 30 1932, was $26,614,916 or an appreciation of over $5.000,000 from
June 30 1932, which was practically the lowest point reached.
At a special general meeting of shareholders held on June 17 1932, approval was given to the enactment of by-law F. creating a distributable
surplus, which was to be set aside as a depreciation reserve. On application to the Secretary of State for Canada, it was found impossible to create
such a depreciation reserve under the provisions of the companies' act,
and as a consequence the application for supplementary letters patent confirming the said by-law was withdrawn.
Company, which is primarily a utility holding, management and engineering company, interested in the development of hydro-electric companies
throughout Canada, controls and (or) is closely associated with companies
In Canada having total power developments of 718,000 h.p. and undeveloped
sites capable of 1.225.000 h.p. additional, with gross earnings for the past
year of about $28,000,000.
Directors have every confidence in the future of the light and power
industry, and believe that any improvement in business will result in increased demand for power, with consequent increase in earnings of the companies in which corporation is interested.
INCOME ACCOUNT
-YEARS ENDED JUNE 30.
1929.
1932.
1930.
1931.
Revenue
$1,929,473 $2,654,687 $2,784,681 $1,947,590
Profits on securities_
x918,231
1,364,514
y757,717
Gross earnings
Expenses
Taxes
Interest
Surplus for year
Surplusforward
Prior years adjust
2825
Financial Chronicle
Volume 135
$1,929,473 $3,412,404 $3,702,912 $3,312,104
434,020
363,919
308,929
426,805
156,757
7,851
53,691
128.288
731,747
400,589
828,556
747,374
$666,261 $2,177,319 $2,478,958 $2,445,829
3,531.562
3,491,304
2,502,919
1,681,932
280,485
Total surplus
$4,197.823 $5,949,106 $4,981.877
Div.on cum.preferred- 300.000
300,000
300,000
Div. on non
-cum. pref
300,000
300,000
300,000
Dividend on common_ _ _
743,443
817,545
890,573
Loss on sale of securities- 1,043,998
Discount on securities_
Trans. to invest. res_
1,000.000
$4,127,761
300.000
380,000
394,842
550,000
Total surplus
$1,810.382 93,531,562 $3,491,304 $2,502,919
Earns. per sh. on com_
$0.15
$3.54
$4.21
$4.46
x After providing an investment reserve of $2,000.000. y Before providing for $900,549 of losses on sales of securities which was charged direct
to investment reserve.
COMPARATIVE BALANCE SHEET JUNE 30.
1931.
1932.
1932.
1931.
'
AssetsLiabilities$
$
$
$
Cash
100,543
221,964 Loans
828,562 1,300,000
Inv.in corn. stocks
Notes payable_ _ _ - 685,449
782,949
of and adv. to
Accts. pay. & aeon
attn. companies_26,534.817 17,094,418
liabilities
259,079
474,373
Other investmla- -16,635,538 29,391,672 Dividends payable 150,000
298,652
Accts. rec. incl.
Cony. debentures_11,889,700 12,673,700
accr. revenues__ 277,274
409,898 1st cum.6% pref._ 5,000,000 5,000,000
44,475
Mind!.assets_ _ _ _
54,959 Non-cum.6% part
preferred
5,000,000 5,000,000
Corn.stk.& sur_ _x19,779,857 21,643,237
Total
43,592,648 47,172,911
Total
43,592,648 47,172,911
x Represented by 446,088 no par shares.
-V.135, p. 2655; V. 134, p. 4660
4158.
American Window Glass Co.
(Annual Report-Year Ended Aug. 26 1932.)
William L. Monro, President, says in part:
Operations.
-Production during the past year was very much less than
or the previous year. This was due to the decided decrease in the demand for window glass. All of our production was made at the Arnold
factory, except for a few weeks during which the Belle Vernon factory
was in operation. Our product has been maintained at its usual high
standard of quality.
We have made further progress in increasing the ultra violet ray transmission of Lustraglass, and we have ahm succeeded in improving the whiteness of it.
During the year we effected a very substantial reduction in the amount
of our inventory of finished product, so that to-day our stock of glass is
22% less than at the close of the preceding year. We feel that this stock
has now been brought to a reasonably safe figure.
We built a single unit furnace at our Jeanette factory and equipped
it with one of our largest Fourcault machines. This was done partly
for experimental purposes, and partly to use some of the cutlet on hand
at that factory in producing glass that would enable us to sort up the
stock of glass in the warehouse.
Lustraglass Tests.
-During the past year tests were carried on by Prof.
A. R. Winter. of the Department of Poultry Husbandry, Ohio State
University,in collaboration with Dr. 11'. L. Bishop,our Consulting Engineer,
to demonstrate the value of ultra violet ray transmission of sunlight through
ordinary window glass and through Lustraglass.
The results of those tests proved that Lurstrglass will transmit sufficient of the ultra violet rays of sunlight to produce vitamin D. This
vitamin is recognized by authorities as being essential not only to human
beings but also to animals.
Sales.
-Total sales for the past year on the basis of 50
-ft. boxes were
very much less than for the preceding year, showing a decrease in the
number of boxes sold of 25%. We have every reason to believe, howtotal represents our fair share of the sales made by the
ever, that our
entire industry during that period. Some idea of the extent of the decrease in demand can be gained from the fact that the total sales of single
strength and double strength window glass by the entire industry for the
Irst eight months of the calendar year 1932 were only 62.4% of the sales
for the corresponding period of 131.
The selling prices were also much lower than for the preceding year
and averaged about 12%% less. This lower average of selling prices was
the result of the extremely low prices in effect during the fall of 1931 and
up to the end of February 1932. In the latter part of that month prices
were advanced about 10%. The full effect of this advance was not felt
for some months thereafter, on account of the unfilled contracts in existence
at the lower prices.
-The operations in this department showed
Laminated or Safely Glass.
a slight increase over the operations of the preceding year, with a substantial decrease in cost. Our product is recognized as the equal of any
laminated glass on the market. It has been tested hy engineering
laboratories designated by the Board of Underwriters, and also by some
of the States. .As a result of those tests it has been officially approved
by them.
-Much time has been spent by our counsel in efforts
United States Taxes.
to effect a settlement of the various tax matters still in dispute between
the Government and the company. Some progress has been made toward
an amicable settlement and tentative agreements in reference to some of
the items in controversy have been reached, but no final determinations
of any of them have yet been made. Instructions have been given our
counsel to press all these matters to a prompt settlement or an early trial.
We recognize how unsatisfactory it Is for a large number of stockholders
to have their individual tax settlements held up by the failure to secure
a prompt determination of the matters in dispute between the Government
and ourselves.
Much work has been done by officials in the Income Tax Bureau to
prepare the cases for final decision; and much still remains to be done.
It is impossible to predict with any accuracy when a settlement or a disagreement will be reached. It is quite possible that some final determination may be arrived at before many months.
COMPARATIVE INCOME ACCOUNT STATEMENT.
YearsAug.26'32. Aug.28 31. Aug.29'30. Aug.30'29.
Net prof. from oper.
before prov.for deprec $176,080
$197.425
$709,852 4481,910
Other income, interest,
22.763
64,162
royalties, &c
109,571
90,427
Net prof. before deprec
Prov. for depreciation_ _
Adminis., sell., develop.
-down expense_
& shut
$198.843
260,791
$261,587
288.882
$819.423
291,887
699,156
1,674,986
1,132,728
(see x)
Loss for year
Previous surplus
Credits to surp. resulting
from the consummat'n
of the agreem't dated
May 31 1929 with the
Amer. Wind. Glass
Mach. Co.: royalties
accrued prior to Sept.
1 1928
Miscellaneous
Net cr.'s appllc. to prior
year's operations
Salvage val. of equip. &
matls. charged off in
prior years
$761,104 $1,702,280
46,029
1,733,456
$605,190
2,627,032
prof$4.380
7,582,546
$572,337
567,957
1,092,692
30,505
18,697
Total
def$696,378
Assets discarded & exps.
in connection with dismantling of cylinder
process
Res. for obsolescence of
plants & equip, due to
install. of Fourcault
process
Divs. on 7% cum. Pref.
stock
14,853
$46,029
$2,021,842
$8,710,131
288,386
803,449
5,000,000
279,650
Surp. at end of year_ -def$696,378
$46,029 $1,733,456 $2,627,032
[American Window Glass Co., American Photo Glass & Export Co.,
and Western Pennsylvania Natural Gas Co.]
COMPARATIVE CONSOLIDATED BALANCE SHEET.
Aug. 26'32. Aug. 28'31.
Aug. 26'32. Aug. 28'31.
AssetsLiabilities8
$
$
i
132,298
465,214 Accounts payable_
Cash
76.599
191.165
U.S.Treas.ctfs.&
'
Reserve for taxes,
&c
bonds Sc accrued
2,714.208 2,706,068
31,597
31,603,7% preferred stock 4,000,000 4,000,000
int. thereon....
Notes & accts. rec.,
17% cum. class A
1 stock
less reserve for
7,000,000 7,000,000
181,434 Common stock ....x6.000.000 6,000,000
doubtful accts- - 104,840
1,546,522 1,867,262 Surplus
Inventories
def696,378
46,028
16,813
Other assets
27,004
Plants, real est. &
g'd-will, less res.
for deprec'n and
obsolescence _ _ _17,197,228 17,272,212
37,055
60,838 ,
Deferred charges_
17,885
Treas, cap. stock_
17,885
19,094,430 19,913,263
Total
19.094,430 19,913,263
Total
x After deducting administrative, selling, development, &c., expenses.
Note -Dividends have accumulated on the pref. stock from Sept. 1
1929 and on the class A capital stock from Oct. 1 1927.-V. 134, p. 1959.
Davison Chemical Co.
(A n nual Report-Year Ended June 30 1932.)
A statement by Henry E. Treide, Executive Vice-President
of the company, follows:
The management feels that distinct strides have been made in meeting
the three major operating problems which faced the company and subsidiaries, during the past fiscal year, namely: Collection of outstanding
receivables, adoption and maintenance of sales policy to produce maximum
cash business, and reduction in all operating expenses.
There are many constructive items in operations to which attention
should be called which are not, and cannot be, reflected in the consolidated
financial statement of the Davison Chemical Co.
Among them are the following:
From June 30 1931 to June 30 1932 net accounts and notes receivable,
after reserves, have been reduced from $7,303,407 to $3,222,561. Of the
net receivables outstanding July 1 1931 approximately 60% was collected
prior to June 30 1932.
Drastic changes in sales policies, to effect a higher percentage of cash
business, resulted in the collection by the end of the fiscal year of approximately 859' of the current year's sales; yet, in spite of the reduced sales
volume which naturally followed, the company has held its position in
the industry.
Due to continued decline in commodity prices and the lower levels of
farm prices, it was necessary to revalue trade receivables created prior to
July 1 1931 and accordingly $1,556,842.in receivables was written off or
provided for out of surplus. In addition to the receivables reflected in
the statement, the books of the operating subsidiaries contain notes and
accounts aggregating $996,182, which have been fully charged off but
which may show some recovery if commodity prices improve.
Inventories within the same year have been reduced from $2,611,130 to
$1,635,477.
There are no mortgages against the company's properties except those
represented by balances amounting to $73,074, upon purchase money
obligations, which are not yet due.
The company is now operating,in all departments, under strict budgetary
control, installed by a well-known firm of accountants and engineers.
Capital expenditures for plant equipment and property were reduced
to a minimum in 1932. At the same time plants were maintained in
efficient operating condition.
Factory expenses have been materially reduced. Plant wages have been
brought down to the level of local rates, and, despite the lower tonnage
produced by various plants, the economies effected during the year have
made possible exceedingly low unit costs, in some cases below pre-war
levels, even after absorbing fixed charges on plants capable of handling
a much larger tonnage.
Selling and general administrative expenses have been reduced substantially. The full effect of these savings will not be reflected until the
fiscal year ending June 30 1933. These economies, plus reduction in
factory expenses, projected into the year 1932-33, already show a saving
of between $500,000 and $600,000 on an annual basis.
The proposed exchange of the Silica Gel Corp. notes, which were due
Oct. 1 1932, for Davison Chemical Co. notes, is progressing satisfactorily.
2826
Financial Chronicle
Oct. 22 1932
If this plan is declared effective, the current bank loans of the parent
company will be reduced by $1,700,000 by inclusion of this sum in the
proposed issue by the Davison Chemical Co. The current position will
be materially improved by the satisfactory completion of this plan.
The steady progress that has been made in adjusting production and
marketing costs and policies to present-day conditions finds the Davison
Chemical Co.confident of its ability to benefit promptly from improvement
in farm purchasing power and (or) industrial activity.
CONSOLIDATED INCOME ACCOUNT(CO. AND OPERATING SUBS.).
Years End. June 301932.
1931.
1929.
1930.
Gross sales
527,469,383 $22,734,774
Prepaid freight, disc'ts
and allowances
2,192,719
1,997,896
SUMMARY OF CONSOLIDATED CAPITAL SURPLUS FOR THE
YEAR ENDED JUNE 30 1932.
Balance July 1 1931 applicable to shareholders of the Davison
Chemical Co
$5,596,454
Deduct
-Elimination of amount arising through
revaluation of investment in capital stock of
Silica Gel Corp.,which investment was reduced
to market at June 30 1932
$238,737
Excess of cost over book value ofsub.companies'
capital stock acquired during the year
76,482
Miscellaneous adjustments
4,549- 319,768
Net sales
Cost of sales
CONSOLIDATED BALANCE SHEET JUNE 30.
1931.
1932.
1932.
AssetsLiabilities$
$
$
Land, bldgs., maCapital stock__ - _e19,930.793
chin'y, eq., dec.1327,972,617 28,683,712 Sinking fund notes 1,756,000
Advances
d805,643 Equipment notes_
Inv.In Mill.cos_ _ _
76.340 Mtges. on plants__
86.740
57,664
d Treasury stock _ _ 485,930
485,930 Mtge. Plants subs
Railroad bonds_ __
48.750
48,750 Notes & accepts.
Farm lands .Sz real
payable
5,804,348
estate mtges_ _ _
219,598
167.406 Mtges. due within
Empl. stock acc't_
358,298
one year
15,410
U. S. Treas. ctfs_ _
5,000 Obilg. under contr. 390,135
U. S. Govt. oblig_
Bank loans
20,276
Other notes and
Accrued int., dm__
98,114
57,791
accounts rec'bie
Accts. pay., &c_ _ _ 211,239
Due from MM.co_
24,340
Fed. & State taxes
22,982
Mortgage rec'bie__
Purchase agree't to
5,000
Accrued int., &c._
acquire stock of
8,529
8k.fd.for retire. of
Sou.Phos.Corp. 2,183,937
Davison Realty
Other reserves _ _ .._
115,416
Co. notes
206
Minority int. In
operating subs__ 451,229
Due from closed
banks
Deferred credits__
20,052
Cash
1,327,816 1,738,440 Capital surplus__ 5,276,686
P.& L. surplus_ ..def827,475
Notes. acct's and
3,222,562 c7,451,607
accruals receiv
1,635,477 2,611,130
Inventories
Silica Gel Corp.stk a88,313 a618,188
Adv. to Silica Gel
Corp
1,495,370
Other investments
73,221
73,164
Insur., taxes, Int.,
discount, dm_ _
129,317
163,337
Gross profit
Selling & admin. exps
$25,216,664 $20,736,878
19,947,097 16,539,984
51,334,114 $3,055,564 $5,269,566 $4,196.895
1,623,753
1,838,924
1,796,077
1,462.877
Net oper. profit
loss$289,639 $1,216,640 $3,473,487 $2,734,018
Depreciation
613,045
659.541
613,676
Interest paid-net
411,121
253.037
469,079
Prov.for disc.,allow'ces,
1,090,583
& doubtful accounts
93,427
325,421
423,176
Fed.inc. tax & 0th.chgs.
147,112
Miscell. charges
-net__ _
157,085
Net oper. income_ _loss$1,564,318 loss$237,404 $2,036,486 *51,643,435
Shs.cap.stk.out. no par)
492,000
504,067
504,067
504,087
Earnings per share
$3.34
Nil
Nil
$4.04
*Before Federal taxes.
SUMMARY OF CONSOLIDATED DEFICIT FOR THE YEAR ENDED
JUNE 30 1932.
Surplus JUly 1 1931 applicable to shareholders of the Davison
Chemical Co
$5,854,295
Deduct net loss for 1932
1,564,318
Remainder
Surplus charges-netUncollectible receivables written off and provision
therefore, applic. to period prior to July 1 1931 $1,556,843
Discts. & allow, and prov.for abnormal collect'n
exps. to be incurred in connection with receivables originating prior to July 1 1931
77.518
Prov.for loss on accts. due from former officer of
sub. co. (incl. charges of $138,311 resulting
from litigation)
303,557
Provision for loss in realization of advances to
President of company and interest thereon.. _ _
705,284
Provision for loss in realization of advances to
Silica Gel Corp
1,916,801
Reduction of book value of investment in capital
stock of the Silica Gel Corp. to market value
291,138
Loss on sale of stock held under officials' and
employees'stock purchase plan
322,223
Dividends paid by subsidiary companies
7,576
Other surplus adjustments
-net
140,451
$4,289.978
Total
$5,321,391
Less portion of loss of subsidiaries for the year
applicable to minority interests
203.938
5,117,453
Deficit, June 30 1932 applicable to shareholders of
Davison Chemical Co
$827,475
Balance June 30 1932. applicable to shareholders of the
Davison Chemical Co
$5,276,686
1931.
19.930.793
1,969,000
25,805
63,997
92,861
7,223,255
162.270
553.789
28,788
2,183,937
56,109
1,015,354
25,664
5,596,454
5,854,296
Total
36,486,479 44,782,372
Total
35,486,479 44,782,372
a Voting trust certificates representing 117,750 shares (no par value).
b After depreciation and depletion of $6,532,383. c Including 53,096.212
more than one year old. d 16,500 shares at cost. e Represented by
504.067 shares of no par value.
Note.
-There were contingent liabilities at June 30 1932 in connection
with the following: Guraantee by Davison Chemical Co. as to principal
and interes fof $1,700.000 5
-year 6 % gold notes of Silica Gel Corp.,
due Oct. 1 1932. (On Sept. 9 1932 it was announced that the principal
and interest on these notes due Oct. 1 1932 would not be paid by Silica
Gel Corp., and that Davison Chemical Co. proposed to issue 83,400,000
5
-year 8 % gold notes, to be dated Oct. 11932, of which $1,700,000 would
be exchanged for Silica Gel Corp. notes-with payment of the interest
due Oct. 1 1932 in cash-and $1,700,000 would be issued to bank creditors
of Davison Chemical Co. in partial settlement of demand notes payable
to them. The entire plan is subject to acceptance by the interested parties.)
-V. 135. p. 2659.
(general (Corporate anb 3Inbegtment getti0.
STEAM RAILROADS.
Shill Highwal Men Seek a Joint Plan.
-Formation of the joint railway
highway committee to seek a program of uniform legislation, both Federal
and State, "looking to an amicable adjustment of prevailing elements of
dissatisfaction in the transport situation on the railways and the highways,
as well as to provide for fa)* and reasonable repletion of both means of
transportation in the future." N. Y. "Times, Oct. 21, p. 21.
Matters Covered in the "Chronicle" of Oct. 15.-(a) Gross and net earnings
of United States Railroads for the month of August, p. 2549:(b) Baltimore
& Ohio RR.and New York New Haven & Hartford ItR. receive work loans
of $13,000,000 and $700,000 respectively from Reconstruction Finnace
Corporation-Copper Range RR. to receive $53,500 loan-Further details
-Additional applicaon Chicago & North Western Ry.loan of 512,461,350
tions filed, p. 2600: (c) Rail Freight rates in nine States ordered raised
Increase to Inter-State level as prescribed in "15% Case" required by
I.
-S. C. Commission-Action in three States to be decided later, p. 2804.
-Loan of $25,000 from
Alabama Central RR. Co.
-See under
Reconstruction Finance Corporation Denied.
-V. 122, p.8 9.
"Current Events" on a preceding page.
7
Alabama Florida & Gulf RR.
-Successor.
See Marianna & Blountstown RR. below.
-V. 122. p. 3334.
-Loan of $731
1TS
Alabama & Western Florida RR. Co.
from Reconstruction Finance Corporation Denied.
-See under
"Current Events" on a preceding page.
-V. 135, p. 1159.
Atlantic Coast Line RR.
-Preferred Dividend and
Interest on Certificates of Indebtedness Omitted.
-As no income, after payment of mortgage bond interest and expenses,
has been earned this year, it was announced Oct. 20 that
therefore no interest can be paid Nov. 1 19323on the outstanding $135,100 4% certificates of indebtedness. Since
this interest takes precedence over any dividend on stock,
no dividend will be paid Nov. 10 1932 on the outstanding
1967 shares of 5% non-cum. pref. stock. The last regular
semi-annual payment of 23/% was made on the latter issue
on May 10 1932.
The 4% certificates of indebtedness provide thaginterest
shall be paid thereon only when declared by thelboard of
directors upon a finding that sufficient income,after.payment
of expenses and mortgage bond interest, has been earned
during the year. These certificates also provide that
interest thereon shall have preference over'any dividends
-V. 135, p. 458.
on stock.
Boston Revere Beach & Lynn RR.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 135, p. 813.
Department" on a preceding page.
Chesapeake & Ohio Ry.-Loan Cut to $750,000.
The "Wall Street Journal" says:
The bank loan of $2,500,000 incurred by the company last spring has
been reduced to $750,000 and will be eliminated in the middle of November,
-V. 135, p. 1483.
when the $750,000 falls due.
Chicago & North Western Ry.-Loan of $12,461,3go
-See
from Reconstruction Finance Corporation Approved.
"Chronicle" Oct. 15, page 2602.-V. 135, p. 2650, 2332.
Chicago & Eastern Illinois RR.
-Commission Declines
to Reopen Merger Case.
The I.
-S. C. Commission has denied the petition of the Alabama P. S.
Commission for reconsideration of its railroad consolidation decision insofar
as it allocated the Chicago & Eastern Illinois to the Chesapeake & Ohio
Nickel Plate System instead of the Chicago & North Western as assigned in
-V. 135, p. 2170, 1160.
the 1929 consolidation plan.
Colorado-Kansas Ry.-Trustee Sale.
The properties of this company, which operates between Pueblo, Colo.,
and Stone City (20.5 miles) were sold on Oct. 1 at a trustee's sale, under a
mortgage, to L. D. Riker of Oklahoma City, Okla., who will continue its
operation. The sale is subject to the approval of the court.
Copper Range RR.
-Loan of $53,500 from Reconstruction
Finance Corporation Approved.
-See "Chronicle" Oct. 15,
page 2601.-V. 135, p. 2650.
Delaware & Hudson RR. Corp.
-$5,500,000 Note Issue.
The company has asked the I.
-S. C. Commission's authority to issue
$5,500,000 short-term promissory notes to furnish funds for general corporate purposes, including renewal of $3,412,000 of outstanding notes.
The securities will mature not later than Oct. 31 1934, in any event and
include both demand and time paper.
-V. 134. p. 4488.
Denver Salt Lake & Western RR.-Dotsero Contract
Awarded.
The Denver & Rio Grande Western RR, Oct. 17 awarded the contract
for grading, turnnel work and cement work for the Dotaero cutoff to three
companies bidding in combination. The successful bidders were the Utah
Construction Co. of Ogden: the W. B. Bechtel Co. of of San
Francisco,
and the Morrison-Knudsen Co. of Boise, Idaho. Representatives of the
contractors said 500 men would be hired to begin the Job, which is expected
to get under way by Nov. 1.-V. 135, p. 2651.
Maine Central RR.-Voluntary Salary Cut.
-
A voluntary reduction of an additional 10% in their salaries, effective as
of Oct. 1, was made on Oct. 20 by executives of the company. This, with
a similar voluntary reduction, which was effective Dec. 1 1931, constitutes
a 20% reduction in salaries of Maine Central officials within a year.
The promotion of Delmont W.Bishop to be publicity agent of the Maine
Central RR., in charge of a department which will maintain a policy of
keeping the publlc informed of all the railroad's activities, is announced
by President E. S. French.
-V. 135, p. 2651.
Detroit & Mackinac Ry. Co.-Earnin s.
-
Years Ended Dec. 31
Total operating revenues
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation-rail line
General
Transportation for investment-Cr
1931,
1930.
51,000.892 $1,082,774
168.941
302,397
196,820
170.249
24,144
19.084
407,447
326,289
66.388
53,122
37,295
2,819
Net operating revenue
Railway tax accruals
Uncollectible railway revenues
$296,026
70,731
230
$122,873
91,650
31
Railway operating income
Other income
$195,065
Dr5,393
$31,192
11,624
Total income
Miscellaneous tax accruals
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
$189,672
2,925
110,000
10.112
1,777
$42,818
1.055
110,000
6,481
2,531
$64,858
def$77,1331
Income balance
Financial Chronicle
Volume 135
Condensed Balance Sheet Dec. 31 1931.
Assets—
LiabUides—
Investments
$7,314.591 Preferred stock
$2,000,000
33,392 Common stock
Cash
950,000
Special deposits
1,400 Long-term debt
2,750,000
Train° & car service balance
Loans & bills payable
140,000
receivable
6,559 Traffic & car service balance
Net balance receivable from
Payable
42,687
agents & conductors
3,240 Audited accts.& wages payable
41,342
20,650 Miscellaneous accts. payable__
Miscellaneous accts. rec
4,598
Material & supplies
194,997 Interest matured unpaid
1,400
Deferred assets
568 Unmatured interest accrued__
9,167
8,083 Unadjusted credits
Unadjusted debits
814,94.2
Additions to property through
income & surplus
1,855,381
Profit & loss deficit
1,026,036
Total
—V. 133. p. 4154.
$7,583,480
Total
$7,583,481
Marianna & Blountstown RR.—Acquis. and Construct.
The I.
-S. C. Commission on Oct. 8 issued a certificate authorizirg the
company (1) to acquire the railroad and property formerly owned by the
Alabama Florida & Gulf RR., which railroad extends from Cowarts, Ala.,
southerly to Greenwood, Fla., about 32 miles: and (2) to construct and
operate extensions of said railroad from Greenwood southerly to Marianna,
about 9 miles, to connect with the railroad of the applicant, and from a
point at,or near Wilson northwesterly to Dothan. about 5 miles, all in
Houston County, Ala., and Jackson County, Fla.
The report of the Commission further states:
The receiver of the Dothan National Bank has agreed to sell the railroad
of the A. F. & G. to the applicant for $40,000, the best offer he has been
able to get for the property. Neither the Coast Line nor the St. Andrews
Bay Line would consider its purchase. The investment in road and equipment is stated on the books of the A. F. & G. as $148,528, and on April 23
1926 Division 1 found the value for rate-making purposes of the property
of that carrier owned and used for common-carrier purposes as of June 30
1918 to be $195,810. The present operation of the line consists of the
daily service by a gasoline car carrying mail and less-than-carload freight,
and carload freight service is afforded whenever sufficient traffic is offered.
Practically all the income of the railroad now goes to the Coast Line, to
which the A. F. & G. pays about $200 a month for rental of rail and use
of the joint station at Cowarts. More than half of the rail on the line
Is owned by the coast Line.
The estimated cost of the proposed extensions is $89,970. The rail for
the extensions is to be rented.. Including the $40,000 to be paid for the
A. F. & G. the total cost is estimated at $130,000. This amount added
to the applicant's capital investment of a little over 8300.000 would make
a total investment for the completed unified railroad of about $430,000.
—V. 125. p. 778.
New Orleans Great Northern RR.—Opposition to Plan
Developes.—The Bondholders' Protective CommIte3 of
which W. R. C. Carson is Chairman, in a notice dated Oct.
11 states:
Since the preparation of this committee's letter dated Oct. 10 1932, the
the Blaine
letter of
conunittee under data of Oct. 8 has come to our attention. That letter announces that Gulf Mobile & Northern RR. proposes
to furnish the necessary funds to pay $12.50 on account of the interest
upon each $1,000 bond deposited with the Blaine committee. We doubt
if the bondholders have been given sufficiently to understand this.
The plan of reorganization dated July 1 proposed by the Blaine committee clearly shows that the moneys to be advanced by Gulf Mobile &
Northern RR. for the purpose of aiding the Blaine committee in effectuating its plan are to be charged against the property of New Orleans Great
Northern—that is to say, that of the new bonds proposed to be issued,
bonds are to go to Gulf to reimburse it for such advances. The practical
effect of this—if the proposed plan should become effective—is the
dilution of the rights of the bondholders by the selling of bonds to pay
interest. If, however, the plan should not become effective, the advance
thus made by Gulf would constitute a lien upon the bonds deposited with
the BlaMe committee, and Gulf would be in a position to exact repayment
from such bondholders.
Even though the cost of such dIstrioution were charged to Gulf Mobile
& Northern RR. rather than against the New Orleans Great Northern
bondholders who may deposit with the Blaine committee, the arrangement
would seem of questionable propriety. Gulf Mobile & Northern RR.,
through its ownership of virtually all of the stock of New Orleans Great
Northern, is in effect the owner of the equity of that property, subject to
the mortgage securing the bonds. If, as such owner, it sees fit to advance
moneys to pay the interest upon the bonds, an arbitrary discrimination in
favor of some of the bondholders as against the others would not seem
justifiable.
Their letter sets forth that "Checks representing such distribution will be
mailed on Oct. 17 to holders of record of certificates of deposit" under the
Blaine plan. This is obviously put forth as an inducement to accelerate
the deposit of bonds. But we do not believe that bondholders who have
studied the situation sufficiently to see that there is no justification in the
cutting of their security and interest in half will be so improvident as to
let their judgment be affected by the present payment of the sum of $12.50
per bond.—V. 135. p. 2651.
New York Central RR.—Validity of Order to Acquire
Rail Holdings Argued.—
The validity of an I.
-S. C. Commission order authorizing acquisition
and control by the road of the railroad systems of the Big Four, the Michigan Central and the railroad properties of the Chicago Kalamazoo & Saginaw
By. was contested before the U. S. Supreme Court Oct. 14 in oral arguments.
The New York Central Securities Corp., a minority stockholder of the
railroad companies involved in the case, challenged the power of the Commission to authorize acquisition and control of the roads and subsequently
to authorize the New York Central to assume the obligations and liabilities
as lessee in respect of securities of the other roads.
The District Court of the United States for the Southern District of
New York dismissed a petition to set aside the Commission's orders.
Arguments were concluded before the Court on Oct. 17.—V. 135, p. 1326.
New York New Haven & Hartford RR.—Loan of
$700,000from Reconstruction Finance Corporation Approved.—
See "Chronicle" Oct. 15, page 2600.—V. 135, p. 2651.
Norfolk & Western Ry.—Examiner Opposes Closing of
19-Mile Extension.—
-S. C. Commission examiner has recommended that the company
An I.
be not allowed to abandon 19 miles of line between West Jefferson and West
Elkland. N. 0.
The examiner concluded that the record did not justify favorable action
upon the request. "The apportionment of revenues on a mileage pro rata
basis to the portion of the line proposed to be abandoned cannot be accepted
as an entirely fair showing of the earning power of this line," he stated in
quoting form a decision of the Commission holding such an estimate "a
rough and unsatisfactory method of segregating income for a portion of a
system."—V. 135. P. 981, 123.
New York Pittsburgh 8c Chicago RR.—I.-S. C. Commission Denies Aplication to Build 283-Mile East- West
Link—Project Proposed by L. F. Loree.—
The I.-S. C. Commission Oct. 11 refused L. F. Loree permission to build
a new railroad from Allegheny City to Easton Pa., a distance of 283 miles.
The Loree application was filed in 1925, and after a long series of hearings
was submitted for decision in November 1930. Mr. Loree, Pres, of the
Delaware & Hudson planned the line across Pennsylvania to be known as
the New York Pittsburgh & Chicago RR. in an effort to provide a direct
low grade route between New York and Pittsburgh for through traffic
between New York harbor and the West. The route would shorten the distance between New York City and Pittsburgh from 70 to 74 miles.
The report of the commission follows:
The application in this proceeding was filed March 30 1925 and sought
authority to construct a line of railroad from Allegheny City to Easton. P'a.,
miles, with two branches, one from
a distance of 283 Pa.. 31 miles. and the other from a Allegheny City to
point just east of
North Sewickley.
2827
Pittsburgh into the industrial district of that city, 30 miles, the whole
comprising about 344 miles of line situated entirely in Pennsylvania. The
proposed route of the main line follows nearly a direct line from Allegheny
City to Easton,trending slightly north of east. Pottsville, about 25,000. is
the most important intermediate city on the route.
The original hearning was held on June 22 1925. Briefs were filed and a
proposed report served, which was made the subject of exceptions and oral
argument. It was recommended in the proposed report that the application be denied without prejudice to later resubmission upon conditions
indicated in the report. The principal grounds of this recommendation
were that the applicant's plans did not include definite provision for connections on the west: that the estimates of cost and of operating economies
were defective in certain particulars: and that there had been an insufficient
survey to determine possible traffic available for transportation by the
proposed line. The last-named criticism was considered of most importance.
Upon consideration of this report and the discussion thereof in brief and
argument, we reopened the proceeding for further hearing, which, in order
to permit preparation by the applicant, was not held until Dec. 17 1929.
The principal proponents of the line were the interests controlling the
Delaware & Hudson Co., and the evidence in support of the application
wasfurnished almost entirely by the president,other officials,and employees
of that corporation. The evidence adduced at the later hearing differed in
some particulars from that given at the original hearing and it should be
understood that discussion herein will be based upon the record as completed at the further hearing, unless otherwise stated.
The object of the proposed line was to provide a direct low-grade route
between New York and Pittsburgh for through traffic between New York
Harbor and the West. Consideration of such a line began as early as 1903
or 1904, and during the period between that time and the filing of the present
application various surveys and investigations were made with a view to
construction of such a line. Applications for certificates authorizing the
construction had been twice approved by the Public Service Commission of
Pennsylvania. but no representations by that commission or by any other
public authority have been presented in the present case.
In response to questionnaires, the Pennsylvania RR., the Baltimore &
Ohio RR., the New York Central RR., the Lehigh Valley RR., the Delaware Lackawanna & Western RR., and the Reading Co. submitted their
views. Four of these companies were represented at the original hearing
and joined in a brief opposing the construction.
Prior to the further hearing, the Baltimore & Ohio, Delaware Lackawanna
& Western. Lehigh Valley, New York Central, Pennsylvania, and Reading
joined in a motion to dismiss the apllcation on jurisdictional grounds.
Three companies only, the Baltimore & Ohio, the Pennsylvania, and the
New York Central, appeared at the further hearing in opposition to the
application, but the six carriers again joined in an opposing brief and in
oral argument. Question was raised by these interveners as to the right of
the applicant under the Pennsylvania and Federal statutes to submit the
application, the applicant being a temporary and unincorporated organization which filed the application for the purpose of securing our conclusion
upon the question of convenience and necessity. We are of the opinion
that the application is properly before us for that purpose. The interveners' motion to dismiss will, therefore, be denied.
The route of the proposed main line would shorten the distance between
New York City and Pittsburgh from 70 to 74 miles, depending on the
connection used at Easton, as compared with the line of the Pennsylvania,
which was the shortest existing route. With its connections, the proposed
line would thus reduce the length of the routes from New York to Pittsburgh. Chicago, Columbus, Cincinnati, and St. Louis by approximately
74 miles, and would reduce to the same or a less extent the distances between
other important points in considerable areas east of Easton and west of
Pittsburgh, respectively. Through the use of the new routes, the applicant
estimated substantial savings in time over existing freight schedules between
these territories. As originally proposed, the line would have had a maximum grade of 0.3% eastbound and 0.4% westbound, excepting a grade of
1.38% for a distance of 7.64 miles against westbound traffic, which would
have required the use of helper engines. At the second hearing the applicant
proposed to avoid this grade by the construction of a tunnel about five
miles in length. The main line would have 4 deg. maximum curves and
total curvature averaging 20 deg, to the mile, mostly in curves of 2 deg.
or less. It would be double-track, with 127
-pound rail main tracks and
90-pound rail on sidings. There would be 37 tunnels. aggregating 18.9
miles in length. Public highway crossings at grade would be avoided, the
highways as a rule occupying transverse valleys at levels below the railway
grade.
The original cost estimate of the proposed line between Allegheny City
and Easton was $205,261,583. including equipment, but at the later hearing
the applicant submitted a revised estimate of cost of the main line of
740,373, or about $628,000 per mile. including equipmert. No plan
of financing was presented, but the applicant expressed confidence that
the road could be financed.
It was apparent that the line as proposed would be engaged almost wholly
in the haul of through or "bridge' traffic, substantially all of which would
be diverted from existing routes. Under such circumstances any estimate
of volume is peculiarly difficult. As already stated, the second hearing was
ordered for the principal purpose of giving the applicant further opportunity to present evidence as to prospective traffic, and attempt was made
to comply with this request as far as practicable. The difficulties apparel tly
proved insuperable, and the evidence, as completed. leaves the principal
reliance for expectation of paying traffic upor the drawing power of the
superiority of the new line, and the great volume of traffic upon which
that power could be exercised. The applicant estimated a saving of approximately 25% in expense as compared with transportation over existing routes.
As the record closed, no definite arrangements had been made for securing
traffic either from shippers or from connecting lines The applicant filed
statistics covering many years to show that the increases in traffic from
year to year and from period to period would ultimately demand additional transportation facilities, and which, if maintained until the new line
were placed in service, would alone be sufficient to support it without drawing any traffic from eidstirg lines.
The Baltimore & Ohio and the Pernsylvar ia preset ted evidence at the
further hearing to show that the proposed construction was not justified
by considerations of convenience and necessity; that the traffic in the
Eastern District and on their respective lines, during recent years and
particularly since the former hearing, had declined rather than increased:
that the existing facilities were rot used to their capacity and were able to
accommodate soy traffic likely to be offered in the near future; that the
applicant had not shown a reasonable prospect of securing sufficient traffic
to pay its operating expenses and a return upon investment: that such
traffic as it might be able to secure would deplete the earnings of existicg
lines; and that the applicant's proposals would involve the interchange of
traffic with connections in congested areas, thus increasing the congestion
and causing delays which would be inconsistent with its claim for more
expeditious service than was afforded. They filed statistics of traffic for
past periods showing a lower Increase in tonnage in the Eastern District:
and upon the principal lines operating therin. in recent years. These
statistics embraced the entire mileage of the various lines.
The Pennsylvania, however, submitted traffic statistics confined to its
main line between Pittsburgh and New York, indicating that the volume
of traffic on the line as a whole had remained practically statiorary during
the period 1921 to 1929. and from 1913 to 1929. excepting the war period.
Witnesses for this intervener attributed he failure to maintain the earlier
increase in rail traffic to a variety of causes. including the increased use of
water routes, the loss of traffic to motor trucks, and the construction by
Industrial companies of branch plants near sources of supply or territories
of distribution, thus reducing overlappir g hauls of materials and manufactured products. Reference was also made to the constructlor of pipe
lines in this territory which threatened diversion of the rail carriers oil
traffic. An estimate of the Pennsylvania's revenue loss through diversion
of traffic to motor trucks in a recent year indicated an amount of approximately $27.000.000.
It was also testified that the Pennsylvania had adopted to a considerable
extent the practice of furnishing transportation for package freight by
employing motor-truck companies to perform the service as a substitute
for ordinary way-freight service. This intervener maintained that its line
alone coUld accommodate additional traffic equal to the volume claimed by
the applicant in its traffic estimates. Attack was also made upon the
applicant's estimates of savings in time in transit through use of its proposed line on the ground that insufficient allowance had been made for
delays in terminal and interchange services at points of connection.
At the time of the submission of this case, November 1930. the decline
in general business throughout the country. including its eastern section.
had become pronounced and had progressed sufficiently to indicate the
impropriety of the construction of any additional railroad mileage in the
east in the immediate future. However, the obvious superiority of the line
proposed and its possible value as an addition to the national transportation
system, providing that increases of traffic might be found to justify the
2828
Financial Chronicle
proposed construction without corresponding injury to existing routes.
Induced us to defer a final decision upon the applicantion until the transportation necessities of the territory might be more definitely determined.
Subsequent events are too well known to require any recital in this report.
It is clear that neither present nor future public convenience and necessity
have been shown, or can now be shown, to require construction of the
proposed line.
An order of denial will therefore be entered.—V. 131. p. 3363.
Oregon-Washington RR. & Navigation Co.—Abandonment.—
The I.
-S. 0. Commission on Oct. 12 issued a certificate permitting the
company to abandon its so-called Beaver branch. extending from Beaver
to Jefferson,8.66 miles, all in Shoshone County,Idaho.—V.132. p. 1027.
Pennroad Corp.—Stockholders Ask Receiver for Company.
Allegations that the corporation was incorporated as a mere sham or
device to enable the Pennsylvania RR., without risk or cost to itself, to
purchase and acquire the securities which it was prohibited by law from
acquiring and otherwise to perfect the railroad's program and to
advance its interests are made in a bill of complaint asking the appointment
of a temporary receiver. The bill was filed Oct. 19 in Chancery Court at
Wilmington, Del. by Joseph W. Perrine and Julia A. Perrino, both of
Philadelphia and each the owner of 50 shares of Pennroad stock, represented
by voting trust certificates. The New York "Times" Oct. 20 further states:
The law firm of Richards, Layton S: Finer of Wilmington represented
the complainants. They ask that the voting trust agreement be declared
null andl void, that the defendants be made to account for all losses suffered by Pennroad through acts of the trustees and that a temporary receiver be appointed for Pennroad pending final determination of the issues
Involved to assure that Pennroad may have the benefit of independent
management of its affairs.
The bill alleges the voting trust agreement of 1929, under which all the
issued stock of Pennroad was deposited, was executed, not for the benefit
of Pennroad or its stockholders, but simply and solely to enable the railroad
to control and operate Pennroad for the interest and benefit of the railroad.
It is alleged that the voting trust agreement was in its creation and is
in its operation oppressive, unfair, harsh and contrary to equity in that it
deprives Pennroad of the benefit of management in its own interest and by
its real owners and divests the real owners of the property of Pennroad of
any control or management of the company without their consent and places
the same in the hands of the railroad, which has not invested any money or
property whatsoever therein.
The bill holds that the agreement ought to be annulled, canceled and set
aside and the stock of Pennroad held thereunder surrendered by the present
voting trustees, who, with past trustees and the railroad, are defendants
along with Pennroad.
It is further alleged that by means of the voting trust agreement the
railroad and the defendant directors, acting in hostility to the interests of
Pennroad and in furtherance of the railroad's program, caused Pennroad
in 1929, 1930, 1931 and 1932 to purchase various securities at exorbitantly
high prices which bore no true relation to their real or investment value. It
is alleged many of the securities were not of an investment character and
all of them were acquired at grossly and absurdly excessive prices, the price
being paid simply because of the benefits which the railroad expected would
accrue to it from the control of said stocks through its control of Pennroad.
It is further alleged that Pennroad has suffered enormous losses because
of said acquisitions and that the losses were not the result of an erroneous
exercise of honest business judgment.—V. 135, P. 2851; V. 134, p. 2332.
Pennsylvania Co.—Tenders.—
The Girard Trust Co., trustee Philadelphia, Pa., will until 12 ni. on
Oct. 31 receive bids ger the sale to it of 40
-year guaranteed gold trust certificates, series E, due 1952, to an amount sufficient to exhaust $100,000 at a
price not exceeding par and interest.—V. 134, p. 4656.
Pittsburgh & West Virginia Ry.—Commission Denies
Permission to Acquire Control of Wheeling & Lake Erie
Railway.—
Oct. 22 1932
representation on the Wheeling board of directors.
The applications were
denied. By complaints issued May 17 1928, we charged these companies
with violation of the Clayton Anti-Trust Act through their purchases of
the Wheeling stock, and in a decision issued March 11 1929, ordered the
companies to divest themselves of the stock purchased. Subsequently,
with our consent, the stock was placed in the hands of a trustee, where it
still remains. Certificates of deposit of the stock were, however, later
purchased by the Nickel Plate and authority was given the Nickel Plate for
the issuance of notes to finance the purchase.
Meanwhile the Pittsburgh S: West Virginia had taken an important
step in the advancement of its own plans by seeking authority for the
construction of the 38
-mile extension to Connellsville, previously referred to.
The application was granted June 12 1928. and construction a the Donors
branch was authorized Feb. 7 1930. The application of the Pittsburgh &
West Virginia to secure control of the Wheeling was, therefore, considered
to be in furtherance of this general policy.
Our complete plan of consolidation, issued Dec. 9 1929, proposed five
systems for eastern trunk-line territory which may be referred to, respectively, as the New York Central System, the Pennsylvania System. the
Baltimore & Ohio System, the Chesapeake & Ohio-Nickel Platestem and
Sy
the Wabash-Seaboard System, otherwise known as System No. 7, the
latter including the Pittsburgh & West Virginia and the Wheeling, together
with the Wabash, the Lehigh Valley, the Western Maryland, the Norfolk
& Western, the Seaboard Air Line, a half interest
Detroit, Toledo
& Ironton, and other properties of less importance. in the
The application of the
Pittsburgh & West Virginia now under consideration was therefore in
harmony with the grouping proposed in our plan of Dec.9 1929.
The Nickel Plate intervened in opposition to the application claiming
that it would be much more in the public interest to merge the lines of the
Wheeling with those of that intervener. The Wheeling intervened in
eximteof the same view. The Wabash also intervened, but did not adduce
The applicant and the Nickel Plate both presented statistical evidence to
establish complementary relationship between their respective lines and the
Wheeling. The Wheeling supported vigorously the general contentions of
the Nickel Plate. In the light of subsequent events it is believed to be unnecessary to detail this evidence. The applicant's
testified that
the application was the first step in a general plan president
for the formation of a
through route which should inlcude, in addition to the Pittsburgh & West
Virginia and the Wheeling. the Western Maryland on the east and the
Wabash on the west, with the Lehigh Valley forming an extension of the
Wabash from Buffalo to New York; that the applicant controlled 46%
of the stock of the Wheeling and was willing
Plate the certificates of deposit of the 51% ofto purchase from the Nickel
the trusteed Wheeling
and that a proposed issue of $30,000,000 of the applicant's capitalstock:
stock
would be used in adquirling the Wheeling stock. A controlling amount of
the capital stock of the Wabash was held by the Pennsylvania company.
and the Wabash and the Pennsylvania Co. together held a controlling
proportion of Lehigh Valley stock. The applicant's president testified also
that he expected to be able to acquire the
Lehigh
stock should his plan be perfected, but no holdings of Wabash and
made for
the purchase of any of those stocks, or for negotiations had been
the certificates of
deposit of the Wheeling stock. He testifiedacquisition ofabout 73% of the
further that
applicant's outstanding capital stock was owned by the Pennroad Corp.,
an investment corporation acting for the Pennsylvania RR.
The president
of the Pennroad Corp., having been called as a witness, testified that in his
opinion that corporation as owner of the applicant's stock
could control and
direct its vote, although he confirmed the testimony of the applicant's
president that the stock would be reconveyed to the latter at a
satisfactory to the Pennroad Corp. in case he was able to carry out price
his system
plan.
As already stated, the principal carriers in eastern trunk
territory
had been urging upon us the desirability of the grouping line the lines
of all
in that territory into four systems. The necessity of further investigation
of the merits of the conflicting proposals before taking further steps that
might be difficult to retrace prompted us to defer
Oct. 3 1931,
the Baltimore S: Ohio, the Chesapeake & Ohio, theaction. On Central, and
New York
the Pennsylvania petitioned us to reopen the subject of eastern consolidation, and to modify, in certain respects, the plan adopted on Dec. 9
1929,setting further hearing at which the applicants and all others interested
would have opportunity to be heard. Such hearing
and after
consideration of the extensive record, including briefs was held,argument.
and oral
we issued our report July 13 1932. announcing our conclusion that the
four-system plan proposed, with certain modification, will result in better
balance of financial stability and competitive strength than the five-system
plan previously promulgated.
The record showed that no further steps had
Wabash-Seaboard System into effect, and no onebeen taken to carry the
appeared
hearing in favor of that system. Since the publication of theat the further
original plan.
the Wabash and the Seaboard Air Line, which were to form important parts
of System No. 7. had been placed in the hands of receivers.
In the revised
plan the Wheeling is assigned to the Chesapeake &
Ohio-Nickel Plate
System. The reasons for modifying our plan for the grouping of railroads in
eastern trunk-line territory are given more fully in the report above cited.
For the reasons herelnbefore stated we are unable to find
quisition of control of the Wheeling & Lake Erie Ry. Co. by that the acthe Pittsburgh
& West Virginia Ry. Co., as proposed in the application filed
Aug.13 1927.
will be in the public interest. An order will be entered
denying the application.
Commissioners Eastman and McManamy dissented from the majority
report.—V. 135, p. 459.
The I.
-S. C. Commission on Oct. 11 denied the application of the company for authority to acquire control of the Wheeling & Lake Erie By. by
purchase of its capital stock.
The report of the Commission follows:
The Pittsburgh & West Virginia Ry. on Aug. 13 1927. applied for authority under section 5 (2) of the Inter-State Commerce Act to acquire
control of the Wheeling & Lake Erie Ry. by purchase of capital stock.
The applicant is a corporation operating in inter-State commerce a line
of railroad extending from Pittsburgh Junction. Ohio. to Pittsburgh,
Pa., 59.8 miles, and several branches, one called the West Bide Belt branch.
extending from Pittsburgh (West End) to Clairton. Pa., 20.7 miles. and
another from Longview, a point on the West Side Belt branch to MiMin,
Pa., 3.5 miles. The branches are operated in freight service only and
formerly constituted the West Side Belt RR.. the property of which was
acquired by the applicart under our order issued Dec. 10 1928. At Pittsburgh Junction. the applicant's line connects with the main line of the
Wheeling. It also connects with a branch of the Wheeling at Mingo Junction,
18 miles east of Pittsburgh Junction. In and near Pittsburgh, the applicant's
lines connect with the Pittsburgh & Lake Erie, the Pennsylvania, the Baltimore & Ohio. the Montour, and the Union. the last two being industrial
roads. The applicant had under construction at the time of the hearing
Rowlesburg & Southern RR. Co.—Loan of $150,000
an extensior from the West Side Belt to Connellsville, Pa.. about 38 miles.
from Reconstruction Finance Corporation Denied.—See under
and a branch from the Cornellsville extension to Donora, Pa., about six
miles.
"Current Events" on a preceding page.
The Wheeling operates a main lice of railroad extending from Toledo
in a southeasterly direction across the State of Ohio to Terminal Junction.
St. Louis-San Francisco Ry.—Plan Not Opposed by
near Wheeling. W. Va. Another main line extends from Cleveland southward to Zanesville. intersecting the Toledo-Wheeling line at Brewster.
Bank and Insurance Group—Over62 %of Securities Deposited.
The Wheelirg also reaches the ports of Huron and Lorain on Lake Erie.
The New York "Times" Oct. 18 had the following:
the former by a short branch and the latter through the Lorain & West
A report that three insurance companies and the
Virginia, a subsidiary company. It operates under trackage rights,' or
were blocking the proposed recapitalization of the St.First National Bank
freight service only, a lire of the Big Four between Wellington and CleveLouis-San Francisco
By. by withholding deposits of securities was denied Oct.
land. 32 miles. Several short branches serve industrial or mining territory.
17. The insurance companies named were the Equitable Life Assurance
making a total operated mileage of about 512 miles. all in Ohio. Operation
Mutual Life Insurance Co. and New York Life Insurance Co. Society, the
is completed into Wheelit g over the tracks of the Wheeling Terminal. The
"These organizations have not deposited their holdings
line of the Lorair & West Virginia. 25 miles, will, for the purpose of this
under the plan.
but they are not opposing it," said E. N. Brown, chlarman
report, be considered a pare of the Wheeling.
"The plan is proceeding satisfactorily. We have now 8214 of the Frisco.
Coi trol of the Wheeling had for years been a subject of contention among
% of
ties deposited. The holdings of the four companis mentioned the securicarriers serving eastern trunk-line territory, and the controversy had
amount to
somewhat more than 4% of the securities affected."—V.
resulted in several proceedings before us. The Wheeling lines afford im135. p. 2651, 2489"
portar t local service between points it eastern and northeastern Ohio, and.
Sierra Ry. Co. of California.—Loan of $230,000 from
taken in connection with those of the applicant, form a direct and easy
route between the Pittsburgh district and ports on Lake Erie, including
Reconstruction Finance Corporation Denied.—See under
Cleveland. Lorain. Huron and Toledo. The-Toledo-Wheeling line not only
"Current Events" on a preceding page.—V. 128, p. 1223.
connects at Toledo with other lines extending to the west and north, but it
Intersects between Toledo and Wheeling all of the east-and-west lines
crossing Ohio. thus affording a convenient route between Pittsburgh and
Southern New England RR. Corp.—Sale of Land.—
territory to the west served by those lines. At Terminal Jurction connection
The United States marshal's office at Boston. on Oct.
is also made with the Baltimore & Ohio. thus forming a through route to and
more than half the right-of-way in Massachusetts of this 5 sold at auction
from Baltimore and the east.
The line was originally planned to connect Providence projected railway.
with the Central
In our tentative plan of consolidation, issued Aug. 3 1921. both the
Vermont at Palmer, Mass., and a beginning was made on actual construePittsburgh & West Virginia and the Wheeling were assigned to the Nickel
tion.—V. 132, p. 4405.
Plate—Lehigh Valley system. their main function being to afford that
system entrance to the Pittsburgh district. The report, however, discussed
Southern Ry.—New Officer.—
also the possibility of using the lines of the Wheeling and the applicant as
The election of John B. Hyde as Vice-President in charge of the treasury.
part of a new through route to Baltimore and the east, by use of the line
construction, purchasing and real estate departments, with offices in
of the Western Maryland. the gap between the latter and the Pittsburgh &
Washington, D. C., was announced on Oct. 18. He succeeds F. S. Wynn.
West Virginia to be filled by rew construction. The publication
the
tentative plan did not end the effort to secure the additional route.ofPar- retired.—V. 135, p. 2852.
ticularly was it desired by the Pittsburgh & West Virginia. That existing
Terminal RR. Association of St. Louis.—Denied
trurk-line routes between the eastern seaboard and the Middle West should
Reargument of Valuation Case.—
not look with favor upon the creation of an additional competitive route
natural. Three of these carriers, the Baltimore & Ohio, the New York
was
The I.
-S. C. Commission has denied the petition of the Association for
Central, and the New York Chicago & St. Louis, hereinafter called the
reargument of its valuation case. A so-called final valuation report issued
Nickel Plate, joined in recommending a four-system plan for the grouping
May 25, last, placed a total value of $35,614,693 on the properties of the
of lines in eastern trunk-line territory, consisting of the New York Central
constituent roads comprising the Association as of June 30 1919. Appraisal
group, the Pennsylvania group, the Baltimore & Ohio group, and the Nickel
allowed $18,232,507 for owned and used properties, $15,378,140 for leased
properties, and $1,004,048 for owned but not used properties.—V.
Mate group. The Pennsylvania was not then satisfied with the plan and
134, P.
4487, 4155.
did not join in the recommendation. Under this plan the Wheeling and the
portion ofthe Pittsburgh & West Virginia west ofthe Ohio River were to be
jointly controlled by the New York Central. the Baltimore & Ohio. and the
Wheeling & Lake Erie.—Control by Pittsburgh & West
Nickel Plate. These companies, in February and March 1927. acting in
Virginia Ry. Denied.—See latter company above.—V. 135,
unison, acquired 81% of the stock of the Wheeling, and by applications
p. 2652.
filed under paragraph (12) of section 20a of the Act sought authority for
Financial Chronicle
Volume 135
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Oct. 15.—(a) Gas sales off 9% for
first eight months—Revenues declined 7%,p. 2562;(b) Electric production
In United States during week ended Oct. 8 1932 off 8.9% as compared
with corresponding period last year. p. 2562.
American Cities Power & Light Corp.—Dividend.-The regular quarterly dividend of 1-32nd of one share of class B stock
has been declared upon each share of cony. class A stock, optional dividend
series, payable Nov. 1 to holders of record Oct. 5. Class A stockholders
have the option of receiving 75 cents in cash in lieu of the dividend in class
B stock, provided written notice is received by the corporation on or oefore
Oct. 15. A similar distribution was made on Aug. 1 last.—V. 135, p. 988.
American Natural Gas Corp. —Gas Utilities Co. Acquires
Control of Operating Properties Previously Held by American
Natural Gas Corp.—Ferdinand Eberstadt Chairman of Board
of Directors—Common Stock Offered to Holders of American
Natural Gas Debentures Assenting to Plan.—
Announcement was made Oct. 20 by Mr. F. Eberstadt. Chairman of the
protective committee representing holders of American Natural Gas Corp.
61.4' sinking fund debentures, of the completion of a plan under which
Gas Utillties Co. (Del.) has acquired practically all of the assets formerly
owned by American Natural Gas Corp. as well as certain other important
holdings, including practically 100% of the common and second preference
stocks and substantially all of tne debt, other than current loans and first
mortgage bonds, of Oklahoma Natural Gas Co., and is offering its common
stock in exchange for debentures of American Natural.
Mr. Eberstadt has been elected Chairman of the board of directors of
Gas Utilities Co., which will also include another member of the Eberstadt
committee, Robert P. Brewer, Vice-Pres. of Manufacturers Trust Co..
New York. The President of Gas Utilities Co. is F. E. Kistler of Tulsa,
and the Secretary and Treasurer, John Mitchell of New York.
The circular letter sent to the holder .of 6
sinking
fund gold debentures of American Natural Gas Corp. and
of certificates of deposit therefor states in part:
This committee has, since its organization, been engaged in the development of a plan for the protection of the interests of holders of debentures
of American Natural Gas
ecoming parties to the deposit agreement
dated June 1 1932 under which is acting, and as a result of negotiations
Corp.,It
with secured creditors and other interested parties has approved and
adopted this plan.
Gas Utilities Co.
In accordance with the provisions of Article 6 of the deposit agreement,
there were acquired in the interests of the committee all of the assets of
American Natural Gas Corp. sold at receiver's sale on Aug. 30
1932, pursuant to the decree of sale made and entered by the U. S. District Court
of Delaware on Aug. 16 1932 in the receivership proceedings there pending
in respect ofsuch a corporation.
Under an agreement entered into under date of Oct. 15 1932 with
Utilities Co.(Del.), the committee has caused substantially all of the Gas
assets
so acquired at said sale to be assigned and transferred to said company.
Included in such assets was the equity of American Natural Gas
Corp.
In 404,367 shares of the outstanding common stock (being over 99% of
such stock) and in 31,328 shares of the outstanding second preference
stock
ing also over 99% of such stock) of Oklahoma Natural
Gas Corp.
Maryland) pledged to secure indebtedness of said American
s Corp. In consideration of such assignment and transfer, Gas Natural
Utilities
Co. has agreed to issue not to exceed 106.835 shares
against delivery to it, canceled, by or through this (no par) capital stock
attorney-in-fact, of the deposited debentures of committee as agent and
American Natural Gas
Corp. with the Oct. 1 1931 and all subsequently
on the basis of 10 shares of such stock for eachmaturing coupons attached.
$I,000
the obligation so to issue such stock to expire on Jan. of such debentures,
13
Gas Utilities Co. has also acquired mortgage bonds and1933.
unsecured notes
of Oklahoma Natural Gas Corp. to an aggregate principal
amount of approximately $5,000.000 and other miscellaneous
securities and assets. In connection with the acquisition of the stocks,now
assets
owned by it,
Gas Utilities Co. has already issued 280.000 shares without par
value of its
capital stock and $3,420.000 collateral trust 6% serial
series A in the amount of 51,000.000 matures on Oct. 1 gold notes, of which
1935,series B in the
amount of $1,200.000 matures on Oct. 1 1936,and series C in the amount
of
$1,220,000 matures on Oct. 1 1937.
Oklahoma Natural Gas Corp.
Oklahoma Natural Gas Corp. is one of the major natural as utilities
in
the country, owning and operating distribution systems in Oklahoma
City,
Tulsa and about 50 other cities and towns in Oklahoma
and serving a
population estimated at 600.000. It also owns important gas
reserves and
extensive gas gathering and transmission systems reaching the principal
gas fields in that State. Its sales are normally in excess
of 30.000,000.000
cubic feet annually, and at the end of 1931 the corporation had
some 116,000
meters in service.
The operations of the corporation over a number of years
have resulted
in substantial net profits. However, earnings for the
have declined, largely as the result of reductions in years 1931 and 1932
mercial rates, abnormally warm weather during the domestic and compast two
retarded industrial activity generally throughout the territory winters,
the corporation, particularly in the oil fields, and the unusually served by
low
price of oil, the corporation's greatest competitive fuel or industrial market
usage.
Operating economies effected by the management,
increased use of as in certain classes of service as a resulttogether with the
of decreased rates,
are, however, being increasingly reflected in current operating
results.
The properties of the corporation have been
physical condition, and it is felt by the committee maintained in excellent
industrial improvement Oklahoma Natural Gas that under any reasonable
Corp. will as in the past
be capable of producing satisfactory earnings.
It is contemplated that F. E. Kistler will be presently
elected Chairman
of the board of directors and R. W. Hendee, President of Oklahoma
Natural
Gas Corp.,the latter to succeed E. A. Olsen, who is resigning.
Acceptance of Plan.
Under the terms of the deposit agreement dated
who assent to this plan need take no action but June 1 1932, depositors
tificates of deposit to the depositary in order toshould forward their cerreceive the stock of Gas
Utilities Co. issuable to them.
Any depositor who dissents must within 20 days (on or before
Nov. 9
1932) file with the depository notice in writing that he dissents from
plan, specifying the date or dates and the number of numbers of the this
certificate or certificates of deposit held by him. Otherwise
depositors will
be deemed to have assented to this plan and to have become bound thereby.
event of the filing of notice of dissent any depositor may
In the
withdraw
from deposit the debentures and coupons represented by the certificates
of deposit specified by him in such notice, upon surrender to the depositary
of his certificate or certificates of deposit, duly endorsed in blank.
Holders of debentures or of certificates of deposit therefor issued
under
the Tri-Utilities plan and agreement of reorganizaiton who have not deposited with this committee may do so until the close of business on Jan.
13 1933, and by so doing may share in the benefits of the plan as depositors.
The tender of any debentures, or of certificates of deposit therefor issue
under the 'I'd-Utilities plan and agreement of reorganization, will
ciusively presumed to constitute an acceptance of the plan by thebe conholder
making such tender, who will tnereby be bound by the deposit agreement
and the plan. Except as this committee in its discretion in specific circumstances may permit, no deposits will be accepted after Jan. 13 1933.
Debentures should be forwarded to Manufacturers Trust Co. accompanied by the letter of transmittal properly executed.
Certificates of deposit for debentures of American Natural Gas Corp.
Issued under the Tri-Utilities plan and agreement of reorganization should
be forwarded to Manufacturers Trust Co. accompanied by the letter of
transmittal and letter of direction, properly executed.
Delivery of Stock of Gas Utilities Co. to Depositors.
Depositors who assent to the plan should promptly forward their certificates of deposit, duly endorsed in blank, to Manufacturers Trust Co., 149
Broadway, New York, accompanied by the letter of transmittal, and thereupon the committee will cause to be canceled and surrendered to Gas
Utilities Co. the debentures. and the coupons thereunto appertaining, represented by such certificates, and shares without par value of the capital
stock of Gas Utilities Co.. on the basis of 10 shares of such stock for each
$1.000 of canceled debentures, will be issued to she respective holders of
such certificates or to their nominees.
ra
2829
Holders of debentures and of certificates of deposit therefor issued under
the Tri-Utilities plan and agreement of reorganization who deposit the same
after the date hereof and on or before Jan. 13 1933 will not receive certificates of deposit of Manufacturers Trust Co., but the committee will cause
such debentures, and the coupons thereunto appertaining, to be canceled
and surrendered to Gas Utilities Co., and thereupon stock of Gas Utilities
Co. will be issued to them or their nominees on the basis above set forth.
On Nov. 10 1932 or as soon thereafter as practicable the committee will
cause to be canceled and surrendered to Gas Utilities Co. all debentures,
and the coupons thereunto appertaining, deposited with it under the terms
of the deposit agreement dated June 1 1932, the holders of certificates of
deposit for whicn have not dissented from the plan or nave not theretofore
surrendered their certificates of deposit as above, to obtain the shares
of stock of Gas Utilities Co. to which they are entitled. Thereafter all
such holders will be entitled, upon the surrender of their certificates of
deposit as aforesaid, only to obtain certificates for shares of stock of Gas
Utilities Co. on the aforesaid basis.
Expenses and Compensation of Committee.
No charge or assessment is being made against holders of debentures on
account of expenses or compensation of the committee, Gas Utilities Co.
having agreed to pay the same.
Committee.—F. Eberstadt, Chairman; Robert P. Brewer, R. V. Mitchell,
E. G. Parsly and Paul D. Weathers.
Balance Sheet as at Oct. 18 1932 (Gas Utilities Co.).
Assets—
Investments—(a) Securities of Oklahoma Natural Gas Corp.:
$706,500 Principal amount 1st mtge.5% gold bonds,series B,
due Feb. 1 1948
$706,500
$950,000 gen. mtge. 5% bonds due July 27 1935
950,000
Notes receivable aggregating in principal amount $3,327,172_ 3 327,172
31,328 shares of 2d pref. stock (par $100)
3.132.800
404.367 shares of common stock at net equity as shown by the
balance sheet at Aug. 31 1932, after eliminating
capital surplus and accrued dividends on cum. pref.
stocks up to Oct. 19 1932
11,819,785
$19,936,257
Deduct—Reserve to reduce same to values as placed thereon
by the board of directors
15.214,604
(b) Other investments, less reserve to reduce same to values
as placed thereon by the board of directors
Accrued interest receivable on bonds and notes of Oklahoma
Natural Gas Corp
Cash in bank
$4.721.653
222.617
28.399
26,310
Total
$4,998,980
Liabilities—
Collateral trust 6% serial gold notes—
Series A, maturing Oct. 1 1935
$1.000.000
Series B, maturing Oct. 1 1936
1,200.000
Series C, maturing Oct. 1 1937
1,220,000
Sundry accounts payable, estimated
3,500
Accrued interest on collateral trust notes
10,119
Capital stock issued, 280,000 shs.; maximum deliverable in
respect of certain debentures of American Natural Gas Corp.,
106,835 shs.;total,386.835 shs.at stated value of$2.50 per sh.
967,088
Capital surplus arising from valuation placed by the board of
directors on investments owned
577,729
Earned surplus
20,544
Total
$4.998,980
Note.—Option warrants are outstanding evidencing right of holders to
purchase 19,400 shares of above authorized capital stock at $2.50 per share
as follows: Not exceeding 6,466 shares prior to Jan. 1 1934, and 12,934
shares prior to Jan. 1 1935.—V. 135, p. 2335.
American Telephone & Telegraph Co.—Earnings.—
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
Walter S. Gifford, President,says:
There has been a gradual increase in new telephones connected and a
slowing up of telephones disconnected during recent weeks. These was a
net loss for September of 90,000 telephones, which is materially below that
for any month since April, and about one-third of the net loss of 268.000
for July. The 14,020,000 Bell-owned telephones now in service are about
10% below the maximum development, a point reached in 1930.
Long dirtance calls during the first nine months were about 20% less
,
than to.take same period last year, but show somewhat more than seasonal
imprs...ement in recent weeks.
While the copany shows earnings of $5.92 per share in the first nine
months of 1932, dividends received from associated companies, of $103,414,238, were not fully earned by those companies during the nine months
by about $18,000,000.
No dividends have been received this year from the Western Electric
Co. as compared with 510,325,862 received in the first six months of last
Year. That company is operating at less than 20% of capacity, with an
estimated net loss for the first nine months of this year of $8,000,000.
To Expend $35,000,000 for Plant Betterment in Next 12
Months.—
The company on Oct. 18 announced that it had notified A. W. Robertson, Chairman of the Committee on Industrial Rehabilitation, that the
Bell System's expenditures on plant for the next 12 months would be
about $35,000.000. This amount would be spent for essential work which
would maintain and improve service, the company said, adding that although much of this work did not have to be done immediately, it could
be done advantageously and would give employment during the winter.—
V. 135, p. 2652.
American Water Works & Electric Co., Inc.—Output.—
The power output of the electric subsidiaries of this company for the
month of September totaled 115,526,182 kwh., against 135,507.111 kwh.
,
for the corresponding month of 1931;
For the nine months ended Sept. 30 power output totaled 1.079.085,352
kwh., as against 1,285.647.879 kwh.for the same period last year.—V. 135.
P. 2171.
Arlington & Fairfax Ry. Co.—Loan of $11,300 from
Reconstruction Finance Corporation Denied.—See under
"Current Events" on a preceding page.—V. 134, p. 4657.
Boston Elevated Ry.—Bond Issue Approved.—
The Massachusetts Department of Public Utilities has
issue by the company of not to exceed $600.000 bonds orapproved the
notes, to be
dated Aug. 1 1932 payable in not exceeding 25 years. to bear interest
not to exceed 6% and to be sold at a price to yield the company not
less than 96 .
he bonds are to be issued to refund an equal amount
of West End Street Ry. bonds due Nov. 1 1932.
Approval of the Commission was also given to the creation of a sinking
fund amounting to $15.000 a year, to commence on or before
Aug. 1 1935.
which is to paid so far as available from the allowance for depreciation.
The Commission also provides in its order that
issue
be called
in whole or in part on Aug. 1 1934. at 105 and atthe of 1% may each
less
wear
thereafter until the call price has been reduced to
100.—V. 135, P. 2335.
California Oregon Power Co.—Earnings.--
For income statement for 12 months ended Aug.
partment" on a preceding page.—V. 135. p. 2172. 31 see "Earnings De-
—,Central Connecticut Power & Light Co.--Aftvgetio—
(
The stockholders will vote shortly on approg
oc
of this conspahy with the Connecticut Light & Power Cqon the merger one share of
a basis of
the latter for each five shares of the Central ,onnecticut company.
The
Connecticut Puollc Utilities Commission has already authorized the consolidation.
The merger provides that the Connecticut Light & Power Co. will issue
1,550 shares of its $100 par stock to the holders of' the 7,750 shares of
common stock without par value of the Central Connecticut Power & Light
Co. The former assumes the payment of the 5330.000 1st mtge. 5%
20
-year s. f. gold bonds of the Central Connecticut Power & Light Co.
and floating indebtedness of 5944,000.—V. 135, p. 2652.
2830
Financial Chronicle
',Central Public Service Corp.-1.4egedr--
he New York Curb Exchange has announced that the old class A
s k has been removed from te list and 2.136,379 shares of the new
class A stock admitted to listing. The new stock of $1 par value was exchangeable share for share for th former no par stock. Transactions in the
new stock must be settled by delivery of permanent certificates stamped to
indicate the change in par value.
-V. 135. p. 2652.
Central & South West Utilities Co.
-Expenses Reduced
by Receivers-Order $4,000,000 Write-Offs.
"The Wall Street Journal" of Oct. 19, states in part:
During their trip to the Southwest to inspect operating subsidiaries
of Central & South West Utilities Co., receivers for Middle West Utilities
Co. made a beginning toward effecting further operating economies, put
Into effect arrangements which will give the head office in Chicago a much
closer check on sibsidiary operations, and directed the southwestern companies to write off about $4.000,000 of miscellaneous investments and
bad accounts, including part of a street railway property.
"Charles A. McCulloch and Edward N. Ilurley, receivers, said that they
found the physical properties relatively new and in excellent condition
and able to take care of a larger volume of business than at present.
"The matter of depreciation write-offs is one that will have to come UP
in reorganization," said the receivers. "As of Oct. 1, we put In higher
depreciation rates on operating subsidiaries, with an ultimate goal of 8%
of annual gross in mind. This program is being carried out gradually.
"By closing the Dallas office, moving Central & Southwest headquarters
to San Antonio and otherwise reducing office space, by decreasing payrolls
wherever possible and generally cutting out frills, we have eliminated
$150,000 to $200.000 of annual expenses already. The rent of the Chicago
offices has been cut from $145,000 to $30,000 a year.
"We are doing away with all construction organization in subsidiaries.
All new work must be submitted to the home office, and the L. E. Myers
Co. will do the work if its bid is as low as that of competitors.
"The operating subsidiaries are covering their interest and preferred
dividends, though by varying margins. Prospects of an eventual return
to Middle West from Central & Southwest depend on a turn in business
in that section."
-V. 134, p. 3979.
Central States Edison Co.
-Dividend Suspended.
The directors recently decided to suspend the payment of the quarterly
dividend due Oct. 1 on the 7% cum. pref. stock par $100. The company
had made regular quarterly payments of $1.75 per share on this issue to
and including July 11932.
Protective Committee for Debentures and Notes.
-
A protective committee has been formed for the 6% gold debentures,
series A, and the 2
-year 6% gold notes, due March 1 1933, consisting of
Ronald M. Craiginyle, Clyde L. Paul, Leon D. Pierson, 0. N. Steelman
and C. T. Williams; K. C. Allman, Secretary, room 3920, 1 Wall St.,
New York, N. Y., and Hines, Rearick, Derr & Hammond, counsel. The
depositary Is the Manufacturers Trust Co., 149 Broadway, New York,
N. Y.
-V. 135, p. 2172.
Central West Public Service Co.-Receivership Suit
Ended.
Chancellor Wolcott at Wilmington. Del.,. dismissed Oct. 15 the receivership suit filed several months ago by G. G. Fox of New York against
the company. The dismissal was upon agreement of all parties. The
stipulations signed stated that the company has successfully completed
refinancing of $1,000,000 funded debt due in August and has paid all
past due obligations and no longer is insolvent.
-V. 135, p. 24130.
Cincinnati Street Ry. Co.
-Earnings.
For income statement for month and 9 months ended Sept. 30 1932
see "Earnings Department" on a preceding page.
-V. 135, 11• 1924.
Clarion River Power Co.
-Supreme Court Denies Review
of Power Body's Right to Fix Cost of Project.
The U. S. Supreme Court Oct. 17 denied the company a review of a
lower court decision in a case involving the question of whether the Federal
Power Commission had the right to fix the cost of the Clarion River project,'
which was completed under a 50
-year license from the Government. The
Clarion River company fixed the actual, legitimate, original cost of the
project at $11.000,000, while the Commission set the cost at $4,645,000.
The right of the Federal Commission to fix the net investment at the
present time was involved. The Power company based its appeal on the
construction of the law, which provides that if the Commission and the
company cannot agree on net investment, the suit should be determined
by the courts at the expiration of the license. The hydro-electric plant
was constructed on the Clarion River in Pennsylvania.
The Government contended that none of the questions concerning
the powers of the Federal Power Commission were properly presented,
because there is no basis for the equitable rellef sought or for any other
relief.
-V. 135, p. 2490.
-Earnings.
-Connecticut Electric Service Co.
For income statement for 12 months ended Sept. 30 see "Earnings
-V. 135, p. 2173.
Department" on a preceding page.
"...,Connecticut River Power Co. of N. H.-Bendsertttuth---
cL
-year s. f. gold bonds have been
mtge. 5% 30
All of the outstanding it
for payment Dec. 1 t 107 and int, at the Old Colony Trust Co.,
17 Court St., Boston, M . Holders may present their bonds before
Dec. 1 and receive 107 and int. to date of presentation, less a discount of
2% from date of payment to Dec. 1 1932. See also V. 135. p. 2490.
-Issues Warning.
Consumers Power Co. (Me.).
The company, on Oct. 1, sent a letter to its stockholders warning them
against persons representing themselves as agents of the Consumers company who have been reported as persuading stockholders in various sections
of the country to exchange their Consumers Power holdings for other
securities of inferior market value.
"The company never has had and does not now have any agents, salesmen or representatives calling on its shareholders authorized to make any
-V. 135, p. 2653.
exchange of securities of any kind," stated the latter.
Dortmund Municipal Utilities (Dortmunder Waggerwerks G. m. b. H., Dortmunder Aktiengesellschaft fur
Gasbeleuchtung, Dortmunder Strassenbahnen G. m. b.
-Combined Earnings.
H.).
Calendar Years-
1931.
1930.
1929.
$4,537.656 $5,284,231 $5,454,802
Gross revenues
Operating expenses, maint. & taxes.. 3,834,857
4,623,898
4,586,764
Operating income
Other income
$702,799
237,929
$697,467
209,095
Total income
Interest charges
Depreciation
$940,728
329,195
517,275
$906.562 $1,047,724
244,050
286,431
496,925
473,051
Balance
$94.258
$123 206
Interest times earned before deprec- _
$2.85
$3.16
Interest times earned after deprec__ _
1.43
1.28
Combined Balance Sheet Dec. 31.
1930.
1931.
Liabilities1931.
AssetsAccounts payable_$1,156,180
Cash, bankers &
143
accts. receiv_ - _81,236,066 $1,977,620 Bonds reimburs'bie
28,055 Fund. debt(6%
23.792
Securities owned__
484,413
383,271
mtge. bonds)__ 2,750,355
Warehouses
Capital stock
2.522,000
Land, buildings &
6,288,396 5,938,184 Reserves
1,408,599
plants
Profit for the year..
94,258
$830,904
216,820
$330,623
$4.29
2.35
1930.
$1,313,659
143
2,837,889
2,843,955
1,485,820
123.208
$7,931,515 $8,404,272
Total
$7,931,515 18,404,272
Total
-The above figures are from the annual reports of Dortmund
Note.
Waterworks Co., Dortmund Gas Co. and Dortmund Street Rys. Co.
combined by Field, Glore & Co., and converted at par of exchange at the
-V. 133, p. 2265.
rate of 4.2 rm. per U. S. dollar.
-Earnings.
Eastern Gas & Fuel Associates.
For income statement for 12 months ended Sept. 30 1932 see "Earnings
-V. 135, p. 2173.
Department" on a preceding page.
Oct. 22 1932
Eastern Utilities Associates.
-Notes Offered.
-A new
issue of $6,000,000 3
-year 5% gold notes, priced at 98%
to yield 5.50%, is being marketed by an investment banking
group consisting of Stone & Webster and Blodget, Inc.,
Estabrook & Co., Kidder Peabody & Co. and F. S. Moseley
& Co.
Dated Oct. 15 1932; due Oct. 15 1935. Principal and int. (A. & 0.)
payable in United States gold coin at the principal office of the trustee.
New England Trust Co., Boston. Denom. $1,000. Red. all or part
at any time on 30 days' notice to and Incl. Oct. 14 1933 at
to and incl. Oct. 14 1934 at 100h; thereafter to and incl.101; thereafter
April 14
at 100h; thereafter prior to maturity at 100; plus int. in each case.1935
Data from Letter of Pres. Edwin S. Webster Oct. 17 1932.
Organization.
-Eastern Utilities Associates, a voluntary association,
organized in Mass. in 1928 to bring together on a co-operative basis public
utility companies operating in southern New England, owns
over 96%
of the common stock of Blackstone Valley Gas &
the capital stock of Edison Electric Illuminating Co.Electric Co., 96% of
of Brockton and 98%
of the capital stock of Electric Light & Power
Abington
land, and controls through these companies aCo. ofinterest inand RockMontaup
63%
Electric Co. It also owns over 36% of the common stock of Fall River
Electric Light Co., which, in turn, owns the remaining 37% interest in
Montaup Electric CO.
Business.
-The controlled companies operate
and power system serving a population of over an interconnected light
in 21 cities and
towns in southeastern Massachusetts and Rhode 310,000including BrockIsland,
ton, Bridgewater, Abington, Rockland and
and Pawtucket, Woonsocket and Central Falls, R. I. Stoughton, Mass.,is supplied
In
at wholesale to the Plymouth (Mass.) Electric addition power the Union
Light Co., to
Light & Power Co. operating in southeastern Massachusetts, and to
Pascoag (R. 1.) Fire District. The companies also do the entire gas business in the Blackstone Valley district of
of Pawtucket, Woonsocket and CentralRhode Island, including the cities
Falls.
Over 81% of the combined business of the
ured by gross revenues, is electric light and subsidiary companies, as measpower, about 18% gas and the
balance miscellaneous. The electric business is well diversified, approximately 32% of its revenue being secured from industrial use. Industrial
activities of the section served are distributed over a wide variety of enterprises, including in the approximate order of their
and worsteds, cotton goods, silks and rayon, shoes importance, woolens
and allied products.
food and provisions, iron and steel, rubber goods and machinery.
Property.
-The aggregate installed capacity of the generating properties
of the system is 127,250 kw., including the 73,000 1gw.
capacity of the
tidewater station of the Montaup Electric Co. at Somerset, Mass. The
electric distributing facilities of the subsidiary companies which serve a
total of over 84,100 customers are interconnected by approximately
241
miles of high tension transmission lines and the system is
tied in at
points with the transmission lines of other companies, constituting three
a unit
In a network of interconnected hydro-electric and
power
low-cost
transmission facilities in New England. The companies aresteamassured
thus
of an ample supply of low-cost power at all times.
Manufactured gas
which is generated at a plant of 11,150,000 cubic feet
daily capacity in
Pawtucket, is distributed to over 34,700 customers.
Consolidated Capitalization Aug. 31 1932 (Adjusted to Reflect Issuance of
$6,000,000 Notes).
Subsidiary Companies
Mortgage bonds (Blackstone Valley Gas & Electric Co. and its
subsidiary)
'310,503,000
Non-int. boar, demand notes pay. to Mo ntaup Electric
308,700
Pref. stocks (Blackstone Valley Gas & Elec. Co. and its Co
2,284,200
sub.)...
Min.int. in common stks. (incl. prem. on such sties of
$90,285)611,160
Eastern Utilities Associates
3
-year 5% gold notes (this issue)
6,000.000
Conunon shares (including scrip)
685.575 hills
Convertible shares (including scrip)
789,543 shs
* Does not include bonds hold in treasury or sinking
Purpose.
-Proceeds will be applied to the retirement fund.
debt of the Association and for other purposes of the of the $5,315,000
Association.
Consolidated Earnings and Expenses for the 12 Months Ended Aug.
31.
1931.
1932.
Gross Earnings-subsidiary companies
$9,121.987 $8,337,953
Operating expenses-subsidiary companies
4,109,494 3,789,663
Maintenance-subsidiary companies
377,557
303,373
Taxes (incl. Fed. inc. tax)
-subsidiary companies824,547
851.355
Net earnings-subsidiary companies
E. U. A.
-Net Inc. from miscell investments and $3.810,389 $3,393,567
other sources after expenses and taxes
109,553
190,049
Net revenue
$3,919,942 13,583,616
Interest charges and charges on outstanding stocks
of subsidiary companies:
Required for subsidiary companies
Interest on funded debt outstanding Aug. 31 1932
524,585
Divs, on outstanding pref. stock outstand. Aug. 31
1932._
127,152
Earn. applic. to minority int. based on above earnings_ _
68,270
Int. require,on this issue of$6,000,000 3
-year 5% gold notes_
300,000
Pro Forma Consolidated Balance Sheet of Aug. 31
1932.
(Giving effect to issuance of 36.000.000 3
-year 5% gold notes and application of the proceeds.]
LiabUUlesPlant and property
468,081,823 Preferred stock (Blackstone
Investments
5,132,107 & subsidiary)
Cash
1,283,495 Bonds (Blackstone & sub.). $2,284,200
Notes receivable
8,433 Notes payable to Montaup 10,690.000
Accounts receivable
1,352.952
Electric Co. (non-tat.
Materials and supplits
715,884
bearing)
308,700
Prepayments
80,771 3
-year 5% gold notes
8,000,000
Sinking funds
181,192 Accounts payable
470.883
Unamort. debt disc.& exp.679,734 Accrued Interest and taxes__
821,885
Other unadjusted debits....
103,789 Other accounts not yet due_
75,893
Treas. bonds(at face value).
50,000 Retirement reserve
4,281,114
Approp. reserve for retire_
88.016
Operating reserves
2,942
Contributions for extensions
17,289
Unadjusted credits
2,971
Min.Int. in cap. & surplus of
subsidiary
819,239
Common & cony,shares and
paid-In surplus of $22772,183
x39,289,558
Earned surplus
2,477,670
Total
$87,610,140. Total
$ 67,610,140
x Common' and convertible shares represented by:
Common shares
(including script) 685,575)4'• convert ble shares (incl.
scrip), 789,543.
Supervision.-Propertles of the subsidiary companies are
operated under
the supervision of Stone & Webster Service Corp.
Power Output Rises.
Weekly figures compiled by the corporation since July 10 last
not
only consistently declining decreases In kilowatt hour output forshowfirst
the
six weeks but also substantial increases in power output
for the latter half
of the period, compared with the corresponding weeks last year. The
report follows:
Week
1932,
Inc. or Week
1931.
1932.
1931.
Inc. or
Ending
Kwh.
Kwh.
Dec.
Ending
Kwh,
Kwh,
Dec.
Ott. L-5,653,067 5,078,472 +11,3% Aug. 21.-4,878,100 5,019,300 -2.8%
Oct. 2-.5,701,000 5,241,700 +8.8% Aug.
4,048.700
Sept.25.-5,429.900 5,213,500 +4.1% Aug. 14.-4,510,000 4,830.000 -8.8%
7-4,576.700
-5.2%
Sept. 18.....5,456,000 5,287,000 +3.8% July 31.-4.477,100
-11.1
Sept. 1L._.4.718,000 4.529,000 +4.2% July 24_4,334,100 6.061,000 -18.4
Sept. 4-5,122,100 5.088,700 +0.68% July 17-4,037.800 6.181,900 -21.0 •
5,115,800
Aug. 28.-5,051.600 6,166,100 -1.8%
-V. 135, p. 1994.
Electric Bond & Share Co.
-Employee Stock Plan.
-
At the annual meeting of the stockholders held on Oct. 13 a resolution to
censure the management for cancellation of the stock purchase plan offered
to key men in 1929 was made by Bernard J. Rothwell of Boston. but was
defeated by a vote of 3,483,461 to 4,210.
Volume 135
Financial Chronicle
Objections to the cancellation of the plan-ratified by the stockholders
last year-were made also by Arthur J. Gould, of the law firm of Pol
& Nemerov. who said an amended complaint was to be filed in the suit
instituted last June in the New York Supreme Court against the Electric
Bond & Share Co. and others contesting the legality of the cancellation.
-V. 135, p. 2653.
Electric Power & Light Corp.
-Earnings.For income statement for 12 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V. 135, P• 1995.
Electric Public Utilities Co.
-Committees Urge Deposit
of Bonds.The two conunittees•for the 15
-year 6% secured gold bonds due June 1
1942 in a letter dated Oct. 14 state:
The two bondholders' protective committees have on deposit approximately 60% of the outstanding 15-year 6% secured gold bonds.
The reorganization committee has advised us that in view of the decline
in earnings of the various operating companies in the Empire System, it
proposes to modify the plan of reorganization which it promulgated under
date of May 2 ion (see V. 134. p. 3822).
It may shortly develop that a foreclosure and sale of the collateral securing the 15-year 6% secured gold bonds is desirable, in which event the bondholders' protective committees for the protection of the bonds which they
represent would undoubtedly have to bid in such collateral.
The protective committees have determined that it is advisable in safeguarding the interests of their respective depositors of the 15
-year 6%
secured gold bonds of Electric Public Utilities Co. that such committees
act in unison. We accordingly urge all holders of such secured bonds who
have not already deposited their bonds to do so at once, in order that the
committees may be in a position to secure for them the consideration to
which they are entitled in any reorganization and to protect them in case
of a foreclosure sale.
Committees.
-(1) L. J. Schimberg, Secretary; Martin W. McGrath and
Laurence W. Moore.
(2) Robert W. Rea, Chairman: Robertson Griswold and Warren A.
TYson•
The depositaries are Provident Trust Co., Philadelphia, Pa.; Central
Republic Bank & Trust Co., Chicago; and Maryland Trust Co., Baltimore, Md.-V. 134. p. 3822.
Federal Water Service Corp.
-Earnings.-
For income statement for 12 months ended Aug. 31 see "Earnings Department" on a preceding Page.
-V. 135, p. 1999.
Gas Utilities Co. (Del.).
-Acquires Certain Assets of
American Natural Gas Corp. Through Issuance of Securities.
-See latter company above.
General Gas & Electric Corp.
-Earnings.For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 135. 1). 1653.
"-..Havana Electric & Utilities Co.
-Resumes Dividend.-
2831
KeystoneTelephone Co. of Philadelphia -Dividends
Deferred.
-The directors on Oct. 21 voted to suspend the
payment of the quarterly dividend due Nov. 1 on the $3
cum. preference stock, no par value. The last quarterly
payment of 75c. per share was made on this issue on Aug. 1.
The directors also decided to defer the quarterly dividend
due Dec. 1 on the no par $4 cum. preference stock. The
last regular quarterly distribution of $1 per share was made
on this stock on Sept. 1.-V. 135, p. 817.
Lake Shore Electric Ry. of Cleveland.
-Suit.
-
The Cleveland "Plain Dealer" Oct. 9stated:
A battle for possession of securities aggregating several millions cif dollars
was begun in Federal Court at Cleveland Oct. 8 following the filing of a suit
by the Chase National Bank of New York, as trustee for $1,563.000 6%
first cons. mtge. bonds of the company.
The bank petitioned the Court for an order requiring the Union Trust
Co., as trustee of two later security issues, to turn over to the Chase all
stocks, bonds and notes of subsidiary companies, which the Chase contends
are pledged as security for the first cons. mtge. bond issue.
The contest for possession of the securities comes on the eve of maturity
of the issues, all of which are payable Jan. 1 1933, and was interpreted in
financial circles as a move by the Chase to insure payment of the first
cons. mtge. bonds.
•
According to Mr. McAfee, counsel for Chase, the terms under which the
first cons, bonds were issued in 1903 provided that they would be secured
by all properties subsequeetly acquired by the Lake Shore, as well as certain
given securities deposited with the trustee. Later, according to the petition, newly acquired properties were pledged and deposited with the
trustee for the subsequent issues, one of $8:00,000 on a collateral trust mtge.
and the other of $400,000 on ajunior lien collateral trust mtge.
The securities in contest are: Lake Erie Power & Light Co .4,650 common
and 1,000 2d pref.; Ohio State Power Co., 2,000 pref. and 3.000 common;
Fostoria Ry, Co. 250 pref. and 250 common' Electric Depot Co.. 461I
common;a 5360,060 note on the Lorain Street RR.,and gold bonds of other
subsidiaries totaling $48.500.-V. 135. p. 2654.
Lowell Gas Light Co.
-Hearing Reopened.
-
Reopening of the public hearing on the petition of the company for authority to issue $950,000 of bonds was requested of the Massachusetts
Dept. of Public Utilities by the Public Franchise League, so that further
opposition may be heard.
Wallace H. Walker. representing the League, warned the Dept. of Public
Utilities not to heed the claims of the company that the proposed bond issue
is necessary to save the company from receivership. The issue is proposed,
he said, not for the benefit of the rate payer, but primarily for the benefit
of the owners of the common stock, and secondarily for the benefit of the
noteholders. ("Boston News Bureau.")
-V. 135, p. 1994.
Manhattan Ry.-Protective Committee for 2d Mtge. 4%
Bondholders.
-
The directors have declared a dividend of 75 cents per share on the 6%
cum. 1st pref.stock, par $100, payable ov. 15 to holders of record Oct. 22.
Three months ago the directors decided to suspend the payment of quarterly dividends due Aug. 16 on the 6% cum. 1st pref. stock, par $100, and
on the $5 cum. pref. stock no par value. Regular quarterly distributions
of $1.50 and $1.25 per share, respectively, were made on May 16 last.V. 134, D. 4491.
•
At the request of holders of a substantial amount of the 2d mtge. 4%
gold bonds due June 2018,the following have consented to act as a committee
to represent and protect their interests. The Equitable Trust Co. of New
York acts as depositary. The members of the committee will serve without
compensation. Bonds deposited must have the Dec. 1 1932. and all subsequent coupons attached. Application will be made to list the certificates
of deposit on the New York Stock Exchange.
Committee: Bertram Cutler, Warren H. Snow and John C. Traphagen.
Milbank, Tweed, Hope & Webb, counsel. Edgar P. Baker, Secy., 15
Broad St., New York.
-V. 135. p. 2655.
The company informs us that the Middle West Utilities Co. disposed of
its controlling interest in the company in 1931.-V. 134, p. 3456.
Middle West Utilities Co.-Claims Asked by Receivers-Creditors Get Until Jan. 1 in Move to Settle Affairs.
-
"•-•.--Illinois Northern Utilities Co.
-No Longer Controlled
by Middle West Utilities Co.Indiana General Service Co.
-Rates Reduced.-
The Indiana P. S. Commission has issued an order for an agreed reduction of electric rates in 19 cities and towns served by the company.
The new rates became effective with meter readings on and after Oct. 20
and provide for an initial charge of 6.5 cents per kilowatt hours for the first
30 kilowatt hours used each month by residertial and commercial consumers. The present rate is 8 cents for the first 25 kilowatt hours. Other
reductions also are made in the order, which resulted from negotiations
with the utility after the Commission had instituted proceedings on its
motion. ("United States Dally.")
-V. 131, p. 3368.
Interborough Rapid Transit Co.
-Judge Manton Directs
Receivers to Obey Ruling-Calls Decisicn of Woolsey Prejudicial
in His Intervention-Receivers Advised to Appeal.Judge Martin T. Manton, of the U. S. Circuit Court of Appeals, in an
instruction. Oct. 18, to the receivers he appointed for the company,asserted
that the decision last week of Judge John M. Woolsey, of the U. S. District
Court. setting aside the receivership proceeding under Judge Manton's
orders, was'
,
'prejudicial to the due and orderly administration of justice
'
in this court.
Judge Manton instructed Victor J. Dowling and Thomas E. Murray
Jr., the two receivers, to obey the opinion of Judge Woolsey nullifying
their appointment, but advised them to appeal from the decision. He held
that he intervened and assumed jurisdiction of the case because he deemed
it a matter of public interest, the law permitting a Circuit Court Judge to
be designated for District Court duty where public interest warrar ted or
when there had been a disagreement among the judges of the District
Court over the division of the work of that court.
lie was sought by those asking the equity receivership, he asserted, to
asstune jurisdiction in the proceeding so as to avoid the appointment of the
Irving Trust Co., to which the District Court judges were turning over
nearly all bankruptcy and receivership cases. Judge Manton severely
criticized the practice of turning all receiverships over to one company.
"The appointment of the same trust company to all receiverships, equity
as well as bankruptcy," he said, "Involves inconsistent relations where the
receiver of one corporation, for example, actually has a claim against itself
as the receiver of another. There would appear to me to be an incongruity
in placing the same individual, or the same institution, in a position which
might require such individual or institution to demand of. and even sue
himself or itself, for a debt asserted in one capacity but denied in another.
"I can understand, of course," Judge Manton continued."that in certain
bankruptcy receiverships where the problem is solely one of the collection
of debts and the liquidation of assets, a well organized and efficient trust
company of unquestionable financial stability could occasionally milder
more efficient service than some private individual, or member of the bail
acking an office organization experienced in making sales and collecting
moneys
'lay
an lawyers, however, are experienced and efficient liquidaters, but,
in other cases, such as equity receiverships, where it is desirable to preserve
the assets and continue the business for the purpose of reorganization and
rehabilitation, one or more individuals selected for their special qualifications for the particular undertaking in hand, will, generally speaking, produce bettor results than a trust company. Not only specialized qualifications, but a livelier sense of personal responsibility is secured by the appointment of individuals."
Judge Woolsey on Oct. 18 also signed the formal orders making effective
his decision of last week declaring the I. R. T. redeivership proceedings
null and void as having arisen under irregular and illegal circumstances.
Judge Manton, holding that the decision of Judge Woolsey to be "erroneous," directed the receivers, in prosecuting an appeal from Judge Woolsey's
orders. "to instruct their solicitors to do everything in their power to expedite the hearing of such appeal to the end that the unfortunate and deblorable conflict of opinion and jurisdiction may be duly and promptly
pas eaupon by the Circuit Court of Appeals."
s
-V. 135. p. 2654.
Electric Light & Power Co.
-Defers Dividends.
-
The directors recently decided to defer the quarterly dividends due Sept.
classes
30 on all three on theof cum. pref. stock. The last regular quarterly payments of Ly %
series A 7% pref.,1% on the series B 6% pref.
i
on the series 0 6% pref. stocks (all of $100 par value) were
ind 1 3
made on June 30 1932.-V. 135. P. 1489.
-Earnings.
Iowa Public Service Co.
For income statement for 12 months ended Sept. 30 see "Earnings De-V.135, v. 2175.
partment' on a preceding page.
Receivers for the company have advised all creditors to present their
claims upon the company with verified proofs on or before Jan. 1 1933.
The receivers warned creditors that all those failing to take this action
within the prescribed time will be barred from obtaining any share in the
distribution of money, property or assets of the receivership and of the
sale of such properties or assets.
Charles F. Curley, Edward N. Hurley and Charles A. McCulloch,
receivers for the company, signed the statement and the court order.
V. 135, p. 2492.
Montreal Tramways Co.
-Earnings.
For income statement for 8 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V. 134, p. 3636.
Mountain States Power Co.
-Earnings.
-
For income statement for 12 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V. 135, p. 2176.
National Power & Light Co.
-Earnings.
-
For income statement for 12 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V.135. p. 1995.
New Bedford Gas & Edison Light Co.
-Earnings.
--
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 134. p. 2146.
New England Power Association.
-To Retire Notes.
-
The Association has called for redemption on Nov. 18 1932 its $20.000,000 of 59 gold notes due Dec. 11932, issued under indenture of trust,
dated as of Dec. 1 1932, with Old Colony Trust Co., trustee. Payment
will be made at the latter's principal office, 17 Court St., Boston, Mass.
V. 135, p. 2493.
New England Telephone & Telegraph Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
During the first nine months this year the company had a net loss of
90,380 stations. In September there was a loss of 10,880 stations, of
which 4,219 were due to normal closing of summer hotels in that month.
This compares with a loss of 17,590 stations in July and 13,964 in August.
V. 135, p. 629.
Newport (R. I.) Gas Light Co.
-Bonds Offered.
-A. C.
Allyn & Co. and F. L. Putnam & Co., Inc., are offering
at 90 and int. $350,000 1st mtge. 30-year 5% gold bonds,
series A. The offering does not represent new financing by
the company.
Dated June 1 1931; due Juno 1 1961. Interest payable
office of Newport Trust Co.. Newport, R. I., trustee. J. & D. at the
and $500 c*. Red. all or part on any int. date on 30 Denom. $1,000
days notice at
105 to and including Dec. 1 1936; the premium decreasing at rate
of the principal for each 6
-year period thereafter to and incl. Dec. 1of 1%
1954:
and at 1 I thereafter to and incl. Dec. 1 1959; and thereafter at par,
incl.
interest in each case. Interest payable without deduction for present Federal income tax not to exceed 2%. Corporation agrees to refund on
proper
application the Conn. tax up to 4 mills per annum and the Mass, income
tax not exceeding 6% per annum on the income derived from
the bonds.
Data from Letter of Packer Braman, President of the
Company.
Company.
-Incorporated by special act of the legislature of Rhode Island
in 1853. Supplies manufactured gas to 6,592 customers in Newport and
Middletown, R. I. The territory served has a population, exclusive
of
summer residents, in excess of 27,030. Company owns a gas manufacturing
plant and distribution system at Newport having a manufacturing
capacity
of 1.500.000 cubic feet daily. The gas holder has a storage capacity of
550,000 cubic feet and the distribution mains aggregate 58 miles in length.
During the 12 months ended Aug. 31 1932 the company sold 205,686,800.
cubic feet of gas.
CapitalizationAuthorized. Outstanding.
1st mtge. 5% gold bonds, series A (this issue)_
Common stock
$1,000,000
$300 °
0
* Bonds of series A to a total of $550,000 face value are issuable 550:0000
against
the physical properties as they existed on June 1 1931; thereafter additional
bonds are issuable against expenditures for additions, improvements and
acquisitions, &c.,subsequent to June 11931, but subject to the conservative
restrictions of the mortgage.
Oct. 22
Financial Chronicle
2832
Earnings of Company 12 Months Ended Aug.1.
1631.
1,302,544
217,863
Gross earnings, all sources
Oper. exps. and taxes, incl. maint. & Fed. taxes- -
1932.
$301,212
196,665
$104,547
$84,681
Net earnings
Annual interest requirements on $350,000 1st
17,500
mtge. gold bonds (this issue)
-Sale of these bonds does not represent new financing by the
Purpose.
company, the entire 1350,000 of these series A bonds now outstanding
having been issued by the company In 1931 to provide for the retirement
of existing debt, for making additions and betterments to the properties
-V. 132, p. 656.
and for other corporate purposes.
-Decision.
New York & Harlem RR.
The U. S. Supreme Court on Oct. 17 denied minority stockholders of
the company a review of the lower court decision in which they sought
an accounting by the New York Central RR. of the income it had gained
from the use of the Harlem properties and for directions as to the further
handling of Harlem property.
The suit was brought by Phoenix Insurance Co. of Hartford under an
agreement between the New York Central RR. and the Harlem road.
which permits each and every stockholder of the Harlem road the "right
to prosecute such suits as may be necessary to recover his proportionate
part of the rent the Central paid under the lease granted prior to gaining
control by stock ownership."
-V. 135, p. 2176.
-Sinking Pd.Payment.
Nippon Electric Power Co., Ltd.
The Chase Harris Forbes Corp., as sinking fund agents, announces that
the above company has deposited 1180,000 of its 65i% bonds, due 1953,
to meet sinking fund payment due Oct. 15 1932. This leaves outstanding
-V. 134.
18,100,000 of the original issue of $9,000.000 of these bonds.
p. 4460.
-To Retire Notes:
North Boston Lighting Properties.
The company has deposited with the Old Colony Trust Co., as trustee
indenture securing the 53 % secured notes. due Dec. 1 1932,
under the
funds necessary to meet the entire principal and interest of these notes
at maturity. Arrangements have been made whereby any noteholder
Who desires to receive payment before Dec. 1 may, upon surrender of his
note for that purpose, with the Dec. 1 coupon attached, to the Old Colony
Trust Co., at 17 Court St. Boston, Mass. obtain the principal and interest to Dec. 1 1932 upon' his notes discohnted at the rate of 2% per
annum of such principal and interest from the date of such surrender to
Dec. 1 1932.-V. 135, P. 2493.
Oklahoma Gas & Electric Co.-Earnings.
For income statement for 12 months ended Aug. 31 see "Earnings De-V. 135 ,p. 2176.
partment" on a preceding page.
-Control by Gas Utilities
Oklahoma Natural Gas Corp.
-V. 134, p.
-See American Natural Gas Corp. above.
Co.
1762.
-(Receivership
--Ontario Power Service Corp., Ltd.
--Sought-Further Extension Granted to Bondholders.
-year 53% 1st (closed) age.s. f. gold
A notice to the holders of the 20
bonds due July 1 1950 states:
An action has been commenced in the Supreme Court of Ontario for the
administration and execution by the Court of the trusts of the deed of trust
and mortgage from this corporation to Montreal Trust Co., and for the
sale of the property and undertaking of the corporation and the appointment of a receiver and manager.
Notwithstanding the commencement of such action, bondholders of the
corporation who have not yet accepted the offer of the Hydro-Electric
Power Commission may still do so and deposit their bonds up to and including Oct. 31 1932. The Montreal Trust Co. is depositary.
The Ontario Hydro Electric Power Commission has notified the Montreal Trust Co. that the Ontario Power Service Corp. development at
Abitibi canyon will be purchased on the basis of the recent offer, which
provides for tne exchange of bonds.
The Hydro Commission's decision to proceed with the transaction is
embodied In the following official statement, issued to the press:
"The Commission has received notice from the Montreal Trust Co. that
over 88% of the ponds of Ontario Power Service Corp., Ltd., have been
deposited with the said trust company in accordance with the terms of the
Commission's offer, dated Aug. 5 1932. Having regard to the likelihood
that fully 90% of the said bonds will be deposited on or before Oct. 15 1932
(the expiry date for deposit fixed by notice of Oct. 1 1932), the Commission
has elected to purchase, on the basis of the said offer, all the bonds so deposited, and has given written notice to the Montreal Trust Co. to this
effect."
An order-in-council has been passed by the Ontario Government guaran-year debentures which the Ontario Hydro
teeing the 118,000,000 20
Electric Power Commission will exchange for $20,000,000 Ontario Power
Service Corp. bonds under the terms of the projected transaction.
Premier George S. Henry has communicated with J. R. Cooke, Chairman of the Hydro Commission, directing that in view of the completion
of the purchase work on the project be resumed at once.
It is expected that the proposed work will include installation of at least
two of the five turbine generator sets for which the power house was designed. These units are to have a capacity of 66,000 h.p. each and revised
while
plans will probably call for a total of 132,000 h.p. in initial capacity, reach
the eventual development from the damming of the Abitibi River will
330,000 h.p.-V. 15. p. 2494.
1932
decrease in the interest charges to be met out of the earnings of the company. Continuous effort is being made to reduce the expenses of the company and to further conserve its resources.
-V. 135, p. 2655.
Philadelphia Gas Works Co.
-Rate Decision.
J. Hampton Moore, Mayor of Philadelphia, Pa., announced last week
that the Council of the City of Philadelphia has consented and agreed that
the retail rate for gas of 90 cents per thousand cubic feet, so fixed by the
Gas Commission as to become effective on Jan. 1 1933 shall be made
effective also for the period from Oct. 1 1932 to Dec. 31 1932, as proposed
by the company. See also V. 135, p. 2338.
-Estimated Earnings.
Philadelphia Rapid Transit Co.
The following is taken from the "Philadelphia Financial
Journal" of Oct. 18:
In an answer filed by the company before the Pennsylvania P. S. Commission to S. Davis Wilson's taxpayer's suit urging revaluation of the company and a 5
-cent fare, the company pointed out that the cost of a revaluation of the property would be greater than it could bear. The company
contends that while "unit prices affecting street railway construction are
now at a depressed level," nevertheless valuations should be fixed "with
regard to prices over a reasonable period of years and not by spot prices at
the bottom of a business depression."
The brief denies the allegation made in the suit that the carriers of Philadelphia are paying excessive rates of fare, contending that "the company's
present fares and for some time have been inadequate and insufficient and
less than it is entitled under the laws of Pennsylvania and of the United
States to charge."
Cost of operation per car mile has been reduced 11% to 23.77 cents in
1932 from 26.84 cents in 1928 and number of accidents per 1(10.000 car
miles cut 26% to 28.76 in 1932 from 39.24 in 1928.
It is pointed out that the basic wage rates of employees have been twice
reduced, making an aggregate reduction of more than 15% apart from any
layoffs or reductions in working hours. In addition, more than 2,000 men
have been laid off and working time has been cut throughout in some cases,
to 32 hours per week. The total reduction in annual payrolls since 1928
is over 110,000,000.
Salaries of general office employees have been similarly cut and officers'
salaries have been reduced by amounts as high as 22%. The numbers of
the general office staff have been greatly reduced and a five-day week established.
Maintenance and renewal work has been curtailed to the minimum necessary to preserve the integrity of the property.
It is denied that certain appraisals made by the city had any official
character, the company averring that they "are and purported to be nothing
more than quick appraisals, wholly ex parte, and made by persons employed
by the City of Philadelphia for the guidance of said city in connection with
Informal and unofficial negotiations looking to the acquisition by the city
of the company's property and in no way touching upon the rates of the
company or the fair value of Its property for rate making purposes."
Referring to the Public Service Commission's valuation decision of some
years ago, which is attacked in the Wilson complaint, the answer of the
P. R. T.Co. says: "The Commission's prior valuation stated by it at 'substantially upwards of $200.000.000' was twice reviewed and affirmed by the
Superior Court upon appeal by the city (see 83 Pa. Super. 8; 84 Pa. Super.
135). The company took no appeal and therefore its constitutional right
to a higher value than found by the Commission has never been adjuducated.
The company avers that the minimum constitution value to which it was
and is entitled was and is substantially higher than that found by the
Commission."
The brief refers to the pending negotiations between P. R, T. and its
underliers "looking to an abatement of rental," and in negotiations with the
city upon the matrer of arranging a new lease for the Broad St. Subway.
The hope is expressed "that these negotiations will lead to an import nt
and constructive step in the solution of Philadelhpla's transit problem."
Income Account (Last 5 Months of 1932 Estimated by the Company).
Years Ended Dec. 31y1932.
1930.
1931.
Gross revenue and income
$38,532,093 146.130,431 $52,917,110
Oper. expenses, tax & city rentals_ _ _ _ 21) 394 576 35 344 021 40.444,361
Gross income
$9,1.17,517 $10,786,410 $12,472,749
Rents,underlying companies
8,033,957 8,049,602 8,074,719
Interest on P. R. T.funded debt. &c_ 1,476,340
1,413,077
1,576,574
Other fixed charges
175,357
277,337
583,816
Sinking fund-city contracts
210 ono
180.000
180 000
Deficit
$758,137 4702,897 42,221,137
x Net income. y Partly estimated.
-V. 135, p. 2338, 1329, 128.
Pomerania Electric Co.
-Interest Payment.
-
The Chase Harris Forbes Corp., as paying agent, on Oct. 19 announced
thatfunds had been received to cover the interest due Nov.1 on the $3,235.0006% bonds, due in 1953.-V. 135, p. 2494.
Radio Corp. of America.
-Denied Review in Tube Case.
-
The United States Supreme Court Oct. 17 denied the corporation a
review of lower court decisions, which held that Hazeltine Corp. patent
known as the "plate circuit neutralization" for radio vacuum tubes was
valid and intringel upon. The Hazeltine Corp. contends that the improvement involved in the present suit has been held as "invention" in
five separate cases.
Radio Suit Trial Nov. 15.
Judge Melds at Wilmington, Del., has entered an order in the United
States District Court,fixing Nov. 15, for trial of the United States Government anti-trust suit against the Radio Corp. of American and 13 other
corporations. Trial was originally fixed for Oct. 10, but was postponed
by Judge Nields.-V. 135, p. 2495.
-Receivership
. .
Penn. Central Light & Power Co.-Exch.arning. 'Rockland (N. Y.) Light & Power Co.
Suit Withdrawn.
-
Recent efforts on the part of individuals to have Philadelphia holders of
this company's $2.80 series preferred stock exchange their shares for bonds
of the company or for other securities has been without th'e authorization
of the corporation, according to President J. H. Shearer, who issued the
following statement on Oct. 18:
"It has been called to our attention that our preferred shareholders have
been approached by an individual or individuals purporting to represent
this company and making suggestions with reference to exchange of our
preferred stock for other securities of our company.
"This is to advise all holders of our securities that we have not authorized
-V. 135, P. 1492.
any one to make representations of this kind."
-Earnings.
Pennsylvania Gas & Electric Co.
For income statement for 12 months ended Sept. 30 see "Earnings De-V. 135. p. 2176.
partment" on a preceding page.
-Increases Capital.
----Pennsylvania Water & Power Co.
The stockholders, on Oct. 14, voted to increase the authorized capital
stock from 540.000 shares to 640,000 shares, without par value, the increase
to be effected by the authorization oil00.000 shares of$5 pref. stock. This
action places the company in a position to issue additional shares when
-V.135, p. 1329.
It deems it advisable to do so.
-Earnings.
Peoples Gas Light & Coke Co.
For Income statement for three and 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
)itmes Simpson, Chairman, in a letter to stockholders says:
During the first nine months of 1932, the general customers of the company used 69-100 of 1% less gas than during the corresponding period In
1931.
Due to rate reductions, the company received approximately 11,400.000
less for the gas sold in the first nine months of 1932 than it would have
received at the rates effective during the corresponding period in 1931.
During the current quarter, $20.000.000 1st and ref. mtge. 6% gold
bonds, series C. dated June 1 1932, and maturing on June 1 1957, were
30
sold and the 115.000.000 of 3 % gold notes which matured on Julyhas
1932, were paid by the company. Since Sept. 30 1932, the companythat
loan of 13,150.000 appearing on its balance sheet as of
paid a bank
date. Neither the company nor any of its subsidiaries now has any bank
loans. The $2,000,000 4 % serial gold notes due Feb. 11933. have been
After the redempcalled by the company for redemption on Nov. 10 1932. no security
tion of the serial gold notes referred to, there will be serielal gold issues
notes
1934, when another 12,000,000
maturing until Feb. 1
will be d ue.
ve Aug. 1 1932. pay reductions affecting all officers and salaried
Effecti
employees were made. The payment of the bank loan and the recemption
will bring about a substantial
of the serial gold notes above referred to
Following a motion made by the company to dismiss his complaint.
Del Gungo °Jere, a small stockholder, without waiting for a decision bY
the court, has withdrawn his application for appointment of a receiver.
Although the plaintiff has the privilege of amending his complaint, the company states that Mr. Giera's claims are without merit and affirms Its complete confidence in the ultimate favorable result to the company of any
litigation he sees fit to bring by an amended complaint or otherwise.
The banker's circular issued in connection with the offering of $1,200,000
additional 1st ref. mtge. 435% gold bonds. Series A affords the following:
,
Capitalization (to be outstanding upon completion of present financing)
1st mtge. 5% bonds. due Nov. 1 1938 (closed)
$848,000
1st ref. Mtge.4 M % bonds, Series A. due May 1 1958 (incl. this
issue)5.700.000
Convertible 67 debenture bonds, due Sept. 1 1934
16.200
Capital stock tar 110)
•
13.530,330
* Company
paying dividends on the capital stock at the rate of 8%
per annum.
Consolidated Earnings of Company et Subsidiaries.
-12 dos. End. Dec. 31- 12 fos. End.
31. Aug. 31
•
Gross revenue
$3.449.298
$3.665.577 13,653,429
Oper. expa., maint. & taxes
1.722.4:19
1.824,576
1.797,739
Net earnings (before depreciation). $1.726.859 11.841,001 11,855,69
Annual interest requirement on total
funded debt (incl. this issue)
$299.872
Balance Sheet (Company & Subsidiaries) As of Aug. 31 1932.
After giving effect to financing mentioned in V. 135, P. 2656)
AssetsLiabilities
$22,705.965 Capital stock
Plant & equipment
113,530,330
26,438 Premiums on capital stook _ . 473,574
Investments
_
645.592 1st mtge. 5's. 1938
Cash
848.000
512,322 1st ref. mtge. 43.ls
Accounts receivable
5,700.000
75.606 Convertible (1% debentures__
Prepaid accounts
16,200
269.142 Notes payable
supplies
Materials &
1,315.000
5.275 Accounts payable
Other current assets
.
Debt discount & expense-441,610 Customers' deposits
113.169 "
Other unadjusted debits
398,800 Accrued liabilities
412.583
Depreciation reserves
1,443,422
Other reserves
109.409
Advs.for overhead extensions
7.175
Profit & loss
1,068.011
,Total
$25,080,750
dee also V 135, p. 2655.
Total
$25,080,750
Volume 135
Financial Chronicle
Salem Electric Lighting Co.
-Rates Decreased.
This company and the City Council of Salem, Mass., have agreed on
new electric rates, providing for a reduction of one cent a kilowatt hour
In residential and % cent in commercial lighting, and have submitted the
new schedule to the Massachusetts Department of Public Utilities for
approval.
-V. 121, p. 2158.
San Diego Consolidated Gas & Electric Co.
-Earnings.
For income statement for 12 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V.135, p. 2177, 1825, 1493.
San Joaquin Light & Power Corp.
-Earnings.
-
Wisconsin Public Service Corp.
-Earnings.
-
For income statement for eight months ended Aug. 31 see "Earnings
Department" on a preceding page.
a Current assets as of Aug. 31 1932, were $3,482,164 and current liabilities
were $2,551,065 against $3,350.960 and $2,749,482 respectively, on Aug.31
1931.-V. 135, p. 2339.
For income statement for 12 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V. 135. p. 2177.
Wisconsin Valley Electric Co.
-Earnings.
-
For income statement for 12 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V. 135. p. 2177.
Seaboard Public Service Co.
-Preferred Stockholders'
Protective Committee Urges Deposit of Stocks.- •
F. The committee for the $6 non-par preferred stock and $3.25 non-par
preferred stock (Edward L. McBride, Chairman) has issued a letter to
the holders of these stocks urging them to deposit their stocks with the
committee's depositary. Bank of New York & Trust Co., 48 Wall St.,
New York. The letter further says:
"Developments to date point strongly toward an early adoption of some
plan of reorganization. Sooner or later, it will be incumbent on you either
to deposit, if you are to benefit in any plan of reorganization, or abandon
your certificate of stock as worthless. Benefits are likely to accrue to the
deposited stock only.
Os "This committee has developed a tentative plan which is receiving consideration by banking Interests capable of underwriting its requirements.
Another plan is actively under the scrutiny of the bank creditors and may
be brought to a head any day now. If you deposit now you can be definitely
helpful (and in your own behalf) toward giving this committee the force
necessary to impress its views regarding the treatment of Seaboard preferred stock in the various plans now being developed.
"Over one-third of the Seaboard preferred stockholders have already
deposited their holdings with the committee and we will welcome an early
response from you and all other holders.
"Stockholders are given until Nov. 10 1932, to deposit, after which time
the commitee reserves the right to accept deposits only in its uncontrolled
discretion."
-V. 135, p. 2339.
INDUSTRIAL AND MISCELLANEOUS.
Price of Refined Sugar Advanced.
-Pennsylvania, Godchaux, Henderson
and Revere Sugar Refineries have advanced the price of refined sugar
-Philadelphia "Financial Journal," Oct. 14.
10 points to 4.25 cents a pound.
p.6.
Job Printers Vote Against Wage Cut.
-By a vote of 4,366 to 2,894
of Typographical Union No. 6 voted to reject the proposal of the members
Printers'
League Section of the New York Employing Printers' Association for a new
wage agreement. The second question whether the union would favor a
strike rather than to accept the employers' proposal, failed to receive the
required three-fourths vote and was lost. The vote on this question was
,
3,522 for a strike and 2,834 against
.-N. Y."Times, Oct. 21, p. 2.
'
Rail Prices Slashed; Steel Men Prepare for a Buying Rush.
-In the hope of
Inducing the railroads to place orders which have been long deferred the
principal steel producers announced that the price for standard steel rails
had been reduced to $40 a ton from the $43 figure, which had been in
effect since Oct. 1922.-N. Y. "Times," Oct. 21, p. 1.
Matters Covered in the "Chronicle." of Oct. 15.-(a) Lead price again lowered as buying dries up-Zinc and tin prices easier, p. 2578:(b) Receivers
named for S. W.Straus & Co.
-Restraining order issued enjoining company
from further sales of securities, p. 2587.
Shawinigan Water & Power Co.
-Reduces Dividend.
The directors on Oct. 18 declared a dividend on the no par
common shares of 12 cents per share for the quarter ended
Sept. 30, payable Nov. 15 to holders of record Oct. 21,
and a dividend of 13 cents per share for the quarter ending
Dec. 31, payable Feb. 15 to holders of record Jan. 21 1933.
Previously the dividend rate had been 25 cents per share
quarterly.
The earnings of the company for the nine months' period
ended Sept. 30, it was announced, have been sufficient to
pay the dividends declared for the whole of the 12 months'
period ending Dec. 31.
Distributions of 25 cents per share were made on May 16 and Aug. 15
last, compared with 50 cents per share on Jan. 11 1932 and Oct. 10 1931
and 624 cents per share each quarter from January 1930 to and incl.
July 1931.
Earnings., income statement for 9 months ended
For
2833
"Tentative negotiations between the City of Winnipeg and the Winnipeg
Electric Co.for the purchase by the municipality of the latter corporation's
Interests have been resumed.
"A year ago, when the negotiations were approached, President Edward
Anderson named $24,000,000 as a sum on which considerations might be
based. The amount of $14,000,000 was named for some portion of the
company's assets, not including tram interests.
'There is active competition between the company and the city in hydro
business, but the tram is a monopoly, based upon a five years' franchise,
at the expiration of which the city, by giving six months' notice, may
acquire the property at its going value."
-V. 134. p. 2911.
Aero Underwriters Corp.
-Pays $2.50 Liquidating Div.
-
The company on July 18 last paid to stockholders of record July 12 a
liquidating dividend of $2.50 per share. On March 15 1932 an initial
liquidating disbursement of $11 per share was made.
-V. 134, p. 2150.
Allegheny Steel Co.
-New Development.
-
President Harry E. Sheldon has announced a metallurgical development
which permits ordinary carbon steel to be armor clad with stainless steel.
The new material can be produced at one-half the cost of solid stainless
steel and will vastly expand the applicability of corrosion resisting metals,
Mr. Sheldon stated.
-V. 135. P. 988.
Alpha Portland Cement Co.
-Earnings.
-
For income statement for 12 morths ended Sept. 30 see "Earnings Department" on a preceding page.
The balance sheet as of Sept. 30 1932 shows total assets of $27,533.748,
comparing with $30,201.910 on Sept. 30 1931. and surplus (including
$5,648,500 arising from reduction of stated value of common stock in 1931
of $5.948.459 against $2,694,547. Current assets, including $5.469.01
cash and marketable securities, amounted to 57.901,548, and current liabilities were $306.860 on Sept. 30 last, comparing with cash and marketable
securities of $6,609,331. current assets of $9.591.204 and current liabilities
of $597,613 on Sept. 30 1931.-V. 135, p. 632.
Sept. 30 see "Earnings Department" on a
'American Book Co.
-Reduces Dividend.
page.
0. Smith, Vice-President and Managing Director of the comA quarterly dividend of $1 per share has been declared on the common
pany.
pany in a letter to shareholders, stated that further economies had been
stock, payable Oct. 22 to holders of record Oct. 18. Previously, the company
made in operating expenses, the nine months' statement showing a saving
.
made regular quarterly payments of $1.75 per share on this issue.
-V.125.
over the previous year of $298,747. Fixed charges during the third quarter
P. 3352.
showed an increase of $96.788, representing interest on the five-year 6%
notes. The decrease In expenses,-he explained, does not show to the full
American Colortype Co.
-To Change Par of Common.
extent the reductions made, being partially offset by an Increase in the
The stockholders will vote Oct. 26 on changing the par value of the
municipal taxes. The attention of shareholders was further called to the
common stock from no par to $10 per share, each present share to be exlarge item of United States Exchange, which has been a heavy burden on
changeable for one new share.
the company during the current year. Because of the discount on the
Per.End.Sept.301932-3 Mos.-1931.
1932-9 Mos.-1931.
Catialian dollar, the statement shows a charge of $579.004 for the purchase
Sales
$1.175,652 $1,562,881 $4,257,363 $5,933.007
of United States Exchange, compared with only $50.000 for this purpose
-V.135, P. 988.
in the corresponding period last year. Referring to new electric boiler
plants which have recently been put into operation. Mr. Smith stated that
American & Continental Corp.
-Tenders.
"these electric steam boiler contracts will compensate, to some extent, for
The corporation proposes to invite tenders for the sale to it of at least
other losses of income, but the benefit from these new secondary power
$1.000.000 principal amount of its 5% 15
-year gold debentures due 1943,
contracts is not reflected to any large extent in the income for the third
at a price of 65% and accrued interest, and the corporation proposes to send
Quarter. -V. 135, p. 1826.
Immediate notice to that effect to its debenture holders.
-V. 135. p. 632.
Sioux City Gas & Electric Co.
-Earnings.- ,
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 2177. 1331. 631.
Southern California Edison Co., Ltd.
-New Pres., &c.
Harry J. Bauer, has been named Chairman of the board and George 0.
Ward as President,filling vacancies caused by the death oftheformer Chairman, John B. Miller, in April and by the death of the former Pregident,
Russell H. Ballard, in August.
-V. 135, p. 1826.
American Encaustic Tiling Co., Ltd.
-Bonds Not
Authorized.
We have been informed that the stockholders at the adjourned meeting
held on July 26 last did not approve the issuance of the proposed issue of
$1.000,000 6% coupon gold bonds to mature July 1 1942 (see V. 134,
p. 4495).-V. 135. p. 988.
American Hide & Leather Co.
-Earnings.
-
"----Swiss-American Electric Co. (of Zurich), Switzerland.
-Defers Preferred Dividend.
-
For income statement for 12 weeks ended Sept. 17 see "Earnings Department" on a preceding page.
-V. 135. P. 1332.
The directors have voted to defer the semi-annual dividend due Nov. 1
on the $6 cum. pref. stock. From Nov. 1 1928 to and incl. May 2 1932.
the company made regular semi-annual distributions of $3 per share on
-V. 131. p. 116.
this Issue.
The company is resuming operations at its Bayonne, N. J., plant.It was
announced on Oct. 14. Between 1.000 and 1.500 men will be re-employed
and it is likely the plant:will operate five days a week with two shifts a day.
Within the past few days operations have been resumed at the company's
malleable iron plant at Buffalo, N. Y., where 250 men have returned to
work on a five-day week.
-V. 134, p. 4495.
Tennessee Electric Power Co.
-Buses to Replace Trolley
Cars.
The company will be ready to substitute bus service for street cars on four
of its routes within the next nionth, according to E. D. Reed, district
manager. It has been estimated that the company will spend between
$75,000 and $100,000 in making the change-over.
The agreements made at the board meeting between the city of Nashville
and the company for bus service instead of street car service, has been approved by the Tennessee RR. & P.
-U. Commission. The new agreements
Permit the company to abandon street railway operations on the West 6th
St., Willow St. Alton Park and St. Elmo lines and substitute bus service.
also stipulate that the fare shall not exceed 7 cents.
The bus ordinances
135, p. 2339.
Twin City Rapid Transit Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30'see "Earnings
Department" on a preceding page.
-V. 135, p. 2177.
-Earnings.
Union Water Service Co.
-For income statement for 12 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V. 135, p. 1996.
United Gas Corp.-Earnings.
For income statement for 12 months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V. 135. P. 1996.
""Washington & Canonsburg Ry.-Principal on Bonds
Not Paid.-
The $387,000 1st mortgage Si. due July 1 1932. were not paid at maturity.
On June 17 a letter was mailed to all bondholders advising them of laclç of
funds to pay maturing bonds and requesting bonds be sent to the Union
Trust of Pittsburgh with authorization to register and accept and remit
interest thereon semi-annually at 5%.
The $125,000 Washington Electric St. Ry. lit mortgage Si which
-V. 116. P. 411.
matured Feb. 1 1927 have been treated in like manner.
-Negotiations for Sale Resumed.
Winnipeg Electric Co.
The New York "Journal of Commerce," in a dispatch from Winnipeg.
Canada, says:
American Radiator Co.
-Reopens Plants.
-
American Rolling Mill Co.
-Suit Charges Violation of
Anti-trust Laws.
The Tulsa Rolling Mills filed suit Oct. 13 in the Federal District Court
at Tulsa, Okla., against the Sheffield Steel Corp. of Kansas City, and
American Rolling Mill Co., the parent company, charging violation of
the anti-trust laws and seeks $3,000,000 Judgment. It is charged the
defendants in 1930 entered a conspiracy to prevent the Tulsa Rolling
Mills from obtaining any market for its products. The plaintiff company
was placed in receivership by Federal Court in November 1930.-V. 135,
P. 1494.
American Shipbuilding Co.
-No Action Taken on
Preferred Dividend.
-
It was recently announced that no action has been
dividend normally payable about Nov. I on the 7%taken on the quarterly
non-cum. pref.
Par $100. The last regular quarterly disbursement of 13% was stock.
made
on this issue on Aug. 1 1932. In connection with this action, President
W. H. Gerhauser, in the company's annual report for the
fiscal year ended
June 30 1932 stated: "Dividends on the 7% non-cum. pref. stock
been paid during the past year out of funds applicable to pref. have
stock.
which were accumulated in past years in which pref. dividends
were not
paid. As these funds are practically exhausted,
no further dividends
can be paid on the pref. stock until earned.'
On Aug. 24 last the directors declared
of 50c. per'share on
the common stock, no par value, payable a dividendholders of record Oct.
Nov. 1 to
15, out of surplus for prior years. A similar payment was made on the
common stock on Aug. 1 last, as compared with 75c. per share on
May 2
1932 and $1.25 per share each quarter from Aug. 1 1930 to and
including
Feb. 1
• V. 135, P. 2657.
"'American Stores Co., Phila.-50c. Extra Dividend.
The directors have
declared an extra
Dec. 1 to holders of record Nov. 12, anddividend of 50c. a share, payable
the regular quarterly dividend of
50c. a share, payable Jan. 2 1933 to holders of record Dec. 13 1932. On
Dec. 1 of each year from 1926 to and incl. 1931. the company also made an
extra distribution of 50c. a share. while on Dec. 1 1925 an extra payment of
40c. a share was made.
-V. 135, P. 2657.
Financial Chronicle
2834
-Employees' Stock Plan Contested.
American Tobacco Co.
The U. S. Supreme Court has granted Richard Reid Rogers a review of
a lower court decision upholding the legality of the company's employees'
stock subscription plan. The petitioner, a holder of 200 shares of common
and 400 shares of the common B stock,sought to Invalidate the plan, which,
he contended, provided for the sale to employees and directors of the company of 312,968 shares of the common B stock at $25 a share when the current market value of the stock was 1112.-V. 135. p. 1656.
-To Change Par.
American Type Founders Co.
The stockholders will vote Nov. 10, on changing the par value of the
common stock from 1100 per share to no par value, each present share to be
-V.135.13• 1333.
exchangeable for one new share.
Oct. 22 1932
Balance Sheet June 30 1932.
LioletulUesAssets
$87.027 Accounts payable
Cash
55,665 Federal income tax. 1931
Accounts receivable
125,367 Dividends pay. Aug. 1 1932Inventories
Demand loans (collateralized)- 175,034 Accrued officers' commissions
and bonus
Due from directors, officers dc
12,512 Accrued Federal tax 1932
employees
3,547 Cum.cony, pref.stock
Prepaid insurance, &43
Common stock
Land, bldgs. & equip% after
583.465 Surplus
depreciation
1,108
Patents and trademarks
$19,370
18,625
7,000
26,682
14,500
20,000
320,000
617.547
-Earnings.
American, Zinc, Lead & Smelting Co.
11,043,724
Total
$1.043.725
Total
The Chicago Stock Exchange on Oct. 10 authorized the listing of 384.000
shares of common stock of $1 par value. Public offering of a block of this
-V.135, p. 1827.
company's stock is expected to be made in the near future.
-To Retire Preferred Shares.
Apponaug Co.
-Denies NoteAssociated Simmons Hardware Cos.
holders' Charges.
For income statement for three months ended Sept. 30 see "Earnings
-V. 135. p. 2178.
Department" on a preceding page.
All of the outstanding $370.500 63 % cum. pref. stock has been called
for payment Dec. 1 at 110 and divs.-V. 135, p. 1826.
Armour & Co. (Del.).-New Director.-
James R. Leavell, President of the Continental Illinois National Bank,
its subhas been elected a director of Armour & Co. of Delaware and member
sidiary, the North American Provision Co. He was also elected
of finance committees of both companies.
Mr. Leavell is not a member of the board of directors of Armour & Co.
of Illinois, the parent company. Arthur Reynolds, former Chairman of
the board of Continental Illinois Bank & Trust Co. is a director of Armour
-V. 122, p. 1614.
& Co. of Illinois.
-To Decrease Capital, &c'
-----...Armstrong Cork Co.
The stockholders will vote Dec. 14 on* authorizing the reduction of the
capital stock from 1,554,816 shares of common capital stock, no par value,
to 1,524,693 shares of common capital stock, no par value and on reducing
the stated capital from $7,774. 80 to $7,623,465. This action, if approved,
-V.135. P. 1333.
will create a small capital surplus.
---'-Earnings.
Arnold Print Works.
1929.
1930.
1931.
Years End. June 301932.
-ConOperating income
verting,engraving,&c.,
less allowances
$4,294,425 15,471,809 $5,062,439 $4,823,011
4,077,788
4,418,853
4,914,519
Oper. costa & sell. exps_ 4,091,247
Operating profit
Other income (net)
$203,177
4,735
1557.290
5,946
$643,586
9,923
$745,223
16,305
Total income
Int. on bonds & taxes
paid at sources
Fed.& State taxes accr'd
Other charges
$207,912
$563,236
1653,508
$ 761,527
134,159
11,561
145,000
49,070
52.178
150,589
54,264
151,645
73,961
$62,192
$316,988
$448,655
$535,922
Bal,of profit available
for divs. & skg. fds_
Earns. per sh. on 100,000
shs. corn. stk.(no par)
Charges that the 110,000,000 in gold notes sold in 1923 were floated to
retire an earlier issue then in default, and that the default was concealed
from investors to whom the 1923 issue was offered, was denied Oct. 12
by Walter W. Smith, President of the First National Bank in St. Louis.
trustee under the indenture under which the latter Issue was sold to the public by the First National Bank and the Chase National Bank or New York,
co-trustee.
Mr. Smith stated there "is not a word of truth in the allegations." He
said interest on the bonds, due last Oct. 1, had been paid. the Simmons
companies were in unusually good condition at the time the gold notes were
issued, and that the bank would not issue notes for a concern when that
concern had defaulted in other issues.
The charges were made in an amended petition filed in the Circuit Court
at St. Louis, Mo.. In a receivership suit filed against the orgarization by
Leopold Block of Chicago, holder of one of the notes of $500 denomination.
The new petition renews the application for the appointment of a receiver
to foreclose for the benefit of the noteholders. and that the two banks be
removed as trustees.
The new petition repeats allegations contained in the original petition
that the trustees improperly used their position for their own gain to the
disadvantage of stockholders, and asks an accounting be had of transactions between the trustees and the companies. An accounting is also
asked of the individual officers of the Simmons companies, who are named
-V. 134. p. 4496.
as defendants.
--Earnings.
Atlantic Refining Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 135, p. 1494.
Department" on a preceding page.
Austin Motor Co., Ltd. London, England.-
to
the
The directors are reported to be considering a proposalby areplace
debenture
of the company
,
present 635% 1st mtge. debenture stock of exchange.
-V.135, p. 2179.
interest through an offer
,:sue bearing 5%
-New Chairman of Board.
Aviation Corp. (Del.).
Robert Lehman, Chairman of the executive committee, has been elected
Chairman of the board to replace W. A. Harriman. resigned, who recently
Mr.
accepted the post of Chairman of the board of the Union Pacific RR. comHarriman will continue as a director and member of the executive
the Aviation Corp.
mittee of
by
Mr. Lehman was succeeded as Chairman of the executive committee
Sherman M.Fairchild,
and other interests are also represented on the board,
The Cord Corp.
-V. 135. P. 2657.
it was stated.
$3.84
$2.98
Nil
$1.71
Balance Sheet June 30.
1932.
1931.
L1o141dies1931.
1932.
Assets$186,486 $381,964 Accounts payable.. 894.321 $143,281
Cash
515,622 Accrued interest.
Accts.& notes reo_ 282,890
taxes and Pay474,248
661,909
Inventories
121,825
201,785
roll
107,899
71,385
Investments
-Receivership.
794 Bonds, lot mort55,089
.""Atlanta Baseball & Amusement Corp. the owners of Accrued interest-the
2,225,000 2,350,000
210,000 gage, 1941
Debent. investml 211.556
Bobby Jones, the former golf champion and one of
of the Southern Association, was appointed its
Participating PreReal estate, maAtlanta Baseball Club
ferred stock_ _ _ _ 1,780,900 1,837,650
temporary receiver Oct. 19 by Superior Judge E. E. Pomeroy at Atlanta.
chinery, equip.,
21,000
51,600
copper rollers_ _ 7,162,013 7,152.719 Preferred stock
Ga. Receivership proceedings were brought by the Trust Co. of Georgia
175,000
175,000
77,399 2d pref. stock_ _
Sundry adv. pay
as trustee for the bonds of the Atlanta Baseball & Amusement Corp.,
27.774 Common stock and
25,826
Patented processes
owners of the "Crackers." The petition alleged that security for the bonds
x4,239,154 4,189.105
surplus
67
Deferred charges
include all physical property, the club franchise in the Southern Association and all player contracts.
$8,657,201 $8,948,421
Total
$8,657,201 $8,948,421
It was further declared the Amusement corporation has defaulted more
Total
-V. 135, p. 821.
x Represented by 100.000 (no par shares.
than 30 days in its interest payment and that under the terms of the indenture all bonds outstanding, amounting to $300,000, with interest, should
-$1 Preferred Dividend.
Artloom Corp.
be declared in default and foreclosed.
A dividend of 11 per share has been declared on the 7% cum. pref. stock,
-Earnings.
Barker Bros. Corp.
$100, payable Nov. 18 to holders of record Nov. 1. A similar distribupar
prior to which regular quarterly payments
For income statement for nine months ended Sept. 30 see "Earnings
tion was made on March 1 last,
-V. 135. p. 2657.
Department" on a preceding page.
of $1.75 per share were made on this issue.
Earnings.
"Earnings
For income statement for 3 and 9 months ended Sept. 30 see
Department" on a preceding page.
shows company to be in very
'The balance sheet as of Sept. 30 1932
compare with
totaling
strong financial position. Current assets of about$1.930,034U. S. Govern47
current liabilities of only $40,302. a ratio alone totalto 1.
$995,433. The corment. municipal and utility bonds at cost
at a
poration also holds in its treasury 2,872 shares of its own pref. stock
cost figure of 1167,809.-V. 135, p. 821.
Bayuk Cigars, Inc.-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 135. p. 632.
Department" on a preceding page.
-Earnings.
Beech-Nut Packing Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 135. p. 822.
Department- on a preceding page.
Belvidere Apartments, Cincinnati.-Reorg. Plan.
The first mortgage bondholders' committee dated Nov. 4 1931, has
Apparel Industries, Inc.-Dismissed. that • formulated and adopted a plan for the reorganization of the financial
Associated
asking
The petition filed in the U. S. District Court at Chicago that allegastructure of the Belvidere Apartments on behalf of the holders of the
on grounds
1
,
company be adjudged bankrupt has been dismissed proved by counsel for
$1,125,000 63 % first mortga_ge bonds dated Nov. 16 1925.
were not
-The Belvidere Apartments is an 11 story
tions that the company was bankrupt
Description of Property.
-V. 135, p. 1333.
petitioners.
reinforced concrete unfurnished apartment structure located on ground
by 203 feet on Rose Hill Ave.,
which fronts 171
Offered.-Ewart & Cincinnati, Ohio. feet on Reading Road apartments of seven rooms and
-Stock
Building contains 10
Asbestos Mfg. Co. (Ind.).
Cleveland & Co., three baths; 30 apartments of six rooms and three baths; 20 apartments of •
Bond., Inc., New York, and Paul W.
five rooms and two baths; 10 apartments of five rooms and one bath;
Inc., Chicago, are offering 100,000 shares of common stook. 11 apartments of four rooms and one bath, and one apartment of three
Exchange, rooms and one bath, in addition to a spacious lobby and lounge on the first
The stock, which is listed on the Chicago Stock
The building is served by four high-speed elevators.
-Default was made in the payment of the
is priced at approximately $6 per share. This does not floor.
Financial Position of Property.
represent new financing for the company. A bankers' semi-annual interest and annual principal payments due on the bonds on
Nov. 16 1931, and the committee was formed and all holders of the first
circular shows:
mortgage bonds were requested to deposit their bonds with the depositary.
-Continental Illinois Bank & Trust Co., Chicago, and
Transfer Agents
Straus National Bank & Trust Co.. Chicago. At the present time, 84%
&
deposited.
Union Guardian Trust Co., Detroit. Registrars-First 'Union Trust of
in principal amount of the outstanding bonds have been been
1932 have
Savings Bank, Chicago, and Guardian National Bank of Commerce
All taxes which have become due to Oct. 10Apartments was paid.
surrendered
Detroit.
On Oct.27 1931, possession of the Belvideremortgage
-Incorporated in Indiana in 1925. Products include autoCompany.
to Melvin L. Straus, as trustee for the first that time bondholders. The
have been applied.
mobile brake lining, clutch rings and facings for both passenger cars and
proceeds of the operation of the property since
trucks, and similar equipment for oil well machinery,cranes,steam shovels.
or are being held for the benefit of the first mortgage bondholders, and the
on their behalf.
dredges, elevators, hoists, tractors, &c. Among the company's original
amounts presently held for the bondholders will be utilizedproperty for the
of the
equipment purchasers are several outstanding motor car manufacturers.
According to an audited report of the operation of income and expense,
1932 on the bash' of an accrual
volume of the company's business is made up of replacement
A substantial
first six months of
taxes
equipment for both automotive and general industrial products. In the
the building earned $39.443 for the period, before estimated current
replacement field the company supplies under contract such well-known
of $11,345.
Montgomery Ward & Co., and L. J.
corporation will be organized in Ohio. If acquired
-A new
institutions as Sears, Roebuck & Co.,
New Company.
be conveyed to
Miley & Co.. of Chicago.
at the foreclosure sale, title to the property so acquired will
The factories of the company are located at Huntington, Ind. The buildthe new company.
-100% of the capital stock of
at the present time
ings are of modern brick construction, and provide
Entire Ownership to Depositing Bondholders.
depositing first
approximately 90.000 square feet of floor space. There are no mortgages
this new company will then be issued for the benefit of the
will
against any of the plants or land owned by the company.
mortgage bondholders. In order that the widely-scattered bondholders
a centralized superOutstanding.
Authorized.
be in position to benefit from unity of control and haveplaced in trust and
Capitalization.property, all the capital stock will be
20,000 shs. 20,000 shs.
vision of the
$1.40 cum.cony. pref.stock ($1 par)
first
*400.000 shs. 320,000 shs.
trust certificates therefor will be issued pro rata to the depositing
Common stock ($1 par)
mortgage bondholders.
•80,000 shares reserved for conversion of preferred stock. its inception.
under the control of three trustees, all of whom will be
The trust will ne
-Company has shown a substantial profit since
the trust
Earnings.
designated by the committee to act on behalf of the holders ofIt may be
depreciation and
but
For the first six months of 1932 the net income after
certificates. The trust will endure for a period of 16 years, of 66
2-3 o in
Federal taxes was in excess of 190.000.
or by the holders
terminated by a majority of the trustees
net earnings of the company
in amount o the
For the four years ending Dec. 31 1931, the
principal amount of the trust certificates and 66 2-3%officer, director or
Any member of the committee, or any
were as follows;
income bonds.
1928.
1929.
1930.
1931.
capacity
in
employee of S. W. Straus & Co. or the depositary may serve of the trustees
the
Income bet. deprec..
of a trustee. The expenses and reasonable compensation
$197,611
1283,722
$429,173
$364,151
Federal tax
company.
&
will be paid by the new
holders of
Deprec., int. & Federal
When the reorganization has been declared operative, the
52,688
56,889
84,965
80,889
deposit same
income tax
present first mortgage bonds in the amount of 11,000 who share of the
144.923
226,833
344.208
283,262
for one
Net earnings
pursuant to the plan will receive a trust certificate
being
1>ividend3.-Regu1ar annual dividends of 50 cents per share are
capital stock of the new company.
-J.
Dividends are payable Q.
paid on the common shares.
Volume 135
Financial Chronicle
.-New company shall be authorized to
New First Mortgage Income Bonds
ssue5% cumulative 15 year sinking fund first mortgage income bonds in an
amount sufficient to provide for the delivery of such new bonds for 50%
of the face amount of the present first mortgage bonds deposited with the
depositary pursuant to this plan.
The new bonds shall be entitled to interest at the rate of 5% per annum,
provided the interest is earned by the new company, after the discharge a
any unpaid expenses of reorganization and foreclosure. The new bonds ashll
be registered, and shall not have coupons attached. The new bonds shall
be subject to redemption at par and accrued interest. In the event that
the net income of the property for any semi-annual period shall be insufficient to pay interest at the rate of 5% per annum for such period, then the
amount earned shall be distributed to the holders of the new bonds and the
deficiency between the amount distributed and the 5% shall accumulate
for later payment. Such accumulation shall be payable out of the net
income of the new company for subsequent periods before any portion of
the income is used to retire the new bonds. The trust deed securing the new
bonds shall constitute a first lien on all the mortgaged property.
-Non-depositing bondholders are only
Non-Assenting Bondholders.
entitled to their proportionate share of the foreclosure price funds held by
the depositary under the present trust deed and accrued income minus
their proportionate share of the foreclosure expenses.
-Charles C. Irwin, Chairman, Frederick W. Straus, J. C.
Committee.
Wright, M. A. Rosenthal and N. H. Oglesbee.
Beneficial Industrial Loan Corp.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see 'Earnings Department" on a preceding page.
-V. 135, p. 822: V. 134, p. 3464: V. 133.
p. 3466, 2270. 803.
'Bethlehem Steel Corp.-iierztettemrhe stockholders of the Seneca Iron & Steel 0)., On
Oct. 14 approved
ns for a mger with the Bethlehem Steel Cor
merger
Legal details will delay
actual consununation of the merger until abdut ov. 1. (See also V. 135.
p. 2498).-V. 135. p. 2658.
p
Bond & Mortgage Guarantee Co.
-Smaller Dividend:
-
A quarterly dividend of 50 cents per share has been declared on the capital
stock, par $20, payable Nov. 15 to holders of record Nov.5. A distribution
of 80 cents per share was made on Aug. 15 last, as against $1.25 each quarter from May 15 1929 to and incl. May 14 1932.-V. 135, p. 822.
Booth Fisheries Co.
-Files in Bankruptcy.
-
A voluntary petition in bankruptcy for the company was filed in the
D. S. District Court at Wilmington, Del., Oct. 17. The petition was
presented by Harry K. Hoch. a Wilmington attorney. Schedules will
be filed shortly.
The petition was filed, it was stated, as a result of the meeting of the
board of directors on Oct. 15, when a motion to that effect was adopted.
The petition was brief and merely stated that the company was unable
-V. 134. p. 3640.
to meet its maturing obligations.
Bourne Mills, Fall River.
-To Sell Portion of Properties.
-
The stockholders will vote Oct. 27 on authorizing the directors to take
such action as may be deemed expedient relative to the sale and conveyance
of real estate belonging to the corporation.
-V. 133. p. 3096.
Bowman-Biltmore Hotels Corp.
-Earnings.
--
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 2658.
',,Brandon Corp., Granville, S. C.-Resumes Dividend.
'
dividend
of $3.50 per share has been declared on the 7% pref. stock,
A
payable Nov. 1.
The last regular semi-annual distribution on this issue amounting to
$3.50 per share, was made in Jan. 1930.-V. 130, p. 4612.
British American Oil Co., Ltd.
-Proposed Financing.
-
The shareholders will vote .Oct. 31 on authorizing the directors at
discretion to create and issue $5,000.000 6% cony, sinking fund their
gold
debentures maturing 1945. It is intended that the proceeds of the issue,
if made, will be used to capitalioe the expenditures made in 1931 and this
year in connection with the new refinery at Montreal, Que., the purchase of
oil tankers for the movement of crude oil and finished products, the establishment of bulk stroage plants at various lake and river ports, and (or)
other corporate purposes.
The new issue would have equal rank with debentures issued in 1930, of
which $4,792,500 were outstanding at the end of 1931, and will mature on
the same date. March 1 1945. It is understood the debentures will carry
a conversion clause at the holder's option on a basis to be announced later.
Arrangements have been made tentatively for the offering through a
Canadian group.
-V. 134, p. 2152.
Brown &
Capacity.
-
2835
Williamson
Tobacco
Co.
-Operating at
Business of the British-American Tobacco Co., Ltd. in America is
"very satisfactory," Sir Hugo Cunliffe-Owen, Chairman, declared after.a
'
visit to the Brown & Williamson Tobacco Corp., a subsidiary.
mg
"The Louisville plants are operating at capacity. 24
he
said. "Sales of 'Wings,' the company's entrant in the hours a day,"for
20 cigarettes
10
-cent field, are gaining rapdily. This brand has been on the market for
only five months, but is, we believe, strongly challenging the older
brands
In the 10
-cent field.'
Raleigh cigarettes are "holding their own" competitively. but Elir Hugo
Indicated that the company's main efforts were being expended In exploiting
the cheaper cigarette.
-V. 135, p. 1167.
(E. L.) Bruce Co., Memphis).
-Earnings.-
Years End. June 30-1932.
1931.
1930.
1929.
Sales
$2,748,564 14,265,221 36.700,119 87.974.976
Net loss after all charges
599,918
1.020.047 prof385,828 prof4S6,955
The reduction of loss indicates ir part the extent of economies in
put into effect cluOrg the year, according to R. G. Bruce. Presider operation
profit. before deducting operating expenses and miscellaneoust. Gross
charges,
amounted to 390,778.
During the year the company reducld its bark loans to $665.000, or a
decrease of more than 50%. The balance sheet as of June 30 showed total
current assets of $1.701.699. against my-rent liabilitles of $757,421. Total
assets amounted to $5.294,421.
"Despite our loss, our position at the p”osert time is more favorable thar
it has been in mary months," Mr. Bruce said. "We allowed 8191,320 for
plant depreciation, which is a heavy charge even during normal times.
Likewise, our decline in inventory prices estimated at 3200.000 were
the
heaviest in our experience, but this is not likely to recur since prices at the
moment are ircreasing. The same is true for our bad debts, which were
several times our normal loss. We now have our accounts insured."
Mr. Bruce said the officials are extremely optimistic for the
view of the depressed conditions ir the building industry durirgfuture In
the past
several years and ultimate r ecess'ty for their revival. Furthermore, he
added, the company is becoming less and less dependent cm this industry
and is developing new and auxiliary lines with considerable success.
"Our whole situation seems improving and my firm conviction is we have
turned the corner and our trend from now will be upward," Mr. Bruce said.
'I believe further that when anything like normal times emerge, we will,
because of our fundamental position, make some gratifying records."
-V. 134, p. 139.
Builders Exchange Building (Baltimore).-Extra -Div.
The directors have declared an extra dividend of 5%,payable
Oct. 19, to
holders of record Oct. 13.
An extra of 6% was paid on July 8 last In addition to the
regular semi
annual payment of 3%.-V. 134, P. 4497.
Burns & Co., Ltd.
-Sell Calgary Retail Markets.
-
According to an announcement made by this company, its
meat markets in Calgary have been acquired by the Sterling eight retail
Food Markets, Ltd.of Vancouver. Changing merchandising conditions, especially
In large centres, coupled with the company's desire to concentrate chiefly
on wholesale and export business, explain the company's retirement from
retail operations in Calgary ("Monetary Times" of Toronto)
.-V. 135.
p. 470.
Burroughs Adding Machine Co.-New Products.
-
The company presented the largest display of business
as the greatest number of new products, in its historymachines, as well
the
Business Show which opened at the Grand Central Palace at New National
in
York on
Oct. 17. A total of 91 individual machines were in the exhibit.
Among the new products which were shown for the first time were a new
low-priced, desk model bookkeeping machine for retail stores and small
offices, a new adding machine that subtracts as easily and as quickly as it
adds, a number of typewriters featuring a variety of type faces, carriages
of different lengths, tabulating keys, and other developments, several
new cash registering machines. and a number of advanced bookkeeping
and
typewriter-bookkeeping machine models.
'Our company has adhered to its established policy of keeping our machines abreast of busisness requirements," stated President Standish
Backus.
"and of developing new products that otter opportunities for further
economies in office procedure. During the past year we
have given especial
attention to the changing needs of business. Our new developments are
based entire'y on these needs."
-V. 135. p. 1827.
Butterfield Realty Co.
-Reorganization Plan.
-
Deficit
$50,348
Balance Sept. 30, 1932
$1.717,002
The unrealized depreciation of investments on Sept. 30 1932 was $346.925
less than on Dec. 31 1931.
Balance Sheet Sept. 30.
1932.
1931.
LtobtratesAsuts1932.
1931.
IL 8. Govt. bonds $25,679 $209,913 Accrued expenses.
8220
454,385 Dividend payable. $25,396
bonds
Other
29,175
Preferred stocks }1,975,254 {1,164,522 Reserve for con742,325
tingent taxes... 172.110
Common stocks..
148,666
36,528 Due for securities
cash in banks.-- 226,906
loaned
29,300
Divs. reedy, and
17.966
23,035 Common stock- 591,760
Interest accrued
486,250
Surplus
1,717,002 1.966,948
corp.own stk.held 264,367
Special deposits for
25,396
dividends
550
prepaid expenses..
A plan for reorganization has been prepared and adopted by a committee
comprising Frank K. Bosworth, Peter Grimm and Herbert U. Silleck.
George B. Trigg, Secretary, 120 Broadway, N. Y. City. Olin, Clark dr
Phelps,counsel, 149 Broadway, N.Y.City. Empire Trust Co.,depositary,
120 Broadway, N. Y. City.
There are outstanding at present $496,900 6% certificates
w,
tion secured by mortgage given by corporation to Americanof particiT
Trust Co.,
as trustee, covering premises 120 West 70th St., Manhattan, N. Y. City.
There are on deposit at present $319,700 certificates of participation.
The property and assets formerly owned by corporation comprise
nine-story and basement brick and steel apartment building located on the
the
southerly side of West 70th St., approximately 157 feet west of Columbus
Ave. and 345 feet east of Broadway, N. Y. City. The building has approximately 207 rooms divided into 39 apartments.
In March. 1932, the Bank of Manhattan Trust Co., as trustee, entered
Into possession of the property and has since that time collected rents and
operated the property for the benefit of all certificate holders.
Default has been made under the mortgage in the payment of the instalments of principal and interest due March 1 1931 and monthly thereafter. The interest warrants due Sept. 1 1931, March 1 1932 and Sept. 1
1932 on the certificates of participation have not been paid and such
certificates of participation as matured on Sept. 1 1931 and on Sept. of the
are still unpaid. Real estate taxes assessed against the mortgaged 1 1932
premises for the second half of 1930, amounting to $8,302; for both halves of
1931, amounting to $15,368, and for both halves of 1932, amounting to
•
$16,482, together with interest and penalties thereon, are unpaid.
Because of the existing defaults, foreclosure proceedings have been commenced in the New York Supreme Court and a decree of foreclosure has
been entered in that proceeding and the
bidder. It is possible that no sufficient bidproperty is sold to the highest
at foreclosure sale will be made
by any other prospective purchaser and unless such a bid
Is received the
committee will bid the property in for the benefit of depositors.
This plan of reorganization is conditioned upon the acquisition
of the
property by the committee.
New Company.
-A new corporation will be organized in New York.
New company will acquire the mortgaged lands and
buildings with their
appurtenances. The authorized capnotl stock of
consist of not over 4,969 shares of common stock. the new company will
Voting Trust.
-Shares of common stock issued to depositors will be
Placed
In a voting trust of not more than five years' duration.
New Mortgage.
-Committee has reasonable
the new company a new loan of $150,000, to be assurance of procuring for
secured by a lirst mortgage
on the property of the new company,
five years, to bear interest at the rate such mortgage to run lor a period of
of 5% per
amortization for the first 23i years of the loan. annum and not to require
Distribution of Cash and Voting
Certificates.
-Out of the proceeds
of any new loan and any amountsTrust by the
held
Bank of Manhattan Trust
Co. representing rent collections from the
mortgaged premises or otherwise, will be paid the compensation of the referee,
the costs of the foreclosure
proceeding, the fees and expenses of the
and the committee, the
expenses in connection with the new loantrustees organization
and the
of the new
company, back taxes, assessments and water
rents, and
may be due to the holders of certificates of participation such amountalas
who have notdeposited theirIcertificates of participation with
the depositary of the committee. The balance of these
sum for working capital of the funds, after reservation of a reasonable
new company, will be distributed to the
dej
p
as
Depositors will also receive a voting trust certificate
representing the
ownership of one share of common stock of the new
company for each $100
of certificates of participation owned and deposited
with the
depositary. All shares of stock authorized but not required committee's
to carryout
the terms of this plan are to remain unissued.
-17.136. p.2658.
$2,535,568 $2,631,259
Total
$2.535,568 $2,631,250
Total
-The aggregate value of the above investments based on market
Note.
---V. 135. P. 990.
prices at Sept. 30 1(132 was $387,955 less than cost.
The directors recently declared an initial
of 1%
on the 7% 1st pref. stock. par 210, payable quarterly dividend of reoma
Oct. 15 to holders
Sept. 30.-V. 135, p. 1334.
Broad Street Investing Co., Inc.-Earnings.-
For income statement for nine months ended Sept. 30 see "Earnings
Department' on a preceding page.
Earle Bale, Chairman of the board, says in part:
The latter Part of August corporation made an offer to the stockholders
of York Share Corp. an investment trust, to exchange its stock for the
stock of York Share Corp. on the basis of liquidating values. The plan
'
becomes operative if 66 2-3% of the stock of York Share Corp. is deposited.
The assets of York Share Corp. consist of radily marketable common stocks
so that the transaction is practically equivalent to the sale by your corporation of an additional amount of its capital stock at liquidating value.
Approximately 13% of the company's assets is represented by cash or
Its equivalent and Liberty bonds, 42% is invested in bonds or pref. stocks,
and 45% in common stocks (including the company's own stock held).
The net assets of company on Sept. 30 1932, as shown by the balance
sheet, were equal to $16.46 per share of capital stock outstanding in the
hands of the public.
Statement of Surplus Sept. 30 1932.
Capital Surplus
Balance Dec. 31 1931
Excess of cost over stated value of capital stock repurchased 32.436.498
and held by company at Dec. 31 1931
25,531
Total
$2.462,029
Loss on sale of securities to Dec. 31 1931
349,167
Adjusted balance Dec. 31 1931
$2.112,862
Arising from issuance of capital stock
11,429
Balance
32.124,291
Loss on sale of securities
356,940
Balance
31.767,350
Income Distribution Account
Balance Dec. 31 1931 (deficit)
$33,428
Net income, as per statement
61.954
Dividends on capital stock
328.526
78,874
Buywell Food Markets Ltd.
-Initial Dividend.-
Oct. 22 1932
Financial Chronicle
2836
Canadian Indemnity
Defers Dividend Action.-
Co. of
Winnipeg, Canada.
Orders Placed for Plymouth Sizes.
A total of 10,752 orders for new Plymouth Sixes have been received
from DeSoto, Dodge and Chrysler dealers in the United States alone since
the informal announcement of the forthcoming model last week by Walter P.
Chrysler, according to a statement issued on Oct. 20 by H. G. Moock,
General Sales Manager of Plymouth Motor Corp.
It is expected that production on the new Plymouth Six will begin in a
few days and that several thousand cars will be shipped before the end
of this month.
-V. 135, p. 2658.
on the capital
• The directors have deferred act'on in regard to a dividenddividend action
stock until December and announced that in the future no
will be taken until that month.
In explanation of this more it is pointed out that at one time the company's principal business was hail insurance and the liability under this
contract terminated Sept. 15 which enabled the company to approximate
earnings for the year and also to take dividend action at that time. As
the volume of hail business now written in relation to the company's general
business is negligible, the directors have decided that in future dividend
action will be considered in December. Last year 6% was paid on the
stock.
la The company reports very satisfactory earnings to date this year according to C. S. Riley, managing director (Toronto "Financial Post").
-Bond Ruling.
Cigar Stores Realty Holdings, Inc.
The Committee on Securities of the New York Curb Exchange ruled
-year 5 % sinking
that beginning Oct. 17 and until further notice the 20
fund debentures, series A, due Jar. 1 1949, will be dealt in "flat," and
thereafter to be a delivery they must carry the Jan. 1 1933, and subsequent
coupons.
-V. 135, p. 1660.
-Changes Dividend Policy.
Canadian Industries, Ltd.
-Earnings.
Club Aluminum Utensil Co.(& Subs.).
The directors have declared a dividend of 87H cents per share on the
common stock. Oct. 31, payable to holders of record Sept. 30. An extra
dividend of 25 cents per share was paid on this issue on April 30 last and
on April 30 and Oct 311931, one of 50 cents per share on July 31 1932 and
on July 31 1931 and one of $1.25 per share on Jan. 31 1931, all In addition
to a regular quarterly dividend of 62M cents per share also paid on the said
dates.
It is understood that the present procedure will be adopted from now
on and in the future there will be no segregation of regular and extra payments.
-V.134, P. 4665.
Years End, June 30Total net sales
Net operating loss
Miscellaneous charges
Total loss
Federal income taxes.._
Bursel inventory loss
Extraordinary charges
Net loss after all chgs_ $321941
$459.52 prof.$3,184
$260,047
-Deficit July 11931, $1,252,770; deficit of Majestic
Analysis ofSurplus.
Cook-Ware Corp. July 1 1931 not previously incl. in consol. statement,
$58.919; adjusted deficit July 11931,$1,311.689;surplus, net loss, $321,941;
legal expense prior year. $1,150; reserve for bad debts,salesmen's accounts,
$76,681; reserve for collection expense. $74,725; deficit June 30 1932.
$1,786,187.
Consolidated Balance Sheet June 30.
1931.
1932.
1932.
1931.
AssetsLiabilities
$8,133
Cash
$37,686 Accounts payable_ $77,068 $113,876
632,208
Notes receivable
558 Notes payable---- 557,300
32,428
.
x620,9i9 x951,447 Accruals
70.896
Accta. receivable
477
Cash value Ilie ins_
50,000
Mortgages Payable
70,013
167,345 Reserves
80,964
107,017
Inventories
1,883
187,219 Deferred Income_
136,436
Other assets
37.868
y115,459 y154,654 Other liabilities_
Fixes assets
16.653
Deferred charges...
39,696 Common stock _ _z1,903,000 1.903.000
.
Surplus-Valuation
Patents, trademarks A licenses 250,000
patents, trade1,786,187 1,252,770
Deficit
arks & licenses_ 250,000
$3.015,281 $2,791,275
Total_ _
Total
__-$3,015,281 82,791,275
After reserve and carrying charges of $239,462. y Less reserve for
depreciation of $48,023. z Represented by 271,240 shares of no par value.
-V. 133, p. 2271.
-Earnings.
Capital Administration Co., Ltd.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Statement of Surplus Sept. 30 1932.
$4,552,355
Capital surplus: Balance Dec.31 1931
169,200
Dividends on pref.stock charged to capital surplus in 1931
Total
Less on sale of securities to Dec.31 1931
$4.721,555
1,819,439
Adjusted balance. Dec.31 1931
Arising from retirement of6% cum. pref. stock, series A
Arising from repurchase of 5% gold debentures
$2,902,113
2,888
58,867
Total
;Loss on sale of securities
$2,963.864
1,776,713
$1,187,152
Balance
Income Distribution Account.
Balance Dec.31 1931 (deficit)
Dividends on pref.stock charged to capital surplus in 1931
$218,778
169,200
Vetincome
$387,978
15.505
Preferred dividends
$372,472
97,725
Adjusted balance Dec.31 1931
---- Cohn-Hall-Marx Co.-Dividend Deferred.
-
470,197
(Deficit)
$716,954
Balance
The unrealized depreciation of investments on Sept. 30 1932 was 81,745,than on Dec. 31 1931.
209 less
Comparative Balance Sheet Sept. 30.
1931.
1932.
1931.
1932.
8
$
Liabilities$
$
Assets5% debentures-- 3,417,000 3,937,000
Investments(at
129.495
9,320,767 Accounts payable_
a6,337.884
cost)
65,617
261,028 Accr. mt. on dabs.' 122.306J
342,898
Cash
34,125
Dividend payable-I
1
61,728
Rec.for see.sold
Due for sea.loaned 109,600
73,393
Int.gr dlvs. recelv.
81,392
Due tor see. parch_
65,356
Spec.deps,for diva
177.393 Res.for exp.. taxes
Accts.receivable_
14,736
Ats
Unamortiz. diset.
91,958 Prof.stk. &Iv. res._ 175,540
71,994
on debentures
2,170,000 2,210,000
Preferred stock
3,286
Prepald taxes
b143.405 c143,405
Claas A stock
2,400
c2,400
Class B stook
716,954 d3.332.390
Surplus
6,953,233 9.854.433
Total
6,953,233 9,854.433
Total
by 143.405 no par shares.
a Market value $5,444.585. b RepresentedCapital surplus $4.505,532;
d
c Represented by 240.000 no par shares.
Deduct,
pref. stock dividend reserve fund. $175.540; total. $4,681,072.
realized loss on securities sold, $1.122.575; operating deficit. $226.106;
surplus (as above). $3.332,390.-V. 135. p. 1827, 991.
-Earnings.
Tractor Co.
Caterpillar
see "Earnings DeFor Income statement for 9 months ended Sept. 30
partment" on a preceding page.
Sept. 30.
Comparative Balance Sheet
1931.
1932.
1931.
1932.
$
8
Liabilities$
$
Assetsy9,411,200 9,411.200
Ac.x18,070.088 18,982.814 Capitalstock
Plant,equip.,
5% cony.
-year
3.079.714 6,748,426 5
Cash
7,075,000 10,000.000
gold notes
Marketable securs. 4,972.676 2.978.424
701,529
7.970,629 8,700.927 Acc'ts payable, Acc. 536,343
Inventories
Federal
Notes & accts. ree_ 9,200,816 12,221,471 Prov. fortax
470,221
66,968
income
1
1
Patents
287,486 Capital surplus__ _13,733,572 13,733,577
Misc. investments 444.745
497,570 Earned surplus_ _13,197.859 16,100.592
Deferred charges__ 282.273
Total
44,020,942 50,417.119
Total
x After deducticg reserve for depreciation.
-V.135. p. 2179.
shares of no par value.
44,020,942 50,417,119
y Represented by 1,882.240
-Patent Cleared.
Celotex Co.
disJudge Nields in the U. S. District Court at Wilmington, Del.. has
the commissed the patent infringement suit of Masonite Corp.. against not cover
that the Mason patert for synthetic wood did
pany. He held
-V.134, p. 4668.
the use of straw or bagasse, a sugar cane refuse.
-Suit.
Chemical Foundation, Inc.
The company has filed a patent infringement suit in the United States
Aniline Works, Inc..
District Court at Wilmington. Del., against Genreal complaint alleges the
formerly the Grasselli Dye stuffs Corp. The bill ofvat dyes and processes
has infringed on two patents for
defendant corporation
-on-Main.
which were granted June 16 1915 to Richard Herz of Frankfort
States
Germany. These patents were seized Oct. 16 1917, by the United Inc.
to Chemical Foundation,
Alien Property Custodian and later were sold
123, p. 2001.
--V.
Cheney Brothers.-Refinancing Approved.
Grimm is Chairman,
The reorganization committee, of which John F. and holders of over
banks
.announced on Oct. 20 that all of the creditorits bonds have concurred in
stock and over 50% of
-90% of the company's
The committee hopes to declare the
the proposed reorganization 1plan. is notifying bondholders that it is vital
plan effective prior to Nov. and deposited immediately, an announceto their interests that all bonds be
ment states.
payable on the present serial bonds
If the plan is consummated,interest
to Nov. 1 will be paid in cash.
due Nov. 1 and on the bank indebtedness
present common stock will receive share for share new consHolders of the
-V. 135, p. 2658.
certificates.
voting trust
Pion stock, represented by
-De Soto Sales Up 20%.
Corp.
Chrysler
the two weeks ended Oct. 8 totaled
Retail deliveries of De Soto cars forthe corresponding two weeks of last
cars for
592 cars compared with 497
General Sales Manager.
increase of 20%, according to Roy Peed. dealers exceeded those
year, an
unfilled orders in the hands of
At the same time a yera ago, while used car deliveries for the period
on hand at this time
year. he Said.
COntinued to run ahead of last
1929.
1930.
1931.
1932.
$997,253 $1.840.274 $2,538,122 $5,864.823
.91,725
394.639 prof
214,133
188.153
Cr.11,483
64,881
45,915
55,866
$459.520prof$103,208
$260,047
$244,019
25
100,000
77,922
The directors recently voted to defer the quarterly dividend due Oct. 1
on the 7% cum. pref. stock, par $100. The last regular quarterly payment of
l% was made on this issue on July 1.-V. 133, p. 3097.
Collins & Aikman Corp.
-Earnings.
For Income statement for 6 months ended Aug. 27 see "Earnings De-V. 135, p. 132.
partment" on 1. preceding page.
Consolidated Steel Corp., Ltd.
-Contracts.
The corporation has started work on a pressure distillate stabilizing unit
for the Wilmington refinery of the Union Oil Co. of California. The contract involves approidmately 3170.000, according to Reese Taylor, Executive Vice-President of the Consolidated company, and is to be completed
within 90'days.
The Foster-Wheeler Corp. is handling the engineering work on this Contract under the working agreement the Consolidated Steel Corp. effected
last spring whereby it does all the sales and manufacturing for Foster-Wheeler Corp. in the West.
-ton
The Consolidated Steel Corp. Is also engaged in making five 20
cableways for the Six Companies to be used for pouring concrete In the construction of Floover Dam. This contract amounts to about $250,000.
The corporation has completed one of two bulkhead gates ordered by
the Government in connection with the dam and will complete the second
within 30 days, Mr.Taylor said. This is part of a $260,000 contract calling
for two bulkhead gates and two stoney gates, the latter having been com-V.135.P. 1827.
pleted. (Los Angeles "Times.")
-To Change Par Value.
Continental Can Co., Inc.
The stockholders will vote. Nov. 22, on changing the par value of the
common stock from no par to $20 per share, each present share to be exchangeable for one new share. This action will change the capital represented by 1.733.345 outstanding shares of common stock from the stated
value of $63,249.903 to a total par value of $34.666.900, thereby creating
a capital surplus of $28.583.003. These figures are as of Sept 30 1932.
It Is also proposed to appropriate from the capital surplus thus created
56.000,000 which will be added to the Sept. 30 depreciation reserve of
$14.932.539 to bring the company's plants and machinery down to current
net sound replacement values; to make a further charge against capital
surplus of $1.004,252 to adjust to the $20 par value 31,201 shares of the
company's stock held in the treasury as the result of the cancellation of
stock subscriptions by employees; and also to charge $560,210 to capital
surplus to provide for the reduction in the subscription price of stock
allotted under the last two offerings to employees.
After adoption of these proposals, the adjusted balance sheet of the
company as of Sept. 30 would show capital of $34.666,900, capital surplus
of $21,018,540, and earned surplus unchanged at $18.727.545. making
a total capital and surplus of $74.412.986.
The proposed change in par value will result in a reduction In the present
rates of taxes on transfers of the stock, It was announced.
Earnings.
For income statement for 12 months ended Sept. 30 1932, see "Earnings
Department" on a proceding page.
The c.ompanylissued,the following statement:
"It is now •estimatedsthat earnings for the fiscal year ending Dec. 31
will show some further improvement over the share earnings of $2.58 reported for the 124months.to Sept. 30.
'Quarterly reports heretofore made this year have all included the
extraordinary charges made against income of the last quarter of 1931 to
cover special reserves. It is not now contemplated that such procedure
will again be necessary this year, thereby benefiting earnings of the final
"
.quarter.
Although sales of the company are considerably under those of le"
-V.
year, since the middle of July the trend of sales has been upward."
135, p.2343.
--Earnings.
Corn Products Refining Co.
For income statement for three and nine months ended Sept. 30 see
'
-V.135, p. 633.
"Earnings Department on a preceding page.
-Earnings.
Corno Mills Co.
see
For Income statement for three and nine months ended Sept. 30
-V. 135. p. 824.
"Earnings Department" on a preceding page.
Corrigan McKinney Steel Co.-Listing.
17.
The Cleveland Stock Exchange has admitted to trading, effective Oct.
-V.
the voting and non-voting common $1 par stock of the company.
135. p. 1335.
-Earnings.
Cream of Wheat Corp.
Sept. 30 see
For income statement for three and nine months ended 633; V. 134.
-V. 135, p.
"Earnings Department" on a preceding page.
p. 4329.
-Earnings.
Crystal Tissue Co.
DeFor income statement for 9 months ended Sept. 30 see "Earnings
-V. 134. p. 4666.
partment" on a preceding page.
-May Show Surplus.
Co.
De Forest Radio
will show a profit
There is every reason to anticipate that the companyGordon and Ralph
during the period of receivership, according to Leslie S.
Financial Chronicle
Volume 135
E. Lum, receivers, in a letter to creditors advising them of the company's
status.
In appointing the receivers, the court authorized the continued operation
of the company, according time for a reorganization, and according to the
receivers, a reorganization committee should be functioning by the middle
of next month with the prospect of a termination of the receivership early
next year.
Unfilled orders on hand, according to the letter, are now in excess of
$300,000, compared with $238,886 on July 1 and with $115,000 on June
21 last when receivers were appointed. Orders are largely from the Federal
Government.
-V. 135. p. 133.
Detroit Michigan Stove Co.
-Earnings.
-Earnings for 12 Months Ended June 30 1932.
Loss for year
Previous earned surplus
.
$480,550
219,191
Deficit
$261,360
Condensed Balance Sheet June 30 1932.
LiabilUtesAssets
Cash
$76,516 Accounts payable
$39,793
Marketable securities
3,543 Accrued payroll, commisCustomers' accounts & notes
sions, &e
17,358
receivable,
301,507 Purchase money obligations-14,000
4,147 Reserve for unearned Income
Owing from officers & empl-Inventories
606,109 7% cumulative pref. stock
2,130,000
Purch. money mtge. note
500,000 Common stock
y1.266,534
Investments in other co's
100,285 Capital surplus arising from
775,589
Land
revaluation of land
485,528
Bldgs., machinery, equip.,&c. x1,057,951 Operating deficit
261,360
Patterns and flasks
237,102
1
Good-will and patents
Def. chargesto future oper
30,269
Total
$3,693,020
Total
x After reserve for depreciation of $1,301,725.
-V. 133, p. 3795
980 no par shares.
$3,693,020
y Represented by 1,099.-
"s•---Devoe & Reynolds Co., Inc.
-To Decrease Stock.
The stockholders will vote Oct. 29 on reducing the authorized "class"
common stock from
250,000 shares to 235,000 shares and the 7% cum. 1st
pref. stock from 14.536 shares to 13.814 shares.
Tenders.
The Chase National Bank of New York, as trustee, is notifying holders
of 1st pref. stock that 830,055 in cash is now available for sinking fund
purchases of so many of these preferred shares as shall be tenderedand
accepted at a price not exceeding 115 and diva. Tenders of stock should
be delivered at the Chase National Bank, 11 Broad St.. N. Y. City on or
4.._ before Nov. 18.-V. 135, p. 1996.
Diamond Ice & Coal Co.
-Dividend Decreased.
-
The directors have declared a dividend of 75 cents per share on the 7%
cum. pref. stock, par $100, payable Nov. 1 to holders of record Oct. 25.
Previously the company made regular quarterly distributions of $1.75 Per
share on this issue.
-V. 107, p. 1671.
Dome Mines, Ltd.
-Earnings.
-
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 135, p. 2499.
(E. I.) du Pont de Nemours 8c CO.-Preliminary Earn's.
The company issued Oct. 17 a preliminary statement for the quarter
ended on Sept. 30 showing earnings of 36c. a share on 10,838,799 shares
of common stock, the average number outstanding. This includes a
dividend from the General Motors Corp. equivalent to 23c. on each share
of du Pont conunon. It compares with total earnings of 27c. a share
in the preceding quarter. In the September quarter of 1931 the earnings
were $1.12 a share, including a dividend on the General Motors investment, which amounted to 68c.
For the nine months ended on Sept. 30 du Pont's earnings were equal
to $1.37 a share on the average number of 10,865,592 shares of common
stock. This included dividends from General Motors amounting to 92c.
It compares with $3.37 a share on 11,035,263 common shares for nine months
of 1931, which figure included dividends from General Motors amounting
to $2.03.
These figures include the company's undivided profits or losses of controlled companies not consolidated.
-V. 135, P• 1335.
....irwight Mfg. Co.-Si
ct
seldevieris-izete Sceterd'e-t,
he stockholders on Oct. 20 voted to accept the offer of the Nashua
M g. Co. involving the sale of Dwight's So3rworth, N. H. plant'and
inventory, sheeting and pillow case business or which Nashua is to pay
$250,000. plus an additional sum for inventory and good orders transferred.
The stockholders also approved a reduction in the par value of the 240,000
capital shares from $25 per share to $15 per share, an aggregate reduction
of $2,400,000. See details in V. 135, p. 2659.
Electrographic Corp.
-New Stock on Curb.
-
The New York Curb Exchange has granted unlisted trading privileges
to the new common stock, par $1. The new stock was Issued in exchange
for old common stock, no par, on a share-for-share basis. The old stock
has been removed from dealings. The committee on securities rules that
deliveries against transactions in the new common stock must be in the
form of certificates bearing a legend to indicate the change in par value to $1.
-V. 135, p. 1661.
Empire Bond & Mortgage Corp.
-Inquiry Planned.
-
An examination into the affairs of the corporation before a special Master
appointed by the Bankruptcy Court will be conducted by Burrunine, Geist,
Netter & Hirst, of 276 Fifth Avenue, New York, the attorneys announced
Oct. 16. The firm represents holders of a substantial amount of bonds sold
by the corporation and filed the involuntary petition in bankruptcy against
the corporation on Oct. 13.-V. 135, p. 993.
Eureka
2837
neighborhood banks, which, added to the prevailing unemployment, has
abnormally reduced the attendance at our theatres.
Notwithstanding these conditions, Federal Theatres Co. has, until
recently, continued the installment payments on its two underlying or
divisional mortgages, so that since Aug. 1 1930 the Stratford Theatre
mortgage has been reduced from $476,500 to $405,000 and the Capitol
Theatre mortgage has been reduced from $750,000 to $660,000, making:a
total reduction of $161.500 in indebtedness which otherwise would have
come ahead of your bonds on these two specific properties. Your own
mortgage is outstanding in the amount of $2,493,000, so that the total
funded debt of Federal Theatres Co. is $3,558,000. Up to this time, the
interest payments on all three bond issues have been met as due.
Now, however, a different situation confronts both Federal Theatres Co.
and its security holders. Warner Bros. Pictures, Inc., from time to time,
has advanced considerable sums of money to Federal Theatres Co. to
provide for property improvements, operating expenses and sinking funds,
and the total indebtedness owing by Federal Theatres Co. to Warner Bros.
Pictures, Inc.and(or)its subsidiaries on Aug.27 1932 amounted to $201.109.
Warner Bros. Pictures, Inc., is unwilling to continue to advance moneys
to Federal Theatres Co. unless the security holders of Federal Theatres Co.
are willing to shoulder part of the burden. The rentals under certain of the
leases are unpaid; monthly payments due under the Capitol and Stratford
mortgages are in arrears; the equivalent of two years' real estate taxes has
accrued. This large tax accumulation has arisen by reason of the complicated legal tax situation in Chicago. The total amount of this tax liability
cannot as yet be determined, but it may run in excess of $105.000. With
this situation confronting it and with the poorest record of summer attendance in its history, Federal Theatres Co. announces that, based upon present
Indications, it will be unable to meet the Dec. 1 interest coupons on your
bonds.
Receivership and bankruptcy should be avoided. As you are aware, our
properties went through redeivership once before and it was a long drawn
out and complicated matter. Conditions were then much more favorable
for a reorganization than they are now. Certainly, if the mortgage securing
your bonds were to be foreclosed, it is doubtful if the properties could be
sold for more than a nominal price under existing conditions in the real
estate market and the amusement industry. To prevent the occurrence of
such an unfortunate situation, the company has adopted the plan ofrequesting you to remit interest for two years and to reduce the interest rate for
the balance of the term of your bonds, instead of requesting you to reduce
the lorincipal of the bonds, as at first contemplated.
Warner Bros. Pictures, Inc., owner of the entire common stack of Federal
Theatres Co., has agreed that, if the said plan becomes effective, and, in
accordance with said plan, you permit the clipping and cancelling of the
interest coupons due Dec. 1 1932, June 1 1933, Dec. 1 1933 and June 1 1934,
and the reduction of the interest rate on said bonds to 4% to maturity,
Warner Bros. Pictures, Inc.. as a condition precedent thereto, will (1)
advance the necessary funds and cause the payment to be made of all back
rentals of all theatres and overdue sinking fund requirements of Federal
Theatres Co. and Bird Theatre Corp., including overdue installments of
interest and sinking funds on the two underlying issues above mentioned;
and (2) will deposit with the Guaranty Trust Co. of New York, as escrow
agent, $250,000 National Theatres Corp. 1st & ref. mtge. 6M % bonds.
due 1942, upon the condition that if all real estate taxes and corporation
taxes up to, through and for the calendar year 1932 and all years preceding,
in excess of a total amount of $1,000, are not paid by Federal Theatres Co.
as due and finally payable, said $250,000 of bonds are to be surrendered to
the Guaranty Trust Co. of New York, as trustee of your mortgage, and the
bonds thereafter cancelled.
Guaranty Trust Co., 140 Broadway, New York City, is depositary.
Frederick Peirce & Co., Parsly Bros. & Co., Inc., Samuel McCreery &
Co., Wistar, Carter & Co., J. S. Hope & Co. and Joseph C. Tyler & Co.in
a letter to the bondholders advising them to deposit their bonds state that
holders of the larger-size blocks of the issue have already accepted the plan
and agreed to deposit approximately $800,000 of the bonds.
-V. 131. P.
2386.
-T.}VG (IIL
eclerated Metals Corp.
he stockholders will vote Nov. 16 on approving a proposal to sell the
erties and assets of this company to the American Smelting & Refining
Coj It is stated that details of the latter company's offer will not be
given out until Aug. 26.-V. 135, p. 1999.
-$1 Div. on New Stock.
Fire Association of Philadelphia.
A dividend of $1 per share has been declared on the new stock. Par $10.
payable Nov. 21 to holders of record Oct. 31.
Prior to the issuance of five shares of the present stock in exchange for
every 14 shares of old stock, par $10, a distribution of 40 cents per share
was made on Feb. 15 1932. Disbursements of like amount were made
quarterly from Oct. 1 1930 to and incl. Oct. 1 1931.
The company's statement last February that dividends would be considered semi-annually means that they will be considered twice a year,
and not necessarily at six-month intervals. Vice-President William S.
Evans declared following the meeting. The dividend declared is described
simply as a dividend and as not establishing any particular dividend basis
or annual rate.
-V. 135, p. 2660.
-Status.
Fireman's Fund Indemnity Co. (Calif.).
-V. 134, p. 1388.
See Fireman's Fund Insurance Co. below.
Fireman's Fund Insurance Co., San Francisco.
Statement of Condition, Based on Amortized Value of Bonds and Market
Value of Stocks, Oct. 1 1932 of Fireman's Fund Group.
411
Surplus to I
Liabilities. Policyholders.
Assets.
Fireman's Fund Insurance Co_ _--$31,616,526 $15,854,531 $15,761,995
2,713,945
2,751,571
Home Fire & Marine Insur. Co__ - 5,465,516
906,226
2,812,665
3,718,891
Occidental Insurance Co
1,969,390
2,901,009
Fireman's Fund Indemnity Co.,.... 4,870,399
997.629
1,223.173
2,220,802
Occidental Indemnity Co
Amortized value of bonds and market value of stocks owned by Fireman's Fund Group, exclusive of stock owned in subsidiary and affiliated
companies: Bonds, 83%; stocks, 17%.-V. 135, p. 305.
First National Stores, Inc.
-September Sales.
Vacuum Cleaner Co.
-Reopens Departments.
Fire 1Veeks Ended Oct.
1931.
Decrease.
The company will resume full production on Nov. 1, said Pres. Fred
Sales
1-93.2 $10,212,975
$286,213
$9,92 2
16,76
Wardell. It has orders on hand for more than two months offull production
The Massachusetts food index number is approximately 15% lower than
and has begun to recall workers. Departments already reopened are operata year ago, indicating increased tonnage sales of approximately 12.20%
ing 10 hours a day seven days a week. The plant had been shut down more
for First National Stores, Inc., for the five weeks ended Oct. 1.
.4 I
than a year.
During September, 57 retail prices were increased and 51 decreased,
"We had exhausted our inventories and were forced to reopen," said Mr.
indicating a retarding or checking of the number of food commodity price
Wardell. Through the last year we have been filling orders out of stock.
commodity price declines oecuring during this period.
-V. 135, p. 1999.
About Sept. 1 orders began to increase. Actual sales in September increased
32% over August.'-V. 135. p. 2180.
.'""-•-• Fisk Rubber Co.-Reorganization Plan Operative.
-In
'Family Financing Corp.-Pref. Div. Omitted.
The directors have decided to omit the quarterly dividend due Oct. 15
on the pref. stock. Previously the company made quarterly distributions
i
.
e.
of 17)4 cents per share on this iss t -V. 135, p. 993.
,...Federal Theatres Co. Adjustment of Interest on National
ge. 63/2% Gold Bonds, Series A,
Theatres Carp. 1st & Ref.
_Jos. Bernhard, Pres. of Federal Theatres Co.,
Due 1942)
in a circular to the above bondholders, states:
As you are aware, Federal Theatres Co. and its wholly owned subsidiary.
Bird Theatre Corp., acquired the properties and leases of the former National Theatres Corp. in March 1930 and assumed the indebtedness represented by the above mentioned bonds. All of the common stock of Federal
Theatres Co. and a majority of its preferred stock were in turn acquired by
Warner Bros. Pictures, Inc., in Aug. 1930 pursuant to a contract which
had previously been entered into. At the time this contract was made, the
motion picture industry was expanding at a rapid rate and the general
business depression had not then extended to this industry. The industrial
depression was then expected to be neither as severe nor as protracted as
has eventuated. Public forecasts by leaders of industry and finance have
proven erroneous,and general business depression,as well as unemployment.
has advanced beyond all expectation. The result has been that during the
past two years, the attendance at motion picture theatres throughout the
country has shown a drastic decrease, while gross revenues have declined
owing, among other things,
in even greater proportion, In Chicago, conditions in to the necessity of
our business have
reduced admission charges.
been exceptionally unfavorable, due to the failure of a large number of
view of the deposits it has received of bonds and notes, the
reorganization committee, of which Orrin G. Wood is
chairman, has declared the reorganization plan and agreement of Aug. 29 1932, operative.
The time for deposit of bonds, notes and claims as heretofore extended
expires at the close of business on Oct. 211932.
First mtge. 20
-year 8% sinking fund gold bonds, with appurtenant
coupons, must be deposited with Chase National Bank, New York, as
depositary, or with Old Colony Trust, as agent of depositary, 17 Court St..
Boston.
Five-year 5 % sinking fund gold notes must be deposited, with appurtenant coupons, with Central Hanover Bank & Turst Co., as depositary,
70 Broadway, New York, or with National Shawmut Bank, as sub-depositary, 40 Water St., Boston.
Claims, or assignments thereof, must be deposited with Central Hanover
Bank & Trust Co., as depositary, 70 Broadway, New York City.
Bond Certificates Admitted by Curb.
-
The New York Curb Exchange has admitted to unlisted trading privileges.
the certificates for deposit of the first mortgage 8% bonds due Sept. I
1941, and has ruled that transactio. s in these certificates shall be flat.
V. 135. p. 2500.
(George M.) Forman Realty Trust.
-Bond Interest.
At the annual meeting a proposal that bondholde-s be asked to vote on
waiving subsequent dividend payments was taken under advisement. If
bondholders approve such a plan funds thus released woull be applied
toward payment of taxes on real estate included in the trust.
2838
0
Financial Chronicle
In accordance with the terms of the income bond indenture, trustees have
declared a dividend of 0.75%, half of which is payable Jan. 1, to bondholders of record Dec. 20 and the balance payable July 1 1933 to bondholders of record June 20.-V. 134. p. 1588.
Fox Film Corp.
-Lasky Signs Contract.
Jesse L. Lasky, formerly Vice-President in Charge of Production for the
Paramount Publlx Corp., has signed a long-term contract with the Fox
Film Corp., to produce eight pictures a year at the Fox studios in Los
Angeles. The contract takes the form of an independent producers agreement.
Under the agreement, the Fox Film Corp. will finance the production of
the films and release them just as they do their own productions. Mr.
Lasky will receive his remuneration from a royalty on the box office receipts -V. 135, p. 1829.
Frontenac Brick Co., St. Gregoire, Que.-To Issue
Bonds.
The shareholders have agreed to the floatation of a 6% $80,000 loan.
The issue, which will be for 10 years, is to be subscribed by the shareholders.
-V. 135, p. 1829.
(Geo. A.) Fuller Co -Earnings.
For income statement for 9 months ended Sept. 30 see"Earnings Depart-V. 135, p. 1170. 826.
ment" on a preceding page.
Fyr Fyter Co.
-Earnings.
For income statement for three and nine months ended Sept. 30 see
-V. 135, p. 635.
"Earnings Department" on a preceding page.
General Cable Corp.-Earnings.-
-For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" or a preceding page.
-V. 135. p. 636. 305* V. 134. p. 3282.
1965.
General Electric Co.-Earni
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Orders received for the first nine months of 1932 amounted to $94,374,114,
compared with $202,700,016 for the corresponding period of 1931, a decrease of 53%.-V. 135, p. 2661.
Number of Stockholders Gain.
The company on Sept.30 1932. had 178,579 stockholders, compared with
173,243 on June 30 last and 139,697 on Sept. 30 1931. Since 1925 there
has been an uninterrupted increase in the number of General Electric stockholders, the company states. On Dec. 31 1925 there were 35,707 stockholders. The number of new stockholders for the year ended Sept. 30
1932 is larger than the entire number of stockholders in 1925.-V. 135.
p. 2661.
-Earnings.
General Motors Corp.
For income statement for 3 and 9 months. ended Sept. 30,see "Earnings Department" on a preceding page.
Cash, United States Government and other marketable securities at
Sept. 30 1932, amounted to $209,098.832. compared with $205,029,119
at Dec. 31, 1931, and $264,107,166 at Sept. 301931. Net working capital
at Sept. 30 1932, amounted to $240,411.639, compared with $273.915,923
at Dec. 31 1931, and $318.526,557 at Sept. 30. 1931.
For the 9 months ended Sept. 30 1932, General Motors dealers in the
United States delivered to consumers 450,347 cars and trucks, compared
with 800,234 cars and trucks in the corresponding period of 1931. Sales
by General Motors operating divisions to dealers in the United States
during this period amounted to 420,543 cars and trucks, compared with
814,959 cars and trucks in the first nine months of 1931. The excess of
deliveries to consumers over sales to dealers during the fist nine months
of 1932, therefore resulted in a decrease of 29.804 units in dealers' stocks
In the United States, which compares with an increase of 14,725 cars and
trucks during the comparable period of 1931. Total sales to dealers,
including Canadian sales and overseas shipments, amounted to 492,323
cars and trucks, compared with 939.846 cars and trucks in the corresponding
period of 1931.
During the third quarter. ended Sept. 30 1932, General Motors dealers
In the United States delivered to consumers 104,773 cars and trucks,
compared with 206,670 cars and trucks in the corresponding quarter of
1931. Sales by General Motors operating divisions to dealers in the
United States during this quarter amounted to 78,792 cars and trucks,
compared with 189,285 cars and trucks in the third quarter of 1931. The
excess of deliveries to consumers over sales to dealers during the third
quarter of 1932 therefore resulted in a degrease of 25,981 units in dealers'
stocks in the United States, which compares with a decrease of 17,385
ears and trucks In the third quarter of 1931. Total sales to dealers, including Canadian sales and overseas shipments, amounted to 97.408 cars
and trucks_, compared with 215.649 cars and trucks in the third quarter
of 1931.-V. 135, p. 2661.
-Record Unit Sales.General Tire & Rubber Co.
ULit sales and production during the first three quarters of the fiscal
year were higher than in any corresponding period in the history of the
-V. 135, p. 1501.
company, President W. O'Neill said.
-Couch Bondholders' Committee
General Vending Corp.
-The bondReplies to Independent Bondholders' Committee
holders committee (B. M. Couch, Chairman), in a circular
letter dated Oct. 17, to the holders of the 6% 10-year
secured sinking fund gold bonds due 1937, states in part:
Certain bondholders have recently received letters from a so-called
"independent bondholders committee- attacking the plan proposed by the
General Vending bondholders' committee, the members (of which Bradford
M. Couch is Chairman). Such letters contain so many inacurracies both
with regard to what has happened in the past and as to our proposed
plan, that we feel it incumbent upon us to inform you of the true facts.
The fundamental assumptions underlying the criticisms made by the
"independent committee" are that General 'Vending Corp. funds and earnings have in the past been diverted to Camco and that under our committee's
proposed plan such diversion of funds may continue.
The Facts as to the Present Situation.
In order to get the exact facts with reference to these charges, your
committee has had Miller, Donaldson & Co. (C.P.A.), make an examination of the records and report their findings.
From such report it appears conclusively that the facts are just the reverse
of what the "independent committee" represents. Not only does it appear
that no General Vending funds or earnings have been paid over to Camco
but it is found that Canico has advanced to and paid in behalf of General
Vending Corp. and its subsidiaries an aggregate net amount of $1.684,011.
The cash advances made to General Vending Corp. during 1929-1931 were
applied as follows:
now equipment and reconditioning and modernizing old
or
$599.939
equipment
487,953
TO meet cash losses sustained by General Vending and its subs. _
To acquire General Vending bonds in the par value of $785,•••
of which $643,000 in par value were used prior to Dec.31 1931
432,546
to meet sinking fund requirements
F
$1,520,439
Totli
It also appears that the only profit items derived by Camco from General
Vending were for interest on sums advanced by it to General Vending and
$14,000 charged in 1928 as a management tee. Such items do not represent
any cash payments to Camco but merely charges of Cameo against General
Vending and its subsidiaries, the obligation to repay which, under our
committee's proposed plan, will be completely subordinated to the retirement in full of the outstanding bonds of General Vending. No management
fees has ever been charged since the $14,000 in 1928 mentioned above.
Not only it is not true that Camco has profited in any way at the expense
of General Vending, but the fact stated by Miller, Donaldson & Co. Is
"that it has been through Cameo's advances of cash for working capital,
for reconditioning and for bond sinking fund that General Vending has been
able to keep operating. Certainly, during 1929, while the extensive reconditioning program was bein carried out, if cash had not been supplied
from source General Vending would have been unable to meet its then
obligations."
The accusation that General Vending has been making "extraordinary
payments" in large sums "to Cameo for supervision" is (except for the
Oct. 22
1932
management charge of $14,000 made in 1928) also shown to be wholly unfounded by the Miller, Donaldson report. What has been mistaken for
payments for supervision are merely allocations among associated companies of common overhead expenses. What was thus allocated to the
General Vending group has not been paid to Cameo by General Vending
but, on the contrary, was paid by Camco and charged to General Vending.
Under our committee's plan all of the sums so charged to the General
Vending group are to be subordinated by Camco, both as to principal and
future interest, to the retirement in full of all outstanding General Vending
bonds.
There is a further intimation in the "independent committee's" letters
to the effect that the administrative and general expenses incurred by the
General Vending group, including those allocated to it as above, have been
grossly excessive under Camco management. Upon this question, Miller,
Donaldson and Co. report as to the General Vending group: "It should be
noted in studying the effect of such apportionments that executive head
office and general expenses of the General Vending group (without such
apportionment) amounted for 1927 and 1928 to the average per annum of
$376,918. The comparable average for 1929, 1930 and 1931 including apportioned expenses was $320537 per annum, a lower amount." It may
be added that not only were the average annual overhead expenses cut.
under Cameo management, by over $56.000. but also that during the last
six months, under the able administration of the present executive head of
the General Vending Corp., those expenses have been very much further
reduced and at the present time approximate the minimum that is possible.
We seriously doubt whether any other management of the properties could
operate them as economically as they are now being operated without impairment of efficiency and loss of profit.
Unfounded Criticisms of Plan.
-With reference to our committee's proposal the criticisms of the "Ina
pendent committee"seem to us unwarranted. The statement,for example,
that under such plan "the extraordinary payments which General Vending
is making to Cameo for supervision. . presumably may and will
be continued" is wholly unfounded, not only because no "payments" for
supervision have been made but also because, under the proposed plan, no
such payments or charges can be made.
Likewise the statement of the "independent committee" that "presumably
also, the payment of $129,458, Including 'interest on affiliated company
company accounts and notes' will be continued" is unjustifiable. In the
plan as presented it is clearly stated, with reference to the subordination
of General Vending indebtedness to Camco, that "no interest shall accrue
thereon until all bonds are retired."
In another passage in the "Independent committee's" letter it is said
that the bankers committee has discretion to permit payments out of General
Vending funds "for the expansion of the business, including Cameo's ventures." There is nothing in the proposal which warrants such a statement.
It is entirely incorrect in so far as it implies that any General Vending funds
can be used, under the plan, for the expansion of Cameo's business or for
its "ventures."
Comments on the Plan of the "Independent Committee."
The "independent committee" plans to have the mortgage trustee foreclose upon the pledged securities, to organize a new corporation in which
the stockholders shall be solely General Vending bondholders and (apparently) to have such new corporation purchase the pledged securities from
the trustee without paying anything therefor except bonds. Their .etter
states that "if 25% of the bondholders deposit their bonds with this committee, such reorganization can be inexpensively and immediately brought
about." flow entirely impractical is the notion that 25% of the bondholders can inexpensively and immedately secure such sale of the pledged
assets to a new corporation whose stockholders are solely bondholders
without providing in some way for a largo amount of cash to meet the
distributive shares of the purchase price payable to non-depositing bondholders, for foreclosure expenses, and to provide necessary working capital
for the new company, must be at once obvious to anyone at all conversant
with corporate reorganizations. The program outlined by tho "Independenb
committee" seems to us to be based on a misconception both of the facts
and of the possibilities of the General Vending situation.
Conclusions.
As stated in letter of Aug. 27, our General Vending bondholders' committee has carefully canvassed all plans. Our committee is guided solely by
consideration for the interest of the bondholders and represents no other
interests. Its plan is so drawn that no benefit of any sort can accrue to
Camco or its shareholders until the retirement of General Vending bonds
has been provided for in full. While, under our plan, interest will not be
paid in full on General Vending bonds unless earned, it is also true that
Cameo is wholly foregoing interest on the large amounts due to it until
all bonds have been retired. Cameo's only possible gain under our proposal
can arise only after all bondholders are fully provided for.
After carefully reviewing the situation, your committee is unanimously
of the opinion that the proposal heretofore submitted by it embodies the
most practical method now available for protecting the rights of the bondholders.
In order that General Vending Corp. may as soon as possible be put in
a position to conduct its business so as to attain the maximum results for
Its bondholders, we urge all of you who have not already done so to deposit
your bonds forthwith.
-Bradford M. Couch (Chairman), James F. Burns Jr., F. L.
Committee.
Porter, Charles F. Herb, S. A.Traugott, Lloyd K. Larson and Frank Wolfe.
Independent Committee Opposes Plan.
-The independent
committee referred to above (Chas. H. Bent, Chairman),
in a communication dated Aug. 30 opposed the plan submitted by the Couch committee (V. 135, p. 1664) and
submitted a plan of its own. The circular dated Aug. 30
stated in part:
The independent bondholders' committee was organized because it was
feared that any plan as to your bonds, upon which default has been made
In both sinking fund and interest, proposed by the so-called Banker's Committee formed in New York presumably with the help of F. J. Lisman of
Lisman & Co., the investment bankers who had originated the General
Vending issue, as well as the Cameo stock issue, would be an arrangement
designed to favor Cameo and the banking interests. We held a conference
with the Banker's Committee in an effort to reach a plan fair to the General
Vending Corp. bondholders and failed,
The plan as proposed by the Banker's Committee fully confirms our worst
fears. It is a most extraordinary, bold and unfair plan; entirely unfair to
the bondholders and entirely favorable to Cameo. (The plan here referred
to was outlined fully in V. 135. p. 1664.)
The General Vending Corp. bondholders are in the position of first
mortgagees of the assets involved in the situation; Cameo, by reason of its
ownership of the common stock of General Vending Corp..is in the position
of an equity holder, under whose management a default of interest and
sinking fund payments has arisen and who has defaulted on its own guaranty.
Reluctant as this Committee is to have litigation, we have sufficient
faith in the American courts to believe that the rights of first mortgagee
holders can and will be protected, and that bondholders need not be forced
to subordinate their clear rights simply by reason of the fact that the
equity holder raises the smoke screen of litigation.
The Independent Committee's Plan.
We believe that the plan that we propose will quickly protect the bondholders. We believe that the written terms of the bonds, trust indenture
and Cameo guaranty agreement should be enforced, that the trustee
should foreclose upon the pledged securities and transfer It to all the bondholders on a pro rate equality. We believe that the groundless claims of
Camco will be defeated and that Camco will be forced to carry out the
terms of its guaranty. No fancied need of seizing scales situated all over
the country will arise; the trustee need only foreclose and the bondholders
need only buy in the stock of the General Vending subsidiary companies
with their bonds, which stock is pledged with the trustee in New -York.
We believe that a new corporation should be formed in which the stockholders shall be solely General Vending Corp. bondholders who shall receive
the stock or bonds and stock on a strictly pro rata basis according to their
holdings of bonds and that the management of this corporation should
be entrustof ed solely to a board directors selected only by the bondholders. This board of directors shall, as usual, be elected each year.
Such a plan could be carried out without any lapse of several years, but
achieved with reasonable promptness. The financial position of the subsidiaries could be improved not hurt by such a basic improvement. The
most value:I contracts are made direct with the Peerless Scale Co.
If 25% of the bondholders deposit their bonds with this committee,
such r--..rganization can be inexpensively and immediately brought about.
It is not the intention cf this committee, under any circumstances. to
Volume 135
Financial Chronicle
sanction the Banker's Committee's plan; on the contrary, your committee
intends to enforce the legal rights of the bondholders who have deposited
with this committee.
Of the $1,361,000 worth of bonds, which the Banker's Committee states
have been deposited with them, we believe that a large part, over $500,000
of bonds represents treasury bonds of General Vending Corp. and Cameo
and bonds pledged to Remington Arms, which are not entitled to be heard
in favor of the Banker's Committee's plan. A speedy decision of the
matter can be brought about by the election of those bondholders who
have not deposited with either committee.
Non-depositing bondholders should act immediately. Those bondholders
who have deposited with the Banker's Committee and do not favor the
Banker's Committee's plan should so notify the Banker's Committee,
245 Fifth Ave., N. Y. City, N. Y., and the Central Hanover Bank & Trust
Co.. 70 Broadway, N. Y. City, N. Y., and advise both that you are not
in accord with their proposed plan and wish to withdraw your bonds.
Prompt action is called for in view of the plan proposed by the Banker's
-V. 135. p. 1337, 1664.
Committee.
-To Reduce Capital, skerGraham-Paige Motors Corp.
A special meeting of the stockholders will be held on Oct. 24 to act on
a proposal to reduce the authorized capital, consisting of 30,000 shares of
1st pref. stock of 8100 par value, 40.000 shares of 2e1 pref. stock of $100
par value and 2,500,000 shares of no par common stock, to $5,516,500,
to consist of30,000 shares of 1st pref.stock, par $100;165shares of 2d pref.
stock, par $100. and 2,500,000 shares of $1 par value common stock.
The amount of the reduction resulting from the change to $1 par value
from the no par common stock would be transferred to capital surplus,
against which would be applled the deficit from operations accumulated
to Dec. 31 1932, and such write-downs of property as may be determined
upon during the current year. All except 165 shares of the 2d pref., which
is convertible, has been exchanged for common stock. The offer was on
the basis of 16 shares ofcommon for each share of 2d pref. stock.
Refunding Plan Presented to Debenture Holders.
A plan for funding and extending the balance of $1,400,000 of an issue
of $3,000.000 Graham-Paige Motors Corp. 6% sinking fund debentures.
series A. has been presented by President Joseph B. Graham in a letter to
the debenture holders.
Under this plan the debentures, which mature Aug. 1 1933. would be
exchanged for a like amount of 1st mtge. 6% sinking fund bonds dated
Feb. 1 1933, due Feb. 1 1938. The new bonds would be secured by a
first closed mortgage or deed of trust to the Detroit Trust Co., as trustee,
covering the land, buildings, machinery and equipment of the Warren
Avenue plant in Detroit, Mich., and the Wayne plant in Wayne, Mich.,
which constitute the principal manufacturing properties of the corporation,
estimated to have a sound value of $4,764.982. This figure is based on the
appraisal value of land in 1927,cost of buildings, machinery and equipment,
less liberal charges for depreciation, as well as substantial write-offs which
directors have authorized to be taken as of the close of the current year.
The mortgage or deed of trust securing the proposed issue of bonds would
provide for an annualsinking fund beginning Aug.1 1934,with the minimum
schedule calling for setting aside $100,000 on that date and a like amount
each year thereafter, while any bonds are outstanding. In addition, beginning with 1933, the corporation will be required to apply 20% of its
net earnings for each calendar year to retirement of outstanding bonds.
"The above plan," says Mr. Graham,"secures the holders of the present
debentures and should insure the payment of these obligations irrespective
of future operations of the company and any future uncertainties in the
industry. At the same time, by funding and extending the present debenture obligations, the company should be placed in a position to carry on
and maintain its operations until the business of the industry becomes more
-V. 135, p. 2661.
normal."
Great Atlantic 8r Pacific Tea Co.
-Expands.
The company has leased 17 new locations for stores in the Metropolitan
area, ten of which will be located in New York City. Officials said that
the additional stores were warranted by immediate business prospects.
and that additional leases would be signed as rapidly as conditions justified
further expansion. The premises taken were as follows: Manhattan, 724
Amsterdam Avenue, 1662 Amsterdam Avenue,294 First Avenue. 204 West
End Avenue, 478 Third. Avenue and 463 West 125th Street: Bronx. 477
Brook Avenue; Brooklyn, 22 De Kalb Avenue and 6317 18th Avenue;
Richmond,344 Forrest Avenue, West Brighton; in New Jersey. at 615 Westfield Avenue, Elizabeth; 136 Vreeland Avenue. Paterson, and on Maple
Avenue, Hoboken; and in New York, at 277 Main Street, White Plains,
at 178 Main Street, Beacon, on Campwoods Road, Ossining, and on Palmer
Avenue, Bryn Mawr Park. (New York "Herald Tribune.")
-V. 135.
p. 2661.
Grigsby-Grunow Co.
-Earnings.
-For income statement for six months ended June 30 1932 see "Earnings
Department" ou a preceding page.
Comparative Balance Sheet.
June30'32. Mar.31•32,
June30 32. Mar.31'32,
.
Assets
8
$
3
Capital stock __ -y21,456,226 21,452.093
Ld., bid3s.. mach,
leasehids., &L.:14,064,674 14,551,979 Funded debt
2,678,300 2,657.500
Tr. name, pats. &
Accts. payable__ _ 235,221
481,586
3,125,000 3,125,000 Accrued curr. Ilab. 777,587
good-will
854.840
1,312,887 1,294.069 Res. for cont.ft__ 1,114,930 1,109.075
Cash
mots rec_ 1,696,099 1,766,909 Minority interest_
Notes &
67,392
80,260
Inventories
1,683,916 1,839,704 Capital surplus_ _ _
751,616
845,284
Investments
660,041
642,173 Deficit
3 822,108 3,513,108
Income tax claim_ 336,000
336,000
Cash Burr. val. ins,
23,281
policy
17,847
Deferred charges
357,286
393,849
23,259,164 23,967,530
Total
23,259,164 23,967,535
Total
x After depreciation and amortization. y Represented by 2,723,343 no
par shares -V. 135, p. 2662.
----Guardian Realty Co. of Canada, Ltd.
-Smaller Div.
,
The directors recently declared a dividend of $1 per share on the 7%
cum. pref. stock, roar $100, payable Oct. 15 to holders of record Sept. 30.
A distribution of $1.25 per share was made in each of the three preceding
auarters as compared with regular quarterly distributions of $1.75 per
-V. 134, p. 1036.
snare previously made.
‘......Guilford Realty Co.-Suspends Dividends.
-
The directors recently voted to suspend quarterly dividends on the no par
common stock series "A,' 6% pref, stock and 7% cum. pref. stock, par
$100. Quarterly distributions of 35 cents per share, 1 i % and 1 % were
made on the respective issues on Juno 30 last. Six months ago, the quarterly
dividend on the common stock was increased to 35 cents from 30 cents per
-V. 132. p. 1815.
share.
Gulf States Steel Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 2000.
"Hammond (La.) Box & Veneer Co.-8077bis croY, which has been in litigation for several months,
has
been sold y the Hammond State Bank & Trust Co. to 11. J. and Alex
Wilson o Hazlehurst Miss. The factory is reported to be in good condition and operation is expected to begin in the very neae future. This
will mean the employment of probably more than 100 persons, many
been out of work
of whom have factory runs in since the closing down of the plant. Later
full blast, the payroll required will be conthe
on, when increased.
siderably
H. J. and Alex Wilson have a chain of factories in Mississippi.
Harbison-Walker Refractories Co.
-Earnings.
-
For income statement for three and nine months ended Sept. 30 see
-V.135. p. 2501.
"Earnings Department" on a preceding page.
-Tenders.
Havana Docks Corp.
The Old Colony Trust Co., Boston, trustee, will until noon on Oct. 26
receive bids for the sale to it of 1st coll. lien 7% bonds, series A, to an
°tint sufficient to exhaust $129,741, at a price not exceeding par and
-V. 134. p. 4166.
interest.
-Plans Reorganization.
''"Hawaiian Pineapple Co., Ltd.
Reorganization of this company which the directors believe, will enable it
which has been badly damaged by conditions
to rehabilitate its business
2839
during the last:two years was announced on Oct. 19 by President James D.
Dole.
Atherton Richards, who has been treasurer of Castle & Cooke, agents
for the Matson Navigation Co. has been named General Manager, a post
which Mr. Dole relinquishes while retaining the Presidency. Deane W.
Malott, Vice-President of the company, was elected Treasurer also to
succeed Raymond S. West. The new directors are: Clarence H. Cooke.
President of the Bank of Hawaii; George P. Rea, Executive Vice-President
of the Bishop First National Bank; Lester McCoy and Atherton Richards.
New cash capital totaling $1,500.000 vrill be added to the resources of
the company through the issuance of 75.000 shares of 6% cum. cony. pref.
stock which Castle & Cooke and the Waialua Agricultural Co.
-the latter
owning one-third of the shares of Hawaiian Pineapple-will underwrite.
Castle & Cooke also will become agents of the Pineapple company.
Plans are being laid for the formation of a new corporation which will
have an authorized capital of 250,000 shares of $20 par value pref. stock,
each share of which will be convertible into common stock on a basis of
one share of preferred for four shares of common with adjustment for any
accumulated dividends. Of the preferred stock 75,000 shares will be offered
immediately to stockholders of the old company in proportion to their
holdings, while 500.000 shares of common stock of $5 par value will be
issued to the old company in payment for its assets. Additional common
shares totaling 1,500,000 will be authorized and held for future disposition.
V. 134. p. 2159.
Haytian Corp. of America (& Subs.).
-Earnings.
Years Ended June 30EarningsHaytian .American Sugar Co
Railroad company
Electric light company
Wharf company
Haytian Corp. of America
Total earnings
ExpensesHaytian American Sugar Co
Railroad company
Electric light company
Wharf company
Haytian Corp. of America
1932.
1931.
1930.
$677,425
113,125
$810,017
109.370
175,163
1,078
165,661
8,159
$777.240
108,337
77,468
196,034
7,322
$966,792 $1,093,207 $1,166,402
1,057.571
114,256
1,057,978
127,657
1,121,773
131,505
52,834
106,570
26,518
88,497
11,279
113,113
9,147
Oper. loss (excl. of deprec. & res.)Acct. of, min. int. in wharf company
$304,812
$214,688
$272,800
799
Total loss
Reserves
For depreciation:
Haytian American Sugar Co
Wharf company
For income note interest: THaytian
Corp. of America
For proportion of discount on bonds_
Profit on sale of electric light company
$304,812
$214,688
$273.599
57,803
25,508
51,834
25,508
52.058
25,508
239,723
7,993
239,722
7.993
239,723
7,993
Cr51,577
Deficit charged to surplus
$635,838
$539,745
$547,303
-Following the policy of the company adopted by reason of the
Note.
concession, no depreciation reserve had been provided for the railroad
company.
Condensed Consolidated Balance Sheet June 30.
1931.
1932.
1931.
1932.
LiaMlUies$
assets
$
$
58,447
220,393 Accounts payable_
72,441
86,716
Cash
Mdse, held for sale 350,007
520,992 Income notes
2,996,531 2,996,531
266,515 Reserves
Materials & supple 248.269
803,050
575,488
Sarthe distillery
Capital stock &
61,053
alcohol & rum__
surplus
5,812,243 6,479,742
19,438
Sugar in transit__ _
32.673
41,959
Mtge,int. receiv__
70.427
26.143
Accts.receivable__
66.619
66,248
Adv. to colonos__ _
Cost of cane fields
235,387
& pasture lands_ 226,305
86.424
86.629
Prepaid expenses_
Govt.of Haiti guar
155,000
antee of interest 155.000
Invested assets.- - 7,233.050 7,308.196
Claim against Gov.
1,027.388 1.027.389
of Haiti
125,067
1013,619
Deferred assets_
9.699.440 10.124.202
Total
-V. 134, p. 515.
Total
9,699,440 10,124,202
Holly Development Co.-Earnings.
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
1931.
Liabilities1932.
1931.
1932.
Assets$900,000 $900,000
.
Capital assets_ _ _82.659.852 $2.646,493 Capital stock
177,250 Dividend payable_
22,500
22,500
Invest. & adv_ _. - 215.250
5,310
235,289 Acc'ts payable
3,458
Marketable secur_ 194,543
22,367 Res've for taxes
6,760
8,340
26,265
Acc'ts receivable__
9,475
12,940 Res've for deprec. 759,013
733,209
Inventory
133,134
115,471 Res've for deple-- 1,000,046
794,262
Cash
659 Res've for Fed.inc.
714
Deferred charges
tax dc conting_ 117.209
113,093
Capital surplus--. 320,030
519,222
Earned surplus__ 108.364
116,383
Total
-V. 135.
$3,239,234 $3,210,470
Total
$3,239,233 $3,210.470
p. 637.
Home Fire & Marine Insurance Co.
-Status.
-
See Fireman's Fund Insurance Co. above.
-V. 132, P. 1427.
Hotel Canterbury, San Francisco, Calif.
-Reorganization Plan.
The first mortgage bondholders' committee has approved and adopted a
plan of reorganization.
The plan contemplates that the holders of certificates of deposit issued
by the depositary and representing bonds with Feb. 15 1932 and subsequently maturing coupons attached will receive in exchange therefor:
-year 6% cumulative income sinking fund bonds of a new company
(a) 12
in an amount equal to the face amount of the deposited bonds. Said bonds
will be dated as of Feb. 15 1932, the date interest was last paid on the outstanding bonds, and will be secured by a new first mortgage trust indenture
covering the Hotel Canterbury property.
(b) A sum in cash, as and for accrued interest on the new bonds, equal
in amount to interest at the rate of 6% per annum thereon from Feb. 15
1932 to the date of consummation of the plan of reorganization, provided
there are sufficient funds on hand with the trustee and depositary available
for that purpose.
In any event, however,such cash distribution shall be equal in amount to
interest at the rate of at least 4% per annum on the new bonds from Feb.
15 1932 to the date of consummation of such plan of reorganization, and
any deficiency between the amount paid and interest at 6% as above provided shall accumulate.
Status of Property.
-The Hotel Canterbury property consists of a 10
story commercial and residential hotel building and the land thereunder.
owned in fee, located at 734-764 Sutter Street, San Francisco, Calif., the
property fronting approximately 13734 feet on Sutter St. between Taylor
and Jones Sts., and having a depth of 13754 feet. The building contains
234 rooms,6 stores on the ground floor, and in addition a large dining room,
hotel kitchen and lobby. The property has been maintained in good condition.
Possession of the property is now held by the trustee under the trust
indenture securing the outstanding bonds, the operation of the same being
under his supervision. The present net income of the property is insufficient
to provide for the fixed requirements under the present trust indenture.
This issue of bonds, originally aggregating *575.000 in principal amount.
has been reduced to $423,500, bonds in the latter amount now being out-.
standing and unpaid. The semi-annual interest which fell due on Aug. 15
2840
Financial Chronicle
1932, and the bonds which matured on that date, were not paid. However,
there are no delinuqencies in the payment of real and personal property
taxes.
At the present time a substantial majority of the outstanding bonds are
now on deposit with the depositary for the committee.
This plan of reorganization is conditioned upon the acquisition of the
property by the committee or its nominee at foreclosure sale.
Non-Assenting Bondholders.—Non-depositors are entitled only to their
proportionate share of the sale price and funds available in the hands of the
depositary and of the trustee from income from the property, if any, less
all trustee's sale expenses.
Committee.—Charles C. Irwin, Chairman; Frederick W. Straus, J. C.
Wright, Robert E. Straus and N. H. Oglesbee.
Houston Oil Co. of Texas.—Reduces Book Value of
Fixed Assets.
The company has written down the book value of certain of its fixed
assets, transferring for the purpose $1,600,000 from surplus to a reserve
account.
"In view of the present economic conditions, especially in the oil industry." President G. A. Hill, Jr., said,"The Directors have authorized a
readjustment of the book values of certain of its properties acquired in
prior years. These properties were acquired and developed during the
period of high prices, and there remained at Dec. 311931. unextirguished
cost and development expense disproportionate to present market values.
In the opinion of the Directors, and upon the recommendation of the
President,such properties should be, and have been, written down to present
values by transfer from surplus to an appropriate reserve account in the
amount of $1,600.000. No appreciation has been set up on the books of
the company on account of any producing or non-producing properties.
many of which have a market value in excess of book cost and development
expense."—V. 135. p. 2662.
Howe Sound Co.—Earnings.—
For income statement for 3 months ended Sept. 30 see"Earnings Department" on a preceding page.—V. 135, p. 827.
-Hunter Manufacturing & Commission Co.—Proposed
-----Reorganization.—
A reorganization plan has been agreed upon by the directors and the
special committee recently appointed to study and make a report on the
matter. It was announced at a meeting held on Oct. 14 that details of the
plan will be forwarded by letter to all stockholders who will be asked to
vote on it at a meeting scheduled for Nov. 10.
The members of the committee representing the preferred stockholders
are, besides Chairman Mountcastle, Julian Price II/ j...,Blackford, I. B.
Grainger and Z. V. Turlington.
. 135 ;4 1/i1. i
2
.
titarv
,
Indiana Limestone C .
A-Pn5iiiared Operative.—
The reorganization committee hat d lared o erative the reorganization
plan promulgated last March, it is announced in a letter sent to holders of
-year 7% sinking fund
the company's 15
-year 6% sinking fund bonds; 10
debentures, preferred stock and common stock. A. R. Horr, Vice-Pros.
of Cleveland Trust Co., is chairman of the committee, and other members
are W. E. Clark, attorney, Bedford, Ind.; William R. Daley. Otis & Co.,
Cleveland; Ray L. Junod, Vice-Pres., Continental Illinois Co., Chicago;
W. Laud-Brown, Bankers Trust Co., New York; Robert C. Lee, VicePres., Guardian Trust Co., Cleveland; and Myron H. Wilson, Cleveland.
The committee's announcement stated that there had been deposited
under the plan $12,128,000 representing over 89% of the outstanding bonds.
and $3,584,500 representing over 83% of the outstanding debentures, and
that additional deposits were being currently received.
Failing to receive sufficient subscriptions from security holders to a
proposed new bond issue to carry out the plan, the company has arranged
for an extension of its secured bank loans, amounting to approximately
$645,000 for a one-year period, thus avoiding the present necessity of
raising new money to liquidate its loans.
In order to provide for cash requirements, the committee has secured the
underwriting of new prior llen bonds, and accompanying shares of new
common stock, at par and accrued interest up to an aggregate of $500,000,
which the committee believes should enable it to consummate the plan.
According to the committee's announcement, the company reports that
recent operating results show a material improvement. Based upon the
amount of business now in hand, the management forecasts an operating
profit, after taxes and interest on bank loans, but before depreciation and
depreciation, for the fiscal year ending Nov. 30 next.
Upon consummation of the plan, bonds and common stock (or voting
trust certificates representing common stocks) of the reorganized company
will be distributed to the depositing bondholders and debenture holders on
the basis of the original terms of the plan. Deposits of bonds and debentures
will continue to be received up to Nov. 19.
Depositaries for the first mortgage bonds are Bankers Trust Co., New
York, Cleveland Trust Co., Cleveland, and Continental Illinois Bank Sz
Trust Co., Chicago. Depositaries for the debentures are Guardian Trust
Co.. Cleveland, and First Union Trust & Savings Bank, Chicago.—V.
135, p. 2182.
Industrial Rayon Corp.—Earnings.—
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.—V. 135. p. 1338.
Insull Utility Investments Inc.—New Suit Filed.—
In a suit filed Oct. 20 in U. S. District Court at New York. amplifying
charges contained in a similar action begun last week, company is alleged
to have borrowed $27,400,000 from banks and $500,000 from the Central
Electric Co.
The suit, which is to recover securities pledged with the banks to cover
the unpaid loans, was brought by Celia Kelly of Minneapolis and Louis
Flader of Chicago. debenture holders. The previous suit was filed with the
same object by Mr. Flader alone.
The complaint asserts the securities pledged with the banks are subject to prior liens under the corporation's debentures, of which $57,651.
000 worth, face value, are outstanding. The complaint also sets forth
that, apart from the securities in question, the assets of the corporation
available for all purposes amount to only $1,700,000.
The defendants in the suit, the Guaranty Trust Co. of New York,
Central Hanover Bank & Trust Co., Commercial National Bank & Trust
Co. Irving Trust Co. and the Bankers Trust Co.. are said to have loaned
various sums, as yet unpaid, aggregating $16,500000 to Instill Utilities.
Other banks in Chicago, it is charged on information and belief. "wrongfully" made similar loans as follows: First National Bank of Chicago. $2,000,000; Continental Illinois Bank & Trust Co., $6,500,000; Central
Republic Bank & Trust Co.1.500,000; Harris Trust & Savings Bank,
,
$500,000: Northern Trust Co.,; $900,000.
A preliminary motion for a temporary injunction restraining the banks
from disposing of the securities pledged with them is awaiting a hearing
Nov. 2. The suit filed Oct. 20 was for a permanent injunction, recovery
of the pledge securities, a court ruling that the debenture holders have a
prior lien on the securities, and an accounting. Curtis, Mallet-Prevost,
Colt & Mosie are attorneys for the plantiffs.
•
Appeals Court Holds Chicago Judge Acted TVithout Jurisdiction.—
The U. S. Circuit Court of Appeals at Chicago has reversed orders issued
by District Court Judge Walter G. Lindley restraining certain New York
banks from selling at auction collateral pledged with them against defaulted loans to Insull Utility Investments, Inc.. and Corporation Securities Co.
The opinion of the court said that disposition of such issues cannot be
made in the Illinois Federal Court in these proceedings, but ancillary
proceedings in the equity suit or in a bankruptcy action may be had in the
New York jurisdiction.
Hearings on Federal Judge Caffey's order directing holders of collateral
of Insull Utility Investments, Inc., and the Corporation Securities Co.
of Chicago to show cause why they should not be restrained from selling
the securities pledged against defaulted loans have been adjourned to
Nov. 2.
Protective Group for Debentures Incorporated in Illinois.—
Holders of Insull Utility Investments debentures have formed the Insult
Utility Debenture Holders' Protective Committee of 1,000 as a non-profit
corporation under Illinois laws for the purpose of prosecuting efforts to
recover assets from banks, directors and others.
It is planned to establish a Vice-President and Assistant Secretary in
each important city to develop interest among debenture holders outside
Oct.'22 1932
of Chicago. To cover expenses of the committee's work a fee of $2 for
each $1,000 of debentures is to be levied.—V. 135. p. 2501.
Insurance Securities Co., Inc.—To Increase Stock.—
The stockholders will vote Nov. 3 on increasing the outstanding capital
stock by the issuance of $2,000,000 par value of preferred stock.
Shareholders of the company will be privileged to subscribe for the new
stock in proportion to their present holdings, and such stock as may not be
taken by the shareholders has been underwritten.
The proceeds resulting from the increased capitalization will be used to
increase the capital structure of the Union Indemnity Co., one of the
company's principal subsidiaries.—V. 134, p. 1967.
Intercontinent Petroleum Corp.—Stock Suspended.—
The stock has been suspended from trading until further notice by the
New York Curb Exchange.—V. 131, p. 484.
Interlake Iron Corp.—Earnings.—
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.—V. 135. p. 638.
International Business Machines Corp.—Tenders.—
The Guaranty Trust Co.. trustee, 140 Broadway, N. Y. City will until
10 a. m.on Oct. 31 receive bids for the sale to it of Computing-TabulatingRecording Co. 6% 30
-year sinking fund gold bonds, due July 1 1041, to
an amount sufficient to exhaust $540,577 at prices not exceeng 105 and
interest.—V. 135, p. 2345.
International Match Corp.—Majority of Debentures
Deposited.—
The debenture holders protective committee, of which J. C. Traphagen,
President of the Bank of New York & Trust Co. is Chairman, has announced that it has received deposit of more than a majority in amount of
the combined debenture issues of toe corporation.
Claims Filed Against Company.—
The following is taken from the New York "Times" Oct. 20:
Claims filed against the International Match Corp. by the American
trustee for the bankrupt Kreuger & Toll Co. reached $464,000,000 late
yesterday (Oct. 19) with the filing with Oscar W. Ehrhorn, referee in
bankruptcy, of additional claims amounting to $175,000,000. These
supplemental claims, put in on the final day allowed, wer in addition to
claims for $289,445,330 filed earlier.
Even this huge sum did not complete the claims filed by various Kreuger
in.kres.s against International Match. The Dutch Kreuger &
officially known as N. V. Financieele Maatschappij Kreuger & Toll, put in a
claim, through its attorney, Ernest V. Downey, for $165,000,000, alleged
to have been lost through loans and transfers of securities between
corporations by the late Ivar Kreuger.
In addition, the Swedish liquidators of the Kreuger & Toll Co., through
Jen Monnet, now in New York,filed claims for an amount similar to that
asked by the American trustee. This did not represent an additional claim,
but was put in chiefly for tecnhical reasons to avoid any possible legal
plication.
These claims were in addition to the $98,000.000 blanket claim on behalf
of International Match bondholders by the City Bank-Farmers Trust
Co..filed before its removal as trustee, and to the bondholders' claims filed
through two rival protecting committees and independently. The latter
claims continued to come in in large numbers, but the total cannot be
known until all the claims are tabulated, and this will take about two weeks.
One committee, however, has estimated at $45,000,000 the claims filed
through it.
The $464,000,000 Kreuger & Toll claims were filed by Debevoise &
Stevenson, as attorneys for Gordon Auchincloss, American truatee in
bankruptcy of the Kreuger & Toll Co. It is not expected that any such
sum as that named will actually be recovered. The International Match
Corp. (Del.), a subsidiary of the Swedish Match Co., filed a petition in
bankruptcy on April 19.
Of the 3175.000,000 supplemental claims, $100,000,000 represented additional claims for services to the International Match in negotiating match
concessions between Jan. 1 1925, and the date of bankruptcy. In the
first proof of claim 353,161,117 had already been asked as a share in the
profits from these match concessions in 32 countries. According to the
proof of claim, it was agreed that Kreuger & Toll were to receive four-tenths
of the profits from the concessions owned or operated by International
Match. The
.profits of the concessions are estimated at "not less than
3132,902,794.'
The countries listed were Algeria, Austria, Belgium, Bolivia, China,
Columbia. Czechoslovakia, Danzig, Denmark, Ecuador, Estonia, Finland,
France, Germany, Greece, Guatemala, Hungary, India,Italy, Japan,
Jugoslavia. Latvia, Lithuania, Mexico, Norway, Peru, Poland, Portugal,
Rumania, Spain, Sweden and Turkey. The 3100,000.000 supplemental
claim was for service, in case it should be determined that Kreuger
Toll was not entitled to share in the profits.
The additional 575,000.000 in the supplemental claim was for the alleged
depreciation of securities purchased for International Match, which was
said to have agreed to indemnify Kreuger & Toll for loss.
In the first list of claims $100,000,000 was asked on the ground that
Ivar Kreuger. through his domination of all the companies, had arbitrarily
transferred to International Match money and securities "of a value of
upward of $100,000,000," whereby International Match was "unjustly'
enriched."
A claim of 375,000.000 was made for sums said to have been lent to
International Match by Kreuger & Toll directly or through subsidiaries, or
paid by Kreuger & Toll for the account of International Match, from
August 1927 to Feb. 1932. These sums, the proof of claim declared.
were used by International Match to pay dividends and interest.
An alleged fictitious agreement purported to have been entered into
between International Match and the Polish Government was the basis for
a claim of 330.000,000. Relying on representations of Ivar Kreuger that
the agreement had been made, and on representations by International
Match that it had advanced $17,000,000 to Garanta, a Dutch corporation.
In accordance with the alleged agreement, Kreuger & Toll entered into a
supplementary agreement with Swedish Match and other companies, assuming full responsibility for the undertakings of Garanta, the claim
declared.
Unuer the terms of this supplementary agreemer t Kreuger & Toll
asserted that they put out $30,000,000 for interest and amortization payments on promissory notes alleged to have been issued by Garanta to the
International Match, besides other payments. It contended that the
supplementary agreement was void, because the Polish agreement had
never been entered into.
Kreuger & Toll asked $15,000,000 for indemnification for certain guarantees of International Match obligations assumed by it, 350,000.000 for
the value of securities owned by Kreuger At Toll but allegedly appropriated by International Match while the securities were in its possession,
and $:'0 030,000 for failure to pay interest on certain securities purchased
by ICreuger & Toll, and for losses on these securities, purchased to help
International Match to acquire concessions.
Kreuger & Toll asked also 320,000.000 for securities sold to International
Match or its subsidiaries and not paid for, $1.284,212.95 for sums received
by International Match as interest and amortization on certain securities
held by Kreuger & Toll and allegedly not paid over and $15,00o,000 for
Interest on securities to which Kreuger & Toll are said to be entitled.
The proof of claim sets forth that there are no set-offs or counter claims
to any of these alleged debts, that the claimant "In no way waives any
rights which the claimant may have or may ho found to have to reclaim
specific assets whether or not specified or referred to in this proof of claim,"
waives no rights against subsidiary or affiliated corporatiors and "in no
way waives any right, by way of set-off. against any claim which International Match Corp. or any of its subsidiaries may assort against Kreuirer
& Toll or the claimant." Rights or causes of action against the bankrupt
or any other for conversion of stock, bonds and securities are also reserved.
New Member Added to Independent Debenture Holders'
Committee.—
Basil O'Connor, Governor Roosevelt's partner in the law firm of Roosevelt & O'Connor, has become a member of the independent debenture
holders' protective committee, of which George S. Silzer, former Governor
of New Jersey, is acting as Chairman.
New Trustees Named for Debentures.—
By an order of the Supreme Court of the State of New York on Oct. 13
1932, Brooklyn Trust Co. and Edward Ward McMahon were appointed
Financial Chronicle
Volume 135
co-trustees under the trust agreements dated Nov. 1 1927 and Jan. 15 1931,
respectively, under which the 20-year 5% sinking fund gold debentures
due Nov. 1 1947 and the 10
-year 5% convertible gold debentures due Jan.
15 1941 were issued, in place of City Bank Farmers Trust Co.
-V. 135,
p. 2662.
Interstate Department Stores, Inc.
-Sales Gain.
-
2841
----Liberty Limestone Corp.
-Dividend Deferred.
The directors
recently decided to defer the quarterly
on the 7% cum. pref. stock, par $100. The last regulardividend due Oct. 1
quarterly payment
of 1 ,4% was made on July 1.-V. 131, p. 3539.
3
Loft, Inc.
-Sales.
-
Nine Months Ended Sept. 30The corporation reports that sales for the period of Oct. 1 to Oct. 8.
1932.
1931.
Increase.
Sales
incl. were 10.37 ahead of the same period last year. Of the 35 stores in
°
$9,973.007 $9,692,297
$280.210
-V. 135, p. 2663.
the interstate chain which operates in 14 States. 20 showed sales increases,
two had sales equalling last year's figures and the remaining 13 showed
Long-Bell Lumber Corp.
-Receivership Denied.
only small declines. The same number ofstores were in operation at this
An application for a receivership for the company and its subsidiaries
time last year, so that the comparison is direct.
was denied Oct. 15 in Federal Court at Kansas City by Judge Merrill
In September sales of Interstate were 1.2% under September 1931. which
Otis. Bills In equity seeking the receivership were ordered dismissed. E.
compares favorably with the preliminary report of the Federal Reserve
The bondholders who were plaintiffs in the suit received until Nov.
Board, which showed September sales of about 500 reporting stores 18%
7
to perfect an appeal to the Circuit Court of Appeals
below sales for September 1931.
The plaintiffs alleged mismanagement in the company's affairs,
September volume of Interstate was 28% greater than in August, while
and
particularly attacked the transfer of $27,000,000 in assets of the
in 1931 September volume was 47 below August of that year.
company to a subsidiary, the Long-Bell Lumber Sales Corp. lumber
Inventories on Sept. 30 last were considerably lower than on the same
-V.134.
date a year ago, and inventory contained a larger porportion of new and
p. 828.
seasonable goods.
\
McCrady-Rogers Co., Pittsburgh.
-Dividend Deferred.
During the summer months,for which complete data is available, operatThe directors recently voted to defer the quarterly dividend due Sept. 30
ing expenses showed substantial reductions below those of prior years.
on the 7% cum. cony, pref. stock, par $50. The last regular quarterly
No Action Taken on Common Dividend.
payment of 87S6 cents per share was made on this issue on June 30.-V.
The directors at a recent meeting omitted the declaration of a dividend
132. p. 865.
on the common stock, no par value. The board in March last had deMcIntyre Porcupine Mines, Ltd.
ferred action on dividends on this issue until after results for the first six
-Earnings.
months of 1932 had been ascertained (see V. 135, p. 2167). From April
For income statement for three and six months ended Sept. 30 see "Earnings Department" on a preceding page.
1 1929 to and including Dec. 29 1931 regular quarterly distributions of
-V. 135, p. 2664.
,50c. per share were made.
-V. 135, P. 2501.
Investors Syndicate.
-September Business Higher.
-
Thrift certificate sales of Investors Syndicate showed a further increase
for the latter half of September, bringing total sales for the month
over the largest previous September business (1929); the increase 26%
over
September 1931 was 709'.
"There has been a substantial decrease in request for loans against certificates," said President John R. Ridgway. "'We also note a very definite
increase in repayments of loans against certificates. This is a particularly
encouraging indication due to the fact that such pay-offs are entirely voluntary on the part of certificate owners.
"Our August sales were 62% greater than July, and September business
was 27% over August sales -V. 135, p. 2662.
Jones & Laughlin Steel Corp.
-Dismantles Soho Furnace.
Madison Square Garden Corp.
-Earnings.
-
For income statement for three months ended Aug. 31 see "Earnings
Department" on a preceding page.
-V. 135. p. 309.
Mathieson Alkali Works, Inc.
-Earnings.
-
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
E. M. Allen, President, states, "July shipments were the lowest in many
years. August and September shipments improved materially over July.
In order to reduce inventories to normal we did not step up our operations
in August to keep pace with shipments but in September were able to
materially increase our operations with the result that earnings in that
month accounted for almost half the earnings in the third quarter."
-V.
135, p. 641.
Meteor Motor Car Co.
-Earnings.
-
The corporation will demolish its Soho blast furnace and dismantle the
For income statement for 9 months ended Sept. 30 see "Earnings Defurnace's auxiliary group of buildings and machinery. The Soho furnace,
partment" on a preceding page.
which is located at Second Avenue and Brady Street. Pittsburgh, Pa.. on
Current assets as of Sept. 30 1932 amounted to $255,236 and current
the Monongahela River, was built in 1872 and was last in blast in 1924
liabilities were $13.373, comparing with $274,125 and $12.661. respectively,
The move is in part necessitated by the furnace's obsolesence
on Sept. 30 1931.-V. 134, p. 3649.
by the
desire to afford needed employment. ("Steel" of Cleveland.) and 135, p.
-V.
'Minneapolis-Honeywell Regulator Co.
828.
-Smaller Div.
The directors on Oct. 14 declared a dividend of 25 cents per share on the
Junior Orpheum, Los Angeles.
-To Extend Bonds.
common stock, no par value, payable Nov. 15 to holders of record Nov. 4.
Bondholders are being requested by the company to defer
A distribution of 50 cents per share was made on Aug. 15 last, as compared
enforecment of serial maturities due Nov. 15 1932. 1933 and
with 75 cents per share on Feb. 15 and May 14 of this year. Previously,
sideration the eomnary will establish an earnings 1934. until 1935. In conthe company disbursed semi-annual payments of $1.50 each. the last paysinking fund to be applied
first to earliest official maturities and thereafter equipment will be placed
ment at the latter rate having been made on Aug. 151931.
under the lien of the bonds as additional security. E. H. Rollins &
Sons,
Earnings.
one of the original underwriters in 1920. and Blyth & Co.. have investigated
plan and are recommending it to bondholders.
the
For income statement for 12 months ended Sept. 30 1932 see "Earnings
-V. 111. p. 2526.
Department" on a preceding page.
-V. 135, p. 1835.
Kayser & Co.
-No Common Dividend Action.
-
The directors have so far taken no action in respect to a dividend on
the no par value common stock. Consideration
issue was deferred on April 5 last until results for of dividends on this
the entire
ended June 30 1932 had been ascertained. The stock was on afiscal year
$1
basis (25c. quarterly) from May 1 1931 to and including Feb. 1annual
1932.
Previously, the company made quarterly distributions of 62Mc.
per share.
See also report in V. 135, p. 1325.
Kelvinator Corp.
-Unfilled Orders Gain.
-
With unfilled orders far in advance
last year's
ventories very substantially lower than of 1931, the figure and field inin
corporation began its
new fiscal year on Oct. 1 in an enviable position, according to President
George W. Mason.
In commenting on this statement Mr. Mason said: "A
crease in October shipments over October of last year is substantial inSeptember shipments were 12% ahead of the same month lastassured. Our
year and total
shipments for the fiscal year were in excess of those for the
previous 12
months.
"Kelvinator has moved forward in the industry during the year
ended. An increase of approximately 32% in its relative sales position Just
was
recorded and this was accomplished under generally adverse conditions.
"With unfilled orders far in excess of the same date last year, field
inventories lower and an immediate increase in shipments assured, Kelvinator
is in an excellent position to take advantage ofimproving business conditions.
"The position of the corporation has been further improved during
the
past fiscal year through substantial oneratins economies and improvements
In the sales organization and system."
-V. 132, p. 2002. 1833.
Kimberli-Clark Corp.
-Earnings.
For income statement for three and nine months ended Sept. 30
see
"Earnings Department" on a preceding page.
-V. 135, p. 639.
Kroger Grocery & Baking Co.
-Sales:
-
Period End. Oct. 8- 1932-4 Weeks-1931. 1932-40 Weeks-1931.
Sales
$15.978,061 $17.612,910 $165589.328 $191786.975
Average number of stores in operation during the 10th period of
1932
was 4,786, against 4,903 in the corresponding period of 1931, a decline
of 2%•
Retail food prices declined 167 between Aug. 15 1931 and Aug.
according to the Bureau of Labor Statistics of the United States 15 1932,
Depart-V. 135. p. 2182.
ment of Labor.
Erie Steel Corp.
-Bankruptcy.
-
A voluntary petition in bankruptcy was filed in Federal Court at Cleveland. Oct. 15 by the corporation through its President, M. N. Weiner.
The liabillties were listed at $325,109 and assets at $623.580.
Lake St. John
Named.
Power & Paper Co.,
Ltd.
-Committees
An informal meeting of the larger and more easily accessible bond and
debenture holders held recently in Toronto. resulted in the appointment of
a committee from among those present, to rame one committee for the
bondholders and one committee for the debenture holders, whose work
would be to assist in obtaining proxies from the holders of all the company's
securities.
The committee for the bondholders is as follows: John Appleton.
Toronto; Senator Arthur Meighen, Toror to; A. F. White. Toronto; W. S.
Lighthall, Mor treal, and John Stadler, Montreal.
The committee for the debenture holders is as follows: E.Jones, Montreal:
K. V. Young, Toronto; D. II. McDougall, Toronto, Geo. L. Robinson.
Toronto, and John Mitchell, Toronto.
It is expected, according to official sources, that the owners of the above
mentioned securities will realize the importance of either attending or
providing their proxies for use at the formal meetings to be called at a
-V. 135, p. 1503.
later date.
-Earnings.
Lambert Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 1833.
-Earnings.
Lehigh Valley Coal Corp.(& Subs.).
-
Minnesota-Ontario Paper Co.
-New Member Elected
to Bondholders' Committee.
A. D. Cobban has been appointed to the bondholders' protective committee succeeding T. R. Harrison, who resigned.
The committee reports that consolidated income and profit and loss
account for the six months ended June 30 1932, shows a slight profit before
deducting depreciation and interest accrued on the company's defaulted
obligations. Receivers' certificates originally outstanding in the principal
amount of $635,000 have been reduced to $300,000.
A report of the receiver states that substantial progress has been made in
the examination relating to title to various properties and the correction of
any defects therein, and while this examination has not been concluded, it
is believed that sufficient progress has been made to disclose the existence
of no serious remaining problems of this character.
The report refers to the movement in Canada for merger in newsprint
Industry,and states that such progress as was being made in this direction
now appears to be slowed up "and as far as your receivers are advised this
movement is practically at a standstill."
-V. 134, p. 3469.
Mohawk Investment Corp.
-Earnings.
-
For income statement for nine months ended Sept. 30 see ''Earnings
Department" on a preceding page.
As at Sept. 30 1932. the corporation held investments with a market
value amounting to $20,000 or over in the corn. stocks of the following
companies: First National Stores. Safeway Stores, Corn Products Refining
CO., National Biscuit Co., Liggett & Myers Tobacco Co., Pacific Lighting
Corp., J. C. Penney Co., Deere & Co., General Foods Corp., Standard
Brands, Ire.. American Light & Traction Co.. United Light & Power Co.
In no case does the investment In the common stock of any one company
amount to as much as 5% of the total fund.
ralance Sheet Sept. 30.
Assets1932.
1931.
Ltabittnes1932.
1931.
Cash
$1,163,661 $1,191,385 Accts. pay.& accr.
Accrued Int. paid_
940 expenses
$2,838 $107,257
Securities
c1327,366 83,206.466 Res. for Federal &
State taxes
11,142
16,492
Corn. stock
b 1,977.045,12,754,625
Surplus
11,520,417
Total
$1,991,027 $4,398,791
Total
$1,991,027 $4,398,791
a Market value $1,373,484. b Represented by 70,540 no par shares.
c Cost of securities $1,729,024.-V. 135, p.2664.
Mohawk Mining Co.
-$2 Extra Dividend.
-
The directors have declared an extra dividend of $2 per share in addition
to the regular quarterly dividend of 25
common
stock, par $25, both payable Nov. 29 to cents per share on the31. Like
holders of record Oct.
amounts were paid on Aug. 30 last. The company on May 31 last made a
special distribution of $5 per share in addition to the regular quarterly
payment of 25 cents per share.
-V. 135. p. 2346, 641.
Montgomery Ward & Co.
-Earnings.
-
For income statement for three and nine
"Earnings Department" on a preceding page. months ended Sept. 30 see
-V. 135. p. 2503.
(Philip) Morris & Co., Ltd., Inc.
-Earnings.
-
For income statement for six months ended Sept. 30 see
"Earnings
Department" on a preceding page.
-V. 134, p. 4168.
Motor Products Corp.
-Earnings.
-
For income statement for three and nine months ended
Sept. 30 see
"Earnings Department" on a preceding page.
-V. 135, p. 474.
(Conde) Nast Publications, Inc.
-Approves
Mortgage.
The stockholders have approved the form of the
placed
on the company's property. Previously they had mortgage to beplacing
approved the
of the mortgage. See also V. 135. p. 2183.
National Biscuit Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see
"Earnings
Department" on a preceding page.
-V. 135. p. 2503.
-"
For income statement for three and nine months ended Sept. 30 see . 'National Press Building Corp., Washington, D. C."Earnings Department" on a preceding page.
-V. 135, p. 828.
Receivership.
Preliminary to a reorganization of the corporation to place
-September Sales.Lerner Stores Corp.
charges upon an income basis, the company. Oct. 17, agreed to a its fixed
receiverDecrease.1 1932-9 Mos.-1931.
-1931.
Decrease.
1932-Sept.
ship, with Lawrence B. Campbell, manager of the building, as receiver.
1108,7401$15,303,335 $18,234,312 $2,930,977
A statement issued by the company estimated it will be discharged from
$I 597,658 $2,006,398
1172.
-V. 135. p. 2002,
the receivership in the near future with a revised capital arrangement.
r
2842
Financial Chronicle
The receiver, it said, will act to protect the property for the benefit of all
Interested parties pending the reorganization.
The receivership was grantedaby Justice Oscar R. Luhring of District of
Columbia Supreme Court in a friendly suit brought by Dudley F. King, of
Garden City, N. Y., who holds $6,000 of an unsecured indebtedness of
$200,000.-V. 121, p. 3014.
-Successor Formed.
National Radiator Corp. (Del.).
-V.135, p. 1835.
See National Radiator Corp.(Md.) below.
A
'National Radiator Corp. (Md.). iity..i.itje,, cte..
& is corporation was recently chartered in Maryland, under a plan of
reorganization, and has taken over the assets of the former Delaware
corporation.
Frank B'(Cahn, of Baltimore, has been elected a director. John H.
Waters, President and member of the reorganization committee, has been
-V.135, p. 1835.
named President of the new company.
-Suit Delayed.
National Surety Co.
,
The following is (rem the Philadelphia "t inancial Journal:"
Decisive action by the U. S. District Court in Philadelphia in the test
suit to determine whether surety companies or the assets of closed banks
are liable for Commonwealth deposits in them, was delayed Oct. 10 by the
filing of a motion by the State Attorney-General's office for a complete
dismissal of the suit.
Instead of hearing a petition by a stockholder of the National Surety
Co. to restrain the State Banking Department from making any payments
to depositors of the closed Franklin Trust Co. until a final decision is made
on the question whether the bonding companies are liable on their bonds
or the assets of the bank are to be used, Judge Welsh in Federal Court
heard an argument on the motion to dismiss and reserve decision until he
has had time to consider whether the court has jurisdiction of the case.
The point was raised by Harold D. Saylor, State Deputy Attorney-General, who argued that under the law the Federal Court does not have legal
authority to make an order against a State government. While Dr. William
D. Gordon, Secretary of Banking; Edward Martin, State Treasurer, and
William A. Schnader, Attorney-General, are named as defendants in the
case, Saylor maintained that they are involved as State officials, and that
any order against them would really be against the State. His point was
that the case should be taken in the Common Pleas Court No. 5, which
appointed Dr. Gordon liquidator of Franklin Trust. Walter Biddle Saul.
counsel for Newton P.Stewart,the NationalSuretystockholder, who brought
the test case, replied that the action is not against the State, but against
the officers as individuals for failing to perform duties prescribed by law.
Financial Statement.
The company reports as of Aug. 31 last total assets of 148,215,843.
Liabilities amounted to $17,484,021 and reserves were $11,682,138. Capital
stood at $3.000.000 and surplus at $6,000,000. Contingent reserves were
110,049,683.
On June 30 last the Treasury Department of the United States authorized the company's qualifying power on any one bond at 51830,000.
During the first eight months of the current year the company paid claims
to policyholders aggregating more than 514,000,000.-V. 135, P. 1339.
National Tea Co., hicago.-Sates.-
-1931.
-1931. 1932-40 Weeks
Period End. Oct.8- 1932-4 Weeks
54.873.303 55.843,645 551,053319 159,847.657
Sales
-V. 1351, p. 2184. 1670.
-5% Stock Dividend.
New York & Hanseatic Corp.
0
A 5'7 stock dividend has been declared on the capital stock in addition to a
cash dividend of $1 per share, both payable Nov. 1 to holders of record
Oct. 15. Six months ago the company, also ma,e a cash distribution of $1
-V. 132, p. 2979.
per share on the capital stock.
-Liquidating Value.
North American Investment Corp.
The liquidating value of the 5).i% and 6% preferred stock, as of Sept. 30
was $35.89 compared with $39.22 for the preferred, as of Dec. 31.
During the first nine months of 1932, the company retired by purchase'
1912.000 of its collateral trust 5% bonds,reducing total funded indebtedness
to $1.846,000 as of Sept. 30, compared with $2,758,000 at Dec. 31 and
13.500.000 of original issue.
Net asset value for each $1.000 bond outstanding at Sept. 30 was equivalent to $1,603, compared with $1,441 at the close of 1931.
The market value of securities owned at Sept. 30 was $1,603,995, against
12396.746 as of Dec.31 last. Cash was $1,353,682,compared with $1,589,712 at the beginning of the year. A classification of investments and cash
held at Sept. 30,shows: Common stocks, 23.4%; preferred stocks, 14.5%;
bonds. 16.3%; cash, 45.8%.-V. 134. p. 1209.
-Earnings.
Ogilvie Flour Mills Co., Ltd.
1929.
1930.
1931.
1932.
Years End. Aug.31Trading profits, incl. investment income,after
$755,148 $1,127,436 $2,381,741
$744,937
bond int. & deprec'n_
140,000
140,000
140,000
140,000
Pref. dividend (7%)- (58)600,000 (58)600,000 (18)600,000 (18)600.000
Common dividends
($5)375,000(17)1275,000
Common bonus
$366,741
$12,436
$15,148
54.937
Balance, surplus
75,000
75,000
75,000
75.000
She. cont. out. (no par).
$29.88
$13.17
58.20
$8.06
com
Earns. per sh. on
-V. 133, p. 2610.
-Status.
Occidental Insurance Co. (Calif.).
-V. 130. P. 3892.
See Fireman's Fund Insurance Co. above.
-Earnings.- Otis Elevator Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 135, p. 2185.
Department" on a preceding page.
-Bonds Called.
(The) Paper & Textile Machinery Co.
AU of the outstanding 1st mtge. 7% bonds due 1933 have been called
for redemption on Nov. 1 next at 105 and int. Payment will be made at
the Guardian Trust Co., Cleveland, Ohio. The 1934 series was called
and redeemed at 105 on Nov. 1 1931.-V. 119, p. 2074.
-Suit Dropped.
Paramount Publix Corp.
Alfred C. Blumenthal has discontinued his suit against the corporation
to set aside the transaction by which Paramount transferred- 23 films to
'Film Products Corp., a subsidiary, and the latter deposited them as security
-V. 135, p. 2004.
for bank loans.
-Omits Div.
""N(The) Park Mortgage & Ground Rent Co.
-The company will omit the quarterly payment ordinarily made about
Nov. 15 on the capital stock. On Feb. 15 May 16 and Aug. 15 last, distributions of 50 cents per share were made; as compared with 75 cents per
share paid each quarter from February 1929 to and including November
931.-V. 135. p. 2348.
-Reorganization Plan.
---••• Patrician Annex, Chicago.
The 1st mtge. bondholders' committee has formulated and adopted a
plan for the reorganization of the financial structure of the Patrician Annex
on behalf of the holders of the $850,000 63.4% 1st mtge. bonds, dated
July 1 1927.
-story
-The Patrician Annex is a modern 17
Description of the Property.
located
and basement reinforced concrete unfurnished apartment building, feet on
which fronts 80
at 411 Fullerton Parkway, Chicago, on ground
Fullerton Parkway with a depth of 160 feet.
The building was erected in 1927 and contains 386 rooms which are
divided into 130 apartments, ranging in size from one to five rooms, located
ground floor
on floors 2 to 18 inclusive, there being no number 13. The also a dining
contains an attractive lobby with a front office, and there is in first-class
is
room and valet shop off the front lobby. The buildingneighborhood.
physical condition and is situated in a desirable residentialreason of an im-On Dec. 28 1931, by
Financial Position of Property.
1 1932, the compending default in the semi-annual interest due on Jan. mtge, bonds were
mittee was formed and all the known holders of the 1st Straus National
requested to deposit their bonds with the depositary,
the committee to take the
Bank & Trust Co. of Chicago, and authorize
of $9,000 in principal
necessary steps in their protection. The holders subordinate to the lien
bonds, the lien of which was
amount of 1st mtge.
requested to indicate their co-operation.
securing the other bonds, were also
amount of the 1st mtge. bonds have
At the present time 83% in principal
Oct. 22 1932
been deposited, and substantially all of the holders of the subordinate lien
bonds have indicated that they will co-operate in the reorganization.
On Aug. 1 1932 possession of the Patrician Annex was surrendered to
Melvin L. Straus, as successor trustee under the 1st mtge. trust deed.
The net proceeds of the operation of the property from Aug. 1 1931 has
been applied or are being held for the benefit of the 1st mtge. bondholders
by the trustee.
Partial payments totaling $13,842 were made on account of past due taxes,
leaving a balance (to which objections have been filed) of approximately
$32,500 presently unpaid. This latter figure does not include 1931 taxes,
which have not been billed, and which are estimated at about $21,500.
Details of the Plan of Reorganization.
New Compang.-If acquired at foreclosure sale, title to the property will
be conveyed to a new corporation, which will be organized in Illinois and
will have an authorized capital consisting of such number of shares of capital
stock of such par value or of no par value as shall be determined by the
committee.
-100% of the
Entire Ownership of Property to Co-operating Bondholders.
capital stock of the new company, representing outright ownership of the
property, will then be issued for the benefit of the bondholders who have cooperated with the committee in the reorganization, including the holders
of the $9,000 of subordinated bonds. All of the capital stock will be placed
in a trust and trust certificates therefor will be issued pro rata t,o the
bondholders.
The trust will be under the control of three trustees, all of whom will be
designated by the committee to act on behalf of the holders of the trust
certificates. The trust will endure for a period of 13 years, but may be
terminated by a majority of the trustees or by the holders of 2-3ds in principal amount of the trust certificates and 2-3ds in principal amount of the
outstanding income bonds. Any member of the committee, or any officer.
director or employee of S. W. Straus & Co. or the depositary may serve
in the capacity of a trustee, and the reasonable and usual expenses and
compensation of the trustees and the depositary shall be paid by the new
company. If during the period of the trust an offer should be received for
the sale of the property, the terms of any such sale will be submitted to the
certificate holders by the trustees; and in the event that 1-3d in amount of
the holders of the certificates dissent from any such proposal, the sale of
the property on the terms submitted will not be made.
When the reorganization becomes operative, the holder of a present
1st mtge. bond in the amount of $1,000 who deposits same pursuant to the
plan will be entitled to receive a trust certificate for one share of the capital
stock of the new company.
In return for the co-operation afforded the committee in expediting the
reorgan:zation, the holders of the bonds of subordinate lien will be entitled
to receive trust certificates pro rata for their bonds on the basis of a trust
certificate for 2-10ths of a share of the capital stock of the new company
for each $100 in face amount of their present bonds. However, such bondholders will receive no part of the issue of income bonds which will be delivered to the depositing 1st mtge. bondholders in addition to their pro rata
share of the trust certificates for the capital stock of the new company.
-In order to discharge the past due taxes and
Possible New Financing.
any unpaid expenses of reorganization quickly, it is advisable to obtain a
conservative 1st mtge. on the property, the proceeds of which may be used
to pay the above charges, without waiting until the earnings of the property
would provide for same. Accordingly the new company, with the cooperation of the committee, will make an effort to obtain a conservative
1st mtge. loan on the property, the proceeds of which, togehter with that
portion of the funds available to the committee in the hands of the trustee
arising from the operation of the property and such other moneys as may
be available for these purposes, will be used to discharge past due taxes
and the expenses of foreclosure and reorganization.
In the event that the new company and the committee find that they are
unable to obtain the funds necessary to pay the past due taxes, reorganization and foreclosure expenses by means of a new 1st mtge. loan, then the
unpaid balance of any such charges will be paid out of the earnings of the
new company; i. e.. the property, before any distribution will be made on
any new securities to be issued to the depositing bondholders.
-New company shall be authorized to issue 5% cumulative
Income Bonds.
12-year sinking fund income bonds in an amount sufficient to permit delivery of such bonds to the present 1st mtge. bondholders for 50% of the bonds
deposited pursuant to this plan of reorganization.
The income bonds shall be entitled to interest at the rate of 5% Per
annum provided the interest is earned by the property, after payment of
the requirements on any 1st mtge., if obtained, and the discharge of past
due taxes and any unpaid reorganization expenses. In the event that the
net earnings of the new company for any semi-annual period shall be insufficient to pay interest at the rate of 5% per annum for such period, the
amount earned shall be distributed to the holders of the income bonds
and the deficiency between the amount distributed and the 5% shall accumulate for later payment. Such accumulation shall be payable out of
the net income for subsequent periods before any portion of the income
shall be used to retire the income bonds. The income bonds will be registered bonds, without coupons, and shall be subject to redemption on 30 days'
notice on any regular interest date at par and accrued interest.
If a new 1st mtge. is obtained, the trust deed securing the income bonds
shall constitute a 2d mtge. on the property; and if a new 1st mtge. is not
obtained, the trust deed securing the income bonds will constitute a 1st
mtge. on the property.
Non-depositing bondholders are only enNon-AssentingBondholderstitled to their proportionate share of the foreclosure price and accrued
Income minus their proportionate share of the foreclosure expenses.
Holders of the 1st mtge. bonds who have not deposited same with the
committee may do so until the close of business on Nov. 11. All persons
who deposit their bonds on or after Oct. 10 1932 will be deemed to have
assented to and approved the plan of reorganization.
-Charles C. Irwin Chairman; Frederick W. Straus, J. C.
Committee.
Ni. It. Oglesbee.-V. 125.
p. 845.
Wright, Robert E. Straus and
-Earnings.
Penick & Ford, Ltd., Inc.
For income statement for throe and nine months ended Sept. 30 see
-V. 135. p. 1506.
"Earnings Department" on a preceding Page.
"Tenn Heat Control Co.-Receivership.-wimam11. Heald of Wilmington. Del., has been appointed
a
receiver in
Chancery Court for the company, dissolved corporation, upon application of the General Electric Co., a stockholder and creditor. Officers and
directors of the defendant company wished to be relieved of the responsibilities of winding up the corporation's affairs and distributing its assets.
Pennsylvania-Dixie Cement Corp.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
Balance Sheet Sept. 30.
1931.
1931.
1932.
1932.
$
Liabilities$
$
Assets$
Preferred stock...13,098,800 13.58 ._
Land, buildings.
00
88
mach'y dc equ1p_22,290,600 23,345,854 Common stook...x4,000,000 4,000.ttuu
2.443,183 2,785,842 Gold bonds
9,676,000 10,281.000
Cash
160,442
Accounts payable_ 138,916
• Notes and accts.
734,024 Accrued taxes, in656,907
received
148,018
terest, &o
1.840,254 2,337,889
107,911
Inventories
48,898
370,000 Federal taxes
Short-term sec_ _ 170,000
376,936
510 Other reserves_- 196,590
510
Assets with trustee
340,721 Surplus
64,933
263,583 1,529,094
Mlscell.Invest_ 195,261
Insurance tun& _
15,413
23,087
Deterred charges
Total
27,481,800 30.133,188
Total
x Represented by 400.000 no par shares.
-V. 135, p. 643
depletion.
27,481,800 30,133,188
y After depreciation a
-To Adopt Five-Day Week.
Phillips Petroleum Co.
The company announced it would adopt thefive-day week plan on Nov.1.
Salaries of employeesreceivin g less than $100 a month will not be cut. Those
receiving more than $100 will get less pay in accordance with reduction in
hours.
-V. 135. p. 1002.
-New President of Subsid.Pierce-Arrow Motor Car Co.
The appointment of Roy H Fauikner as President of the Pierce-Arrow
Sales Corp.. operating Pierce-Arrow's retail branches, and Vice-President
In charge of sales of the Pierce-Arrow Motor Car Co.. was announced this
week by A. J. Chanter, 1st Vice-President and General Manager of that
11ra iciulkner Is now permanently located at the Pierce-Arrow adminis"1P.n
tration headquarters in Buffalo, N. Y. He assumes complete charge of the
Volume 135
Financial Chronicle
company's entire sales organization and will be responsible in outlining the
sales policies and procedures that will govern its operation. In addition to
nearly 600 Pierce-Arrow distributors ard dealers, he will be in direct charge
of the four great metropolitan branches of the Pierce-Arrow Sales Corp. in
New York, Chicago, Detroit and Cleveland.
Prior to his appointment as Pierce-Arrow's chief sales executive, Mr.
Faulkner was serving as Vice-President of the Pierce-Arrow Sales Corp.
-V.135. p.2005.
Pittsburgh Terminal Coal Corp.
-Earnings.
--
For income statement for throe and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 135. p. 829.
Pressed Steel Car Co.
-Deposits.
More than 42% of the outstanding 5% convertible bonds, due Jan. 1
1933, have been deposited with the company under its offer whereby 25%
-year convertible debentures, due Jan. 1 1943,
in cash and the balance in 15
are being offered in exchange, it was announced on Oct. 20.
The company is notifying bondholders that the plan will not be declared
effective unless substantially all of the bonds are deposited before Nov. 10,
when the offer expires. If the plan is not made operative, payment of both
principal and interest on the bonds may be indefinitely postponed, the
-V. 135. p. 2349.
company says.
Price Bros. & Co., Ltd.
-Position Outlined.
-
An official of the company, according to a Canadian Press dispatch, has
stated that efforts to enable the company to pay the semi-annual interest
on its mortgage bond by Oct. 29 had not been successful so far, but were
being continued. The interest was due on Aug. 1. If it is not paid by
Oct. 29, the bondholders may take stops to enforce the deed of trust. Tm'e
official said there had been delay in getting concessions from bondholdet
6
and reductions in the price of newsprint bad made the directors' task
-V. 135, p. 2185.
more difficult.
Printing Machinery Co.
-2% Extra Dividend.
-
The directors recently declared an extra dividend of 2% in addition to
the usual quarterly dividends of 2% on the common and pref. stock, all
fto holderriirrf record Oct. 14. Like amounts were paid on
Io
payable Oct. 4 134 p
Purity Bakeries Corp.(& Subs.).
-Earnings.
-
For income statement for 12 ans 40 weeks ended Oct. 8 1932, see "Earnings Department" on a preceding page.
-V.135,p. 1003.
Railway & Light Securities Co.
-Earnings.
--
For incomp statement for nine months ended Sept. 30 see "Earnings
Department' on a preceding page.
Henry G. Bradlee. President, says in part:
Since the report to stockholders as of June 30 1932. securities have been
sold for approximately $986,620, of which about $852,380 has been held
in liquid funds so that total cash and acceptance notes were equal
533.362 or 18% of total assets at market prices on Sept. 30 1932. to $1.The income statement shows that interest and dividends received
yielded
a net income after interest charges for the first nine months of 1932 amounting to $267,129 compared with $306,726 for the corresponding period of
There was also, during the first nine months of 1932, a net
1931.
book loss
of $224,190 on sales of securities and a credit of $124,692 through purchase
and cancellation of $679,500 face value of company's collateral trust bonds,
or a net loss of $99,498 on capital transactions during the nine months'
period. As of Sept. 30 1932. there remained uncancelled in
company's
treasurY $603,000 face value of its collateral trust bonds.
The net asset value applicable to the preferred stock was $205.74
share and that applicable to the common stock was $13.70 per shareper
at
market values as of Sept. 30 1932. This compares with
$102.28 on the preferred stock and 3.29 on the commonsimilar figures of
stock as of June
1932.
30
Balance Sheet Sept. 30.
1932.
1931.
1932.
1931.
Assets
LiabilitiesBonds and notes__ 2,985,095 5,386,057 Preferred stock.-- 2,113,600
Stocks
3,638,188 11,177,672 Collatera. tr. bds_ 4,760,500 1,531,200
5,465,000
Min& securities_ 191,907
57,018 Accounts Payable_
11.230
Cash pledged with
Coupon Int. ace:81,842
107,604
trustees
672,500
Tax liability
2,084
14,393
490,882 1,007,680 Int. rec. In adv___
Cash
1,193
755
I 50,744
Bond Int. receiv
f62,9132 Suspense
1,106
Note Int. reedy_ f
118,481 Warrants and DaAccept'nce notes- 370,000
575,000
Hid susp_
c1,08624es
Suspense
4.208 Corn.stk.(no par)a2,146,447 7,994.682
Unamort. debt(is.
Special surplus__ ddf. 99,947
and expense_ _ _ _ 289,573
350,872 Earned surplus_ .._ 143,184 62,428,883
powq. KTUritieS461,140
Total
9,150,010 18,639,951
Total
9,150,010 18,639,951
a Represented by 163,140 no par shares.
predecessor company. c Represents entries b Including surplus earned by
in connection with consolidation of Devonshire Investing Corp. with this company.
balance sheet this item will be segregated into preferred and On the October
common stocks,
paid in surplus and special reserves to be set up in connection with
the
consolidation. d Loss from capital transactions.
Note.
-Market value of securities owned as of Sept. 30 1932 was
$192,981
snore than their book value.
-V. 135, p. 830.
'-.'Relay Motors Corp., Lima, Ohio.
-Receivership.
-
Judge George P. Hahn, of the U. S. District Court
Toledo, has appointed Grant Gillman of Lima, Ohio, as a receiver.atThe
receivership
was asked by the Ilercules Motor Corp., which charged that the
defendant
owes it $11,546.-V. 132, p. 1631.
Reliance Mfg. Co. of Illinois.
-Earnings.
--
For income statementtor 3
months, ended Sept.
Department" on a preceding and 9-V. 135, p. 1003. 30,see "Earnings
page.
Reynolds Spring Co.
-Receives Large Order.
-
General Mills, Inc. has placed an order with the Reynolds Spring
Co.
11,000.000 biscuit cutters, made of the new "Bonnyware" material. for
The
articles will be given free with each package of "Bisquick" flour sold. Other
orders Calling for from five to 30 million units of specially designed articles
be announced soon,says Pres. Charles G.Munn of
are expected to
Reynolds
-V. 135, p. 2665.
Spring Co.
Richfield Oil Co.
-Expenditures for Impts. Approved.
Expenditures of approximately $586,648 for the improvement extension of production and marketing facilities of the Richfield Oil anti
Co.
of California have been authorized by U. S. District Judge James, according
to an announcement on Oct. 10 by William C. McDuffie, receiver.
Of the amount authorized, $264,636 will be expended, Mr. McDuffie
said, for rehabilitation and extension of marketing equipment and services
in the Pacific Coast area. This sum will be allocated for underground
tanks at service stations, pumps, automotive equipment, &c.
For production activities, the receiver has been given permission to
spend approximately $322,012 for the repairing and deepening of wells,
drilling equipment. and the drilling of a new well In the Lost Hills district.
This well will be drilled jointly with the Associated Oil Co. in an area in
which the Richfield company holds about 1,000 acres of land.
The above authorized expenditures are to be made during the period
from Oct. 1 1932 to April 1 1933.-V. 135, p. 2505.
-Minority Group
Rio Grande Oil Co. of Delaware.
Reported to Have Withdrawn Opposition to Sale.
-
Withdrawal of the minority opposition to the sale of this company to the
Consolidated Oil Corp. was effected through a cash settlement of approximately $7.20 a share, according to authoritative reports on Oct. 14. The
settlement was understood to have been made by the Consolidated interests.
Approximately 30,000 shares of stock owned by 15 or 20 stockholders
were involved in the agreement, according to this information. Only those
;ii"„aeuting stockholders who made the payments requested by the cora- opposing the sale were included in the distribution of cash. The
aiittee
settlement also included the legal and clerical costs of the committee.
Sale of the Rio Grande company to the Sinclair interests was formally
ratified by apprcadmately 75% of the stock outstanding at a special meeting
sot. 17 last. At that meeting a total of 59,259 shares out of 1,235,823
°,,,,,,,
-- rtanding voted against the deal.
'-1)---nder the terms of the Consolidated offer, Rio Grande stockholders
-10th of a share of Consolidated common for one share of Rio
reCeived 4
Grande.
2843
Prior to the ratification, the opposition, headed by Nels Gross of Los
Angeles, sought an injunction restraining the company from holding its
meeting. The injunction was denied, but the petitioners were given permission to examine the company's books. The audit has now been abandoned and further delay in consummating the deal eliminated as the result
of the cash settlement (Los Angeles "Times").
H. R. Gallagher, President of the Consolidated Oil Corp., has been
elected President of the Rio Grande Oil Co. Charles S. Jones
reelected Executive Vice-President of Rio Grande and President of wasfolits
lowing subsidiary companies: Reservoir Hill Gasoline Co., Lockhart
& Co. and Pacific Marine Oil Co. Mr. Jones will be in charge of Rio's
California operations. Other officers elected were Frank Morgan VicePresident; M. R. Gross, Treasurer and Secretary, and J. C. Fincher,
Assistant Treasurer and Assistant Secretary.
-V. 135, P. 2505.
Safeway Stores, Inc.
-Sales.
Consolidated sales of Safeway System for the four weeks ended Oct. 8
1932 are reported at $17,219,692 compared with $16,820,506 reported In
the preceding four week period ended Sept. 10 1932. Accumulated sales
for the 40 weeks ended Oct. 8 1932, $177,722,266. The number of stores
in operation total 3,392.-V. 135, p. 2006.
Seaboard Oil Co. of Delaware.
-Dividend Meeting.
-
The directors have designated the following dates as regular meetings
for the consideration of dividend payments: Second Wednesday of November, February, May and August. Distributions of 10 cents per share were
made on June 15 and Sept. 15 last.
-V. 135. p. 1006.
Seagrave Corp.
-Earnings.
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 830.
Sears, Roebuck & Co.-Relisted on Chicago Exchange.
-
Listing of 4,946.000 shares of this company's common stock
Chicago Stock Exchange was announced on Oct. 10 following a by the
special
meeting of the board of governors of the Exchange. This marks the return
to the Chicago market of an issue which in former days was one of the
exchange's leading traders, but was removed from the list when principal
market interest was transferred to New York.
Governors of the exchange also approved yesterday the listing of 384.000
common shares of $1 par value of the Asbestos Manufacturing Co. This
marks the initial listing on a public market of this company's shares. Public
offering of a block of the company's shares will be made in the near future.
Trading In both Sears and Asbestos company shares will begin to-day.
-v. 135. P. 2666.
Securities Corporation General.-Regular Dividends.-,
Regular quarterly dividends of $1.75 per share on the $7 pref. stock and
$1.50 Per share on the $6 pref. stocks have been declared, both payable
Nov. 1 to holders of record Oct. 20.
Three months ago the company declared two dividends on the $7 and $6
pref. stocks, one for the period ending in August and one for the May
Period at which time payments on these stocks were deferred. See V. 135,
P. 1006.
Seeman Bros., Inc.
-Earnings.
-
For income statement for three months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.135, p.2350.
Seneca Iron & Steel Co., Buffalo, N. Y.
-Sale.
-
See Bethlehem Steel Corp. above.
Shattuck Denn Mining Corp.-Stock.
The New York Curb Exchange has removed from the list 799,416 shares
of no par stock and admitted to the list the same number of new $5 par stock
exchanged share for share for the old stock. Transactions in the new stock
must be settled by delivery of permanent certificates indicating the change
In par value.
-V. 135, p. 1341.
Solvay American Investment' Corp.
-Change in Collat.
Notice has been received from this corporation by the New York Stock
Exchange that the security behind the 15
-year 59 secured gold
series A, due 1942, is as follows: (1) Cash, $482,087' (2) Stocks, notes,
shares of common stock of Allied Chemical & Dye Corp.; 10,200 380,758
shares of
common stock of American International Corp.* 12,500 A. C. for participating debentures of Kreuger & Toll Co.; 3,206 shares of capital
Chase National Bank of N. Y.; 642 shares of capital stock of stock of
Guranaty
Trust Co. of N. Y.; and 100 shares of capital stock of First National
Bank
of N. Y.; (3) Bonds, $620,000 Solvay American Investment Corp. 5%
secured gold notes, series A, due 1942.
All of tne stock holdings shown are unchanged from a similar report
made May 27, but on the latter cash was listed as $200,687.60 and there
was also included $280,000 U. S. Treasury 3X% bonds.
-V. 134. p. 4173.
Stafford Mills Corp., Fall River.
-To Vote on Sale:of
Part of Properties.
The stockholders will vote Oct. 25 on authorizing the directors to sell
lease such portions of real estate, and other property belonging to or
the
corporation, as they may think proper.
-V. 123. p. 2532.
-Stanolind Oil & Gas Co.
-Increases Capital.
-
The company on Oct. 17 filed a certificate at Dover, Del., increasing its
capitalization from $32,000,000 to $50,000.000.
It is believed that the increase in capital is to provide stock to be used
in the purchase of the assets of the Midwest Refining Co. a
subsidiaryrof
the Standard Oil Co. of Indiana, operating in the Rocky Mountain
'
tory.The Midwest Refining Co. is to be dissblved. The stock,terriit is
understood, will be acquired by the Indiana company, which owns
99.96%
of the Midwest Refining stock.
-V. 133, p. 3106.
State Street Investment Corp.
-Earnings.
-
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet Sept. 30.
1932.
1931.
1932.
1931.
Assets5
Liabilities
Cash
b4,812,870 4,646,599 Other accts. Pay.
Accts. recoil/. from
& accr. expenses
10,318
273,431
brokers
155,109 Res for Federal &
Securities
c3,064,290 a11080,995
State taxes
34,196
54,045
Accrued Int. paid_
2,546 Capital stock_ _ _ _ Id7,832,646f 14,238,596
Earned surplus_
1 1,299,178
Total
$7,877,160 15,865,250
Total
7.877,160 15,865,250
a Market value, $4,416,527. b Includes
short-term notes. c Cost of socurities $6,500,627 less reserve for depreciation
$3,587,747 equals $2,912,516
net book value. d 171,399 no par shares.
As at Sept. 30 1932, the corporation held
investments with a market
value amounting to $50,000 or over in the common
stocks of the following
companies:
American Light & Traction Co.
Liggett & Myers Tobacco Co.
Consolidated Gas of New York
National Biscuit Co.
Corn Products Refining Co
J. C. Tenney Co.
Deere Sr Co.
Pacific Lighting Co.
First National Stores
Safeway Stores
General Foods Corp.
Standard Brands, Inc.
Gold Dust Corp.
United Light & Power Co.
In no case does the investment in any
one company amount,to as much
as 4% of the total fund.
Increases Selling'Commission.
-
Richard C. Paine, President, in a notice to
stockholders Oct. 15 says:
In order to increase the size of State Street
Investment Corp. it has
been decided to encourage brokers and dealers
to
plish this a selling commission amotmting to 6%sell the stock. To accomof the sales price will be
added to the liquidating value of the stock
Therefore,after this date the offering price of on and after Nov. 15 1932.
the stock will be the liquidating
value plus this commission.
While this selling commission is in effect, the
amounting to $2 per share will be reduced to $1 cost of redemption now
per share.
So far as it is possible, it Is our intention to turn over the
active selling and
the commissions therefrom to dealers and others,
thereby leaving us free to
devote, as heretofore, our entire time and effort to research
and the study
of the problems of investment.
Financial Chronicle
2844
Public Offering of Shares.
this corporaAnnouncement is made that, effective Nov. 15. the shares of the United
most of
tion will be sold by Edward G. Leffler, throughout of investment trust
sales division
States. Mr. Leffler, a pioneer in the
Investors
securities, was instrumental in the organization of Massachusetts
Trust and Incorporated Investors.
has not been previously
Public participation in this investment fund
was a private
solicited. For a time after organization in 1924, the fund
affair. Later the public was allowed to participate.
prominent in New
The management of the fund is in the hands of men
who is also a
England investment circles. They include Paul C. Cabot,Eastern Gas &
director of toe National Shawrnut Bank and a trustee of the New England
Fuel Associates: Richard C.Paine, who is also a director of the
Trust Co.; and Richard Saltonstall.
trust mainThe State Street Investment Corp. is a mutual type investment
liquidating value
taining a market for its own shares in relation to daily
-V. 135, p. 644, 147.
of the fund.
-90% of White Motor Stock Deposited
Studebaker Corp.
Under Exchange Offer.
-V. 135, p. 2351.
See White Motor Co. below.
--Earnings.
Superheater Co.
see "Earnings
For income statement for nine months ended Sept. 30 1932,
Deipartment" on a preceding page.
George L. Bourne, President, said:
the shrinkage
"Stockholders were informed in the last annual report ofof $1,903.177,
of investments of this company and its Canadian affiliate
representing the amount
against which a reserve of $1.659,387 was set up.
account of the
applicable to the American company. The investment
$310.530. thereby reducing
company as of Sept. 30 showed a net gain of
. 135, p. 1673.
shrinkage of investment account to $1,348,857."-V
the
-Earnings.
Sweets Co. of America, Inc.
see "Earnings
For income statement for 3 and 9 months ended Sept. 30
-V. 135, p. 2507.
Department" on a preceding page.
-Earnings.
Co., Inc.
Texas Gulf Sulphur
30 see
For income statement for three and nine months ended Sept.
-V. 135, p. 645.
"Earnings Department" on a preceding page.
-Tenders.
Trinity Buildings Corp.
City, will until Dec. 5
The Guaranty Trust Co., 140 Broadway. N. Y.
-year 5;i% sinking fund gold
receive bids for the sale to it of 1st mtge. 20
to exhaust
loan certificates, due June 1 1939, to an amount sufficient
-V. 135. P. 831.
$50.164, at prices not exceeding 102 and interest.
--Earnings.
Elliott Fisher Co.
Underwood
30 see
For income statement for three and nine months ended Sept.
-V.135, p. 1839.
"
- Earnings Departr.ent" on a preceding page.
-Earnings.
United Biscuit Co.
nine months
ended Sept. 30 see
For Income statement for three and
-V. 135. p. 645* V. 134,
"Earnings Department" on a preceding page.
P.3112.
-Bankruptcy Fight
United Cigar Stores Co. of America.
-Realty Corporation Drops Its Complaint-Referree Voids
Ends
Fifty Leases.
Realty
Joseph Nemerov, attorney for the Court & Montague Street order
Corp. of Brooklyn, withdrew Oct. 19 his motion upon which an Stores
granted Oct. 15 by Federal Judge Woolsey required the United Cigar
Co.of America and the Irving Trust Co.. acting as its trustee, toshow cause
why bankruptcy proceedings should not be vacated.
The show-cause order was to have been argued before Federal Judge
Patterson. A representative of Mr. Nemerov asked for postponement
of the argument until the facts in the case could be examined further.
The attorneys for the trustees. Cravath, De Gersdorff. Swaine & Wood,
opposed the request for further time, asserting that the restraining order
Imposed by Judge Woolsey interfered with the bankruptcy proceedings.
Judge Patterson then directed that the case be marked ready, and just
LbefOre it was reached on the calendar the motion was withdrawn.
plaintiff
As soon as Irwin Kurtz, referee in bankruptcy learned that the
of
-concern, landlord of property leased to the United Cigars at a rental of
authorized the disaffirmance
$336,000 a year. had dropped the suit he
about 50 leases in various cities.
In its petition for the order the plaintiff charged that bankruptcy prowhich United
ceedings were filed as the result of a conspiracy by means of lower figures.
rs hoped to terminate its leases and reacquire them at
. 135, p. 2668.
Oct. 22 1932
The consolidated balance sheet as of Sept. 30 1932, shows total assets of
surplus
$5,792,713 comparing with $7,059,077 on Sept. 30 1931, and earned
of $817,246 against 51.915,070. Current assets on Sept. 30 1932,including
$701,117 cash, amounted to $3,665,39C and current liabilities were $271,039
comparing with cash of $673,680, current assets of $4,555,935 and current
liabilities of $457,792 on Sept. 301931.-V. 135, p. 1008.
-Earnings.
United States Realty & Improvement Co.
For income statement for nine months ended Sept. 30 see "Earnings Department" on a preceding page.
Balance Sheet Sept. 30.
1931.
1932.
1931.
1932.
$
$
LiabilitiesAssets$
$
Accts. payable__ 2,623,427 2,462,860
Cash & mark'bie
__ 3,000,000
securities_ _ _ _ 3.030,533 1,784,496 Bills payable_
107,808
Dividends payAccts. rec., incl.
amts. due on
10-yr. 534% 8 I.
.
6,118,000
gold debs____
bidg.contracts 3,799,304 3,925,853
387,000
Inventories_ _ __
627,284 6% deb. notes__
581.R24
15-yr. 6% s. I.
Building. plant.
gold debs__ __ 2,683,000 2,858,500
equipment,&c 5,157,995 5,176,967
1,645,396
Taxes & int. accr 1,466,128
Deterred charges
Adv. payable on
unexp. Insur.,
contr. & rents
&c
1,614,676 2,096,936
568,659
986,326
& def. credits_
Sink.fund dep
33,481
Mtges. recelvle
Mtges. on cos.
sec, of and
real estate_ __ 29,365,540 30,641,840
adv. to const.
Geo. A. Fuller
of MM. cos.
Co., Can.,Ltd
724,000
703,500
and Inv. in
6% preferred_
other stocks &
G. A,Fuller Co.
bonds, at cost 10,526,123 14,645,104
. 3,098,100 3,119,800
prior prig_ __
G.A. Fuller Co.
Real estate and
buildings, Arc_ 79,966,752 80.671,406
56 preference_ 3,308,800 3,340,400
Int.in Plaza OIXI:
80,600
s'
& Savoy Plaza
Capitalstook.-- a45,475,163 50,274,208
6,920,018
10,692,850
Reserves
4,099.438
887,371
Surplus
,986h1a,5r2e07
ol`whle7,20037,011020
104,67
104,677,207 112,961,527
Total
Total
h
a Represented by 900,000 shares of no par value
are held in the company's treasury.
-V. 135, p. 1839.
•
Virginia Iron, Coal & Coke Co.
-Earnings.-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 135. p. 646.
Department" on a preceding page.
-Decision IS
Wardman Real Estate Properties Inc.
Reserved in Suit to Block Reorganization of Wardman Holdings.
?
The New York "Times" Oct. 21 had the following:
Supreme Court Justice Cohn (New York) heard argument and reserved
decision Oct. 20 in a suit by William B. O'Connell, a Washington lawyer
and holder of $3,000 in bonds of the Wardman Real Estate Properties of
that city, to remove the members of the organization committee for the
properties on the ground that they were dominated by Halsey, Stuart &
Co., which sold the bonds. The court declined, however, to interfere with
the sale of the properties in Washington under a court decree in foreclosure.
which Mr. O'Connell contended was being speeded because of the recent
indictments of officers and employees of Halsey, Stuart & Co. on a charge
of misusing the mails in selling the bonds.
Mr. O'Connell sued in behalf of himself and all other holders of the issue
of 1st & ref. bonds, of which 510,963.000 are outstanding, naming as defendants the members of bondholders' protective committee formed under
an agreement of Feb. 6 1931, consisting of Leonard L. Stanley of Halsey'.
Stuart & Co., who is one of those under indictment and is Chairman of the
committee' William Buchsbaum, Paul W. Fisher, William M. Greve.
Frederick J. Leary, Andrew J. Miller, Joseph P. Tumulty , Julius Peyser
,
and Bruce Angus. The Central Hanover Bank & Trust Co., which is depository of the bonds under the proposed reorganization, was also a defendant.
The plaintiff asked that the committee be restrained from carrying out
the reorganization on the ground that it was unfair to the bondholders and
that it be enjoined also from using any of the bonds deposited with them
to buy in the Wardman properties at the foreclosure sale Oct. 15 or from
making any old for the properties. He also wanted Mr. Stanley restrained
-V. 132, p. 1442.
from continuing as Chairman.
Westinghouse Electric & Mfg. Co.-Earnings.
-
For income statement for 3 and 9 nionths ended Sept. 30 see "Earnings
Department" on a preceding page.
A statement issued by the company says:
Evidence is accumulating on every side of improvement in general business conditions, is the belief of executives of Westinghouse Electric & ManuUnited Fruit Co.-Earhings.-Sept. 30 see
facturing Co. In a forthcoming announcement to stockholders, comment
For income statement for three and nine months ended
ing on its financial position at Sept. 30, the company says in part: "From
"Earnings Department" on a preceding page.
a careful analysis of the general business situation, the management has
To Reduce Book Value of Fixed Property Account by $51,- no hesitancy in stating that the turn for the better has been made. The
indications of better business have not yet translated themselves into the
000,000 and Other Assets Reduced $3,000,000.
general uplift upon which increased activity of this company must depend,
the recommendations
The company is notifying shareholders that, onit is revising the book
but we are definitely going toward better times rather than away from them.
and its officers,
of accountants, its technical staff
nc u n
: ing.;
fs
This inat on ios eNv otr ghou 'e
oper itrel
conservative in the light
value of its properties to levels which it considersreduction of 550,945,0100
in the third quarter of this year reflected the
of
valuations. The program calls for a
of current
general low level of business throughout this country and abroad, the stateinvolving corresponding rein existing net book values of fixed property,
ment to stockholders continues, and resulted in a loss of $2,715,122, comductions in surplus and special reserve.
pared with 51.881,979 in the second quarter and $1,320,148 in the first
changed,
not
Based on the present depreciation policy, which willafter be revision
quarter of this year. This deficit in the third quarter of this year Is somethe
the depreciation charges for the year ended on Dec. 31, with $13,926,000
what less than in the first quarter of 1931, when sales billed were some 60%
property valuations, would be $9,037,000, compared
of
greater than in the third quarter of this year.
reduction
on the present or the old book values, acompany's of 51,889.000.
In the effort to balance income and outgo, heavy reductions in salary
policy of depreciation
The announcement states that the
rates have been made along with drastic curtailment of all other expenses.
"naturally does take into account, to a substantial
since its inception
which are still receiving active study and further reduction.
price levels." This
degree, changes upward or downward in the general
The drop in the volume of new business has, however, been so severe
has resulted in the deflation of replacement costs, the letter declares.
as to more than offset the effect of these reductions. The rate of incoming
A letter sent to stockholders further states:
orders this year has fallen below any like period in the past 12 years. Howthe existing
"The revaluation shows that a reduction of $50,945,000 in
ever, Westinghouse has secured its proportionate share of available new
for,
net book values of the fixed property accounts should be provided
business.
Involving a corresponding reduction of surplus and 'special reserve.' In
In spite of the deficit in the first nine months of 1932, the balance sheet
View of the conditions prevailing during this year and as a conservative
of the company at Sept. 30 compares favorably with that at Dec.31 1931.
of surplus will be made in an amount approxprecaution, a further reduction
Cash, including marketable securities at current values, at Sept. 30 1932
other than
assets
imating 53.000.000 for adjustments of the book values of
totaled 530,784.779, compared with $31,828,053 at Dec. 31 1931.
of
fixed properties. i.e., merchandise materials, loans, &c. Your board 31
Inventories on hand and outstanding receivables have been liquidated
accordingly as at Dec.
directors has decided to adjust the accounts
to the extent of $8,302,022 and stand at $57.978,126, which is in line with
1931, either by direct writeoffs or by setting up reserves, or by both methods,
the present scale of operations.
and its subsidiaries.
In the books of the company
Total current assets, after payment of $2,472,109 in cash dividends dur"The restatement of book values has been made with care and, in
ing the period, totaled $88,762,906, with current liabilities of only $4,459.
far as it Is possible in these times of constantly changing costs, is believed
903, or a ratio of 19.9 to 1, compared with 13.8 to 1 at Dec. 31 1931.
it should be recognized
to be just and fair. In making this restatement
Investment in wholly-owned companies have been valued monthly
that the company's assets are not altered thereby. Nothing is added to
and any necessary work-off has been charged against current operations.
or taken from the properties by changing their book value to correspond
Property and plant have been adequately maintained. The usual Pro
more faithfully to what is believed to be a conservative and fair figure
visions for reserves for normal depreciation amounting to approximately
at the present time. To the extent, however, that properties subject
53.500.000 for the nine months have been made in accordance with apvalue by this restatement, the cnarges
to depreciation are reduced in book
proved accounting experience.
for depreciation affecting income in 1932 and subsequent years will be
Westinghouse is confident that it is well conditioned to get its proPer
reduced and the annual burden thereby substantially lessened. This
share when there is a general increase in buying orders, and also confident
do not conapplies with particular justice to those properties which now
that the company is well conditioned to convert such increased business
tribute adequately to the earnings. No change has been made, or is con-V. 135 p 2352
into satisfactorily increased earnings.
templated, in the depreciation policy which the company has obsreved
i.e.. the extinguishment of book values over the estimated -- White Motor Co.
for so many
,
-Exchange Offer Extendedlife of
useful
More than 88% of the total outstanding stock of the White Motor Co.
"Of the reductions hereinbefore mentioned, 59,700,000 is to be charged
was deposited by Oct. 18 in favor of that compahy's proposed merger
to 'special' reserve and the balance to surplus. As at Dec. 311931, these
with the Studebaker Corp., A. R. Erskine. President of the latter concern.
capital unaltered at $118,500,000 and the surplus
reductions leave the
inergr
announced.
,
reduced to approximately 527,500.000, making a combined capital and
consequently has been consummated.
"'The
Wurplus of approximately $146,000,000, equivalent to $50 per share."
An offer to holders of the remaining shares of White Motor stock not
V. 135. p. 477.
deposited has been extended to Nov. 10 1932.
The Studebaker Corp. had asked for deposit of 75% of White stock,
-Defers Dividend.
""United Retail Chemists Corp.
but reserved the right to declare the plan in effect if not loss than twoThe directors recently voted to defer the quarterly dividend due Oct. 13
thirds of the outstanding shares agreed to the plan -V.135, p. 2669, 2352.
on the $3.50 cum. pref. stock, no par value. The last regular quarterly
(William) Wrigley, Jr., Co.
-Earnings.
distribution of 873i cents per share was made on this issue on July 15.
For income statement for 3 and 9 months, ended Sept. 30,see "Earnings
Dividends on the pref. shares are guaranteed by the United Cigar Stores
Department" on a preceding page.
-V. 135..P. 846.
CO. of America to and incl. Oct. 15 1933.-V. 133. p. 1304.
2r
-
-Earnings.
U. S. Hoffman Machinery Corp.
ended Sept. 30 see
nine
For income statement for three andpage. months
Department" on a preceding
"Earninss
-Earnings.
Zonite Products Corp.
For Income statement for 3 and 9 months, ended Sept. 30, see "Earnings
-V. 135, P. 646.
Department" on a preceding page.
2845
Financial Chronicle
Volume 135
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, Oct. 21 1932.
COFFEE on the spot was quiet with Santos 4s quoted at
4
3
123/2 to 13e. and Rio 75 at 8 . On the 15th inst. cost and
freight offers from Brazil were extremely limited owing to
the half day holiday here and continued commercial holiday
in Santos. The few offers received were about unchanged
from those received earlier in the week with Santos Bourbon
4s offered at prices ranging from 10.20 to 10.60c. Spot
coffee was quiet and quoted nominally unchanged at 123/c.
2
4
for Santos 4s and 83 c. for Rio 7s. On the 17th inst. coffee
was offered liberally by Brazilian shippers, the cost and
freight offers arriving in fairly large number with prices
showing some irregularity, and indicating an anxiety on the
part of shippers to dispose of coffee in this market. For
prompt shipments, Santos Bourbon 2s were here at 11.35c.;
2-3s at 11.10c.; 3s at 10.80c.; 3-4s, 10.15 to 10.55c.; 3-56
at 10.15 to 10.65c.; 4-5s at 10.25 to 10.40c.; 5s at 10.20c.;
6s at 10.10c.; 6-7s, 9.80 to 9.85c.; 7-8s, 9.50c.• Peaberry 3s
at 10.75c.; 4s at 10.35 to 10.45c. and 5s at 10.20c. On the
'
18th inst. cost and freight offers from Brazil were received
in larger supply than at any time since the beginning of the
Brazilian revolution early in July. Prices were somewhat
irregular and the range of quotations a little broader. For
prompt shipment, Santos Bourbon 2-3s were here at 10.70
to 11.2004 3s at 10.60 to 10.80c.; 3-4s at 10.35 to 10.70c.;
3-58 at 10.15 to 10.70c.; 4-5s at 10.25 to 10.35c.; 5-6s at
9.80 to 10.10c.; 6s at 9.70 to 10.10c.; 6-7s at 9.65 to 9.85c.
7s at 9.400.; 7-8s at 9.05 to 9.50c.;Part Bourbon 3s at 10.750.
5s at 10.20c.• Peaberry 3-4s at 10.40c.; 4s at 10.35c., and
Rio 7-8s at 1.70c.
On the 19th inst. coffee was offered liberally again by
Brazilian shippers and while prices were about unchanged,
there was a notable scaling down of quotations by several
shippers whose offers previously have been substantially
higher than the majority. For prompt shipment Santos
Bourbon 2s were quoted at 11.20c.; 2-3s at 10.70c. to 11.25c.•,
3s at 10.6') to 10.650.; 3-4s at 10.35 to 10.60c.; 3-5s at 10.15
to 10.40c.; 4-5s at 10.25 to 10.30c.; 5-6s at 9.80 to 9.85c.,
and 6s at 9.70 to 10.10c. Peaberry 3s were here at 10.750.
and 5s at 10.200. Spot demand was quiet but a better
inquiry was reported. Prices were unchanged with Santos
4s available at 12%c. and Rio 7s at 83%c. On the 20th inst
cost and freight offers from Brazil were here in liberal supply
and prices were about unchanged. For prompt shipment
Santos Boubon 2-3s were offered at 10.85 to 11.10c.; 3s at
10.50 to 10.60c.• 3
-4s at 10.59 to 10.60c.; 3-5s at 10.15 to
10.500., 4-5s at 10.15 to 10.300., 5s at 10.050., 5-6s at 9.80
'
to 10.15c. 6s at 9.60 to 10.10c., and 7-8s at 9.25c. Peaberry
3s were offered at 10.65 to 10.750., 4s at 10.35e. and 5s
at 10.200. Victoria 7-8s were available at 7.700. Spot
coffee was dull and prices were quoted nominally unchanged
at 123c. for Santos 4s and 83'c. for Rio 7s.
On the
21st inst cost and freight offers from Brazil were lower and
the volume was fairly good. For prompt shipment, Santos
Bourbon 2s were quoted at 11.30c. 2-3s at 10.70 to 11.20c.;
3s at 10.40 to 19.65c.; 3-4s at 10.415 to 10.600.; 3-5s at 10.05
to 10.430.; 4-5s at 10.15c.; 5s at 10.20c.; 5-6s at 9.80 to
9.950.; 6s at 9.70 to 10.00c.; 6-7s at 9.60 to 9.80c.; Peaberry
3-4s at 10.550. Spots wore dull and unchanged. On the
15th Santos futures closed 1 to 5 points lower with sales of
only 4 lots and Rio unchanged to 2 lower with no sales at
all. There is no further censorship in Brazil and codes may
be sent to any part of that country.
On the 17th futures closed 4 to 6 points higher, with sales
of only 3 lots of Santos. Rio was unchanged. On the
18th futures declined 2 to 5 points, with sales of 8,000 bags
of Santos and only 2 lots of Rio. It was largely a waiting
market pending arrival of coffee bought at the ending of
the revolution in Brazil. The spot market also was very
quiet. No. 7 Rio is quoted at 8%c.; No. 4 Santos at 13c.;
%
No. 7-8 Victoria, 832c.; Maracaibo-Trujillo, 103-11c.;
%
Cucuta, fr. to g'd, 12-123'c.; pm. to sh., 123-123 ; washed,
12-123/io ; Colombia-Ocana, 103o.; Bucaramanga-Natural,
2c.;
11%-12X0.; washed, 12-123' Honda, Tolima and Girs2
dot, 114-12; Medellin, 123/42%; Armenia, 12-123; Mani,
zales, 11%-12o.; Mexican, washed, 13X-13%c. Liberian, Surinam, 100.; Erst India-Ankola, 26-3504 Mendholing, 26-33c.; Genuine Java, 22-230.; Robusta, washed,
93o.; natural, 9o.; Mocha, 14-14%c.; Harm, 133'-14c.
On the 19th futures were irregular. Rio advanced 2 to
10 points, with a better European demand, while Santos
ended 1 to 5 points. Brazil and the trade sold. Coffee
futures on the 20th closed 4 points lower to 2 higher with
little trading. Spot coffee was dull awaiting arrival of coffee
afloat from Santos, expected the latter part of this month.
The policy of supporting the market, proposed by Brazil,
has not yet taken definite shape and has caused caution
.
here. Destruction of coffee in Brazil by the National Coffee
Council to Oct. 15, amounted to 9,968,000 bags, according
to a report received at the Exchange. To-day Rio futures
here closed uncharged to 8 points higher and Santos 2 to 7
points higher, with sales of 3,000 bags of Rio and 7,000
bags of Santos. There were reports that the National
Coffee Council of Brazil had resumed its coffee defense plan
by buying Santos coif& on the basis of prices prior to July 9,
4
or 93 c. Final prices for the week are unchanged to 11
points higher on Rio futures and unchanged to 3 points
lower on Santos. Rio coffee prices closed as follows:
Spot (unofficial)
December
March
8 0
iMay
6. 20nom. July
6.060nom. September
5.900nom.
5.780nom.
5 71 nom.
Santos coffee prices closed as follows:
Spot (unofficial)
December
March
1May
125, 0
5
9.350nom. July
8.820nom. September
8.55 nom.
8.43 nom.
8.30 nom.
COCOA to-day ended 3 to 4 points lower with sales of 146
lots and Dec. at 4.1004 Jan. at 4.13c.; March at 4.290.;
May at 4.41c., and Sept. at 4.63c. Final prices show a
decline for the week of 10 to 11 points.
SUGAR.
-On the 15th futures closed 1 point lower to 1
point higher; some 31,000 bags sold at 3.17 to 3.18c., closing
1.17% to 3.173/ic.; refined 4.250. In the month of September all United States beet sugar companies delivered 85,531
long tons of refined sugar, as compared to 115,507 for
the same period a year ago, the Domestic Sugar Bureau
reports. This is a decrease of 29,978 tons. Since Jan_
1 to Sept. 30, however, there has been an increase of 21,626
long tons over the corresponding period a year ago.
Respectively, the quantities are 871,783 and 850,628 long
tons. Figures of the Cuba sugar movement for the week
ended Oct. 15 as follows: Arrivals, 1,776; exports, 25,945;
stocks, 743,806. Exports were: to New York, 7,983;
Baltimore, 5,581; New Orleans, 37; Miami, 12; Middle West,
2,498; France, 3,035; Belgium, 197; Morocco, 6,602. Since
Jan. 1 to Oct.8 raw sugar exported from Cuba totaled 2,171,377 long tons of which 1,405,678 reached the United States
and 765,699 were exported to other countries. In the corresponding period of 1931 total exports aggregated 2,178,244
long tons of which 1,694,000 went to the United States and
484,224 to other countries. Local consumption from Jan. 1
to Oct. 8 1932, amounted to 51,816 tons, against 67,225 in
the like period of 1931. Available stocks in Cuba on Oct.8
were 755,319 tons, compared with 850,775 on Oct. 8 1931..
Thesugar melt of 14 United States refiners for the week
ended Oct. 8 shows an increase of 5,000 tons over last year,
the figures being 75,000 tons this year, against 70,000 a
year ago. Deliveries, however, were off 10,000 tons, as
compared with the corresponding period a year ago. Both
the melt and deliveries since the beginning of the year are
running behind those of a year ago. The figures follow, in
long tons, raw sugar value: Meltings-Jan. 1 to Oct.8 1932,
3,080,000; Jan. 1 to Oct. 10 1931, 3,445,000. Deliveries
Jan. 1 to Oct. 8 1932, 3,177,312; Jan. 1 to Oct. 10 1931,
3,478,596.
On the 17th futures closed unclanged to 1 point lower
with sales of only 4,100 tons. There is less talk of a crop of
2,000,000 tons and more of one somewhat larger, one suggestion being 2,700,000 tons. Spot raws were quiet at
1.16 to 3.16c; 29,000 bags of Cubes sold at 1.16 prompt
shipment. Spot raws fell to 3.15c with sales of 3,500 tons
for Cubes ex store. On the 18th futures declined 1 to 2
points with sales of only 10,850 tons. The decline reflected
the depression in the market for spot raws. Refined was
4.23c with reported good withdrawals. Futures on the 19th
closed unchanged to 2 points higher on buying by Cuban
interests. Spot sugars were quiet at 1.15 to 3.15c. Futures
on the 20th closed generally unchanged, January alone being
1 point lower. The future sales were 5,600 tons. Cuban
interests bought December to some extent at 1.08c. Spot
raws were quiet and unchanged. There was no incentive in
the news for big trading. Willett & Gray's statistics this
week show receipts at 31,691 tons, against 37,000 tons for
the corresponding week last year; melt 40,560 tons, against
56,000; importers' stock 107,624 against 105,000, and refiners' stock 76,737 against 95,000. To-day futures ended
unchanged to 2 points lower with sales of 12,700 tons.
Prices moved within narrow range owing to the uncertainty
over the Cuban crop. Final prices are 1 to 3 points lower
than a week ago. Closing quotations follows:
Spot (unofficial)
December
January
March
1.141
May
1.07 1.08 July
1.04 1.05 September
1.0401.051.080 --1.120 ---
LARD.
-On the 15th futures closed unchanged to-7 points
higher. It was reported that the German Government has
'yen permission to increase the quota of foreign lard importsently Germany was supposed to have discovered a substitute for lard and if proved satisfactory, foreign imports of
2846
Financial Chronicle
lard would not longer be required. Hog receipts Saturday
were 21,700 compared with 29,400 last year. Refined to
Continent at 578c., delivered in New York; South America,
/
63c.; Brazil, in kegs, 7c. On the 17th futures closed'5
points off to 2 points up. On the 18th closed 5 to 13 points
off with hogs weak. On the 19th futures closed practically
unchanged. Hogs declined 10 to 15c. Futures on the 20th
closed unchanged to 5 points off. To-day futures ended 2
to 3 points lower with support lacking. Final prices are
10 to 17 points lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Mon.
Wed. Thurs.
Sat.
Tues.
October
4.27
4.42
4.32
4.40
4.25
4.30
January
4.30
4.10
4.25
4.12
4.12
4.12
March
4.22
4.20
4.30
4.22
4.35
4.35
May
4.27
4.32
4.30
4.45
4.32
4.47
Season's High and When Made- J Season's Low and When Made
October
6.42 June 17 1932 October
3.77 June 2 1932
January
5.30
3.75
January
May
5.42
JMay
4.25
PORK steady; mess, $17.50; family, $19.25; fat backs,
$12.50 to $14. Beef quiet; mess, nominal; packet, nominal;
family, $13.50 to $14.50; extra India mess, nominal; No. 1
canned corned beef, $1.973'; No. 2, $3.90; six pounds South
America, $12; pickled tongues, $33 to $35. Ribs, Chicago,
quiet; cash nominal. Cut meats quiet; pickled hams, 18
to 20 lbs., 93/sc.; 14 to 16 lbs., 93c.; 10 to 12 lbs., 103c.;
pickled bellies, 10 to 12 lbs., 836c.; 8 to 10 lbs., 8Yie.;
,
6 to 8 lbs., 9c.; bellies, clear, dry salted, boxed, New York,
18 to 20 lbs., 63 2c.; 14 to 16 lbs., 65sc. Butter, seconds
/
/
to higher than extra, 173'2 to 22c. Cheese, State-white
milks, flats, 17 to 173'c.; Wisconsin.fresh flats, 13% to 14c.
Eggs, mixed colors, checks to special packs, 19 to 31c.
-Linseed was quiet. Posted prices were advanced
OILS.
early in the week to 6.5c. but it is admitted in most quarters
that this price would be shaded a couple of points. Flaxseed markets both here and in Argentine were lower on the
20th inst. Cocoanut, Manila, Coast tanks, 30.; tanks,
New York, spot,33c. Corn, crude tanks,f. o. b., Western
mills, 32c. Olive, denatured, spot drums, 570.; shipment,
4
52 to 53e. China wood, N. Y. drums, carlots, 53 to 53/ge.;
/
tanks, spot, 53sc.: shipment, 53c. Pacific • Coast, teaks,
& to 53/80. Soya Bean, tank cars, f. o. b. Western mills,
.2.95c.; carlot, deliv. drums, N. Y., 43..c.; L. C. L., 43/ to
4
43 c. Edible, olive, $1.25 to $1.40. Lard, prime, 9c.;
4
extra strained winter, 73 c. Cod, Newfoundland, 23c.
Cottonseed oil sales today including switches 27 contracts
Crude S. E. 3.10c. Prices closed as follows:
Spot
October
November
December
January
4.00 Bid
4.05 Bid
4.06©4.07
3.98@4.03
4.00@4.01
February
March
April
May
4.1014.15
4.13 4.15
4.15 4.25
4.264.27
-Gasoline advanced following the recent
PETROLEUM.
rise in crude oil prices. United States motor grade bulk
cargoes at Gulf ports was advanced lc. by the Consolidated
Oil Corporation The Standard Oil Co. of New Jersey and
the Crew-Levick Co. subsidiary of the Cities Service Co.
will also post higher prices. The Sinclair Refining Co.
raised the price lc. at deepwater terminals on the Atlantic
Seaboard and at Tampa. The price for tank car lots of
regular Sinclair gasoline will be 7c. while United States
motor grade will be 63c. Tank wagon and service station
prices in New Jersey, Maryland, Virginia,. West Virginia,
North and South Carolina and the District of Columbia
will go up correspondingly to-day. And prices were higher
in the Mid-Continent. The crude oil market was generally
$1.12 for Mid-Continent crude and $1.10 for 40 gravity
Texas crude. The Standard Oil Co. of Indiana and the
Humble Oil & Refining Co. and the Carter Oil Co., both
subsidiaries of the Standard Oil Co. of New Jersey, are the
only companies who have failed to meet the rise in crude
prices. The Warner Quinlan Co. advanced the tank car
price of gasoline lc. at its New Jersey refinery, making its
price for above 65 octane() 7c. and below 65 octanne
and it was also announced that that company will meet the
lc. increase in the tank wagon and service station price in
New Jersey. Kerosene was slightly firmer at 53ic. for 4143 water in tank cars at refineries. Consumption is gradually
increasing. Fuel oils were more active but cutting of prices
is still reported in some quarters. Grade C bunker fuel oil
was steady at 75c. at refineries. Diesel oil was quiet at
$1.65, same basis.
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."
-On the 15th futures closed 5 points lower to
RUBBER.
3 points higher. No. 1 standard; Dec. 3.36c., March 3.57c,
for No. 1 B. Sept. 3.81c. Outside spot; Oct. and Dec.,
3 7-16o. Factory consumption in Sept. was 22,491 tons
against 22,372 tons in August and 23,638 in Sept. 1931;
stocks on hand 365,789 tons against 357,342 at the end of
August and 254,324 at the close of September. On the 17th
futures fell 5 to 10 points to new lows with sales of 620 tons.
Spot October, November and December 33'c. Latex was
at a discount. Actual rubber was very dull. No. 1 B standard May 3.56c., July 3.62c.; No. 1 standard 3.30 to 3.31c.,
March 3.48 to 3.49c. On the 17th inst. London closed dull,
3-32d. to 5-32d. lower; October 2 5-16d.; December 2%d.;
-March 2 13-32d.; April-June 23d. and July-September
Jan.
2 9-16d. SingaporeTclosed dull, 1-32d. to 1-16d. decline;
-March 2-3-32d.. April-June 2 5-32d. On
Octoberl2d.; Jan.
the 18th standard 1 futures closed unchanged to 15 points
higher. _Sales were only 260 tons of No. 1 B against 620 the
Oct. 22 1932
day before. No. 1 B closed 3t 3.58 for May, July 3.64c.,
Sept. 3.720.; No.1 standard December 3.300. March 3.49
%
to 3.51c.; Spot to December outside 33 c. On the 18th inst.
London closed quiet, unchanged to 1-16d. advance; Oct. 2
11-32d.; Dec. 2%d.; Jan. March 2 15-32d.; April-June
2 17-32d.; July-Sept. 2%d.
On the 19th prices advanced 8 to 12 points with a small
business. Malayan shipments for the first half of October
were estimated in an exchange cable at 18,000 tons, and for
the full month at 37,500 tons. This would prove to be the
smallest October total since the Stevenson restrictions, and
the smallest monthly gross since June of this year. The
September exports were 41,973; August, 39,337, and July,
40,723 tons. The total for October 1931, was 45,911 tons.
-Nov.
Standard grades outside gained about %c., with Oct.
Dec. held at 33-c. No. 1 B May closed at 3.68c.; Dec.
No. 1 Standard, 3.40c.; March, 3.60 to 3.63c. On the 19th
inst. London closed at 1-32 to 1-16d. higher with Oct. at
/
2/s; Dec., 2 7-16d.; Jan-Mar., 21 2d.; April-June, 2 19-32d.;
3
July-Sept., 2 21-32d. Singapore closed quiet and steady at
1-16d. advance; Nov., 2 1-16d.; Jan.
-Mar., 23/gd.; AprilJune, 2 3-16d. On the 20th prices closed 2 points lower to 2
higher with sales of 590 tons No. 1 Standard,Dee.closed at
3.38c. and March, 3.59 to 3.65c.; No. 1 B, May, 3.66c.;
Sept., 3.82 to 3.85e.; outside spot, nic.; iirst latex crepe,
3'Hic. On the 20th inst. London closed einiet, net 1-32 to
-Mar.,
1-16d. higher; Oct., 2 7-16d. Dec., 2 15-32d. Jan.
/
2 17-32d.; April-June, 25gd.; July-Sept., 2 2J-32d. Singapore market closed steady at 1-32d. to 1-16d. advance with
-Max., 2 5-32d.; April-June, 23d.
Nov., 23/gd.; Jan.
To-day futures ended unchanged with sales of 26 lots of
No. 1 standard. The Malayan census report was favorable
showing production in Malaya during September had decreased to 33,315 long tons compared with 36,408 in August.
And London was firmer. Prices there ended unchanged to
-March,
1-32d. higher with Oct., 2 7-164.; Dec., 234d.; Jan.
/
2 17-32d.; April-June, 25gcl.; July-Sept., 2 23-32d. Sings
ore closed quiet and unchanged with Nov., 23'd.; Jan.
arch, 2 5-32d., and April-June, 23d. Final prices here
are 3 points lower to 1 point higher for the week.
-On the 15th prices closed 5 points lower to 1
HIDES.
point higher with sales of 640,000 lbs. Dec. old closed at
5.15c., new, 5.10c., March old, 5.50c.; new, 5.96 to 60.;
June new, 6.50 to 6.55c. and new, Sept., 6.96c. Shoe output in Sept. was 30,930,000 pairs against 31,293,000 in
Sept. last year and 30,718,000 in Aug. this year. On the
17th futures closed at 5.650. for March new, 6.21 to 6.250.
for June new, and 6.65 to 6.70c. for Sept., under the stress
of liquidation. On the 18th prices for futures closed unchanged to 5 points higher; 20,000 Oct. frigerifico steers
sold at 6c. The sales of futures were 760,000 lbs., closing
with March new, 5.68c. to 5.780.; June, 6.25 to 6.70c.
On the 19th futures closed 20 to 25 points higher with sales
of 760,000 lbs., closing with Dec. old, 5.10c. and new,
5.050.; March new, 5.90 to 5.950.; June, 6.45 to 6.50c. and
Sept. at 6.95; 4,000 frigerifico steers sold at 6c. New York
City calfskins 9-12s, $1.30; 7-9s, $1; 5.7s, 700. On the
20th futures declined 10 to 20 points with sales of 1,160,000
lbs., closing with Dec. old, 5c.; March new, 5.70 to 5.8J0.;
June new, 6.31c.; Sept., 6.75 to 6.80c. To-day futures
closed unchanged to 10 points lower with sales of 23 lots;
Oct., 4.70o.; Nov., 4.800.; Dec., 4.90c.; March, 5.60c.;
June, 6.20c.; Sept., 6.65 to 6.70c. Final prices are 25 to
35 points lower for the week.
OCEAN FREIGHTS were less active on the 18th.
CHARTERS include: Foreign mall, coal. Danzig, Cork, 2,000 tons, 75.
Firth of Forth. Montreal, 5.100 tons, 6s. Cardiff, Madeira, Teneriffe.
-Black Sea-United Kingdom, Continent.
2 ports, 5,800 tons, 7s. Grain.
6,500 tons, 10s. Up-river, A.R.,15s.3d.,7,000 tons, Nov. 1-12. Sugar.
Philippines-United States, North of Hatteras, 8.000 tons Oct.. $5.25.
-early Nov., Philadelphia or Baltimore, Rio or
Grain.-Hollinside, Oct.
Santos, us. 9d. Glendene, Albany, Oct., Rotterdam, 7c. Sugar.
Japanese steamer, 7,500 tons, 5 Cuba, Nov., United Kingdom-Continent.
-Steamer. 10,000 tons, clean, California. Nov., Con14s. 3d. Tankers.
tinent, 14c.: Diesel, 12.500 tons deadweight, 12 months, delivery_ Sept.
Adellen, two trips, crude, Nov., Teneriffe, 6s. Olna British, 9,500 tens!
crude, Gulf Port de Bouc. Oct., 8s. Foreign mail;coal, Cardiff, Wen
Italy, 7000 tons. Gs. South Australia, 29s., two large cargoes, Jan. 25
cancel,United Kingdom-Europe, Ropner owner.
TOBACCO has been in fair demand here and firm. The
"U.S. Tobacco Journal"said:"Leaf tobacco on the Southern
markets is going this season at prices which cheer the tobacco
farmers. This has been, for a long time, 'a consummation
devoutly to be wished,' not only by the growers themselves,
for whom the situation had become almost unbearably acute,
but by the large cicigarettemanufacturers as well, who did
not relish the possibility of collapse among their principal
sources of leaf supply. The leading cigarette manufacturers
had made clear their position on this last year and the year
before and even went so far as was possible within tneir
limits to bolster the prices of tobacco which they were buyin,,. But prices could not prevail against tremendous overproduction of tobacco and a drastic drop in the export
market. The principal factor operating for better prices
this year is, of course,smaller crops, a lesson the complaining
farmer might do well to bear in mind. Then there is the
advance from rock-bottom lows which has taken place in
all other commodity markets. A factor which thrusts itself
into the tobacco picture this year are the requirements of
10-cent cigarette manufacturers. To what extent are they
dependent upon bottom prices for their tobacco, and how
will they cope with a rising market? On what tobacco
prices will be in the future depends very largely the good
Volume 135
Financial Chronicle
business which manufacturers of 10-cent brands of cigarettes
are now enjoying."
-October consumption measured by increased
COAL.
production in September shows some gain but there is
nothing striking about it. There is a considerable increase
inithe output of bituminous coal.
SILVER.
-On the 15th inst. futures ended 1-to 10 points
lower with sales of 125,000 ounces; Dec., 27.80c.; Jan.,
27.90 to 28c.; March, 28.10 to 28.150.; May, 28.37c. On
the 17th inst. the close was unchanged to 5 points lower
with sales of 875,000 ounces; Oct. 27.570.; Dec., 27.770.;
'
Jan., 27.85c.; March, 28.07 to 28.20c. and May, 28.370.
On the 18th inst. prices were irregular closing 15 points lower
tot3 points higher with sales of 625,000 ounces and Oct. at
27.600.; Nov., 27.63c.; Dec., 27.70c.; March, 28 to 28.10c.
and May, 28.22 to 28.30c. On the 19th inst. futures ended
6 pointsllower to 8 points higher with sales of 475,000 ounces;
Oct.,27.55 to 27.60c.; Dec., 27.68 to 27.78c.; March,28.050.
and May 28.25c. On the 20th inst. prices closed 9 to 23
pointsl'off with sales of 875,000 ounces. December ended at
27.59c.; Jan. at 27.63e. to 27.75°.; March at 27.85 to 27.89e.
and May at 28.02 to 28.10c. To-day futures ended 20 to
33 points lower with sales of 1,225,000 ounces. Spot prices
in London and New York declined. Final prices show a
decline for the week of 57 to 62 points.
COPPER sales were larger than those of last week but on
the whole business has been quiet with prices unchanged at
58% to 63c. for domestic delivery and 5.55c. for foreign
account. Some 3,000,000 lbs. were offered it was reported
at 6%c. for delivery into the second quarter of next year.
London on the 20th inst. dropped 6s. 3d. on spot standard to
£32 and there was a decline of 5s. to £32 5s. on futures;
sales, 100 tons spot and 250 tons of futures. Electrolytic
declined 105. to £36 bid and £37 asked; at the second session
standard was unchanged with sales of 50 tons of spot and 225
tons of futures. On the 15th inst. American futures closed
unchanged; Oct., 4.60c.; Dec., 4.70c.; March, 4.770.;
May, 4.850. Standard, unchanged; Oct., 4.500.; Dec.,
4.50c.; March,4.65c.; May,4.750. On the 17th inst. American and standard were unchanged with sales of 125 tons qf
American and none of standard. On the 18th inst. standarll
was unchanged with no sales and so was American with no
sales. On the 19th inst. standard copper futures closed
unchanged. Sales, nil. Closing quotations follow: Oct.,
4.50c.; Dec., 4.50c.; March, 4.65c.; May, 4.75c., nominal.
American copper closed unchanged. Sales, 25 tons. Closing quotations: Oct., 4.600.• Dec. 4.70c.; March, 4.77c.;
May,4.85e.; July,4.95c.,andSept.,5.05c., all bid. Decem'
'
ber sold at 4.72c. On the 20th inst. standard futures fell 5
points; Oct., 4.45c.; Dec., 4.45c.; March, 4.600.; May,
4.70c.; no sales; American unchanged to 5 points lower;
Dec., 4.650.; March, 4.77c.; May, 4.85c.; July, 4.95°.;
Sept., 5.050.; no sales. To-day futures here ended unchanged to 2 points lower on American standard with sales
of 50 tons and Oct. at 4.550.; Dec., at 4.63 to 4.75c. and
May at 4.85Ito 4.900.
TIN on the 20th inst declined to 24c. after early steadiness
early in the week. Demand was quiet. London prices
dropped £1 58. on spot standard on the 20th inst to £151
17s. 6d.; futures off £1 to £152 7s. 6d.; sales, 50 tons spot
and 100 tons of futures; spot straits fell £1 5s. to £157 12s.
6d.; Eastern c.i.f. London dropped 10s. to £158; at the
second session in London spot standard advanced 2s. 6d.
with sales of 110 tons of futures. On the 15th inst, futures
closed unchanged with October at 23.40c.; December,
23.60c.; March, 23.900.; July, 24.50c., and September,
24.80c. On the 17th inst, futures rose 25 points; no sales;
December, 23.850.; March, 24.150.; May, 24.450.; July,
24.75c., and September, 25.05e. On the 18th inst the ending was 25 points lower with no sales; December, 23.60c.;
March,23.900.; May,24.20c.; July, 24.50c., and September,
24.800. On the 19th inst, futures closed 15 points lower; no
sales; December, 23.45c.; March, 23.75c.; May, 24.05o.;
July, 24.35, and September, 24.650. On the 20th inst,
futures ended 10 points lower with sales of 15 tons. October
closed at 23.15c.; November at 23.35c.; March at 23.650.;
May at 23.95c., and July at 24.250. To-day futures closed
with October, 22.95c.• November, 23c.; December, 23.10
23.20c.; February, 23.30c.; March,
to 23.20c.; January,'
23.40c.; April, 23.50c.; May, 23.50c.; May, 23.600.; June,
23.70c.; July, 23.800.; August, 23.900.; September, 24c.;
no sales.
LEAD was steady at 3 to 3.050. New York, and 2.90
to 2.950. East St. Louis with a fair demand. Corroders were
the b;st buyers. Generally carlots prompt shipment are
wanted with an occasional large order for November shipment. In London on the 20th inst. prices were off 3s. 9d. to
£11 15s. for spot and £11 18s. 9d. for futures, sales 300 tons
of spot and 300 tons of futures.
ZINC was quiet with the price generally regarded as
3.05c. East St. Louis. In London on the 20th inst. spot fell
is. 3d. to £14 17s. 6d, futures off 3s. 9d. to £15 3s. 9d,
sales 50 tons of spot and 400 tons of futures, at the second
session futures advanced Is. 3d. on sales of 150 tons of spot
and 250 tons of futures.
-Chicago business has forged ahead of other
STEEL.
centers, trading having been comparatively good there for
2847
three weeks in succession. Much of the inquiry for steel
just now is from various western concerns, but it is useless
to look for any signs of important trading in this industry
yet, steel rails on the 20th were suddenly reduced $3, to
the level of $40, the biggest slash in 10 or 11 years.
PIG IRON.
-It is the old story of trade in a rut, with
purchases generally limited to car lots. It is said that
5,000 tons of forge pig iron have been sold this week by an
Eastern Pennsylvania producer.
WOOL has been dull and weaker. Boston on the 18th
wired a Government dispatch as follows: "Business in wool
is very dull. Occasional bids under recent quotations are
being received, but are not acceptable to most holders.
Medium fleeces, however, are slightly easier. Graded
strictly combing 56s, 48-50s Ohio wools are quoted at 21
and 22c. in the grease. Country packed wools of similar
grades but heavier shrinkage are offered at 19 and 20c. on
a scoured basis, strictly combing fleeces, at current grease
basis quotations are estimated at 39 and 41c. for 56s and
36 and 380. for 48-50s." London cabled October 17 that at
Brisbane sale of that date prices were unchanged compared
with those at recent sale at Sydney.
-Futures to-day ended unchanged with
WOOL TOPS.
Oct. at 53c.- Nov. at 53.40c.• Dec. at 53.80c.; Jan. at 54c.;
Feb., 54.20c.; March, April, May,June, July and Aug., 550,
'
SILK.
-On the 15th inst. futures ended 1 to 2 points
higher with sales of 40 bales; March, $1.55 to $1.56; April,
$1.55; Oct., $1.53 to $1.57; Nov., Dec. and Jan., $1.54 to
$1.57; and Feb., $1.55 to $1.56. On the 17th inst. the
ending was unchanged to 2 points lower with sales of 50
bales and Oct. at $1.53 to $1.57; Nov. and Dec.,1.52 to
$1.57; Jan., $1.53 to $1.57; Feb. and March, $1.54,
and
May, $1.53 to $1.56. On the 18th inst. the closing was
1 to 2 points higher with sales of 720 bales; Oct., $1.56 to
$1.60; Dec., $1.54 to $1.56; Jan., Feb., March, April and
May, $1.54 to $1.55. On the 19th inst. futures closed
2 to 4 points net higher with sales of 530 bales. Oct., ov.,
Dec. and Jan. ended at $1.57 to $1.60 and Feb., IVIarch,
April and May at $1.59. On the 20th inst. futures ended
1 to 4 points lower with sales of 310 bales, and Oct. at
$1.56 to $1.58; Nov. at $1.55 to $1.57; Dec. and Jan. at
$1.55 to $1.56; Feb. at $1.55; March and April, $1.55 to
$1.56 and May at $1.55. To-day prices ended 2 to 3
points lower with sales of 1,350 bales; Oct., 1.53 to $1.54;
Nov. and Dec., $1.52 to $1.53; Jan., Feb., karch and April
$1.52 and May, $1.52 to $1.53. Japanese silk markets
were weaker and this with a further decline of yen caused
general liquidation. Final prices show a decline for the
week of 1 point.
COTTON
Friday Night, Oct. 21 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
395,485 bales, against 347,025 lytles last week and 311,264
bales the previous week, making the total receipts since
Aug. 1 1932, 2,560,040 bales, against 2,890,217 bales for
the same period of 1931,showing a decrease since Aug. 1 1932
of 330,177 bales.
Sat.
Receipts atMon. Tues. Wed. Thurs. Fri. I Total.
Galveston
14.988 16,415 37.041 15,533 14,349 14.0711112.397
Texas City
--------------------13,354113,354
Houston
11,372 15.l 19,3 1.94 8,645
Corpus Christi_ _
927 1.235 1.196 1,319
901 64.9951131,071
1,431 7,009
New Orleans
6,648 5,709 20,415 39,524 9,957 5,478 87,731
Mobile
4,580
666 2,862
518
375 1,736 10,737
Pensacola
3,226
Savannah
Brunswick
Charloston
Lake Charles_ _ - _
Wilmington
Norfolk
Baltimore
606
1,671
1.161
250
1,079
882
5,649
1,387
---418
475
215
---484
691
656
---309
289
526
---495
497
267
---262
495
2,118
8,809
716
648
5 169
.
8,809
2,684
3,095
Totals this week 46,111 42,215 83.065 70,456 36,330 117,308 395,485
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
Receipts to
Oct. 21.
1932.
1931.
Stock.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
1932.
1931.
Galveston
112.397 528,522 85.194 571.703 693.949 776,724
Texas City
13.354
45,970 4.164
31.510
32,150
24,985
Houston
131,071 812,361 171,178
Corpus Christi- 7,009 228.425 19.543 1.325.852 1,316.419 1,492.739
332,825
97,887 158,168
Beaumont
16,008 1,876
5,116
13,829
New Orleans
87,731 434,597 48,400 200,228 968,595 608,000
Gulfport
Mobile
10.737
89,268 17,357
90,704 142,419 234.989
Pensacola
3.226
78,277 3.033
24,421
38.269
Jacksonville
597
5,062 1,160
16.565
19,964
16,370
Savannah
5.649
81,293 13,682 165.578 190.201 392.334
Brunswick_
3.277
17.515
5.671
'
Charleston
5.169
83,920 4,689
57,029 104,669 181.062
Lake Charles-8.800
96.085
533
7,961
95.268
Wilmington
2.684
16,891 4,231
18,086
21.272
17.855
Norfolk
3.095
19.556 5,552
27.782
54,264
60.869
Newport News
Newlrork
205,355 230,121
Boston
33
93
9.712
2.502
Baltimore
680
6,290
355
9.093
1.750
1,032
Philadelphia
5.389
5.293
Totals
305.485 2.560.040 380,960 2.890.217 4.011.361 4.203.643
Financial Chronicle
2848
In order that comparison may be made with other years.
we give below the totals at leading ports for six seasons:
1932.
1931.
1930.
1929.
1928.
1927.
Galveston____
Houston
New Orleans_
Mobile
Savannah_
Brunswick__ _
Charleston- __
Wilmington_ _
Norfolk
N'port News
All others-- - _
Receipts at-
112,397
131.071
87.731
10.737
5,649
3,277
5,169
2,684
3,095
85,194
171,178
48,400
17,357
13,682
88,360
146,002
86,240
24.447
31,137
124,884
183,273
101,133
23,676
22,704
158,128
199,796
70.647
14,802
29.108
121,567
147,365
68,721
14,998
22,790
4,689
4,231
5,552
28,924
4,743
10,419
22,583
7,239
14,477
19,219
11,453
20,280
18,332
5,009
15,399
33,675
30,697
21,341
18,830
27,444
9,949
Total this wk_
395.485
380,980
441,613
518.799
550,877
424,130
Since Aug. 1__ 2.560.040 2.890.217 3.980.421 3.689.684 3.633.159 3,575,627
The exports for the week ending this evening reach a total
of 219,728 bales, of which 45,027 were to Great Britain,
20,937 to France, 77,141 to Germany, 21,431 to Italy, nil
to ,Russia, 36,006 to Japan and China and 19,186 to other
destinations. In the corresponding week last year total
exports were 213,108 bales. For the season to date aggregate exports have been 1,765,049 bales, against 1,797,004
bales in the same period of the previous season. Below are
the exports for the week:
Exported to
Week Ended
Great
GerOct. 21 1932.
Exports from
- BrUain. France. many.
8,347
Galveston
21,235
Houston
427
Texas City
Corpus Christi_ _
New Orleans_ _ _ 6.846
5,426
Mobile
Jacksonville_
_
Pensacola
Savannah
1,484
Brunswick
1.262
Norfolk
Los Angeles
Lake Charles_ _ _
Italy.
Japan&
Russia. China. Other.
4,101 11,768 7,343
3.852 11,994 12,288
1,009 1,620
927 1:§66
9,631 26,698
16,217
70
3,226
8,267
1,661
1.280
250
1,793
200
2,094
2 a§
,
1;i6O
45,027 20,937 77,141 21,431
Total
17,976
5,222
36,006 19,186 219,728
84,682 22,293 213,108
40,094 11,317 35,948 18,774
56.493 23.407 42,910 11.229 13.320 37,739 14,794 199,892
Total 1931
Total 1930
Exported to
From
Aug. 1 1932 to
Japan &
GerOct. 211932. Great
Britain. 'France. many. I Italy. Russia China. Other.
Experts Jr
57,747 23,469
25,326, 49,112
60.767 116,193 145,474 51,143
9,115
427' 1,163
31,447 15,902
11,529 43,665
1.663
100
138
119
4,885'
2,500
95,2971 58,387
51,692 30,997
50,910 6,426
22,570 3,262
2,043:
25
29,993
402
1,454
50
35,761
46,425 1,350
14,677
1,484
45,359
23,121
38
85
-5456
1,885
4,990
169
100
514
50-199
13,163 6:350
997 11,070
Galveston- __
Houston ___ Texas City- Cor. Christi_
Beaumont_ -Panama City
New Orleans_
Mobile
Jacksonville _
Pensacola_ _ _
Savannah _
Brunswick
Charleston
Wilmington _
Norfolk
New York_
Los Angeles..
San Francisco
Lake Charles
Total
Total.
4,713 54,248
6,990 61,581
247 3,303
2,727
(f.iL5 57,595
23,304
70
3,226
100 1,380
3,277
1.712
1,600
983 5,705
254,224 257,300 539,776 162,179
Total.
79,546 60,807 296,007
85,125 77,613 536,315
11,516
811
67,185 30,802 200,530
2,179
159
7,385
61,122 28,917 326,412
98,122
9,377 5,577
24
2,092
724
32,623
92,410
4,827 4,047
17,515
1,354
74,881
2,000 4,401
1,123
1.000
7,175
169
6,995
77
6,304
4,344
200
3,895
47,256
11,223 4,453
330,604220,966 1,765,049
_ 558,840187,558 1,297,004
132,938 59,004 262,339 96,325
312.717333.501 651,143 115,836 29,279 332.395 184,285 1,959.166
our practice to include in the above
-Ii has never been
-Exports to Canada.
Note.
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 view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of September the exports to the Dominion the present
season have been 8,842 bales. In the corresponding month of the preceding season
the exports were 7,021 bales. For the two months ended Sept. 30 1932 there were
13,602 bales exported, as against 17,237 bales for the two months of 1931.
Total 1931_
Total 1930_ _
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 Not Cleared for
Oct. 21 at
Galveston
New Orleans_ _
Savannah
Charleston_ __ _
Mobile
Norfolk
Other ports *_ _
Total 1932_ _
Total 1931_ _
Total 1930_ _
CoastOther
GerGreat
Britain. France. many. Foreign wise.
Total.
Leaving
Stock.
2,407
758
1,825
4,000
1,500
5,000 24,000
654,949
926,946
190,201
160 104,509
160
1,100 6,090 136,329
54,264
500 35,000 1,822,264
18,458 11,462 18,195 69,820
27,593 7,909 17,5"2 118,859
26,092 11.315 20.224 81,720
3,964 121.899 3,889,462
4,000 175,863 4,027,180
3.850 143.201 3,267.675
7.000
5,051
4,000
5,204
6,500 20,000
6,695 23,995
1,500 39,000
704 41,649
* Estimated.
COTTON has at times shown a certain degree of steadiness, owing to trade buying, but, on the whole, bull speculation has been offish towards cotton. Hedge selling has
been persistent at times, and of late prices have sought a
lower levefin company with stocks and grain.
On the 15th inst. prices ended 5 to 8 points lower, under
the weight of profit-taking and some reaction in stocks as
well as hedge selling. Fluctuations were small. An early
rise of some half a dozen points or less was due to a steady
tone in Liverpool, an early rise in stocks, and the fear of
less favorable weather over Sunday. But it soon became
prices,
plain that there was no real pressure to buy, and
Oct. 22
1932
accordingly, gave way under late offerings. Grain as well
as cotton and stocks yielded under later selling for both
sides of the account.
On the 17th inst. prices, under pressure of liquidation and
other selling, closed 15 to 17 points lower. The weather had
a threatening effect, yet it failed to brace prices. This
failure of itself caused selling, and, taken all in all, the
market acted tired. Two seats on the Cotton Exchange sold
at $12,100 and $12,500. In Manchester yarns were irregular,
but cloths were in better demand. The Cotton Exchange
Service said: "Our final revised figures of world supply
and distribution of all kinds of cotton last season are closely
in line with our preliminary estimates issued last July.
Our revised figures on world all-cotton consumption (plus
a small amount destroyed) last season is 22,974,000 bales
against our preliminary estimate of 22,947,000. Our revised
figure on world production last season is 26,535,000 bales
against our preliminary figure of 26,294,000. Our revised
figure on the world all-cotton carryover at the end of last
season is 17,507,000 bales against our previous estimate of
17,295,000. All of our figures on these subjects are in terms
of running bales for American cotton and equivalent 478pound bales for foreign growths." There was a strong trade
demand on the decline, but this buying and covering seemed
to be the only support. Aggressive speculation for the rise
is lacking. The decline in stocks was, of course, anything
but a stimulating factor, though the latter rallied in the
later trading. Heavy rains east of the Mississippi River had
no effect. Hedge selling increased.
On the 18th inst. prices ended practically unchanged, with
a firm undertone. Early prices were 10 to 12 points higher,
with offerings moderate, stocks firmer, Bombay buying
freely in Liverpool, and reports that the boycott against
British goods in India had been lifted. Later came the old
hedge selling, with its inevitable result of a reaction in
prices. Yet in the end covering was active enough to cause
a rally, which left the impression that the undertone was
very good. The weather was more favorable for the movement of the crop, and Worth Street was doing a better trade.
On the 19th inst. prices advanced 10 to 15 points, with
stocks and grain higher and a better demand from foreign
interests, Wall Street, local traders, and the spot trade.
Later, however, the rise was halted by liquidation and by
Southern selling. Worth Street was quiet. As to the belt,
the summary of the Government's weekly weather bulletin
was as follows: "There was very little rain in the Western
cotton belt, and picking and ginning made rapid advance.
In the East fair weather during the first half of the week
was favorable, but heavy rains in the latter part delayed
harvest and there was considerable• complaint of damage
to open cotton in many localities east of the Mississippi
River. Picking is generally well advanced, and practically
all cotton is open, though in Arkansas many green bolls and
lowlands are still developing. In Oklahoma late bolls are
opening rapidly, while in Texas picking is practically completed, except in the Northwest." Montgomery, Ala., advices said: "In many sections farmers are picking without
employment of labor because of the expense coupled with
present prices. Much cotton has been picked and held in
the seed, as ginning would take the farmer's time away from
picking. It appears that some farmers are taking advantage
of the offer of the Government to advance about 9c. on
cotton, in connection with loans made by the Government
this season. The drastic decline of over 3c. per pound is
most discouraging to the producers. The holding movement
continues strong, with cotton being sold very gradually and
In limited quantities, causing in all sections a very active
and spirited demand. The basis has continued to advance
and shows no signs of easing. Manchester reported a better
demand for both cloths and yarns from both India and
China, especially from China."
On the 20th inst. prices closed 10 to 20 points lower, on
further liquidation, some Southern hedge selling and a certain amount of selling for the decline. Spot houses also were
generally sellers. Liverpool and the Continent as well as
domestic trade interests bought. Cotton sold in Liverpool
was largely taken by the Continent and Bombay. Some
decline in stocks, the absence of speculative snap in cotton
Itself, and the persistent hedge selling were among the most
potent factors against the price in the later tradings. The
buying of cotton goods is mostly in small lots, and cautious
even then.
To-day prices wound up 4 to 7 points net lower. At one
time late in the day prices were 5 to 9 points higher, as
pressure was withdrawn and shorts covered. But hedge
selling increased on the advance, and this, together with the
lower stock market, caused the late recession. The Dallas
"News" said that considerable damage was done in Oklahoma
by the recent cold weather. It also added that harvesting
in Texas had been completed in the south and 85 to 90%
completed in the remainder of the State except the South
Plains and northwest. A private estimate put the probable
yield at 10,883,000 bales. It estimated ginnings up to Oct. 18
at 7,187,000 bales against 9,255,000 to the same date last year.
Final prices are 27 to 28 points lower for the week. Spot
cotton ended at 6.32c. for middling, a decline for the week
of 23 points.
Financial Chronicle
Volume 135
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Oct. 27 1932.
15-16 1-Inch &
longer.
Inch.
Differences between grades established
for deliveries on contract Oct. 27 1932
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
6500 Mid.
Middling Fair
White
52
Strict Good Middling-- do
do
40
Good Middling
do
do
Strict Middling
do
.26
do
Middling
do
Beats
.30 off Mid.
Strict Low Middling-- do
do
Low Middling
do
*Strict Good Ordinary- do
.95
do
*Good Ordinary
do
do
1 33
Extra White
Good Middling
do
40 on
Strict Middling
do
do
26
do
Middling
do
do
do
Even
Strict Low Middling...-, do
do
30 off
do
Low Middling
do
do
do
61
Good Middling
Spotted
.26
.10
23 on
do
.26
do
Strict Middling
.10
d,
Even
do
.25 off
.23
.10
Middling
do
*Strict Low Middling-- do
.60
do
*Low Middling
do
.55
do
Strict Good MIddlIng-Yellow Tinged
.23
.10
do
Even
Good Middling
.23
do
25 off
do
.10
do
Strict Middling
.23
do
.42
do
.10
do
do
*Middling
do
.61
do
*Strict Low Middling__ do
do
.95
do
*Low Middling
do
1.34
do
do
Good Middling
Light
22
Yellow Stained- .41 off
.10
do
*Strict Middling
do
do
- .64
do
do
*middling
do - .97
do
do
.21
Good Middling
Yellow Stained
.09
.57 off
do
*Strict Middling
do
56
do
do
*Middling
do
do
1.34
do
.10
Good Middling
.23
Gray
.23 off
do
a3
.11
.23
Strict Middling
1
do
do
*Middling
do
68
do
*Good Middling
Blue Stained
.62 oft
do
*Strict Middling
do
do
98
do
*Middling
do
do
1.34
oo
• sot ueaverable on future contracts.
.10
410
.10
.10
.10
.09
.09
.26
.26
.26
.26
.26
.23
.21
The official quotation for middling upland cotton in the
New York market each day for the past week have been:
Oct. 15 to Oct. 21Middling upland
Sat.
6.50
Mon. Tues. Wed. Thurs. Fri.
6.35
6.35
6.45
6.35
6.30
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
Oct. 21 for each of the past 32 years have been as follows:
1932
1931
1930
1929
1928
1927
1926
1925
6.30c.
6.80c.
10.50c.
18.05c.
20.05c.
20.000.
12.55c.
22.000.
1924
1923
1922
1921
1920
1919
1918
1917
24 00c
30.30c.
23.95c.
18.90c.
20.50c.
35.700.
32.50c.
28.65c.
1916
1915
1914
1913
1912
1911
1910
1909
18.50c.
12.40c.
•
14.10c.
10.90c.
• 9.75c.
14.45c.
14.05c.
1908
1907
1906
1905
1904
1903
1902
1901
9.30c.
11.60c.
11.00c.
10.40c.
10.05c.
10.000.
8.70c.
8.38c.
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday__ _ Quiet,5 pts. dec_ --Monday _ _ Quiet, 15 pts. dee__ _
Tuesday __ _ uiet, unchanged_ _
Wednesday. Wet, 10 pts. adv-Thursday _ _ Quiet, 10 pts. dec.....
Friday
uiet,5 pts. dec.-- _
Futures
Market
Closed.
Sales.
Spot. Contr '1. Total.
Barely steady_ Quiet
Steady
Barely steady..
Barelysteady._
Barely steady_ -
Total week_
Since Aug. 1
200
2,900
1.031
424
406
400
-466
200
200
2,900
1,431
624
406
400
5,361
600 5,961
34.209 66.700 100,909
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Sanaday,
Oct. 15.
Monday,
Oct. 17.
Tuesday, Wednesday, Thursday.
Oct. 20.
Oct. 19.
Oct. 18.
Friday,
Oct. 21.
Oct.
Range.. 6.35- 6.46 6.20- 6.32 8.15- 6.28 6.23- 6.30 6.28- 6.32 8.16- 6.20
Closing_ 8.35- 6.18- 6.18
- 6.32
6.21 - 6.12Nov.
Range__
Closing_ 6.37- 6.21
-6.22
6.36- 6.23- 8.16Dec.
Range... 6.40- 6.53 6.25- 6.38 6.18- 6.36 6.26- 6.46 6.26- 6139 6.19- 6.32
Closing_ 6.40- 6.41 6.25- 6.26 6.26- 6.27 6.40- 6.42 6.26- 6.19- 6.20
Jan.(1933)
Range__ 6.45- 6.59 6.30- 6.43 6.24- 6.40 6.33- 6.49 6.30- 6.44 6.24- 6.31
Closing- 6.46 - 6.31 - 6.33- 6.34 6.48- 6.49 6.30- 6.24- 6.2i
Feb.
Range..
Closing- 6.50- 6.35- 6.37- 8.49
6.34- 6.29March
Range,. 6.55- 6.66 6.40- 6.52 6.33- 6.51 6.41- 6.59 6.37- 6.53 6.33- 0.41
Closing_ 8.55- 6.56 6.40- 6.41 6.42- 6.43 6.51- 6.52 6.38- 6.39 6.34 April
Range...
- 6.50- 6.50
-Closing_ 6.59- 6.43
-6.46
6.56- 6.42- 6.38 -MayRange._ 6.63- 6.76 6.48- 6.61 6.42- 6.60 6.50- 6.68 6.47- 6.61 6.43- 6.51
Closing_ 6.64- 6.65 6.48- 6.50 6.51- 6.52 6.62- 6.47- 6.48 6.43- 6.41
June
Range..
- Closing. 6.67- 6.52
6.54
6.66- 6.51- 6.47 ____
July
-Range__ 6.71- 6.84 6.56- 6.69 6.52- 6.67 6.59- 6.77 6.56- 6.71 6.52- 6,6,
Closing_ 6.71- 6.72 8.56- 6.58 6.58- 6.60 6.70' 6.73 6.56- 6.57 8.52- 6.5
,
Aug.RangeClosing_ 6.74- 6.60
- - - 6.74
6.62
6.60- 6.56Sept.
- 6.70- 6.70
Range._- Closing_ 8.78- 6.65
6.86
6.78- 6.64- 6.60-
Range of future prices at New York for week ending
Oct. 21 1932 and since trading began'on each option:
Option Pr-Oct. 1932._
Nov. 1932
Dec.11932._
Jan. 1933_
Feb. 1933_
Mar. 1933._
April 1933._
May 1933_.
June 1933
July 1933_
Aug. 1933
Sept. 1933._
Range for Week.
Range Since Beg fining of Option.
6.15 Oct. 18 6.48 Oct. 15 5.15
5.35
6.18 Oct. 18 6.53 Oct. 15 5.30
8.24 Oct. 18 6.59 Oct. 15 5.36
6.70
6.33 Oct. 18 6.66 Oct. 15 5.54
8.50 Oct. 17 6.50 Oct. 17 6.50
6.42 Oct. 18 6.76 Oct. 18 5.69
June
June
June
June
Oct.
June
Oct.
June
19 1932
13 1932
8 1932
8 1932
13 1932
8 1932
17 1932
8 1932
9.48
8.75
9.68
9.72
6.70
9.84
6.50
9.93
Aug. 29 1931
Aug. 30 1932
Aug. 29 1932
Aug. 29 1932
Oct. 13 1932
Aug. 29 1932
Oct. 17 1932
Aug. 29 1932
6.52 Oct. 18 8.84 Oct. 15 8.32 July 25 1932 10.00 Aug. 29 1932
6.82 Oct. 14 1932 7.06 Oct. 10 1932
6.70 Oct. 17 6.70 Oct. 17 6.70 Oct. 17 1932 7.39 Sept.30 1932
I
2849
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Oct. 211932.
1931.
1930.
1929.
Stock at Liverpool
Stock at London
Stock at Manchester
bales_ 626,000
583,000
603.000
101,000
121.000
121,000
64.000
727,C00
704,000
724,000
706,000
375,000
183,000
20,000
51.000
64,000
208,000
205,000
12,000
66.000
26,000
338,000
202,000
8,000
75.000
30,000
270.000
138.000
6,000
54,000
33,000
517.000
653,000
501,000
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
Total Continental stocks
693.000
Total European stocks
1,420.000
India cotton afloat for Europe_ _ _
68.000
American cotton afloat for Europe 525,000
Egypt,)3razil,&c..afil for Europe 7.5,000
Stock in Alexandria, Egypt
481,000
Stock in Bombay. India
627,000
Stock in U. S. ports
4,011,361
Stock in U. S. interior towns_ - _ _1,889,922
10,971
U. S. exports to-day
642,000
1.221,000 1.377,000 1,207,000
• 37.000
55.000
90,006
359,000 627,000 581,000
91,000
93.000
110.001)
616,000 557,000 313.000
489.000 446.000 662,000
4,203,043 3,410.876 2,145,644
1,559,483 1.395,237 1,185,72831,095
3,003
Total visible supply
9,108.254 8,606,621 7,964,150 6,294.372
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
279,000 216.000 207,000 216,000
Manchester stock
50,000
29,000
47,000
42,000
640,000 436,000 533,000 410.000
Continental stock
525.00
American afloat for Europe
359,000 627.000 581,000
4,011,361 4.203,043 3,410.876 2,145,644
U. S. port stocks
1,889.922 1,559,483 1,395,237 1,185,725.
U.S. interior stocks
10.971
U.S. exports to-day
31.095
3,037
Total American
East Indian, Brazil, &c...
Liverpool stock
London stock
. Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India, &c
Total American
7,406.254 6.833,621 6,223,150 4.580.372
347,000
367,000
396,000
426.000
51.000
53,000
68,000
75,000
481,000
627,000
92,000
81,000
37.000
91,000
616,000
489,000
74,000
120,000
55,000
93,000
557,000
446,000
22,000
91,000
90,000
110,000
313,000
662,000
1,702,00 1,773,000 1,741.000 1,714,000.
7,406,254 6,833,621 6,223,150 4,580.372
9,108,254 8,606,621 7,964.150 6,294.372
Total visible supply
5.46d.
Middling uplands, Liverpool_ _ _ _
4.97d.
6.05(1.
9.96d.
6.95c.
6.30c.
11.000.
Middling uplands. New
18.400.
Egypt, good Sakai. Liverpool_ 8.98d.
10.751.
8.60(1.
16.35d.
Peruvian. rough good, Liverpool_
14.25d.
5.07d.
Broach, fine, Liverpool
4.306.
4.60d.
8.306.
Tinnevelly, good, Liverpool
5.21d.
4.846.
5.75(1.
9.45(1.
Continental imports for past week have been 141,000 bales.
The above figures for 1932 show an increase over last
week of 272,644 bales, a gain of 501,633 over 1931, an
increase of 1,144,104 bales over 1930, and a gain of 2 813.882 bales over 1929.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments forthe 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 Oct. 21 1932.
Towns.
Ala.. BirmIng'm
Movement to Oct. 23 1931.
Ship- Stocks
menu. Oct.
Week. Season. Week. 21.
Receipts.
I Ship-Sioe-a-t
; ments. Oct.
Week. ; Season. 1 Week. 23.
Receipts.
8,247
1,256
4,226
316
Eufaula
16,546
Montgomery. 1,463
3,873 34,598
Selma
75,743
Ark..Blytheville 12,931
7,869
1,368
Forest City
5,626 26,849
Helena
31.436
3,541
Hope
3,749
980
Jonesboro_ _ _
9,012 38,777
Little Rock
19,965
Newport.... 4,766
8,449 43,629
Pine Bluff
25,099
walnut Ridge 5,456
99
72
Ga., Albany...
9,130
1,525
Athens
16,047
2,813
Atlanta
Augusta _ - - _ 5,869 54,385
381
5,468
Columbus
872 11,520
Macon
99
2.786
Rome
La., Shreveport 3.880 42,708
MIss.,Clarksdale 7.858 56,643
4,990
Columbus... 1,10
7,611
Greenwood
64,199
2,004
Jackson
19,926
Natchez
32
4,099
Vicksburg
17,635
1,53
2.119
Yazoo City
18,897
NIo., St. Louts_ 7,09
29,621
44
N.C.,Greensb'ro
1,475
Oklahoma
15 towns*._ _ 55,33 232,581
S. C., Greenville 3,52
22,806
Tenn.,Memphls 72,034 461,095
461,095
Texas, Abilene_ 4,1221
8,255
1,230 13,424
Austin
Brenham..... 1,05
11,564
7,4301 38,707
Dallas
Paris
2,5661 25,890
Robstown
32
6,182
San Antonio_
200
8,409
Texarkana.. 2,191
22,439
7,410 38,652
Waco
•••...a.,
1,227
251
662
1,856
8,817
647
952
2,143
262
5,910
1,833
5,549
3,676
7,955 6,682
6,885
888
50,167 3,627,
58,206 7,664
70,640 6,942
18,077 2,416
41,000 4,517,
30.811 7,000
3,418 1.4271
59.393 11,263
23,937 3.788
58,492 13,016;
20,748 3,659,
365;
,
650 45,695 2,740,
1,422130,5952,720
2,058 115.243 12,423,
200 23.188 2.300,
97 41,428 2,359,
450 9,28
575
1,511 76,912 9,822,
4,543 76,032 15.073,
694 8,887
7611
4,314100.392 17,7971
924 30,879 3,140,
6,
845;
855 19,801 3,843
904 27.596 4,1931
7,095
104 5,8771
335 12,295
576,
19,729
7,666;
24,9471
43,967,
37,545
8.472
14,918
35,413
5,714
44,910
13,114
36,949
9,726
4,300
8,4111
13,0711
96,033
6,2411
11.820,
1,6111
45,943,
63,542
2,772;
78,7991
10.858,
3.725'
18,9141
19.882,
24,873
8,1311
1
1,933 36,156
298 9.237
627 65,534
1,169 71,419
1,920 35.545
703 6,891
557 19,382
2,000 25,586
779 2,115
4,443 37,673
1,387 10,450
4,673 29,321
1,081 8,241
82 4,160
900 27,002
1,788137,229
2,571116,301
700 8,841
1,872 29.447
400 4.363
3,834 87,963
2,606 60,232
31 5,200
4,081 80,061
1,142 22,159
370 6,484
1,629 15,436
1,121 19,178
668
5,774
,083 30,811
31,757128.133 52,0581 256.986, 29,983 112,763
,
3,260 67,472 3.869, 22.8811 1,138 27,144
M.384 431,073 112,851 393.575 44,827299,501
3,870 1,020 1,840, 22,1411
973 2.800
1,390 4,332 1,4841 14.095 1,623 2,741
642 9,101
612 13,6371
405 7,948
5.463 17,300 10.933, 66,6271 5,682 39,302
2,020 14,742 4,119, 25,3161 1,408 .12,582
173 1,679
959, 27,429 1,786 6,110
200 1,176 1,140 10,590 1,615 2,478
1,968 22,285 3,1471 12,869 1.242 9,674
5,044 15,776 5.260 54,687 4,686 23,545
e. ........... 0.1•.0•1 • en_ nnnnnel, ..... •
*Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
increased during the week 86,963 bales and are to-night
330,379 bales more than at the same period last year. The
receipts at all towns have been 96,389 bales less than the
same week last year.
2850
•
Financial Chronicle
•
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
1931
Since
Week. Aug. 1.
27,892
5.774
4.292
1,165
81
297
1,662
46,561
3,646
5,600
50.248
-----1932
Oct. 21ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Since
Week. Aug. 1.
7,095
30,308
105
736
306
4,068
14.645
1,873
41,113
42,645
26,219
116,675
16,382
130,736
680
212
2.921
6,280
2,198
32,982
388
279
5,938
9,186
2.934
70,528
3.813
41,460
6,605
82.648
Leaving total net overland*---22,406
75.215
9,777
48,088
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, Scc
Between interior towns
Inland, &c.,from South
Total to be deducted
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 22,406 bales, against 9,777 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 27,127 bales.
1931
1932
Since
Since
In Sight and Spinners'
Aug 1.
Week.
Takings.
Aug. 1.
Week.
Receipts at ports to Oct. 21
395,485 2.560.040 380,980 2,890.217
Net overland to Oct. 21
9.777
48.088
75,215
22,406
Southern consumption to Oct. 21_ 93.000 1,095,000 105,000 1.115,000
Total marketed Oct. 21
510,891 3,730,255 495,757 4.053.305
768,596
Interior stocks in excess Oct. 21- 86,963
541,157 209,691
Excess of Southern mill takings
*200.579
over consumption to Oct. 1
___- *128,329
Came into sight during week
Total in sight Oct 21
705.448
597,854
4.621.322
4,143,083
North. spinn's' takings to Oct. 21- 33.553
25.654
207,674
171,470
•
* Decrease.
Movement into sight in previous years:
Bales.
5,787.049
5,926,988
5,395,865
Bales.
Since Aug. 1705,567 1930
808,548 1929
766,837 1928
Week-Oct. 24
1930
1929
-Oct. 25
-Oct. 26
1928
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotationsfor Middling Cotton on
Week Ended
Oct. 21.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
MontgomeryAugusta
Memphis
Houston
Little Rock_ _
Dallas
Fort Worth_ _ - _
6.30
6.45
6.25
6.46
6.55
6.25
6.61
6.15
6.30
6.00
5.95
5.95
6.15
6.31
6.10
6.31
6.40
6.10
6.46
6.00
6.15
5.85
5.80
5.80
6.20
6.38
6.10
6.31
6.40
6.10
6.46
6.00
6.15
5.86
5.80
5.80
6.15
6.30
6.10
6.31
6.45
6.10
6.46
5.90
6.15
5.91
5.80
5.80
6.30
6.47
6.25
6.45
6.55
6.25
6.61
6.15
6.30
6.06
5.95
5.95
6.10
6.25
6.05
6.24
6.39
6.00
6.39
5.85
6.10
5.80
5.75
5.75
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Oct. 15.
Monday,
Oct. 17.
Tuesday, Wednesday, Thursday,
Oct. 20.
Oct. 19.
Oct. 18.
October - 6.30- 6.32 6.15 Md. 6.21 FIlid.
November ---- ---December 6.40- 6.41 6.25- 6.26 6.32- 6.33
San.(1933)
6.46 6.29- 6.37 ---February _
March__ 6.55- 6.38- 6.45- 6.46
April
6.64- 6.66 6.49- 6.56- 6.57
May
June
6.73- 6.74 6.58- 6.64- 6.66
My
August
September
October
ToneSteady.
Steady.
Steady.
Spot
8.45-
nntinnq
Steady
Steady
Verv%temdv
Fridal,
Oct. 21.
6.38 ---- 6.15 ---- 6.11- 6.12
6.42- 6.44 6.25- 6.26 6.20- 6.22
6.47- 6.48 6.30 ---- 6.26 ---6.58- 6.38- 6.39 6.336.66- 6.47- 6.436.74- 6.56- 6.52-
Steady,
Steady.
Steady
Steady.
Steady.
Steady
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued
ON HAND, &c., IN SEPTEMBER.
on Oct. 14 by the Census Bureau, will be found in an earlier
part of our paper in the department headed "Indications of
Business Activity."
prACTIVITY IN THE COTTON-SPINNING INDUSTRY
-Persons interested in this report will
FOR SEPTEMBER.
find it in our department headed "Indications of Business
Activity," on earlier pages.1
-Reports to
Pt WEATHER REPORTS BY TELEGRAPH.
uspyitelegraph this evening indicate that heavy rains the
epart:',of thelweek in the eastern sections of the cotton
ER- wereNnfavorable, delaying picking and damaging open
t
eidrion in'manylocalities. In the western portion of the
cotton beltTthere has been very little rain and picking and
ginning havemade rapid progress.
Texas.-Pieking in this State has been practically completed, except in the northwest.
-The weather has been favorable for
Memphis, Tenn.
Pro-t.and!this,work has made good progress.
Oct. 22
Galveston, Texas
Abilene, Texas
Brenham. Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Henrietta, Texas
Kerrville, Texas
Lampasas, Texas
Longview, Texas
Luling. Texas
Nacogdoches, Texas
Palestine, Texas
Paris, Texas
San Antonio, Texas
Taylor, Texas
Weatherford, Texas
Ada, Okla
Hollis, Texas
Okmulgee, Texas
Oklahoma City, Okla
Helena, Ark
Eldorado, Ark
Little Rock
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans
Shreveport, La
Columbus, Miss
Greenville, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery. Ala
Gainesville. Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, S. C
Greenwood, S.0
Columbia. S. C
Conway, S. C
Charlotte, N. C
Newbern. N. C
Weldon, N. C
Memphis, Tenn
Rain. Rainfall.
1 day 0.06 in.
2 days 0.10 in.
dry
1 day 3.42 in.
2 days 0.10 in.
dry
dry
dry
dry
1 day 0.14 in.
dry
1 day 0.02 in.
1 day 0.02 in.
dry
1 day 0.52 in.
dry
1 day 0.08 in.
dry
dry
dry
dry
1 day 0.24 in.
1 day 0.03 in.
1 day 0.34 in.
dry
2 days 0.84 in.
3 days 4.42 in.
3 days 2.70 in.
2 days 0.03 in.
2 days 6.97 in.
3 days 0.67 in.
3 days 2.96 in.
3 days 5.75 in.
3 days 4.14 in.
3 days 1.96 in.
2 days 0.69 in.
4 days 1.59 In.
4 days 1.56 in.
3 days 3.63 in.
3 days 3.29 in.
3 days 1.37 in.
3 days 3.22 in.
3 days 3.52 in.
2 days 2.32 in.
3 days 3.99 in.
3 days 5.27 in.
2 days 2.95 in.
3 days 2.85 In.
1 day
.50 in.
1932
Thermometer
high 84 low 64 mean 74
high 9' low 44 mean 67
,
high 90 low 54 mean 72
high 86 low 66 mean 76
high 86 low 62 mean 74
hign 86 low 48 mean 67
high 92 low 44 mean 68
high 86 low 44 mean 65
high 92 low 46 mean 69
high 90 low 50 mean 70
high 88 low 52 mean 70
high 86 low 48 mean 67
high 88 low 52 mean 70
high 88 low 48 mean 68
high 88 low 58 mean 73
high 90 low 42 mean 66
high 90 low 46 mean 68
high 90 low 46 mean 68
high 93 low 42 mean 67
high 88 low 35 mean 61
high 91 low 43 mean 67
high 80 low 38 mean 69
high 94 low 47 mean 70
high 85 low 50 mean 67
high 92 low 47 mean 69
high 84 low 53 mean 68
high 88 low 48 mean 68
high 86 low 64 mean 73
high 90 low 52 mean 71
high 84 low 47 mean 65
high 89 low 47 mean 68
high 85 low 48 mean 66
high 85 low 55 mean 71
high 80 low 48 mean 64
high 83 low 56 mean 69
high 87 low 61 mean 74
high 86 low 59 mean 72
high 83 low 60 mean 72
high 86 low 53 mean 69
high 86 low 58 mean 72
high 85 low 50 mean 67
high 82 low 65 mean 73
high 79 low 50 mean 64
high 82 low 58 mean 70
high 83 low 57 mean 70
high 80 low 51 mean 66
high 87 low 55 mean 71
high 76 low 42 mean 59
high 81 low 58 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:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge.,
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Oct. 21 1932.
Feet.
1.8
6.2
13.2
3.7
5.8
Oct. 23 1931.
Feet.
1.6
7.4
7.2
4.7
5.6
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures.do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Wee
Ends
Receipts at Ports.
1932.
1931.
1930.
Stocks at Interior Towns.
1932.
1931.
1930,
ptsfrom Plantations
1932. i 1931.
1930.
July
22._ 31.
12,
1,361,8, 818,4251 579,77
16,3
4.8
1.143
62.468 40,92 84,308 1,352,274 798.2411 660
52.88 20,74 14,792
Aug.
98,638 12,986 82.5091.332,9
776.01 648,78 79,362
____ 51,030
12.. 76,602 24,02 117.84711.313,46 755.51 541,959 56,075 3.518 111.022
19_ 86.71 49,408
.15711.293.7: 743,00 643,948 66,032 86,901 205.146
26. 111,142 30,809250.2 1.269,52 734.80 569,024 86.882 72.809265,875
Sept.
2.- 164,663 126,962277,85 1.261,49 725,43 591,795 145.1.28 117,587310.628
9.- 183,676 167.441 62,54 1.271.78 728.548 648.873193,916 170,559419,625
16_ 36,434 M1,800389,481 1.844,
749,99 714,784 307,999 263,246 456,392
23_ _ 55.i271322.698 385.693 1,452,801 811,978 818,124356,223384,682 489,033
30- 322,464 445,906 565,848 1,571,911 945,683 949.334441,374579,6
Oct.
311,264517,721 509,927l.695,49 1,141,662 1,098,865484,843713.70009,468
14_ 347.025519,3981423,079 1.809,8991,349,792 1,225.720454.432727,528549,934
2L_ 395,485380,980441,613 1,889.862 1.559.483 1.395.237482,4481590.671611.130
5.-
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 3,046,293 bales;
in 1931 were 3,660,612 bales, and in 1930 were 4,814,835
bales. (2) That, although the receipts at the outports the
past week were 395,485 bales, the actual movement from
plantations was 482,448 bales, stock at interior towns
having increased 86,963 bales during the week. Last year
receipts from the plantations for the week were 590,671
bales and for 1930 they were 611.130 hales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1932.
Week. I Season.
1931.
Week,
Season.
Visible supply Oct. 15
8,835,610
8,209,399
Visible supply Aug. 1
I 7.791,048
6,892,094
American in sight to Oct.21
597.854 4,143,083 705.448 4,621,322
Bombay receipts to Oct. 20--10.0001 271,000
8,000
133.000
Other India ship'ts to Oct. 20
1,0001
76.000
82,000
1,000
Alexandria receipts to Oct. 19
134.000
58,000
39 0001
.
291,0''
.6
Other supply to Oct. 20_ 4 .
12,000
123,000
16,000
147.
Total supply
9,495,464 12,538.131 8,997,847 12,166,416
Deduct
Visible supply Oct. 21
9 108 2541 9,108,2548,606,621 8.606,620
. .
Total takings to Oct. 21_a
387,2101 3,429,877 391,226 3,559,795
Of which American
308.2101 2,634,877 298,226 2.455.795
79,0001 795,000
Of which other
93,000 1.104.000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1.095,000 bales in 1932 and 1,115.000 bales in 1931
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 2,334,877 bales in 1932, and 2,444,755 bales in 19,31.
of which 1,539,877 bales and 1,340,795 bales American.
b Estimated.
•
INDIA COTTON MOVEMENT FROM ALL PORTS.
1931.
1932.
Oct. 20.
Receipts at
-
Since
Week.lAug. 1.
10,000
Bombay
271,000
8,000
133,000
7,000
152,000
Since Aug. 1.
Great
Great Conti- rapan&
Britain. neat. China. Total. Britain.
Bombay
1,00
1932
1931
1930
Other India1932
LOW)
1931
1930
1930.
Since
Since
Week. Aug. 1. Week. Aug. 1.
For the Week.
Exports
from
-
4,000 15,000 20,000
3,000 5,000 8,000
3,000 55,000 58,000
1,000
1,000
8,000
1,000
8,000
Total all
I 1,000 5,000 15,000 21,000
1932
I 1,000 3.000 5,000, 9,000
1931
11,000 55,000 66,000
1330
Conti- Japan &
neat.
China.
Total.
5,000 49,000 140,111 194,000
5,000 49,000 277,000 331,000
14,000 148.000 411,000 573,000
19,000
29.000
13,000
57,000
53,000
85,000
76,000
82,000
98,000
24,000 106,000 140,000 270,000
34,000 102,000 227,000 413,000
27,000 233,000 411,000 671,000
According to the foregoing, Bombay appears to show an
Increase compared with last year in the week's receipts of
2,000 bales. Exports from all India ports record an increase
of 12,000 bales during the week, and since Aug. 1 show a
decrease of 143,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Oct. 19.
1932.
Receipts, (CantarS)This week
Since Ada. 1
1931.
290,000
1.454.414
195,000
769.386
1930.
310,000
1.377.606
Exports (Bales-
This Since
This Since
This Since
Week. Aug. 1. Week Aug. 1. Week. Aug. 1.
To Liverpool
To Manchester,Stc
To Continent and India
To America
14,235 6,000 25,067 8.000 19,502
14,717
21,758
16.891
7,000 85,037 9,000 112,480 13,000 77,036
1,000 5,425 1,000 3,900
440
Total exports
8.000 119 414 18 min 183 905 91 ilOfl llq SRA
-A cantar is 99 lbs. Egyptian be es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ended Oct. 19 were
195,000 cantars and the foreign shipments 8,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for home trade is
improving. We give prices to-day below and leave those of
previous weeks of this and last year for comparison:
1932.
32s Cop
Twist.
2851
Financial Chronicle
Volume 135
1931.
831 Lbs. Shill- Cotton
ings, Common Middr0 32s Cop
to Finest.
UN'
ds. Twist.
d.
SOO 00000 0000
s. d.
s. d.
d.
July80 gio
22--_ 77
1 @84
29
1 084
IS® 934
Aug.84
7M@ 934
2
83401034
85
3
86
234010
11119.- 934 01134
90
7
Sept.
7
92
95401134
5
90
1051@1134
86
3
16.... 931 ©1034
3
28.__. 0%011
86
3
86
80.... 9%0)1014
Oet.-9;40)11
86
3
86
14.... 9 (Z41034
3
86
21.... 854 ©10%
d.
831 Lbs. Shirt- Cotton
ings, Common Sifiddgg
to Finest.
Upl'ds.
s. d.
d.
d.
4.56
4.67
83(@ 95‘ 80 0 8 4
714(§) 954 80 @84
4.69
5.51
5.76
6.45
73400 9
7 is 834
6340 834
7 @834
76
74
72
72
@82
0 80
@ 74
(Y) 7 4
4.29
3.80
3.70
3.83
6.57
6.38
5.88
6.07
5.73
7 is 834
7350 834
7
834
83uis 941
8 @934
72
72
72
76
76
@74
07 4
@74
08 2
@82
3.71
3.70
3.74
5.19
4.31
5.79
5.64
5.46
740(8 931 76 1882
8 is 934 76 @82
8 is 934 80 0 8 4
4.56
4.77
4.97
d.
d.
4.98
4.62
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 219,728 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
-To Bremen-Oct. 11-Nashaba, 927
CORPUS CHRISTI
927
-Ethan Allen, 746
To Genoa-Oct. 12
746
-Ethan Allen, 1,000
To Mestre-Oct. 12
1,000
-Ethan Allen, 54
To Trieste-Oct. I2
54
Liverpool-Oct. 13
-Benefactor,
HOUSTON-To
-Oct. 15
-Eglantine,7,401; Nieeto de Larrinaga,7,342
3,558-18.301
-Benefactor. 756_ --Oct. 15
-EglanTo Manchester-Oct. 13
tine, 816; Niceto de Larrinaga, 1.362_
2.934
To Bremen-Oct. 13-Elmshorn, 2.893-Oct. 14-Nashaba.
5,953- __Oct. 15-Monstella,2,923
11,769
225
To Hamburg-Oct. 13-Elmshorn, 225
To Gdynia-Oct. 14-Blankaholm, 1,626-Oct. 15-Mons5,126
tella, 3,500
153
To Gothenburg-Oct. 14-131ankaholm, 153
629
To India-Oct. 14-Silverwillow, 629
-Stella Lykes, 350
350
To Guayaquille-Oct. 15
-Ethan Allen, 1,263; Madalena Odero,
To Genoa-Oct. 17
6,059
796
22
To Fiume-Oct. 17-Ethan Allen, 22
156
To Trieste-Oct. 17-Ethan Allen, 156
-Ethan Allen, 6.051
6,051
To Venice-Oct. 17
-Ethan Allen, 118
118
To Syra-Oct. 17
-Ethan Allen, 186
186
To Piraeus-Oct. 15
5,222
To Japan-Oct. 15-Fernhill,5,222
-Aquarius, 3,752
3,752
To Havre--Oct. 18
100
-Aquarius. 100
To Dunkirk-Oct. 18
-Oct, 18-Aquarius, 353
353
To Ghent
75
To Rotterclam-Oct. 18-Aquarius, 75
MOBILE-TorBremen-Oct. 11-Hofuko Marti, 8,000...._Oct.
13-Phrygia, 4,193_ __Oct. 14
16.109
-Olga Stemers, 5,916
4,448
'To Liverpool-Oct. 12-Colonial, 4,448
978
'To Mane ester-Oct. 12-Colonial, 978
1,661
To Japan-Oct.12-Ryfuku Maru, 1.661
-Olga Slemers. 108
To Hamburf-Oct. 14
.
-Olga Slemers. 3,226
3.228
106
PENSACOLA-To Bremen-Oct. 14.
1,280
SAVANNAH-To Japan-Oct. 14-Kwaavil Start, 1,280
100
Gyclola-Oct. 20-Blankaholm, TOD
To
1
Bales.
-Eglantine, 1,
017__NEW oRLEANS-To Liverpool-Oct. 4
6,523
-Cripple Creek, 5,506
Oct. 15
-Cripple Creek, 323
323
To Manchester-Oct. 15
To Bremen-Oct. 15-Berenger, 10,987; Meanticut, 7,188_
26,423
Oct. 10-Monstella, 8,248
350
To Gdynia-Oct. 15-Berenger, 350
-Oct. 15-Berenger, 175; Meanticut, 100
275
To Hamburg
-West Cambo, 2,475
2,475
To Rotterdam-Oct. 15
-West Gambo, 1,050
-Oct. 15
1,050
To Ghent
Oct. 14
-San
-West Gambo, 5,226
To Havre-Oct. 15
7,681
Jose, 2,455
-San
-West Gambo, 70 Oct. 14
To Antwerp-Oct. 15
1,313
Jose, 1,243
-Tampa,800 1.950
-San Jose, 1.150Oct.17
To Dunkirk-Oct.14
5,200
To Japan-Oct.13-Maylayan Prince, 5.200
3.067
To China-Oct.13-Maylayan Prince, 3,067
-Tampa,400
400
To Gydnia-Oct. 17
-Tampa,75
75
To Abo--Oct. 17
-Oct. 17
-Tampa, 150
150
To Gothenburg
320
To India-Oct. 17-Silverwillow, 320
20
To Colon-Oct.8-Iriona, 20
-President Harrison, 400
-To Japan-Oct. 10
LOS ANGELES
sve
-President McKinley, 1,200
Oct. 16
1.600
JACKSONVILLE-To Bremen-Oct. 19-Wildwood,70
70
-Oct. 10-Dakotian. 1.371
-To Liverpool
BRUNSWICK
1,371
1.793
To Bremen-Oct. 19-Wildwood, 1,793
-Oct. 10-Dakotian, 113
113
To Manchester
402
NORFOLK-To Liverpool-Oct. 18-Coelleda, 402
860
To Manchester-Oct. 18-Coelleda,860
-City of Havre, 250
250
To Havre-Oct.20
-City of Havre, 200
200
To Bremen-Oct. 20
-Oct. 13
-Eglantine, 233
-To Liverpool
233
TEXAS CITY
-Eglantine, 194
194
To Manchester-Oct. 13
-Aquarius, 1,003
1,003
To Havre- Oct. 15
-Aquarius, 6
6
To Dunkirk-Oct. 15
-Aquarius, 172
-Oct. 15
172
To Ghent
-Aquarius. 75
75
To Rotterdam-Oct. 15
1,620
To Bremen-Oct. 15-Ebnshorn, 475; Planet, 1,145
-Aquarius, 1,984
-To Havre-Oct. 13
1,984'
LAKE CHARLES
-Aquarius, 110
110
To Dunkirk-Oct. 13
-Aquarius. 696
696
-Oct. 13
To Ghent
-Aquarius. 100
100
To Rotterdam-Oct. 13
2,628
To Bremen-Oct. 18-Elmshorn, 2,628
87
To Abo-Oct. 18-Elmshorn, 87
100
To Oporto-Oct. 18-Elmshorn, 100
-Buenos Aires Meru,2,201_
GALVESTON-To Japan-Oct.14
Oct. 15-Fernhill, 1,600-Oct.17-Ryfuku Maru,14.175.- 17,976
-Benefactor, 3.986---Oct. 13
-Eglan-Oct. 15
To Liverpool
tine, 1,542
5,528
-Benefactor, 1,247.--Oct. 13
To Manchester-Oct. 15
Eglantine, 1,572
2,819
-Aquarius, 4,042
4.042
To Havre-Oct. 13
5959
-Aquarius.
To Dunkirk-Oct. 13
-Aquarius. 169
-Oct. 13
169
To Ghent
To Rotterdam-Oct. 13-Aquarius, 43&....Oct. 15-Dela1.612
ware, 1.176
To Bremen-Oct. 15-Elroshorn. 2,308; Planet, 2,850; Nasha11,768
ba, 3,896_ Oct. 14-Monstella, 2.714
-Delaware, 226; Blankaholm, 650
876
To Copenhagen-Oct. 15
247
-Oct. 15-Blankaholm, 247
To Gothenburg
100
To Oslo-Oct. 15-Blankaholm. 100
974
To Gydnia-Oct. 15-Blankaholm, 974
-Ethan Allen, 1,078.--Oct. 15-MaddaTo Genoa-Oct. 14
3.859
lena Odero. 2.781
-Ethan Allen, 300_--Oct. 15-MaddaTo Naples-Oct. 14
392
lena Odero,92
-Ethan Allen,164
164
To Piraeus-Oct.14
-Ethan Allen,1.238
1.238
To Venice Oct.14
-Ethan Allen,826
826
To Trieste-Oct.14
-Ethan Allen, 528
528
To Flume-Oct. 14
500
To Lwhorn-Oct. 15-Maddalena Odero, 500
571
To India-Oct. 15-Silverwillow, 571
Total
219.728
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High
Density.
Liverpool .450.
Manchester.45o.
Antwerp .350.
.2743.
Havre
Rotterdam .350.
.40c.
Genoa
Oslo
.40c.
Stockholm .40c.
*Rate Is open.
High
StandDensity.
ard.
.500. 'Trieste
.500.
.50c. Fiume
.500.
.450.
.500. Lisbon
.420. Barcelona .35e.
•
.500. Japan
•
.55c. Shanghai
.550. Bombayt .400.
.550. Bremen
.350.
t Only small lots.
Standord.
.650.
.65c.
.600.
.550.
s
•
.550.
.500.
High
Density.
Hamburg .3150.
Piraeus
.75e.
Salonica .750.
Venice
.500.
Copenh'gen.40c.
Naples
.40c.
Leghorn .400.
Gothenberg.40c.
Standcad.
.50e.
.90c.
.90o.
.650.
.550.
.550.
.550.
.550.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks,&c., at that port:
Sept. 30. Oct. 7.
Oct. 14. Oct. 21.
36.000
49.000
47,000
48,000
658.000 11(642,000 624,000 626,000
301,000 294,000 288,000 279,001)
35,000
31,000
16.000
45,000
12.000
19.000
7.000
21,000
122,000 122,000 154.000 168.000
54.000
60.000
89,000 113,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
rir The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Market, 1 A fair
12:15
business
P. M.
doing.
Good
Inquiry.
Quieter.
Quiet.
Moderate
demand.
Quiet.
Mtd.UpTds
5.556.
5.47d.
5.39d,
6.57d.
5.546. 5.46d.
Futures.
{ Quiet.
Quiet but Steady,
Firm,
Steady, Steady at
Market
1 to 3 pts. toady,8to 1 to 2 pts. 10 to 11 pts 6:to 8 pts. 2 to 5 pts.
opened
advance. 9 pts. dec. decline. advance. advance. decline.
Market,
Quiet, Barely stdy Steady, Barely stdy Quiet,
Quiet at
4
3 to 4 pts. 16 to 17 eta 5 to 9 tits. 1 to 4 pts. 1 pt. dec. 7 to 8 pta.
P. M. I advance, decline, advance, advance. to 1 pt.adv decline.
Prices of futures at Liverpool for each day are given below:
Sat.
Oct. 15
to
Oct. 21.
Mon.
Tues.
Wed. 1 Thurs.
Fri.
12.1. 12.3012.15 4.00 12.15 4.00 12.15 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.
New Contract, d.
October
November
__ __
-December
January (1933) __
February
-- -March
April
_
May
June
__
July
August
__
September---- - _
Ocitter
--..
d.
5.29
5.26
5.241
5.23
5.281
5.241
5.251
5.
5s26
5.26
5.25
5.25
5.25
4. I cf. 4.
5.22' 5.12 5.14
5.20 5.10 5.12
6.17, 5.07 5.09
1
5.16' 5.06 5.08
5.171 5.06 .5.08
5.17 5.07 5.09
5418, 5.08 5.10
5.201 5.101 5.12
5.20' 5.10 5.12
5.20 5.10 5.12
5.19 5.09 5.11
5.191 5.091 5.11
5.191 5.09' 5.11
4. 4.
5.21 5.32
5.18. 5.31
6.15 5.28
5.14 5.26
5.14 4.26
5.15 5.26
5.15 £5.27
5.16 5.28
5.16 5.28
5.16 5.28
5.15 5.27
5.15 5.27
5.14 5.26
4. 4.
5.24 5.29
6.22 5.26
5.18 5.24
5.17 5.22
5.17 6.22
5.18 5.23
5.19 5.24
5.20 5.25
5.20 5.25
5
5.26
5.ij 5.24
6.191 5.24
sa 5.23
d.
5.24
5.21
5.19
5.17
5.17
5.18
6.18
5.19
5.19
5.19
5.18
5.18
5.17
4.
5.21
5.18
5.15
5.14
6.14
5.15
5.1
5.16
5.16
6.16
5.15
5.15
5.15
4.
5.16
15.14
5.11
5.09
5.09
5.10
5.10
5.11
5.11
6.11
5.10
5.10
5.10
2852
Financial Chronicle
BREADSTUFFS
Friday Night, October 211932.
FLOUR has been quiet and at times easier as to prices.
Later in the week the tone was firmer.
WHEAT has latterly declined with stocks and cotton on
scattered liquidation. On the 15th closing prices were
to
lc. lower, due to scattered liquidation. Some were bought
on the decline. The influence of the easing off in stocks
and cotton told against wheat, and after Friday's advance,
the technical position had become somewhat weaker. On
the 17th prices closed unchanged to Mc. higher. The tone
showed the sustaining influence of a hope of a better business
for export. At no time was the price more than Mc. lower.
Some feel that the continued aggressive support given to
Winnipeg December at 50c. a bushel causing local the
element to hesitate on the selling side, especially as Canadian
exchange rates have advanced in the last few days equal to
about 1 Mc. a bushel for Nlanitobas, putting American hard
winter closer in line for export than for some time.
Trading at the 50
-cent figure to-day was larger in Winnipeg
than at any other time this season and the close was at that
price, i. e. the same as on Saturday.
On the 18th prices advanced 4c. with no pressure to sell,
3
some covering and reports of sales of 100,000 bushels of U. S.
hard wheat for export. A later reaction, however, left closing prices unchanged to only 3/sc. net higher.
On the 19th prices closed lc. higher on rumors that Henry
Ford intended to buy 75,000,000 bushels of wheat at 60c.
and sell it to China on seven years' credit. Ford officials
denied the report but the denial was not known until the
market had closed. On the 20th prices closed M to Mc.
lower on liquidation of wheat bought on the Ford rumor and
a generally weakened technical position. Nothing was said
about export business, but Washington reports said that
restrictions on grain trading may be removed or modified.
To-day prices wound up unchanged after being down to
within a fraction of the season's low on a lower stock market,
weaker cables and general liquidation. Eastern interests
were sellers. On the decline however commission houses
bought and this with short covering caused the rally. Final
prices are M to Mc. lower for the week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
66
65% 65% 65
65% 65'i
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
$
December
483( 48% 48% 49% 481 48
54
% 53% 54% 54
53% 53
May
55
55% 55
55
55
July
55
Season's Low and When Made
Season's High and When Made47% Oct. 15 1932
66% Apr. 26 1932 December
December
53% Oct. 13 1932
65
Aug. 10 1932 May
May
July
604 Oct. 4 1932 July
5434 Oct. 13 1932
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
4834 4834 4834 484 48% 49
50
50
50
50
50
50
December
May
5434 5434 5434 5434 5434 5434
INDIAN CORN for a time acted steady with some export
business reported and a good cash demand but latterly it
has been less active and has dropped to new low levels for
the season. On the 15th, prices ended M to Mc. lower. A
steady export demand acted as a brake and offset to some
extent the influence of the decline in wheat. The East
reported export sales of 500,000 bushels at current price
levels and some look for an increasing foreign demand. The
domestic trade bought 253,000 bushels and the charters in
three days amounted to 1,500,000 bushels. On the 17th
May fell to new lows for the season on liquidation, partly
on stop orders. December went to the lowest since 1897.
The closing was unchanged to Mc. lower. Albany it is said
sold a cargo for export. Foreign bids were close. The spot
purchases, also, were up to 310,000 bushels.
On the 18th prices closed 34 to Yte. lower with less
talk of export demand but a good cash business. Sales
were 255,000 bushels. On the 19th prices closed
to Yto.
higher. Export sales included 100,000 bushels to France.
Recommendations were made that a reduction in rail rates
of 50% be made on corn for export. The tone was sluggish
in spite of all bullish factors, however. On the 20th prices
3
closed % to Mc. lower with wheat reaching new low levels
for the season. Scattered liquidation took place and there
was also some pressure to sell by cash interests.
To-day prices closed Mc. higher. Early prices were down
to the season's lows. Corn followed the fluctuations in
wheat. A fairly good export business was reported. Substantial quantities were sold to exporters lay yesterday and
to-day at between 53, to 534c. oveT Chicago December.
There was a good shipping demann and country offerings
Oct. 22
1932
were small. Final prices show a decline for the week of
M to Mc•
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
404 4034 4034 4034 3934 40
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
2534 26
2534 2534 2534 25g
May
3034 3034 3034 30% 30% 30
July
3234 3234 32
3234 32
32
Season's High and When MadeSeason's Low and When Made
December
2510 Oct. 20 1932
3934 Apr. 26 1932 December
May
404 Aug. 8 1932 May
30
ct
O. 20 1932
July
34% Oct. 4 1932 July
31
Oct. 20 1932
No. 2 yellow
OATS have, on the whole, shown some independent
steadiness. For instance, on the 20th they did not go to
new lows with corn. On the 15th prices were Me.lower, but
with a fair demand. On the 17th prices were firm and
practically unchanged. On the 18th prices closed unchanged
to Mc. higher, with little trading. On the 19th prices advanced Mc., with no activity. On the 20th prices closed
unchanged to 1-16e. lower, refusing to follow corn to new
lows. To-day prices ended unchanged, taking their cue
from wheat. Final prices are unchanged to Mc. lower for
the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Tues.
Wed. Thurs.
Sat.
Fri.
No. 2 white --- 264-2634 2634-2634 264-2634 2634-27 2634-27 2634-27
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
1534 1534 154 16
1534 1534
May
1834 1834 1834 1834 1834 1834
July
Season's Low and When Made
Season's High and When MadeDecember
25
Apr. 26 1932 December
1534
Oct. 6 1932
May
Aug. 8 1932 May
1834
Oct. 20 1932
23.4
July
Oct. 15 1932 July
Oct. 15 1932
1834
1834
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
23
23
2234 2334 2334 2434
2134 2174 2174 2234 2234 23
October
December
RYE has shown a certain amount of inherent steadiness
without being demonstrative. On the 15th, prices closed
h to %c. lower but there was a fair volume of trade and
some demand on the decline. On the 17th the market was
noticeably firm, closing generally M to Mc. higher. On the
18th, prices closed unchanged to Mc. higher with no feature
of interest. On the 19th, prices advanced M to 4c.following
3
the rise in wheat. On the 20th, prices closed Mc. lower but
like oats, balked r,`, going to new low levels. To-day prices
ended unchanged to Mc. higher, being influenced by the
strength of other grain. Final prices are 34 to 34 higher than
a week ago.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
3134 3134 3134 3234 3234 3234
May
3534 3534 3534 3634 36
36
July
36
36
Season's High and When MadeSeason's Low and When Made
December
4534
June 3 1932 December
Oct. 14 1932
3034
May
4234
Aug. 10 1932 May
3434
Oct. 14 1932
July
3634
Oct. 15 1932 July
36
Oct. 15 1932
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
No.2 red, cif., domestic_ -654
6534
No. 2 white
2634 ill-127
Manitoba No.1,f.o.b. N. Y.6034
No. 3 white
2534142634
Rye No.2,f.o.b. bond N.Y.4134
Oorn,New YorkChicago, No. 2
nom.
No.2 yellow, all rail
40
Barley
No.3 yellow, all rail
394
N. Y., c.i.f.. domestic
3734
Chicago, cash
25(436
FLOUR.
Spring pat, high protein$4.10 $4.35 Rye flour patents.--$3.35 $3.60
Spring patents
3.80
4.10 Semlnola. bbl .Noe.1-3 4.15
4.70
Clears. Firstspring_ _ 3.80
4.10 Oats goods
1.40
Soft winter straights... 3.25
3.45 Corn flour
.95 1:66
Hard winter straights - 3.30
3.55 Barley goods
Hard winter patents
Coarse
3.75
3.45
2.350) --Fancy pearl, Nos. 2.
Hard winter clears_
3.30
3.20
4 and 7
5.03
Fancy Minn. patents
5.75
4.15(Si 4.30
5.75
5.05
City mills
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, 8443.
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
-I Flour.
Wheat.
Corn.
Oats.
RV&
Barley
bbla.196lbs:bush.601U.bush. 58 lbs.bush. 32 lbs. bush.56ths frush.481bs.
127,000 3,192,000
Chicago
158,000
268,000
9,000
128.000
313,000
1,713,000
202,000
235,000
Minneapolis_
87,000
2,080,000
4,000
187.000
Duluth
42,000
136,000
428,000
160,000
4,000
83,000
Milwaukee_ _
.
3,000
195.000
318,000
62,000
Toledo
83,000
1,000
40.000
14,000
Detroit
8,000
7,000
46,000
512.000
7,000
140,000
Indianapolis
1,000
259.000
826.000
100,000
St. Louis
30,000
70,000
8,000
11.000
291,000
68,000
30,000
Peoria
18,000
203.000
650.000
Kansas City...
13,000
24,000
251,000
232,000
40,000
Omaha
22,000
77.000
4,000
St. Joseph...
31,000
205.000
1.000
Wichita
26.000
21.000
41,000
Sioux City
3.000
8,000
1,000
3,915,000 1,021,000
Buffalo
137,000
151.000 129,000
Total wk.1932
Same wk.1931
Same wk.1930
393.
466,000
398,000
9,804.000
5,864,000
5,810,000
6,692.000
2,933,000
3,866,000
1,292,000
1.546.000
1,937,000
309,000 886,000
129,000 1,246,000
236,000 1,072,000
Since Aug.1
19324,240,001131,458,000 64,982,000 41,336,000 4,099,000 13,893,003
1931
5,460.000135.605,000 32.448,000 27,001,000 2,201,000 13,892,000
5,310.000 187.552 000 48,255,000 49.593,00011,756.000 24,768 000
1930
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 15 1932, follow:
Receipts at
Oats.
Corn.
Wheat.
Flour.
I
200,000
4,870,000
Total wk.1932 314,000 3,792.000
Since Jan.1'3212,771,000125,611,000
201,000
61,000
588,000
9,024,00011,052,000 7,323,000
40.000
16,000
78,000
351,000
Week 1931_ __
403,000 3,764,000
Since Jan.1'3116.387.000141.672.000 2.505.000 10.074.000 2,144.00020,998.000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seabaard ports for the week
ended Saturday, Oct. 15 1932, are shown in the annexed
statem3nt:
New York
Albany
Philadelphia
Baltimore
Halifax
Sorel
New Orleans
Galveston
Montreal
Churchill
Fort William
Wheat.
Corn.
Oats.
Flour.
Rye.
Barley.
Bushels. Bushels. Bushels, Bushels. Bushels. Bushels.
712,000
18,965
240.000
220,000
8,000
6,000
1,020,000
2,000
7,000
11,000
75,000
57,000 197,000
45,000 435,000
1,630,000
271,000
53,000
Total week 1932__ 4,148,000
Same week 1931____ 4.506.000
2.000
523,000
207.000
80,965
132.326
197,000
16.000
57,000
40.000
The destinat'on of these exports for the week and since
July 1 1932 is as below:
Flour.
Esparta for Week
and Since
Week
Slate
July 110Oct. 15 July 1
1932.
1932.
Barrels. Barrels.
United Kingdom- 43,310
588,721
Continent
21,655
258,934
So.& Cent. Amer_ 5,000
45,000
West Indies
109,000
9,000
Brit. No. Am.Col. 2,000
8,000
54,691
Other countries_ _
. __ __
Total 1932
Total 1931
Corn.
Wheat.
Week.
Oct. 15
1932.
Since
July 1
1932.
Week
Oct. 15
1932.
Bushels. Bushels.
Bushels.
2,091,000 24,508,000
1,820,000 31,436,000
223,000 3,582,000
58,000
2,000
12,000
Since
July 1
1932.
Bushels.
192,000
351,000
2,000
17,000
3,000
313,000
80,965 1,064,346 4,148,000 59,877,000
132.326 2.276.803 4.506.000 55,680,000
2,000
565,000
38,000
•
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 15, was as follows:
GRAIN STOCKS.
Barley,
Oats,
Rye.
Corn,
Wheat,
bush.
bush.
bush.
bush.
-bush,
United States
1,000
8,000
552,000
Boston
3,000
43,000
86,000
1,369,000
New York
39,000
67,000
afloat
36,000
"
3,000
7,000
50,000
53,000
2,369,000
Philadelphia
30,000
4,000
36,000
30,000
Baltimore
3.277,000
328,0e0
Newport News
'
1,000
29,000
45,000
New Orleans
918,000
41,000
Galveston
1,375,000
3,000
80,000
44,000 1,225,000
6,453.000
Fort Worth
Wichita
2,207.000
9,000
Hutchinson
6,161,000
409,000
88,000
7,770,000
St. Joseph
36.000
75.000
30.000
101,000
40.739,000
Kansas City
31,000
11,000
586,000 1,439,000
Omaha
19,433.000
184,000
6,000
21.000
39,000
Sioux City
1,985.000
6,000
29,000
639.000
6,374.000 1,236,000
St. Louts
766,000 1,754.000
Indianapolis
1,511,000
665,000
59,000
Peoria
36,000
674,000
16,427,000 12,192.000 5,496,000 1,253,000
Chicago
854,000
" afloat
1,318,000
147,000
408,000
On Lakes
196,000
749,000
841,000
Milwaukee
5.862,000 1,491,000
Minneapolis
904,000 8,953,000 4,196,000 3,803,000
25,083,000
11,000 2,389,000 1,328,000 1,168,000
Duluth
21,994,000
No Report.
Toledo
226,000
568,000
10,184,000 4,198,000 3,141,000
Buffalo
80,000
778,000
2,914.000
" afloat
48,000
57,000
On Canal
36,000
58,000
49,000
5,000
185,000
Detroit
Total Oct. 15 1932_186,915,000 23.187,000 27,623,000 8,632,000 6,945,000
Total Oct. 18 1932_187,291,000 20,868,000 27,194.000 8.660,000 6,737,000
Total Oct. 17 1931___227.005,000 6,961,000 16.345,000 9.275,000 4,300,000
Note -Bonded grain not Included above: Oats-Buffalo afloat, 33,000; total
33,000 bushels, against 41,000 bushels in 1931. Barley-Buffalo, 129.000 bushels;
Duluth. 30,000: total, 159,000 bushels. against 4,000 bushels In 1931. Wheat,
New York, 909.000 bushels; N. Y. afloat, 530.000: Buffalo, 2,620,000; Buffalo
afloat. 6,360.000; Duluth, 22,000: on Lakes, 548,000; Canal, 1,075,000; total,
12,064,000 bushels, against 13.411,000 bushels In 1931.
Barley,
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush,
bush,
bush,
P Canadian330,000
999,000
445.000
9,197,000
Montreal
877,000
1,094,000 2,272,000
William & Port Arthur60,226,000
Ft.
802,000
216,000
1,177,000
39,646,000
Other Canadian
2.716,000
Total Oct. 15 1932___109.069,000
3.064,000
Total Oct. 8 1932_107.255.000
3,267,000
Total Oct. 17 1931___ 45,717,000
Summary
186,915,000 23,187,000 27,623,000
American
2,716.000
109,069,000
Canadalan
3,487,000 2,009,000
3,731,000 2,390,000
10,218,000 7,750,000
8,632,000 6.945,000
3,487,000 2,039,000
Total Oct. 15 1932-295,984,000 23,187,000 30.339,000 12,119.000 8,954,000
Total Oct. 8 1932_294,546,000 20,868,000 30.258,000 12,391,1000 9,127,000
Total Oct. 17 1931_272,722,000 6,961,000 19,612,000 19,493,000 12,050,000
Pk The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Friday, Oct. 14, and since July 2 1932 and 1931, are
shown in the following:
Corn.
Wheat.
Exports
Barley.
Rye.
bbla.196l3s.bush.60 tbs. bush. 56 lbs. bush. 32 lbs.bush.56Ibs.bush.481bs.
2,000
83,000
101.000
749,000
139.000
New York___
1,000
L000
30,000
16,000,
9,000
28,000
Philadelphia_
3,000
4,000,
24,000
7,000
14,000
BaltImore____
6,000
Halifax
!
36,000
45,000
54,000
New Orleans.
106.000
Galveston
435,000,
57,000 197,000
45,000 1,630,000
Montreal
14,0001
1,000
28,000
Boston
1,020,000
Sorel
271,000
Churchill _
Exportsfrom-
2853
Financial Chronicle
Volume 135
Week
Oct. 14
1932.
Since
July 1
1932.
Since
July 1
1931.
Week
Oct. 14
1932.
Since
July 2
1932.
Since
July 1
1931.
Bushels.
Bushels.
Bushels. Bushels.
Bushels. I Bushels.
864,000
799,000
71.000
North Amer_ 7,303,000 92,275,000 97,813,000
749,000
688,000 8,784,000 64.800,000 553,000 8,783,000
Black Sea__
495,000 11,285.000 24,680.000 3,272,000 84,396,000 151,333,000
Argentlna___
Australia ___ 2,115,000 24,202,000 35,973.000
584.000
India
992.000 12,277,000 13,080,000 969,000 10,024,000 7,619.000
0th. countr_
Total
1,593.000 148,823,000236,930.000 4,865,000104,002,000i60.565.000
IMPROVED SENTIMENT,PRICE RISE, GREATER
PRODUCTIVE ACTIVITY VIEWED BY H. H. HEIMANN OF NATIONAL ASSOCIATION OF CREDIT
-"AlMEN AS VAN OF UPWARD MOVEMENT.
though there are as yet insufficient fundamental indicators to allow the assertion that business revival has
definitely set in, it must be remembered that statistical
indices do not reflect a change until corrective forces have
been in operation for several months," says Henry H.
Heiman, Executive Manager of the National Association
of Credit Men, in his monthly review of business sent to
the association's 25,000 members Sept. 12. Mr. Heimann
says:
A continued improvement in sentiment, definite indications that the
drastic commodity declines have been arrested and in some instances
reversed, greater activity in certain lines and a return of profit figures
in a few scattering industries, may well be a foreboding of the slow upward trend. Our present period of liquidation has outrun most periods
we have experienced in this Nation and in fact in but one readjustment
cycle was a longer time required to resume our onward march once again.
It is likewise historically true that normally a severe deflation is followed
by a recovery that is more rapid than is usually expected.
Our low inventory figures, our more helpful credit structure, the lessening
of wasteful methods in business,improved banking situation, the abundance
of latent buying power which still exists in the United States, and many
other current factors give reason for anticipating a return to better business
conditions. Increase in stock and bond prices is an expression of faith
that there will be recovery within a reasonable period of time.
Since there are favorable indications of gradual recovery it is not a
sign of pessimism to again call attention to the danger which may be
wrought by a recurrence of the Pollyanna type of unreasonable optimism
which was so widespread a few years ago and which persists in refusing te
face difficulties. Real optimism is not promoted by blindness to facts.
It is born of a spirit of courage in facing difficulties and an intelligent
confidence that they can be overcome.
WEATHER REPORT FOR THE WEEK ENDED
OCT. 19.-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Oct. 19, follows:
At the first of the week much cooler weather prevailed in the Southeast,
attending a high-pressure area over that section. but there was a quick reaction to warmer and moderate temperatures prevailed thereafter. In
the western half of the country the weather was rather persistently warm.
and high temperatures for the season obtained.in the East the latter part
of the period. Rainfall was mostly of a local character until the middle
of the week.after which it was widespread and heavy in the Eastern States.
A tropical disturbance moved from central Gulf districts to the middle At-18th, attended by generous to heavy or excessive
lantic area on the 16
rains practically everywhere from the east Gulf States northward to southern New England.
The table shows that the weekly mean temperatures were seasonable
In most sections east of the Mississippi River. though considerably below
normal in the central-south and some middle Atlantic districts. West
of the Mississippi the week was decidedly warm, especially in the central
sections of the country where the temperatures averaged from 6 to as much
as 10 degrees above normal over considerable areas. No unusually low
temperatures for the season were reported. Below freezirg occurred at
first-order stations in the interior of the Northeast, but in the Middle West
the freezing line did not extend farther south than north-central Michigan.
southern Wisconsin. central Iowa and northern Nebraska. The lowest
temperatures reported from first-order stations were 22 degrees at Northfield. Vt., and Concord, N. H.
The table shows also that rainfall was unusually heavy in the Southeastern and more Eastern States. The weekly totals in Mississippi,
Alabama, Georgia, eastern Tennessee, the Carolinas. Virginia, Maryland
and the coast districts to southern New England ranged generally from
more than 2 inches to around 6 inches. The heaviest reported was 8.7
inches at Tuscaloosa, Ala. This makes the second successive week with
heavy rains over the Eastern States that had suffered a long time from
drouthy conditions. For example, the total falls for the past two weeks
have exceeded the normals for the entire month of October by more than
100% at the following first-order stations: Atlanta, Ga., Greenville, S. C..
Charlotte, N. C., Lynchburg, Va., Washington, D. C., Baltimore, Aid..
and Harrisburg, Pa. In other sections there was very little rainfall, with
a large area of the Southwest having a practically rainless week, though
moderate to fairly heavy showers occurred in the Pacific Northwest.
Over the heretofore dry Eastern area, extending principally from the
Appalachian Mountains to the Atlantic Ocean, pastures greened up and
fall-planted crops showy" improved germination and growth after the
generous rains of last week, and the heavy amounts of the last few days
brought further improvement. There was no extensive damage by the
many excessive falls, though some harm resulted mostly to open cotton
in the South and by the flooding of lowlands in other sections. The
drouth is now effectiveiy relieved throughout the entire Eastern area.
Another outstanding feature of the week's weather was the rain that
occurred in the Pacific Northwest. The extremely drouthy condition in
that area has been materially relieved, with the soil well soaked in most
of the principal wheat districts. Seeding, which had been awaiting moisture, is now being rushed, and germination will improve.
Drouthy conditions continue in the central-northern portions of the
country, especially in Minnesota and the Dakotas, but the rain and moist
snow of the week will be helpful in Montana and much of Wyoming. It
continues; too dry also In parts of,the Southwest, including western Arkansas. Oklahoma and the western portion of Kansas. The soil is now in
fairly satisfactory condition practically everywhere from the Mississippi
Valley eastward.
Seasonal farm work made good advance during the week, except for
interference by rain in the Southeast and East during the last few days.
West of the Lake region, freezing did some damage to potatoes and there
was local frost harm to tender.truck in south-central districts; otherwise.
temperatures were mostly favorable.
SMALL GRAINS.
-The heavy to excessive rains at the end of the week
over practically the same region as last week's excessive falls were very
beneficial to winter cereals in the Atlantic States. Conditions are also unproved in the Ohio Valley, with soil moisture now generally ample and
much early-sown wheat up to good stands. It continues too dry, hewever, in the western Great Plains, and some southwestern sections. with
plowing and planting delayed. In the eastern portions of Kansas and
2854
Financial Chronicle
Nebraska winter wheat is growing well, especially in the former State
where drill rows are visible. Moisture conditions were improved in many
parts of the Northwest, especially in the North Pacific States where moderate to generous rains relieved the drouth; the ground is well soaked in
most wheat districts, with seeding row being rushed.
CORN AND COTTON.—The generally fair weather, much sunshine and
moderate temperatures were decidedly favorable for drying out the corn
crop rather generally in the principal producing States. There is need of
sunshine locally in the southeastern belt, principally in Kentucky. and
corn is too moist for cribbing in southeastern and extreme eastern Iowa:
otherwise, husking and cribbing made good progress.
There was very little rain in the western cotton belt, and picking and
ginning made rapid advance. In the east, fair weather during the first
half of the week was favorable, but heavy rains the latter part delayed
harvest and there was considerable complaint of damage to open cotton
In many localities east of the Mississippi River. Picking is generally well
advanced, and practically all cotton is open, though in Arkansas many
green bolls on lowlands are still developing. In Oklahoma late bolls are
opening rapidly, while in Texas picking is practically completed except
in the northwest.
Oct. 22
1932
stantial replenishment on the part of both retailers and
distributors may be necessary before the end of the year.
It is pointed out that the concessions which have recently
characterized sales of goods in primary channels took place
in a quiet market, and were unduly magnified. The dearth
of rayon yarn and cloths which recently made both unprocurable for prompt delivery has lessened appreciably in the
past week or so. Spot shipments are reported available of
all-rayon gray cloths at small premiums.
DOMESTIC COTTON CLOTHS.—Notwithstanding a statistical position of unusual strength, which has not had time
to become greatly impaired by increased output since renewed quietude overtook markets for domestic cotton goods,
prices have fallen off rather sharply in print cloths. While
The Weather Bureau furnishes the following resume of stocks of such
goods in primary channels are estimated
the conditions in the different States:
as equaling only around one week's production, with many
North Carolina—Raleigh: Fine weather for fall crops and harvesting
mills reported so closely sold ahead for two months that
through Saturday,followed by general heavy to excessive rainfall. Marked
increase of stream flow and rivers rising in mountains and flooding. Good
they are in no position to contract for goods at premium,
progress in picking cotton until rains, when interrupted and slight damage
prices, individual sellers with small accumulations have
to open crop.
South Carolina—Columbia: Drenching rains 15-17tbs improved fall
nevertheless taken the bait of buyers who are capitalizing
crops, although some lowland corn inundated by floods. Upstate plowing
the present quietude, unsettlement in raw cotton, and outcan now become more active and oat sowing made good progress. Cotton
now practically all open and picking and ginning well advanced. Corn
side uncertainties, especially of a political nature. Aggresbeing housed and considerable forage harvested and cured.
sive underbidding by buyers is partly laid to the door of
Georgia—Atlanta: Averaged somewhat cool, with heavy to excessive
rains near close. Picking cotton progressed well first half and nearing
Indiscreet sellers, who, in the face of the limited demand
completion over most of State; ginning well along. Harvesting corn,
at present in evidence, are pressing for more business at
sweet potatoes, and other crops continued until interrupted by rain. Some
lower prices, instead of letting buyers take the initiative.
winter cereals sown first half. Excessive rains damaged open cotton,
corn, peanuts, and some hay, with local flooding and washing.
The contention is that the well-sold-ahead condition of mills
Florida.—Jacksonville: Generally fair most of State first half of week'
In general should enable them to wait for buyers to take
rather general rains latter half. Temperatures somewhat above normal
in Peninsula and slightly below in extreme northwest. Rains timely and
the initiative. In the opinion of responsible market men,
sufficient to relieve dry conditions existing in most sections. Planting fall
there is no practical reason why adverse outside influences
and winter crops continues, together with hay making and harvesting
sweet potatoes, sugar cane, and peanuts.
should be allowed to overshadow the excellent condition of
Alabama.—Montgomery: Dry and cool first part, but warmer, with
stocks and unfilled orders, as they are doing at present.
heavy to excessive rains latter part. Floods in Black Warner and Tombigbee Rivers; damage unknown. Condition of corn, potatoes, truck,
On the basis of the current price for raw cotton, it is pointed
vegetables, range, pastures and miscellaneous crops mostly fair. Picking
out that print cloths cannot be said to have advanced at all
cotton practically finished in south and many localities in central, while
well advanced in extreme north; ginning fair to good progress.
In comparison with last year's prices, in spite of the sharp
dississippi.—Vicksburg: Generally dry and cool to Friday, but thereupward movement in quotations recently registered. Other
after heavy to excessive rains, except lighter in northwest. Progress of
instances of easier prices, not much advertised, have been
picking and ginning cotton fairly good to Friday, inclusive, with some
damage to open crop in many eastern localities thereafter. Progress in
traced to work clothing cottons and certain types of sheets
housing corn fair to Friday.
and pillow cases. Wide gray cottons and muslins also
Louisiana.—New Orleans: Favorable for harvesting crops, except interruption by rain Friday night and Saturday in east and central. Progproved susceptible to occasional slight easiness. Toward
ress of picking and ginning cotton fairly good and nearing completion in
the end of the week business improved somewhat, as a
most sections; rain unfavorable for open crop. Cool first half; favorable
for ripening sugar cane, with grinding beginning in several localities.
considerable number of buyers came into the market to cover
Texas.—Houston: Warm in extreme west and Panhandle; normal Or
spot and nearby requirements, reflecting good retail busiC001 elsewhere. Light rains widely scattered, except in extreme lower
Rio Grande Valley where falls heavy to excessive. Week favorable for
ness and distribution which should bring about further conpicking and ginning cotton which are practically completed, except in
siderable replenishment in coming weeks. The current lull,
northwest. Winter wheat sowing progressing; some up to fair stands
seeding of small grains made good progress. Ranges and cattle good.
In the opinion of many observers, is the natural reaction
Oklahoma.—Oklahoma City: Warm and mostly clear; no rain. Favorto the heavy business recently done, and the bearish contenable for field work, but soil too dry for plowing and planting winter grains.
Seeding wheat further delayed; some up to fair to good stands, but maktion that the trade is in for another protracted spell of dulling slow growth. Late cotton opening fast; rapid advance in picking and
ness is considered highly questionable in a number of reginning. Good progress in harvesting corn, grain sorghums, and late feed
sponsible quarters. In the past two days there has been
crops.
Arkansas,—Little Rock: Cotton maturing very well, due to dry weather
distinctly less pressure to sell in gray goods markets, sheetand abundance of sunshine, except on the 16th when showers occurred
ings especially having shown good resistance in spite of
in east and south; picking and ginning made very good progress; nearly all
bolls open in hills and many green bolls in lowlands still filling out. Soil
consistent pressure on the part of buyers. Fine goods have
too dry for planting wheat, oats, and winter truck in some southern and
been characterized by moderate covering at unchanged prices.
western portions; plowing and planting rapidly elsewhere.
Tennessee.—Nashville: Sunshiny weather until latter part when heavy
Print cloths 27-inch 64x60's constructions are quoted at 2%c.,
rainfall occurred, except light in west. Frosts on two days checked growth
and 28-inch 64x60's at ”fic. Gray goods 39
and damaged late truck somewhat. Cotton open in all districts; picking
-inch 68x72's
and ginning good advance. Gathering and•cutting corn, harvesting poconstructions are quoted at 3%c., and 394nch 80x80's at 4%c.
tatoes and peanuts, and fall seeding made good progress before rains. Sunshine now much needed.
WOOLEN GOODS.—Woolens and worsteds markets, while
quieter, are receiving a fair volume of business, mostly of a
filling-in character for the fall season. Overcoatings are
THE DRY GOODS TRADE
still being bought in good quantities, sometimes for delivery
fairly late into November, whereas the season in such fabrics
New York, Friday Night, Oct. 21 1932.
After the movement of a heavy volume of goods during Is ordinarily over by Labor Day. Dress manufacturers are
August and September, which began so suddenly and for a reported to be still taking worsteds in good volume to fill in
time proved so feverish that many parts of the business autumn lines. The cloakings season for women is estimated
world hailed It as the beginning of the end of the depres- to be far from over, with the amount of business done on
sion, the subsidence of activity in primary textile channels these fabrics said to be substantially under 50% of what
has brought a renewed falling-off in values, considerable Is expected, and predictions current that garments of this
impairment of the confidence which characterized buying character will still be being cut in the final weeks of the
year. In overcoatings the threatened shortage is materializin recent weeks, and the pessimistic expressions which are
customary in such circumstances. Sentiment in and about ing, and many buyers are finding it impossible to secure the
the great security and commodity markets, while not exactly fabrics they want, due, sellers point out, to their own propessimistic, is unsettled, less by the general trend of busi- crastination. An acute shortage is indicated in coming
weeks. Prices on heavyweight goods continue firm. The
ness, which, in general, appears to be holding moderate
seasonal gains rather well, than by political considerations, position with regard to launching offerings for the spring
and trade sentiment in textiles is susceptible to this influ- season is complicated by outside influences, especially the
ence. It appears to be not so much the views of the opposing unsettling factor of the forthcoming election. Buyers are
candidates for the Presidency, which do not radically differ, rigidly opposing efforts by sellers to place suitings on a
but the possible effects of a change in the Administration, profitable basis, and the latter are in no position to postwith the unsettlement attendant upon evacuation by one pone openings until after the elections, as some of them
would wish, owing to the fact that buyers are already in
political army and reoccupation by another which is causing
most concern. The whole business and financial world ap- the market to book initial business, if, as they stipulate,
they can satisfy themselves on the score of prices.
pears to be waiting, with more or less bated breath, for the
election to be done with, 'in the hope that it may be conFOREIGN DRY GOODS.—Linen markets appear to be
summated one way or the other without serious disruption emerging auspiciously from the between-seasons lull
which
of affairs at Washington, and enable the nation's business they have inhabited for some time, with housekeeping lines,
to resume concentration on its internal problems with a
notably those retailing at around $1, reported to be changclear mind. The opinion is widely voiced that nothing con- ing hands in good volume. Damasks are said to be in better
clusive in business trends is to be expected in the interim. request. The outlook for suitings and dress goods is
conBuyers with filling-in needs are meanwhile underbidding sidered bright. Last year's sales of the latter were
the
the market with some success, as the view has spread in
heaviest in several years, and the trade is determined to
primary channels that the seasonal movement has passed
do what is can to further expand the proportion of summerIts peak and that quietude is to be expected for the rest wear garments which are made from linens. New construcyear. Yet there is no definite evidence to support tions include fast colors, and improved fabrics which
of the
will
this view. It is true that buyers, having taken a large not wrinkle as readily as the older types of linens, Burlaps
already, are not at the moment in need
volume of goods
proved impervious to sharp fluctuations in sterling during
of heavy replenishment, but statistical conditions in gen- the week, moderately good business taking place at steady
constructive, and with retail activity continuing
prices. Light weights are quoted at 3.40c., and heavies
eral remain
at a good pace there is every possibility that further sub- at 4.55c.
Financial Chronicle
Volume 135
ffitate and.(5xig pepartutent
NEWS ITEMS
Cook County, 111.—U. S. Supreme Court Denies Hearing
on Property Tax Case.—According to the "United States
Daily' of Oct. 18 the Supreme Court of the United States
will not hear arguments in the Cook County property tax
ease, as a petition for a writ of certiorari was denied on
Oct. 17. A suit was instituted early in 1932 by local taxpayers against James B. McDonough, County Collector,
contending that the failure to assess personal property,
and the low valuation placed upon such personal property
as was assessed, invalidated the assessment against real
estate. The Illinois Supreme Court held that neither the
omission to assess, nor the under-valuation of one class of
property, invalidates the assessment upon other property
in the same jurisdiction—V. 134, p. 3130. It was that
•
decision the Supreme Court refused to review:
Regarding the above decision, we quote in part as follows
from the Chicago "Post" of Oct. 17:
The decision of the United States Supreme Court, according to City
Comptroller Szymczak, decides once and for all the course to be followed
in similar protests. He said the stand taken was a great help to the financial situation in Chicago and Cook County.
"With all protests involved in the Bistor and Cisar cases definitely
decided by the Illinois Supreme Court and with the United States Supreme
Court refusing to take jurisdiction in the Bistor case, we return now to
the County Court, where final judgments will be entered.
"The sooner these judgments are entered on the 1928- 1929 and 1930
tax protests, the sooner will we be able to determine definitely who can
and will pay and who cannot and will not pay. Thereby, we will be
able to determine the actual amount of taxes that will finally remain
unpaid for the three years and shall be in a position to plan the necessary
legislation for the purpose of obtaining cash to take up the outstanding
securities for those years.
"The principle on which the objectors in the Bistor and Cisar cases
based their objections were omission or undervaluation of personal property
for the years 1928 and 1929. This clears the way because there is no further court to which they can appeal."
Missouri.—Supreme Court Authorizes Purchase of Toll
Bridges.—On Oct. 5 the State Supreme Court authorized
the State Highway Commission to purchase three toll
bridges across the Missouri River and directed the State
Auditor to register the $1,050,000 road bonds which are to
be used by the Commission in the acquisition of these
bridges—V. 135, p. 1027 and 2689. The decision was given
in the friendly suit instituted to determine whether unsold
State road bonds can be used to buy existing structures. A
Jefferson City dispatch to the St. Louis "Globe-Democrat"
of Oct. 6 had the following to say:
The Supreme Court to-day authorized the State Highway Commission
to purchase the toll bridges across the Missouri River at Jefferson City,
Hermann and between Independence and Liberty. The Commission
already has contracted to purchase the three bridges for $1,050,000.
The decision, by a 4 to 3 vote, ordered State Auditor L. D. Thompson
to register $1,050,000 of a $5.000.000 bond issue which the owners have
agreed to accept in payment for the three bridges.
The suit against Auditor Thompson was brought to determine whether
the Highway Commission legally could exchange the bonds for the bridges.
The bonds, part of the $75,000,000 issue voted in 1928, bear interest
at the rate of 3)4%. The bonds were not sold because of the condition of
the bond market at the time the State Board of Fund Commissioners
offered them for sale.
The Highway Commission will meet next Monday, when action on the
taking over of the bridges is expected to tbe aken. Pending the Commission meeting, officials of the Highway Department declined to estimate the time which would be required before the bridges are made tollfree.
The Highway Commission will pay $150,000 for the Jefferson City
bridge. $500,000 for the Hermann span and $400,000 for the bridge between
Independence and Liberty. Highway Department officials have estimated the price they will pay is less than one-half of the cost of constructing similar bridges. Two of the bridges, at Hermann and between Independence and Liberty, are only about two years old.
Judge Berryman Henwood, who wrote the majority opinion, held that
the constitutional amendment of 1928 (the $75,000,000 road bond issue)
not only furnishes the Highway Commission with authority to purchase
the bridges, "but, by implication, sweeps aside all provisions to the contrary, if tjiere aro any, in the Centennial Road Law."
New York City.—Board of Estimate Reduces 1933 Budget
by $75,000,000.—The Board of Estimate, meeting on Oct. 17
as a Committee of the Whole, reduced the 1933 budget by
about $75,000,000 from the 1932 figure, after the Board had
been warned .by the bankers for the city that no more
money would be forthcoming until the Board showed an
evidence of good faith by not only cutting its expenditures
materially, but also by taking immediate steps for economies which will protect the value of municipal securities
that financial institutions and the public already hold.
According to the press, the Tammany bloc in the Board
was forced by the bankers' attitude to abandon the Delaney
plan of short-term subway financing which has always
been favored and to adopt the plan sponsored by Comptroller Berry to issue 50-year bonds, thus saving $49,750,000.
The eight-year bond proposal of Mayor McKee was disregarded. It was charged by Mr. McKee that this action
would mean the early end of the present five-cent fare.
Other items included in the $75,000,000 reduction, outside
of the subway refinancing plan, were reported in the news
accounts as follows: $5,765,353 in Board. of Transportation
salaries were transferred out of the budget to capital charges
on the independent subway, to be met by an issue of corporate stock; $1,000,000 came out of the Hospital Department's appropriation for temporary employees (this was
later restored as noted below); $543,993 in expenses of the
teachers' training school (major portion later restored);
$400,000 in veterans' relief; $100,500 in expenses for free
city employment agencies, and a number of smaller items.
The members of the Board cut their own salaries to the
scale of 1926, thus saving $60,000, more than was suggested
in Mayor McKee's plan for a 25% reduction. They re-
2855
fused to lower the pay of 140,000 civil service employees,
as the Mayor wished, but agreed to later reduce the salaries
of all Commissioners to $12,000 and those of officials receiving more than $5,000 yearly by 10%. (This was
not done.) Some of the economies advocated by the
Mayor were put into effect and it is said that all city automobiles are to be called in and all persons in the civil
service list who have reached the retirement age are to
be retired. (This was not done.) It is noted in the
press reports that the Board flatly rejected proposals to
eliminate city jobs, including the staff of the Bronx Terminal Market. The above reductions of approximately
$75,000,003, it was later said, include almost $17,000,000
cut from departmental estimates at the first hearing
on the budget—V. 135, p. 2684. This cut was largely
obtained by transferring city income as a credit against
debt service instead of into the general fund for taxation
reduction. It was stated by Comptroller Berry at the end
of the session on Monday that the way for further cuts was
open before hearings on the budget as proposed for adoption
were completed. These later public hearings are set for
Oct. 27 and 28. A revised tabulation of the reductions
made on Oct. 17 shows that the estimated 1933 budget is •
now $75,513,040 less than this year's and it is reported that
proposed economies totaling $12,408,850 are under consideration and may be adopted later. (They were not.)
The tentative budget for 1933 was previously $614,648,912
and was later put at $554,853,257.
Before the above reductions were made in the budget on
Oct. 17 a most unusual event took place in the chamber of
the Board of Estimate when Charles E. Mitchell, Chairman
of the Board of the National City Bank, made an extemporaneous address to the members of the Estimate Board,
telling them of the circumstances attendant upon the refusal
of the National City Bank and the Chase National Bank
to honor the application of Comptroller Berry on Oct. 13
for a $35,000,000 loan to carry the city to the end of November. Mr. Mitchell's remarks were fully indorsed by Winthrop
W. Aldrich, President and Chairman of the Governing
Board of the Chase National Bank, who had accompanied
Mr. Mitchell to the meeting. It was expected that the
meeting between the Board and the bankers would be
private, but Comptroller Berry forced an open review by
walking out of the conference room and Mr. Mitchell
finally yielded to Mayor McKee's request to address the
Board in an open session. The complete text of Mr.
Mitchell's address was given in the local press as follows:
Gentlemen: I speak with respect to the finances of the City of New
York in public with great diffidence. The customary method of dealing
between borrower and lender is not to deal in public and I hoped in coming here I would be able to speak to the Board of Estimate privately.
But upon your insistance, Mr. Mayor, I come here to speak in the open.
No city that I know of in the world has a finer base for credit than has
the City of New York. Its assessed valuation gives the 107 debt limitation basis, and also with that margin the assessed valuationsin New York
are being reduced this year. And still there is a very wide margin. The
difficulties that have been arising with respect to New York City's credit
have been very largely political and not having to do at all with the fundamentals of the city or its general financial structure. We go back to last
winter when, with a very bad municipal bond market, we found it imp-ible to float in the ordinary course the securities of the City of New
York to the public. You will bear in mind that the flotation of securities
to the public is the yardstick by which is measured that which the bankers
can do. The volume of this financing is far too great to have any banker
or bankers or group of bankers take that resiaonsibility upon themselves.
The responsibility lies with the investing public. and the investing public
even municipal
last winter, loath as they were to buy securities of any sort,as extravagance
securities, became more or less alarmed by what they viewed
of the city administration.
the
At that time the situation became so serious that the bankers of
city, those who had taken care of the Chase National Bank and the National
that the immediate
City Bank, were obliged to say to the Comptroller
demands were too great for them to meet.
Accordingly, the Clearing House banks were joined as a group, under
the leadership of J. P. Morgan & Co. members of that group, duly delegated, had long sessions with the city officials. notably Mayor Walker,
Comptroller Berry, Mayor 'McKee and Commissioner Delaney and others.
As a result of these long conferences a resolution was passed by this board
on Jan. 20, by which resolution economies were promised, new sources of
revenue were promised, and further careful analysis of all city accounts
was promised, and we expected that we were going to get somewhere.
Recalls Assurances of Berry.
Incidentally, during that time. I think Comptroller Berry will recall
that he told us again and again that it would be a comparatively simple
matter to cut at least $50,000,000 out of the budget, exclusive of the
Delaney bonds.
In addition to that resolution, legislation was obtained in Albany which
put a limit of $200,000,000 upon corporate stock notes. This banking
group, composed of the Clearing House banks. as Comptroller Berry has
stated before, floated for the city $100,000,000 of corporate stock notes.
They also established a revolving credit to be repaid out of revenues as
received from taxes that revolve in three periods. Upon the conclusion
of that financing that banking group was dissolved, and when Comptroller
Berry again came to the bankers to obtain money for his current needs he
was referred back to the Chase National Bank and the National city
Bank, who had been taking care of these things for a long time past. And
so we have been going along with this, making very substantial advances.
The political conditions became such during the latter days of Mayor
Walker's rule that it became impossible to float securities to the public,
and we were obliged to ask Comptroller Berry to delay his request for
additional funds from the bankers until we could see daylight.
The market fell. The market for New York City securities of all kinds
failed. Later the sky seemed to clear. We were assured by Comptroller
Berry and Mayor McKee, who visited us together, that they were working
hand in hand, and we could be assured that they would work hand in
hand to do those things that were necessary to be done to re-establish the
credit of the City of New York. Thereafter, with the information in
hand and it becoming public knowledge as these things do, New York
City securities rebounded and went to the highest point in price and the
lowest in yield for a very long time.
Doubts Floating $1,000,000.
-day it'is
Then, as we know, further political repercussions came. To
absolutely impossible, or would be, in my judgment, for one to obtain
a bid for almost an infinitesimal amount of New York City securities.
I asy infinitesimal amount—I do not mean 25 or 150 bonds, but 500.000
bonds, $1,000,000 worth of bonds, would fail to find a buyer, except at
figures materially less than the quoted prices.
I should judge that on the long 4)(s. that a first offering of $1,000,000
to-day would mean a drop of two to four points, perhaps, in the quoted
prices of these bonds. There are no public markets worth discussing
to-day for New York City securities.
Last Tuesday Comptroller Berry had a Tong session with Mr. Aldrich,
of the Chase Bank, and myself, in the course of which the New York
2856
Financial Chronicle
City financing, that which was being done with the budget, was thoroughly
discussed. Comptroller Berry told us at that time that while there was
an ostensible cut of $16.000.000 in that budget of 1933, he saw no possibility of increasing that cut in expenses to a further amount than $50,000,000, and he told us that he was satisfied beyond peradventure that
any readjustment of the Delaney bonds was out of consideration. That
was a very startling statement to us, because we realized that under those
circumstances it would simply be impossible to obtain any long financing
from the investing public.
Explains $35,000.000 Loan Denial.
We asked his definite requirements, during the period while the budget
was under consideration. He told us that he must have, two or three
days before Nov. 1, $17,500,000 to meet interest and sinking fund due
on Nov. 1. He told us that he would have to have perhaps, and probably,
some small part of an amount for teachers' salaries that would be contributed by the State some time after the first of the year, and that would
be needed over a period of four or five months.
He indicated to us that he hoped to get a loan in October of not
than $2,000,000 to $4,000,000, and indicated possibly that he could more
even
avoid that demand.
We asked him to have this carefully figured, because we were hopeful
that he might get through to the end
month without any demands
for money, during which this budget of the be considered, and we might
could
know the result of the agitations of the Board of Estimate and Apportionment. We failed to receive from him any statement of his requirements, as promised, but in its stead we received on Friday a request for
an application for loans for the City of New York aggregating $35,000,000.
and to be forthcoming between Oct. 21 and Oct. 28. In response to
that request, which was addressed to the Chase Bank for their consideration and that of the National City Bank, we replied, and Mr. Mayor,
I think it but right that the Comptroller's letter and our reply, the reply
of Mr. Aldrich, be spread upon the minutes of this meeting.
Budget Ultimatum Given.
We replied in essence that until the Board of Estimate has been able
to do these things which would re-establish the credit of the City of New
York it would be impossible for us to consider any further short loans.
I reiterate that it is not the bankers that forced this. It is the investing
public. It is perfectly obvious that the bankers cannot take these huge
sums and put them in their portfolios. They must hand them on to the
investing public.
Members of the Board of Estimate have said this morning that the
responsibility for the credit of the City of New York was entirely in us.
I will call your attention, gentlemen, to the fact that is a very grave
responsibility upon the part of tne bankers who have passed these obligations on to the investing public for years. My own organization in
the last three years have passed on to the investing public nearly $390,000,000 of the credit instruments of tne City of New York, and there is
a very definite responsibility upon us to the public.
We have made loans, Mr. Comptroller, as you know, in large amounts,
since last March. The obligations which the Chase Bank and the National
City Bank have taken on individually during that period have run in excess
of $100,000,000 for each institution. Of course, part of that obligation
has to be passed on to an investing public, and the investing public stand
to-day unwilling to take the obili;ations of this city.
On the Edge of a Precipice.
We are on the edge of a precipice with regard to New York City credit,
and you members of this Board of Estimate have, and I know you realize
It, too, a yen grave responsibility, but we as bankers for this city would
,
be lax Indeed if, requested to come before your body, we did not make
bold to say it again. Mr. Mayor, this, in substance, is the story.
We appeal to you and to your Board to disregard what you and we,
and the people of the City of New 'York know to be going on to-day in
the political arena of this city and to bring to us a cut that vrill definitely
.
re-establish this credit. I don't hesitate to say that the cut to-day will
'
have to be greater than it would have been the middle of last week, or
the week before, or two weeks ago. During this period of two weeks, the
credit of this city has just been in a crumbling stage, and to do any rehabilitating, we must have a far greater cut, and more drastic action
than we would otherwise. We don't believe that the investing public
In this country are going to be willing to take cuts that represent bookkeeping. They are going to insist that the cuts that are made represent
a sound and honest determination to bring this city economies, which
are taking place in every individual's account, in every corporation's
account. We merely ask you to get in line.
We also give the text of Comptroller Berry's letter asking
for municipal loans totaling $35,000,000 and the refusal
of Mr. Aldrich, as they appeared in the New York "Times"
of Oct. 18:
The Comptroller's Letter.
Oct. 13 1932.
Mr. Winthrop W. Aldrich, President, Chase National Bank.
Dear Mr. Aldrich: I hereby make application for loans to the City of
New York as follows:
On Oct. 21—special revenue bonds
$20,000,000
On Oct. 24—special corporate stock notes
10,000,000
On Oct. 28
--special corporate stock notes
5,000,000
$35,000.000
The special corporate stock notes should have maturities some time
after June 15 1933. The money derived from the sale of special corporate stock notes is to be used to liquidate existing contract liabilities,
awards for the acquisition of property and for the alleviation of the unemployment situation between now and the end of November.
The special revenue bonds should bear maturities about Feb. 1 1933,
as these securities are to be redeemed from moneys payable by the State
of New York. On or about Jan. 15 the city should receive approximately
$24,000,000 from the State, representing one-half of the amount of school
moneys due the city by the State. The issuance of these special revenue
bonds will meet the payments in August. September, October and November, and will replace funds which heretofore have been used for this purpose.
The amount now being requested, together with the balance remaining
in the revolving fund, we expect will carry the city until the end of November, unless some emergency arises of which we have at this time no knowledge. Such emergency would probably be connected with the unemployment situation.
A bond sale, in addition to the above, of 350,000,000 to $80,000,000
between now and Dec. 1 would do much to relieve our situation.
I am enclosing a carbon copy of this communication as requested by
Mr. Mitchell.
CHARLES W. BERRY, Comptroller.
Mr. Aldrich's Reply.
THE CHASE NATIONAL BANK.
New York, Oct. 14 1932.
To Charles W. Berry, Comptroller.
My Dear Comptroller: Your letter of Oct. 13, making application for
loans aggregating $35,000,000 between Oct. 21 and Oct. 28 to the City
of New "York was delivered to me this morning and has had the considers,
tion of Mr. Mitchell and myself.
As we have already explained to you, the Chase National Bank and
the National City Bank are unwilling to make any commitment in regard
to further financing for the City of New York until such action is taken
by the Board of Estimate in regard to the budget of the city for the year
1933 as will re-establish the credit of the City of New York.
Sincerelyyours.
WINTHROP W. ALRDICH .
Vice-Chairman Governing Board and President.
Board of Estimate Adds $1,785,301 and Approves 1933
Budget of $558,406,601.—At a meeting held on Oct. 20 the
Board of Estimate put back into the 1933 budget a total of
$1,785,301.33 which had been deleted on Oct. 17 and then
formally approved a proposed budget of $558,406,601.72,
which figure is $72,959,696.24 lower than the budget for the
current year. Instead of taking up the remaining economies
suggested by Mayor McKee, which totaled over $12,000,000,
the Board devoted the entire session to increasing the budget.
The restorations were voted over the vehement protests of
Mr. McKee, who assailed the voting back of $1,000,000 for
Oct. 22
1932
temporary help in the hospital department as giving support
to a "political racket," according to press reports. Other
items put back in the budget are listed as follows:
Board of Education for custodian service for the school
buildings
Department of Education for teachers' training schools and a$500,000.00
$7,500 position designated as executive manager
561,928.00
Museum of the City of New York
Upkeep of the city's free employment agency under the De- 36,000.00
partment of Welfare
$115,262.93 for mandatory salary increases in the Supreme 33,299.00
Court in the five boroughs
Elevator operators under the President of the Borough of 115,263.90
Manhattan
738.40
Though the Board also voted to include $561,928 in additional items for the Board of Education, this sum was not
counted by the Budget Director as a budgetary item.
His explanation is said to have been that the entire amount
would be met from accruals in the department. From now
on the budget cannot be increased. Public hearings will be
held on Oct. 27 and 28 in order to determine if the figure can
be reduced.
Following the meeting of the Board on Oct. 20 Comptroller
Berry had a conference with Mr. Mitchell and Mr. Aldrich,
at which it is reported they discussed the city's budget.
At the close of the meeting the Comptroller is said to have
announced that the city has sufficient funds to carry it
over Nov. 1, while the bankers said they had made no commitments, present or future, of any kind, but had merely
taken the information supplied them by the Comptroller
under advisement for a few days. It was stated that Mr.
Berry had withdrawn his previous request for $35,000,000.
Basic Tax Rate for 1933 to be $2.43.—November Pay-Rolls
to be Met.—It was stated by Comptroller Berry on Oct. 21
that the New York City tax rate for next year will be $2.43,
a decline of 16 points from this year's rate of $2.59 and the
lowest rate since the basic tax rate was built up in 1922,
according to news reports on that day. He is said to have
established his figures on the basis of the budget adopted
on the previous day by the Board of Estimate. After the
public hearings he thinks the final budget will be in the
neighborhood of $556,000,000. The Comptroller is quoted
as saying that the city to-day has $27,000,000 on hand,
distributed in 20 banks, which has come in during the past
few days as the revenue of taxes, dock rents, licensa fees and
the like, and there is now ample money to meet the Nov. 1
pay rolls. He is reported to have said that he doesn't intend
to ask the banks for money to carry on the city's functions
and he added that the city was never in any danger of being
unable to meet its obligations.
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN, Monroe County, Miss.—BOND SALE.—A
issue
of 6% refunding bonds is reported to have been purchased $21,000 Comby
merce Securities Co. of Memphis. Dated July 1 1932. Legality the
approved
by Benjamin H. Charles of St. Louis.
AKRON, Summit County, Ohio.—BONDS NOT SOLD.—The issue
of $32,400 6% coupon or registered poor relief bonds offered on Oct. 17
—V. 135, p. 2365—was not sold, as no bids were received. Dated Oct. 1
1932. Due serially on Oct. 1 from 1934 to 1938 incl.
BOND PRINCIPAL PAYMENT DEFAULTED.—The paying bank
for bonds of the city has advised that interest requirements on obligations
that matured on Oct. 1 1932 were met by the city, but that no funds were
available for payment of bond principal due on that date, it was reported
on Oct. 19. The city is planning to make payment on the bonds partly
in cash and in refunding Issues.—V. 135, p. 2365.
ALBANY, Albany County, N. Y.—BOND SALE.—The $765,000
coupon or registered bonds offered on Oct. 17—V. 135, p. 2522—were
awarded as 3Us to Hallgarten & Co. and Ladenburg, Thalmann & Co.,
both of New York, jointly, at par plus a premium of 34,834.80, equal
to 100.632, a basis of about 3.66%. The award comprised:
$300,000 series A water bonds. Due $15,000 on Nov. 1 from 1933
to
1952 incl.
200,000 series B water bonds. Due $10,000 on Nov. 1 from 1933 to
1952 incl.
190,000 bank tax refund bonds. Due $19,000 on Nov. 1 froth 1933 to
1942 incl.
75,000 local impt. bonds. Due Nov. 1 as follows: $10,000 from 1933 to
1937 incl., and $5,000 from 1938 to 1942 incl.
All of the bonds are dated Nov. 1 1932. Public re-offering is being
at prices to yield 2% for the 1933 maturity; 1934, 2.50%; 1935, 3%; made
3.25%; 1937, 3.50%; 1938, 3.55%; 1939 to 1944 incl., 3.60%. and 1936.
3.65%
for the maturities from 1945 to 1952 incl. Bonds are declared to be
legal
Investment for savings banks and trust funds in New York State.
The following is an official list of the bids received at the
sale:
Bidder—
Rate of Int. Amount Bid.
Hallgarten & Co. and Ladenburg, Thalmann & Co.
(purchasers)
$769,834.80
Dillon Read & Co
3
768,955.05
M. St T. Trust Co
3
768,840.30
The National City Co
3
767,753.24
Bancamerica-Blair Corp
3
767,150.00
The Marine Trust Co. of Buffalo; Stone & Webster
and Blodget, Inc., and Manufacturers National
Bank, Troy
766,601.00
Roosevelt & Son and Dewey, Bacon & Co
766,591.20
dward B. Smith & Co.,and L. F. Rothschild & Co 3
E
766,513.93
B.J. Van Ingen & Co.,Inc
766,369.35
Kidder Peabody & Co., and Wallace, Sanderson &
•
Co
%
788,233.00
New York State National Bank
3 %
766,216.35
The National Commercial Bank & Trust Co
765,190.49
3%
The First of Boston Corp.; The N. W. Harris Co., %
Inc., and It. H. Moulton & Co., Inc
4%
774.180.00
Phelps Fenn & Co. and Graham, Parsons & Co..... _4%,
772,695.90
Bankers Trust Co. and Chase Harris Forbes Corp--4%
771,418.35
ALLENTOWN, Lehigh County, Pa.—BONDS PUBLICLY
—Moncure Biddle & Co., of Philadelphia, are making public OFFERED.
offering of
$100,000 4% bonds, due on May 1 from 1955 to 1958 incl., at prices to
yield 3.75%.
ANTRIM COUNTY (P. 0. Bellaire), Mich.—BONDS AUTHORIZED.
—The Board of County Supervisors has approved an issue of
$23,000 4%
calamity bonds.
R4
ARKANSAS, State of (P. 0. Little Rock).—LOAN GRANTED.—
The following is the text of an announcement by the R. F. C. on
regarding a loan of $529,400 to this State for county relief needs: Oct. 15,
"The Reconstruction Finance Corporation, upon application of the
Governor of Arkansas. to-day made available 3529,400 to meet current
emergency relief needs in 36 counties of the State for varying periods from
Oct. 1 and Dec. 31 1932.
Volume 135
Financial Chronicle
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932, with the understanding that every possible effort will be made to provide resources so
that the counties and the State may meet this emergency situation as soon
as it is possible to do so.
"According to the supporting data, the chief industries of the counties
covered by the Governor's application are lumber, cotton and general
farming. Many of the counties are practically without cash when lumber,
cotton and general farming fail to find a remunerative market.
"The Governor of Arkansas has established a State Emergency Relief
Commission of five representative citizens and this commission has been
authorized to set up county agencies, to make rules and regulations and to
direct the relief activities of all governmental agencies in the State. The
Commission is also making every effort to co-ordinate the work of various
private and public agencies.
"Heretofore, the Reconstruction Finance Corporation has made available
for relief and work relief in various other Arkansas counties the sum of
$502,500."
ASHLAND CITY SCHOOL DISTRICT, Ashland County, Ohio.BOND OFFERING.
-J. L. Grindle, Clerk of the Board of Education, will
receive sealed bids until 12 M. on Oct. 31 for the purchase of $18,000 5%
refunding school property acquisition bonds. Dated Oct. 1 1932. Denom.
$1,000. Due $2,000 on Oct. 1 from 1934 to 1942 incl. Interest is payable
in April and Oct. Bids for the bonds to bear interest at a rate other than
5%,expressed in a multiple of % of 1%,will also be considered. A certified
check for 5% of the bonds bid for, payable to the order of the Board of
Education, must accompany each proposal. Bonds to be refunded are
payable on Oct. 1 and Nov. 15 1932.
-BOND OFFERING.
ATHOL, Worcester County, Mass.
-C. W.
Faulkner, Town Treasurer, will receive sealed bids until 12 m. on Oct. 24
coupon sewer bonds. Dated Nov. 1
for the purchase of $20,000 3% %
1932. Denom. $1,000. Due $2,000 on Nov. 1 from 1933 to 1942 incl.
Principal and interest (May and Nov.) are payable at the Merchants
National Bank, of Boston. This institution will supervise the preparation of the bonds and certify as to their genuineness. The approving
opinion of Storey, Thorndike, Palmer & Dodge, of Boston, will be furnished the successful bidder.
ATLANTA, Fulton County, Ga.-MATURITY.-The $8,000 issue
of 434% coupon (M.& 8.) street impt. bonds that was purchased recently
by the Robinson-Humphrey Co. of Atlanta, at a price of 101.88-V. 135,
p. 2522
-is due $1,000 annually from Sept. 1 1934 to 1941 incl., giving a
basis of about 4.12%.
BALTIMORE, Md.-ADDITIONAL REVENUES SOUGHT
-TAX
VALUATION FIGURES ANNOUNCED.
-Mayor Jackson has urged
Governor Richle to convene the State Legislature in special session in order
to obtain authority to put into effect various measures for raising additional
revenue before the Board of Estimate completes the city budget for 1933,
reports the "Wall Street Journal" of Oct. 18. Additional funds are necessary in order to prevent an excessive tax rate. Consideration has been
given to a proposed sales tax of 2%, which is estimated would produce
between $5,000,000 and $6,000,000, while an increase in the city s share
of the State gasoline tax is also proposed. Another measure would authorize a State bond issue of $10,000,000. part of which would go to the city
in connection with expenditures for unemployment relief purposes.
The Appeal Tax Court has fixed the taxable basis for 1933 at $1,888,934,444, a decrease of $238,307,490 from the 1932 basis which was $2.127,241,934, the reduction placing the valuation back at the 1927 level, when
the amount was $1,818,880,682. The contraction entails a loss of more
than $1,520,727 in municipal tax revenues, figured at the present tax rate
of $2.45 per $1,000, and reduces the city's debt limit to $132,225,411,
which leaves the municipality overborrowed to the extent of $6,785,954.
or 0.36%, it was further stated. Indications at this time point to a probable tax rate for 1933 in excess of $3, it was said.
BATH, BRADFORD, CAMPBELL AND THURSTON CENTRAL
SCHOOL DISTRICT O. 1 (P. 0. Bath), Steuben County, N. Y.
BOND SALE NOT CONSUMMATED-ISSUE REOFFERED.-Tre
award on Sept. 6 of $17,500 coupon or registered school bonds as 6s to
the Bath National Bank. at 100.276, a basis of about 5.97%-V. 135,
p. 1853
-was not consummated. The issue is being reoffered for award
on Oct. 25. Sealed bids will be received until 3 p. m. on that day by
Phillip M. Chatfield, District Clerk. Bonds are dated Aug. 1 1932.
One bond for $500, others for $1,000. Due Aug. 1 as follows: $1,000
from 1936 to 1952 incl., and $500 in 1953. Rate of interest to be expressed in a multiple of % of 1% and must be the same for all of the bonds.
Coupon rate is not to exceed 6%. Prin. and int. (F. St A.) are payable
at the Farmers Sa Mechanics Trust Co., Bath. A certified check for
2% of the bonds bid for, payable to the order of the Board of Education
must accompany each proposal. The approving opinion of Reed, Hoyt
& Washburn, of New York, will be furnished the successful bidder.
BELL COUNTY ROAD DISTRICT NO. 9-A (P. 0. Belton), Tex.
BOND SALE.
-It is reported that the $50.000 5% semi-ann. road bonds
offered for sale without success on Sept. 22-V. 135. p. 2522
-has since
been purchased at par by the State Board of Education.
-ADDITIONAL INFORMABELLEVILLE, Essex County, N. J.
TION.
-In connection with the report of the sale of $98,500 tax anticipation
notes
-V. 135, p. 2685
-we are advised by the Town Clerk that the securities bear interest at 6% and were sold at a price of par. Division of the
award was made as follows: $50.000 to J. S. Menet & Co., Newark,$25,000
to the National State Bank of Newark, $20,000 to the Sinking Fund Commission and $3,500 to the Peoples Bank of Belleville.
BELLS, Crockett County, Tenn.
-The $16,000 issue
-BOND SALE.
of6% coupon refunding bonds offered for sale on Oct. 15-V. 135. P. 2365
was purchased at par by the Bank of Crockett, of Bells. Denorns. $500.
$1,000, $1,500 and $2,000. Due on Oct. 1 1942 and optional on any interest
paying date. Interest payable A. & 0. There were no other bids for the
bonds.
-BOND SALE.
BERNARDSVILLE, Somerset County, N. J.
-The
issue of $110.000 coupon or registered sewer system bonds offered on
Oct. 17-V. 135, p. 2365
-was awarded as 5%s to Graham, Parsons & Co.
of New York, at par plus a premium of $11, equal to 100.01, a basis of
about 5.49%. Dated Dec. 1 1932. Due $5,000 on Dec. 1 from 1934 to
1955 incl. Bids received at the sale were as follows:
BidderInt. Rate.
Amount Bid.
51, %
Graham, Parsons & Co. (purchaser)
6
$110,011.00
C. A. Preim & Co
,587.50
Outwater & Wells
534%
109,010.00
J. S. Rippel & Co
534
108,925.00
H. L. Allen & Co
6V
109,351.00
Fidelity Union Stock & Bond Co
110,000.00
6 °%
5
F. S. Moseley & Co
x110.000.00
x Bid rejected because of non-conformance with conditions of sale.
BERWYN, Cook County, 111.
-BOND ELECTION.
-It is reported
that at the general election on Nov. 8 the voters will consider a proposal
calling for the issuance of $200,000 bonds to provide for payment of hamlet
pal salary requirements.
-PROPOSED BOND SALE.
BIG FALLS, Koochiching County, Minn.
-It is stated that an application has been made to the State of Minnesota
to purchase the $4,000 issue of 434% refunding and new pump house bonds
that was voted on Sept. 3-V. 135, p. 2020.
-BOND ELECTION._
BLANCHESTER, Clinton County, Ohio.
At the general election to be held on Nov. 8 the voters will consider a
vears
proposed1$4,000 tiredepartment apparatus purchase bond issue, to mature
o
poni
firof
BLEDSOE INDEPENDENT SCHOOL DISTRICT (P. 0. Bledsoe),
-BOND DETAILS.
-The $98,000 issue of 6%
Cochran County, Tex.
refunding bonds that is being exchanged with the Modern Woodsmen of
the World-V. 135, p. 2366-is due $2,000 annually from 1933 to 1981 incl.
BLOOMFIELD, Essex County, N. J.
-BOND OFFERING.
-J. Cory
Johnson, Town Clerk, will receive sealed bids until 8 p. m. on Nov. 14
for the purchase of $406,000 coupon or registered bonds, to bear interest
at 4%% of at such higher rate as shall Le necessary in order to provide
for the sale of the bonds, such higher rate to be expressed in a multiple
of % of 1% and not to exceed 6%. The offering comprises:
9203.000 public impt. bonds. Eine Dec. 1 as follows: Wm from
1933 to 1939 incl., and $10,000 from 1940 to 1953 incl.
203,000 assessment bonds. Due Dec. 1 as follows: $30,000 in 1933
and 1934: $35.000 from 1935 to 1937 incl., and $38,000 in 1938:
2857
Each issue is dated Dec. 1 1932. Denom. $1,000. Prin. and int.
(J. & D.) are payable at the Bloomfield Bank & Trust Co., Bloomfield.
No more bonds are to be awarded than will produce a premium of $1,000
over the amount of each issue. Upon a two-thirds vote of the members
of the Town Council, award may be made of the bonds at a price of 99.
A certified check for 2% of the bonds bid for, payable to Raymond Edgerly,
Town Treasurer, must accompany each proposal. The approving opinion
of Thomson, Wood & Hoffman, of New York, will be furnished the successful bidder.
BOWMAN COUNTY (P. 0. Bowman), N. Dak.-CERTIFICATES
NOT SOLD.
-The $25,000 issue of not to exceed 7% semi-annual certificates
-was not sold as there
of indebtedness offered on Oct. 8-V. 135, p. 2523
were no bids received, according to the County Auditor. Due on April 8
1934.
-BONDS AUTHORIZED.
BUFFALO, Erie County, N. Y.
-City
officials have decided to call for bids sometime in November on an offering
of $33,000,000 bonds, of which $2,000,000 will mature in four years and
$1,000,000 in three years. Bidder will be privileged to name the rate
of interest. Proceeds of sale will be devoted to welfare relief purposes.
(The city made award on Oct. 5 last of 54,000,000 refunding bonds as
3.80s to the First National Bank, of New York, and associates, at 100.20,
a basis of about 3.78%.-V. 135. p. 2523.)
BUTLER COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 1
-The $1,400 issue of 6%
(P. 0. Poplar Bluff), Mo.-BOND DETAILS.
semi-ann. school bonds that was purchased by A. E. Gessler & Son of St.
-was sold at a price of 95.00, a basis of about 6.51%.
-V.135, p. 1853
Louis
Due in 1947.
CANAAN TOWNSHIP RURAL SCHOOL DISTRICT, Athena
-A proposal to issue $40,000 high
-BOND ELECTION.
County, Ohio.
school building construction bonds, to mature over a period of 22 years,
will be voted on at the general election on Nov. 8.
-BONDS
CAPE MAY COUNTY (P. 0. Cape May, C. H.), N. J.
-The Board of Chosen Freeholders on Oct. 5 approved
AUTHORIZED.
an issue of $49,000 tax revenue bonds, in denominations of $1,000 and to
mature on Oct. 1 1935.
-BOND SALE.
CAPE MAY COUNTY(P.O. Cape May,C. H.), N.J.
W. S. Hitchner, County Treasurer, reports that the First National Bank
of Cape May, C. H., purchased on Oct. 19 an issue of $49,000 6% tax
revenue bonds at a price of 99, a basis of about 6.37%. Dated Oct. IS
1932 and payable on Oct. 1 1935. Denom. $1,000. Principal and interest
are payable at the First National Bank, Cape May, C. H. Legality approved by Caldwell & Raymond, of New York.
-NOTES AUTH
CARROLL COUNTY (P. 0. Carrollton), Miss.
ORIZED.-At a meeting held on Oct. 15 the County Board of Supervisors is
reported to have ordered the issuance of $10,000 in tax anticipation notes
It is stated that these notes
to be used for the public schools of the
county.
will be repayed by the estimated receipt of 320,000 in taxes.
-BOND OFFERING.
CHATTANOOGA, Hamilton County, Tenn.
Sealed bids will be received until 11 a. m.on Nov. 1 by Mayor E. D. Bass,
for the purchase of an issue of $100,000 Brainerd sewer bonds. Interest
rate is not to exceed 6%,payable(M.& N.). Rate of interest to be stated
in multiples of % of 1%. Denom. $1,000. Dated Nov. 11932. Due on
Nov. 1 as follows: $2.000. 1933 to 1937: $4,000. 1938 to 1947. and $5,000,
1948 to 1957, all incl. Prin. and int. payable in lawful money at the
National City Bank in New York. The approving opinion of Caldwell &
Raymond of New York. will be furnished. No bids will be received at less
than par and accrued interest. Bonds will be prepared and furnished at
the expense of the city. Authority for issuance: Chapter 48, Private Acts
of Tennessee, Second Extra Session. This proposed sale was authorized
on Oct. 4-V. 135. P. 2523. A certified check for 2% of the face value of
bonds, payable to Alvin Shipp, City Treasurer, must accompany the bid.
-CITY PLANS TO CALL 1930 WARCHICAGO, Cook County, 111.
-As a result of the decision of the U. S.
RANTS FOR REDEMPTION.
Supreme Court declining to take jurisdiction in the Cook County tax assessment case (further reference to which is given on a preceding page of this
section), it was reported on Oct. 20 that the City Comptroller plane to call
for payment all of the city's tax warrants of 1930 now in the hands of the
public. The amount of warrants so held was estimated at $2,218.000 on
Aug. 1 1932, according to the New York "Times" of Oct. 20, which further
said:
The total of the 1930 warrants in the hands of the public on Aug. 1, the
latest available figure, was $2,218,000. Of the 1929 tax warrants, a total
of $4,150,000 was outstanding on the same date. The amount of 1930 tax
warrants held by the general fund of the city is 511.680,000 and of 1929
warrants, $2.270,000. Against the 1931 taxes, which will be put into
collection early in 1933, a total of $9,086,600, is outstanding in the hands of
the public and $24,728,000 are held by the city's general fund.
The city had a cash position of $6,367,000. as of Aug. 10, azainst cash
requirements of $29,650,000, or a cash deficiency of $23,283,000. To
offset this the city has $33,000,000 of 1931 and 1932 city corporate tax warrants subject to sale.
On Jan. 1 1933, according to figures received here yesterday from the
Comptroller, the city has bond maturities in the a mount of 315.036.500.
and interest on the same date amounting to $2.836,858, or total liabilities
of $9,155,959. Against this, he estimates that the city will have $9,155.959
in cash receipts after allowing for payment of 1929 and 1930 tax warrants.
or a cash deficiency of $17,873,358. To offset this the city can offer 1931
and 1932 bond and interest tax warrants in an amount o $25,165,000.
Lewis E. Myers. President of the Board of Education, announced on
Oct. 21 that the following described tax anticipation warrant notes are
called for payment. on or before Oct. 25, upon presentation at the office
of the City Treasurer. Halsey, Stuart & Co., Inc., of Chicago, or at the
Guaranty Trust Co., New York:
Educational fund, 1930, Nos. E-530 to E-558, for $5,000 each, 6%,
dated Aug. 15 1930.
Building fund, 1930, Nos. B-2147 to B-2204, for $1,000 each, 534%,
dated Nov. 1 1930.
-WARRANT REDEMPTION NOTICE.
CHICAGO,Cook County, 111.
-M. S. Scymczak, City Comptroller, announced on Oct. 19 that the
following described tax anticipation warrants are called for payment on
or before Oct. 25, upon presentation through any bank, to the office of the
City Treasurer, or at the Guaranty Trust Co., New York:
Issued account of 1930 taxes, corporate purpose, Nos. CVM-8011 and
CVM-8014 to CVM-8018, dated Dec. 1 1931, for $5,000 each. Nos.
CM-1010 to CM-1092, dated Dec. 1 1931, for $1,000 each.
CLARK CONSOLIDATED SCHOOL DISTRICT, Holmes County,
-BOND ELECTION.
-At the general election on Nov. 8 consideraOhio.
tion will be given to a measure providing for an issue of $28,000 school
building construction bonds, to mature over a period of 14 years.
-REPORT ON PROPOSED
CLEVELAND, Cuyahoga County, Ohio.
-in regard to the report that the city
$4.000,000 WATER BOND ISSUE.
plans to sell an issue of 34,000.000 water department bonds
-V. 135, n•
2366-A. It. Brueggeman, Director of Public Utilities, states that ordinances have been adopted by the city council providing for the issuance of
$4,000,000 bonds of the Division of Water and Heat to carry on a part of a
20
-year expansion program. Mr. Brueggeman advises that the improvements contemplated will be spread over a period of years and that the bonds
will be issued in blocks of $1,000.000 each as funds are needed. Notwithstanding a reduction of 16 2-3% in the water rates made recently, it is
expected that the annual profits of the system will be in amount between
5700.000 and $800.000. after payment of all interest and sinking fund
requirements. Profits for the fiscal year ended June 30 1932 were $981.000.
Savings of approximately 5% have been effected in operating expenses
during the current year.
CORTLAND, Cortland County, N. Y.
-BOND SALE.
-The 587.000
coupon or registered bonds offered on Oct. 18-V. 135. p. 2686-were
awarded as 4345 to the M.& T. Trust Co. of Buffalo, at a price of 100.421.
a basis of about 4.45%. The award consisted of:
$37,000 refunding bonds. Due Sept. 1 as follows: $1,000 from 1933 to 1935
incl., and $2,000 from 1936 to 1952 incl.
36.000 series A street impt. bonds. Due March 1 as follows: $1,000 from
1933 to 1936 incl. and $2,000 from 1937 to 1952 incl.
14,000 series B street impt. bonds. Due Marhc 1 as follows: $1,000 from
1933 to 1938 incl.. and $2,000 from 1939 to 1942 incl.
All of the bonds will be dated Sept. 1 1932.
-BONDS NOT
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
SOLD.
-P. J. Husak, Clerk of the Board of Commissior ers. Informs us
that although no bids were received at the offering on Oct. 19 of 11.000,000
2858
Financial Chronicle
6% coupon or registered poor relief bonds (V. 135, p. 2366), this fact was
not unexpected, as the bonds, previously unsuccessfully offered on Sept. 13
were re-advertised to correct irregularities in proceedings made in the previous instance. Mr. Husak adds that negotiations are in progress to sell
the issue to the Reconstruction Finance Corp- Dated Oct. 1 1932 and due
on Sept. 15 from 1934 to 1940 incl.
DALLAS, Dallas County, Tex.
-BOND SALE.
-The two issues of
• % coupon bonds aggregating 31,200,000, offered for sale on Oct. 19V. 135, p. 2686
-was awarded on Oct. 21 (award deferred because of a
technical error) to a syndicate composed of the N. W. Harris Co., Inc.,
of Chicago, the Chase Harris Forbes Corp. of New York, and the Republic
National Bank of Dallas, at a price of 97.155, a basis of about 5.01%.
The issues are as follows:
$900,000 storm sewer impt. bonds. Due $30.000 from Oct. 1 1933 to 1962.
300,000 sanitary sewer impt. bonds. Due $10,000from Oct.!1933 to 1962.
The bids for the bonds were reported in news dispatches as follows:
The highest tenders were submitted by a group composed of the N. W.
Harris Co., Inc., the Chase Harris Forbes Corp., and the Republic National
Bank of Dallas, who offered 97.155 for $1,200,000 bonds or 97.435 for $700,000 bonds. Second highest bidders were the National City Co., Estabrook
& Co., the Mercantile Commerce Co., Stern Bros. & Co., and Hannahs,
Bailin & Lee, who offered 97.1099 for $1,200,000 bonds or 97.3599 for
3700,000.
DEER PAR K, Spokane County, Wash.
-It Is
-BOND ELECTION.
reported that at the general election M November the voters will be called
to pass on the proposed issuance of $15,000 in electric plant purchase bonds.
DEFIANCE COUNTY (P.O. Defiance), Ohio.
-BOND OFFERING.
Henry H. Reineke, Clerk of the Board of County Commissioners, will
receive sealed bids until 2 p. m. on Nov. 7 for the purchase of $30,000 6%
poor relief bonds. Dated Oct. 1 1932. Due March 1 as follows: $5,300 in
1934; 35.700, 1935: $6,000, 1936: $6,300 in 1937. and $6,700 in 1938.
Prin. and int.(M. SG S.) are payable at the office of the County Treasurer.
Bids for the bonds to bear interest at a rate other than 6%..expressed in a
multiple of X" of 1%, will also be considered. A certified check for 31,600,
payable to the order of the County Treasurer, must accompany each
proposal.
DELTA COUNTY (P. 0. Delta), Colo.
-WARRANTS CALLED.
The County Treasurer is reported to be calling for payment at his office on
Oct. 20, on which date interest shall cease, various general school fund,
special school fund and county fund warrants. Interest to cease on abcive
date.
DE wirr COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 16 (P. 0. Cuero), Tex.
-BOND DETAILS.
-The $1,000 issue of
5% school bonds that was purchased by a local investor
-V. 135. p. 2524
was awarded at par and matures $50 from April 10 1933 to 1952 incl.
DORMONT, Allegheny County, Pa.
-The issue of
-BOND SALE.
$200,000 4X% bonds offered on Oct. 14-V. 135. p. 2366
-was awarded
to a group composed of E. H. Rollins & Sons and R. M. Snyder & Co.,
both of Philadelphia, and S. K. Cunningham & Co., of Pittsburgh, at Par
plus a premium of $3,062, equal to 101.53, a basis of about 4.34%. Dated
Nov. 1 1932 and due serially on Nov. 1 from 1937 to 1951 incl.
DUVAL COUNTY (P. 0. Jacksonville), Fla.
-PROPOSED BOND
ELECTION.
-A call for a special election to be held on Nov. 15, to vote
on the proposed issuance of 32,500.000 in bonds for the construction of a
second toll bridge across the St. John's River at Arlington, is reported to
have been approved by the Board of County Commissioners on Oct. 14.
EAGLE LAKE SPECIAL TAX SCHOOL DISTRICT NO. 9 (P. 0.
Bartow), Polk County, Fla.
-BONDS NOT SOLD.
-It is reported that
the $10,000 issue of 6% semi-ann. school bonds offered for sale without
success on Sept. 2 1931 is still unsold.
EAST FINLEY TOWNSHIP (P. 0. West Finley R. D. No. 2), Washington County, Pa.
-BOND SALE.
-The issue 0(315.000 5% refunding
bonds offered on Oct. 1-V. 135, P. 2201
-was awarded at a price of par to
the Citizens National Bank, of Washington. . Dated Oct. 1 1932. Due
Oct. 1 as follows: 32.000 from 1933 to 1938 incl., and $3,000 In 1939.
EAST PROVIDENCE, Providence County, R.I.
-ADDITIONAL
INFORMATION REGARDING NEW BOND ISSUE
.-The 3210,000 4j
%
bonds purchased on Sept. 30 at a price of par by Estabrook & Co., of
Boston, and reoffered for general investment last week at prices to yield
from 3.75 to 4.40%, according to maturity -V. 135, p. 2687
-are further
described as follows: Dated Oct. 1 1932. Coupon bonds in $1,000 denoms.
There are $180.000 fire protection and equipment bonds, due $6,000
annually from 1933 to 1962 incl., and $30,000 Washington Bridge-Land
bonds, due $4.000 each year from 1933 to 1939 incl., and $2,000 in 1940.
Interest is payable in April and October. The Town Clerk is William E.
Smyth.
ELIZABETH, Union County, N. J.
-BOND OFFERING.
-John A.
Mitchell, City Comptroller, will receive sealed bids until 11 a. m. on Nov.
10 for the purchase of $80,000 4 X % coupon or registered public welfare
bonds. Dated Nov. 1 1932. Denom. $1,000. Due $10,000 on Nov. 1
from 1934 to 1941 incl. If the bids received do not permit of the award
of the bonds as 43s. the bonds then shall bear such higher rate as may
be named by the successful bidder. Said rate to be expressed in a multiple
of X of 1%, and must be the same for the entire issue. Principal and
interest(May and Nov.) are payable at the National State Bank, of Elizabeth. No more bonds are to be awarded than will produce a premium of
$1,000 over $80,000. A certified check for 2% of the bonds bid for, payable to the order of the City, is required. The approving opinion of Reed,
Hoyt & Washburn, of New York, will be furnished the successful bidder.
EMMONS COUNTY (P. 0. Linton) N. Dak.-BOND ELECTION.
We are informed that at the general election in November the voters will be
asked to pass on the proposed issuance of $40,000 in 6% court house completion bonds.
ESSEX COUNTY (P. 0. Salem) Mass.
-TEMPORARY LOAN.
The Gloucester National Bank has purchased a $60,000 tuberculosis
hospital maintenance note Issue at 1.295% discount basis. Dated Oct. 14
1932 and payable on April 11933. Bids received at the sale were as follows:
BidderDiscount Basis.
Gloucester National Bank (purchaser)
Naumkea,Trust Co
1.48
Warren National Bank, Peabody
1.49
Beverly National Bank
1.49
Second National Bank of Boston
1.58
Manchester Trust Co
1.88
Merchants National Bank, Peabody
1.92
S. N. Bond & Co
2.93
Cape Ann National Bank
3.75
EUCLID, Cuyahoga County, Ohio.
-W. B.
-BONDS NOT SOLD.
Gilson, City Auditor. reports that no bids were received at the offering
on Oct. 14 of 344,520 6% bonds
-V. 135. p. 2367. Issue was offered to
mature on Oct. 1 as follows: $4,520 in 1934, and $5,000 from 1935 to
1942 incl.
EUCLID CITY SCHOOL DISTRICT (P. 0. 1550 Chardon Road,
Euclid), Cuyahoga County, Ohio.
-Linda E.
-BONDS NOT SOLD.
Schrock, Clerk-Treasurer of the Board of Education, reports that no bids
were received at the offering on Oct. 14 of 385.000 6% refunding bonds.
In separate issues of 348.000 and $37.000-V. 135, p. 2367. Due serially
on Oct. 1 from 1934 to 1942 Incl.
EVANSTON, Cook County, III.
-BOND SALE.
-Lawrence J. Knapp,
City Comptroller, reports that the State Bank & Trust Co. of Evanston,
has purchased at a price of par the issue of $25,000 4X% coupon public
parks and Lake Shore impt. -bonds, for which no bids were received at an
offering on March 24. The bonds are part ofan issue of 3100,000 authorized
at the general election in November 1928. Dated June 1 1928. Denom.
31,000. Due $5,000 on June 1 from 1944 to 1948 incl. Prin. and semi-ann.
int, are payable at the office of the City Treasurer. Legal opinion of
Chapman & Cutler of Chicago.
-We are inFARGO, Cass County, N. Dak.-BOND ELECTION.
formed that at the general election on Nov.8 the voters will be called upon to
approve a proposal to issue $400,000 in not to exceed 6% semi-ann. sewage
disposal plants. Due from 1934 to 1953.
Oct. 22 1932
FLOYD COUNTY (P. 0. Floydada) Tex.
-BONDS REGISTERED.
A $28,000 issue of 6% funding series of 1931 bonds was registered by the
State Comptroller on Oct. 14. Denom. $1,000. Due serially.
GLADSTONE, Delta County, Mich.
-BOND SALE.
-The issue of
$2,000 6% sewer construction bonds authorized in September by the city
council
-V. 135. p. 2201
-has been purchased at par by local banks.
Dated Oct. 5 1932. Due $1,000 in 1933 and in 1934.
GRAND RAPIDS TOWNSHIP (P.O. Grand Rapids), Kent County,
Mich.
-BOND OFFERING.
-Sealed bids addressed to E. D. Hulliberger,
Township Clerk, will be received until 2 p. m. on Oct. 24 for the purchase
of $17,000 not to exceed 5% poor relief bonds, dated Oct. 1 1932 and
due on Oct. 1 1937. Interest is payable in A. & 0. Issued under authority
of Act No. 12, extra session of the 1932 State Legislature.
GREENWICH (P.O. Greenwich), Fairfield County, Conn.
-LEGAL
OPINION.
-In connection with the report of the proposed award on
Oct. 24 of $495,000 coupon or registered bonds, to bear Interest at 43.1 %.
.
or less, at the option of the bidder, as reported in V.
2688 we
are advised that the legal opinion a Thomson, Wood & 135. p. of New
Hoffman
York, as to the validity of the bonds, will be furnished the successful
bidder. The assessed valuation of real and personal property, grand list
of 1931, is $194,030,570, while the bonded debt of the Town, including the
bonds now offered, amounts to $6,085,000.
HANCOCK COUNTY(P.O. Greenfield), Ind.
-BOND OFFERING.Harry Shelby, County Treasurer, will receive sealed bids until 10 a. m.
on Nov. 3 for the purchase of $3,999.14 6% Center Township drain construction bonds. Dated Nov. 3 1932. Due Nov. 10 as follows: $399.14
in 1933, and $400 from 1934 to 1942 incl. Prin. and int. (M. & N. 10)
are payable at the Treasurer's office.
HANSKA INDEPENDENT SCHOOL DISTRICT NO. 81 (P. 0.
Henske), Brown County, Minn.
-BOND ELECTION.
-It is reported
that an election will be held on Oct. 25 in order to submit to the voters a
proposal to issue $6,000 in 4I% school bonds.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 12 (P. 0.
Malverne) Nassau County, N. Y.
-FINANCIAL STATEMENT.
-In
connection with the proposed award on Oct. 25 of $345.000 coupon or
registered school bonds, notice and description of which appeared in V.
135, p. 2688
-we have received the following:
Financial Statement.
Valuation-Assessed valuation,real estate and specialfranchIse_ $13.368,340
(Ratio of assessed valuation to real value is 70%)
Debt
-Bonded debt outstanding Oct. 25 1932
$623,800
This issue
345.000
Total bonded debt
$968,800
Population 1932 estimated, 9,000.
HIDALGO COUNTY (P. 0. Edinburg) Tex.
-BONDS REGISTERED.
-The following four issues of bonds, bearing interest from 1 X % to 4%,
were registered by the State Comptroller on Oct. 15:
$86,000 general refunding, series 1932 bonds. Denom. $1,000. Due
April15 1952.
25,000 road and bridge refunding, series 1932 bonds. Denom. $1,000.
Due April 15 1952.
25,000 general refunding, series 1932-A bonds. Denom. $500. Due
April 15 1952.
12,000 permanent impt., refunding series 1932 bonds. Denom. $1,000.
Due April 15 1952.
HIGH BRIDGE, Hunterdon County, N. J.
-BONDS NOT SOLD.
-The issue of $18.000 coupon or registered municipal building bonds.
offered at not to exceed 6% interest on Oct. 4-V. 135, p. 2202
-was not
sold, as no bids were received. Dated Oct. 1 1932. Due on Oct. 1 from
1933 to 1947, inclusive.
HILLSIDE TOWNSHIP (P. 0. Hillside), Bergen County, N. J.
BOND EXCHANGE.
-The township committee announced on Oct. 14
the refunding of $63.000 bonds which became due on Oct. 1 1932 through
the exchange for that issue of 359,000 assessment and improvement bonds,
due in 1938 and 1940, and 34,000 bonds, due Oct. 7 1933. The new bonds
bear interest at 6%. The township has refunded 3130.000 bonds of a total
amount of $250,000 which became due on Oct. 1 1932, it was said.
HOCKING COUNTY (P. 0. Logan), Ohio.
-ADDITIONAL INFORMATION.
-The issue of $28,000 6% poor relief bonds, previously offered
on Oct. 7 and not sold as a result an error in the notice of sale, is being
re-advertised for award at 12 M. on Nov. 4-V. 135, p. 2688
-bearing
date of Aug. 11932. with March 1 maturities as follows: $5,000 in 1934;
$5,300 In 1935; $5,600 in 1936: $5,900 in 1937, and $6,200 in 1938. Interest
is payable semi-annually. A certified check for $300 must accompany
each proposal.
HUDSON, Summit County, Ohio.
-BONDS NOT SOLD.
-The Issue
of $3,469.55 6% Peninsula Road storm sewer bonds offered on Oct. 18V. 135. p. 2367
-was not sold, as no bids were received. Dated April 1 1932
and due on Oct. 1 from 1934 to /943 incl.
HUNTSBURG TOWNSHIP (P. 0. Huntsburg), Geauga County,
-A. D. Williams, Clerk of the Board of
-BOND OFFERING.
Ohio.
Trustees, will receive sealed bids until 8 p. m. on Nov. 5. for the purchase
of $3.029.16 6% special assessment road improvement bonds. Dated
as of the day of sale. Due Sept. 1, as follows: $329.16 in 1933, and
from 1934 to 1942 incl. Interest is payable in March and Sept. $300
Bids
for the bonds to bear interest at a rate other than 6% expressed in a multiple
of X of 1%, will also be considered. A certified check for 5% of the bonds
bid for, payable to the order of the Township Treasurer, must accompany
each proposal.
I BERVILLE PARISH (P. 0. Plaquemine) La.
-CERTIFICATE
REPORT.
-We are informed by the Secretary-Treasurer of the School
Board that the certificates of indebtedness aggregating not less than
$67,244.43, and not more than $70.783.61, offered for sale without success
-are to be sold within 30 days from Oct. 11 at
on Oct. 11-V. 135, p. 2688
private sale, as authorized by the School Board. Due serially from Oct. 1
1933 to 1947 incl.
-BOND OFFERING.
ILLINOIS (State of).
-Harry H. (Jleaveland,
Director of the Department of Public Works and Buildings, will receive
auction bids at 9 a. m. (standard time) on Oct. 28 for the 'purchase of
2.000.000 4% coupon highway bonds. Dated Nov. 1 1932. Denom.
1,000. Due $500,000 on May 1 from 1945 to 1948 incl. Prin. and int.
& N.) are payable at the office of the State Treasurer. A certified
check for $40,000. payable to the order of the State Treasurer, must accompany each proposal. Bidder to pay accrued interest to date of delivery
of the ponds. Proceedings incident to the issuance of the bonds have
been prepared under the supervision of Wood & Oakley, of Chicago, whose
final approving opinion will be furnished at the expense of the successful
bidder. Bonds will be sold on open competitive bidding as required
by law, subject to the approval of the Department of Finance, but written
bids may be filed. The State does not contemplate the offering of any
further highway bonds, according to the notice of sale.
-The most recent long-term financing
PREVIOUS FINANCING.
accomplished by the State occurred on Aug. 24 when award was made
of $1,000,000 4% waterway bonds, dated Jan. 1 1920 and due on Jan. 1
1939. to a group composed of Halsey. Stuart & Co., Inc.. BancamericaBlair Corp. and Wertheim & Co.. all of New York. The bankers paid
a price of 99.76 for the issue, the net interest cost of the borrowing to
the State being about 4.04%. Public reoffering of the obligations was
made on a yield basis of 3.90%.V. 135. p. 1526.
Financial Statement.
Assessed val. as fixed by the State Tax Commission, 193137,875,676,804
Total bonded debt (including present issue)
190,570,500
Population, 1930, 7.630,654.
ISLAND HEIGHTS, Ocean County, N. J.
-BOND OFFERING.
George S. McKaig, Borough Clerk, will receive sealed bids until 8 p.m. on
Oct. 28, for the purchase of $45.000 6% coupon or registered temporary
sewage disposal plant bonds. Dated Nov. 15 1932. Denom. $1,000. Due
on Nov. 15 1938. Principal and interest(May and Nov. 15) are Payable
at
the First National Bank, Toms River. No more bonds are to be awarded
than will produce a premium of $1,000 over 845,000. A certified chock for
2% of the bonds bid for, payable to the order of the Borough, must accompany each proposal. Accrued interest from date of issue to date of purchase
price to be paid for by the successful bidder. Final payment for the bonds
lobe made at the First National Bank, Toms River, at 11 a.m. on Nov.30.
Volume 135
Financial Chronicle
-It is
-BONDS VOTED.
JACKSON, East Feliciana Parish, La.
-the voters
reported that at the election held on Juno 7-V. 134. p. 4193
the issuance of $10,000 in 6% natural gas plant bonds.
approved
-The
-BONDS VOTED.
JACKSONVILLE, Jackson County, Ore.
issue $13.000 in
City Council is reported to have recently voted to has been paid. refunding
to retire a $15.000 issue, $2,000 of which
bonds
-LEGAL OPINION.
JAMESTOWN, Chautauqua County, N. Y.
The legal opinion in connection with the validity of the $192,031.41 4.20%
registered bonds and certificates awarded on Sept. 29 to the M. & T.
-V. 135,
Trust Co. of Buffalo, and Lehman Bros. of New York. jointly
-will be rendered by Clay, Dillon & Vandewater of New York.
p. 2367
bankers paid a price of 100.289, the net interest cost of the financing
The
being about 4.15%.
-The
-BOND SALE.
JASPER COUNTY (P. 0. Rensselaer), Ind.
W. C. Babcock Grain Co. of Rensselaer. has purchased at par the balance
of $7.900 5% bonds of the total of $11,800 offered on Aug. 30, at which
bonds. Each of
time the same company had purchased a block of $3,900used for highway
the sales was made at par. Proceeds of the loans will be
inapt. purposes.
• JEFFERSON DAVIS PARISH GRAVITY DRAINAGE DISTRICT
-The two issues
-BONDS NOT SOLD.
NO. 1 (P. 0. Lake Arthur), La.
A
of not to exceed 6% semi-annual Gravity Sub-Drainage District notbonds
-were
sold.
$30,000, offered on Oct. 4-V. 135, p. 2022
aggregating
follows:
ne issues are as Due from Nov. 1 1933 to 1952 incl.
$18,000 bonds.
12,000 bonds. Due from Nov. 1 1933 to 1952 incl.
-BONDS'NOT SOLD.
KALAMAZOO, Kalamazoo County, Mich.
issue,
The issue of $295,000 not to exceed 4% int., first sale social service
previously on Oct. 3
relifbonds,
reoffered on Oct. 14 after having failed of
-has not been sold, no bids having been received at the
-V. 135, p. 2525
current offering. Dated Oct. 15 1932 and due $59.000 on Oct. 15 from
1933 to 1937 incl.
ISSUES REOFFERED AT HIGHER INTEREST RATE -Further
bids for the issue are now invited until 7.30 p. m. on Oct. 27, although
in this instance bidders are privileged to name a rate of interest up to 6%.
Sealed offers will be received by City Clerk C. Ray Howard. Dated
Nov. 1 1932 and due $59,000 on Nov. 1 from 1933 to 1937 incl. Bonds
are being issued without submission to a vote of the electorate, in accordance
with the provisions of Section 73(c) of the City Charter. and Act 273 of
the Public Acts of 1925, as amended and now in force. Payment for the
bonds, plus accrued interest from date of issue, to be made at the City
Treasurer's office. Successful bidder will be obliged to pay all expenses
in establishing validity of the bonds and cost of the printing. A certified
check for $1,500. payable to the order of the Cit 2 Treasurer, is required.
-STATE DESIROUS OF
KENTUCKY, State of (P. 0. Frankfort).
-It is announced by
PURCHASING $50,000 OUTSTANDING BONDS.
Johnson, Chairman of the State Highway Commission, that the State
Ben
Highway Commission at a public meeting to be held at its office on Oct. 25
2
at - p.m., will receive and open sealed competitive proposals for the sale
to the Commonwealth of Highway Bridge Revenue bonds, 1930-1950.
project No. 3, Ashland Bridge. The proposals will be for the sale of any
number of $1,000 bonds, with accrued interest. up to a total amount not
to exceed $50,000. Delivery of the bonds to be at Frankfort and in accordance with law. No proposal will be received after the hour and date
above stated, and no proposal after being filed shall be withdrawn after
said hour and date, until a purchase has been made.
In connection with the above notice, we quote as follows from the Louisville "Courier-Journal" of Oct. 13:
The State Highway Commission to-day authorized Chairman Ben
Johnson to advertise for options for the purchase by the Commonwealth of
Kentucky of toll bridge bonds of 10 State bridges, including the Henderson
and Ashland Bridges, in an amount estimated at approximately $1.000,000.
Chairman Johnson was directed to advertise for options as soon as estimates for closing construction accounts of the Henderson-Evansville bridge
and eight intra-State bridges have been approved by the bankers and consulting engineers.
H. R. Creal, the highway department's bridge engineer, estimated
$94,304 would be required to close the construction account of project
No. 1. which includes the eight intra-State bridges, and that $210.791.71
would be required to close the construction account of the HendersonEvansville bridge. The construction account of the Ohio River bridge at
Ashland already has been closed. The Commission approved Mr. Creel's
estimates.
Commissioner J. Lyter Doraldson estimated that about $1,000,000 from
unexpended revenue derived from sale of bridge bonds and accumulated
tolls would be available to purchase bridge revenue bonds on the open
market. Mr. Donaldson pointed out that after Nov. 20 the Commission
would have no control over this money as it would go Into the sinking fund
and under the mortgage agreemert with the bankers would have to be
applied to the purchase of bonds at three points above par. The Commission believes it can purchase bonds on the open market at a total saving of
about $250,000.
In approving an order submitted by Commissioner Donaldson, the
Commission stipulated that the closing of the construction accounts be
withheld until it is determined the bonds can be purchased at a reasonable
price.
-BOND CANCELLATION
KERR COUNTY (P. 0. Kerrville), Tex.
-It is stated that at the election held on Oct. 1-V. 135.
APPROVED.
-the voters approved the cancellation of .$200.000 in highway
p. 1688
bonds by a large majority.
-BONDS AUTHORIZED.
KNOXVILLE, Knox County, Tenn.
It is reported that resolutions were passed recently on final reading by the
City Council. authorizing the issuance of $247.000 in refunding bonds
to take care of outstanding bonds maturing between now and Jan. 1.
LA CROSSE COUNTY (P. 0. La Crosse), Wis.-BONDS OFFERED
-The $300,000 issue of coupon county, sales B
FOR INVESTMENT.
oonds that was purchased recently by the Harris Trust & Savings Bank of
Chicago, as 43.s, at a price of 101.04, a basis of about 4.09%-V. 13_,5
-is being offered for public subscription priced to yield from 3.00
p. 2525
to 4.10%, according to maturity. Due $20,000 from Oct. 1 1933 to 1947
incl. It is stated that these bonds are exempt from all Federal income
and personal property taxes in Wisconsin and are legal investment for
savings banks and trust funds in Wisconsin and other States.
LAGUNA BEACH ACQUISITION AND IMPROVEMENT DISTRICT
-BONDS NOT
NO. 4 (P. 0. Laguna 13each), Orange County, Calif.
-We are informed that the $56.845 issue a not to exceed 8% semiSOLD.
ann. improvement bonds offered on July 6 without SUCCOR/3-%. 135,
p.3.33-has not as yet been sold. Dated April 6 1932. Duo from April 6
137 to 1952.
-BONDS NOT SOLD.
LAKE COUNTY (P. 0. Crown Point), Ind.
The issue of $12,000 41's % North Towaship highway improvement bonds
offered on Oct. 10-V. 135, p. 2525-was not sold. as no bids were received.
Dated Nov. 15 1931. Due semi-annually from July 15 1933 to Jan. 15 1943.
-BONDS AUTHORIZED.
LEE COUNTY (P. 0. Fort Madison) Iowa.
-The County Board of Supervisors is reported to have passed a resolution
2:3 providing for a $37,000 issue of funding bonds.
on Sept.
-In conLIMA, Allen County, Ohlo.-PRIVATE SALE PLANNED.
nection with the unsuccessful offering on Oct. 10 of $545,800 6% sewage
-V. 135, p. 2688-C. H.
bonds and notes and refunding bonds
disposal
Churchill, City Auditor, states that no further reoffering is contemplated,
but that an effort will be made to sell the obligations privately.
-The $23.780
LINCOLN,Lancaster County, Neb.-BOND DETAILS.
-V.135, p. 2525
coupon bonds that were reported to have been sold recently
-were purchased by the Continental Co. of Lincoln, as 4s at par. They
are divided as follows:
from 1 to 10 years.
$20,125 Paving bonds. Due in Due in from 1 to
5 years.
3,655 water district bonds.
-BONDS PARTIALLY SOLD.LINDEN, Union County, N. J.
Thomas11. Sullivan, City Clerk, reports that Morris Mather & Co. of
purchased as es, at a price of par, a block of $100,000 bonds
New York have coupon or registered general impt. Issue unsuccessfully
of the $212,000
are dated March 1
offered on Oct.4-V. 135. p. 2525. The bonds now sold
1 as follows: $1,000 in 1946; $8,000 from 1947 to
1932 and mature March $8.000 from 1951 to 1956 incl.: $10.000 in 1957
$2,000 in 1950;
1949 inel.:
in 1959.
and 1958, and $5,000
2859
LOCKRIDGE SCHOOL DISTRICT (P. 0. Lockridge), Jefferson
-A $4.000 issue of school bonds is reported
-BOND SALE.
County, Iowa.
to have been purchased by Geo. M. Bechtel & Co. of Davenport.
-BOND ELECTION.
LONG BEACH, Los Angeles County, Calif.
At the general election to be held on Nov. 8 the voters will be asked to
of $3,500,000 of water bonds.
pass on the proposed issuance
-At the
LONG PINE, Brown County, Neb.-BONDS VOTED.
-the voters approved the issuance
election held on Oct. 14-V. 135. p. 2525
water bonds. Due in 20 years and optional in 5 years.
of the $15,000 in 5%
-BOND DELOOKOUT MOUNTAIN, Hamilton County, Tenn.
-The $95,000 issue of 6% improvement bonds that was purchased
TAILS.
-V.135. p. 2688by the Hamilton National Bank of Chattanooga
at par
's dated July 1 1932 and matures on July 1 1952.
-BONDS PARTIALLY
LUCAS COUNTY (P. 0. Toledo), Ohio.
-Adelaide E.
-OPTION GRANTED ON BALANCE OF ISSUE.
SOLD
Schmitt, Clerk of the Board of County Commissioners, reports that Straushan, Harris & Co.. Inc. of Toledo, purchased recently, a block of $200,000
bonds of the $563,0006% poor relief issue unsuccessfully offered on Sept. 12
-day option on the remainder of the
-and accepted a 60
-V. 135, p. 2023
issue, with the exception of $52,893 worth which has been purchased for
the investment account of the Board of Education. The portion of$200.000
bonds was offered by the bankers last week on a yield basis of 5.25%.
-V. 135. p. 2688.
-BOND ELECTION.
-At the
LUDINGTON, Mason County, Mich.
general election on Nov. 8 the voters will consider a proposal calling for an
issue of $15,000 standpipe reservoir bonds. The bonds, if authorized, will
be purchased by the Sinking Fund Commission.
-A $7,500
-NOTE SALE.
LUMBERTON, Robeson County, N. C.
issue of tax anticipation notes is reported to have been purchased recently
as es at par, by the National Bank of Lumberton. Dated Oct. 7 1932.
Due in 2 months.
-BOND OFFERING.
LYNDHURST, Cuyahoga County, Ohio.
Clara L. Brueggemyer, Village Clerk, will receive sealed bids until 7 p. m.
(Eastern standard time) on Oct. 31 for the purchase of $9,765 6%. series
F-1932, special assessment improvement bonds. Dated Sept. 1 1932.
Due Oct. 1 as follows: $765 in 1933; $1,000 from 1934 to 1936 incl.. and
$2.000 from 1937 to 1939 incl. Principal and interest (April and Oct.)
are payable at the main office of the Guardian Trust Co., in Cleveland.
Bids for the bonds to bear interest at a rate other than 6%,expressed in a
multiple of X of 1%, will also be considered. A certified check for 5% of
the bonds bid for, payable to the order of the Village Treasurer, must
accompany each proposal. The Council reserves the right to reject any
and all bids and no conditions shall be attached to any bid that the transcript of said proceedings or the legality thereof shall be first subject to
the approval of the attorneys for the bidder, unless such attorneys be
Squires. Sanders & Dempsey, Cleveland, or the Attorney-General of the
State of Ohio.
-The First of
-TEMPORARY LOAN.
LYNN, Essex County, Mass.
Boston Corp. of Massachusetts purchased on Oct. 17 a $100.000 temporary
loan of this municipality at 2.07% discount basis. Due on March 14 1933.
Bids received at the sale were as follows:
Discount Basis.
Bidder
2.07
First of Boston Corp. (successful bidder)
3.50
National City Co
3.90
F. S. Moseley & Co
4.19
Boston
Merchants National Bank of
4.40
S. N. Bond & Co
4.53
Trust Co. of Lynn
Securities
4.57 e
Faxon, Gade & Co
McCRACKEN COUNTY (P. 0. Paducah), Ky.-ADDITIONAL
-The $136,000 block of the total issue of $185,000 6% funding
DETAILS.
bonds that was purchased at par by Stifel, Nicolaus & Co., Inc., of St.
-is dated March 15 1932. Due on March 15 1942
-V. 135. p. 2525
Louis
and 1952. Coupon bonds in denominations of $1,000 each. Interest
payable M.& S.
-BONDS NOT
MANHATTAN BEACH, Los Angeles County, Calif.
-It is reported that the $15.000 issue of boulevard bonds that was
SOLD.
-has not as
-V. 135, p. 2202
for sale on March 3 without success
offered
yet been sold.
(P. 0. Bedford), Cuyahoga County, Ohio.
MAPLE HEIGHTS
-C. C. Taylor. City
-EXCHANGE PLANNED.
BONDS NOT SOLD
reports that no bids were received at the offering on Oct. 19 of $558.Clerk,
-V.135.
5906% refunding special assessment and general obligations bonds
p. 2368-and that exchange will be made of the refunding issues with holders
The offering comprised issues of $540,000 and $18,of the original bonds.
590, due serially from 1934 to 1942 incl.
MAPLEWOOD SCHOOL DISTRICT (P. 0. Maplewood), St. Louis
-The legality of the
County, Mo.-FOND LEGALITY APPROVED.
$152,000 •issue of school bonds that was purchased by the Mississippi
Valley Co. of St. Louis, as 431s, at a price of 101.003, a basis of about
-has been approved by Benj. H. Charles of St.
4.13%-V. 135, p. 2525
Louis. Due from March 1 1937 to 1052.
-The
-BONDS NOT SOLD.
• MARYSVILLE, Union County, Ohio.
issue of $3.760 6% property portion impt. bonds offered on Oct.8-V. 135,
no bids were received. Dated Sept. 1 1932.
-was not sold, as
p. 2203
Due on March and Sept. 1 from 1933 to 1935 incl.
-A $23,000
-BONDS APPROVED.
MAUD, Seminole County, Okla.
issue of judgment bonds is reported to have been approved recently by
the Attorney-General.
-An
-NOTE SALE.
MAURY COUNTY (P. 0. Columbia), Tenn.
issue of $100,000 6% short-term notes is reported to have been purchased
recently by the Maury National Bank, and the Middle Tennessee Bank
both of Columbia.
MEAD TOWNSHIP SCHOOL DISTRICT (P. 0. Tiona), Warren
-11. J. Keenan, Secretary of the Board
-BOND OFFERING.
County,Pa.
of School Directors, will receive sealed bids until 5 p. m.(Eastern standard
time) on Nov. 1 for the purchase of $8,000 5.60% school bonds. Dated
Oct. 15 1932. Denom. $1.000. Due $1,000 on Oct. 15 in 1935, 1938,
1940, 1942, 1944, and in 1946, 1947 and 1948. Interest is payable on
April and Oct. 15. A certified check for $150, payable to the order of
the District, must accompany each proposal. Bonds are being offered for
sale subject to the approval of the Department of Internal Affairs of Pennsylvania. Further information regarding the issue may be obtained from
Bordwell & Eldred. Solicitors for the District.
(An issue of $8,200 5.60% bonds was scheduled for award on Aug. 30.
following a previous offering on Aug. 5, when the one bid submitte0 VMS
rejected.-V. 135. p. 1359.)
ED.-The
-BONDS AUTHORI7
MENDON, Mercer County, Ohio.
village council has adopted an ordinance providing for an issue of 85,0006%
refunding bonds, to be dated Oct. 1 1932 and mature Oct. 1 as follows:
$600 in 1934: $700 in 1935; 8600 from 1936 to 1938 incl.; $700 in 1939,
and $600 in 1940 and 1941. Prin. and int. (A. & 0.) are payable at the
village treasurer's office.
-D. D.
-BOND OFFERING.
MIAMI COUNTY (P. 0. Troy), Ohio.
Kessler, County Auditor, will receive sealed bids until 10 a. to. on Nov.4
for the purchase of $64,650 6% poor relief bonds. Dated Nov. 1 1932.
Due March 1 as follows: $11,500 in 1934; $12.000 in 1935; $13.000 in 1936:
$13,600 in 1937, and $14,500 in 1938. Prin. and int.(M.& S.) are payable
at the Court House, in Troy. Bids for the bonds to bear interest at a rate
other than 6%,expressed in a multiple of X of 1%, will also be considered.
A certified check for 5% of the bonds bid for, payable to the order of the
County Auditor, must accompany each proposal.
-The
MICHIGAN, State of (P. 0. Lansing).
-LOAN GRANTED.
following is the text of an announcement made on Oct. 15 by the R. F. C.
regarding a $40,000 emergency relief loan to this State:
"Upon application of the Governor of Michigan, the Reconstruction
Finance Corporation to-day made available $40,000 to meet current emergency relief needs in Otsego and Schoolcraft Counties and the township of
of Norton in Muskegon County for the period Oct. 1 to Dec. 311932.
"These funds are made available under Title I, Section 1. subsection (e)
of the Emergency Relief and Construction Act of 1932 and become obligations of the above-named political subdivisions of the State of Michigan.
"Of the total. $25,000 are made available to the County of Schooleraft:
35,f100 to the County of Otsego, and $10,000 to the township of Norton.
These political subdivisions have been unable to dispose of bonds issued
to meet relief needs and offer them as collateral.
2860
Financial Chronicle
"The Corporation has previously made the following amounts available
to Michigan communities under subsection (e) of Section 1, Title I of
the Emergency Relief and Construction Act: City of Detroit, $1,800,000;
City of Flint, $296,000; City of Muskegon Heights, $20,000; total,
$2,116,000."
MIDDLEBURG HEIGHTS, Cuyahoga County, Ohio.
-BOND
ELECTION.
-At the general election on Nov. 8 the voters will consider
a proposal to issue $7,000 fire apparatus equipment purchase bonds, to
mature over a period of 10 years.
MIDDLEBURGH, FULTON, BROOME, BLENHEIM, SCHOHARIE
AND BERNE CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Middleburgh), N Y.
-BOND OFFERING.
-J. Laurence White, Clerk of the
Board of Education, will receive sealed bids until 2 p. m. on Oct. 31 for the
purchase of $290,000 not to exceed 6% interest coupon or registered school
bonds, being part of an original issue of $350,000 offered on Sept. 6, at
which time only a tentative offer for the bonds was made.
-V.135, p. 2368.
The block of$290,000 bonds now offered will be dated Dec. 1 1932 and
mature serially on Dec. 1 as follows: $5,000 from 1934 to 1937 incl.; $6,000
1938 to 1940; $7,000. 1941 to 1943; $8,000 in 1944 and 1945; $9,000, 1946
to 1948; $10.000 in 1949 and 1950; $11,000 from 1951 to 1953; $12,000 in
1954 and 1955; $13.000 from 1956 to 1958; $14,000 from 1959 to 1961, and
$15,000 in 1962 and 1963. Denom. $1,000. Bidders must bid for the
entire $290,000 bonds and name a single rate of interest, expressed in a
multiple of ji or 1-10th of 1%. Prin. and in (J. & D.) are payable at the
First National Bank of Middleburgh, or at the Chase National Bank of
New York, at the option of the holder. A certified check for $5,800, payable to the order of C.H.Weller, Treasurer, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater of New York, will be
furnished the successful bidder:
Financial Statement.
Valuations:
Actual value
$2,691,768
Assessed valuation 1931-32
1,875,533
Debts:
Central School District bonded indebtedness (this issue)
$290.000
Other bonded indebtedness of this school district
Nil
Outstanding bonds of the village of Middleburgh ($31.000 water
bonds)
54,000
The towns of Middleburgh, Fulton, Broome, Blenheim, Schoharie and
Berne, report no bonded indebtedness.
School population: (Children from birth to 18): 1930, approx., 939;
1931, approx. 941; 1932, approx. 945.
'
That during the school year 1931 681 pupils were in attendance. That of
the 1930 census shows that the population of this District was approximately
3,887. At the end of the fiscal school year (July 1)1932. there was $661.15
unpaid school taxes in the hands of the Schoharie County Treasurer. These
were the only taxes returned to the County Treasurer since the organization
of the Central District. Tax rate in Central District 1931 (unequalized),
$1 per $100 assessed valuation. Tax rate in Central District, 1932 (equalized), Middleburgh, $1.05; Fulton, 5.95; Broome, $.90; Blenheim. $.90;
Schoharie, $1.05; Berne, $.84 (all based on $100 assessed valuation).
MIDLAND TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 6
-The issue of
-BOND SALE.
(P. 0. Midland), Midland County, Mich.
$14,000 school bonds offered on Sept. 17 (V. 135, p. 2023) was sold as 6s
at a price of par to the Chemical State Savings Bank of Midland. Dated
Oct. 1 1932 and due on April 15 as follows: $1,000 in 1933 and 1934 and
$1,500 from 1935 to 1942, inclusive.
MILBURN TOWNSHIP (P. 0. Millburn), Essex County, N. J.
BONDS AUTHORI7ED.-The township committee passed an ordinance
on first reading on Oct. 17 providing for an issue of $26,000 bonds to fund a
temporary loan negotiated last fall for unemployement relief activities.
In connection with the ordinance, it was stated that the township has an
assessed valuation of $22,181,447 and a net bonded debt of $723,569.55.
MILLVILLE SCHOOL DISTRICT, Allegheny County, Pa.ADDITIONAL INFORMATION.
-The $18,000 bonds reported sold in
V. 135, p. 2526, have been purchased as 4s at a price of par by the First
National Bank of Miliville. Included in the total of $18,000 are issues of
$10,000 and $8,600, respectively.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-TEMPORARY
LOAN.
-The $1,000,000 temporary loan offered on Oct. 17 (V. 135. P.
2689) was awarded to the National City Co.of New York and the Milwaukee
Co. of Milwaukee, jointly, at 4%,plus a premium of $57, equal to 3.987%•
Due in six months.
MINNESOTA, State of (P. 0. St. Paul).
-LOAN GRANTED.
-On
Oct. 20 the Reconstruction Finance Corporation made available $655,376
to this State for emergency relief needs in 20 counties and one city. The
announcement reads in part as follows:
"Upon application of the Governor of Minnesota the Reconstruction
Finance Corporation to-day made available $655,376 to meet current
emergency relief needs from Oct. 16 to Dec. 311932,in 20 counties and one
city of that State.
'Supporting data state that the Minnesota Legislature, which meets in
January, will without doubt give the earliest possible consideration to
relief measures which will enable the State and local communities to provide
for their own needs.
"It is claimed that the local political subdivisions covered by the Governor's application are virtually 'placed in a financial strait-jacket for
the remainder of the year with no funds available for poor relief expenditures.'
"The Governor's application states: 'My application and certification is
submitted with the understanding that any funds made available shall not
be in lieu of, but merely4upplemental to, local and State governmental
funds and private contrib ons which are available or which can be made
available, and only as a last resort in ease funds from local sources are
inadequate.'
"The State Board of Control will supervise expenditure of these supplemental funds, working through local county boards of commissioners,
which in turn will seek to co-ordinate all efforts wherever possible with
the county Child Welfare Boards. The Children's Bureau of the State
Board of Control will be in active charge of the supervisory work.
"No funds have heretofore been made available to the State of Minnesota
for relief and work relief."
MISSISSIPPI, State of (P. 0. Jackson).
-BONDS OFFERED FOR
INVESTMENT-On Oct. 17 a new issue of $1.000,000 5)4% gold bonds,
issued for funding purposes, was offered for public subscription by a syndiheaded by Stranahan, Harris & Co., Inc., of Toledo, priced to yield
cate
6%. These bonds are stated to be the remaining part of the 32.000,000
issue that was contracted for by this group on Sept. 9-V. 135, p. 2023.
Dated Oct. 11932. Due on Oct. 1 as follows: $200,060 in 1937: $100,000,
1938 to 1940, and in 1945, and $200,000 in 1947 and 1952. The assessed
valuation for 1931 of the State is officially reported as $692,642,551 and
the total bonded debt, including this issue, amounts to $36,390,000. For
the present biennium the State is operating on a total budget of $20,041,699. compared with preceding biennial budget of $30.078,657. Four major
tax measures were recently passed by the Legislature and are designed to
add 818,350.000 to the State's income. This reduction in expenditures
and increase in State revenue bill balance the budget, according to Governor M. S. Conr.or.
MISSOURI, State of (P.O. Jefferson City)
.-FINANCIAL STATE-The following official statement.'dated Oct. 12 1932, is furnished
MENT.
in connection with the offering scheduled for Oct. 24 of the $5,000,000
6
,
issue of 33 % road, series Q, bonds
-V. 135, p. 2689:
Total bonds issued
8133.600.000.00
Total bonds retired
22,586,000.00
Total bonds outstanding Oct. 12 1932
$111,014,000.00
Sinking funds:
State road interest and sinking fund
1,981.853.00
Soldiers' bonus interest and sinking fund
63,211.67
Certificates of indebtedness:*
1902-1922 certificate, School Funds,20 to 50 years. at 5%
$3,159,000.00
and 6%
1891-1922 certificate, Seminary Fund, 20 to 50 years, at
5% and 6%
1,239.839.42
Total taxable valuation of the State for taxes for 1931-- -$4.788,153.970.00
* Certificates of indebtedness are provided for by the Legislative Acts
and held in trust by the State Board of Education, whereby the State
agrees to pay 5 and 6% interest semi-annually into the State School and
Seminary Funds out of the State Interest Fund. These certificates are
not negotiable or transferable.
Population, 1930. 3,629,367.
Oct. 22 1932
The payment of principal and interest of State of Missouri road bonds
is guaranteed by an unlimited ad valorem tax upon all property in the State.
It has never been necessary to levy any such tax, for the reason that all
motor fuel tax and motor licenses have been pledged for the payment of
these bonds and the aggregate requirement for payment will not exceed
17,000,000 annually; the collections of motor licenses and motor fuel tax
has been more than $19,000,000 annually.
MISSOURI, State of (P. 0. Jefferson City),
-LOAN GRANTED.
On Oct. 14 the Reconstruction Finance Corporation, on the application
of the Governor, made available $81,166 to meet current emergency relief
needs from Oct. 1 to Dec. 31 1932, in St. Louis County, the city of St.
Joseph, and the towns of Nevada and Henrietta.
ADDITIONAL FUNDS GRANTED
.-The St. Louis "Globe-Democrat"
of Oct. 12 reports that Governor Caulfield was notified on Oct. 11 by the
R. F. C. that his application had been granted for $113,463 additional relief
funds to be used in Greene County, Sedalia and smaller communities.
MOBILE COUNTY (P. 0. Mobile), Ala.
-We
-BONDS NOT SOLD.
are informed that the $240,000 issue of not to exceed 4 % semi-ann. road
and bridge bonds offered for sale without success on March 14-V. 134.
-has not as yet been sold. Dated June 1 1928. Due from June 1
P. 2292
1938 to 1958.
MONMOUTH COUNTY (P.O. Freehold), N.J.
-BONDS PUBLICLY
OFFERED.
-H.L. Allen & Co. of New York, are offering for public investment$138,0004 % road bonds,dated March 15 1931 and due on March 15
from 1934 to 1936 incl.. at prices to yield 5%. The bonds are declared to
be legal investment for savings banks and trust funds in the States of New
York and New Jersey.
MONROE COUNTY (P. 0. Monroe), Mich.
-BONDS NOT SOLD.
As a result of the failure to receives bid at an offering on Oct. 14 of $45,000
not to exceed 6% interest calamity bonds, a resolution has been piassed
authorizing the Chairman of the Board of Supervisors and the County
Clerk to enter into negotiations for the sale of the issue to the Reconstruction Finance Corporations. Bonds were offered to mature on Oct. 15
as follows: $5,000 in 1933 and 1934;$10,000 in 1935 and 1936, and $15,000
in 1937.
MONROE COUNTY (P. 0. Monroe), Mich.
-BOND REFUNDING
APPROVED.
-The State Public Debt Commission announced on Oct. 7
that approval had been given to the plan for the refunding of approximately
83,000.000 county Covert road obligations. The proposal calls for the
refunding of $437,500 of bonds agair.st the county's share of inter-county
Covert roads and $2,564,900 against Covert roads entirely within the
county.
In each instance the time in which assessments and taxes may be paid
will be doubled, thus cutting taxes to one-half the amount called for by
the original assessments. No principal will be paid in 1933. The state
administrative board has approved the request of the county for permission
to apply additional weight tax funds which will be received next year to
reduce county at large and township at large Covert taxes."
MONROE COUNTY (P. 0. Rochester), N. Y.
-NOTE SALE.
The issue of $700,000 series D tax anticipation notes offered on Oct. 19V. 135, p. 2689
-was awarded as 3.90s, at a price of par, to the Central
Trust Co., of Rochester. Dated Oct. 251932 and payable on April 25 1933.
-LOAN GRANTED.
MONTANA, State of (P. 0. Helena).
-The following is the text of an announcement made by the It. F. C. on Oct. 15
regarding the award of a $95,000 loan to this State for county emergency
relief:
"The Reconstruction Finance Corporation, upon application of the
Governor of Montana, to-day made available $95,000 to meet current
emergency relief needs from Oct. 16 to Dec. 31 1932 in Hill, Lincoln,
Carbon, Musselshell and Sheridan counties.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932, with the understanding that every effort will be made to provide local resources in order
that the counties and the State of Montana may meet this emergency situation as soon as it is possible for them to do so.
"The Corporation is informed that emergency relief committees are
being organized in each of the above-named counties.
"Tax delinquencies are said to be high in these various counties. The
State law prohibits counties from incurring indebtedness in excess of 810,000
without a vote of the people.
"Three hundred thousand dollars has heretofore been made available to
the State of Montana."
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-TAX DELINQUENCY STATEMENT-Joseph Lutz, County Auditor, recently stated
that the county has an accumulated delinquency of 88.390.636, or 26.4%
of the total levy for the tax year ended Aug. 31 1932. Special assessments
delinquents amounted to $1.062.316, or 54% of the assessment levy. The
Auditor attributed the large delinquency to the building and loan situation
and unemployment conditior s.
MOREAU UNION FREE SCHOOL DISTRICT NO. I (P. 0. South
Glen Falls) N. Y.
-The issue of $200,000 coupon or
-BONDS NOT SOLD.
registered school bonds, offered at not to exceed 5% interest on Oct. 14V. 135. p. 2369
-was not sold, as no bids were received. Dated May 1
1932 and due serially on May 1 from 1934 to 1961 incl.
MORRILL, Scotts Bluff County, Neb.-BOND SALE.
-The $38,755
issue of sanitary sewer bonds that was authorized by the Village Council
in August
-is reported to have been sold.
-V. 135, p. 1526
MOUNT PLEASANT UNION FREE SCHOOL DISTRICT NO. 8
(P. 0. Thornwood), Westchester County, N. Y.
-BOND SALE.
-The
issue of $150,000 coupon or registered school bonds offered on Oct. 19V. 135, p. 2689
-was awarded as 5s to B. J. Van Ingen St Co., of New
York, at a price of 101.339, a basis of about 4.86%. Dated Oct. 15 1932.
Due $6,000 on Oct. 15 from 1934 to 1958 incl.
MOUNTRAIL COUNTY SCHOOL DISTRICT No. 148 (P. 0. Blade
dell), N. Dak.-CERTIFICATES NOT SOLD.
-The $1,000 issue of certificates of indebtedness offered on Oct. 8-V. 135, p. 2526
-was not sold
as there were no bids received, according to the District Clerk. Due in
one year.
MOUNTAIN GROVE CONSOLIDATED SCHOOL DISTRICT
(P. 0. Mountain Grove), Wright County, MO.
-BONDS VOTED.
At the election held on Oct. 11-V. 135, p. 2203-the voters are reported
to have favored the issuance of the $50,000 school building bonds.
MOUNT VERNON, Knox County, Ohlo.-BOND SALE.
-.1. Clinton
Coe, City Auditor, reports that the issue of $14,149.36 special
improvement bonds authorized in May 1932-V. 134, p. 3320 assessment
-has been
purchased as 5s by the BancOhlo Securities Co., of Columbus, at par plus
premium of $65.80, equal to 100.46. a basis of about 4.84%. Dated May a
1
1932 and due semi-annually as follows: $149.36 April 1 and 8500 Oct. 1
1933, and $500 April and Oct. 1 from 1934 to 1942 incl.
MUNHALL, Allegheny County, Pa.
-BOND OFFERING.
-L.
Woodward, Borough Secretary, will receive sealed bids until 1:30 p. m.Y.
on
Nov. 4 for the purchase of $750.000 4 % coupon bonds. Dated Nov. 1
1932. Denom, 31.000. Due $50,000 annually on Nov. 1 from 1937 to 1951
incl. Interest is payable in May and November. Salo of the bonds is subject
to approval of issue by the Department of Internal Affairs of Pennsylvania,
also to the favorable legal opinion of Reed. Smith, Shaw & McClay, of
Pittsburgh, which will be furnished the successful bidder. A certified check
for $10,000, payable to the order of the Borough Treasurer, must accompany
each proposal.
NEVADA, State of (P. 0. Carson City).
-LOAN GRANTED.
-On
Oct. 20 the Reconstruction Finance Corporation, upon application of the
Governor, made available $3.600 to meet current emergency relief needs in
Mineral County from Oct. 1 to Dec. 31 1932. This is the second loan so
far made to localities in the State.
NEWBURYPORT, Essex County, Mass.
-TEMPORARY LOAN.
The First and Ocean National Bank, of Newburyport, purchased on
Sept. 28 a $50,000 revenue anticipation note issue at 4% discount basis.
Due on Feb. 28 1933.
NEW YORK, N. Y.
-CITY BOND PRICES REFLECT CHANGES
MADE IN 1933 BUDGET REQUIREMENTS.
-The course of the market
with respect to quotations on outstanding New York City bonds during
the past week was generally higher in accordance with the action taken by
the Board of Estimate in connection with the budget for 1933. The trend,
as pointed out in our article of last week-V. 135, p. 2690
-had been consistently lower, as a result of various developments pertaining to the office
of Mayor and the opposition of the Board of Estimate to the economy
proposals advanced by Mayor Joseph V. McKee.
Volume 135
Financial Chronicle
2861
"Supporting data outline the steps taken by the State of Oklahoma and
its political subdivisions and various agencies within the State to meet
the relief needs. In addition to the assistance rendered by the State, Red
Cross and other agencies, the Corporation was advised that 77 Oklahoma
countries during the fiscal year ending June 30 1932,expended approximately
$1.853,000 for relief.
"This is the first advance to the State of Oklahoma."
OLEAN, Cattaraugus County, N. Y.
-BOND OFFERING.
-H. M.
Jessop, City Clerk, will receive sealed bids until 8 p. m. on Oct. 25 for the
purchase of $104,000 not to exceed 6% interest coupon or registered public
welfare bonds. Dated Nov. 1 1932. Denom. $1,000. Due $26,000 on
July 1 from 1934 to 1937, incl. Interest is payable in Jan. and July. Rate
of interest to be expressed in a multiple of X of 1% and must be the same
for all of the bonds. A certified check for $2,080, payable to the order of
the City Treasurer, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York, will be furnished the
successful bidder.
ONONDAGA COUNTY (P. 0. Syracuse), N. Y.
-BOND SALE.
The $500.000 coupon or registered bonds offered on Oct. 19-V. 135.
-were awarded as 3%s to Halsey, Stuart & Co.. Inc. and the
p. 2690
Bancamerica-Blair Corp., both of New York, jointly, at par plus a premium
of $2,802, equal to 100.56. a basis of about 3.67%. The award comprised:
$350,000 road and hignway bonds. Due Oct. 1 as follows: $10.000from 1933
to 1937 incl., and $20.000 from 1938 to 1952 incl.
160 000 general bonds. Due $50,000 on Oct. 1 from 1935 to 1937 incl.
Each issue is dated Oct 1 1932.
-Public reoffering of the bonds is being
BONDS PUBLICLY OFFERED.
made at prices to yield 2% for the 1933 maturity: 1934, 2.50%; 1935, 3%;
1936, 3.25%; 1937, 3.50%; 1938, 3.55%; 1939 to 1943 incl.. .60%:1943
to 1947 incl., 3.65%, and 3.70% for the maturities from 1948 to 1952 incl.
Legal investment for savings banks and trust funds in New York State.
according to the bankers. The bonds, in the opinion of counsel, constitute
direct obligations of the entire County, payable from unlimited ad valorem
taxes levied against all the taxable property therein.
ORANGE TOWNSHIP (P. 0. Warrensville) Cuyahoga County,
-George Jones, Clerk of the Board of Trustees,
-BOND OFFERING.
Ohio.
will receive sealed bids until 12 m. (eastern standard time) on Nov. 2,_for
the purchase of $1,200 6% refunding bonds. Dated Oct. 1 1932. Due
$100 on April and Oct. 1 from 1934 to 1939, incl. Principal and interest
(April and October) are payable at the office of the above-mentioned
Clerk. A certified check for 5% of the bonds bid for, payable to the order
of Mr. Jones, must accompany each proposal.
ORANGE VILLAGE SCHOOL DISTRICT (P. 0. Chagrin Falls),
-ADDITIONAL INFORMATION.
Cuyahoga County, Ohio.
-Further
Information in connection with the issue of $6,000 6% coupon refunding
-has been received
bonds scheduled for award on Oct. 22-V. 135, p. 2526
by us as follows: The bonds are outside of all tax limitations and will be
Issued under authority of Section 2293-5 of the General Code, as amended
in House 13111 No.394, effective July 16 1931. Legality will be approved by
Squire, Sanders & Dempsey. of Cleveland. The Village School District
Includes the entire area of the Villages of Orange. Hunting Valley and
Pepper Pike. and all of the Township of Orange. as well as the major
portion of the Village of Moreland Hills. The area is about 25 square miles
and the population is estimated at 1,700. The assessed valuation of real
property for 1931 is given as $12,561,070 (not including $3.758.536 in
Intangibles listed in 1930), while the presently outstanding bonded debt,
including the current issue, is $253,000.
-FINANCIAL STATEMENT.
OREGON, State of (P. 0. Salem).
The following official statement is furnished in connection with the offering
scheduled for Oct. 27 of the $2.000,000 issue of not to exceed 6% coupon
-V.135. p. 2691:
semi-ann. Veterans' State Aid gold bonds
Official Financial Statement.
taxable property in each county as assessed by the county
Value of
assessor and equalized by the county board of equalization thereof, as of
March 1 1931, is $905,847,238.52.
Value of taxable property assessed and equalized by the State Tax
Commission and apportioned according to respective county ratios is
$186,959.976.56.
Total value of taxable property in each county, including that equalized
by the county board of equalization and that equalized and apportioned by
the State Tax Commission, is $1,092,807,215.08.
Full cash value of taxable property assessed by county assessor and
equalized by county board of equalization in each county,found by application of county ratios is $1,610,200,985.15.
Full cash value of property assessed and equalized by State Tax Commission and assigned to the several counties, is $329,485,629.18.
Total full cash value of taxable property in each county, including that
equalized by the county board of equalization and that equalized and
apportioned by the State Tax Commission, found by application of county
ratio to taxable value of property therein, is $1,939,686,614.33.
Total taxable value of all property in State equalized among the several
counties according to their respective ratios, is $1,092,807,215.08.
Total bonded indebtedness $54,577,510 does not include this issue.
Statement of Outstanding Bonds and Contra Assets of the Stale of Oregon
as of Oct. 11932.
Assets.
Oregon district interest bonds outstanding
$2,172.760.00
Oregon farm credit bonds outstanding_
263,000.00
Oregon farm credit first mortgages and
$269.435.91
investments
State highway bonds outstanding
27,516.750.00
824,639.04
State highway fund (cash)
Oregon veterans' State aid bonds outstand'g
24,625,000.00
Oregon veterans' State aid sinking fund_ _
373,278.47
Oregon veterans' State aid first mortgage
loans receivable
21,728,385.80
Oregon veterans' State aid realty contracts
OHIO, State of (P. 0. Columbus.)
-LOAN GRANTED.
-Upon
receivable
488,112.88
application of the Governor, the Reconstruction Finance Corporation on
Oregon veterans' State aid real estate
Oct. 15, made available $182,887 to meet current emergency relief needs for
(city property)
1.119,201.30
the city of Akron.for the period from Oct. Ito Dec. 311932. The text of the
Oregon veterans' State aid real estate
announcement by the Corporation on this loan reads as follows:
(farm property)
702,045.61
"These funds are made available under Title 1, Section 1. subsection (c)
Oregon veterans' State aid fund (cash)
26.256.55
of the Emergency Relief and Construction Act of 1932 with the full underthat the local community and the State of Ohio will continue to
standing
Total credits
$25,531,355.56
make every atm to develop and maintain local responsibility for relief
Balance
29,046.154.44
needs.
"Supporting data presented to the Corporation assert that 'the City of
$54,577,51^.00 $54,577,510.00
Akron is wholly without funds for further relief of any character.'
"It is further stated that 'the City of Akron is without authority to raise
ORRVILLE, Wayne County, Ohio.
-BOND SALE.
-The issue of
funds for poor relief by the issue of bonds except in the sum of $32.400, the
$36.000 coupon special assessment sewage disposal works improvement
Issue of which amount in poor relief bonds has already been authorized by
bonds offered on Oct. 18-V. 135. p. 2526
-was awarded as 5s to the
the council of the city of Akron and are now advertised for sale.'
Orrville Savings Bank. at a price of par. Dated Oct. 1 1932. Due $1.000
"The supporting data likewise show that the City of Akron during the
on April and Oct. 1 from 1934 to 1951 incl. Bids received at the sale were
first eight months of 1932 expended for relief from private and public funds
as follows:
a total of$800,789.80. The city has also expended for relief the entire portion
BidderPrem.
Int. Rate,
of the proceeds of the sale of poor relief bonds by Summit County that was
Orrvillc Savings Bank (purchaser)
5%
Par
allocated to Akron.
Ryan. Sutherland & Co
$22000
53%
"Heretofore the Reconstruction Finance Corporation has made available
N. S. Hill & Co
97.20
5%
aggregate of $4,417,585 to the State of Ohio for relief and work relief in
an
OTTO TOWNSHIP SCHOOL DISTRICT (P. 0. Duke Center),
various counties and municipalities. Of this total, $240,500 was made
McKean County, Pa.
-BOND SALE.
-The Secretary of the Board of
available to Summit County, in which Akron is situated."
School Directors reports that Singer, Deane & Scribner of Pittsburgh, have
ADDITIONAL LOAN.
-Upon the application of the Governor the
purchased an issue of $84,000 451% school building and equipment bonds
Reconstruction Finance Corporation made available on Oct. 20, $448,750
at a price of par. Due $7,000 on Sept. 15 from 1934 to 1945 incl.
to meet current emergency relief needs in Mahoning County and in the
OXFORD, Granville County, N. C.
-An $8.000 issue
cities of Youngstown and Toledo. Of the total made available, $256,750
-NOTE SALE.
of tax anticipation notes is reported to have been purchased recently by
goes to Youngstown, and $48.000 to Mahoning County for the period from
the Union Bank & Trust Co. of Oxford. as Seat par. Due on Feb. 15 1933.
Oct. 1 to Dec. 31, and $144,000 to Toledo for the month of October.
OYSTER BAY COMMON SCHOOL DISTRICT NO. 14 (P. 0.
-LOAN GRANTED.
OKLAHOMA,State of(P.O. Oklahoma City).
Jericho), Nassau County, N. Y.
The Reconstruction Finance Corporation, upon application of the Governor,
-The $72.000 coupon or
-BOND SALE.
registered school bonds offered on Oct. 13-V. 135. p. 2526
-were awarded
on Oct. 15 made available $181,312 to meet current emergency relief needs
as 5s to B. J. Van Ingen & Co.,of New York,at a price of 100.239. a basis of
for 20 counties for the period from Oct. 1 to Dec. 31 1932. The text of the
about 4.96%. Dated Oct. 1 1932. Due Oct. 1 as follows: $3,000 in 1933 and
Corporation's announcement reads as follows:
1934; $4.000 from 1935 to 1937 Incl.; $5.000 from 1938 to 1943 incl.. and
"These funds are made available under Title I, Section 1, subsection (c)
$6.000 from 1944 to 1947 incl.
ofthe Emergency Relief and Construction Act of 1932 with understanding
that the responsibility of local communities and the State of Oklahoma to
PALATINE, Cook County, 111.
-T. C. Hart, Village
-BOND SALE.
make every effort to develop their resources to provide relief is not in any
Clerk, reports that local investors have purchased at par an issue of $5,500
way diminished.
5% water works improvement bonds, unsuccessfully offered at competitive
"The counties covered by the Governor's application are primarily
sale on Oct. 5.
agricultural. Drouth, boll weevil and low prices prevailing for cotton.
Wheat and other agricultural products have made emergency relief necessary
PALM BEACH COUNTY (P. 0. West Palm Beach), Fla.
-LOAN
for a large number of famines, according to the supporting data.
DETAILS.
-In connection with the sale of the $55,000 (not $58.000)
The quotations on Oct. 17 advanced from 1 to 4 points as a result of the
Board's action in cutting approximately $75,000,000 from the tentative
operating figure for 1933, which was done following the appearance at the
budget meeting of Charles A. Mitchell, Chairman of the National City
Ban.k, who expressed concern over the credit rating of the city as reflected
in the quotations of the city bonds and the obvious disinclination ofinvestors
to Purchase them. (Mr. Mitchell's remarks on this subject together with
reductions made in the budget are given in greater detail on a preceding page
of this section.) On Oct. 17, the 41(s of 1981, the most representative of
the issues traded in, closed at 89 bid, 91 asked, as compared with 85 bid
and 88 asked on Friday. Oct. 14. On Tuesday, Oct. 18, the figures advanced to 89X and 91%,and remained at those levels on the following day.
•On Oct. 20 the price level was 893 bid, 90X asked, and on Oct. 21 at 89
and 90%.
Below we compare quotations on certain of the city's issues on Sept. 7,
(when the figures were at high levels for the year as a result of Acting Mayor
1VicKee's action), on Oct. 14 and on Oct. 21:
Bid and Asked Quotations
Oct. 21-Sept.
7- -Oct.14179
83(1954)
84
87
76
80
33s,due 1954-55
182
86(1955)
84
87
88
90
80
84
43, due 1977
85
88
94%
95%
89
903.
4%s,due 1981
91
92
99%
88
943
973.
.13.s, due 1979
103 1100.26-101.50 ('36) 101-102 (1936)
102
6s. due 1936-37
•1101.75-102.25('37)101%-102A(37)
-No outside
-BOND EXCHANGE.
NILES, Trumbull County, Ohio.
bids having been submitted for the issue of $53,176.85 6% refunding bonds
offered on Oct. 8-V. 135. p. 2204-it is now planned to exchange the
obligations for an issue of like amount which became due in October.
The refunding bonds will be dated Oct. 1 1932 and mature serially until
1942. The old bonds carried interest rates of from 5 to 6%•
NORTHAMPTON, Hampshire County, Mass.
-LOAN OFFERING.Albina L. Richards, City Treasurer, will receive sealed bids until 5 p. m.
on Oct. 24 for the purchase at discount basis of a $150,000 temporary
loan. Dated Oct. 26 1932. Denoms. $25,000. $10,000 and $5,000. Due
Aug. 26 1933. Notes and interest (at maturity) will be payable at the
Merchants National Bank, of Boston. The notes will, be certified as to
genuineness by the Merchants National Bank, of Boston, and their legality
will be attested to by Storey, Thorndike, Palmer & Dodge, of Boston.
NORTH CAROLINA,State of (P.O. Raleigh).
-PROPERTY TAXES
-Property taxes in this State were cut more than 20% for the
REDUCED.
fiscal year 1931-32, according to a recent statement by Governor 0. Max
Gardiner. This is the first year of State operation ofschools and maintenance
of roads, he explained. The reduction is the largest ever brought about in a
single year in any Stale, the Governor stated. The figures recently completed by the Tax Commission are said to show a total property tax levy of
59.911,000 in 1930, and a drop to $17,684,000 in 1931-the first year to
have the benefit of the 1931 school and road legislation, and of the legislative and administrative economies put into effect in local government.
The analysis of the Tax Commission shows reduction in county levies of
$10 055.000, in district levies of $1,704,000, and in municipal levies of
$46,000.
NORTH COLLEGE HILL, Hamilton County, Ohio.
-BOND OFFERING.
-Edward C. Milers. Village Clerk, will receive sealed bids until
12 m. on Nov. 1 for the purchase of $35,688.38 6% municipal building
site and construction bonds. Dated Oct. 1 1932. One bond for $1,688.38,
others for $1,000. Due Oct. 1 as follows: $1,000 from 1934 to 1941, incl.;
$2,000 from 1942 to 1954, incl., and $1,688.38 in 1955. Interest is payable
in April and Oct. Bids will also be considered for the bonds to bear interest
at a rate other than 6%. A certified check for 1% of the bonds bid for, or
in amount of $375 in the case of an offer for the entire issue, payable to
the order of the Village Treasurer, must accompany each proposal. Complete transcript in connection with the issue will be furnished the successful
bidder, in addition to approving opinion of George E. Kearns and Peck,
Shaffer & Williams. of Cincinnati.
NORTH PELHAM, Westchester County, N. Y.
-BOND OFFERING.
-George O'Sullivan, Village Clerk, will receive sealed bids until 8 p. m.
on Oct. 26 for the purchase of 1166,000 not to exceed 6% interes coupon
or registered highway bonds. Dated Nov. 1 1932. Denom. $1,000. Due
Nov. 1 as follows. $3,000 from 1933 to 1931; incl., an I $4.000 from 1939 to
1950 incl. Rate of in.erest to be expressed in a multiple of X or 1-10th of
1% and must be the same for all of the bonds. Principal and interest
(May and November) are payable at the Pelham National Bank, Pelham.
A certified check for $1,000, payable to the order of the Village, must
accompany each proposal. The approving opinion of Clay, Dillon & Vandewater, of New York, will be furnished the successful bidder.
(This issue was previously offered on May 26 1932. at which time the
three bids received were rejected. Batchelder & Co., old a price of 100.42
for 5.70s: M.& T. Trust Co., 100.479 for 5.70s, and Wachsman & Wessell,
bid 100.199 for 5.905.-V. 134, p. 4026.)
NORTHVILLE, Wayne County, Mich.
-AUTHORIZED PAYMENT
OF BONDS.
-The village council has voted to ixty $7_,000 of a total of
$12,000 paving bonds which are held in default by the Detroit Trust Co.,
It was reported on Oct. 15
-RATE OF DISCOUNT.NORWOOD, Norfolk County, Mass.
The issue of $100,000 revenue anticipation notes reported sold last week
to Faxon, (lade & Co.. of Boston-V. 135, p. 269 -was purchased by
the bankers at a discount basis of 5%%. Dated July 25 1932 and due
on Dec. 20 1932.
ODESSA, Lincoln County, Wash.
-BOND OFFERING.
-Sealed
bids will be received until Nov. 7 by L. 0. Welk, Town Clerk, for the
purchase of a $5,000 issue of 6% semi-annual flood relief improvement
bonds. Due in 1943. These bonds were approved by the voters on
2862
Financial Chronicle
loan to the Florida National Bank dr Trust Co. of West Palm Beach-V.
-we are informed that the loan was sold at 6%, and matures
135. p. 2526
on Feb. 28 1933.
-BONDS VOTED.
-At an election held
PARIS, Henry County, Tenn.
on Oct. 11 the voters approved the issuance of $60,000 in public improvement bonds by a large majority, according to local news dispatches.
-BONDS AUTHORIZED.
PARK RIDGE, Cook County, 111.
Ordinances were adopted on Oct. 4 providing for the issuance of $115,000
city hall building bonds and $10,000 street improvement bonds.
PARSONS, Labette County, Kan.
-BOND ELECTION.
-It is reported•that at the general election on Nov. 8 the voters will be asked to
pass on a proposal to issue $325,000 in gas plant and distributing system
bonds.
PASADENA, Los Angeles County, Calif.
-BOND ELECTION.
It is reported that an election will be held on Nov. 8 in order to have the
voters pass on the proposed issuance of $200,000 in unemployment relief
bonds.
PEMISCOT COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
10 (P. 0. Caruthersville), Mo.-BOND SALE.
-A $36,000 issue of 6%
school bonds is reported to have been purchased by A. E. Gessler & Son
of St. Louis. Dated March 1 1932. Legality approved by Benj. H. Charles
of St. Louis.
PHILADELPHIA, Pa.
-DECIDE AGAINST $15,000,000 BOND
ISSUE.
-Decision to withhold flotation of a new $15,000,000 bond issue
until 1933 was made at a conference of Philadelphia fiscal leaders in Mayor
Moore's office recently. Belief that a reduction in the municipality's
borrowing power, as a result of a decline in realty valuations, would operate
against a favorable market for the issue, was expressed at the meetirg.
PHILLIPS COUNTY HIGH SCHOOL DISTRICT (P. 0. Holyoke),
-BONDS CALLED.
Colo.
-We are informed that 5% high school bonds,
aggregating $54,000, are called for payment at par, at the office of the
County Treasurer, or at the First National Bank in Denver, on Nov. 15,
on which date interest shall cease. The bonds are numbered from 1 to 12,
14 to 24, 26 to 33, 35 to 55, 59 and 60. dated Nov. 15 1917, are due on
Nov. 15 1947 and optional on Nov. 15 1932.
-BONDS AUTHORIZED.
PINE COUNTY (P. 0. Pine City), Minn.
-At a meecing held on Sept. 19 a resolution is reported to Have been passed
by the County Commissioners providing for a $20,000 issue of 4(%
refunding bonds. Due $10,000 on July 1 1944 and 1945.
-LOAN AUTHORIZED.PITTSFIELD, Berkshire County, Mass.
At a special session on Oct. 3 the Board of Aldermen approved of borrowing $200,000 outside of the debt limit, with interest at not to exceed
6% and payable on Sept. 18 1933. Of the proceeds, $170,000 will be
expended by the Welfare Department, while $30,000 will be used for
soldiers' aid.
-BOND OFFERING.
PLEASANTVILLE, Westchester County, N. Y.
-Charles J. Laire, Village Clerk, will receive sealed bids until 7 p. m. on
Nov. 2 for the purchase of 182,000 not to exceed 67. interest coupon or
registered public impt. bonds. Dated Nov. 1 1932. Denom. $1,000, Due
Feb. 1 as follows: $8.0G0 in 1934 and 1935:$9,000 in 1936 and 1937; 15,000
from 1938 to 1946 incl., and $3.000 in 1947. Rate of interest to be expressed
in a multiple of yi or 1-10th of 1% and must be the same for all of the bonds.
Prin. and int.(Feb. & Aug.) are payable at the First National Bank of Pleasantville. A certified check for $1,100, payable to the order of the village,
must accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater of New York, will be furnished the successful bidder.
-BONDS VOTED.
-At the
PORT ARTHUR, Jefferson County, Tex.
-the voters approved the
special election held on Oct. 11-V. 135, p. 2526
proposal to Issue 1100,000 in sea wall completion bonds by a wide margin.
-FURTHER DETAILS
PORT OF NEW YORK AUTHORITY, N. Y.
-In connection with
REGARDING TUNNEL PROJECT REQUESTED.
the application made by the Port Authority for a loan of 175,000,000 from
the Reconstruction Finance Corp. to finance the projected tunnel under the
-V.
Hudson River between 38th St. Manhattan and Weehawken, N. J.
135, p. 2691-it was reported on Oct. 15 that officials of the Reconstruction
Finance Corporation have requested additional data from the Port Authority
with respect to the probable operating results of the project. Early
approval of the loan is expected to be made, according to report.
-BOND SALE.
-The issue
PORTSMOUTH, Scioto County, Ohio.
-was
of $69,000 6% refunding bonds offered on Oct. 11-V. 135,_ p. 2370
subscribed for at par by local banks. Dated Oct. 1 1932. Due as follows:
10,500 on May and Nov. 1 from 1934 to 1936, incl., and $4,000 May and
Nov. 1 from 1937 to 1942, incl.
The award was made jointly to the First National Bank, the Security
Central National Bank and the Portsmouth Banking Co.,all of Portsmouth.
POUGHKEEPSIE UNION FREE SCHOOL DISTRICT NO. 7 (P. 0.
-Harry
-BOND OFFERING.
Poughkeepsie), Dutchess County, N. Y.
E. Downer, District Clerk, will receive sealed bids until 2 p. in. on Oct. 25
for the purchase of $344,000 not to exceed 6% interest coupon or registered
school bonds. Dated Nov. 11932. Denom. $1,000. Due June 1 as follows:
16,000 from 1939 to 1942 incl.; 17,000, 1943 to 1945; $8,000, 1946 to 1951;
19,000. 1952 to 1954; $10,000 in 1955 and 1956; 11.000, 1957; $15,000 in
1958 and 1959; $16.000, 1960; $18,000, 1961; $19,000, 1962; $20,000. 1963;
$21,000, 1964;$22,000, 1965; $23,000 in 1966. and $24.000 in 1967. Rate of
Interest to be expressed in a multiple of ji or 1-10th of 1% and must be the
same for all of the bonds. Principal and interest (June and December) are
payable at the Fallkill National Bank Sr Trust Co., Poughkeepsie. or at the
Chase National Bank, New York. A certified check for 17,000, payable to
William O.Budd,Treasurer, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York, will be furnished the
successful bidder.
-BONDS PUBLICLY
PROVIDENCE, Providence County, R. I.
OFFERED.
-R. L. Day & Co., of Boston, are making public offering of
$50,000
% registered bonds, due Feb. 1964, at a price to yield 3.90%.
QUINCY SCHOOL DISTRICT NO. 172 (P. 0. Quincy), Adams
County, 111.
-BOND SALE-The Harris Trust & Savings Bank and
A. G. Becker & Co., both of Chicago, jointly, purchased at public auction
on Oct. 14 and issue of $300,000 4j4% coupon school building construction
bonds, at a price of 101.933, a basis of about 4.03%. Dated Oct. 1 1932.
Denom. $1.000. Due July 1 as follows: $11,000 from 1934 to 1943 incl.;
$30,000 in 1944,and $40,000 from 1945 to 1948 incl. Prin. and int.(J.& J.)
are payable at the office of the District Treasurer. Legality to be approved
by Chapman & Cutler of Chicago.
The bankers are making public re-offering of the issue at prices to yield
3% for the 1934 maturity; 1935, 3.50%; 1936. 3.75%; 1937, 3.90%; 1938
to 1942 incl.. 4%, and 4.10% for the maturities from 1943 to 1948 incl.
Eligible in the opinion of the bankers as security for Postal Savings Deposits, and offered subject to the opinion of counsel that the securities
will be direct general obligations of the entire School District, payable
from taxes levied against all the taxable property therein. School District
No. 172 is co-extensive with the City of Quincy.
Financial Statement(As Officially Reported by the School Treasurer Oct.1 1932).
$77,000,000
Real value of taxable property, estimated
32,764,648
Assessed valuation for taxation, 1931
810,000
Total debt (this issue included)
Population: Esdmated, 42,000; City, 1930 census, 39.241; City, 1920
census. 35,978.
Total debt less than 21i% of assessed valuation.
RACELAND, Greenup County, Ky.-COURT UPHOLDS VALIDITY
-The following report on the approval of a proposed
OF WATER BONDS.
Issue of $40,000 water works bonds of this city, by the Court of Appeals,
Is taken from a Frankfort dispatch to the Louisville "Courier-Journal"
of Oct. 8:
The Court of Appeals to-day upheld the validity of a proposal of the
City of Raceland to construct a waterworks system. W. H. Williams,
revenue
a taxpayer, lost his appeal to enjoin the city from issuing $40,900 in
bonds for the project. The opinion, written by Judge Gus Thomas, held
enacted by the 1930 Legislature changed the 1926
that an amendment
act to authorize fifth and sixth class cities to build waterworks and that an
amendment adopted by the 1932 Legislature did not repeal the previous
amendment.
-A
RALSTONDouglas County, Neb.-BOND SALE BARRED.
unction is stated to have been issued on Oct. 4 by District
)
ant inf
ineen against the issuance and sale of the $97,000 in electric
-V. 135, P. 1690.
light plant bonds that were voted in Aug.
SI=Frank
Oct. 22 1932
It is stated that the attorneys for the city and for the Municipal Electric
Debentures Corp. have requested a rehearing on the case, on the ground that
the District Court had erred in many respects.
REPORT ON LOANS SO FAR MADE TO STATES BY RECONSTRUCTION FINANCE CORPORATION.-Tne following report on
loans aggregating $43,377,726, made to 30 States and Territories by the
Reconstruction Finance Corporation since its inception last July, is taken
from a Washington dispatch to the New York "Herald Tribune" of Oct. 19:
At the average rate of approximately $3,600,000 a week in the last three
months, the Reconstruction Finance Corporation has advanced from the
$300,000,000 emergency relief loans to 30 States and Territories aggregating 143,377,726.22. These loans, the directors of the Corporation indicated to-day, constitute only time beginning of advances to be approved
this winter, particularly in the same 30 States and subdivisions where the
need, accorling to current information, will continue to be pressing.
Unemployment and lack of private and State funds already have caused
the Corporation to make heavy preliminary advances on applications from
Illinois, Pennsylvania and Ohio among 55 loans which have been made
since July 27. Similar conditions and demands of the State and municipal
authorities have resulted in loans to Michigan, Wisconsin, Oregon, Montana, Washington, Alabama, Tennessee, Nevada. Louisiana. Florida.
Colorado, Utah, Arizona, New Mexico, Wyoming and South Dakota, with
Mississippi and New Hampshire in line for funds.
Thus far New York has made no application, and if New York City raises
an amount comparable to the nearly $20,000,000 obtained from private
sources last year, the supplement of State funds for use in the city may
not require a call upon the Finance Corporation for assistance. With the
exception of New Hampshire, New England has not been heard from,
and other States refraining thus far from making applications include
Minnesota, New Jersey, Delaware and Maryland.
The following is an official tabulation of the loans made by the Corporation up to Oct. 15:
To Be Reimbursed by---Political
StaleState.
Total.
Subdivisions.
Alabama
$225,000.00
$225,000.00
Arizona
250,000.00
250,000.00
Arkansas
1,031,900.00
1,031 900.00
Colorado
847,600.00'
847,600.00
Florida
835,715.00
835,715.00
Georgia
345,093.22
345,093.22
Idaho
300,000.00
300,000.00
Illinois
14,000,000.00
14,000,000.00
'Kansas
450,000.00
450,000.00
Kentucky
672.550 00
672,550.00
Louisiana
2,104,928 00
2,104,928.00
Michigan
2,156,000,00
$2.15&-0-00-.66
Missouri
986,774.00
986,774.00
Montana
395.000.00
395,000.00
Nevada
47.200.00
47,200.00
New Mexico
90,800.00
90,800.00
North Carolina
815,000.00
815,000.00
North Dakota
50,000.00
-50,000.00
Ohio
2,56-- - ,887.tii) 2,080,585.00
4,600,472.00
Oklahoma
181,312.00
181,312.00
Oregon
134,978.00
134,975.00
Pennsylvania
5.842,183.00
5,842,183 00
South Dakota
430,695.00
430,695.00
Tennessee
193,236.00
193,236.00
Texas
366,597.00
366,597.00
Utah
640,000.00
640,000.00
Virginia
283,367.00
283,367.00
Washington
-. - - -- -780,000.00
780,000.00
West Virginia
653,891.00
653,891.00
Wisconsin
3,000,000.00
3,000,000.00
Hawaii
307,435.00
307,435.00
Porto Rico
360,000.00
360,000.00
Total
138,311,141.22 $5,066,585.00 $43,377,726.22
RHEA COUNTY (P. 0. Dayton), Tenn.
-BONDS NOT SOLD.
The three issues of 534% semi-ann. bonds aggregating $275,000, offered
on Oct. 3-V. 135, p. 2370
-were not sold. The issues are divided as
follows: $195,000 general county; $55,000 elementary school, and
$25,000
high school bonds. Dated Oct. 1 1931. Due in 30 years.
TOWNSHIP, Summit County, Ohio.
RICHFIELD
-BOND ELECTION.
-At the general election on Nov. 8 the voters will decide whether
Issuance shall be made of $6,000 fire apparatus equipment bonds,to mature
In from 1 to 12 years.
RICHFORD, Franklin County, Vt.-BOND SALE.
-The issue of
$12,000 5% bonds offered on Oct. 20-V. 135, p. 2691-was awarded to
the Richford Savings Bank & Trust Co., of Richford, at a price of par.
Due Sept. 1 as follows: $1,000 in 1933; $2,000 in 1934, and $3,000 in
1935, 1936 and 1937.
The Vermont Securities, Inc., of Brattleboro, named a price of 98.50 for
the issue.
RIVER ROUGE, Wayne County, Mich.
-BONDS NOT SOLD.
The issue of $57,000 welfare relief bonds offered at not to exceed 6%
interest on Oct. 18-V. 135, p. 2691-was not sold, as no bids were received. Dated Oct. 1 1932 and due $19,000 on Oct. 1 from 1935 to 1937
incl.
ROCHELLE TOWNSHIP HIGH SCHOOL DISTRICT NO. 212,
Ogle and Lee Counties, 111.
-BONDS PUBLICLY OFFERED.
-The
H. C. Speer & Sons Co., of Chicago, is offering for public investment
$10,000 534% refunding school bonds. due Oct. 15 1942, at a price of par
and interest. The bonds, it is stated, constitute a direct obligation of the
entire District, payable from a direct annual tax levied upon all taxable
property therein. The District, which has an area of over 55,000 acres
of fertile farm land, includes the town of Rochelle, and reports an assessed
valuation for 1931 of 15,604,773 and a bonded debt of $110,000. Population
of the town in 1930 was 3.785.
ROCHESTER, Beaver County, Pa.
-BOND OFFERING -John H.
Mellor, Borough Treasurer, will receive sealed bids until 7.30 p.m. on
Nov. 7 for the purchase of $24,000 4.31 % coupon borough bonds. Dated
Oct. 11932. Due as follows: $1,000 from 1937 to 1939, incl.; $2,000 from
1940 to 1942: $3.000, 1943; $1.000 in 1944 and 1945;
In 1947 and 1948; $3,000 in 1949. and $2,000 in 1950.$3,000, 1946; $1,000
Interest is payable
semi-annually. A certified check for 11,000 must accompany each proposal.
Bonds are being offered subject to approval of issue by the Department
of Internal Affairs of Pennsylvania.
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.Frank Mitchell, City Auditor, will receive sealed bids until 12 M. on
Nov. 8 for the purchase of $118,020.01 6% refunding special assessment
bonds. Dated Oct. 1 1932. One bond for $1,020.01, others for $1,000.
Due Oct. 1 as follows: $20,020.01 in 1934, and $21,000 from 1935 to 1942
incl. Interest is payable in April and Oct. Bids for the bonds to bear
interest at a rate other than 6%, expressed in a multiple of g of 1%.
will also be considered. A certified check for $100, payable to the order
of the City, must accompany each proposal.
ROSELAND, Essex County, N. J.
-CONSIDER REPURCHASE
OF OUTSTANDING BONDS -Recommendation has been made by
Councilman Teed, chairman of the finance committee, to the Borough
Council, that the borough use part of its surplus funds to buy back a portion
of the $63,000 in school bonds outstanding. The obligations, it was said,
can be bought in the market at a price of 99.50, yielding 43i 70. whereas
cash surplus in the bank earns about 1% %. The plan is opposed by'
William Lenz, Borough Clerk, on the ground that the municipality s
allotment from gross receipt taxes paid by Public Service may be reduced
materially next year, which would mean that a good part of the surplus
would have to be appropriated in the following year's budget if the tax
rate is to be kept at its present figure.
ROSEVILLE VILLAGE SCHOOL DISTRICT, Muskingum County,
Ohio.
-BOND ELECTION.
-A proposal to issue $70,000 school building
construction bonds will be voted on at the general election on Nov. 8.
The bonds will mature in from 1 to 20 years, if authorized.
RUIDOSO SCHOOL DISTRICT NO. 3 (P. 0. Ruidoso), Lincoln
County, N. Mex.-MATURITY.-The $5,000 issue of 5% school building
bonds that was Purchased at par by the State Treasurer
-V.135.P.2692
is due $500 from July 1 1935 to 1944 incl..
Volume 135
Financial Chronicle
-BOND OFFERING.
RUSH COUNTY (P. 0. Rushville), Ind.
Jesse Henley, County Auditor, will receive sealed bids until 10 a. m. on
Nov. 5 for the purchase of $10,965.40 poor relief bonds. Rate of interest
to be named by the bidder. Dated Nov. 5 1932. Denom. $548.27.
Due two bonds semi-annually on May and Nov. 15 from 1934 to 1938
incl. Prin. and int. are payable at the office of the County Treasurer.
A certified check for 3% of the bonds bid for, payable to tiler order of
the Board of County Commissioners, must accompany each proposal.
No conditional bids will be accepted and the opinion as to the validity
of the bonds is to be furnished by the successful bidder.
ST. LOUIS, Mo.-ELECTION DETAILS.-Wc are advised that the
Board of Aldermen passed an ordinance on Oct. 17 giving assurance that the
cost of the proposed $4600000 relief bond issue to be voted on Nov. 8-will be borne by the Municipal Bridge toll charges. The
V. 135, p. 2692
authorization contains an alternative clause providing that if the bond
Issue is not passed next month the tolls shall continue for one year only.
-BOND SALE.
-Six issues
ST. PAUL, Hennepin County, Minn.
of coupon or registered stamped bonds aggregating $670,000 were offered
by the Sinking Fund Commission on Oct. 19 and awarded to a syndicate
composed of Lehman Bros.; Kean, Taylor & Co., and R. W. Pressprich
Sz Co., all of New York, and Piper, Jaffray & Hopwood, of Minneapolis,
at a price of 103.10, a basis of about 3.98%. The issues are divided as
follows:
$119.000 4il% school bonds. Due on July 1 1954.
100,000 4)'% sewer bonds. Due on July 1 as follows: $27,000 in 1943:
$16.000, 1944; $2.000, 1945; $3,000, 1951; $50.000, 1952, and
$2,000 in 1955.
100,000 431.% sewer bonds. Due on Jan. 1 as follows: $41,000, 1951;
$38,000. 1952, and $21,000 in 1954.
50,000 4 0 school bonds. Due on April 1 1956.
50,000 4(% permanent impt. bonds. Due on Nov. 1 1946.
251,0004% water bonds. Due on May 1 as follows: $6.000 in 1944;
$20,000 in 1945; $21.000, 1946; $22,000, 1947; $23,000, 1948;
$24,000, 1949; $25,000, 1950: $26,000, 1951; $27,000, 1952:
$28,000. 1953, and $29,000, 1954.
' BONDS OFFERED FOR INVESTMENT.
-The above bonds were reoffered by the successful bidders for public subscription as follows: 4%
bonds are priced to yield 3'.85%, and the 4)j% bonds are priced to yield
3.9070. Prin. and semi-annual int. payable at the Chase National Bank in
New York. Legality approved by John C. Thomson. Esq.. and Thomson,
Wood & Hoffman of New York. These bonds are reported to be direct
general obligations of the entire city.
SALT LAKE CITY BOARD OF EDUCATION (P. 0. Salt Lake
-NOTE SALE.
City), Utah.
-We are informed that an $875,000 4%
tax anticipation notes was purchased by a syndicate composed:ofthe National
City Co. of California, Blyth & Co. and Lamons & Co., Ltd., all of San
Francisco, at par. Denoms. $5,000. $10,000 and $25,11110. Dated July
15 1932. Due on Dec. 15 1932. Prin. and int. payable in New York
City. Int, playable at maturity. Legal opinion of Thomson, Wood &
Hoffman of New York.
(This report corrects that given in V. 135, P• 1857.)
Financial Statement (As Officially Reported.)
Assessed valuation, 1931
$174.814,451
Total bonded debt
4,071,000
Total tax notes outstanding, including this issue
975,000
Population, 140,267.
Estimated Revenue for Current School Year 1932-33.
From the tax levy for the maintenance of schools
$1,512,000
From the tax levy for bond sinking fund
100,800
From the tax levy for bond interest
218,400
From the State district school fund
865,000
From the State high school fund
35,000
From miscellaneous sources
28,260
$2,759,460
For the year 1931 the tax levy for school purposes was 10.5 mills per
dollar, of which 9 mills was for maintenance, 1 mill for bond interest and
.5 mill for bond sinking fund.
SAN DIEGO COUNTY (P. 0. San Diego), Calif.
-BONDS DEFEATED.
-We are informed that at an election held on Aug. 9 the voters
rejected a proposal to issue $1,000,000 in poor relief bonds. Under the
name of San Diego we reported an election was held on a similar issue on
Aug. 30-V. 135, P. 1527.
SALEM, Columbiana County, Ohio.
-BOND OFFERING.
-Karl L.
Webster, City Auditor, will receive sealed bids until 12 M. on Nov. 7 for
the purchase of $3,570 5% special assessment, South Broadway Ave.
impt. bonds. Dated Nov. 15 1932. One bond for $420, others for $350.
Due Nov. 15 as follows: $420 in 1934, and $350 from 1935 to 1943 incl.
Interest is payable in April and Oct. Bids for the bonds to bear interest at
a rate other than 5%,expressed in a multiple of g' of 1%. will also be considered. A certified check for 5% of the amonut of the bonds, payable to
the order of the city, must accompany each proposal. The approving
opinion of Squire, Sanders & Dempsey of Cleveland, will be furnished the
successful bidder.
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Scarsdale), Westchester County, N. Y.
-BOND OFFERING.
-George
A. Marsh, District Clerk, will received sealed bids until 12 m. on Oct. 31
at the offices of Hawkins, Delafield & Longfellow, 49 Wall St., N. Y. City.
for the purchase of $749,000 not to exceed 6% interest, series A, coupon or
registered school bonds. Dated Nov. 1 1932. Denom. $1,000. Due
Nov. 1 as follows: $9,000 in 1937; $20,000 from 1938 to 1947, incl.; $30,000
from 1948 to 1957, incl., and $40,000 from 1958 to 1963, iucl. Rate of
interest to be expressed in a multiple of g of 1-10th of 1%. Principal and
interest (May and Nov.) are payable at the Scarsdale National Bank &
Trust Co.. Scarsdale. A certified check for 2% of the bonds bid for,
payable to the order of the District Clerk, is required. The successful
'bidder will be furnished with the opinion of Hawkins, Delafield & Longfellow, of New York, that the bonds are direct, valid and binding obligations of the Board of Education of Town of Scarsdale Union Free S. D.
No. 1, payable as to principal and interest from unlimited ad valorem taxes
levied against all taxable property.
. SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.
-BONDS
AUTHORIZED-The Board of County Supervisors on Oct. 18 authorized
an issue of $400,000 road inipt. bonds.
SCHOOLCRAFT COUNTY (P. 0. Manistique), Mich.
-BOND
ELECTION.
-The Board of Supervisors has adopted a resolution calling
for a vote at the general election on Nov.8 of a proposal to issue 3100,000
highway improvement bonds for unemployment relief Purposes. The
6%
bonds would mature annually over a period of six years, until April 151939.
and would be retired from the proceeds of the county's gas and weight tax.
Issuance of the bonds would be made in accordance with the Horton Act,
passed at the recent session of the State Legislature.
SCITUATE, Plymouth County, Mass.
-TEMPORARY LOAN.
The Merchants National Bank, of *oaten, has purchased a $50,000 tax
note issue at 4.47% discount basis. Due on Oct. 16 1933.
SEATTLE, King County, Wash.
-BOND OFFERING.
-Sealed bids
will be received until noon on Oct. 28 by H. W.Carroll, City Comptroller,
for the purchase of an issue of $1,000.000 coupon water extension 1929,
Series WX-4,bonds. Int. rate is not to exceed 6%,payable semi-annually.
Denom. $1,000. Dated Dec. 1 1932. Due $50,000 from 1943 to 1962
incl. As an alternative to the purcnase of $1,000,000, any oidder, at his
option, may bid for the purchase of $300,000 or $500,000 of such bona,
or both. These bonds are part of a $5,000,000 issue authorized under
Ordinance No. 58624. approved Nov. 30 1929, and are a lien only upon
the gross revenues of the water plant and system of the city. Both principal and interest of said bonds to be payable in gold coin of the present
standard of weight and fineness at the places therein designated. The
approving opinion of Thomson, Wood & Hoffman of New York will be
delivered to the purchaser free of charge. No bid shall be withdrawn after
the same shall have been filed with the City Comptroller unless permission
so to do be first obtained from the City Council. Said bonds will be
delivered in Seattle, New York City, Chicago, Boston or Cincinnati, at
the option of the purchaser, and will be registerable as to principal or
principal and interest. A certified check for 5% of the par value of the
bonds, Payable to the City Comptroller, must accompany the bid.
SHALERSVILLE TOWNSHIP SCHOOL DISTRICT, Portage
-BOND ELECTION.
-One of the proposals to be conCounty, Ohio.
sidered by the voters at the general election on Nov.8 concerns the question
2863
of issuing $40,000 school building improvement bonds, to mature in from
one to 20 years.
SHELBY, Richland County, Ohio.
-BOND SALE.
-The issue of
$2,500 Property portion improvement bonds offered on Oct. 10-V. 135,
-was awarded as 6s to the Citizens Bank, of Shelby, at par plus
p. 2204
a premium of 35, equal to 100.20, a basis of about 5.96%. Dated Sept. 1
1932. Due $250 annually on Sept. 1 from 1934 to 1943 incl.
SHERIDAN, Sheridan County, VVyo.-PRICE PAID.
-The $120,000
Issue of 5%% coupon semi-annual refunding bonds that was purchased
by Brown, Schlessman, Owen & Co. of Denver
-V. 135, p. 2205
-was
awarded at par. Dated Oct. 1 1932. Due $15,000 from Oct. 1 1955 to
1962 incl. Optional on Oct. 1 1952.
SNOHOMISH COUNTY (P. 0. Everett), Wash.
-BOND SALE.
The $250,000 issue of coupon funding bonds offered for sale on Oct. 14-was awarded to the Washington Mutual Savings Bank
V. 135, p. 2370
of Seattle. as 5s, at 100.105, a basis of about 4.98%. Due serially in
10 years.
SOUTH EUCLID, Cuyahoga County, Ohio.
-BOND OFFERING.
Jessie M. Klumph, Village Clerk, will receive sealed bids until 12 M.(Eastern standard time) on Oct. 31 for the purchase of $544,900 6% bonds,
divided as follows:
$248.300 street improvement bonds, property owners' portion, series J
of 1932. Due Oct. 1 as follows: $24,300 in 1934; $25.000 from
1935 to 1937, incl.; $24,000 in 1938, and $25,000 from 1939 to
1943, inclusive.
179,600 street improvement bonds, property owners' portion, series I of
1932. Due Oct. 1 as follows: $17,600 in 1934, and $18,000 from
1935 to 1943, inclusive.
59,760 Sheridan Sewer Dist. No. 4 bonds, property owners' portion,
series L of 1932. Due Oct. 1 as follows: $5.760 in 1934: $7,000 in
1935 and 1936: $6,000 in 1937; $7,001. in 1938 and 1939; $6,000
In 1940, and $7,000 in 1941 and 1942.
57,240 street improvement bonds, property owners' portion, series K of
1932. Due Oct. 1 as follows: $6,240 in 1934: $6,000 in 1935 and
1936: $7,000 in 1937: $6,000 in 1938 and 1939; $7,000 in 1940;
$6,000 in 1941 and $7,000 in 1942.
Each issue will be dated Oct. 11932. Principal and interest (April and
Oct.) are payable at the Cleveland Trust Co.. Euclid Ave. and East 9th St.,
Cleveland. Bids for the bonds to bear interest at a rate other than 6%,
of 1%, will also be considered. A certified
expressed in a multiple of
check for 5% of the amount of bonds bid for, payable to the order of the
Village Treasurer, must accompany each proposal.
SPARTA TOWNSHIP (P. 0. Sparta), Kent County, Mich.
-BOND
-Sealed bids addressed to Henry M. Loomis, Township
OFFERING.
Clerk, will be received until 2 p. m. on Oct. 24 for the purchase of $5,000
not to exceed 5% int, poor relief bonds, dated Oct. 1 1932 and due on
Oct. 1 1937. Int, is payable in April and October. Issued under authority of Act. No. 12; extra session of the 1932 State Legislature.
SPOKANE, Spokane County, Wash.
-INTEREST RATE.
-The
$150,000 issue of tax anticipation notes that was purchased by the Spokane
-V. 135, p. 2527
& Eastern Trust Co. of Spokane.
-were awarded at 6%.
Due on Dec. 12 1932.
SPOKANE COUNTY (P. 0. Spokane), Wash.
-ADDITIONAL
DETAILS.
-The $60,000 issue of warrants that was purchased by the
-V.135, p. 2527
Spokane and Eastern Trust Co. of Spokane
-was awarded
at 6%, paying par, and it falls due on Nov. 11932.
STEUBENVILLE, Jefferson County, 0.
-BOND SALE PLANNED.
-In connection with the failure of the city to receive a bid at the offering
on Sept. 26 of $8.211.28 6% final Judgment bonds
-V. 135. p. 2527
-it is
reported that arrangements are being made for a local bank to take the
Issue at par. Dated Sept. 1 1932. Due serially on Sept. 1 from 1934 to
1938,inclusive.
ST1RATFORD, Fairfield County, Conn.
-BOND OFFERING.
William H. Shea, Director of Finance, will receive sealed bids until 2 p. m.
on Oct. 31 for the purchase of $75,000 not to exceed 6% interest, fourth
series, coupon poor relief bonds. Dated Nov. 1 1932. Denom. $1,000.
Due $5,000 on Nov. 1 from 1933 to 1947 incl. Rate of interest to be
expressed in a multiple of 4, of 1% and must be the same for all of the
bonds. Prin, and int.(M. & N.) are payable at the Stratford Trust Co..
Stratford. A certified check for $1,500, payable to the order of the Town,
must accompany each proposal. The approving opinion of Pullman &
Comley, of .Bridgeport, will be furnished the successful bidder.
SYRACUSE, Onondaga County, N. Y.
-OVER-SUBSCRIPTION
ANNOUNCED.
-The Chemical Bank & Trust Co. of New York, head of
a syndicate which made public offering on Oct. 10 of $2,330.000 334 and
4% bonds at prices yielding from 2.50 to 3.75%. according to coupon rate
-V. 135. p. 2693- announced on Oct. 20 that all of the
and maturity
bonds had been subscribed for and the syndicate hooks closed,
-BOND SALE.
TACOMA,Pierce County, Wash.
-The $135,000 lame
of coupon or registered city bonds offered for sale on Oct. 18-V. 135, p.
-was purchased by Dean Witter & Co. of San Francisco, and Asso2693
ciates, aq Wis, at a price of 100.07, a basis of about 5.74%. The bonds
were sold subject to the approving opinion of Thomson, Wood & Hoffman
of New York. Denoms. $500 or $1,000. Dated Oct. 15 1932. Due in from
2 to 15 years from date.
TENNESSEE, State of (P. 0. Nashville).
--LOAN GRANTED.
-On
Oct. 15 the R. F. C. made available to this State. upon application of the
Governor. $193,236 to meet current emergency relief needs in Knox,
Fentress, Clay, Grundy and Sumner counties,from Oct. 1 to Dec. 31 1932.
The text of the announcement by the Corporation reads as follows:
"These funds are made available under Title I, Section I, subsection (c)
of the Emergency Relief and Construction Act of 1932. In making these
funds available it is recognized by the Corporation that the responsibility
of local communities and the State to make every effort to develop their
resources to provide relief is not in any way diminished.
'Supporting data submitted by the Governor point out the need in each
of the live counties, steps taken to meet the need, resources now available
locally and the amount of supplementary Federal funds estimated to be
required during the last three months of this year.
"With reference to the availability of State funds, it is asserted that the
Governor now has no funds at his disposal which can be used for relief purposes. Furthermore, the Governor is said to have no legal authority to
divert funds from other appropriations for use for relief. Such authority
can be given only by the Legislature, which will meet in January next.
"This is the first advance to the State of Tennessee."
TEXAS COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 4
(P. 0. Houston), Mo.-BOND DETAILS.
-The $15.000 issue of 6%
school bonds that was purchased by A. E. Gessler 8: Son of St. Louis
V. 135, P. 2527
-was awarded at a price of 97.50, a basis of about 6.33%•
Coupon bonds dated July 1 1932. Denom. $500. Due serially in from
1 to 20 years. Interest payable J. & J.
TEXAS, State of (P. 0. Austin)
-LOAN GRANTED.
-A loan of
$237,097 was made available on Oct. 14 by the Reconstruction Finance
Corp. on the application of the Governor, to meet current emergency relief
needs for the periods from Oct. 1 to Nov. 15 1932, in nine counties of the
State. The Corporation's announcement of the loan reads as follows:
Upon application of the Governor of Texas the Reconstruction Finance
Corporation to-day made available $237,097 to meet current emergency
relief needs for the period Oct. 1 to Nov. 15 in nine counties of that State.
These funds are made available under Title I, Section
of the Emergency Relief and construction Act of 1932 with1, subsection (c)
the understanding that the responsibility of the local communities and the State of Texas
to make every effort to develop their resources to provide relief is not in
,3 way diminished. The Texas Legislature will next meet in January
The Governor's application for supplementary Federal relief funds and
, supporting data cover Harris County and the City of Houston; Tarrant
County and the City of Fort Worth; Jefferson County and the cities of
Beaumont, Port Arthur and Port Neches; Travis County and the City of
Austin; McLennan County and the City of Waco; Anderson County and
the City of Palestine; Robertson County and the City of Hearne: Bexar
County and the City of San Antonio, and Potter County and the City of
Amarillo. The area represented is said to include approximately 25% of
the total population of the State.
During the calendar year 1931 the total amount expended for relief and
work relief in these Texas counties was $1,332,860.01. Expenditures for
these purposes from Jan. 1 to Aug. 31 1932, aggregated $1,126,672.13.
32
2864
.
Financial Chronicle
Most of the above named Tekas cities have community chests which
have been in operation over a period of years.
TIPPECANOE COUNTY (P. 0. LaFayette), Ind.
-BOND OFFERING.
-Sealed bids addressed to Clarence F. Jamison, County Auditor, will
be received until 10 am. on Oct. 26, for the purchase of $30,000 67 Poor
0
relief bonds. Dated Oct. 15 1932. Denom.$500. Due $3,000 on May and
Nov. 15 from 1934 to 1943,1ncl. Principal and interest(May and Nov. 15)
are payable at the County Treasurer's office. A certified check for 3%,
of the bonds bid for, payable to the order of the Board of County Commissioners, must accompany each proposal. No conditional bid will be
accepted and the opinion as to the validity of the bonds is to be furnished
by the successful bidder.
TOLEDO, Lucas County, Ohio.
-POOR RELIEF FINANCING
AUTHORIZED.
-The State Relief Commission on Oct. 12 authorized the
city to seek a loan of $120.000 from the Reconstruction Finance Corporation and at the same time took under advisement the city's application for
permission to issue $450,000 bonds under the provisions of the PringleRoberts poor relief legislation. The entire $570,000 is sought for welfare
relief purposes.
TORONTO, Jefferson County, Ohio.
-BONDS NOT SOLD.
Hobert R. Bell, City Auditor, reports that no bids were received at the
offering on Oct. 17 of $20,276.43 6% street improvement bonds, which had
been unsuccessfully offered on two previous occasions
-V. 135, p. 2371.
Dated Jan. 1 1932. Due on Sept. 1 from 1933 to 1940 ircl.
TRENTON, Mercer County, N. J.
-Graham, Parsons
-NOTE SALE.
& Co. of New York are reported to have purchased an issue of $500,000
4% tax anticipation notes at par. Dated Oct. 20 1932 and payable on
Dec. 20 1932.
UNION CITY, Hudson County, N. J.
-BONDS NOT SOLD.-Tho
Issue of $445,000 coupon or registered school bonds offered at not to exceed
6% interest on Oct. 20-V. 135. p. 2528
-was not sold, as no bids were
received. Dated April 1 1932. Due on April 1 from 1934 to 1972 Ind.
UNIVERSITY CITY, St. Louis County, Mo.-BONDS VOTED.At the election held on Oct. 7-V. 135, p. 2371-the voters approved the
Issuance of $225,000 in school bonds by a count of 1,776 "for" to 178
"against." The bonds are divided as follows: $175,000 elementary school
building; $25,000 auditorium and gymnasium, and $25,000 school site
bonds.
BONDS OFFERED.
-Sealed bids were received until Oct. 20, by the
Secretary of the Board of Education, for the purchase of the above $225,000
43
,
1% semi-ann. bonds.
UNIVERSITY HEIGHTS, Ohio.
-BONDS PAID PARTLY IN CASH
AND REFUNDING BONDS.
-W. A. Horky, Village Clerk, in making
public a financial statement in connection with the proposed award on
Nov. 1 of $94,500 6% refunding bonds
-V. 135. p. 2693, states that the
village is paying 50% cash and 50% refunding bonds on account of Oct. 1
1932 maturities. The financial statement, as of Sept. 30 1932, follows:
Assessed valuation, realty only
$9,848,400
Actual value, estimated
15.000,000
Total bonded debt (excl, present bonds)
2,081.740
Water debt
None
Sinking fund
53,584
Tax rate, per $1,000
$23.60
Population, estimated, 2,800.
VINCENNES Knox County, Ind.
-The issue of
-BOND SALE.
$31,919.58 funding bonds offered at not to exceed 5.% interest on June
28, at which time no bids were received-V. 135, p. 165
-has since been
sold to C. C. Shipp, of Indianapolis. Dated May 23 1932. Due Jan. 1
as follows: $2,000 from 1934 to 1942 incl., and $13,919.58 in 1943.
VIRGINIA, State of (P. 0. Richmond).
-LOAN GRANTED.
-We
quote in part as follows from an announcement made on Oct. 20 by the
Reconstruction Finance Corporation regarding a loan of $603,346 made for
relief needs in 16 counties and two cities:
"The Reconstruction Finance Corporation, upon application of the
Governor of Virginia, to-day made available $603,346 to meet current
emergency relief needs from Oct. 16 to Dec. 31 1932, in 16 counties and
'Mu cities of that State.
'Supporting data submitted by the Governor state that a majority of the
counties covered by this application are primarily agricultural and the condition of distress now existing in these counties is due chiefly to protracted
drought in 1930. low prices for farm products In 1931 and a combination of
drought and low prices and hank closings in 1932. In two counties coal
mining has been affected by the continued depression.
"For the first eight months of this year, according to supporting data,
the communities for which supplementary funds were requested by the
Governor expended a total of $536,309 for rellef purposes. The estimated
need for the period Oct. 1 to Dec.31 is $787.014. To meet this need $79,249
Is available from local sources.
"Heretofore the Corporation has made available to the State of Virginia
for relief and work relief the sum of 2283,367.
WADSWORTH, Medina County, Ohio.
-BOND RETIREMENT
REPORT.
-The city council ruled on Oct. 11 that profits through operation
of the municipal water and light plant will be used to meet principal and
interest requirements of bonds of that nature. Heretofore, the bonds had
been assumed and paid from the general funds of the city, which, at the
present time, however, are depleted Bonds outstanding amount to $113,000 of an original issue of $227.506.
WALKER TOWNSHIP (P. 0. Route No. 7, Grand Rapids), Kent
County, Mich.
-BOND OFFERING.
-Fred Newberg. Township Clem,
will receive sealed bids until 8 p. m. (eastern standard time) on Oct. 25 for
the purchase of $12,000 not to exceed 6% interest relief bonds. Dated Nov. 1
1932. Due Nov. 1 as follows: $2,000 from 1933 to 1935 incl., and $3,000 in
1936 and 1937. Interest is payable semi-annually. Bonds are being Issued
under the provisions of Act. No. 12, extra session of the 1932 State Legislature, and were authorized by the Township Board at a meeting on Oct. 11
1932.
WAPELLO COUNTY (P. 0. Ottumwa), lowa.-BOND SALE CONTEMPLATED.
-We are now informed that the $80.000 issue of not to
exceed 5% semi-ann. poor funding bonds offered for sale without success
on Oct. 7-V. 135. P. 2693
-will be sold privately to the White-Phillips
Co. of Davenport. Due $4,000 on May 1 and Nov. 1 from 1939 to 1948,
inclusive.
WARREN COUNTY (P. 0. Vicksburg), Miss.
-MATURITY.
-The
$50,000 issue of coupon or registered road and bridge refunding bonds that
was jointly purchased by the First National Bank & Trust Co., and the
Merchants National Bank & Trust Co., both of Vicksburg, as 5)s at par
V. 135, p. 2693
-matures $5,000 from 1933 to 1942, inclusive. Interest
payable March and October.
WASHOUGAL SCHOOL DISTRICT (P. 0. Vancouver), Clarke
County, Wash.
-BOND SALE.
-The $15,000 issue of 6% coupon semiann. school bonds offered for sale on Oct. 15-V. 135, p. 2371-was purchased at par by the State of Washington. Due in 20 years and optional
In 2 years. There were no other bids received.
WAYNE COUNTY (P. 0. Richmond), Ind.
-BOND SALE.
-The
$92,000 5% coupon poor relief bonds offered on Oct. 15-V. 135. p. 2025
were awarded to the First National Bank of Richmond at par plus a premium of $2,226.40, equal to 102.42. a basis of about 4.507
0. Due $5.750
on May and Nov. 15 from 1934 to 1941, incl. Bids received at the sale
were as follows:
BidderPremium.
First National Bank of Richmond (purchaser)
$2.226.40
Dickinson Trust Co., Richmond
515.00
Second National Bank, Richmond
1,072.30
CHICAGO, Du Page County, III.
-BOND REPORT.
-Harry
WEST
E. Lynch. City Clerk, In answer to recent inquiry regarding to issue of
$86,000 public benefit bonds voted on Nov. 25 1931, states that the issue
has not been offered for sale pending a legal ruling as to the validity of an
amendment to the Debt Limitation Act under which the issue has been
authorized. Mr. Lynch adds that nothing will be done pending the January. 1933. session of the State Legislature, when an effort will be made to
have the Issue validated.
-BOND
WEST FELICIANA PARISH (P. 0. St. Francisville), La.
-It is reported that at the general election In November the
ELECTION.
will be asked to pass on a proposal to issue $34,000 In liquidation
voters
bon*.
Oct. 22
1932
WESTFIELD, Union County, N. J.
-PRICE PAID.
-Charles Clark,
Town Clerk, informs us that the National City Co. of New York, paid a
price of par for the issue of $250.000 534% temporary loan notes, due in
six months, which was purchased at private sale recently.
-V.135, p.2528.
The notes are dated Oct. 1932.
WESTHOPE, Bottineau County, N. Dak.-CERTIFICATES NOT
SOLD.a-The $40,000 issue of not to exceed 7% semi-ann. certificates of
indebtedness offered on Oct. 1-V. 135, p. 2371-was not sold as there were
no bids received. Dated Oct. 1 1932. Due on April 1 1935.
WEST VIRGINIA, State of (P.O. Charleston).
-LOAN GRANTED.
-The following is the gist of an announcement made on Oct. 20 by the
Reconstruction Finance Corporation regarding a loan of $922,252 to meet
relief needs in 17 counties of this State:
"The Reconstruction Finance Corporation, upon application of the
Governor of West Virginia, to-day made available $922,252 to meet current
emergency relief needs in 17 additional counties of that State for the period
Oct. 16 to Dec. 31 1932.
"Supporting data state that in these counties a total of $106,726 are
available from county and private funds for relief purposes during the remainder of this year. It is understood that each county will utilize its local
resources to the fullest extent.
"The counties for which these funds are made available through the
Governor are largely dependent upon coal mining, manufacturing or agricultural pursuits.
"The West Virginia Unemployment Relief Administration, appointed by
the Governor, is actively supervising relief work in the State and assisting
the various counties in the proper administration of funds made available
for this purpose.
"Heretofore the Reconstruction Finance Corporation has made available
$653.891 to meet current emergency relief needs in ten other West Virginia
counties."
WHITE COUNTY (P. 0. Monticello), Ind.
-BOND OFFERING.
Claude Scott, County Auditor, will receive sealed bids until 10 a. m.
on Nov. 4 for the purchase of $3,420.21 6% Honey Creek Township drain
construction bonds. Dated Nov. 1 1932. Due Dec. l•as follows: $324.21
In 1933, and $344 from 1934 to 1942 incl. Interest is payable in June
and Dec.
WOOSTER, Wayne County, Ohio.
-BOND ,SALE.
-The $53,458.97
Cleveland Road improvement bonds offered on Oct. 14-V. 135. p. 2372
were awarded as 448 to Stranahan. Harris & Co., Inc., of Toledo at _par
premium of $55.50, equal to 100.10, a basis of about 4.73%. The
plus a
award comprised:
$37,649.87 special assessment portion bonds. Due Oct. 1 as follows:
$3.649.87 in 1934; $4,000 from 1935 to 1942, inel., and $2,000
in 1943.
15,809.10 city's portion bonds. Due Oct 1 as follows: $1,809.10 in 1934:
$1,500 from 1935 to 1942, incl.. and $2.000 in 1943.
Each issue is dated Sept. 15 1932.
WYANDOTTE, Wayne County, Mich.
-NOTE REDEMPTION.
Tax collections have been heavy enough to permit of the retirement of
$152.000 notes prior to their maturity date, according to report. This
amount was borrowed from a Detroit banking institution last April.
YAKIMA COUNTY (P.O. Yakima), Wash.
-WARRANTS CALLED.
-The County Treasurer is reported to have called for payment at his
office, at par, on Oct. 17, various school district, current expense, general
road and bridge, soldiers' relief, Road Districts Nos. 1, 2 and 3, Road Local
Improvement District, drainage, irrigation and diking warrants.
YAVAPAI COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Prescott),
Ariz.
-BOND SALE.
-We are informed that the $2,000 issue of 6% school
bonds offered for sale without success on June 6-V. 134, p. 4698
-has
since been sold.
CANADA, its Provinces and Municipalities
BATHHURST, N. B.
-BID REJECTED.
-J. G. Stout, Town Treasurer, reports that the one bid received at an offering on Oct. 19 of $200,000
% improvement bonds, a tender of a price of 94, was rejected. Bonds
were offered bearing date of May 1 1932 and maturing May 11952,
CANADA (Dominion of).
-DETAILS OF PROPOSED INTERNAL
BOND FLOTATION.
-A report that the government will float on or
before Oct. 31 an Internal loan of $80,000.000 to $105,000.000 to cover
the budgetary deficit, of the Dominion and the needs of the governmentowned Canadian National Railways was contained in the New York
"Herald Tribune" of Oct. 21 The offering will comprise $25.000.000
4% bonds, due in 3 years, and from $55.000.000 to $80.000.000 of 4%
securities, due in 20 years. optional after 15 years. The Dominion wM
reserve the right to accept subscriptions up to $80.000,000 for the longer.
term maturity, it was said. Subscriptions to the loans will be accepted
by virtually all of the Canadian banks and investment houses in Canada,
who will receive a modest commission for handling the details of the sales.
The 3
-year bonds probably will be priced at 99.20, to yield 4.29%, while
the 20-year bonds will be priced to yield 04%. The obligations will
constitutc full and direct onligations of the Dominion, payable as to both
peincipal and interest in Canadian currency. The proposed financing
will be similar in nature to that completed by the Government In Nov
1931 when subscriptions to an announced issue of $150.000.000 amounted
to $215.000,000, all of which were accepted. The bonds, designated as
National Service Loan, were offered bearing interest at 5% and orders
were accepted either for 5
-year obligations, priced at 99.25 to yield 5.17%,
or for a 10
-year maturity, at a price of 99, to yield 5.137e. Subscription
books were opened on Nov. 23 and closed on Nov. 30. The Government
had intended to receive offers until Dec. 12.-v. 133. p. 3825.
MONTREAL EAST, Que.-BOND SALE.
-The issue of $76,000
school building construction bonds offered on Oct. 12-V. 135, p. 2372was awarded as 5;is to the Banque Canadienne Nationale, of Montreal,
at a price of 99.02, a basis of about 5.86%. Dated July 1 1932. Denoms.
$1,000, $500 and $100. Due serially in from 1 to 5 years. Int, is payable
semi-annually in Jan. and July. Bids received at the sale were as follows:
Bidder
Role Bid.
Banque Canadienne Nationale (successful bidder)
L. G. Beaubien & Co
A. E. Ames & Co
Credit Anglo-Francais, Ltd., and Ernest Savard,jointly
-,
4 NIAGARA FALLS, Ont.-BONDS Ivor SOLD.
-The city fallec189.:6
!
9997
eceive a bid at a recent offering of $130.000 6% bonds, to mature in 9 0m
fr.5
8r 9
1 to 20 instalments.
NORTH VANCOUVER DISTRICT, B. C.
-BOND INTEREST IN
DEFAULT.
-The failure of the District to meet bond int. requirements
on Sept. 1 '1932 resulted in the issuance of a court order, on application
by P. Whitehead, President of British Columbia Boni Dealers Association, authorizinz the Lieutenant
-Governor-in-Council to appoint a commissioner for the !District, reports the "Monetary Times" of Toronto
of Oct. 14.
QUEBEC '(Province of).-ADDTTIONAL BOYD DEFAULTS ANNOUNCED.
-Three additional municipalities in the Province have announced default in connection with maturing bond obligations, according
to the "Monetary Times" of Toronto of Oct. 14. The Municipal Commission. through its'President. Emile Morin, gives notice that the Municipal
Corporation of Amherst•and the Catholic School Corporation of St. Reed
d'Arnherst, both in Papineau County, and the Municipal Corporation of
Doncaster. in Terrebonne County, have supplied to the Superior Court
in that District to be posted as defaulters.
41.4 • A
•'"' ST. LAMBERT, Que.-OPT/0V GRANTED.
-The Banque CanaMenne Nationale has been granted an option, at a price of 97 25, on the
Issue of 3393 noo 6% funding bonds recently authorized by the QuOma
Municipal Clornmission.-v. 135. p. 2523. Bonds will be dated Nov. 1,
1932 The Commission also has authorized the city to flint a temporary
loan of not mare than $103.000 to meet bond principal and interest charges
due on Nov. 1, 1932. Repayment of the loan must be made within the
present fiscal year.
'
-SWANSEA, Ont.-BONDS NOT SOLD.
-N. L. Ivey, Town Clerk,
reports that the bids received at an offering on Oct. 13 of 3347.943 bonds
were relectel. Included in the offering; were $243,957 5% local imPt•
bonds, due in 10, 15 and 30 years: $32,376 67 storm sewer bonds, due
in 30 years: $15,000 6% school bonds, due in 30 years, and $1,650 6% fire
truck purchase bonds, due in five years.
@FedFRASER