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Volume 135
/
iirontrie
New York, Saturday, October 8 1932.
Number 3511
The Financial Situation
A vh1tYpraenvoimleadlouosrstsaotmeeoftimhee
1 a f
:
t
asoney sulrket
m a remat of
which money and banking credit have become
available on high-grade short-term obligations
at abnormally and even absurdly low figures.
This has been taken to indicate a loss of confidence in the country's financial stability, the predominant desire being to keep thoroughly liquid, but
it has been just as certainly due to the unrestrained
way in which the country has been flooded with volumes of new banking credit, through the operations
of the Federal Reserve banks in acquiring huge
amounts of United States Government securities
and the equally facile way in which new loaning
facilities have been provided through the Reconstruction Finance Corporation and other Government agencies which have been especially devised
by Congress for the purpose of meeting emergency
needs.
One result has been that the United States Treasury has been selling bills on a discount basis so low
that the cost of borrowing has been next to nothing.
For instance, on Sept. 26 the Treasury invited tenders for a 91-day offering of Treasury bills dated
Sept. 28 and maturing on Dec. 28 1932, and received
applications aggregating $412,510,000, of which
$100,665,000 were accepted. But note the low cost
of the borrowing. The average price realized by the
Treasury (the bills are sold on a discount basis and
hence receive no interest at maturity) was 99.941,
or an average rate on a bank discount basis of about
0.23% per annum. In other words, the Government
was obliged to pay less than I/ of 1% per year on
4
this class of borrowing. But some of these bills ultimately find their way into the Federal Reserve banks,
and where that is the case the yield must be even
smaller, since the dealers would count upon making
a profit out of the transaction.
But an even closer approach to the zero figure in
the cost to the Government of this class of borrowing
was to come. Yesterday tenders were received for
$75,000,000 of a new issue of these Treasury bills
running 92 days and bearing date Oct. 11 1932 and
maturing on Jan. 11 1933—$50,278,000 of the proceeds going to take up maturing bills and the remainder representing an addition to the public debt
in that amount. The experience in this instance even
surpassed that at the September sale. The United
States Treasury realized an average price of 99.951,
or an average rate on a bank discount basis of only
0.19% per annum—less than 1 5 of 1% per annum!
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Such results speak for themselves as to whither we
are drifting.
.
firtantial
As a matter of fact, however, a point has now
been reached where some institutions stand ready
to buy certain United States Government obligations at figures where absolutely no income from the
same can be derived. This does not refer to dealings
directly with the Government, but relates to purchases made in the open market at a premium, the
amount of the premium being such as completely to
extinguish the small amount of interest that will
accrue before the date of the maturity of the issue,
rendering any possibility of a direct yield wholly out
of the question. There is a casual and incidental
illusion to the matter in the "Monthly Review"
issued the present week by the New York Federal
Reserve Bank. In the discussion of money rates in
that well-edited publication we are told that open
market money rates showed little change during September, but that the principal exception was the
yield on short-term Government securities, and this
is followed by the very significant statement that
"Reflecting the value placed on the tax exemption
feature and on expected exchange privileges, the
Government securities that mature within six
months sold near the end of the month at premiums
that more than eliminated all net income." As confirming the accuracy of this statement, a table showing money rates in this city on certain classes of
loans and securities gives two issues of Treasury
securities, one maturing Dec. 15 1932 and the other
March 15 1932,against which there appears the notation "No yield." Turning to market quotations we
find that the 3%70 certificates of indebtedness maturing Dec. 15 1932 are quoted at 100 29/32 bid, and
that the 270 certificates of indebtedness maturing
March 15 1933 are quoted at 100 16/32 bid.
Let the reader ponder well the fact that certain
classes of short-term obligations—in this instance
United States certificates of indebtedness—are in
such demand that buyers are ready to acquire them
at figures where absolutely no income yield on the
same can be obtained. In the constant and relentless pressure of idle funds on the market, for which
no employment can be found, and where as a consequence rates of interest have dropped lower and still
lower, we were bound in the end to reach the point
where the rate would become inconsequential, as has
really been the case for some time (as appears from
the fact that Treasury bills can be marketed on a
discount basis of less than 1/5 of 1% per annum),
but that the desire to acquire such short-term obligations should become so keen that buyers can be found
to take them without the possibility of deriving any
net income from the same constitutes a new mark in
2374
Financial Chronicle
Oct. 8 1932
the vanishing process of which due note should be though they have by no means altogether disappeared. But what is to be the future of banking if
taken.
It does not alter the significance of the event that the banks are going to be limited to the low rates of
there are other considerations that are influencing return now prevailing? The rates ruling here in the
the payment of the premium which serves to extin- financial center necessarily influence money market
guish the income yield—in this case the likelihood conditions elsewhere in the country. And the rates
of obtaining in exchange other United States Gov- named by the Federal Reserve banks are especially
ernment obligations carrying tax-exempt features. potent in affecting money rates elsewhere. At the
The fact is that the Government bond market is on present time the Federal Reserve discount rate for all
/%
an entirely artificial basis, and that this situation classes of accommodations is only 212 in the New
be regarded Yord district and in the Chicago district, and not
is largely of our own making,and cannot
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as the outgrowth of the present extraordinary depres- higher than 3 % in any of the remaining 10 Reserve
trade utterly stagnant the need districts. Moreover,the purchasing rate for bankers'
sion in trade. With
of credit accommodations would naturally diminish, acceptances in the New York Reserve District on
and in any proper functioning of the banking system maturities running up to 90 days is only 1%, and,
should be allowed to diminish, whereas we have pur- as we have seen, the United States Treasury is sellsued exactly the opposite policy and have undertaken ing Treasury bills on a discount basis of less than
to provide additional credit and loaning facilities 1/5 of 1% per annum. Such rates will not take care
with the two-fold purpose of stimulating trade and even of the overhead. How many banks even in the
inducing security purchases and improving the mar- large cities can eke out an existence at such abnormally low rates of return, and how many banks else
ket value of the same.
either where will by degrees be forced out of business beThe policy has not been effective in doing
of these things. It has not served to relieve business cause of the inability to obtain the means of subdepression, which indeed has been steadily growing sistence.
There is, however, another phase of the matter that
in intensity until now it is without a parallel in the
served to stimulate cannot be ignored. One of the speakers at the annual
world's history. Nor has it
security investments or to improve their market convention of the American Bankers' Association,
value, rather security investments are under greater at Seattle, this week, laid stress on that feature. In
discredit than ever, and market values of enormous a lengthy discussion of bank investments at the meetmasses of securities, formerly of a high character, ing of the National Bank Division, on Oct. 5, Andrew
have almost entirely disappeared. As illustrating Price, of Seattle, warned bankers to be cautious of
some of the ways in which banking credit and bank- the present level of bond prices, because of the presing facilities have been expanded we may refer to ence of four artificial factors having a tremendous
the purchase of United States Government securities bearing upon bond investment problems. These are,
by the Federal Reserve banks, as a result of which he said, the cheap money policy of the Federal Rethese Federal Reserve institutions now hold $1,851,- serve and its participation in the Government bond
318,000 of Government securities against only $738,- market, the use of the Borah rider to the Home Loan
345,000 on Oct. 7 of last year. As if this were not Bank Bill providing increased National bank note
enough, Congress, through the Borah-Glass rider to circulation, the activities of the Reconstruction
the Federal Home Loan Bank Act, provided the Finance Corporation, and the policy of banking
means for enlarging National bank circulation to an supervisors, both State and national, and insurance
aggregate of close to a billion dollars (in exact fig- commissioners in permitting arbitrary values rather
ures the amount is estimated at $995,000,000) by than actual market values for bonds for statement
permitting the use of United States Government purposes. Obviously there are here many important
bonds bearing not over 3%% interest as security for matters that should receive attention by the authoriNational bank circulation. And this privilege is ties at Washington when the Presidential election
now being freely, availed of. During August $50,- is over.
'000,000 of new bank circulation was put afloat in
T THIS time there comes notice that the United
this way,according to the New York Federal Reserve
States Treasury has arranged for the issuance
"Monthly
Bank,and this Bank is also authority(by its
volume of Na- of another block of obligations with a fairly long
'Review") for the statement that the
tional bank notes issued under the recent amendment term to run. On Thursday A. A. 13allantine, Acting
of the banking laws was increased about $50;000,000 Secretary of the Treasury, offered for subscription
'further during September, though the Bank also says at par and accrued interest $450,000,000, "or therethat "A large volume of currency of other types was abouts," of four-and-a-half-year 3% Treasury notes.
'retired." Here we have an addition of, roughly, The notes are to be dated Oct. 15 1932 and will ma4100,000,000 in the short space of two months, with ture April 15 1937 and are not to be subject to call
constant further emissions to come in succeeding for redemption prior to maturity. As in the case of
months. The result is that there has been a further all other obligations of the Government, the prinlarge accumulation of unloanable funds at the large cipal and interest of the notes is to be payable in
financial centers where the plethora was already un- United States gold coin of the present standard of
endurable. And no one knows where the thing is weight and fineness. Not only that, but the notes
• going to end. The situation to-day is simply that are to be exempt, both as to principal and interest,
money and credit conditions are completely de- from all taxation (except estate or inheritance taxes)
now or hereafter imposed by the United States, any
moralized.
effect of all State, or any of the possessions of the United States
It might be pertinent to ask what the
this is going to be on the banks. Just now we are or by any local taxing authority. This means that
congratulating ourselves upon the fact that through these notes will be free from the surtaxes as well
the aid extended by the Reconstruction Finance Cor- as the ordinary income taxes both Federal and State
, poration bank failures have greatly diminished, —an advantage always of high importance, and
A
Volume 135
Financial Chronicle
especially at this time when the Federal taxes and
the surtaxes have been so radically increased.
This issue follows rapidly upon the large issue of
notes in September, when the Secretary of the Treasury offered $750,000,000, "or therabouts," of fiveyear 31 4% Treasury notes, along with $400,000,000,
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"or thereabouts," of one-year Treasury certificates
of indebtedness bearing only 114% interest, and
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when the subscriptions for the $750,000,000 Treasury
notes aggregated $4,351,749,900 and for the $400,000,000 Treasury certificates $3,069,449,000, making
the combined total of the subscriptions for the two
issues $7,421,198,900, while the combined allotments
aggregated $1,285,848,500. The allotments in the
case of the five-year Treasury notes were $834,401,500 and in the case of the one-year certificates
of indebtedness $451,447,000. As in the case of the
September issues, the subscription books for the
present $450,000,000 of 3% Treasury notes were
closed at the close of business on the first day of
the offering, so overwhelming were the applications.
As also in the September case, subscriptions for
which payment is tendered in Treasury certificates
of indebtedness maturing Oct. 15 will be given preferred allotment. This privilege to tender in certificates is what the "Monthly Review" had in mind
in speaking of expected exchange privileges when
referring to the premium which was being paid for
short-term securities of the United States with the
effect of eliminating all net income from such issues.
We cannot understand why the Treasury Department should persist in putting out obligations exempt from surtaxes as well as the normal income
taxes. It seems to us like throwing away an important source of revenue. With loanable funds in such
overabundant supply there is absolutely no need for
it. The Sept. 30 statements of the banks and trust
companies under the call of the Comptroller of the
Currency and under that of the State Banking Department at Albany have made their appearance the
present week, and in the case of the large institutions big increases are shown by nearly all the larger
institutions when comparison is made with the holdings reported in the statements for June 30.
The fact that United States bonds bearing no
higher rate of interest than 3%7 may be used for
0
taking out additional bank note circulation might
account for the acquisition of additional amounts of
United States securities, but the fact is that the trust
companies which are not in the National Banking
System register just as pronounced additions to their
holdings of United States securities as the National
banks. Thus the Guaranty Trust Co. of New York,
as between June 30 and Sept. 30, increased its holdings of United States securities of all kinds from
$320,459,587 to $464,819,498; the Bankers' Trust Co.
of New York from $225,429,561 to $297,528,423; the
Irving Trust Co. from $147,485,528 to $163,790,270;
the New York Trust Co. from $56,818,955 to $76,624,820; the Bank of Manhattan Trust Co. from $57,847,669 to $75,984,582, and the Manufacturers' Trust
Co.from $55,827,983 to $62,372,377.
The truth is, United States Government securities
of all kinds are in such eager demand that it often
looks as if there were not enough to go around. In
these circumstances it appears incomprehensible why
the Treasury Department should show such a preference for those forms of obligations, where the privilege exists of having the income therefrom exempt
from the surtaxes as well as the normal taxes. The
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practice seems all the more strange inasmuch as it is
in plain disregard of the wishes of Congress. No authority exists for making United States bonds as
distinguished from notes and certificates of indebtedness exempt from the surtaxes. In March 1931 the
Treasury Department made strenuous efforts to
obtain surtax exemption for bonds as well as certificates and notes and bills, but signally failed in the
attempt. The House of Reriresentatives inserted a
provision to that effect, but the Senate insisted on
striking it out. Knowing the sentiment of Congress
it would be ordinary courtesy for the Treasury Department to refrain from putting out any more obligations carrying surtax exemption. If there were
difficulty about floating new United States issues
the case might be different. On the contrary, there
appears to be, as we have seen, difficulty in supplying the demand on the part of the financial institutions which can find no other use for their idle funds.
The new issues of United States securities during
1932 have been numerous and large, but every one
of them has carried surtax exemption. Washington
dispatches tell us that the new issue will increase
the outstanding volume of notes to $3,256,000,000
and reduce the outstanding certificates to $1,903,000,000. Here is a total of over $5,000,000,000—in
exact figures, $5,159,000,000—of United States obligations wholly exempt from surtaxei of every kind.
And this is apart from the first liberty 31 2s, which
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are still outstanding in amount of $1,392,228,350.
Consider what a heavy loss of revenue is involved
in having the income from this large mass of United
States obligations exempt from the surtaxes. There
is obviously a big demand for United States securities wholly tax-exempt, and it is possible that the
Government gets slightly better prices for securities
endowed with full tax exemption, but we do not
think this difference in price would cut much of a
figure alongside the loss of revenue involved in putting afloat over $5,000,000,000 of securities, the
whole of the income from which is exempt from the
surtaxes. Therefore, the time seems to have arrived
for protesting vigorously against the continuance of
this policy.
HE Federal Reserve statements this week are
not quite so reassuring as in the weeks immediately preceding, chiefly because there has been an
increase from $2,720,988,000 Sept. 28 to $2,744,868,000 on Oct. 5 in the amount of Federal Reserve
notes outstanding. The increase, coming at this season of the year, would not attract any particular
attention except that National bank circulation is
not also increasing from week to week as a result of
the new banking amendment by which National
banks are permitted to take out circulation on all
Government bonds bearing 338% interest or less,
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and the country is already so flooded with currency
issues and banking credit that it is no longer possible kir the banks to obtain remunerative rates of
interest. Apart from the expansion in Federal Reserve note issues, the changes in the Federal Reserve
statements are along the same lines as in previous
weeks and tend to promote confidence in the general
situation. Gold reserves, as a consequence of the
continued inflow of the metal, have further increased
during the week from $2,878,646,000 to $2,912,528,000. The volume of Reserve credit outstanding,
as measured by the bill and security holdings, has
been slightly reduced during the week, and now
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2376
Financial Chronicle
stands at $2,223,922,000 against $2,231,806,000 last
week. The contraction has followed in the main from
a reduction in the discount holdings, reflecting member bank borrowing, from $339,647,000 to $333,427,000. Holdings of United States Government
securities are also slightly lower at $1,851,318,000
the present week against $1,853,683,000 last week.
Holdings of acceptances remain virtually unchanged,
and, as a matter of fact, these acceptances are made
up almost entirely of foreign bills representing
credits extended in the main to Germany but also
in some minor amounts to other European countries,
the whole being in the nature of frozen assets for
the time being, the credits having to be constantly
renewed and extended as they fall due. The total
of these acceptances, made lip in the way indicated, is reported at $33,266,000 this week as
against $33,604,000 last week, and it obviously constitutes a really inconsequential item in the total
resources and liabilities of the 12 Reserve institutions aggregating the huge sum of $5,903,577,000.
Deposit liabilities were reduced somewhat during
the week, though mainly because of a reduction in
Government deposits, member bank reserve deposits
having risen from $2,268,521,000 Sept. 28 to $2,283,965,000 Oct. 5. The result altogether is that with
gold reserves larger and deposit liabilities smaller
the ratio of total reserves to deposit and Federal
Reserve note liabilities combined registers further
improvement, the ratio having risen from 60.8% to
61.1% in face of the increase in the volume of Reserve notes outstanding. The amount of United
States Government securities held as part collateral
for Federal Reserve note issues has been increased
during the week from $503,800,000 to $516,200,000.
The holdings of acceptances for account of foreign
central banks are a little larger this week at $44,236,000 against $43,486,000 last week, but foreign
bank deposits with the Reserve institutions are a
little smaller at $9,194,000 against $9,864,000; 12
months ago, on Oct. 7 1931, these foreign bank deposits aggregated no less than $152,622,000.
HE New York stock market this week has again
fallen into a state of complete demoralization.
It was depressed and lower in the early days of
the week and suffered a very bad slump on Wednesday, when all the active issues dropped all the way
from $2 to $8 a share on a selling wave which ranks
among the most noteworthy of the year. The composite average of the New York "Times," based on
50 stocks,showed a net decline for that day of $5.20
a share, the 25 industrial stocks having suffered a
net drop of $7.03 a share and the 25 rail issues $3.36.
The New York "Times" says that "this shrinkage in
the composite average was the sharpest for any day
since Oct. 13 1931." The decline extended into
Thursday, and after a moderate rally in the afternoon of that day plunged still lower on Friday. In
seeking to account for the renewed relapse the present week it is to be observed that anxiety regarding
the state of the railroads has been increasing, and,
as a matter of fact, the railroad list has been conspicuously weak throughout. Anxiety was increased
because of uncertainty as to whether the New York
Chicago & St. Louis RR.can be kept out of the hands
of receivers. The company on Monday,in an advertisement in the daily papers, stated that "71% of the
holders of the $20,000,000 6% notes which fell due
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Oct. 8 1932
on Oct. 1 had agreed to the terms of the Inter-State
Commerce Commission but that a receivership could
be averted only if substantially all of the holders
agreed to an extension for three years of 75% of the
principal of the loan under the conditions imposed
by the Inter-State Commerce Commission." It was
reported last night that notes deposited or promised
for deposit totaled $15,041,000, or over 75%. Of
this amount, $14,200,000 were actually received for
deposit and $841,000 were pledged.
Another depressing feature has been a new eruption of weakness in commodity prices, both wheat
and cotton having sharply declined. As indicating
the course of prices of these two leading staples, the
December option for wheat in Chicago yesterday
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closed at 4978c. a bushel against 5114c. on Friday
week, while spot cotton on the New York
of last
Cotton Exchange was quoted at 7.05c. per pound
against 7.25c. on Friday of last week. Then, also,
the absence of any pronounced indications of an early
recovery in trade and business is tending to undermine confidence once more in the future. The "Iron
Age" this week reports the steel mills of the country.
engaged to slightly above 18% of capacity as against
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171 2% last week, which is encouraging as far as it
goes, and yet is a depressingly low rate of production. Besides this, prices of steel scrap have again
moved lower, and by some the course of steel scrap
prices is regarded as the real barometer of the steel
trade. Still another depressing influence this week
has been the weakness of the bond market, some of
the low-priced issues, particularly in the railroad list,
having slipped as badly as the stock market. Finally,
there is growing hesitancy about making any definite moves in the trade world as the time for the
Presidential election comes nearer, and the present
week the Democrats in New York have had sharp
internal conflicts to deal with in their nominating
conventions for Governor and Mayor alike. Of the
stocks on the New York Stock Exchange,seven estab
lished new low levels for the year the present week
and 17 stocks attained new high records. The call
loan rate on the Stock Exchange has again remained
unaltered at 2%.
Trading was light except on Wednesday. At the
half-day session on Saturday last the sales on the
New York Stock Exchange were 338,330 shares; on
Monday they were 1,002,720 shares; on Tuesday,
1,240,010 shares; on Wednesday, 2,952,680 shares;
on Thursday, 1,944,312 shares, and on Friday,
2,292,770 shares. On the New York Curb Exchange
the sales last Saturday were 49,410 shares; on Monday, 121,027 shares; on Tuesday, 144,600 shares; on
Wednesday, 352,049 shares; on Thursday, 239,023
shares, and on Friday, 266,732 shares.
As compared with Friday of last week general declines appear, many of them very heavy. General
4
Electric closed yesterday at 153 against 18% on
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last week; North American at 291 4 against
Friday of
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Standard Gas & Elec. at 1758 against 22; Con34%;
solidated Gas of N. Y. at 56 against 61%; Pacific
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Gas & Elec. at 28% against 3014; Columbia Gas &
Elec. at 14 against 17%; Electric Power & Light at
8% against 11%; Public Service of N. J. at 46%
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4; International Harvester at 2178
against 493
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against 28%; J. I. Case Threshing Machine at 4214
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against 5412; Sears, Roebuck & Co. at 19% against
24%; Montgomery Ward & Co. at 12 against 15%;
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Woolworth at 361 4 against 4014 ; Safeway Stores
at 48 against 52; Western Union Telegraph at 31%
Volume 135
Financial Chronicle
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against 39; American Tel. & Tel. at 10414 against
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112%; Int. Tel. & Tel. at 978 against 13; American
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Can at 4814 against 5434; United States Industrial
Alcohol at 25% against 31%; Commercial Solvents
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at 9% against 11%; Shattuck & Co. at 778 against
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10, and Corn Products at 461 4 against 53%.
Allied Chemical & Dye closed yesterday at 7234
against 80 on Friday of last week; Associated Dry
Goods at 7 against 8% bid; E.I. du Pont de Nemours
/4;
at 35 against 423 National Cash Register "A" at
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11 against 13%; International Nickel at 838 against
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9%; Timken Roller Bearing at 1578 against 18;
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Johns-Manville at 2118 against 29%; Gillette Safety
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Razor at 16% against 1834;National Dairy Products
at 17% against 21%; Texas Gulf Sulphur at 21
against 22%; Freeport-Texas at 2278 against 25%;
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American & Foreign Power at 8 against10%;United
Gas Improvement at 17% against 19%; National
Biscuit at 36% against 40%; Coca-Cola at 92%
against 97; Continental Can at 30 against 34%;
Eastman Kodak at 50 against 54%; Gold Dust Corp.
at 17 against 19; Standard Brands at 1438 against
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153 ; Paramount Publix Corp. at 3/ against 4 8;
78
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7
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Kreuger & Toll at% against %;Westinghouse Elec.
& Mfg. at 29% against 35%; Drug, Inc., at 35%
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against 3834; Columbian Carbon at 27% against
34%;Reynolds Tobacco class B at 3178 against 34%;
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Liggett & Myers class B at 61% against 65%; Lorillard at 14 against 16%; American Tobacco at 70
against 78%, and Yellow Truck & Coach at 4%
against 5%.
The steel shares have participated in the general
break. United States Steel closed yesterday at 36
against 43 on Friday of last week; Bethlehem Steel
at 18% against 233 and Vanadium at 14 against
4,
17%. In the auto group Auburn Auto closed yesterday at42% against 53% on Friday of last week; General Motors at 1418 against 17%; Chrysler at 14
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against 18%; Nash Motors at 13% against 15%;
Packard Motors at 318 against 33 ; Hudson Motor
4
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Car at 6% against 71 4 and Hupp Motors at 2 8
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7
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against 3/. In the rubber group Goodyear Tire &
78
Rubber closed yesterday at 16% against 21% on
Friday of last week; B. F. Goodrich at 6 against
7%; United States Rubber at 51 against 6%, and
4
the preferred at 11% against 12.
The railroad shares have been especially weak
features. Pennsylvania RR. closed yesterday at 15
against 19% on Friday of last week; Atchison Topeka & Santa Fe at 42% against54%;Atlantic Coast
Line at 201 8 against 29%; Chicago Rock Island &
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Pacific at 7 against 9% bid; New York Central at
223 against 29%;Baltimore & Ohio at 12% against
4
171 New Haven at 14% against 21; Union Pacific
%;
at 62% against 751 Missouri Pacific at 51 8 against
%;
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6%; Southern Pacific at 20 against 28%; MissouriKansas-Texas at 6% against 11; Southern Railway
at 8% against 12%; Chesapeake & Ohio at 20%
against 24%; Northern Pacific at 16% against 24%,
and Great Northern at 13% against 1878
/.
The oil shares have moved lower with the general
market. Standard Oil of N. J. closed yesterday at
28% against 31% on Friday of last week; Standard
Oil of Calif. at 24 against 25%; Atlantic Refining at
14% against 16%, and Texas Corp. at 12 against
13%. The copper group has also further declined.
Anaconda Copper closed yesterday at 10 against12%
on Friday of last week; Kennecott Copper at 11
against 13%; American Smelting & Refining at 1478
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against 18%;Phelps Dodge at6% against 7%;Cerro
2377
de Pasco Copper at 7% against 9%, and Calumet &
Hecla at 33 against 5.
4
NCERTAIN price trends developed this week on
stock exchanges in the leading European
financial centers, with net changes unimportant in
every case. After gloomy openings, Monday, upswings appeared at London, Paris and Berlin, but
reactions followed Thursday, when overnight reports
of the mid-week recession at New York were received.
The general tendency on the European markets,as reflected in the dispatches of financial commentators,
is to await further indications of business trends and
political developments. The election in this country
is considered especially important, as it is believed
that only after this event can any progress be made
toward a reconsideration of the war debt settlements.
Trade indices in all European countries reflect a
deplorably small turnover of merchandise, notwithstanding the improvement registered here and there.
The hope prevails everywhere that the upturn soon
will become more pronounced, but the indications
are apparently insufficiently as yet to occasion much
investment demand for securities. A disquieting
tendency toward labor troubles and difficulties with
the unemployed has made its appearance in Great
Britain and Germany. British unemployed persons
rioted early this week in London, Liverpool, North
Shields and other places, as many as 3,000 rioters
struggling with the police in some instances. The
German Government issued a decree, Tuesday, denying workers the right to strike when wages are reduced below levels cited in collective agreements.
The London Stock Exchange was dull and depressed at the opening, Monday,and prices remained
soft throughout the session. British funds were easy
and industrial stocks also declined, with a few exceptions in the aviation group of shares. International
stocks declined on uncertain week-end reports from
New York. Australian bonds moved upward, owing
to plans for a favorable conversion operation. The
tone Tuesday was more favorable, partly as a result
of rapid over-subscription of a New South Wales
conversion issue of £12,360,000, offered in behalf of
the Federal Government of Australia. British funds
again were easy, but there were some good features
among industrial stocks. International issues closed
with slight gains. The London market was active
Wednesday, and advances were reported in almost
all sections. British funds improved after a dull
start. Industrial stocks were firm throughout and
substantial gains were made in some issues. AngloAmerican trading favorites were irregular. The
session Thursday was dull and uncertain, owing to
the overnight reports of the set-back at New York.
International issues dropped sharply, but British
industrial securities declined only a.little. British
funds were moderately lower. A better tone appeared yesterday in gilt-edged issues, but other stocks
were slightly lower.
The Paris Bourse was weak, Monday, and almost
all stocks lost ground. Improvement soon after the
opening proved temporary, and liquidation proceeded on a rather large scale toward the close.
Foreign stocks and French securities suffered in
equal degrees in the decline. A rallying tendency
appeared Tuesday, and most of the losses registered
in the previous session were recovered. French bank
stocks and utility company shares were in best demand, but foreign issues also were under accumula-
U
2378
Financial Chronicle
tion. Final quotations were the best of the session.
The advance was resumed Wednesday and continued
with vigor, good progress being reported in nearly
all groups of stocks. Gold mining stocks and oil
shares were greatly in demand, and swift advances
resulted. French Government securities were strong
owing to the favorable results of the recent conversion operation. The Paris market turned sharply
downward Thursday, on reports of the decline at
New York. International stocks were especially
heavy, but French securities also dropped. The
downward tendency was continued yesterday.
Prices on the Berlin Boerse drifted slowly lower
in the initial session of the week, active issues declining about 3 points each, while others were off between
1 and 2 points. The market was dull, and a lack of
buying orders made possible material losses on
modest liquidation. After a further weak opening,
Tuesday, prices recovered and net gains were registered in most issues. Electrical stocks and potash
issues were among the most active securities, with
advances pronounced in some instances. The upward trend was accentuated in Wednesday's dealings, gains of 3 to 4 points appearing in some issues.
Artificial silk shares were favored in this session,
but some of the electrical issues also advanced rapidly. In common with other markets, prices on the
Berlin Boerse receded Thursday. Selling was confined to narrow limits, however, and recessions were
not important. Shares of the German steel companies resisted the downward trend owing to reports
that administrative economies would be effected.
Modest improvement in prices was reported on the
Boerse yesterday.
Oct. 8 1932
transaction being sponsored by the Federal Government of Australia. An issue of £12,360,959 in fiveyear 3 % bonds of the State was offered early
/
1
2
Tuesday and oversubscribed in less than one hour.
The sum will be used to repay an equal loan carrying
53
4% interest, holders of which were offered a 2 %
/
1
2
cash bonus for conversion into the new 3 s. within
/
1
2
seven days. Owing to the premium thus paid by the
State, it was estimated that the net cost of the new
loan would be close to 4%. This transaction was
undertaken to reduce the interest cost on the Australian debt, and the result was considered highly
satisfactory by Prime Minister Joseph Lyons. The
Commonwealth Government is responsible for all external State loans, and the new issue was therefore
regarded as an obligation of the Canberra Government.
EADING world Powers continued this week
their search for a way out of the disarmament
impasse, but with the usual negative results. The
British Government took steps Tuesday for a fourPower conference in London designed to consider
the German withdrawal from the General Disarmament Conference at Geneva, and the consequences of
the action by Berlin. Sir John Simon,Foreign Secretary in the National Cabinet, issued a statement to
the effect that an exchange of views on this matter
had been inaugurated with the Governments of
France, Germany and Italy, and that the Government was ready to arrange a meeting in London if
that course were found feasible. It was intimated in
official circles that the United States would be
asked to send an observer, if the plan for a London
conference were accepted. Italy accepted the invitaHE success achieved by the British and French tion promptly,according to a London report of WedGovernments in their respective loan conver- nesday, but France and Germany both demurred.
sion proposals is emphasized by the final figures on Conversations are continuing on this proposal, but
both plans, now made available. British holders of the Foreign Office in London admitted Thursday, a
the £2,086,000,000 5% war loan had until Sept. 30 to dispatch to the New York "Times" states, that the
indicate whether they would assent to conversion of four-Power conference has been "postponed." Neither
their securities into the 3 % issue or demand cash France nor Germany accepted the invitation or is
/
1
2
reimbursement on Dec. 1. Although the great bulk likely to accept it without reservations, the dispatch
of the war loan was already converted by July 31 added.
under the stimulus of the 1% cash premium apIn a meeting of the Disarmament Conference's
plicable to that date, actual cash reimbursements committee on effectives, held in Geneva Sept. 30,
could not be determined until the end of September. Hugh R. Wilson of the United States, urged that the
Chancellor of the Exchequer Neville Chamberlain Hoover plan for a one-third reduction of armaments
announced late last week that approximately £1,920,- be made the basis for the discussion of effectives. Ob000,000 had been converted into the 3 % issue, jections were voiced by Joseph Paul-Boncour of
/
1
2
leaving £186,000,000, or 8%,to be redeemed in cash. France, but they were withdrawn last Saturday,
He indicated at the same time that restrictions on when it was made plain that all forms of military
new capital issues in the London market were dis- organizations are to be considered under Mr. Wilcontinued, except on foreign loans and domestic con- son's proposal, which accordingly was accepted. The
versions that would not have the effect of stimulating problem of Germany's absence from the Conference
business. French holders of the 85,000,000,000 francs is now the most pressing of all the numberless diffiof 5 to 7% securities called for redemption Nov. 1, culties faced on the disarmament question. Baron
accepted the offer of the Government for conversion Konstantin von Neurath, the German Foreign Mininto 4 % rentes to the extent of nearly 81,000,000,- ister, stated in Berlin last week that the discussion
/
1
2
000 francs, according to an announcement made in at Geneva was altogether negative and that no arguParis, Tuesday, by Finance Minister Germain- ment had been advanced which might induce the
Martin. Requests for reimbursement reached the Reich to modify or amend her demand for equality
total of 4,520,000,000 francs, but new capital was status.
subscribed to the 4 % issue in the amount of 2,935,/
1
2
RRANGEMENTS were made in London, Wed000,000 francs, so that cash reimbursements will be
nesday, for a resumption of the discussions
only 1,585,000,000 francs, or 1.85% of the called isbetween the British and Irish Free State Governsues.
further conversion operation of considerable im- ments regarding the land annuities and other sums
A
portance was undertaken in the London market payable to Britain under treaties, and in dispute
Tuesday by the State of New South Wales, the since Eamon de Valera assumed the Executive
L
T
A
Volume 135
Financial Chronicle
office in the Free State. An official announcement
that negotiations would be resumed Oct. 14 was
made jointly by Mr. de Valera and J. H. Thomas,
Secretary for the Dominions in the British Cabinet,
after a conference in which other members of the
two Governments also participated. The London
meeting was confined entirely to the annual payment of about $15,000,000 in land dues and other
moneys, no consideration being given the problem
of the oath of allegiance. Until a settlement of
the land annuities dispute is relached, the Free
State Government will continue to impound the
payments received from Irish farmers for land
formerly owned by the British, and retaliatory
duties imposed by each country on the products of
the other will remain in force. It was indicated in
London dispatches that the two Governments have
apparently receded slightly from their original positions on this matter, and the opinion prevailed that
a settlement may be reached in the formal negotiations next week. Despite this development, ties
between the London and Dublin Governments were
weakened somewhat further Monday, when it was
announced that James McNeill, Governor-General
of the Free State and personal representative of
the British Crown, had "relinquished his tenure of
office". This action was taken in accordance with
due procedure, framed at the Imperial Conference
of 1930, and with the approval of the King. It
was occasioned by advice which Mr. de Valera
tendered the King, and it is not expected that a
successor to Mr. McNeill will be appointed.
N IMPORTANT development in the Manchurian dispute was the simultaneous publication at Geneva and Washington of the longawaited report of the League of Nations Commission
of Inquiry, which examined over a period of months
all phases of the controversy between Japan and
China. The report is submitted to the League
Council, which authorized the inquiry in a resolution adopted Dec. 10 1931. At the request of Japan
it was decided by the Council last week that official
consideration of the report would be deferred until
Nov. 14. Perhaps the best commentary on the report
is the fact that the two chief disputants find it quite
unacceptable from their several nationalistic viewpoints, although both admit that there is much of
value in the findings. The findings of the Commission
were issued last Sunday. This document of 100,000
words, ably summarized in voluminous press dispatches from Geneva and Washington, takes little
account of the formal diplomatic positions of either
Japan or China and suggests a definite plan for
solution of the Manchurian problem through a SinoJapanese rapprochement, negotiated with respect
for the economic and political interests of both nations. In accordance with the League Council terms
of reference, the Commission inquired fully into the
issues between China and Japan, including their
causes, development and status at the time of the
inquiry. The study was started early this year and
only recently concluded, and eight chapters are devoted to the statement of findings. The Council
resolution also called for "consideration of a possible
solution of the Sino-Japanese dispute which would
reconcile the fundamental interests of the two countries." Two chapters are accordingly appended,
laying down Principles and Conditions of.settlement;
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2379
and setting forth considerations and suggestions to
the Council.
The Earl of Lytton of Great Britain was Chairman of the Inquiry Commission, and the document
is usually referred to as the "Lytton report" for
that reason. Other members of the commission were
Count Aldrovandi-Marescotti of Italy, General de
Division Henri Claudel of France, Dr. Heinrich
Schnee of Germany, and Major-General Frank R.
McCoy of the United States. Before embarking on
its difficult enterprise the commission drew up a
plan of procedure, which was carefully followed.
The aim was, firstly, to provide a historical background by describing the rights and interests of
Japan and China in Manchuria and thus determine
the fundamental causes of the dispute, and secondly,
to furnish suggestions of means by which a durable
solution of the conflict might be effected and a good
understanding re-established between Japan and
China. "We have insisted throughout, less on the
responsibility for past actions than on the necessity
for finding means to avoid their repetition in the
future," the Commission states. The Commission
report was unanimous, no member finding it necessary to make reservations or state varying conclusions.
The two important chapters are, of course, the
two final ones which deal with the contemplated
principles of settlement and the suggestions to the
Council. After stating its exhaustive findings, the
Commission remarks: "It must be apparent to every
reader that the issues involved in this conflict are
not as simple as they are often represented to be.
They are, on the contrary, exceedingly complex and
only an intimate knowledge of all the facts, as well
as of their historical background, should entitle
anyone to express a definite conclusion upon them."
Restoration of the status quo ante is ruled out by the
Commission, as this would be "merely to invite repetition of the trouble." Maintenance and recognition of the present regime in Manchuria is held to be
equally unsatisfactory, as it would not appear to be
compatible with the fundamental principles of
existing international obligations. The Manchukuo
regime is "opposed to the interests of China; it disregards the wishes of the people of Manchuria, and
it is at least questionable whether it would ultimately serve the permanent interests of Japan," the
report states. Apart from China and Japan, moreover, other Powers also have important interests to
defend in the Sine-Japanese conflict. Any real and
lasting solution by agreement must be compatible
with existing multilateral treaties, it is contended.
Special reference was made to Russia. "It is clear,"
the report holds,"that any solution of the problem of
Manchuria which ignored the important interests
of the U. S. S. R. would risk a future breach of the
peace and would not be permanent." Ten principles
of a satisfactory settlement were accordingly laid
•down by the commission. These we enumerate in
an editorial article on the subject on a subsequent
page.
Suggestions to the Council involve first and foremost a proposal that the League body invite the Governments of China and japan to diicuss a solution
of their dispute along lines indicated. If the invitation is accepted, the report adds, an Advisory Council -should be formed to discuss and recommend detailed piopoSals for the constitution of a special
ieghne in Manchuria along lines previously Outlined
2380
Financial Chronicle
in direct negotiations between the two parties. Four
separate instruments should be drawn up in these
discussions, embodying: 1, a declaration by China
constituting a special administration for Manchuria; 2, a Sino-Japanese treaty dealing with Japanese interests; 3, a Sino-Japanese treaty of conciliation and arbitration, non-aggression and mutual
assistance; 4, a Sino-Japanese commercial treaty.
In the first part of the report, devoted to developing the historical background,the commission makes
statements of great importance in view of the stand
taken by Secretary Stimson and by the League of
Nations. The commission found that Japan had not
"exhausted" the means for peaceful settlement of the
many grievances against China. Negotiations for
settlement of the bitterest single dispute—that relating to the slaying of Captain Nakamura in Manchuria—were progressing favorably up to the night
of Sept. 18 1931, when Japanese military action on a
large scale was started, the report states. Because
of an incident which "was not of itself sufficient
to justify military action," Japan resorted to what
"cannot be regarded as measures of legitimate selfdefense," the commission remarks. Japan is found
wholly responsible through her troops and civil and
military officials for the establishment of the Manchukuo Government, which "disregards the wishes
of the people of Manchuria." Contrary to the claims
of the Japanese Government, the commission holds
that the present Manchurian regime "cannot be considered to have been called into existence by a
genuine and spontaneous independence movement."
--•-HERE were several interesting developments in
the Manchurian situation late last week which
were obviously timed to anticipate the issuance of
the Lytton report. The Japanese Government issued
a "White Book" on Manchuria last Saturday, in
which the Chinese Government was charged with
much the same acts of hostility and violation of
treaty rights that Nanking has laid at the door of
the Tokio Government. A list of specific treaties
was cited, which China was accused of having violated or attempted to nullify by unilateral violation. The boycott of Japanese goods by Chinese
merchants was described in this official report as an
illegal and hostile procedure, sponsored by the Chinese nationalists and by the Nanking Government
itself. The numerous outrages against foreigners of
all nationalities in China during the last 10 years
were cited in detail as evidence of the need for armed
intervention by Western nations as well as Japan.
The main contention in the report, according to an
Associated Press report, is that the Chinese Government is not internationally responsible, has not
been so for many years,and shows no signs that could
lead to the hope that she would come to respect her
obligations at any time in the near future. Especial
emphasis is placed on the spread of banditry in
China and the strides made by Communists in various parts of the country.
Consideration was again given the Manchurian
question in Geneva last Saturday on the eve of publication of the Lytton report. The special Commission of Nineteen, formed by the League Assembly,
met at the instance of the Chinese Government to
discuss the Japanese recognition of the Manchukuo
regime. The leading world Powers sent"third-string
men" to this gathering, a dispatch to the New York
"Times" remarked, and no comments of any kind
T
Oct. 8 1932
were made by such representatives. At the suggestion of Edouard Benes, Foreign Minister of Czechoslovakia, the Commission associated itself with the
rebuke administered to Japan in the previous Council session for prejudicing the Manchurian question
by recognizing the Manchukuo Government. The
confidence which the League had placed in Japan had
been misplaced, M.Benes intimated. The sentiments
of the special commission were conveyed to both the
disputants in copies of the minutes of the meeting.
At its meeting on Nov.14 the Council is expected to
refer the Lytton report to this special commission
for consideration.
When the Lytton report was published last Sunday, intense study of the document was promptly
started in Tokio and Nanking. Reactions in Japan
were unfavorable, but not to the degree that many
observers had expected. Chinese opinion seemed to
favor the report at first, but intense disappointment
was expressed after a time over the failure of the
League Commission to recommend immediate evacuation of Manchuria by the Japanese forces. The
view of the Japanese Foreign Office, according to a
Tokio dispatch of Oct. 2 to the New York "Times,"
was that the Lytton report is in the main a fair and
valuable document. "The suggestions for a settlement are useless," the dispatch added, "because
Japan's policy, clearly defined by her recognition of
Manchukuo, is irrevocable and cannot be discussed
with the League of Nations." The determination of
the Foreign Office can be better understood, the report indicated, if it is realized that recognition was
a necessity of internal politics even more than of
Japan's interests in Manchuria. "Recognition,
which set the seal on the policy that the army regarded as essential to the nation's life, was the price
of internal tranquillity," the dispatch states. This
attitude of the Foreign Office was reflected in the
comments of Japanese newspapers on the report.
It was pointed out that the position might have been
different if the recommendations had been made
earlier, but that recognition cannot now be rescinded.
A Cabinet meeting was held in Tokio, Tuesday, to
consider the situation, and it was decided that the
Lytton report did not constitute cause for an alteration of the Japanese policy.
In Chinese official circles little was said regarding
the Lytton Commission findings and recommendations. The impression at first conveyed, according
to Shanghai dispatches, was that the report is satisfactory, as it appears to offer a basis for settlement
of the Sino-Japanese dispute. T. V. Soong, the Finance Minister, declared Monday that the commission report upheld the spirit of international justice
and righteousness. The Chinese press and other political leaders, on the other hand, evinced profound
disappointment over some aspects of the report. It
was widely hoped in China, a Shanghai dispatch of
Tuesday to the New York "Times" indicates, that
the Lytton Commission would provide the basis for
action by the League adverse to Japan, under threat
of combined action by the world's armies and navies.
The report was denounced because it failed to measure up to such expectations. It was noted in the
"Times" dispatch, however, that much of the hostile
criticism emanated from circles opposed to the Nanking regime, and that the criticisms were apparently
intended for domestic political effect.
Official circles in Washington welcomed the Lytton report as a fair and just appraisal of the situa-
Volume 135
Financial Chronicle
tion and a realistic approach toward a solution of
the difficulties. There were no official comments,
of course, but it was indicated clearly that the report
coincides with many points of the American position.
The general belief in Washington was that the
United States Government will await action by the
League of Nations before taking any stand on the
Lytton Commission findings. The London Government also maintained complete official silence on the
report, and it was taken for granted that the silence
would be preserved until after the League Council
meeting next month. "It is a safe assumption, however, that the British Government has no policy other
than waiting to see what happens next in Tokio and
Geneva," a London report of Monday to the New
York "Times" said. "This waiting policy is supplemented by the hope that Japan will back down and
that the Tokio Government will decide it had better
take the very tangible benefits offered it by the
Lytton recommendations on terms in conformity
with international law, rather than to pursue the
present course which is not only in violation of
treaties but is going to be a tremendous drain on the
Japanese Treasury." Expressions of opinion in the
French press were rather favorable to Japan, early
this week. It was noted by press correspondents in
Paris that the summaries of the Lytton report published in France distinctly gave the impression that
the report favored the Japanese contentions.
—•-EACE was re-established in Brazil, Monday,
when the rebellion of the Sao Paulo Constitutionalists against the Federal regime in Rio de
Janeiro collapsed. The civil war of three months'
duration was terminated through complete and unconditional surrender of the forces under General
Berthold° Klinger, estimated at 50,000 men. Federal troops, said to number 60,000 men, encircled
the rebels and their slow but steady advance made
the position of the rebels increasingly precarious.
Peace terms were requested last Saturday by the
rebellious Paulistans, and unconditional surrender
was demanded. After several days of hesitation the
terms were accepted and the revolt ended. The port
of Santos was quickly opened to shipping, and naval
pilots guided vessels between the mines in the harbor.
It is expected that amnesty will be granted all rebels,
with the exception of the leaders directly responsible
for the revolt. A special commission was appointed
to consider this and other problems of reorganization of the Sao Paulo regime. A five-day holiday
was authorized in the State in order to give banks
and business men a breathing spell before they are
called upon to meet normal business requirements.
It was indicated Wednesday that 200,000 contos in
rebel currency, now in circulation, would be legitimized, and bonds issued against the State of Sao
Paulo for the amount.
Difficulties in other parts of South America are
lending themselves to adjustment less readily. The
largest battle in the informal war between Bolivia
and Paraguay developed this week, when 16,000 men
engaged in a struggle between Forts Boqueron and
Arce in the disputed Gran Chaco area. The Bolivians admitted the loss of Fort Boqueron last week,
after their troops held it for more than two months,
but this incident merely stirred patriotic fervor on
both sides, and there is now no indication of an early
settlement of the conflict. Relations between Colombia and Peru remained strained as a consequence
p
2381
of the capture of the Amazon River port of Leticia
by Peruvian civilians some weeks ago. The PanAmerican Conciliation Commission in Washington
is mediating the dispute, and it is hoped that the
border clash will not develop into a wider struggle.
Preparations for warfare were continued by both
countries this week. Internal difficulties in Chile
were again reported in dispatches from Santiago,
Monday. Factional quarrels made necessary the
resignation of Provisional President Bartolome
Blanche, and he was succeeded Tuesday by Humberto Oyanedel, President of the Supreme Court. A
new Cabinet was formed by Javier Angel Figueroa,
who assumed the leading post of Minister of the Interior. Other prominent members are Julio Perez
Canto, Minister of Finance, and Jorge Matte, Minister of Foreign Affairs.
HERE have been no changes this week in the
discount rates of any of the foreign central
banks. Rates are 10% in Greece; 83..% in Bulgaria;
7% in Rumania, Portugal and Lithuania; 63/2% in
Spain and in Finland;6% in Austria;53'% in Estonia;
in Chile
5% in Italy, Hungary and Colombia; 4
and in Czechoslovakia; 4.38% in Japan; 4% in
Germany, Norway, Denmark, Danzig and India;
in
in Sweden, Belgium and in Ireland; 2
3
France and in Holland, and 2% in England and in
Switzerland. In the London open market discounts
for short bills on Friday were %@13-16% as against
3
3/2@9-16% on Friday of last week, and /
7 3@l5-16%
for three months' bills as against 9-16@N% on
Friday of last week. Money on call in London on
Friday was %. At Paris the open market rate
continues at 17 %, and in Switzerland at 13/2%.
A
T
HE Bank of England statement for the week
ended Oct. 5 shows a gain of £3,458 in gold
holdings but as note circulation expanded £2,737,000,
reserves fell off £2,734,000. Gold holdings now
aggregate £140,400,838 in comparison with £136,564,669 a year ago. Public deposits decreased £11,729,000 during the week while other deposits rose
£6,298,660. Of the latter amount £5,063,071 was
in bankers' accounts and £1,235,589 in other accounts.
Proportion of reserve to liability is 40.05% as compared with 40.46% a week ago and 36.96% a year
ago. Loans on Government securities decreased
£2,210,000 and those on other securities £1,078,950.
The latter consist of discounts and advances and
securities which fell off £393,732 and £685,218,
respectively. Below we show comparisons of the
different figures for five years:
T
93V
.
1NG
.
BANK OF E932LANEI'S COMPARATIVE STATEMENT.
1929.
1928.
1931.
00.8.
00.9.
Oc 5.
Cia. 10.
.
t
AT 7
362,521.000 359.324,319 359,559.630 363,840.543 134,193,840
Circulation.*
11.688,000 10,593.724 12.861,301 8,459,324 13,934,423
Public deposits
120,321,291 130,737,829 100,698.206 104,328,415 97,751,446
Other deposits
Bankers' accounts 85.689,527 78,858.671 66,447.014 66.244,273
Other accounts.— 34.632,764 51,879,158 34,251,192 38,084,142
Government secure 67.707.000 64,125.906 44,666.247 72,706,855 31.110,308
Other securities.— 29,062.812 42,612.846 27,409,221 29.585.933 45,183,289
Dint. & advances 11.675,618 16.898,163 4,879.485 8,836.136
17,387,194 25.714.683 22,529,736 20.749,797
Securities
--Reserve notee & coin 52,878.000 52,240.350 59,123,350 28,156,591 53,057,243
Coln and bullion..._140.400.838 136,564,669 158,682,980 131,997,134 167,501,083
Proportion of reserve
4734%
24.96%
to liabilities
40.05%
52.06%
86.96%
434%
Bank rate
2%
3%
6%
634%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
noted outstanding.
HE Bank of France in its statement for the week
ended Sept. 30 shows an increase in gold holdings of 59,544,247 francs. The Bank's gold now
T
2382
Financial Chronicle
aggregates 82,681,338,914. francs, in comparison
with 59,813,614,324 francs last year and 49,100,819,073 francs the previous year. Credit balances
abroad declined 17,000,000 francs and bills bought
abroad gained 1,000,000 francs. Notes in circulation
reveals a large gain, namely 2,259,000,000 francs.
The total of circulation is now 82,459,041,860 francs,
as compared with 81,513,754,850 francs a year ago
and 74,515,934,990 francs two years ago. A decrease is shown in French commercial bills discounted
of 1,018,000,000 francs and in creditor current
accounts of 2,396,000,000 francs, while advances
against securities rose 31,000,000 francs. The proportion of gold on hand to note circulation stands
at 77.02%, in comparison with 55.84% a year ago.
Below we show a comparison of the various items
for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as o
Oct. 3 1930.
Oa. 2 1931.
Sept. 30 1932.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings ____Inc. 59,544,247 82,681,338.914 59,813,614.324 49.100,819,073
13,829,767,820 6.561,852,980
Credit bale. abr'd_Dec. 17,000,000 2,895,212,140
'Wrench commercl
bills discounted_ Dec.1018000 000 2,604,230.036 6,613,226.264 5.049,212,313
bBIlls bought abr.:line. 1.000.000 2,081,736,851 12.808.411,320 9,032.154.589
Adv. Mt. securs__Ine. 31,000.000 2,783,784,690 2,915,855.672 2,946.376,955
Note circulation_Inc.2259.000.000 82,459,041.860 81,513.754,850 74,515.934,990
Cred. curr. sects_ _Dec.2396000,000 24,885,443,377 25,597,784,878 17,439,400,109
Proportion of gold
on hand to sight
55.84%
77.02%
liabilities
Inc.
0.15%
.40%.
a Includes bills purchased in France. b Includes bills discounted abroad.
HE Bank of Germany in its statement for the
last quarter of September records an increase
in gold and bullion of 14,740,000 marks. The aggregate of bullion is now 796,339,000 marks, in comparison with 1,300,789,000 marks last year and
2,478,833,000 marks the previous year. A decrease
appears in reserve in foreign currency of 13,342,000
marks, in silver and other coin of 119,192,000 marks
and in other assets of 4,601,000 marks. Notes in
circulation is up 249,970,000 marks—making the
total 3,940,134,000 marks, as compared with 4,609,813,000 marks a year ago and 4,744,470,000 marks
two years ago. Increases are shown in notes on
other German banks of 9,862,000 marks, in advances
of 139,483,000 marks, in investments of 2,000 marks,
in other daily maturing obligations of 92,664,000
marks and in other liabilities of 4,761,000 marks.
The item of deposits abroad remains unchanged.
The proportion of gold and foreign currency to note
circulation went down to 24.7%, as compared with
31.2% a year ago. Below we furnish a comparison
of the various items for three years:
T
REICHBANK'S COMPARATIVE STATEMENT.
Changes for
Sept. 30 1932. Sept. 30 1931. Sept. 30 1930.
Week.
Assets-Reichsmarks. Retchsmarks. Retchsmarks.
Reichsmarks.
Gold and bullion
Inc. 14,740,000 796,339.000 1,300.789,000 2,478.833.000
Of which depos. abr'd_
63.353,000 100.486.000 149,788.000
No change
Res've I o forn curl'. Dec. 13.342,000 132,899,000 138.751.000 170,913.000
Bills of exch.& checks.Inc. 340,167,000 3,029,842,000 3.669,494,000 2,102,830.000
69,252,000 148,852.000
Silver and other coin_ _Dec. 119,192,000 132,512.000
4,610.000
2.454.000
19,461.000
Notes on oth.Ger.bks.Inc. 9,862.000
Advances
Inc. 139.483,000 227.995.000 300,504.000 290,332.000
102.666.000
2,000 364,359.000 103.075.000
Investments
Inc.
Dec. 4,601,000 790,203,000 944,261,000 685.632,000
Other fonts
Oct. 8 1932
notes carrying 3% coupons was announced Thursday,
and Under-Secretary of the Treasury Ballantine
was able to proclaim heavy oversubscription late
the same day. Proceeds will be used mainly to
retire $333,000,000 in certificates maturing Oct. 15.
This issue, of course, did not affect the immediate
market for money, but the low cost of the borrowing
illustrates the tendency. Equally indicative were
results of a $75,000,000 Treasury discount bill issue,
due in 92 days, offered at competitive sale yesterday.
The Treasury announces award of these bills in the
amount of $75,954,000 at an average discount of
only 0.19%, as against 0.23% on a similar issue sold
last week. Aggregate subscriptions were $259,468,000; the highest bid represented a discount of 0.18%,
while the lowest bid accepted represented a discount
of 0.2%. Call loans on the New York Stock Exchange
were again 2% for all transactions of the week. In
the unofficial street market funds were available
every day at 1%, or a concession of 1% from the
official level. Time loans were easy but unchanged.
Brokers' loans against stock and bond collateral
increased $48,102,263 during the entire month of
September, according to the comprehensive report
• of the New York Stock Exchange. The tabulation
of the Federal Reserve Bank of New York, covering
the week to Wednesday night, reflected a gain of
$1,000,000 in these loans. Gold movements for the
week to Wednesday, at New York, consisted of
imports of $2,876,000, and a net decrease of $9,110,000 in the stock of the metal held earmarked for
foreign account. There were no exports.
in detail with call
on
DEALINGExchange from day toloan rates was the
Stock
day, 2%
the
ruling quotation all through the week both for new
loans and renewals. The time money market remains unchanged, an occasional transaction of 90day maturity being reported. Rates are quoted
nominally at 1@134% for all dates. The demand
for prime commercial paper has shown a healthy
increase this week, but the supply of satisfactory
offerings is still scarce. Quotations for choice
names of four to six months' maturity are 2@21
4%.
Names less well known are 23/2%. On some very
high class 90-day paper occasional transactions at
are noted.
acceptances have practically
RIME
Ppaper.' atbankers' unchanged. due to the shortage
been a standstill this week
of
Rates are
The quotations of
the American Acceptance Council for bills up to and
including three months are %% bid, V
I% asked;
for four months, 1% bid, and'N% asked; for five
g%
and six months, 134% bid and 13/ asked. The
bill buying rate of the New York Reserve Bank is
i%
1% for 1-90 days; 1.31 for 91-120 days, and 11 %
A
for maturities from 121-180 days. The Federal
Notes In circulation Inc. 249,970.000 3,940,134,000 4,609,813.000 4,744,470,000
Reserve banks show a further decrease in their holdOth.dally matur.oblIg-Inc. 92,664.000 450.624.000 613.387.000 472,082.000
Inc. 4,761,000 730,502,000 818,643,000 274,190,000
Other liabilities
ings of acceptances, the total decreasing from $33,Propor. of gold & for'n
31.2%
24.7%
604,000 last week to $33,266,000 this week. Their
1.8%
cure.to note circurnDeo.
holdings of acceptances for foreign correspondents
HERE have been no changes of consequence in increased slightly, rising from $43,486,000 to $44,the New York money market this week. Ex- 236,000. Open market rates for acceptances are as
ceptionally easy conditions prevailed in all depart- follows:
SPOT DELIVERY.
ments, as funds are available in great quantity while
—MO Dart-- —150 Day,— —120 Days—
demand is poor for normal uses. Greatest demand
Md. Asked.
BCC Asked.
Bid. Asked.
1M
13's
1'i
18
1
on the money market was again made by the United Prime eligible bills
h
—90 Days— —60 Days— —30 Days—
States Treasury, which offered several new security
Bid. Asked.
Bid. Asked.
Bid. Asked.
2
S4
Si
flotations. An issue of $450,000,000 in 43/-year Prime eligible bills
Si
Si
Si
Si
T
Financial Chronicle
Volume 135
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
134% bid
134% bid
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Frandsen
Rate in
Effect on
Oct. 7.
Dale
Established.
Previous
Rate.
334
234
394
334
334
334
234
334
334
334
394
394
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. ZS 1932
Oct. 21 1931
234
3
3
3
4
3
334
234
4
a
4
234
2383
£23,000,000 in bankers' deposits at the central
institution, another evidence of the extreme monetary
ease. The aggregate total of deposits held by the
clearing banks is approximately £1,850,000,000,
against £1,745,000,000 at the end of August last
year and £1,661,000,000 in 1925. The increase in •
deposits in the year has been accompanied by a
decline in the clearing banks' advances from £908,000,000 to £816,000,000. On account of the great
abundance of money and the extremely low rates on
the open market, conjectures are frequent that the
Bank of England may lower its rediscount rate
below its present level of 2%. However, the most
reliable authorities believe that there will be no
further reduction as the present rate is the lowest
ever posted by the Bank. Should the embargo on
foreign issues be lifted and should business throughout
the world continue slowly to improve, it would not
be long before London would find ample opportunity
to employ its funds and the open market rate would
gradually firm up to levels more consistent with the
present bank rate and might conceivably even
compel an increase in the official rediscount rate.
Call money against bills in London was in fair
A
3
demand during the week at 1 % to %%. Two3
months' bills are 11-16% to 4%; three-months'
8
bills are 13-16% to/%; four-months' bills are
%% to 1%, and six-months' bills are 1%%.
The Bank of England and the British Treasury
continue to add small amounts of gold, paying for
the difference between the Bank's official buying
rate of 84s. 10d. and the market premium through
the Exchange Stabilization Account. The Treasury
and the Bank have also been steadily accumulating
dollar and other foreign exchange so that the seasonal
pressure against sterling will be encountered with a
minimum of difficulty. The operations of the Exchange Equalization Account are never disclosed,
but well informed banking authorities have a fairly
clear idea as to what is taking place. This week
gold seems to have sold in the London open market
at from 119s. 2d. to 119s. 6d. The Bank of England
statement for the week ended Oct. 5, shows an increase in gold holdings of £3,458, the total standing
at £140,400,838, as compared with £136.564,669
a year ago.
At the Port of New York the gold movement for
the week ended Oct. 5, as reported by the Federal
Reserve Bank of New York, consisted of imports
of $2,876,000, of which $1,402,000 came from Holland, $967,000 from England, $241,000 from Mexico,
808,000 from Switzerland, and $168,000 chiefly from
Latin American countries. There were no gold exports. The Reserve Bank reported a decrease of
$9,110,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended Oct. 5, as reported
by the Federal Reserve Bank of New York, was as
follows:
QTERLING exchange is dull and has fluctuated
this week within rather narrow limits. As
during several weeks past, the pound has been
strongly affected by seasonal pressure. Several
times this week when the cable rate fell to around
3.453, the market had evidence that sterling was
receiving official support. The range this week has
been between 3.45 1-16 and 3.45% for bankers'
sight bills, compared with a range of 3.44% and
3.463.t last week. The range for cable transfers
%
has been between 3.45% and 3.453 compared with
a range of 3.44 11-16 ® 3.46% a week ago. The
pressure against the rate for the past few weeks has
been due in part to increased purchases of American
cotton following the settlement of the strike of cotton
operatives in Manchester. Weakness arises in some
measure also from covering operations which are a
recurrent influence. This was manifested during the
week in London by frequent buying of spot dollars
and selling forward. Another reason for the ease
in sterling is the flow of British and other European
funds to this side for investment in the security
markets, as opportunities for profitable employment
in London and on the Continent are decidedly
limited at present. The recent flotation of the
$60,000,000 Dominion of Canada loan was responsible for a considerable flow of sterling to this side.
As recently pointed out here on several occasions,
the market has had frequent evidence that the
London authorities are averse to any quotation for
sterling lower than 3.45, while on the other hand they
frequently intervene in the market through the
Sterling Equalization Account to prevent the rate
from rising above 3.50
:
Money rates in London are just a shade firmer
at the close of this week than they were a week ago,
but on the whole the rates maintain the same levels
as they have done for nearly two months. Money is
superabundant in Lombard Street, owing largely to
the difficulty of finding outlets at remunerative
rates. The discount market is in a condition of
complete stagnation. Rates are so low that brokers GOLD MOVEMENT AT NEW YORK,SEPT.29—OCT.5,INCLUSIVE.
are reluctant to buy or sell bills, and holders of bills
Exports.
Imports.
Holland
are unwilling to sell as no outlet offers for employment $1,402,000 from England
967,000 from
of the proceeds. Clearing House banks in London
241.000 from Mexico
None.
98.000 from Switzerland
readily accept short-dated and other drafts at an
168,000 chiefly from Latin
American countries
extraordinarily low rate in order to find employment
their huge funds. It should be recalled that the $2,876,000 total
for
London market still remains closed to foreign issues
Net Change in Gold Earmarked for Foreign Account.
Decrease: $9,110,000.
and this Government embargo is likely to continue
The above figures are for the week ended Wednesfor some time. The current statistical summary of
the Bank of England shows an increase of nearly day evening. On Thursday, $412,900 of gold was
2384
Financial Chronicle
imported from Holland. There were no exports of
the metal that day. Gold earmarked for foreign
account, on the same day, decreased $1,000,400.
Yesterday $185,500 of gold was received, $115,500
coming from Holland and $70,000 from France.
• There were no exports of the metal yesterday, but
gold held earmarked for foreign account decreased
$349,900. During the week approximately $327,000
of gold was received at San Francisco from China.
Canadian exchange continues at a severe discount,
though much more favorable to Montreal than at
any time in recent weeks. Heavy shipments of
Canadian grain are largely responsible for the current firmness in the rate, although the recent issue
of $60,000,000 of Dominion notes is also a factor.
On Saturday last, Montreal funds were at a discount
4
of 91 %, on Monday at 9 1-16%, on Tuesday at
9 1-16%, on Wednesday at 9 8%, On Thursday at
9 3-16%, and on Friday at 93/%.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull and easier. Bankers' sight was
3.459'®3.45% cable transfers 3.45M@3.45%. On
Monday sterling was under pressure. The range was
3.454@3.45 9-16 for bankers' sight and 3.45 5-16@
3.45% for cable transfers. On Tuesday exchange was
dull and steady. Bankers' sight was 3.45 1-16(4)
3.45 7-16; cable transfers 3.45/@3.45 9-16. On
Wednesday the foreign exchange market was featureless. The range was 3.453.®3.45 9-16 for bankers'
sight and 3.45%@3.457/s for cable transfers. On
Thursday sterling was dull but steady. Bankers'
sight was 3.4531@3.453', cable transfers 3.45%@
3.45 9-16. On Friday sterling was steady; the range
was 3.45h@3.45% for bankers'sight and 3.45 5-16@
3.4532 for cable transfers. Closing quotations on
Friday were 3.45 7-16 for demand and 3.453' for
2
cable transfers. Commercial sight bills finished at
3.453/s; 60-day bills at 3.443; 90-day bills at 3.44;
documents for payment (60 days) at 3.449' and
seven day grain bills at 3.44 8 Cotton and grain for
.
payment closed at 3 453.(.
.
XCHANGE on the Continental countries has
been showing an easier tone for several weeks
and this week has proved no exception, though
French francs and the gold currencies generally
moved up rather sharply in Wednesday's trading.
This rise was due to the acute weakness on the New
York stock and commodity exchanges. In the
main the Continental currencies are essentially
unchanged from the trend of the past month or
more and are now under the regular seasonal pressure
arising from the accumulation of cotton and other
commodity bills and also from the sharp decline
and practical cessation of tourist requirements.
The rates are also influenced by the fact that there
has been a considerable flow of foreign funds to
this side during the many weeks past for investment
in the security markets. The Bank of France
statement for the week ended Sept. 30 shows an
increase in gold holdings of 59,544,247 francs,
the total standing at 82,681,338,914 francs, which
compares with 59,813,614,324 francs on Oct. 2, 1931,
and with 28,935,000,000 francs when the unit was
stabilized in June, 1928. The Bank's ratio stands
at 77.02%, compared with 76.87% on Sept. 23,
with 55.84% on Oct. 2, 1931, and with legal requirement of 35%.
German marks are of course only nominally
quoted as all foreign; exchange operations are
E
Oct. 8 1932
under the strict control of the Reichsbank. The
Reichsbank has been showing a steadily improved
position for the past several weeks. Its total gold
holdings are now 796,339,000 marks, an increase
during the week of 14,740,000 marks. Bills of
exchange and checks increased during the week
approximately 340,167,000 marks. In Berlin it is
officially estimated that the Reichsbank rediscount
rate cut—the rate is now 4%—will save business
approximately 200,000,000 marks a year. The
Reichsbank's reserves have increased approximately
36,000,000 marks since mid-July. Money rates are
comparatively easy in Berlin since the reduction in
the Reichbank's rediscount rate two weeks ago.
Day loans are 4%@5%% and the market discount
rate is at 37
/%. The United States National
Industrial Conference Board estimated the foreign
debt of Germany at the end of last February at
$4,912,000,000, of which about 40% is held in the
United States. This sum, the Conference Board
explains, does not include direct investment by
foreigners in stocks, bonds, and landed property in
Germany, which would, if included, bring the total
of foreign investments to about $6,193,000,000.
During the twelve months ended Feb. 28, 1933,
Germany will have to pay foreign countries about
$357,000,000 in interest and amortization charges on
long- and short-term foreign debts. Of this amount
the payment of interest on short-term debts maturing
before Mar. 1, 1933, accounts for approximately
$142,000,000. The Board estimates that Germany
will have a surplus of exports of about $286,000,000
for 1932, which will be about $71,000,000 less than
the amount required to meet her foreign obligations.
According to Berlin dispatches, the outlook for the
continued service of foreign loans seems to be
improved.
Italian lire continue exceptionally steady, almost
entirely unrelated to the -movements of t'ae other
foreign exchanges. The steadiness in the lire is due
largely to the consistent improvement in the economic structure of Italy with regard to both domestic
and foreign trade. The Bank of Italy adds to its
gold holdings from week to week, chiefly through
purchases of privately owned gold from Italian
According to recent dispatches from
citizens.
Berlin, Premier Mussolini has forbidden the Italian
banks to allot any foreign exchange to Italian importers of German goods. This is Mussolini's reply
to the shift of the German Government from tariffs
to quotas in agrarian goods. When the decision of
Sr. Mussolini was communicated to the Reichsbank
it was immediately realized in Berlin that the situation might have serious unfavorable developments
the implications of which might extend beyond the
trade of the two countries. Until September 22
Germany and Italy had a foreign exchange clearing
agreement which it was hoped in Berlin would be
renewed on expiration. In all probability the two
governments will find a satisfactory compromise of
this difficulty.
Belgian belgas have for a long time been exceptionally steady, fluctuating within narrow limits
closely reflecting changes in the rate for French francs.
Governor Franck of the National Bank of Belgium
told the shareholders at their annual meeting last
week that the soundness of the Belgian currency is
beyond question because the metallic cover has
never been so high. The Belgian banks, he pointed
out, are relatively lightly involved in frozen foreign
Volume 135
Financial Chronicle
credits and are not exposed to danger from withdrawal of foreign credits, because they have always
resisted the temptation to work with foreign money.
Governor Franck concluded his remarks to the shareholders by advocating a return to the gold standard
and to freedom of commercial exchanges.
The London check rate on Paris closed at 88.03
on Friday of this week, against 88.09 on Friday of
last week. In New York sight bills on the French
center finished on Friday at 3.93 3-16 against 3.915
A
on Friday of last week; cable transfers at 3.9332,
against 3.913 , and commercial sight bills at 3.933,
%
against 3.913/ Antwerp belgas finished at 13.913/
.
2
2
for bankers' sight bills and at 13.92 for cable transfers,
against 13.87 and 13.873/ Final quotations for
2
.
Berlin marks were 23.763/ for bankers' sight bills
and 23.77 for cable transfers, in comparison with
23.78 and 23.79. Italian lire closed at 5.123i for
bankers' sight bills and at 5.123/ for cable transfers, against 5.12 and 5.123 . Austrian schillings
%
closed at 14.113/, against 14.113/; exchange on
2
2
Czechoslovakia at 2.963/2, against 2.963/s; on Bucharest at 0.601 against 0.603/; on Poland at 11.243,
4,
2
against 11.243/, and on Finland at 1.511 , against
2
A
1.513'. Greek exchange closed at 0.611 for bankers'
4
sight bills and at 0.61 for cable transfers, against
4
0.611 and
the countries
EXCHANGE on no features of neutral during the
war presents
importance different from
those of the past few weeks. The Scandinavian currencies are quiet, fluctuating within comparatively narrow limits and following closely the
trend of sterling exchange, with which they are
economically allied. Spanish pesetas have been
exceptionally steady for several weeks, thdugh the
trend of the unit was somewhat uncertain this week.
The uncertainty in the peseta quotation is due
largely to the fact that the bankers' committee in
Madrid was reported in favor of a lower bank rate.
The rate continues at 63'% and the bankers' committee are urging a considerable reduction. The
National Bank Council is opposed to any reduction.
However, it is believed that the Spanish rate will
soon be reduced to 6%. The Bank of Spain continues to strengthen its gold position. For the week
ended October 1 the bank shows a i increase in gold
holdings of 315,200,000 pesetas, the total standing
at 2,572,200,000 pesetas, which compares with
2,276,700,000 pesetas on October 3, 1931. There
is no sign of inflation in Spain. A year ago circulation
stood at 5,068,100,000 pesetas, whereas today circulation stands at 4,818,300,000 pesetas. Holland
guilders and Swiss francs continue essentially unchanged from recent weeks, although both rates
turned up rather sharply in late trading on Wednesday of this Reek as a result of weakness in the New
York stock and commodity markets which affected
all the gold currencies. Nevertheless the trends of
both these units must be considered as entirely unchanged. As a seasonal matter exchange is against
Holland and Switzerland at this time, as it is against
all Europe, owing to the accumulation of cotton,
grain, and other commodity bills.
In view of the recent weakness in the Dutch
guilder and talk of possible shipments of gold from
Amsterdam, as well as release of earmarked metal
here by The Netherlands Bank, the following comments from the Dow-Jones Amsterdam correspondent are pertinent:
2385
"Properly speaking there can be no defense of the
florin so long as there is no attack. And it cannot
be said that the guilder has been attacked recently.
There have been a few shipments of gold to New
York, altogether some hundreds of thousands of
dollars. These shipments have been effected through
private banks from their own holdings. Private
banks still have considerable amounts of gold in
their vaults and seem only too willing to dispose of
it when the occasion arises.
"Gold stocks of the Nederlandsche Bank now
provide a note cover of 105%, not including some
90,000,000 guilders in foreign exchange, of which at
least 77,000,000 guilders is in sterling bills. The
latter amount will not be sold as, through an agreement with the Government, these sterling bills are
earmarked for redemption of the Dutch-Indian
sterling loans due in 1933 and 1934.
"As far as is known, the bank has not released
earmarked gold in the United States. A small
amount of gold (5,500,000 guilders) is still held
abroad, but it is not sure whether it is kept in New
York or Paris. Probably it is in Paris, since in
April the bank retired all its earmarked gold from
New York.
"As the amount of guilders outstanding in the
United States is estimated to be very small, it is
not unlikely that as soon as considerable payments
of dollars have to be made, gold will be shipped to
New York. General opinion here is that gold shipments will be much more frequent in the future than
in the past, especially because Holland followed the
gold exchange policy from 1925 to 1931. The
position of the guilder is probably stronger than that
of almost any other exchange."
Bankers' sight on Amsterdam finished on Friday
at 40.29, against 40.16 on Friday of last week;
cable transfers at 40.30, against 40.163, and commercial sight bills at 40.25, against 40.12. Swiss
francs closed at 19.35 for checks and at 19.353' for
cable transfers, against 19.273/ and 19.273 . Cop%
enhagen checks finished at 17.943/b and cable transfers
at 17.95, against 17.943' and 17.95. Checks on
Sweden closed at 17.743/, and cable transfers at
2
17.75, against 17.743/b and 17.75; while checks on
Norway closed at 17.413' and cable transfers at
17.42, against 17.443' and 17.45. Spanish pesetas
2
closed at 8.203/ for bankers' sight bills and at 8.21
for cable transfers, against 8.17 and 8.173/
2
.
EXCHANGEnoon the South ofAmerican countries
presents
new features
importance, as all
currencies
these
continue under strict control of
government exchange boards. The Argentine situation, however, shows many signs of improvement.
Finance Minister Hueyo, according to recent Buenos
Aires dispatches, won a decisive and perhaps final
victory over the inflationists when at the last meeting
of the Senate he obtained a postponement of the project to issue 300,000,000 pesos to be secured by national mortgage bank bonds. Sr. Hueyo earlier
defeated a Congressional move for a moratorium on
the public debt despite a widespread popular and
newspaper campaign favoring such a measure. He
told the Senate that an essential to sound money is its
convertibility into gold. "Our peso has lost that
sound condition," he said, "and the Government
aspires to regain for it both foreign and domestic
confidence by a policy of restricted spending and
gradual funding of the floating debt." The Exchange
Control Commission of Argentina is continuing its
more liberal -policy toward remittances, issuing
permits in a volume that has produced a decided
lowering of bootleg exchange rates, though they are
still 25 to 30 centavos per dollar above the official
rate.
Argentine paper pesos closed on Friday nominally
at 25ki, against 25% on Friday of last week; cable
transfers at 25.80, against 25.80. Brazilian milreis
are nominally quoted at 7.45 for bankers' sight bills
and 7.50 for cable transfers, against 7.20 and 7.25.
Chilean exchange is nominally quoted 63/g, against
63'. Peru is nominal at 20.00, against 21.00.
XCHANGE on the Far Eastern countries continues to follow the trends which developed
many months ago. The Chinese units have moved
this week fractionally lower, but have been on the
whole extremely steady, as silver prices have been
A
almost consistently quoted at 273 cents in the
official New York market. Japanese yen have
fluctuated rather widely. The currency went off
sharply in Monday's trading, doubtless the result of
the unfavorable effect of the report of the committee
of the League of Nations on Japan's case in Manchuria. The weakness was also attributed to the
possibility of a large internal bond issue approaching
approximately 3555,000,000, or 2,400,000,000 yen.
The purpose of the issue is to cover the heavy deficit
in the budget. Late in the week Japanese yen recovered from the reaction on Monday and displayed
a steady tone. It is also denied in Tokio that
Japan has under consideration so large an issue of
bonds. Aside from the circumstances affecting the
rate this week: It is generally believed that the
tendency of the yen is toward greater firmness.
Closing quotations for yen checks yesterday were
8
23M against 243/ on Friday of last week. Hong
Kong closed at 23%@23 7-16, against 23%@
23 7-16; Shanghai at 30%@30% against 309'@
303/2; Manila at 49%, against 49%; Singapore at
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
OCT. 1 1932 TO OCT. 7 1932, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Bale for Cable 7'ransfers in New York.
Value in United States Money.
Oct. 1.
Oct. 3.
Oa. 4. (la. 9.
Oct. 0.
um. i
.
3
EUROPE139350
Austria.schl!ling
138703
Belgium, belga
Bulgaria. ley
007200
Czechoslovakia, krone .029602
Denmark, krone
179250
England, pound
sterling
3 455750
Finland. markka
014933
039172
France. franc
Germany, reichsmar .237867
006030
Greece. drachma
401546
Holland. guilder
174500
Hungary. pengo
.051271
Italy. lira
.174076
Norway. krone
.111710
Poland. zloty
.031266
Portugal. eseudo
.005979
Rumania.lea
Spain. peseta
081675
.
177361
Sweden. krona
Switzerland, franc
.192750
YUICOHlavill, dinar
.015287
ASIAChina.312500
Chefoo tadl
.307916
Hankow tadl
.300937
Shanghai tad
.320416
Tientsin tael
.231406
Hong Kong dollar
.209062
Mexican dollar
Tientsin or Pelyan
.209166
dollar
.205833
Yuan dollar
261.515
India. rupee
241200
'span. yen
Singapore (S.S.) dollar .401250
NORTH AMER..007083
Canada. dollar
999100
Cuba. Peso
Mexico peso (silver) .311333
Newfoundland. dollar .905000
SOUTH AMER.Argentina. Peso (gold) .585835
076175
Brazil, milrels
.030250
Chile. Peso
.474166
CtruguaY• Peso _ _ _ _ _ .952460
m.o....a. roan
$
.139562
.138721
.007200
.029597
.179015
$
.139562
.138707
.007200
.029594
.178915
3
.139562
.138809
.007200
.029598
.179069
S
.139562
.138853
.007200
.029600
.179084
oct. 8
Financial Chronicle
2386
3.455041
.014933
.039172
.237914
.006037
.401567
.174666
.051271
.174030
.111710
.031325
.005983
081659
.
.177300
.192733
.015166
$
.139875
.138746
.007200
.029598
.179030
3.451916 3.453866 3.453041 3.453750
.014940 .014933 .014950 .014950
.039175 .039181 .039211 .039244
.237778 .237700 .237707 .237621
.006037 .006046 .006037 .006060
.401600 .401689 .402050 .402298
.174668 .174500 .174633 .174333
.051264 .051270 .051270 .051208
.173950 .173969 .174015 .174000
.111762 .111825 .111710 .111710
.031325 .031268 .031266 .031266
.005985 .005985 .005983 .005979
081632 .081635 .081623 .081621
.
.177162 .177219 .177292 .177242
.192735 .192762 .192928 .192982
.015225 .015250 .015175 .015000
.313541
.30541
.302031
.320625
.231875
.209687
.313125
.308541
.302031
.320208
.231718
.209375
.313541
.303541
.302343
.32062.5
.231718
.210000
.313125
.308126
.301406
.323541
.231562
.209062
.3111000
.310416
.302812
.323333
.231250
.210312
.212500
.209166
.261350
.231000
.401875
.212500
.209166
.261250
.235200
.400937
.212916
.209583
.261225
.235900
.401250
.212083
.208760
.261445
.236000
.400937
.210416
.211250
.261300
.235250
.400937
.90.8333
.999100
.310000
.905875
.908854
.999100
.303666
.906000
.909375
.999100
.301333
.907000
.908125
.999112
.308333
.905375
.908020
.999112
.30/1333
.905250
.585835
.076175
.060250
.474166
.952400
.585835
.076175
.060250
.474166
.952400
.585835
.076175
.060250
.473333
.952400
.585835
.076175
.060250
.473333
.952400
.585835
.076175
.080250
.474166
.952400
1932
40%, against 40%; Bombay at 26 3-16, against
26 3-16, and Calcutta at 26 3-16, against 26 3-16.
HE following table indicates the amount of gold
bullion in the principal European banks as of
Oct. 6 1932, together with comparisons as of the
corresponding dates in the.four previous years:
T
Banks of-
1932.
1931.
1930.
1929.
1928.
E
E
140,400,838 136.564,669
661,450,711 478,508,914
36.649,300
55,985,750
90.281,000
91.061.000
62,190.000
58,220.000
86,225,000
58.540,000
73,742.000
71.203.000
89.164.000
40,140.000
11.443000'12,071.000
7.400,000
9,536.000
7,911,000
8,114,000
£
158,882,980
392.806,552
114,660,700
99,007,000
58.587.000
32,549,000
35.844.000
25.585.000
13,454.000
9,566,000
8,138.000
£
131,997,134
318,273.397
103,108,600
102,597.000
55,807,000
36,919,000
29,221,000
21,306.000
13,441,000
9,586 000
8,153,000
I
167.501,083
245,351,542
118,575.700
104.355,000
54,093,000
36.243.000
23 065,000
18,719.000
13,223.000
9,660,000
8,163.000
Tot. week 1,266,858,849 1,019,944,333
Prey. week_ 1.266 035.038 992 536.956
948,680.232
940 088 7511
830,409,131
825 742 010
797,949,325
796 220.882
England...
Fmnce n___
Germany b.
Spain_
Italy
Netherlands
Nat. Beig
Switzerland
Sweden_._
Denmark
Norway. _ _
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £3,187,650.
The Lytton Report and the Situation in the
Far East.
The report of the Lytton Commission, of which
only important extracts have as yet been published
in this country, is a massive document covering, apparently, all phases of the Manchurian situation,
and embodying a wealth of information not to be
found in any other one place. Whatever the League
of Nations or the Powers specially interested may
think of the conclusions at which the Commission
arrived or the recommendations which it makes,there
is abundant evidence that the Commission sought to
be scrupulously fair to all the parties to the Manchurian controversy and to give due weight to all
the arguments, whether political, legal, economic or
generalovith which the opposing parties seek to uphold their contentions. The suggestion that the investigation was hurried and superficial and that
another inquiry might well be made seems trivial as
well as partisan, it being highly improbable that another commission would unearth any further facts of
real importance, or reach conclusions any more satisfactory to the parties immediately concerned.
On the question of the propriety of the Japanese
military operations which resulted in the occupation
on Mukden in the night of Sept. 18-19, 1931, the findings of the Commission are adverse to Japan. While
"tense feeling undoubtedly existed between the
Japanese and Chinese military forces," and the
Japanese "had a carefully prepared plan to meet the
case of possible hostilities" which was "put into
operation with swiftness and precision" on the night
in question, the Commission finds that the Chinese
"had no plan of attacking the Japanese troops, or
of endangering the lives or property of Japanese
nationals at this particular time or place." The explosion on the railroad, to which importance was attached by the Japanese as an inciting incident,"was
not in itself sufficient to justify military action."
It is the conclusion of the Commission that the operations of the Japanese troops "cannot be regarded as
measures of legitimate self-defense," although it
does not exclude "the hypothesis that the officers on
the spot may have thought they were acting in selfdefense."
The Commission further finds that the present
regime in the new State of Manchukuo "cannot be
considered to have been called into existence by a
genuine and spontaneous independence movement."
The independence movement, the Commission declares,"had never been heard of in Manchuria before
Volume 135
Financial Chronicle
September 1931," and was "only made possible by
the presence of the Japanese troops." "It is also
clear," the report affirms, "that the Japanese General.Staff realized from the start, or at least in a
short time, the use which could be made of an
autonomy movement. In consequence, they provided
assistance and gave direction to the organizers of
the movement."
Regarding the responsibility of the Chinese Government for the boycott of Jutpanese merchants and
goods, the Commission conches that the Government encouraged the boycott and that "official encouragement involves a measure of government responsibility." Back of the Government was the
political organization known as the Kuomintang as
the "controlling and coordinating organ behind the
whole boycott movement." The constitutional questions involved in the control of the Government by a
political party are regarded by the Commission as
beyond the scope of its inquiry, as is the question
whether "the organized application of the boycott to
the trade of one particular country is cOnsistent with
friendly relations or in conformity with treaty obligations," but it -urges early consideration of this
latter question. On the other hand, the economic interests of Japan in Manchuria are fully recognized,
and the conclusion is reached that it is "as necessary
for China to satisfy the economic interests of Japan
in this territory as for Japan to recognize the unalterably Chinese character of its population." In
furtherance of this aim the principle of the "open
door" should be maintained both in law and in fact.
Turning to the question of how best to settle the
.
controversy, the Commission finds that a restoration of the status quo ante "would be no solution,"
and that the recognition and maintenance of the presentregime, meaning thereby the State of Manchukuo,
"would be equally unsatisfactory." There are other
international interests than those of China and
Japan to be regarded, and those of Soviet Russia in
particular are not to be ignored. The principles laid
down for a satisfactory solution are: 1, compatibility
with the interests of both China and Japan; 2, consideration for the interests of Soviet Russia; 3, conformity with existing multilateral treaties; 4, recognition of Japan's interests in Manchuria; 5, the
establishment of new treaty relations between China
and Japan ; 6, effective provision for the settlement
of future disputes; 7, Manchurian autonomy; 8, internal order and security against external aggression; 9, encouragement of an economic rapprochement between China and Japan; 10, international
cooperation in Chinese reconstruction.
Enlarging upon this statement of principles, the
Commission proposes conferences between China
and Japan at the invitation of the League of Nations,
a declaration by the Chinese Government "constituting a special administration for the three eastern
provinces" (the three provinces that make up Manchuria), and a group of new treaties between China
and Japan. Manchuria would thus become an autonomous State under Chinese sovereignty, with the
powers of the central and local governments carefully delimited, provisions for safeguarding the interests of White Russians and other minorities, a
special gendarmerie as the only armed force, and "an
adequate number of foreign advisers" a "substantial
proportion" of whom should be Japanese.
Clear and specific as the Lytton report is at most
points, its immediate reception has not encouraged
2387
hope of an early settlement of the Manchurian controversy. The Japanese Government has promptly
announced that while it takes no exception to considerable parts of the report, the proposal of an
autonomous Manchuria cannot even be considered,
since Japan has already recognized Manchukuo and
that phase of the controversy is closed. It is, apparently, prepared to contest the right of the League
to discuss the question, and to withdraw from the
League if the issue is pressed. As Japan has all
along claimed that its action in Manchuria last September was defensive, it further raises the point that
a question of self-defense is one regarding which a
nation is entitled to judge for itself without outside
interference, and it cites the general understanding
that the Paris anti-war pact, with its sweeping renunciation of war, was not meant to cover defensive
war. It also contends, with much force,that to speak
of a "government" in China is to resort to a polite
fiction, the plain fact being that there is no government in China whose authority is recognized and
obeyed over any considerable part of the country,and
that politically the situation resembles social chaos.
With this latter contention in mind, it would be
unsafe to count much upon the existence of a clearly
formed Chinese public opinion, but while press dispatches indicate a good deal of natural satisfaction
in China over the Commission's criticism of Japan,
the proposal of an autonomous Manchuria with foreign advisers is by no means welcomed. Soviet
Russia, whose interests in Manchuria the report
specially recognizes, has been officially silent, apparently waiting to see what European Governments
may say. Neither Great Britain nor France have as
yet given any official intimation of where they stand,
but leading Paris newspapers appear to be pretty
well agreed that the report comes too late in view of
the recognition of Manchukuo by Japan, while the
London press has been all but unanimous in holding
that Great Britain must not allow itself to become
involved in a quarrel with Japan or allow its interests in China to be jeopardized. The London
"Daily Mail" is quoted as saying editorially that "on
behalf of the country it should be very clearly stated
that we don't mean to be involved in any anti-Japanese proceedings", adding the remark that the presence of Japan in Manchuria is regarded by Great
Britain as quite as natural and salutary as the presence of Great Britain in India or Egypt.
It is perhaps unnecessary to take very seriously, at
least just at present, the Japanese threat of withdrawing from the League. A withdrawal, even if
notice were given, would not become legally effective
until after two years, and a good deal might happen
in that interval to induce Japan to change its mind.
Moreover, retirement from the League would undoubtedly cancel the mandate which Japan holds for
several groups of former German islands in the
Pacific. Nevertheless, the Manchurian issue may
well prove to be a crucial test for the League. If the
League insists upon discussing the status of Manchukuo and the erection of an autonomous Manchurian State, it must not only risk a break in the
League in which Germany and Italy, for other
reasons, might join, but it must also assume the
tremendous responsibility of deciding what kind of
government Manchuria shall have, and in the face of
the fact that what the Lytton report recommends is
what Japan flatly refuses to consider and China apparently does not want. If, on the other hand, the
2388
Financial Chronicle
League yields to Japan and does nothing to give
effect to the Lytton proposals, its already waning influence will soon be at an end. The Lytton report is
a challenge to the League as well as a challenge to
Japan.
It is in every way unfortunate that the League, embroiled in a controversy whose outcome might easily
be war in the Far East, should appear to be leaning
heavily upon the United States for support in opposing Japan,and that the United States should have
placed itself in a position where its support can be
invoked. The Stimson doctrine of non-recognition of
territorial or other changes that have been brought
about by force in violation of the anti-war pact, while
doubtless a well-intentioned gesture in behalf of
world peace,opens the way to a prolonged diplomatic
controversy with Japan the consequences of which
for American commercial and political interests in
the Pacific and the Far East may be serious. The
Manchurian imbroglio is clearly one from which the
United States should keep itself as far as possible
aloof, and the more because there is no way in which
the League, with its prestige at stake, can compel
Japan to retreat except by resort to pressure which
might easily plunge the Far East into war. With
Great Britain and France apparently too farsighted
to risk a quarrel with Japan, and with Russo-Japanese relations more and more friendly, it is no time
for the United States to allow itself to be dragged in
the wake of the League, no matter what course the
League may eventually pursue. It is important to
remember that the Lytton report, while giving no
support to some of Japan's important contentions,
nevertheless recognizes clearly Japan's interest in
Manchuria and the need of Japanese assistance in the
reorganization of China. The whole problem is one
to be faced with a clear sense of the realities of the
situation, and with an eye to the future as well as to
the present moment. The only safe course for the
United States is to leave Japan, China and Russia
to settle their differences in Manchuria in whatever
way is satisfactory to them, whether with or without
the aid of the League as events may dictate, meantime devoting its attention to safeguarding American
treaty rights if they are threatened, maintaining
friendly relations with all parties to the fullest extent possible, and keeping itself free from any admixture, direct or indirect, in anything that the League
may do.
Report of Royal Commission Dealing with
Canadian Railways Goes to Parliament.
The report of the Royal Commission on Railways
and Transportation was tabled in Parliament on
Oct. 6, and the necessary legislation is now being
introduced to give effect to such of its recommendations as will eventually be adopted by the Government.
The Commission asked for the preservation of the
identity of the two railway systems, emancipation of
the management of the Canadian National Railways
from political interference and community pressure,
a more rigorous check by the Government upon proposed capital outlays for that road, and an elaborate
plan for closer co-operation between the Canadian
Pacific and the Canadian National whereby needless
and costly competition between them may be eliminated.
The Commission was composed of the following:
Justice Duff of the Supreme Court of Canada, Dr.
Oct. 8 1932
Clarence Webster, Sir Joseph Flavelle, L. F. Loree,
Lord Ashfield of Southwell, Beaudry Leman and
W. C. Murray.
The main problem confronting the Commission
was to secure relief to Canada from the heavy burden
arising out of the railway situation, and the principal contributory causes of the transportation
problem were held to have been:
1. The over-development of railways beyond the immediate needs of the country.
2. Aggressive and uncontrollable competition between two
nation-wide railway enterprises, a competition the more
disastrous in that one of the competitors was publicly owned
and supported by the full resources of the Dominion.
3. The reactions of the world trade depression which
began in 1929 and has progressively increased in its severity
with each succeeding year.
4. Competition from other forms of transport, notably
road transport.
5. Inelasticity of freight rates and railway practice generally which prevents prompt action in the meeting of falling revenues and dealing effectively with competition from
other forms of transport.
6. Contractual arrangements with labor organizations
which set up a rigid wage scale, and inflexible labor practices generally.
7. The special disabilities of the Canadian National Railways due to:
(a) Assumption through Government action of liabilities
of insolvent railway systems for reasons of national credit.
(b) Large capital expenditures for improvement of the
physical condition of the absorbed systems.
(c) Political and community pressure on the management
arising out of direct Government control.
For the solution of the problem a number of plans
were considered by the Commission, including complete amalgamation of the two systems under either
private or public ownership. Whatever the merits
or the demerits of this proposal, the Commission
found that neither complete public nor complete
private ownership would be possible at this time. It
maintained that to establish a monopoly of such
magnitude and importance would place in the hands
of those responsible for the administration of the
system powers that would, if not properly exercised,
prejudice the interests of the Dominion as a whole.
It had also been suggested that the Canadian National railways should be leased to the Canadian
Pacific Railway, either in perpetuity, or for such
a period as would afford an opportunity to effect
substantial economies.
These and other plans were regarded as not fulfilling the conditions which in the opinion of the
Commission are necessary to any practical solution
of the Canadian railway problem. It was considered
that such a solution must correct evils which admittedly are apparent in the operations of the past,
and provide machinery for co-operation between the
two railways with a view to improving their financial
position.
Certain main considerations were held to be necessary to a practical solution:
(1) The identity of the two railway systems should be
maintained.
(II) The management of the National Railways should
be emancipated from political interference and community
pressure.
(III) Machinery should be provided for co-operation between the two systems for the elimination of duplicate services and facilities and the avoidance of extravagance.
(IV) For the attainment of a scale of economies which
will bring the burdens of the National system within reasonable dimensions and effectively check extravagant and
costly operations, and
(V) Provide reasonable protection for the privatelyowned undertaking against arbitrary action by the publicly.
Volume 135
Financial Chronicle
owned undertaking which might unfairly prejudice the interests of the privately-owned undertaking.
To this end the Commission recommended a plan
involving the appointment by the Governor-in-Council of three trustees in whom shall be vested all the
powers of the present board of directors of the Canadian National Railways. Vacancies among the trustees should be filled from a panel of eight named by
the remaining trustees.
One of the trustees should be named as Chairman
at the date of his appointment with tenure of office
for seven years. The terms of the remaining trustees
should, in order to prevent them from expiring on
the same date with each other, or on the same date
as that of the Chairman, be for differing periods of
less than seven years, to be fixed in each case in
the order-in-council making the appointment. All
trustees should be eligible for re-election. All should
be persons of proved business skill and capacity.
The Chairman in particular should have financial,
administrative and executive ability of a high order.
On the points of integrity and ability involved in
these qualifications, there should be no possibility
of doubt in the case of any appointee. The Chairman
should give his whole time to the duties of his office.
All trustees should be paid adequately, the Chairman
in particular should receive a salary commensurate
with the high responsibility with which he is charged,
and the special qualifications he must be assumed to
possess.
A majority of the trustees should govern its decisions, subject to this qualification, that the Chairman must be a member of any majority.
The annual budget of the railway should be under
the control of the trustees. Amounts required for
income deficits,including interests on railway obligations, for capital and for refunding, should be first
submitted to the Treasury Board for its approval
and presentation to Parliament by the Minister of
Finance.
Since the debt of the system in the hands of the
public is now very large and more than the railway
can carry from its earnings even under improved
conditions, sums which are required to meet deficits
should be voted by Parliament annually and not
raised by the issue of railway securities, as has been
done in recent years. This recommendation would
not apply to capital for improvements and betterments, nor to amounts required for refunding.
A report to Parliament by the trustees should be
made annually, and should set forth in a summary
way the results of operations and the amounts expended on capital account, brought into comparison
with the appropriations made by Parliament, so that
the exact position shall be placed before Parliament.
There should also be provision against diverting
appropriations for capital account, or for interest,
without the express authority of Parliament.
It is recommended that a continuous audit of
accounts of the system should be made by independent auditors appointed by Parliament from a list
of a panel drawn up by the trustees, and they should
make a report to Parliament, calling attention to
any matters which, in their opinion, call for remark.
In view of the report of the auditors, no examination
of the detailed accounts of the system should be
necessary by a Parliamentary committee. For the
purpose of supplying necessary information to Parliament the attendance of the trustees might, how-
2389
ever, be necessary. In the interests of discipline and
to prevent prejudice to the relations that should prevail between trustees and the staff, it is earnestly
recommended by the Commission that the officials
of the company in charge of operations should not
be asked to appear for examination.
While the responsibility for the direction and control of the system should be laid upon the Chairman
and his associate trustees, provision should be made
for the post of chief operating officer, with the titular
mark of President. Under his care should be placed
the entire working of the railway in detail. The
President should be appointed by and responsible
to the trustees and not directly to the Government
or Parliament.
The report emphasizes the fact that a principal
weakness of the past decade has been the failure of
the railways to get together in their own interest
and in the interests of the public. It is not regarded
as sufficient that each should take all practical measures of economy in respect of its own system. There
must be joint action with a view to savings in the
wider sphere. To that end it is recommended that a
statutory duty should be imposed upon the trustees,
as well as upon the board of directors of the Canadian Pacific Railway that, consistent with the provisions of the existing law and with the recommendations of this report, and with the provisions of all
reasonable services and facilities, they should adopt
as soon as practicable such co-operative measures,
plans and arrangements as shall, consistent with
the proper handling of traffic, be best adapted to
the removal of unnecessary or wasteful services or
practices, to the avoidance of unwarranted duplication in services or facilities, and to the joint use and
operation of all such properties as may conveniently
and without undue detriment to either party, be
so used.
In order effectively to carry out the injunction to
co-operate, it is recommended that the Board of Trustees of the Canadian National Railways and an equal
number of directors of the Canadian Pacific Railway
shall meet at regular intervals for the purpose of discussing and, if possible, agreeing in respect of matters referred to in the previous paragraph.
In the event of failure to agree and for the purpose
of settling disputes, and in particular disputes concerning the desirability of any co-operative measures
or arrangements, and for the settling of details of
any scheme to give effect thereto and for determining
the conditions thereof, it is recommended that an
arbitral tribunal should be set up for each occasion.
The arbitral tribunal should be composed, first, of
the chief commissioner of the Board of Railway Commissioners, and second, of one representative from
each of the two railways.
As a further measure of protection, it is recommended that, at the request of either railway, and
upon it being shown to the President of the Exchequer Court of Canada that the matter is of major
importance, two additional members may be appointed by him to the arbitral tribunal for the
occasion.
Where the execution of an order involves the doing
of any act which by any existing statute requires the
assent or approval of the Board of Railway Commissioners, or where in the opinion of the Chief Commissioner himself the public interests involved are
of sufficient importance to warrant it, no order made
2390
Financial Chronicle
by the arbitral tribunal shall be operative without
the concurrence of the Chief Commissioner and his
formal written assent.
The powers of the tribunal shall be capable of
being invoked by either railway or by the Dominion
or any Provincial Government. In the event of conflict between the Board of Railway Commissioners
and the arbitral tribunal, it should be made clear
that the order or decision of the arbitral tribunal
shall prevail. In the opinion of the Commission the
arbitral tribunal ought not to have jurisdiction to
order the construction of extensions and additions
to existing lines and facilities, except in such minor
matters as connections to give access to existing
tracks and terminals which by order of the arbitral
tribunal or otherwise are used, or are to be used, in
common.
Subject to the provisions of any statute relating
to any particular railway, the arbitral tribunal shall,
however, have full jurisdiction as to measures, plans
and arrangements relating to:
(a) Joint use of terminals.
(b) Running rights and joint use of tracks where there
are actual or functional duplications, or where such may
be avoided.
(c) Control and prohibition in respect to the construction
of new lines and provision, of facilities and additional services where no essential need of the public is involved.
(d) The use of facilities where this would promote economy or permit the elimination of duplicating or unremunerative services or facilities.
(e) Abandonment of lines, services or facilities.
(f) Pooling of any part or parts of freight traffic or of
passenger traffic.
(g) Things necessarily incidental to the above enumerated matters.
Oct. 8 1932
tries of the country are suffering by the imposition
of additional taxation.
Failing the adoption of one or the other of these
courses—and there are obvious limits to their application—the very stability of the nation's finances
and the financial credit of the Canadian Pacific
Railway will be threatened with serious consequences
to the people of Canada and to those who have invested their savings in that railway.
In commenting on the report of the Commission,
Prime Minister R.B.Bennett states that the Government has been fortunate in securing as members of
the Commission gentlemen of outstanding qualifications whose disinterestedness and capacity have
made possible the character of the report to which
their signatures are appended.
"The Canadian railway situation is a grave one,"
he asserts, "and it is not the desire of this Government to apportion responsibility or blame for actions
which have unquestionably aggravated an always
difficult problem. It is, however, the intention of
the Government to give the transportation systems
of this country an opportunity to adequately discharge the functions for which they were created:
And, I believe, when we shall have secured the necessary measure for reorganization in the National
System and real and effective co-operation between
the national and private systems,that Canadian railway transportation will be upon that basis of fair
and profitable competition which is so vital to the
welfare of the country."
Solvency and Credit of Railroads Must Be
Preserved.
A study of the present transportation situation
indicates the magnitude and importance of the problem of providing adequate financial stability for the
It is recommended that there be no appeal from
railroads. The fair return on the valuation conany decision of the arbitral tribunal on any question
templated by the Transportation Act has never been
of law or fact; except as to a question of law if it is
earned and few of the railroads have been in position
one involving a question of jurisdiction,in which case
to accumulate adequate reserves.
there should be an appeal to the Supreme Court of
Subsequent to 1921 and prior to 1930 railroad
Canada, by leave of a judge of that court.
earnings showed some improvement and it was
The Commissioners state that, although their hoped
with the continuation of active business that
terms of reference were strictly concerned with the
the net operating income as a whole would reach
problems arising out of the transportation situation
the 53
4% adjudged by the Interstate Commerce Comin Canada, they cannot but be conscious of the namission as a fair return on railroad investment. It
tional difficulties in which the financial position of
is perfectly obvious that the high traffic levels obthe publicly-owned railways is a contributory factor
tained immediately prior to 1930 will not be reof first importance. In their report they outline a
stored at an early date, and the past twelve years of
plan which they believe will ensure progressive and
operation point out conclusively the seriousness of
co-ordinated development of the railway systems on
the situation.
an economic basis and afford early relief to the FedThe following table shows f,or the years since 1921
eral Treasury by reducing the alarming and increasthe rate of return on property investment, including
ing deficits and demands for further capital expendimaterials and supplies and cash:
tures in connection with the Canadian National RailRATE OF RETURN ON PROPERTY INVESTMENT.
way System.
(Class I Railroads.)
As a matter of public duty, the Commission thereYear—
Rate. Year—
Rate. Year—
Rate.
1921_
2.87 1925
4.74 1929
4.84
fore issued a note of serious warning to the people 1922
3.59 1926
4.99 11930
3.30
1923
4.33 1927
4.30 1 1931
2.60
of Canada indicating that unless the country is pre- 1924
4.23 1928
4.65 1932(7 mos.) ___ 0.92
pared to adopt the plan, or some other equally
The fact of the matter is that the current earnings
effective measures, to 'secure the efficient and eco- are insufficient to preserve solvency.
The net innominal working of both railway systems and come for 1931 was approximately $134,762,0
00 after
thereby not only reduce the burden on the Federal meeting interest charges and rentals of
$696,463,000.
Treasury but improve the financial position of the The records for the first six months of
the present,
privately-owned railway, then the only courses that year, indicate a deficit of $127,384,000 after
charges
would be left would be either to effect'savings in and rentals. A conservative forecast for
the entire
national- expenditure in other directions, or to add year 1932 shows that this deficit will reach
at least
still further to the burdens under which the indus- $200,000,000.
Volume 135
Estimates for the future financial requirements of
the railroads are difficult to make. However, the
maturities of bonds and equipment trust certificates
during 1932 to 1935 as recorded by the Interstate
Commerce Commission are as follows:
Equipment
Bonds.
Obligations. 1 Year—
Obligations.
Bonds.
Year—
$70,299.513 3110.782.506 1934----3265,945.749 $104,658,536
1932
101,714,545
187,697,740 107,484,752 1935____ 105,585,066
1933
In addition, bank loans and other short term fixed
obligations up to the end of July this year totaled
$270,000,000. Requirements for new capital in the
near future may be relatively low, but even so will
run into large figures as indicated by the fact that
in 1931 gross capital expenditures were $362,000,000, notwithstanding that expenditures for new
equipment were the lowest in many years and that
such expenditures in 1932 have been on a still lower
scale.
Facing this situation it would appear that in the
near future the carriers may be forced to ask for an
increase in rates. Many freight rate adjustments
have been put into effect since the rate increases
made by the Interstate Commerce Commission in
1920, and these adjustments have brought the freight
rate level as a whole down to a figure below the relative level of prices at the present time.
A comparison of the general rate levels made on
the basis of average railway receipts per ton-mile,
taking the average during the yars 1911 to 1917 as
100, shows an increase to about 177 in 1921, and has
since been reduced to 146. In other words, there
was an increase of 77% to the peak, with a subsequent
reduction equivalent to more than a third of the increase.
Based upon the average receipts per ton-mile reported each year from 1921 to 1931, definite and pronounced reductions in transportation costs have been
effected each year since 1921. This is indicated in
the following table, which shows, for each year subsequent to 1921, the reductions in total freight
charges, compared with what they would have paid
had the rates remained at the levels of 1921.
REDUCTION IN FREIGHT CHARGES COMPARED WITH 1921
Year—
Year—
Amount.
Amount.
1922
$332,500,000 1928
3839.855,000
1923
656,236,000 1929
890,170,000
1924
617,580,000 1930
812,913,000
1925
736,589,000 1931
692,851,000
1926
860,868,000
Total
1927
836,037,000
--37,275.599,000
It will be seen that since 1921 reductions have
been made in the general level of freight rates that in
the last ten years have saved the public the huge sum
of $7,275,599,000. In other words, if the rates of
1921 had remained in effect, the public in the last ten
years, would have to pay $7,275,599,000 more than
was actually paid to the railways for the same
amount of freight transportation.
In the past the government was quite considerate
in extending loans to the carriers for capital expenses. Then, as now, such loans prevented the
collapse of the companies. Present records indicate
that the railroads have repaid $945,152,000 of the
$985,094,000 principal advanced by the government
for capital improvements made under the Federal
Control and Transportation Acts and have in addition paid interest totalling $211,082,000. Despite
the excellent record of repayment of previous government loans it is obvious that recourse to loans
from the government in times of depression is undesirable as a means of preventing insolvency. It
not only involves Federal financing at a time when
government credit is under a severe strain from.
other directions: but also places a future burden upon
2391
Financial Chronicle
the railroads for discharge of obligations. Therefore, it would appear that real financial stabilization of the carriers can only be achieved through sufficient and continuous earnings.
It is not necessary to guarantee any particular
railroad any particular amount of earnings, or to
guarantee to the securities of any particular railroad any particular standard of security or income
return. But it is clearly recognized that the companies as a whole should be assured of conditions
under which their financial position and credit
would be sound. This may possibly necessitate an
early application for an increase in rates which
must be approached and determined from an emergency standpoint, and the remedy, to be effective,
must be adapted to emergency conditions. Such a
course of action, undoubtedly would be materially
helpful toward the restoration of normal economic
conditions and would promote the general welfare.
Russia's Ambitious Program.
Back as far as the year 1928 Russia put into operation what has come to be known throughout theworld as the five-year plan. This plan is to be succeeded in 1933 by a second similar period of industrial development.
Up until the past year or so very little was known
of the internal condition of Russia since the revolution in 1917. That unfortunate country has beenpractically barred to foreign travelers and to international trade. For a time it looked as if pure communism was being placed on trial, but it failed to
succeed, and a new economic policy was devised
which permits private industrial enterprises to function once more within very rigid limitations.
Nobody at present seems to know exactly what
is to be the ultimate objective of the present-day
activities in that country. The total suppression of
private property, which is apparently the first aim
sought, may lead to the final extinction of individuality. It may make of Russia a true parallel to the
beehive, in which there is no poverty, but infinite
activity, or it may lead to a dictated millennium in
which freedom will be a doubtful possibility.
What really is transpiring, and what may eventually have an important influence on Russia's
future is that at present a most ambitious program
is in the process of accomplishment which will provide an important market for foreign goods, and
which may in the long run place the Union of Soviet
Socialist Republics in the position of one of the
greatest competitors for foreign markets of all the
industrialized countries of the world.
This is revealed by the extensive program of railway development under way. A large increase in
traffic is looked for, and a scheme for financing the
reconditioning of the transportation system has been
devised. In addition, reports have been circulated
concerning the vast industrial enterprises completed
or rapidly approaching completion, of new and
gigantic factories and power plants, and the new
mechanized communal farms.
It is interesting to note that electrification and
steam traction are to be developed in their most upto-date form, each in the sphere wherein it is calculated to provide the most efficient motive power.
This country is now getting a good portion of
Russia's external business; however, the Central
European countries are running a formidable second
and Great Britain is third in the race. American
2392
Financial Chronicle
industry should therefore be on the alert as to what
is actually transpiring and endeavor to maintain its
present enviable position of supremacy among the
competitors for Russia's foreign trade.
Oct. 8 1932
banking houses headed by Hoagland, Allum & Tunney,
Inc. The announcement states:
The Corporation will issue participating debenture certificates in unite
of $10, or multiples thereof, which, in addition to 6% annunal interest,
will entitle holders to receive a pro rata share of 75% of the net profits
of the corporation. No other distribution may be made until each participant has received a complete return of principal, plus interest, and his
share of the net profits. The Pool will be terminated not later than Oct. 1
Formation of Bond Pool, Inc.
1937 and be wholly or partially liquidated at any time prior to that date.
Each
Formation of Bond Pool, Inc., to provide public partici- these investment house substantially interested in the distribution of
certificates will be entitled to one representative
Investment
pation in a bond pool patterned along similar lines to that Committee, which will control all bond purchases of the on the Investment
Pool.
recently formed by leading banks, was announced on Oct. 4, is limited to government, municipal and corporate bonds and obligations.
ot more than
under the sponsorship of a nationwide group of investment Linties of any one10% of the assets of the Pool may be invested in the securi'
'C
obligor other than the United States Government.
The New Capital Flotations During the Month of September and for the
Nine Months Since the First of January
In presenting our usual monthly compilations of the new
financing done in this country we are again forceably impressed with the fact that ordinary financing, with the meager
totals to whch it has fallen, has been relegated to a decidedly
subordinate place by the financing done by the U.S. Government. Much of the financing formerly done in the ordinary
way through corporate undertakings and by States and
municipalities is now being done by the United States
through the Reconstruction Finance Corporation and other
Government agencies. An especially striking illustration of
the truth of this statement was furnished by the experience
during September, the month covered by our present figures.
In that month Government financing was of unusual proportions, while ordinary financing was of the slim and meager
character which has so long been the feature. As we shall
presently see the U. S. Treasury during September offered
for sale $1,150,000,000 of Treasury notes and Treasury
certificates of indebtedness and the offering having met with
overwhelming subscriptions, made allotments aggregating
$1,285,848,500. In addition the Treasury Department disposed of $100,665,000 of Treasury bills sold on a discount
basis. Along side such large totals, ordinary financing aggregating less than $150,000,000 for the month cuts a very sorry
figure. And already the U. S. Treasury has again come to
market the present week with an offering during the new
month of October of $450,000,000 Treasury notes to run
for 43/i years and bearing 3% interest. It should not be
forgotten, either, that the United States presents its offerings in very tempting form, stripping them of all requirement to pay income taxes, not merely the normal income
taxes, but the surtaxes as well, an important consideration
now that the income tax rates have been very greatly raised.
All this makes pertinent the observations we have made
in presenting our compilations for other recent months.
Ordinary financing now holds a decidedly subordinate place
to the new financing done by the U. S. Government. Hence
in any compilation intended to show the demands made upon
the investment and the capital:markets, consideration must
first be given to these Government issues. The truth is,
that new financing by the United States now represents larger
new debt creation than all other sources of new capital issues
combined as has just been shown. The shrinking in the
volume of new capital issues brought out in the ordinary way
is of course easily explained. It is due to the fact that
general investment and market conditions have continued
highly unfavorable, making it risky business to undertake
the floating of new securities, even those of a very choice
type. In a measure, also, the Government has really been
pre-empting the ground and certainly it has been occupying
the investment field to the disadvantage of ordinary financing, a matter of no small consequence, especially in view of
the fact that owing to the prevailing loss of confidence in
security values generally, the demand on the part of the
investing public has been almost entirely for the highest and
best type of security investment—and obviously nothing
could be higher or better than a United States obligation,
though that does not mean that such an obligation may not
suffer sharp depreciation on occasions, as the investor has
learnt from sad experience.
In recent months certainly, Ti. S. Government financing
has been of far larger magnitude than the ordinary financing
as represented by the borrowings of corporations, municipalities, farm loan emissions and the like. Therefore we
now pursue the practice of dealing with it before dealing with
our compilations relating to ordinary financing. In any
study of new financing the important point is to know
how much of the financing represents distinctly new capital,
as distinguished from issues made to provide for the taking
up and retiring of issues already outstanding, and which
are to be replaced by the new issues. And this is particularly true with reference to the placing of U. S. Government securities. Treasury bills are all the time maturing,
having a life usually for only 90 to 93 days, and have to
be replaced with other issues, while Treasury certificates
of indebtedness are another form of short-term borrowing
which has to be periodically renewed without swelling the
outstanding aggregate of indebtedness. So long as the
Government was showing huge budget surpluses and the
Government indebtedness was as a result being steadily
and largely reduced, the matter was of little consequence,
but now that there is a budget deficit running into billions
a year, it is important to know the extent to which the
Government itself is obliged to have recourse to the investment and money markets. During September out of the
total of $1,386,513,500 of new obligations put out, $813,169,500 went to take up old issues, leaving nevertheless a net
addition in the large sum of $573,344,000.
New Treasury Offerings During the Month of September 1932.
On Sept. 6 Secretary of the Treasury Mills offered two
new issues of Treasury securities in the amount of $1,150,000,000 "or thereabouts," which were heavily oversubscribed.
The first comprised an issue of $750.000,000, or thereabouts,
of 337 Treasury notes (series A-1937), dated and bearing
0
interest from Sept. 15 1932 and due Sept. 15 1937; the second
was for $400,000,000, or thereabouts, of 13% Treasury
certificates of indebtedness (series TS-1933), dated and bearing interest from Sept. 15 1932 and due Sept. 15 1933.
Total subscriptions amounted to $7,421,198,900, of which
$4,351,749,900 was for the five-year 33<% Treasury note
issue and $3,069,449,000 for the one-year 13% Treasury
certificates of indebtedness. The total amount of bids
accepted for the 3h% Treasury notes, as already stated,
was $834,401,500 and for the 1 3 % Treasury certificates of
indebtedness $451,447,000. Both issues were offered at
par. The financing provided for the retiring of $712,504,500
of maturing Treasury certificates of indebtedness, the rest
representing new money.
An offering of $100,000,000, or thereabouts, of 91-day
Treasury bills was announced by Mr. Mills on Sept. 26.
The bills were dated Sept. 28 1932 and mature Dec. 28 1932.
The total applied for was $412,500,000. The amount
accepted was $100,665,000. The average price was 99.941,
the average rate on a bank discount basis being 0.23%.
The proceeds went to replace maturing bills.
In the following we show all the Treasury financing back
to the first of January. The result is found to be that the
Government disposed of $6,448,027,000 during the nine
months to Sept. 30, of which $3,589,030,000 went to take
up existing issues, and $2,858,997,000 constituted new debt.
UNITED STATES TREASURY FINANCING
MONTHS OF 1932.
Date
Offered, Dated.
Jan. 7 Jan. 13 91 days
Jan. 17 Jan. 25 93 days
Jan. 25 Feb. 1 6 months
Jan. 25 Feb. 1 1 year
Jan. 31 Feb. 8 93 days
Fob. 7 Feb. 15 93 days
Feb. 16 Feb. 24 91 days
Feb. 24 Mar. 2 91 days
Mar. 5 Mar. 15 1 year
Mar. 6 Mar. 15 7 months
Mar. 6 Mar. 16 1 year
Mar.23 Mar.30 91 days
Apr. 7 Apr. 13 91 days
Apr. 14 Apr. 20 91 days
Apr. 21 Apr. 27 91 days
Apr. 25 May 2 1 year
Apr. 25 May 2 2 years
May 4 May 11 91 days
May 11 May 18 91 days
May 18 May 25 91 days
91 days
May 24 June
June 5 June 16 1 year
June 5 June lb 3 years
June 22 June 29 91 days
July 7 July 13 90 days
July 14 July 20 91 days
July 21 July 27 91 days
July 24 Aug. 1 2 years
July 24 Aug. 1 4 years
Aug. 4 Aug. 10 91 days
Aug. 11 Aug. 17 91 days
Aug. 18 Aug. 24 91 days
Aug. 25 Aug. 31 91 days
Sept. 6 Sept. 15 5 years
Sept. 6 Sept. 15 1 year
3169.337.000
191,581,000
395,938,500
250,148.000
196,373,000
211,872,000
196,183,000
292,984,000
a28.000.000
952,619.500
2,450.606.000
360,198.000
399.374.000
289.740,000
241,451.000
1,699,868,000
2.496.428,700
351,661,000
395,069,000
334,818.000
296,503,000
1.653.814.000
1.143.563,400
292,881,000
273.658.000
241,256,000
191,613.000
1,705,626,800
3,804,722,700
333,468,000
333,747,000
347,816,000
463,281,000
1,351,749,900
3,069,449,000
str•ot 20 Rent OR 01 anve
DURING
Amount
Accepted.
Amount
Applied for.
Due.
.119 cm non
FIRST
NINE
Yield.
Price.
.2.875%
350,175,000 Average 99.272
50.937,000 Average 99.358 *2.40%
3.125%
100
227.631,000
3.75%
100
144,372,000
76.399,000 Average 99.314 *2.65%
75,689.000 Average 99.287 *2.76%
62,851,000 Average 99.316 *2.71%
101,412,000 Average 99.369 *2.50%
2.00%
100
n28.000.000
3.125%
100
333.492.500
100
3.75%
660.653.500
102.169.000 Average 99.474 *2.08%
76,200.000 Average 99.735 *1.05%
75,600,000 Average 99.843 *0.62%
51.550.000 Average 99.841 *0.63%
2.00%
100
239,197.000
3.00%
100
244,234,600
76,744,000 Average 99.829 *0.68%
75,000,000 Average 99.393 *0.43%
60,050.000 Average 99.927 *0.29%
100,200.000 Average 99.919 *0.32%
100
1.50%
373.856,500
3.00%
100
416,602,800
100.466,000 Average 99.897 *0.41%
75,278,000 Average 99.904 *0.39%
75,923,000 Average 99.899 *0.40%
83.317.000 Average 99.882 *0.47%
2.125%
100
345,292,600
3.25%
100
365,133,000
0.53%
99.866 .
Average
75,217,000
75,016,000 Average
99.878
*0.48%
99.804 *0.42%
62.350,000 Average
100,500,000 Average 99.918 *0.32%
100
3.25%
834,401,500
100
1.25%
451,447,000
inn OAR 11110 AvArnva
00 041
CA 920Z
a Approximate. •Average rate on a bank discount basis.
USE OF FUNDS.
Date
Offered.
lan. 7
Ian. 17
ran. 25
Jan. 25
Jan. 31
Feb. 7
Feb. 16
Feb. 24
Mar. 5
Mar. 6
Mar. 6
Mar.23
Apr. 7
Apr. 14
Apr. 21
Apr. 25
Apr. 25
May 4
May 11
May 18
May 24
June 5
June 5
June 22
Only 7
July 14
July 21
July 24
July 24
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 6
Sept. 6
tent 25
2393
Financial Chronicle
Volume 135
Yllge of
Security.
Total Amount
Accepted.
Treasury bills
Treasury bills
35% Treasury ctts.
39j% Treasury Mts.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2% Treasury ars.
334% Treasury °Us.
33% Treasury ctts.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2% Treasury Ws.
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
134% Treasury etre
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treasury notes
3h% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
3h% Treasury notes
13% Treasury ctfs
Trananpv 11111.
Refundiny.
New
Indebtedness.
$50,175,000 $50,175,000
50,937.000
50,937,000
227,631,000 1 50,000.000 8322.003,000
144,372,000 1
76.399,000
76.399.000
75,689,000
75,689.000
62,851,000
62,851,000
10 .412.000 101,412,000
*28,000.000
*28.000.000
333,492,500 1 624,000,000 370,146.000
660.653.500 f
102,169,000 102,169.000
50.175,000
26,025,000
76,200,000
75.600,000
75,600,000
51,550.000
51,550,000
239,197.000
239.197.000
244.234,600
244.234.600
76.744,000
76,744,000
75,000,000
75,000,000
60,000,000
60,050,000
100,200,000 100,200,000
373,856,500 1 324,578,500 465,880.800
416,602,800 I
100,466,000 100.466.000
75.278.000
75.278,000
75.923,000
75,923.000
51.550.000
31,767.000
83,317,000
345.292,600 1 227,631.000 482,799.600
365.138.000 I
75.217.000
75,217,000
75,016,000
75,016,000
62.350.000
62,350,000
100,500,000 100,500,000
573,344,000
834,401,5005, 712,504,500
451,447,000 I
1011 RR5 non
111A Ilitc nnn
notes aggregated but $450,000. There was but one stock
offering during September amounting to $350,000.
The portion of the month's financing raised for refunding
purposes was $4,332,000 or over 39% of the total; in August
the refunding portion was $107,114,000 or over 80% of the
total; in July the refunding portion was $49,029,000, or
43% of the total; in June it was $25,230,500, or 80%; in
May it was $15,000,000, or 67%; in April, $33,124,000, or
68%;in March,$9,097,320,or 15%;in February,$5,688,000,
or 12%,and in January only $1,500,000, or slightly over 3%.
In September 1931 the amount raised for refunding was
$19,883,000, or 11% of the month's total. The $4,332,000
raised for refunding in September (1932), comprised $3,882,000 new long-term to refund existing short-term and $450,000
new short-term to refund existing short-term.
There were no conspicuous refunding issues offered in
September.
The only piece of foreign financing undertaken in this
country during September was an issue of $60,000,000
Dominion of Canada one-year 4% notes, due Oct. 1 1933,
priced at par.
As already indicated corporate financing in September was
limited to a few small offerings, the most representative of
which were: $4,000,000, The California Oregon Power Co.
refunding mortgage 6%'s 1942, issued at 93 to yield 7.50%;
$2,382,000 Northern Pennsylvania Power Co. 1st and refunding mortgage 5s 1962, issued at par and $2,000,000 San
Diego Consolidated Gas ez Electric Co. (Calif.) 1st and refunding mortgage 53's D, 1960,issued at 96 to yield 5.79%.
Included in the months financing was an offering of $4,000,000 Federal Intermediate Credit Banks 2%% Collateral trust
debentures dated Sept. 15 1932 and due in 9 and 12 months,
priced to yield 2.00% to 2.25%.
During the month there was but one security offering carrying a convertible feature, namely:
•approximate.
Taking up now our tables of ordinary financing for the
month of September, we find that the total of the new issues
brought out was $141,395,801. This compares with $169,842,388 in August with $154,120,622 in July and with $142,206,468 in June, all very light monthly totals. For the
benefit of the reader we will say that our compilations, as
in preceding months include the stock, bond and note issues
by corporations, by holding, investment and trading companies, and by States and municipalities, foreign and domestic, and also farm loan emissions. How diminutive present
totals are appears when comparisons are made with corresponding figures for some previous years. As against the
September total of new issues, the present year of $141,395,801, the amount in September 1929 was $1,616,904,181. It
des9rves further to be noted that of the $141,395,801 total
for the present year, no less than $48,364,264 was for refunding purposes, that is to take up old issues, leaving only
$93,031,537 of strictly new capital. The municipal awards
were only $66,513,801, (not including any State and municipal financing done by the Reconstruction Finance Corporation) and the corporate offerings no more than $10,882,000.
Proceeding now with our analysis of the meager amount
of new corporate financing during September, we observe
that public utility issues led in volume, but with the diminutive total of $9,732,000, as against $99,999,000 reported
for August. Industrial and miscellaneous flotations during
the month amounted to only $1,150,000 as compared with
$6,945,500 in August. No railroad issues were brought to
market in September whereas in August railroad issues totaled
$26,450,000.
Of the total corporate offerings of all kinds during September for the amount of $10,882,000, long-term bonds and
notes comprised $10,082,000, while short-term bonds and
Co. ref. mtge. Ois 1942. (Each
$4.000.000 California Oregon Power
amount of ref. mtge.
81,000 of bonds convertible into a like
1941, or 10 days prior
ge 1962, and 850 In cash prior to May 1
to redemption).
No new fixed investment trusts were offered during
September.
The following is a complete summary of the new financing,
as
corporate, State and city, foreign government, as wellthe
farm loans issued during the month of September and
nine months ending with September:
, FARM LOAN
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT
AND MUNICIPAL FINANCING.
1932.
MONTH OF SEPTEMBERCorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign government.
Farm Loan issues
Municipal. States, cities, dm
United States Possessions
Grand total
9 MONTHS ENDED SEPT. 30
Corporate
Domestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign government
Farm Loan issues
Municipal. States, cities, &c
United States Possessions
New Capital.
$
6,200,000
Total.
Refunding.
•
$
3,882,000
450,000
$
10,082,000
450,000
850,000
350,000
6.550,000
20,000,000
4,332,000
40,000,000
10,882.000
60,000,000
4,000,000
a62,481,537
a4,032,264
4,000.000
a66,513,801
93,031,537
48.364,264
141,395,801
217,402,300
26,231,500
7,975,275
4,246,900
98,838.500
149,379,000
1,897,320
316,240,800
175,610,500
7,975,275
6,144,220
255,855,975
22,000,000
250,114,820
40,000,000
95
505,970,7
62,000,000
50,000,000
y597,773,587
692,000
92,500,000 142,500.000
352 777
y56,579.190 9654, .
692.000
926.321.562 439,194.010 1.365.515.572
loans mad
$18,523,502 Reconstruction Finance Corporation Reconstruca Not Including
335,455,171
to municipalities In September. y Not including a total of Sept. 30.
municipalities to
tion nuance Corporation loans made to
Grand total
In the elaborate and comprehensive tables on the succeedthe
ing pages we compare the foregoing figures for 1932 withthus
corresponding figures for the four years preceding,
affording a fiv&vear comparison. We also furnish a detailed
analysis for the five years of the corporate offerings, showing
corseparately the amounts for all the different classes of
porations.
Following the full-page tables we give complete detaisl
of the new capital flotations during September, including
every issue of any kind brought out in that month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM
LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF
SEPTEMBER FOR FIVE YEARS.
1932.
1931. .
1930.
1929.
New Capital. Refunding.
Total.
1928.
Corporate-New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Domestic—
Total.
New Capital. Refunding.
Total.
$
$
Long term bonds and notes_
.
$
6,200.000
3,882,000
10,082,000
$
76,I92,000
9.083,000
85,675,000
177,620.000
49,940,000 227,560,000
Short term
156,644,000
450,000
69,795,000 226,439,000 174,118,450
450,000
17.724.400
10.000,000
27.724,400
23,657,500 197,775,950
44,475,000
7.400,000
51,875.000
Preferred stocks
15,550,000
7.500.000
15,550,000
800,000
6,791.400
8,300.000
26,326,250
6,791,400
26,326,250
Common stocks
350,000
171,277,500
56,46--A66 228,237,500 56,462,879
0
350,000
4.565,000
4,565,000
"1- Koo6 56,650,879
8
35,448.370
35,448,370
Canadian—
857,812,514 179,837,000 1,037.649,514
91,152,756
13,180,550 104,333,306
Long term bonds and notes_
50,000.000
50,000,000
Short term
7.500.000
700,000
7,500.000
700.000
Preferred stocks_
Common stocks
Other foreign
Long term bonds and notes_
4.977,000
4.977,000
Short term
44,070,000
44,070.000
Preferred stocks
Common stocks
2,000,000
2,000,000
Total corporate
6.550,000
9,062.500
4.332.000
10,882.000
156.381.400
9,062,500
19.883,000 176,264.400
284.569,620
62,317,000 346,886,620 1,201.284,014 306,592,000 1.507.876,014
Canadian Government
20,000,000
40,000,000
60,000,000
391.167,985
1.750,000
37.026.050 428,184.035
1,750.000
Other foreign Government
1.000.000
1,000,000
3,000.000
1,000,000
3,000.000
51,900,000
52,900,000
Farm Loan issues
8.000,000
4,000,000
4.000,000
8,000.000
20,000,000
43.500,000
20,000,000
15,000,000
43,500,000
15,000,000
Municipal, States, Cities, &c__ _ *62.481,537
*4,032,264 *66,513.801
114,175,934
2.908,017 117.083,951
2,000,000
76.093,117
2,000,000
4,265.000
80,358,117
United States P
99,498,007
ions_ _
530.160 100,028,167
500,000
64.497,234
500,000
2,207,100
66.704,334
Grand Total
III 93,031.537 1448.364.264 141,395.801
271,057,334
42,791,017 313,848,351
378,412.737 118.482.000 496,894,737 1.308,782.021 308,122,160 1,616,904.181
*Figures do not include $18,523,502 Reconstruction Finance Corp. loans made to municipal ties in September.
501.155,219
42,233.150 543.388.369
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED
STATES FOR THE MONTH OF SEPTEMBER FOR FIVE YEARS.
1932.
1931.
1930.
MONTH OF SEPTEMErR.
1929.
Capital. Refunding.
New
1928.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Long Term Bonds and Notes—
New Capital. Refunding.
$
Total.
$
$
Railroads
52,037.000
7,963,000
60,000,000
71,277.000
$
4,977,000
76,254,000
Public utilities
12,250,000
69.270,000
5,500,000
3,882,000
81,520,000
9,382,000
6.770,000
1.120,000
7,890,000
87.828,000
49,715,000 137,543,000
Iron,steel, coal, copper, &c
62.056,000
525,000
62.581.000 143.504,500
7,670.500 15fX7i.666
Equipment manufacturers
- 500,000
175,000
500.000
225,000
400,000
Motors and accessories
Other industrial and manufacturing
4.250,000
4.250,000
Oil
4,000.000
4,000.000
23,758.000
2,162.000
25,920,000
Land, buildings, &c
50,000.000
700.000
50,000,000
700,000
66,785,000
66.785,000
13.890,000
13.890.000
RUbber
5.338,000
5.338.000
39,215,950
12.900.000
5i,i11,§86
Shipping
Inv. trusts, trading, holdings, &c_
Miscellaneous
2,000,000
2,000.000
500.000
500.000
375.000
225,000
600.000
21.000,000
21.000,000
Total
19,035,000
6.200,000
3,882.000
700,000
10,082.000
126.592.000
19,735.000
9.083,000 135.675,000
177,620,000
54,917,000 232,537.000
Short Term Bonds and Notes—
156,644.000
69.795,000 226.439,000 225.688,450
23.657,500 249,345,950
Railroads
Public utilities
17,500.000
10,000,000
27,500,000
2.700.000
7,250.000
Iron,steel, coal, copper, &c
9.950.000
10,850.000
10,850,000
2,250,000
2,250,000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
3,000.000
750.000
150,000
3.000,000
900,000
Oil
700,000
700.000
Land, buildings, &c
1,000,000
1.000,000
224,400
224.400
1,725.000
1,725.000
Rubber
200,000
200,000
191.400
191.400
Shipping
450,000
450.000
Inv. trusts, trading, holding, &c_
40,000,000
40,000.000
Miscellaneous
3,500.000
3.500,000
Total
650.000
450,000
17.724,400
450.000
650.000
10,000,000
27,724.400
45.175,000
7.400,000
52.575,000
Stocks
-15,550.000
15,550,000
6,791,400
6,791.400
Railroads
Public utilities
350.000
350,000
6.690.000
6.690.000
24,750.000
24.750,000
Iron, steel, coal. copper, &c
163.460.200 143.400.000 306.860,200
1.750,000
46,303.370
1,750,000
2,510,550
48,813,920
Equipment manufacturers
2,007.535
88,000.000
90.007,535
Motors and accessories
568.947
568,947
Other industrial and manufacturing
2,165,600
2,165,600
1.500.000
1,062,000
800,000
620,000
2,300.000
5,123.370
1.682.000
5.123,370
Oil
177.938,632
5,397,000 183,335,632
63,293,965
3,238,000
66,531,965
Land, buildings, &c
Rubber
962.500
962,500
5,210,000
5.210,000
Shipping
Inv. trusts, trading, holding, dec.
30,000,000
30.000.000
Miscellaneous
527.237,100
527,237,100
8,699,122
2,125.000
2.125.000
1,901,250
8,699,122
1.901.250
154.749.500
154.749,500
Total
34,109.678
350.000
7,000.000
350.000
41,109.678
12,065,000
800.000
12.865.000
61.774,620
Total—
61.774,620 1,029,090,014 236,797,000 1,265,887.014 158,678,135
13,368,550 172,046,685
Railroads
52,037,000
7.963.000
60.000.000
71,277.000
4,977.000
Public utilities
76,254.000
12,250.000
69,270.000
5.850.000
81,520,000
3.882.000
9,732.000
30.960.000
11,120.000
42,080.000
115,278.000
56,965.000 172,243,000
Iron. steel, coal, copper, &c
236.366.200 143,925.000 380.291.200 192.057.870
1,750.000
10,181.050 202,238,920
1,750.000
Equipment manufacturers
2,007,535
88.000,000
90,007,535
500.000
175,000
225,000
500,000
400,000
Motors and accessories
568.947
568,947
Other industrial and manufacturing
2,165.600
2.165,600
1,500.000
4,062,000
800.000
620.000
2,300.000
10,123,370
4,682,000
150,000
10,273.370
Oil
181,938.632
5,397,000 187,335.632
87.751,965
5,400.000
93,151,965
Land, buildings. &c
51.000.000
700,000
51,000,000
67,009.400
700.000
67.009.400
15.615.000
15.615,000
Rubber
6,500.500
6,500,500
44,617,350
12,900.000 57,517.350
Shipping
450,000
450.000
Inv. trusts, trading. holding, &c_
70.000.000
70,000,000
Miscellaneous
529,237,100
529,237,100
2.625.000
8,699,122
2.625,000
2.276.250
8.699,122
225.000
2.501.250
179.249.500
179,249.500
Total corporate securities
53.794.678
6.550.000
7,700.000
4.332.000 a. 10.882.000
61.494.678
156.381.400
19.883,000 176,264.400
284,569.620
62.317.000 346.886.620 1.201.284,014 306.592.000 1,507.876.014
391.157.985 .137,026.050 428,184,03.i
MONTH OF SEPTEMBER.
ts.D
Ze61 8 700
apy10.1113 felOIICULI
14=,
tr1
Opy.1011(3 pplIelqd
ENDED SEPT. 30 FOR FIVE YEARS.
LOAN AND MUNICIPAL FINANCING FOR THE NINE MONTHS
SUMMARY OFLCORPORATE, FOREIGN GOVERNMENT, FARM
1928.
1929.
1930.
Total.
1931.
New Capital. Refunding.
1932:
Total.
NINE MONTHS END. SEPT. 30.
New Capital. Refunding.
Total.
lVeto Capital. Refunding.
Total.
$
$
New Capital. Refunding.
Total.
$
$
New Capital. Refunding.
3
$
Corporate—
$
0 960,276.900 2,497.280,850
$
$
2,592,966,910 1,555,125,340 475.285.260 2030.410,600 1,537,003,95
$
Domestic—
38.373.800 196,498,600
893,612,600 660.841.200 1.554,453,800 2,264,398,660 328,568,250 464.490.650
43.937,500 187,292,700 158,124.800 236,990.300 911.795.446
143,355,200
98,838,500 316,240,800
65,013,000
399,477,650
Long term bonds and notes_ 217.402.300
6 674,805.146
87,899.500 365.485,250
277,585,750
26,231.500 149,379,000 175,610.500
1,350,000 397.878,030 1.346,569.266 150.211,540 1,496,780.80
396.528,030
Short term
876,747.308 186.363,380 1.063,110,688
31,850,000 145,799,667
113,949.667
7,975,275
7,975.275
13,315.750 1,008.743,671 3,886.429,392 573.573.302 ,460.002.694
995,427,921
Preferred stocks
131,002,756
131,002.756
6,144.220
1.897,320
4,246,900
• Common stocks
68,792.000 159,772,000
90,980,000
214,100,000
214,100,C00
38,000,000 211,638,000
173,638.000
Canadian—
140,000.000
140,000.000
5,700,000
48,000,000
Long term bonds and notes_
5.700.000
26,000.000
22,000,000
10,400,000
10,400,000
13,000.000
8,613,400
Short term
13.000,000
8,613.400
18.163,900
18,163.900
16,516,340
16,516,340
Preferred stocks
Common stocks
46.118,500 440.970,000
394,851,500
2,000,000 158,260,000
158,260,000
10,000.000
8,977,000 177,992.000
169,015.000
Other foreign
72.800.000
10,000,000
12,050,000
72,800,000
10,432,717
1.617.283
31.000.000
14,030,000
Long term bonds and notes_
31,000,000
5,000,000
14,030,000
5,000.000
102.312,200
102,312,200
39,344,250
Short term
39.344,250
32,256.347
32.256.347
10.060,000
10,060.000
Preferred stocks
4 1.562,914,880 5,389,415,234
8 1.255,440,319 8,7224129,247 3.826.500.35
Common stocks
31.540.000
3.000,000
28.840,000
2,414,541,473 4.474,761,601 455.224,000 4,929.985,601 7,466.588.92
37.612,000
9.000.000
28.612.000
56,150.000
255.855.975 250,114.820 505.970,795 1.828,950.773 785,590,700
7.158.000
Total corporate
48.992.000
64.750,000 485.831,587 100,538,413 586,370.000
62.000.000
64,750,000
40.000.000
22,000,000
60.080,000 472.386,000
40.100.000
Canadian Government
412,306.000
40,100,000
45,500,000
Other foreign Government__
45,500.000
32,737,209 994,840,978
95,600,000
51,000,000
44000,000
9,305,186 936,398,760 962,103,769
927,093.574
92,500.000 142,500,000
50.000,000
42,226,637 1.056.321,229
6,161.500
Farm Loan issues
6,161.500
19,130,700 1,140.002,546 1.014.094,592
1,995.000
1,995.000
9,675,000
*597,773,587 *56.579,190 *654.352,777 1.120.871.846
9.675.000
Municipal, States, Cities, o&c
795.000
P17 oin 1 AGO Ian A119 7 MR 727 712
795.000
692.000
e A20 ma ene I gig ',AM cnk 0 '7A0 ISIM rim A RAO
•
692.000
•
•
United States Possessions
9 6,005.329.193 564,688,637 6.570.017,830
3,650.939.01
926.321,562 .439.194.010 1.365.515,572 2.795.217.819 855.721.400
Grand Total
municipalities to Sept. 30.
*Figures do not include a total of $35,455,171 Reconstruction Finance Corp. loans made to
30 FOR FIVE YEARS.
THE UNITED STATES FOR THE NINE MONTHS ENDED SEPT.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN
1928.
1929.
1930.
1931.
Total.
1932.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
7'otal.
$
New Capital. Refunding.
END. SEPT. 30. New Capital. Refunding.
NINE MONTHS
$
Total.
$
$
$
$
$
$
322.580,000
$
3
$
483,041,000 115,888,500 206,691,500 1,239,195.800
$
3
$
301,627,240 181.413.760
$
Long Term Bonds and Notes—
696,468,250 222.662,750 919,131,000
538,859,800
154,282.700 456,430,000
302.147.300
9,327,000
530,152.500 252,360,000 782.512.500 700,336,000
9,327,000
1,343,568,500
Railroads
61,969,300 147,352.000
85,382,700
490.268,500 490.632.000 980.900,500 1,226,306.000 117,262,500
3,186.500 126,700,000
123.513.500
89.461.500 302.463.800
21,500.000
213,002.300
Public utilities
5,816,000
21.500.000
5,816,000
6,062,500 109.002.300
1,850.000
102,939,800
1.850.000
9.040,000
Iron, steel, coal, copper, &c
5,800.000
9.040,000
780,000
12.934,000
5,020,000
150,0u0
12,934,000
150,000
rs
Equipment manufacture
2.075.000 221.628,000 241,623,700 107,192,300 348,816,000
219.553,000
27,355,000 235,106,910
Motors and accessories
59.500.000
207,751.910
31,747,000
88,902.000
27,753,000
5,950,000
84.400,000
82,952.000
15,416.000
68,984,000
6,950.000 149,500,000
Dther industrial and manufacturing
142,550,000
84,620,000 519.488,050
2,000,000
--_---2,000,000
3,929,000 298.679.100 434,868.050
294,750,100
70,000 124,595,500
DU
1,300,000
124,525,500
99,955,000
1,300,000
1.220.000
1,000,000
98.735.000
3,250.000
1,000,000
50,000
30,000,000
3,200,000
[And, buildings, &c
30,000,000
9,100,000
6,000.000
3.100.000
10,000.000
Rubber
83300,000
10.000,000
1,012.000
1,650,000
82.388,000
116,250,000
1,650.000
116,250,000
75,250,000
;hipping
75,250,000
42,315,500 364.775,000
12.905.000 277,460.000 322,459.500
264.555,000
64,905,000
1,245,000
Inv. trusts, trading, holdings, &c_
63,680.000
15,480,000
2.694,000
12.786,000
1,200,000
2.402.770,600 2.022,835,450 1.075,187.400 3,098.022,850
1.200,000
Viiscellaneous
0 2,607,051.660 375,545.250 2.982.596,910 1,925.485,340 477,285,260
98,838,500 316.240.800 1.106.412000 660.841,200 1.767.253,80
217,402.300
29,500,000
Total
17,000,000
12,500.000
6,860,000
5,360,000
1,500,000
14,500,000
2,500,000
93,422.000
Short Term Bonds and Notes—
12,000,000
6,000,000
47,500.000
87,422,000
12.530,000
80,140,000
34,970,000
41.313,717
34,825,000
38,826.283
23,500,000
11.325.000
22,878,000 208,100,000
400.000
Railroads
185,222.000
400,000
41,077,500 223,025.000
6,500,000
5,780,000
181.947,500
720,000
33.000,000
2.850.000 125,329.000 128,179,000
5,000,000
'ublic utilities
28,000.000
4,000,000
3.101.000
899,000
100,000
100.000
12.000.000
4,950,000
12.000,000
;ron, steel, coal, copper, &c
750,000
4,200,000
500.000
500.000
10.100.000
7,292.000
10,100.000
Equipment manufacturers
2,488.100
4,803,900
13,150,000
13,150,000
89,205,000
17,350.000
17,200,000
71.855.000
dotors and accessories
10,694,200
55.035.000
6,505,800
33.500.000
2,000,000
21.535,000
2,000,000
7,250,000
600,000
6,650,000
25,909,600
Aber industrial and manufacturing
1,441.500
10,440,000
24,468.100
791,000
61,672,700
9,649,000
61,672,700
50.385,650
685,000
49.700.650
)11
9,885.250
1,400.000
8.485.250
4.101,000
18,900,000
4,101.000
15,000.000
3.900.000
And, buildings, &c
•
1,600,000
tubber
1,600,000
450,000
450.000
41,000,000
25,225.000
41.000,000
;hipping
500,000
25.225,000
500,000
28,520,000
1,916,500
26,603,500
16,750,000
1,000,000
nv. trusts, trading, holding, &c15,750,000
20.100.000
20.100,000
38,373,800 205,498,600
7,955,500
7,955.500
54.370,217 199.342.700 167,124,800
144.972,483
discellaneous
65,013,000 501,190,650
436,177,650
92,899,500 370.485.250
277,585,750
26,231,500 149379,000 175,610,500
Total
51,597,650 139,954,700 191.552.350
71,107,700
71,107.700
66,055,600
66,055,600
Stocks—
568,132,633 153,828,598 721,961,231
12,912.250 703,390,345 1,096,366,101 204.106,590 1,300,472,691
74,579,861
690,478.095
tailroads
17,200,000
31,050,000 228,278,511
57,379,861
197,228.511
145.034,920 351,020,200 496,055,120
8,359,495
133,351,675
1,897.320
8,462,175
133,351,675
1,920,000
'ublic utilities
________
3.390.000
1.920.000
568,947
3,390,000
568.947
38,387,102
ron, steel, coal, copper, &c
28,908,702
9.478.400
85,029.162
5,511,852
79,517.310
4,723,962
__ -___
4,723,962
414,800,038
Equipment manufacturers
90.229,220
17,371,500 198,828,565 781,810,605 58,666,080 872,C39,825 345,908,998 68,891,040 10,126,180
197,457,065
dotors and accessories
18,552,872
10,126,180
800,000
143,614,732
17,752,872
2,091,250
84.948,652
82,323,463
2.091.250
82,323,463
61,101,783
Aber Industrial and manufacturing
1,346.000
3,452,500
59,755,783
3,452,500
408.500 111,143,330
110,734,830
16.320.000
16,320.000
12.930,375
)11
1,042,400
1,466,500
11,887,975
54.233,534
1,466.500
54,233,534
8,325,855
And, buildings, &c
8,325,855
23,178.000
23,178,000
2,168,750
2,168,750
tubber
2,964,500 226,891,412
1,500.0002.016.768,972 223,928,912
______ 112,987,079 2.015,268072
112,987.079
Ihipping
35.217,740 323,317,597
3,143.750
3.143.750
12,342.400 945,703,934 288,099,857
933.361,534
382,000 128,217,352
127,835.352
nv. trusts, trading, holding, &c.
18.518,290
18.518.290
4 449,353,680 2,085,893,784
1,500,000
' 1,500.000
41scellanoous
14,665,750 1,446,198,041 5,396,131,105 723,784,842 6,119,915,947 1,636,540,10
31,850.000 276.802,423 1,431,532,291
244.952,423
14.119,495
1.897,320
12,222,175
Total
374,234.940 186.773,760 561,008,700 179.986,150 363,646,200 543,632,350
774.523.850 225.162,750 999,686.600
Total—
337,117,300 166,812,700 503,930,000 2,102.006.095 153,052,750 2.255,058,845 1,665,344,884 497.780.307 2,163,125,191 1,355,890,633 898,688.3982,054,579.031
44,152.000
32.827,000
11,325,000
tailroads
79,169,300 222,331,881
1.432,204,011
.
62,759 500
869.444.511 5
269,268,420 359,986,700 629,255,120 143,162,561
5,000,000 187.851,675
222,314.475 216.687.820 439,002,295
182,851,675
7,736,000
'ublic utilities
7,736,000
9,163,500 116,392.300
2.418,947
107,228,800
2.418,947
100,000
21,040,000
100.000
21,040.000
49,137,102
ron, steel, coal, copper, Stc
12,934,000
30.438.702
18,698,400
85,679,162
12.934.000
5.511,852
80,167.310
14,823,962
14.823,962
Equipment manufacturers
178,571,440 770,908,038
92,304.220 1,106,817.825 592,336,598
46.076.500 523,140,475 1,014,513,605
477.063,975
86,826,180
dotors and accessories
42,441.200
40.250,000 182,489,872
44,384,980
122.239,872
74.082,080 230,014,732
2,091,250
155,932.652
7,550,000 239,073.463
2,091,250
231.523.463
)ther industrial and manufacturing
87.407,500 606,499,433
15,892,500
791.000
15,101,500
4,337,500 471,495,130 519.091,933
467,157,630
755,000 191,301.150
190,548.150
MI
14.230,375
1,042,400
13,187,975
2.620,000 111,306,750
55,233,534
108,686,750
__ _ _
55,233,534
7,351,000
48,900,000
50,000
15,000,000
33,900,000
7301,000
8,325,855
And, buildings. &c
___ ___
8,325,855
043,0- 0.606 32,278.000
2,168,750
26.278.000
10.000,000
2,168,750
10.000.000
tubber
1,650,000
3,976.500 311,891,412
307.914,912
1,650,000
1,500,0002.133.018,972
450,000
450,000
229,137,079229.237,079 2,131,518,972
713,317.597
;hipping
3,643,750
500.000
3,143,750
5
- 27.666 209,872,352 1,224,520,034 27.183.900 1,251.683,934 635,784,357 77.533.240 5,389,415.234
2.
207,245,352
nv. trusts, trading, holding, &c_
54,098,290
2,694.000
51.404,290
10.655,500
10,655,500
1 7,466.588,928 1.255.440.319 8.722.029.247 3,826,500,354 1.562,914,880
discellaneous
785.590.700 2,414,541.473 4,474,761,601 455,224,000 4,929.985,60
- 255.855,975 250.114.820 505,970.795 1.628.950,773
Total corporate securities
t\D
CAD
)
tc
egg
2396
Financial Chronicle
Oct. 8 1932
DETAILS OF NEW CAPITAL FLOTATIONS DURING SEPTEMBER 1932.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER
THAN FIVE YEARS.)
Amount.
Purpose of Issue.
Price.
Public Utilities—
4,000,000 Addns.;exten.sions:oth. cOrP.PurP•
2,3h .000 Refunding
To Yield
About.
93
100
1,000,000 Additions and extensions
07
2,000,000 Refunding: capital expenditures _ _
96
9,382,000
Land, Buildings,
450,000 Real estate mortgage
estate
100
250,000 Real estate mortgage
Company and Issue, and by Whom Offered.
7.50 The California Oregon Power Co. Ref. M 6.145 1942. (Convertible on or before
May 1
called for redemption on or prior to such date, on or before the 10th day prior to redemption1941, or if
date, into
an equal principal amount of refunding mtge. (is 1962, the company agreeing
to pay holder, upon
conversion cash at rate of $50 per 81,000 of bands
H. M. Byliesby dr Co., Inc.; W. C. Langley dc converted). Offered by Chase Harris Forbes Corp.;
Banking Corp., and the N. W.Hangs Co., Inc.Co.; A. C. Allyn & Co., Inc.; J. Henry Schroder
5.00 Northern Pennsylvania Power Co. 1st. & Ref. M 58 1982. Offered to
holders of General Gas di
Electric Corp. 5% Notes, maturing Aug. 15 1032.
6.23 Oklahoma Gas & Electric Co. let M 581950. Offered by H.
M.
Forbes Corp.; W. C. Langley & Co.; A. C. Allyn di Co., Inc.;Byllesby & Co., Inc.; Chase Harris
J. Henry Schroder Banking Corp.,
and the N. W. Harris Co., Inc.
5.79 San Diego Consolidated Gas & Electric Co. (Calif.) 1st
& Ref.
Chase Harris Forbes Corp.; H. M. Byllesby & Co., Inc.; W. C.M 534s "D" 1960. offered by
Langley dr Co.; A. C. Allyn &
Co., Inc.: J. Henry Schroder Banking Corp., and the N. W.Harris
Co., Inc.
5.50 Franciscan Sisters 1st & Ref. M 5348 1934-42. Offered by
Lafayette-South Side Bank & Trust Co.
and Festu.5 J. Wade Jr. & Co., St. Louis.
5.00 St. Meirorads Abbey Catholic Missionary 1st M 55 1942.
Offered by Old National Bank, Evansville, Ind.; First Cannelton National Bank, Cannelton, Ind.;
DuBois County State Bank, Jasper,
Ind. and First National Bank, Louisville, Ky.
100
700,000
SHORT.TERM BONDS AND NOTES (ISSUES MATURING UP TO AND
INCLUDING FIVE YEARS.)
Amount.
Purpose of Issue.
Price.
Shipping—
450,000 Refunding
To Yield
About.
100
Company and Issue, and by Whom Offered.
5.00 Baltimore Steam Packet Co. 5
-Year 5% Secured Notes Aug.
pany's 5% Secured Notes due Aug. 1 1932 and Aug. 11933.1 1937. Offered to holders of comSTOCKS.
Par or No.
of Shares.
(a) Amount Price
To Yield
Involved. Per Share. About.
Purpose of Issue.
Public Utilities—
70,000 ohs General corporate purposes
350,000
5
%._
Company and Issue, and by Whom Offered.
Communities Public Service Corp. Class "A" Stock. Offered by
A. B. Collins St Co.,
Kansas City.
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by
4,000,000 Federal Intermediate Credit Banks 214%
Coll. Tr. Dehs., dated Sept. 15 1932 and
due in 9 and 12 mos. (issued to provide
funds for loan purposes)
2.00-2.25 Charles R. Dunn, Fiscal Agent, New York.
•(Blares of no par value. a Preferred stocks of a stated par value are taken at par, while preferred stocks and all class of
common stock are computed at their offering prices.
The Course of the Bond Market.
The bond market during the current week has been marked
by highly irregular movements. All markets, including
both the security and commodity markets, experienced big
declines on Wednesday. Considering the way other markets
acted, it might be said that the general bond market acted
exceedingly well. The railroad bonds were practically the
only ones to give ground freely, the prices of other groups
of bonds being little affected by the outside influences. On
Wednesday, from the day before, Moody's price index of 10
Ba,a railroad bonds dropped from 62.48 to 60.74, while
10 Baa public utility bonds declined from 66.64 to 66.38,
and industrials from 70.52 to 70.33. These figures picture
the relative weakness of railroad liens. Wheat Was particularly soft during the current week and this weakness
perhaps had a depressing effect on the stocks and bonds of
large wheat-carrying roads. President Hoover's speech on
Tuesday apparently did not help to clear up the uncertainties
of politics and its effect on the market. The price index for
120 domestic bonds finished the week at 81.42, as compared
with 82.50 a week ago, and 82.14 two weeks ago.
There was no apparent effect of losses in other markets
upon the obligations of the United States Government. For
the current week, Moody's average of eight long term Treasury bonds declined only 3-32 of a point. The index on
Friday was 101.56, as compared with 101.67 a week ago
and 101.66 two weeks ago, which shows the narrow range
within which this market has been moving recently. The
Treasury Department maintained its recent policy of term
financing for during the week it offered $450,000,000 of
43/2-year 3% notes. This postpones again any resumption
of long term financing within the very near future. The
continued short term financing policy was probably maintained because the .New York City banks favor the short
dated issues in an effort to remain highly liquid. Both
short and long term Government issues continued firm during
the week.
Price weakness was the rule in the railroad bond market
with large declines registered by junior bonds of speculative
quality. Strictly high grade issues were not greatly affected.
For example, Atchison gen. mtge. 4s, 1995, holding at 94
7
compared with 93/i the week previous. Certain liens of
medium grade investment quality suffered rather severely,
the Southern Pacific 43/2s, 1981 declining from 5614 to 503/2,
Great Northern gen. mtge. 7s, 1936, from 783/2 to 72,
N. Y. Central ref. & imp. mtge. 43/2s, 2013, from 55 to 49.
The largest losses were registered by the speculative issues.
Chicago & North Western 1st & ref. mtge. 43/2s, 2037,
declined from 323/2 to 2534, Denver & Rio Grande Western
ref. & imp. mtge. 5s, 1978, from 29 to 24, and
Chicago,
Rock Island & Pacific 1st & ref. mtge. 4s, 1934, from 4234
3
to 35%. Price changes were, apparently, in the main
due
to the unsatisfactory action of the stock market,
there
having been no outstanding important developments in
the
railroad situation, with the possible exception of the application for receivership for the New York, Chicago &
St.
Louis, which, on ,Oct. 1, defaulted on the payment of
both
principal and interest on its 6% notes due as of that date.
Moody's price index for the railroad group was 74.67
on
Friday, as compared with 76.69 a week ago, and 76.46
two
weeks ago.
Public utility bonds milled around in a sluggish fashion
in
the early part of the current week and no particular
trend
was noticeable. Certain inactive bonds such as California
Oregon Power 6s, 1942, and Texas Power & Light 6s, 2022,
advanced a number of points and New York tractions were
moderately strong, due to political developments, but on the
whole price changes were not especially discernible.
On
Wednesday, however, softness was visible throughout the
entire group, high grades, such as Duquesne Light
43/2s,
1967, New York Gas, Electric Light, Heat & Power
4s,
1949, Dayton Power & Light 5s, 1941, receding fractionall
y,
and second grade and speculative issues, such as
PennOhio Edison 6s, 1950, Standard Gas & Electric 6s,
1966,
Electric Power & Light 5s, 2030, and International Telephone & Telegraph 43/2s, 1939, off two and three
points.
Thursday witnessed further selling, although numerous
high grades displayed a firmer tone. At no time,
however,
was this market as weak as the railroad bond market.
During the week there were flotations of several new
large issues,
all of which were generally well received. The price
index
for this group on Friday was 86.64, as compared
with 87.43
a week ago and 86.77 two weeks ago.
Industrial bonds acted unusually well during the week
and on the whole they fared much better than either
railroad
or public utility bonds. Bonds of tire and rubber companies
exhibited a mixed trend with the issues of U. S. Rubber
showing some weakness while the Hood Rubber notes showed
strength, perhaps because interest was paid, thus indicating
that some investors may have been apprehensive on
this
score. All packing company bonds, Armour, Cudahy,
Financial Chronicle
Volume 135
Swift and Wilson, were firm. Motion picture issues were
reasonably steady, Loew's, Warner Bros., and Paramount
bonds being erratic with little net change. Steel and other
heavy industry bonds were susceptible to market weakness,
with sharp reactions in the stock market. This is probably
due to their continued poor earnings. Oil issues were soft,
the declines varying rather directly with quality. The
%
Sinclair 7s, 1937, declined from 953/i to 943 ,while Standard
Oil of New York 43's, 1951 at 973/i remained 'Unchanged,
for the week. On Friday night, Moody's price index of
40 industrial bonds stood at 83.72, as compared with 83.85
a week previous, and 83.72 two weeks ago.
The foreign bond market during the current week showed
an irregular trend, and substantial changes for the week
were few. Argentine and Italian loans were slightly up,
while, on the other hand, Austrian and German issues were
slightly down. Japanese public utility and government
bonds videnced a similar course. Market movements for
Australian, Cuban, and Scandinavian, including Finnish
issues, were quite irregular, although prices for the week,
were practically unchanged. Most eastern European bonds
fluctuated within a narrow range and with the exception of
the issues of the Kingdom of Jugoslavia, which lost some
ground, showed very little change. Moody's bond yield
average for 40 foreign bonds stood at 10.13% on Friday
the same as for a week ago and two weeks ago.
In the municipal section of the bond market new financing
has increased at a favorable yield basis for the best communities. Several cities which have experienced difficulties
in the past have been able to resume financing. The market
was generally steady. New York City issues responded to
developments in a confusing political situation, advancing
with the progress of the more conservative elements of the
local Democratic Party.
Moody's computed bond prices and bond yield averages
are shown in the tables below:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1932
Daffy
Averages.
AU
120
120 Domestics by Ratings.
Domes
tie.
Aaa.
Aa.
A.
Baa.
2397
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
120 Domestics
by Groups.
RR.
P. U. Indus.
AU
120
120 Demesnes by Ratings.
1932
DomesDaily
tic.
Ana.
Aa.
Averages
A.
Baa.
120 Domestics
by Groups.
RR.
40
For
P. U. Indus. den.
,
81.42
81.78
81.90
82.50
82.50
82.62
101.81
101.81
101.64
102.14
102.14
102.30
88.63
89.04
89.31
89.72
89.72
89.59
77.33
77.77
77.88
78.32
78.55
78.44
64.96
65.29
65.62
66.38
66.30
66.55
74.67
75.09
75.50
76.57
78.57
76.89
86.64
88.77
87.04
87.30
87.43
87.56
83.72
83.97
83.97
84.22
84.10
83.97
Oct. 7__
6._
5...
4__
3...
I__
6.09
6.06
6.05
6.00
6.00
5.99
5.52
5.49
.5.47
5.44
5.44
5.45
6.45
6.41
6.40
6.36
6.34
6.35
7.75
7.71
7.67
7.58
7.59
7.56
6.70
6.66
6.62
6.52
6.52
6.49
5.67
5.66
5.64
.5.62
5.61
5.60
5.90
5.88
5.88
5.86
5.87
5.88
10.13
10.10
10.09
10.05
10.13
10.17
Sept.30
23
16
9
2
Aug. 26
19
12
82.50
82.14
80.84
81.78
81.18
80.415
80.14
78.67
72.26
70.43
66.98
64.71
62.87
62.48
63.27
133.90
63.11
60.97
59.01
62.02
63.98
66.55
68.40
69.86
68.49
67.07
71.67
74.88
75.61
77.55
75.82
74.57
74.48
72.18
72.65
72.95
74.36
74.77
82.62
67.57
93.55
62.56
102.30 89.45
101.47 88.90
100.49 87.83
100.33 88.10
99.68 87.43
99.86 87.96
98.73 86.38
96.70 83.85
95.18 80.72
94.29 79.45
93.28 77.88
91.81 76.46
90.83 74.67
90.13 74.77
90.27 75.82
90.55 76.78
90.18 76.85
89.04 73.45
86.64 73.55
89.45 77.00
92.10 7868
93.26 80.95
93.85 81.90
94.58 82.62
92.82 80.95
92.68 79.68
94.68 82.60
96.70 84.35
96.70 84.72
97.62 85.74
95438 83.48
94.29 82.02
93.70 81.54
91.67 79.80
91.81 80.49
92.25 81.07
93.40 82.99
93.70 82.87
102.30 89.59
85.61 71.38
106.96 101.64
87.96 76.03
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
68.04
56.12
58.52
60.31
63.19
65.62
87.07
66.64
67.07
71.29
73.45
73 85
75.29
73.85
72.26
71.77
69.77
70.82
70.82
72.06
73.15
78.55
64.43
92.97
59.87
66.30
66.81
64.88
67.16
66.47
65.79
65.54
61.11
54.61
51.85
47.63
45.50
43.58
43.02
43.62
44.25
43.02
41.03
38.88
41.44
42.90
45.46
47.44
49.22
47.73
45.15
50.80
55.42
56.58
59.80
68.66
57.57
58.32
85.58
55.78
5599
57.17
57.80
67.86
37.94
78.55
42.58
76.67 87.43
76.46 86.77
74.88 .85.61
76.25 86.51
76.14 85.74
76.25 85.87
76.35 84.85
71.38 81.66
65.45 77.55
64.18 75.82
59.87 73.05
56.32 72.16
54.86 69.40
54.73 69.13
55.61 69.59
56.32 70.53
55.61 69.68
52.47 68.58
49.53 66.73
52.24 71.09
54.55 72.95
57.64 74.46
69.94 75.92
62.58 76.68
80.82 74.98
69.29 71.87
64.80 77.56
70.15 80.72
71.19 81.07
73.85 83.35
72.95 81.42
71.67 79.68
71.77 79.58
69.81 77.11
70.15 7744
70.71 77.66
72.06 80.14
72.16 81.54
78.99 87.69
47.68 65.71
95.18 96.85
53.22 73.65
83.85
83.72
82.74
83.23
82.14
81.18
79.45
77.66
74.77
72.26
69.31
67.25
65.96
65.12
66.04
68.21
65.62
63.90
63.35
65.29
66.64
79.40
70.90
71.48
71.00
71.38
78.65
74.57
74.98
78.14
73.55
72.75
72.45
70.62
70.71
70.81
71.48
71.19
83.85
62.09
90.55
63.74
6.00
6.03
6.14
6.06
6.11
6.13
6.90
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
7.85
7.19
7.34
7.50
7.00
6.68
6.61
13.48
6.59
8.71
6.72
6.95
6.90
6.87
6.73
6.69
5.99
8.74
5.17
8.05
5.46
5.50
5.58
5.56
5.61
5.57
5.69
5.89
6.15
6.28
6.40
653
8.70
6.89
6.59
6.50
6.54
8.82
8.81
6.48
6.31
6.18
6.05
5.99
6.13
6.24
6.00
5.85
5.82
5.74
5.92
6.04
6.08
6.23
6.17
6.12
5.96
5.97
5.44
7.03
4.65
6.57
6.35
6.42
6.50
6.46
6.49
6.51
6.61
6.94
7.32
7.46
7.96
8.37
8.57
8.60
8.48
8.40
8.42
8.67
8.96
8.60
8.35
7.97
7.67
7.50
7.55
7.50
7.04
6.82
6.78
6.64
6.83
6.94
6.99
7.20
7.11
7.12
6.96
6.85
6.34
9.23
5.21
8.41
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
11.58
10.95
10.52
10.16
10.46
11.02
9.86
9.07
8.89
8.42
8.58
8.74
8.63
9.05
9112
8.98
8.80
6.78
7.41
12.96
6.34
11.64
6.51
6.53
6.68
6.55
6.56
6.55
6.54
7.03
7.69
7.85
8.41
8.98
9.16
9.18
9.04
8.93
9.04
9.56
10.10
9.60
9.21
8.78
8.40
8.05
8.28
8.49
7.77
7.16
7.05
6.78
6.87
7.00
6.99
7.25
7.15
7.10
6.96
6.95
6.30
10.49
5.06
9.43
5.61
5.66
5.75
5.68
5.74
5.73
5.81
6.07
6.43
659
6.88
695
7.24
7.27
7.22
7.12
7.21
7.33
7.54
7.06
6.87
6.72
6.58
6.50
6.67
6.98
6.43
6.15
6.12
593
6.09
6.24
6.25
6.47
6.44
6.42
6.20
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
748
7.26
7.73
7.62
7.80
7.67
7.88
7.95
7.71
7.55
7.24
7.08
7.02
7.07
7.08
6.80
6.71
8.67
6.56
681
6.89
6.92
7.11
7.10
7.09
7.02
7.05
5.81
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
12.13
13.76
13.92
14.30
14.76
15.29
18.28
14.82
14.03
14.10
13.70
13.31
13.39
13.29
12.77
12.68
12.62
12.31
12.5a
12.81
12.81
13.22
13.0€
13.22
13.11
13.3€
10.04
15.82
6.51
16.55
73.35
54.37
69.03
86.51
72.85
5.49
6.83
9.24
7.28
5.68
6.88
12.65
96.85
85.99
99.52
98.41
94.21
Sept.3023__
16__
9__
2_ _
Aug.26__
19__
12__
5._
July 29_
22._
15-8-_
I__
June 24._
17._
10_.
8_
May 2821-14__
7__
Apr. 29.
22-158._
1_
Mar.24_.
1811_
4-Feb. 26._
19__
11-•
5._
Jan. 29__
22__
15__
Low 1932
H1661932
Low 1931
High 1931
Yr.ApeOct. 7 '31
2 Yrs. APO
Oct. 4'30
4.62
4.95
5.72
4.78
4.85
5.12
8.61
Treaty
-
July 29
22
15
8
1
June 24
17
10
May 28
21
14
7
•Dr. 29
99
15
Mar. 24
18
11
4
Feb. 26
19
11
8
J. 29
22
15
High 1932
Low 1932
High 1931
Low 1931
Year Ago
Oct.7 1931
75.61 97.78 89.04
Two Years Ago. Oet.4 1930
97.31 106.25 102.14
weeur
6.61
4.92
a. 4. aa.aa.wwwaawww.6.4.4.awwaapawawo.F.F.awaaw.
W
.0
Oct. 7
6
5
4
3
1
•Note.-Tbese prices are computed from average yields on the basis of one "Ideal" bond (45(% coupon, maturing In 31 years) and do not purport to show either the
average level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative move,meet Of yield averages, the latter being the truer picture of the bond market.
t The last complete list of bonds used In computing these indexes was published in the "Chronicle" on Oct. 1 1932, page 2228. For Moody's Index of bond
prime by months back to 1928. refer to the "Chronicle" of Feb.6 1932, page 907.
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
standing factors.
Friday Night, Oct. 7 1931.
It has been a week of watching and waiting, though at
times stocks have broken very sharply. Wall Street would
like to see more emphatic improvement in general trade than
has as yet been reported. Cotton has shown a tendency to
advance at times under the effects of rains in the Atlantic
belt and cold or freezing weather in the Central and Western
sections of the cotton country and quite heavy short covering.
Heavy liquidation and hedge selling,however,together with a
drop in stocks which was at times decidedly drastic and the
decline in grain have caused sharp setbacks despite decreases
in the estimates of the crop. Some of them have been a6 low
as 10,750,000 bales, against 11,310,000 some weeks ago
and 17,095,000 the yield last year. The cotton situation is
distinctly unsettled and wheat has latterly declined under
heavy liquidation accompanying the fall in stocks. The
so-called Winnipeg "peg" pikes for wheat were withdrawn.
Immense suuplies and no very insistent demand are the out-
recorded. Rye reflects the weakness
in the other grains. Provisions have declined in sympathy.
Coffee has advanced aharply as the Brazilian Government,
has decided not to reopen the port of Santos far immediate
shipments of coffee as it was feared it would da, now that
the rebellion has been crushed. At the same time it is
recognized that it may da so at any time and latterly the
market ha, nad a ratter hesitant tone. RAM sugar futures
have been very quiet. Recently, spot sugar has declined
slightly and futures have risen a few points in a waiting
market.
The seasonal gain in activity in the wholesale and retail
trade is in general sustained. Retail sales are about
up to those of last year. Perhaps there is less of high
optimism than there was a while back, but an underlying
current of confidence, according to reports from some 50
cities, is encouraging. Merchants, however, continue to be
conservative about purchases but in not a few cases trade
Corn has followed wheat.
the lowest prices ever
Oats are at
2398
Financial Chronicle
prospects have brightened up enough to cause them to issue
substantial fill-in orders for seasonable goods. This has
naturally reacted favorably on wholesale trade. Prosperity
is not going to appear all of a sudden. It will come gradually as it always has in the past, as periods of depression
have disappeared. The complexity of the problems which
face the business world are generally realized and the necessity for some considerable time to bring about the solution
of them. Business is facing high taxes, high production of
agricultural and industrial products, widespread unemployment in all countries and the decrease in the foreign demand
which inevitably affects the so-called heavy industries which
have failed to keep pace with some other lines. The country,
in addition, is facing a Presidential election. Perhaps less
stress is laid upon this fact this year than has been the case
in some others but it is far from being forgotten or ignored.
Low purchasing power also is everywhere an indisputible
fact. Retailers have been having the best trade in fall
clothing and in shoes. There is somewhat better business
in furniture co-incident with the moving season, as well as
some increase in the trade in dry goods, electrical goods and
hardware. Department stores as a rule have been doing
better than smaller specialty shops which indeed have
had the worst of it for many months past.
There are still a good many "special sales" going on and
this implies attractive prices. It is still a fact beyond
dispute that people will not buy unless they are offend the
inducement of cheap prices. Expensive goods are dull.
It is the cheap goods that sell the best. In fact, this has
been the case for many weeks past and from present appearances it is likely to be the case for many weeks to come.
Moreover, the public wants goods of attractive quality as
well as of attractive price.
Textiles still make the best showing in the light manufacturing lines and wholesale trade. The shoe factories are
doing a steady business with fair sized fill-in orders on hand.
Wool has been quiet, but the trade is hopeful for better
things in the near future as woolen mills are, in many cases,
operating under steady schedules and to all appearances
will soon need more raw material.
Steel has been as dull as ever although the output of ingots
in September made the best showing for many months. In
fact it gained 21.6%, the first important increase since last
February. Pig iron has remained very quiet. Sales are
mostly in car lots. There was a gain in the daily rate of pig
iron production in September compared with that of August
that is some encouragement but the fact remains that the
chief consumers of steel are not buying. Automobile production continues small. Producers are slow in preparing
new models. Some think that one trouble with the automobile trade is that producers are keeping prices too high
for the present low purchasing power of the general public.
The building industry remains quiet; it calls for very little
steel. Most of the building is for Government projects.
There is very little demand for rails and no great increase
is looked for in the near future. At the same time it is well
to remember that car loadings last week reached the highest
point of the year and general sentiment, while far from
buoyant, is still more hopeful and less despondent than it was
only a few months ago.
On October 1st the stock market was quiet owing partly
to the Jewish holiday but none the less firm and made on the
average a fractional advance of about half a point for the
active list. Sales were only 338,330 shares. Cotton declined
$1 to $1.50 a bale while wheat advanced. The trading in
stocks was about 1,000,000 shares smaller than on the
previous Saturday. Bond sales were $4,169,000 generally
at some advance though U. S. Government issues were
irregular. On the 3rd stocks were dull with sales over 1,000,000
shares. The possibility of a receivership for the Nickel Plate
R.R. Company was a damper and Nickel Plate 6s fell 5
points but rallied later. The case has been continued until
the 8th when the proposed refunding plan may be effective.
The average decline in popular stocks was about 1 point.
Bonds in general were less active and irregularly lower.
Prices were lower for some grains as well as for rubber, silk
and hides.
On the 4th stocks closed dull and irregular with sales of
1,240,000 shares. Bonds were also irregular with sales of
$8,784,000. Although some new incentive was obviously
needed to stimulate trading, sentiment was not uncheerful.
Most commodities were higher but there was no particular
trend one way or the other. Brokers' loans made the most
sizeable gain in months, the increase amounting to $48,102,-
Oct. 8 1932
000 for September according to the monthly figures given out
by the Stock Exchange. On the 5th inst. stocks dropped
2 to 8 points on transactions of 2,952,680. Bonds were
weak with sales of $9,345,000 with commodities lower and
no stimulating news from the West, political or otherwise.
Many sold out and stood aside awaiting developments.
On the 6th stocks advanced irregularly with sales of
1,944,380 shares. There was a net average gain of a very
small fraction. Railroad stocks as a group were a shade
lower. It was an indecisive and unsatisfactory market.
People were awaiting events and in the meantime acting on
the old adage "When in doubt do nothing." To-day stocks
gave way early under a renewal of selling. Pivotal stocks
at one time were down 1 to 6 points to new lows on the
movement. Later in the day the market rallied on short
covering and ended at slightly under the yesterday's closing.
Bonds were lower after a moderate improvement early in
the day in dull trading. Government issues moved within
narrow range except Liberty 3 s which rose to a new high
for the year. Foreign issues were weak.
At Lawrence, Mass., most of the large woolen and worsted
plants in this city and in neighboring towns are operating
overtime in an effort to fill numerous orders for men's
suitings and women's wear dress goods and cloakings. Most
of the large plants are running their primary divisions, i.e.,
sorting, scouring, combing and spinning, on two or three
shifts, and are selling quantities of tops and yarns for both
weaving and knitting purposes. At Hartland, Me., the
American Woolen Co. plant in this town, which has been
closed since last May, was reopened Monday morning. It
was reported that the machinery of the Beaver Brook Mill
in Dracut, Mass., where a strike of 300 employees exists,
will be removed to Hartland. It is known that considerable
stock in the process of manufacture was removed from
the Beaver Brook Mill last week in trucks which headed for
the direction of some northern point. Langley, S. C.,
wired: "Giving immediate work to approximately 250 or
300 employees, the Langley Cotton Mills, closed since
March, will resume operations Monday, tending to relieve
a situation which had become well nigh desperate to 1,100
people depending upon mills for livelihood. The reopening
was aided by the co-operation of the South Carolina Power
Co., which supplies the electricity; United Merchants &
Manufacturers Corp. of New York, which controls the mills,
and the South Carolina Railroad Commission, all of which
agencies were acquainted with the emergency.
Atlanta, Ga., wired extraordinary activity in the garment
making industry among Tennessee and Georgia factories
was reported to-day by local manufacturers of pants and
uniforms. One plant had added 69 operatives during the
past week and would add 50 more stepping up next week's
production to 450 dozen pair of pants. Two-thirds of one
factory's 150 machines are now in operation, and behind
on orders. Similar conditions prevailed in the factories in
Tennessee and north Georgia recently visited. At Winder
and Stanton, Ga., factories were behind 2,000 and 1,000
dozen pants. To make the congestion worse, it is stated
the cotton mills are considerably behind in their orders.
At East Flat Rock, N. C., the Chipman-Burrowes Hosiery
Mills Company is now operating on full time.
At Manchester more numerous indications of a broadening
interest are noted, but the majority of buyers' bids are too
low. Actual results are below expectations. Unsettled
cotton is an adverse factor. The spinners' wage dispute is
beclouding the labor outlook. From India came considerable
inquiry for light bleaching fabrics but the total of purchases
was small. Monsoon conditions are fair. The agricultural
situation is satisfactory. China is buying moderately on
poplin and other fabrics. Exports to South America are
much below normal on account of financial difficulties.
Other markets are undistinguished. In cotton yarns, mills
using American staple find inquiry larger, but results inadequate. Prices are irregular. Medium carded for Egyptians are more active but other numbers are slow. Bradford
reports new business is limited. Prices are steady. The
cent irregularity at the wool sales is keeping buyers cautious. Yarns are steady after uncertainty earlier in the week.
The turnover for the period was moderate without any
distinctive features. A fair home trade on piece goods developed.
As to the weather in New York it has been generally fair
with the exception of Thursday which was rainy and colder.
It was also rainy and cooler in the South Atlantic States and
even freezing to the westward. Mexico has had rains and
Volume 135
Financial Chronicle
2399
floods. On the 6th it was 49 to 70 here, in Boston 68 to 75,
The report, "Retail Credit Survey, January-June 1932,"
Buffalo 44 to 50, Charleston 56 to 68, Chicago 36 to 56, may be obtained
from the Superintendent of Documents,
Cincinnati 34 to 52, Cleveland 44 to 48, Denver 50 to 82, Government
Printing Office, Washington, D. C., or from
Detroit 42 to 52, Galveston 56 to 66, Kansas City 40 to 66, District
Offices of the Bureau of Foreign and Domestic
Milwaukee 34 to 58, Min.
-St. Paul 38 to 68, Montreal 54, Commerce in principal cities. Price,
10c.
New Orleans 50 to 62, Okla. City 42 to 74, Omaha 38 to 70,
Philadelphia 70, Phoenix 60 to 94, Pittsburgh 44 to 50,
New York Federal Reserve Bank's Indexes of Business
Portland, Me., 62 to 66, Portland, Ore., 54 to 60, Raleigh
Activity—Increase Indicated in September.
54 to 64, Salt Lake City 46 to 78, San Antonio 52 to 76,
In the October number of the "Monthly Review" of the
San Francisco 56 to 60, Seattle 52 to 66, Spokane 44 to 60,
St. Louis 38 to 56, Winnipeg 42 to 48. Today it was 43 to Federal Reserve Bank of New York it is stated that "so
60 degrees here. The forecast pointed to cloudy and warmer far as may be determined from th9 limited amount of data
conditions tomorr3w. Overnight Boston had 52 to 76 de- now available, it appears that business activity increased
grees, Philadelphia 48 to 70, Portland Me.56 to 66, Chicago somewhat in September." The "Review" continues:
46 to 56, Cincinnati 38 to 52, Detroit 42 to 52, Milwaukee
Car loadings both of merchandise and miscellaneous freight
48 to 58, Kansas City 50 to 66, Portland, Ore. 48 to 60, San materials showed more than the usual increase during the first and of bulk
three weeks
Francisco, 54 to 60, Seattle 46 to 66, Montreal 46 to 54 and of September. and department store sales in New York City and vicinity
in the first half of the month showed the smallest decline from a
Winnipeg 3k, to 48.
year ago
since January. Bank debits
Wholesale Prices Unchanged for Second Consecutive
Week During Week Ended Oct. 1 According to
United States Department of Labor.
The Bureau of Labor Statistics of the Ti. S. Department'
of Labor announces that the index number of wholesale
prices for the week ending Oct. 1 stands at 65.4, the same
as for the two •preceding weeks. Further reporting on
wholesale prices, the Bureau also noted the following on
Oct. 5:
65.7
50.4
62.3
71.4
56.2
71.9
80.4
70.2
73.0
74.6
64.5
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
58.4
71.7
80.1
70.7
72.9
74.6
64.9
Oct. 1.
65.4
49.5
62.0
73.3
56.4
71.7
80.0
70.6
73.0
74.6
64.5
The current study is based upon reports received from 405 retail
establishments, including 99 department stores, 65 furniture stores, 40
jewelry
stores, 62 men's clothing stores, 41 shoe stores, 82 women's specialty
stores,
and 16 electrical appliance stores, situated in 25 cities, with total net
sales
of nearly half a billion dollars in the first half of this year.
Cash sales accounted for 47.5% of the total sales volume in the
1932
period as compared with 45.3% in the first half of 1931, the report
shows.
Open credit transactions made up 43.4% of the total, and installment
corn.
mitments 9.1% of the current year's tales, as contrasted with 45.0%
and
9.7% a year ago.
Collection percentages for all stores reporting averaged 37.8%
on open
accounts receivable and 14.1% for deferred (installment) payments
for
1932, and 40.1% and 15.4% for 1931.
Bad debt losses increased from 0.8% of open credit accounts in
1931
to 1.2% in 1932, and from 1.9% on installment accounts to 3.2%, the
Increase in both cases amounting, however, to only 0.1% of total sales.
Returns and allowances for the current year averaged 10.0% of
total
gross sales, a change of 0.2% from the 1931 period. Losses from fraudulent
buying and worthless checks were unchanged in relation to sales, amounting
to 0.03% and 0.02% of total volume, respectively, for both years.
Aggregate sales, as reported by the 405 concerns, indicate a decrease of
23.7% in dollar volume of business for the six months, accounted for in
part by a fall of from IS% to 15% in the general retail price level.
51
41
43
53
31
77
76
74
76
73
59
81
41
73
72
76
69
55
61
289
64
62
76
61
59
69
76
68
61
129
22
94
48
129
182
130
65
61
81r
61
75
ii
68p
60
139
27
91
42
129
179D
134
10c000030,020aget.
I0,11.
gt,
Stable During First
Half of 1932, According to Survey by Department
of Commerce.
Conditions in the retail credit field continued relatively
stable during the first six months of the current year compared with the corresponding period of 1931, it is indicated
by reports received by the Department of Commerce in its
fifth semi-annual Retail Credit Survey made public on
Sept. 30.
While a tendency to increased buying for cash is revealed,
open credit and installment purchases continued to make
up the bulk of the total sales volume of the concerns studied.
Payments on open account and installment purchases were
made in amdunts only moderately less, in proportion to commitments, than in the January-June period of the preceding
year, despite prevailing business conditions. Returns and
allowances were approximately the same for the two years.
The semi-annual retail credit surveys are conducted every
January and July by the Department of Commerce at the
request and with the co-operation of the National Retail
Credit Association, as an aid to the merchant and his credit
manager in conducting their credit operations, and in the
interest of the stability of the retail credit structure of the
country as a whole. As to its study, the Department says:
Relatively
55
38
45
65
32
79
1932.
Aug.
TON
Retail Credit Found
65.5
50.4
61.6
70.6
55.2
72.2
80.2
69.9
73.2
74.8
64.7
1932.
July.
. I • c0
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
1932.
June.
44.
Week Ending—
Sept. 3. Sept. 10. Sept. 17 Sept. 24
1931.
Any,
PriMa71/ D4Stribl6i01—
Car loadings, merchandise & miscellaneous
72
Car loadings, other
64
Exports
58
Imports
74
Waterways traffic
58
Wholesale trade
89
Distribution to Consumer—
Department store sales. 26 District
89
Chain grocery sales
91
Other chain store sales
90
Mall order house sales
82
Advertising
74
Gasoline consumption
85
Passenger automobile registrations
48
General Business Activity—
Bank debits, outside of New York City
81
Bank debits, New York City
67
Velocity of bank deposits, outside of N.Y.City._
86
Velocity of bank deposits, New York City
77
Shares sold on New York Stock Exchange
76
Postal receipts
81
Life insurance paid for
90
Electric power
83
Employment in the United States
76
Business failures
104
Building contracts
50
New corporations formed in New York State
95
Real estate transfers
52
*General price level
149
*Composite index of wages
206
*Cost of living
148
a Preliminary. r Revised. • 1913 averatt100.
.mom
This index number includes 784 commodities
or price series, weighted
according to the importance of each article, and is based on the
average
prices in 1926 as 100.0.
The accompanying statement shows the index
numbers of groups of
commodities for the weeks ending Sept. 3, 10,
17, 24, and Oct. 1.
NUMIIERS OF WHOLESALE prucEs FOR WBERS OrsEPT.
3,
10, 17. 24, AND OCT. 1 (1926=100.0).
outside of New York City increased seasonally
and electric power production rose slightly more thna is usual,
according to
preliminary estimates based on weekly figures.
In August, no definite tendency was apparent in general business
activity,
according to this bank's indexes. Car loadings of
bulk freight expanded
more than usually, and a large gain was shown in the adjusted
index of
wholesale trade. With the exception of the usual seasonal
variations, there
was little change in railroad loadings of less than carload and
miscellaneous
freight, in imports of merchandise, and in sales of chain
grocery stores. On
the other hand, declines occurred in the adjusted indexes of sales of
department stores, sales of chain stores other than grocery
chains, bank debits
outside of New York City, and merchandise exports.
(Adjusted for seasonal variations, for usual year-to-year growth,and
where necessary
for price changes.)
Loading of Railway Revenue Freight Shows Moderate
Expansion.
Loading of revenue freight for the week ended on Sept. 24
totaled 595,746 ears, the highest for any one week so far this
year, according to reports filed by the railroads with the
car service division of the American Railway Association.
The total for the week of Sept. 24 was an increase of 8,444
cars above the preceding week, but was 142,290 ears under
the same week in 1931 and 354,917 cars under the same week
two years ago. Details follow:
Miscellaneous freight loading for the week of Sept. 24
totaled 216,544
cars, a decrease of 1,086 cars under the preceding week.
57.751 cars under
the correspondingweek in 1931 and 165,858 cars below the
same week in
Loading of merchandise less than carload lot freight totaled
179,054 cars,
an increase of 1.705 cars above the preceding week, but
37.757 cars below
the corresponding week last year, and 65.705 cars under the same
week two
years ago.
Grain and grain products loading for the week totaled
36,060 cars. 195
cars above the preceding week, but 918 cars below the correspond
ing week
last year and 7.010 cars below the same week in 1930.
In the Western
districts alone, grain and grain products loading-for the week
ended on
Sept. 24 totaled 24,404 cars, a decrease of 188 cars below
the same week
last year.
Coal loading totaled 113.140 cars, an increase of 6.350
cars above the
preceding week, but 15.575 cars below the correspond
ing week last year.
and 40,019 cars below the same week in 1930.
Forest products loading totaled 18,606 cars, an increase of
670 cars above
the preceding week, but 6,919 cars under the same week
in 1931 and 23,553
cars below the corresponding week two years ago.
Ore loading amounted to 5,598 cars, a decrease of 960 cars under
the week
before, 20,208 cars under the corresponding week last year and
42.497 cars
under the same week in 1930.
Coke loading amounted to 3,700 cars, an Increase of 228 cars
above the
preceding week, but 1.015 cars below the same week
last year and 4.251
cars below the same week two years ago.
Live stock loading amounted to 23,044 cars, an increase of
1,342 cars
above the preceding week, but 2,147 cars below the same week last year
and 6,024 cars below the same week two years ago. In the Western districts
alone, loading of live stock for the week ended on Sept. 24 totaled
18,322
cars, a decrease of 1.775 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1931 and 1930.
.12.
Financial( .;nic
2400
Loading of revenue freight in 1932 compared with the two previous
years follows:
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Sept. 24. 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 Sept. 17.
During the latter period 14 roads showed increases over
the corresponding week last year, the most important of
which were the St. Louis-San Francisco Ry., the St. Louis
Southwestern Ry., the Pittsburgh & West Virginia Ry. and
the Spokane Portland & Seattle Ry.
14 377.946
C4,-40C0C.05M.Xh00,
,
..O0MVON[•..04.4 0
3.470,797
3,506,899
3,515,733
4,561,634
3,650,775
3,718,983
4,475,391
3,752,048
856,649
965,813
952,561
950,663
27042 Ma
20 154651
Tn.sal
1930.
1931.
1932.
2,269,875
2,245,325
2,280,672
2.772,888
2,087,756
1,966,355
2,422,134
2,065,079
559,727
501,824
587,302
595,746
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
Week ended Sept. 3
Week ended Sept. 10
Week ended Sept. 17
Week ended Sept. 24
Oct. 8 1932
-WEEK ENDED SEPT. 17.
CONNECTIONS (NUMBER OF CARS)
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Raftroads.
Total
Group B;
y Buff. Rochester & Pittsburgh.
Delaware& Hudson
Delaware Lackawanna & West_
Eire
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Sbawmut
Mast,. Shawmut & Northern-x Ulster & Delaware
Total
Group C;
Ann Arbor
Chicago Indlanap.& Louisville_
Cleve. Cln. Chi. & St. LOUIS
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louth
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District
Allegheny District
Baltimore dr Ohio
Bessemer & Lake Erie
y Buffalo & Susquehanna
Buffalo Creek & Gantry
Central RR.of New Jersey__
Cornwall
Cumberland & Pennsylvania...
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
VirginianTotal
Southern District
Group A;
Atlantic Coast Line
Clinch/Mid
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick.& Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound_
1931.
1930.
1932.
1,006
2,790
7,628
686
2,346
10,297
695
1,389
3,659
9,956
805
3,786
13,409
709
1,959
3,872
11,655
844
4,549
15,173
853
206
4,651
9,242
1,724
2,045
10,334
1,012
302
5,546
11,035
2,803
2,390
12.933
1,253
25,448
33.713
38,905
29.214
36,262
5,424
8,452
10,961
170
1,402
7,440
1,721
20.064
2,017
423
279
6.547
10.037
13,088
220
1,729
8.561
2,298
26,988
2,140
451
405
10;454
12,220
16,680
265
2,124
11,661
2.746
34,919
1,854
617
532
6.156
5,117
12,329
1,691
832
6,202
39
23,697
1,758
81
253
,
7- 433
6,423
14,967
2,130
1.153
7,752
57
29,579
2,226
29
236
58,353
72,464
94,052
58,155
71,985
491
1,545
8,701
*16
458
193
1,367
2,425
5,582
3,169
4,708
3,968
3.409
1,286
5,156
3,237
590
2,036
9,660
57
341
271
1,474
3,311
6,975
3,484
5,609
5.010
4,495
1,028
7,314
4,020
648
2,514
12,190
78
436
245
2,418
3,897
9,035
5.222
7,286
7,870
7.398
1,533
7,314
4,191
917
1,853
10,277
49
139
1,426
584
4.368
6,479
219
7,127
3,414
3,951
569
6.649
1,798
1,162
2,302
12,074
101
145
1,912
737
5,499
7,543
223
8,685
3,998
4,613
839
7,984
2,587
45,711
54,962
72,275
49,819
60,404
129,512
161,139
205,232
137.188
168,651
25,650
1,175
34,755
3,057
z44,867
6,420
17,013
1.453
151
5,855
1
224
115
965
54,481
11,816
3,124
54
2,891
172
7,799
690
344
108
1,758
73,406
15,739
6,018
32
3,333
202
10,795
424
406
176
1,475
95,473
17,789
11,581
43
4,134
11,683
910
_
4
9,482
38
36
7
2.603
31,566
13,220
1,150
3:85
4.183
106,502
147,211
193,785
73,718
98,827
20,791
16,240
752
3,049
24,031
19.339
948
3,835
27,615
22,922
1.016
4,108
7,749
3,245
1,141
439
8,683
4.131
1,563
519
40,832
48,153
55.661
12,574
14,896
6,517
932
381
152
52
1,471
508
329
6,180
19,108
186
8,764
1,362
445
164
59
2,082
529
411
7,723
22,880
204
12,300
1,399
659
191
83
2.191
524
499
10,442
27,431
247
3,958
1,122
619
307
76
1,011
660
1,913
2,752
10,526
644
5,371
1,246
1,041
396
113
1,440
796
2,623
3,134
12,845
1,177
8
12,007
45
34
21
3,187
39,381
18,034
3,461
Group B,
Alabama Tenn. & Northern_ __
Atlanta Birmingham & Coast_ _
-West RR.of Ala.
Atl.& W.P.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah_ __ _
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
New Orleans-Great Northern
Tennessee Central
1932.
1931..
1930.
321
577
661
3,401
315
300
912
283
721
22,054
16,975
142
208
1,888
2,507
469
288
244
783
679
4,091
248
464
1,030
551
844
22,678
19,882
165
227
2.230
2,865
1,002
569
258
980
823
4.616
409
480
1,265
711
1,215
28,383
25,419
225
338
2,822
4,336
854
719
133
413
937
2,001
191
398
1,221
237
613
8,012
3,215
286
276
1,161
1,917
283
631
163
630
1.085
2,337
232
403
1,358
251
853
8.960
4,022
264
361
1,236
2,002
332
556
1931.
51,932
58,552
73,853
21,925
25,045
Grand total Southern District..
87,748
103,175
129,819
45,513
55,227
NorthwesternDistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Mllw, St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Missabe & Northern.,
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie..
Northern Pacific
Spokane Portland & Seattle...
1,242
14,895
2,386
17,951
3,504
2,322
293
3,065
308
10,204
530
1,881
5,092
9,269
1,226
1,544
21,302
3,165
22,287
4,045
10,859
830
3,830
348
15,055
631
2,437
6,581
11,402
1,071
1,780
29,154
3.809
28,432
5,669
16.047
1,350
7,431
463
21,501
805
3,188
8,840
14,579
1,497
1,734
8,141
2,235
6,367
4,070
83
389
3,189
123
2,125
306
1,411
1,543
2,254
1,064
1.594
9,652
2,489
7,489
3,294
108
467
4,106
197
2,557
377
1,638
1,871
2,523
1,271
74,168
105,387
144,545
35,034
39,633
21,189
3,179
132
15,761
13,083
2,505
950
2,799
662
1,196
533
149
16,858
235
288
12,770
498
1,376
25,270
3,791
205
19,648
15,310
2,906
1,247
3,917
735
1,554
1,019
127
21,578
310
305
15,838
699
1,616
30,594
4,634
295
25,101
19,295
3,890
1,545
4,477
716
1,781
1,473
262
27,822
367
322
19,215
860
1,970
4,408
1,580
18
5,556
5,981
1,934
898
2,154
9
1,075
245
30
2,666
400
882
7.891
9
1,857
94,163
116,075
144,619
37,593
45,423
123
249
198
1.288
65
2,281
172
1,590
1,357
133
682
114
5,336
15,767
40
95
9,793
3,223
300
5,767
3,866
1,917
21
203
230
171
1,557
164
2,405
296
1,849
2,277
212
934
111
6.074
17,395
34
79
9,703
2,948
416
7,587
4,444
2,344
41
264
484
349
2,101
284
2,810
329
2,587
1,959
229
1,369
125
7,425
21,716
40
181
13,234
3,315
636
9,972
5,843
3,570
78
2,864
236
182
049
44
1,295
692
1,411
771
406
192
272
2,270
6,750
19
78
3,239
1,195
242
2,628
2,418
2,187
34
2,739
342
139
1,431
50
1,887
946
1,853
1,144
678
249
292
2,692
8,287
37
153
3,855
1,322
240
3,761
3,442
2,531
37
54,377
61,474
78.900
30.374
38,1 OL
Total
Total
Central Western Dist.Atch. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & QuIncY-Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
NorthwesternPacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island....
ToledoPeoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas...-Texas Lines_
Missouri-Kansas
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francsico
St. Louis Southwestern
San Antonio Uvalde & Gulf....
SouthernPacific in Texas & La
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Mln. Wells&N.W.
Total
30,182
23,588
44,623
55,966
35.816
Total
Estimated. • Previoui figures.
Included in Baltimore & Ohio RR. z
x Included in New York Central.
Report of Bureau of Agricultural Economics of United
States Department of Agriculture on Farm Situation-Little Change 122ported in Prices, Although
Farm Production Was Moderate.
"Farm production is moderate but prices showed little
change during the last month," says the Bureau of Agricultural Economics, U. S. Department of Agriculture, in its
Oct. 1 report on the farm situation. The farm price index
stands at 59, the same as a month ago, compared to 52, the
and
low point in June, and 72 a year ago. Prices of cotton
wheat show a "slight improvement," as compared with
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
1932.
1931.
1932.
Eastern District
Group A;
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & HartfordRutland
Railroads,
5,418
2,126
46
6,826
7,314
2,141
1,430
2,698 •
18
1,195
295
54
3,693
324
812
9,055
8
1,970
prices a year ago, but prices of hogs, dairy products and
potatoes are "materially lower." The general level of beef
cattle prices is reported at about the same as that of a year
ago.
The Bureau estimates the supply of wheat in North America at about 25,000,000 bushels more than last year's, and
in Europe at about 50,000,000 bushels above that of a year
ago, but says that prospects are for substantially less wheat in
Russia and China. The Southern Hemisphere harvest is still
about two months away. United States wheat exports so
far this season are reported to have been about one-third as
large as those to date a year ago.
IOU
2401
Financial Chronicle
Volume 135
"From the standpoint of the United States farmer, the
wheat situation at this time sums up about as follows,"
says G. A. Collier in a summary of the wheat situation:
red spring wheat,
First, a fairly steady domestic milling demand for
high quality amber durum and soft red winter.
stocks of hard
Second, a continued lack of export outlet for our surplus
of white wheats in
red winter in the Central and Southwestern States, and
of reduced requirements in Europe, tariff
the Pacific Northwest, because
competition from
and milling restrictions in importing areas, and sharp
Canadian and Southern Hemisphere supplies.
operation of all
The quantities given in the tables are based on the
in gerenat
power plants producing 10.000 kwh. or more per month, engaged
both commercial
ing electricity for public use, including central stations,
steam railroads
and municipal, electric railway plants, plants operated by
plants, public
generating electricity for traction. Bureau of Reclamation
which is
works plants, and that part of the output of manufacturing plants
railway and
sold for public use. The output of central stations, electric
of all types of plants.
public works plants represents about 98% of the total
and the
The output as published by the National Electric Light Association
Reports
"Electrical World" includes the output of central stations only.
capacity. The
are received from plants representing over 95% of the total
therefore,
output of those plants which do not submit reports is estimated;
accompanythe figures of output and fuel consumption as reported in the
ing tables are on a 100% basis.
co[The Coal Division, Bureau of Mines, Department of Commerce,
The Bureau finds that "the eastward movement of grass
cattle is not being hurried this fall because feed is abundant
on the ranges. Relative cattle and grain prices are regarded operates in the preparation of thy se reports.]
as favoring the feeder, but the availability of credit will
largely govern the number bought for feeding. There has
Seasonal Upturn Continues in Electric Output
been no such early movement of lambs out of the West as
The production of electricity by the electric light and
there was last summer when the ranges were hit by drouth, power industry of the United States for the week ended
and a much larger proportion of the lambs moved to market Saturday, Oct. 1, was 1,499,459,000 kwh., according to
have gone directly to slaughter rather than to Corn Belt
the National Electric Light Association. The output for
feed lots."
the Atlantic Seaboard was down 4.2% from the same period
Viewing the hog situation, the Burea.0 says that "supplies
of 6.9% for the
- last year and compares with a decrease
ber to April
of hogs for the winter marketing season-Octo
week ended Sept. 24. New England, taken alone, was
are smaller than last year's but for next summer larger supdown 1.6%, against 6% in the previous week. The Central
lies are a possibility. There are indications that this fall's
industrial region, outlined by Buffalo, Pittsburgh, Cincinpig crop may be larger than that of last fall. Moreover,
nati, St. Louis and Milwaukee, showed a decrease of 11.1%,
cheap corn and feed crops well distributed, as is the case this
the week before. The
feeding and compared with a decline of 13.8%
fall, have usually resulted in the past in heavier
Pacific Coast was down 8.6%, against a decrease of 8.1%
in a larger pig crop the following spring."
Sept. 24 week.
Total milk production on Sept. 1 is reported as "running in the
Arranged in tabular form, the output in kilowatt hours
about the same as at that time a year ago. Production per
the light nd power companies for recent weeks and by
cow is the lowest in seven years, due chiefly to poor pastures of
is as follow :
in milk per cow months since the first of the year
and light grain feeding, but a 4% decrease
1932
is about offset by 4% more cows in the country."
Under
1929.
1930.
1931.
1932.
Carlot shipments of fruits and vegetables are reported as Weeks Ended.
1931.
"approaching their annual peak, averaging more than 3,000
1,680,289,000 1.542,000,000 4.65
7
cars per day."
Jan. 2 _.__ 1,523.652,000 1,597.454,000 1,781,583,000 1,726.161,001 5.4%
1,679,016,000
August Production of Electricity 12% Below Same
Month in 1931.
According to the Division of Power Resources, Geological
Survey, production of electricity for public use in the United
States during the month of August 1932 totaled 6,739,535,000
kwh., a decrease of 12% as compared with the same month
last year when output amounted to 7,629,920,000 kwh. Of
the total for August 1932 there were produced 4,159,332,000
kwh. by fuels and 2,580,203,000 kwh. by water power. The
Survey reports as follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS).
Total by Water Power and Fuels.
Division.
May.
July.
June.
New England
419,075.000 414,849.000 447,741,000
Middle Atlantic_
1,760.767,000 1,742,885,000 1,817.239,000
East North Central_ 1,419,595.000 1,355,005,000 1,406,850.000
West North Central_ 454,521,000
673,350.000 655,521.000 688,607.000
South Atlantic
East South Central_ 280.621 000 283,432,000 309,366.000
West South Central.. 346.747,000 349,119,000 365,709.000
199,498.000 214,541,000 222,824.000
Mountain
993,767,000 1,031,207,000 1,022,515,000
Pacific
Change in Output
from Previous Year.
xJuly.
-18%
-12%
-19%
-8%
-22%
-17%
-14%
-28%
-15%
August.
-13%
-8%
-16%
-6%
-16%
-6%
-9%
-22%
-11%
6.548.831.0006.526,373.000 6,739,535,000 -16% -12%
Total for U.S
a There were fewer working days in July 1931, than In July 1931.
Electric Output.
The average daily production of electricity for public use in August was
217,400,000 kwh. nearly 3% more than the average daily production in
July. The normal change from July to August is an increase of 2 %.
Even though there were more actual working days in August than in July,
which would tend to increase the production of electricity in August, these
figures may be considered to indicate a trend toward improvement in
-month calendar is ever adopted,
demand for electricity. If the proposed 13
comparisons can be made of weekly and monthly statistical information
without the necessity of attempting to adjust the information to comparable
periods. Until such a calendar Is adopted, such attempts are probably
unwise and unsatisfactory.
The average daily production of electricity by the use of water power,
which since March has been less than that of a year ago, was nearly 5%
greater in August than in the same month of 1931, indicating that the water
supply for water-power plants in August was somewhat better than In
1930 and 1931.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1931 AND 1932.
1931.
Kw. Hours,
January ____
February ___
March
April
May
June
1
July'
August
September._
October
November
December
1932.
Kw,Hours.
7.056,019,000
7,169,815,000
7,897,713.000
7,655.472,000
7.645.150,000
7,528,592,000
7,771.992,000
7.629.920.000
7,540.377.000
7.764.889.000
7,406,165.000
7,773.286,000
7.542.624,000
7.002,151,000
7.301.976,000
6.778.652.000
6,635,475,000
6.548,831,069
6,526.373,000
6,739,535,000
Produced by
Wafer Power,
1931
Under
1930.
1932
Under
1931.
1931.
1932.
8%
6%
4%
5%
5%
3%
2%
3%
39',
59',
45'457-
5%
a6%
7%
11%
13%
13%
b16%
12%
-_-_
-_-_
-_-.
----
30%
30%
34%
41%
41%
38%
35%
32%
29%
27%
28%
35%
41%
42%
42%
46%
45%
41%
41%
38%
1,750,070.000
1.708.228.000
1,689.034.000
1,657,084.000
1,594.124.000
1,625.659.000
1,666,807.000
1.696.467.000
1,678.327.000
1.691,750,000
1.677,145.000
1,691.261.000
1,688,352.000
1,6'0.081.000
1.726,800.000
1.722.059.000
1.714,201.000
1,711,123,000
1,702.570,000
1,663,291.000
1,698.492.000
1,689,925.000
1,592.075.000
1,711.625.000
1,727,225.000
1.723.031.000
1,724.728.000
1,729,667.000
1,733.110.000
1.750.055.000
1,761,594.000
1,774,5 8,000
1,806.259.000
1,792,131.000
1,777.954,000
1,819,276,000
8.7%
11.9%
12.7%
12.8%
13.9%
13.1%
12.4%
13.1%
13.1%
12.9%
12.3%
10.4%
8.7%
11.2%
10.2%
8.9%
8.021,749.000 7.585.334.000 5.7%
7,066,788.000 6,850.855.000 y6.1%
7.580,335,000 7,380,263.000 8.2%
7.416.191.000 7,285,350.000 12.4%
7,494.807.000 7.496.635.000 13.5%
7,239.697.000 7.220.279 000 13.3%
7.363.730.000 7,484.727.000 16.1%
daily reports.
a Including Memorial Day. y Change computed on basis of average
a Including July 4 holiday.
"Annalist" Weekly Index of Wholesale Commodity
Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices declined again to 93.1 on Oct. 4, from 93.9 (revised)
the week previous. The loss of 0.8 points for the week marks
a total loss of 3.2 points or 3.3% from the year's high of
96.3 on Sept. 6, but the index still stands 5.8 points above
the post-war of 87.3 established on June 14. The "Annalist"
adds:
and
Weakness was widespread among the commodities, anthracite coal
The
finished steel being the only commodities of importance to advance.
lower; only
Indexes of the farm, food and textile products groups all went
in steel.
that of the metals group was higher, thanks to the advance
"ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(Unadjusted for Seasonal Variation.) (1913=100.)
Oct. 4 1932.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All rnmrtiorlItIci
Sept. 271932.
Oct. 6 1931.
75.7
95.2
z78.8
130.7
97.3
106.0
95.2
81.4
93.1
x77.2
98.6
x79.0
130.7
97.1
106.2
95.2
83.1
593.9
81.4
113.5
86.3
126.2
100.5
113.5
97.3
92.2
99.9
x Revised. z Provisional.
40733%
---91,729,390.000
average daily production. b Fewer working days in July 1932, than
a Based on
in July 1931.
Total
Feb. 6 ____ 1,588,853,000
Mar. 5 _-_ 1,519,679.000 1,664.125,000
Apr. 2 __ -- 1,480,208,000 1,679,764.000
May 7 ____ 1,429.032.000 1.637,296,000
June 4 ____ x1,381,452.000 1,593.622.000
July 2 ____ 1.456,961.000 z1.607.238,000
July 9 ____ z1.341,730.000 1,603,713,000
July 16 ____ 1.415,704.000 1,644.638,000
July 23 ____ 1.433.993.0 0 1.650.545.000
July 30 ____ 1,440,386.000 1,644,089.000
Aug. 6 ____ 1,426.986.000 1,642,858,000
Aug. 13 ____ 1.415.122.000 1,629.011.000
Aug. 20 ___ 1.431,910.000 1,643.229.000
Aug. 27 ____ 1,436.440.000 1.637.533.000
Sept. 3 ____ 1.464,700.000 1,635,623,000
Sept. 10 __-_ 1,443,977,000 1.582,267,000
Sept. 17__ 1.476.442000 1,622.660.000
Sept. 24 ____ 1.490,863.000 1.660.204.000
Oct. I ____ 1,499,459,000 1,645,587,000
M°nth:
- 7.014,066.000 7.439.888,000
January February ___ 6,519.245.000 6.705.564.000
6.781,347,000 7,381,004.000
March
6.303.425.000 7,193.691.000
April
6,212.090,000 7.183,341.000
May
6,130,077,010 7,070,729.000
June
6.112.175.000 7.288.576.000
July
Further Reduction Noted in Commodity Prices During
Week Ended Oct. 1, According to Wholesale Price
Index of National Fertilizer Association.
Commodity prices were again lower during the week ended
the
Oct. 1, according to the weekly wholesale price index of
Fertilizer Association. The general index number
National
declined from 62.2 to 62.0. During the preceding week
two
there was a decline of only one fractional point, while
declined four fractional points. The
weeks ago the index
it is
index is slightly lower than it was a month ago, but
2402
Financial Chronicle
more than two full points higher than the record low of June
1932. (The three averages, 1926-1928, equals 100.) The
Association also reported the following on Oct. 3:
Eight of the 14 groups in the index were affected by price changes during
the latest week. Foods, grains, feeds and livestock, textiles, metals and
fats and oils declined. Excepting textiles and grains, feeds and livestock.
the losses were comparatively small. Fuel, fertilizer materials and miscellaneous commodities advanced. The largest gain was shown in the
miscellaneous group due to advancing prices for rubber, leather,
coffee,
and calfskins.
During the latest week the prices for 24 commodities advanced while 30
commodities showed lower prices. During the preceding week there were 29
advances and 22 declines. Important commodities that declined during the
latest week were raw cotton, silk, burlap, lard, cottonseed oil, hams,
potatoes, apples, corn, oats, wheat, hogs, lambs, silver, lead, gasoline
and tin. Listed among the advancing commodities were wool, eggs,
raw sugar, flour, choice cattle, anthracite coal, coffee, rubber, leather.
calfskins, sulphate of ammonia, cottonseed meal and potash salts. Some
of the commodities that advanced followed the usual seasonal trend. This
was particularly true of anthracite coal, potash salts and certain foods.
The index number and comparative weights for each of the 14 groups
listed in the index are shown in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-192100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.8
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Latest
Week
Oct. 1
1932
Preceding
Week
Month
Ago
Year
Ago
Foods
Fuel
Grains, feeds and livestock_
Textiles
Miscellaneous commodities._
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements. _
63.7
63.4
42.6
47.7
62.8
89.0
71.4
69.8
77.4
42.4
87.4
62.0
69.0
92.1
63.8
63.3
43.4
48.9
62.1
89.0
71.4
70.1
77.4
43.3
87.4
61.6
69.0
92.1
61.6
66.5
44.4
60.9
61.1
89.0
71.6
69.5
77.7
43.9
87.4
62.8
71.0
92.1
70.8
58.6
50.4
50.0
65.9
88.6
76.3
75.8
88.8
61.5
86.8
71.2
80.1
95.2
62.0
62.2
62.5
66.3
All groups combined
Business Conditions in Philadelphia Federal Reserve
District-More Than Usual Seasonal Increase
Noted in Factory Output During August
-Marked
Improvement Shown in Manufacturing Industry.
According to the Federal Reserve Bank of Philadelphia,
"business conditions generally reflect improvement. Factory output in the Third (Philadelphia) District," says the
Bank, "showed more than the usual seasonal increase in
August, and the rate of production was well maintained in
early September." Continuing,the Bank also said as follows
in its "Business Review" of Oct. 1:
Coal mining, on the other hand, registered smaller
than the expected
increase in August, but a seasonal upturn in September.
Contract awards
for construction showed exceptional gains in August, as
did building Permits, though both declined in the following two weeks.
Retail and wholesale trade lately has been more active seasonally than in the previous
month.
Freight car loadings during August were not quite up to
the usual volume
but since then they have increased. Commercial failures
have declined
appreciably in number and liabilities. In comparison with
recent years
virtually all indicators have continued at lower levels.
Industrial employment and payrolls on the whole were larger
in August
than in July. The increases were due to manufacturing, mining,
quarrying and construction, while trades and services showed declines. Incomplete reports from Pennsylvania factories indicate a further increase
in
September.
Manufacturing.
There has been a marked improvement in the manufacturing industry
of the Third District in August and early September, the most striking
leader in this upturn being the textile group. The demand for manufactured products generally has resulted in a pronounced increase
in unfilled
orders, particularly for textile, leather, paper and tobacco
products. Some
of the industries making metal products also report a slightly larger
volume
of business. While in many instances this change for the better
is of seasonal character, there are nevertheless a number of
concerns that report
improvement beyond the usual increase.
Most of the reporting concerns show not only firmness
in prices but
also a continued tendency toward higher levels. Wholesale commodit
y
prices of manufactured goods in August advanced further
in all groups
except those comprising building materials and house furnishing
s. The
sharpest rise occurred in prices of semi-manufactured
products. In September the general price level did not change materially.
Inventories of finished merchandise at reporting
factories have been reduced further and are smaller than they were a year ago. Stocks
of raw
materials increased slightly in the case of textiles, while
other groups showed
either declines or no change; compared with a year ago the
supply of raw
materials remains smaller. A number of reports indicate
that collections
have been somewhat larger than a month ago, but the majority
of firms
state that current settlements are not as satisfactory as
they were a year
ago
Factory employment, payrolls and operating time in
this district showed
more than seasonal increases from July to August, owing solely
to Pennsylvania industries, since Delaware and New Jersey factor
es registered
declines. In Pennsylvania factory employment rose
2% and payrolls
almost 5%. The textile industry showed the most striking
gains. Leather
products such as shoes and miscellaneous goods also reported marked
increases. In other groups considerable gains in payrolls occurred
in such
individual industries as steel works and rolling mills, structural
iron work.
confectionery. glass, and wooden boxes. Our employme
nt index number,
based on figures covering factories in the three States, was less than
20%
and the payroll index 40% below those in August 1931; this compares with
the decline of 21% in employment and 38% in payrolls throughout the
country.
Output of manufactures in August showed exceptional gains over July.
Our preliminary index number, which is based on figures from about 40
Important industries covering two-thirds of the total manufacturing out-
Oct. 8 1932
put in this district, rose from less than 54 in July to over 56%
of the 192325 average in August, when allowance is made for the usual
seasonal
changes. This is a gain of 5% over the customary increase,
thereby indicating a decided improvement. Compared with last year,
output in the
first eight months of this year was 24% smaller; the national index
number,
which in August also advnaced 5% over July, was 23% lower than
in August
1931.
Production of textiles, which makes up 26% of the data used
in the district index number, showed an extraordinary gain of 22%
over July and
was 85% of the volume manufactured in August 1931.
Noticeable more
than seasonal increases also occurred in such groups as those
comprising
food products, tobacco and its products, leather and its products,
and certain building materials. While the rate of production of all
the groups continued considerably under former years,the change between July
and August
was much more favorable than was the case in the past three
years.
Analyses of important individual lines show that 15 industries
had more
than ordinary increases and that 16 other industries had smaller
decreases
than between July and August last year. Unusually large
gains in produeMon were noted in silk, woolen and worsteds, cotton and knit
goods, carpets
and rugs, shoes, cement, Pig iron, iron castings, sugar and cigars.
Output of electric power in August increased more than
seasonally.
Sales also expanded as they usually do in August. owing
to a larger demand
by municipalities. Consumption of electrical energy
by industries, when
computed on the basis of the actual number of working days,
showed more
than the anticipated drop.
Statistics of Business in the Atlanta Federal Reserve
District Show Evidence of Improvement for August
as Compared With July in Some Lines of Trade and
Industry Aside From Usual Seasonal Gains.
Aside from the usual seasonal gains in trade which
are
expected in late summer and early fall, available
business
statistics relating ta the Sixth (Atlantal Di Arid for
August
show evidence of improvement over July in some
of the
important lines of trade and industry in the District.
However, agricultural prospects declined from July to August,
except in Louisiana, and pig iron production in
Alabama
declined to the lowest level in available statistics.
The
Sept. 30 "Monthly Review" of the Federal Reserve Bank
of
Atlanta from which the foregoing is taken, also
reports
as follows:
Department store sales, after adjustment for the number
of business
days, increased by slightly more than the usual seasonal
increase from
July to August. Sales by 107 reporting wholesale firms
increased 22.3%
from July to August, a gain not exceeded at the same time
of
1927, and exceeded only three times during the past 12 years. year since
Discounts by this bank increased somewhat from Aug.
10 to Sept. 14,
and both discounts and securities held were greater than at
the same time a
year ago. Loans and securities held by weekly reporting
In the District declined during this five-week period and member banks
were nearly 78
millions less than a year ago.
Agricultural prospects in this District are for substantially
of cotton, tobacco, white potatoes, oats, wheat and fruits smaller crops
than in 1931,
a smaller decrease in corn, and increases in sweet potatoes,
and in sugar in
Louisiana.
Building permits reported from 20 cities, and contract
awards in the
District as a whole, although still at low levels, gained
substantially in
August over July. Orders booked by southern pine lumber
mills have
Increased during recent weeks and for the four latest weeks
for which
figures are available, those ending Aug. 20 through Sept. 10, have
figures for the same periods last year. Consumption of cotton in exceeded
the cottongrowing States increased 41.4%, and active spindles increased
July to August, and increases in orders and output are shown6.6% from
in August
figures for reporting cotton mills in this District. Production of
coal in Alabama and Tennessee increased from July to August,butbituminous
of pig iron in Alabama declined to new low levels. Port receipts ofproduction
and rosin for the season, April through August, have been the turpentine
smallest for
that period in more than 10 years, and there has recently been
improvement in demand, and in prices, for both commodities.
In reporting wholes de and retail trade conditions in
tee
Atlanta District, the "Review" said:
Retail Trade.
Department store sales in the Sixth District have exhibited
changes
during the past two months slightly better than the usual
seasonal movements. The decrease from June to July was slightly smaller
than usually
occurs at that time, and the gain from July to August was a little
more than
seasonal.
August sales by 38 reporting department stores averaged
21.6% greater
than in July, and were 23.9% less than in August 1931. August
had two
more business days than July, however,and when adjusted for
this difference there was a gain of 12.6%. as against a usual seasonal
increase of
11.4% from July to August. Total sales for the first eight months
of 1932
by these reporting firms have been 25.6% less than in that part
of 1931.
Stocks at the end of August averaged 2.1% less than a month
earlier,
and were 21.2% smaller than a year ago. The rate of stock
turnover increased over the month, but was slightly less than a year ago.
receivable declined 0.6% from July to August and averaged 21% Accounts
less than a
year ago, and collections declined 15.5% from July and were
28.2% less
than in August 1931.
The ratio of collections during August to accounts outstandin
g
at the beginning of the month was 24.7%. against 26.3% for and due
27.4% for August last year. For regular accounts the ratio for July. and
August was
26.1% and for July 28.1% and for August last year 29.2%, and
for installment accounts the ratio for August was 14.0%, for July
13.3%, and for
August last year 16.4% •
All of these statistics are based upon reports in actual
dollar amounts
and the percentage comparisons make no allowance for
changes in prices,
Wholesale Trade.
After declining each month since March, distribution
of merchandise at
wholesale in the Sixth District, as reflected in sales figures
of 107 reporting
firms, increased in August by 22.3% over the low point
reached in July.
During the past 12 years, covered by this series, wholesale
trade ha increased from July to August in every year except
1931, but during this
period only three times has the gain from July
to August been greater than
In August this year. In 1927 there was an increase of 24.3%
from July to
August, in 1922 an increase of 26.8%. and in 1921 a gain
of 23.6%. The
Volume 135
Financial Chronicle
increase this year was shared by all reporting lines excepting electrical
supplies. Stocks on hand at the close of August were less than 1% smaller
than a month earlier, and accounts receivable and collections increased over
July. Sales of dry goods and of stationery show small increases over August
1931.
2403
No important improvement in building operations was noted with construction continuing at about 20% of the normal rate.
Livestock marketing, meat packing and shipments of stocker and feeder
livestock to the country were, as usual, heavier in August than in the
preceding month. The marketing of hogs was, contrary to seasonal trends.
exceptionally heavy.
The "Review" had the following to say regarding wholeNo Marked Increase Reported in Total Volume of
sale and retail trade conditions:
Business Transacted During August in Richmond
Wholesale Trade.
Federal Reserve District—Special Lines Show Some
lines reveals
A summary of the reports of five representative
Rises the August volume of sales, measured in dollars, ofwholesale exceeded the
Seasonal Increases—More Than Seasonal
all lines
July totals, but were somewhat smaller than a year ago. The increase in
Shown in Several Barometers of Trade.
sales of hardware were contrary to usual expectations. Sales of dry goods
Although there was no marked increase in the total and furniture were substantially larger than normally occur, and groceries
volume of business trnnsacted in the Fifth (Richmond) and drugs were slightly in excess of moderate seasonal tendencies.
departure from
Inventory adjustments in August displayed no
Federal Reserve District in August, the Federal Reserve the usual tendencies at this season, although stocks radical goods and hardof dry
Bank of Richmond states that "some seasonal increases in ware increased slightly, whereas they normally decline and wholesalers of
special lines were noted, and several barometers of trade groceries did not enlarge their inventories quite as much as usual. All
on Aug. 31 as smaller than on the
showed more than a mere seasonal rise. The Bank, in its lines reported their stocksranging from 10.4% for hardware corresponding
to 33.4% for
date last year, decreases
Sept. 30 "Monthly Review," also notes that a "definite furniture.
Collections ran about the same as in July, but were slow and somewhat
improvement in nearly all classes of business was reported
from the Carolinas, where cotton and tobacco play a more smaller than in August 1931. Retail Trade.
prominent past than in other sections of the Fifth District."
Sales of merchandise at 34 department stores in Tenth District cities
Increased, as usual, in August, the increase this year amounting to 20.5%
The Bank also reports as follows:
as compared to 12.7% a year ago, and a five-year average increase of 19%.
Rediscounts at the Federal Reserve Bank of Richmond decreased between
the middle of August and the middle of September, an unseasonal development, but the volume of Federal Reserve notes in actual circulation rose
with the beginning of the fall crop marketing. Reporting member banks in
leading cities lowered their total loans to a slight extent, and also reduced
their investments in stocks and bonds, but their deposits increased during the
past month. Debits to individual accounts figures in the five weeks ended
Sept. 14 1932, showed a lower total than in the preceding five weeks, ended
Aug. 10. but eight cities in the Carolinas reported higher figures for the
more recent period. Commercial failure figures for the 12 Federal Reserve
Districts for August show that the Fifth District made a poor record in
number of insolvencies, but was in line with other districts in liabilities
involved. The employment situation in the Fifth District continued very
unsatisfactory, although a considerable number of industrial plants have
recently taken on some additional workers or have lengthened hours of
work for persons already employed. Coal production in August showed
about the normal seasonal increase over July production, but continued
much below the figures for 1931. The textile situation improved more than
any other industry last month, higher cotton prices as a result of a much
smaller crop than in recent years having stimulated buying of textiles quite
materially. Cotton consumption increased more than seasonally in August,
mills took on some additional employees and orders were received in
sufficient volume to run the mills several weeks. Building permits issued in
Fifth District cities continued at a very low level, and contract award
figures were also relatively low, but were higher than the awards in August
1931. Retail trade as reflected in department stores, in spite of very unfavorable weather for early fall trade, was up to seasonal level, and wholesale trade showed seasonal gains in all lines for which data are available.
dry goods and shoes reporting marked increases. In agriculture, the outstanding developments last month were rises in cotton and tobacco prices.
The crops of both cotton and tobacco are much smaller this year than last,
but the chief factor in the decline in production is acreage reduction, and
therefore this year's crops promise larger net returns to farmers. In Virginia,
and to a less degree in Maryland. there has been so little rain that some
sections are experiencing a drouth which approaches that of 1930 in severity,
but it is not Satevdde and further. it developed late in the season and early
feed crops were harvested before the dryness became serious. Taking the
district as a whole, the outlook for fall and winter trade appears definitely
better than it was a year ago, and for the first time since the beginning of
the depression there is a spirit of optimism in trade circles.
Regarding employment conditions in the Fifth Federal
Reserve District the Bank reported the following:
Reports on employment conditions are conflicting, but on the whole
there appears to have been some improvement in recent weeks. A number
of industrial plants, especially in the textile field, have either taken on
additional workers or have increased hours of work for people already
employed. On the other hand, industrial plants and business houses which
have as yet felt no stimulation in trade continue to lay off workers. The
states in the Fifth District are planning extensive highway construction
programs for the near future, partly in co-operative with Federal aid funds
and plans.
Report of Business Conditions in Kansas City Federal
Reserve District—Agricultural Commodity Prices
Declined During Latter Part of August and Beginning of September—Seasonal Improvement
Noted in Trade at Both Wholesale and Retail.
The Oct. 1 "Monthly Review" of the Federal Reserve
Bank of Kansas City reports that "agricultural commodity
prices which improved somewhat in August failed to retain
any considerable portion of the advances as prices declined
the latter part of that month and the forepart of September."
The "Review" also reported:
Advances in prices of wheat, corn, butterfat and pork have been fully
discounted, with prices of beef, poultry and hay nominally unchanged.
Hides and wool have advanced sharply. Cotton, although substantially
lower than recent highs, is quoted above the levels of Aug. 15, and eggs
and mutton were somewhat higher on Sept. 15 than one month earlier,
Trade at both wholesale and retail improved seasonally during August,
but dollar sales were markedly smaller than a year ago. Sales of 34 department stores declined 24% as compared to August 1931, and each of the five
reporting wholesale lines reported substantial recessions.
Aside from a reduction in the broomcorn, white potato and dry bean
crop prospects and a slight increase in the estimates of this year's corn crop,
there were no material changes during August in the 1932 Tenth District
crop forecasts.
Crude oil production, although larger than a year ago when curtailments
restricted production, declined 4% as compared to July. Flour milling
and bituminous coal production expanded seasonally and, responding to
sharp advances in ore prices, shipments of zinc ore and lead ore were larger.
Dollar sales as compared to August last year declined 24%, and, although
the smallest decline reported for any month since March, there was one
less business day in August this year than in August 1931.
A tendency among merchants not to stock up as heavily at present as
in other years is Indicated by the month-end inventory reports which disclose that stocks were increased only 1.5% during August as compared to
an average increase in recent years of 9.8%. Stocks as of Aug. 31 this
year were 25.6% smaller than on the like date a year ago.
Collections declined in August with the total amount being equal to
but 29.5% of amounts outstanding on July 31. This rate compares with
31.6% reported for July this year and 32.5% for August 1931.
Farm Price Index of United States Department of
Agriculture Unchanged During Period from Aug.16
to Sept. 15.
The index of farm prices of agricultural products as of
Sept. 15 was the same as on Aug. 15, or 59% of the pro-war
level, according to the Bureau of Agricultural Economics
of the United States Department of Agriculture in its report
on farm prices issued Sept. 30. On Sept. 15 a year ago
the index was 72% of pre-war. The Bureau's report also
said:
Farm prices of chickens and eggs were up 9 points in the index from Aug.
15 to Sept. 15; cotton and cottonseed prices were up 6 points; dairy products
were up 2 points; grains were down 2 points; meat animals were down
2 points, and prices of fruits and vegetables were down 11 Points.
Compared with the index of prices on Sept. 15 a year ago, the index of
cotton and cotton-seed on Sept. 15 this year was up 10 points; grains.
down 9 points; fruits and vegetables, down 15 points; chickens and eggs..
down 15 points; meat animals, down 19 points, and dairy products, down
25 points.
The farm price of hogs declined approximately 7% from Aug. 15 to
Sept. 15 this year. the decline being attributed to a slackening of packer
demand because the relatively large receipts brought out by higher prices
during August proved there was no possibility of a shortage in supplies of
live hogs. The hog-corn ratio for the United States advanced 1-10th of a
bushel from Aug. 15 to Sept. 15, and at 13.5 on the latter date was 9-10tha
of a bushel higher than on Sept. 15 a year ago.
Prospects for a 1932 corn crop considerably larger than last year's production,larger receipts,and continued poor commercial and feeding demand
combined to depress the United States average farm price on Sept. 15
approximately 7% under the index on Aug. 15. A 3% decline in the average
farm price of wheat from Aug. 15 to Sept. 15 is attributed to increased
offerings of the large new crop of Canadian grain and to increased Russian
exports.
The average farm price of potatoes on Sept. 15 was at the lowest level
for any September in the last 25 years, and is attributed to the pressure of
seasonally increasing marketings. Farmers were getting only 38 cents
a bushel on Sept. 15, compared with 51 cents on Aug. 15 and 60 cents on
Sept. 151931.
The Sept. 15 farm price of eggs showed only a seasonal advance over
mid-August, despite light current receipts and unusually small storage
holdings, says the Bureau. The average farm price of wool scored a sharp
advance from Aug. 15 to Sept. 15, due primarily to renewed activity in
he textiles Industry.
Business Activity in New England Between July and
August Increased More Than Seasonal According
to Boston Federal Reserve Bank—Due Largely to
Wool Consumption and Production of Boots and
Shoes.
"An increase of more than seasonal nature occurred in the
level of general business activity in New England between
July and August," states the Reserve Federal Bank of
Boston, "with two important industries contributing the
major part of the improvement." The Bank also reported
as follows, regarding business conditions in the New England
(Boston Federal Reserve) District, in its Oct. 1 "Monthly
Review":
Both wool consumption and boot and shoe production in this district
increased sharply during August,and,although the activity in each of these
Industries was less than In August a year ago, gains of considerably more
than the customary seasonal amounts were recorded. Other improvements.
however, took place between July and August, although to a less extent
than in wool and shoes. The amount of raw cotton consumed increased
more than seasonally. The factors which improved in August were those
2404
Financial Chronicle
concerned with production, and, except for an increase in carloadings,
which may be considered as reflecting to some degree movements in distribution, there was no indication during August that any acceleration
occurred in consumption. Employment in manufacturing establishments in
Massachusetts increased 12.3% between July and August, according to the
Department of Labor and Industries, and the aggregate weekly payroll in
August was 13.7% larger than in July, while aVerage weekly earnings per
person employed in Massachusetts manufacturing establishments increased
1.2% in August over July. The increases were larger than usually occur
between these months. There is usually a decrease between July and
August in the volume of building contracts awarded in this district, but
less than the usual decrease occurred in the volume of both residential and
commercial and industrial contracts awarded. In this district the dollar
value of sales of reporting retail establishments in August was about
23%
less than in August 1931, and during the first eight months of 1932 retail
sales were 22% less than in the corresponding period a year ago. According
to preliminary reports, however. September sales were not as much below
a year ago as in August or July. Wholesale shoe trade during the first part
of September was reported more active, with a tendency toward
higher
prices. During the period Sept. 1-17, inclusive, as compared with the same
period in 1931, sales of women's, misses' and juniors' ready-to-wear in
Boston st res were about 9% less, while during August 1932. sales in this
classification were nearly 36% less than in August 1931. Other departments
likewise showed a reduction in the percentage decrease from a
year ago
during the first part of September. The percentage of regular charge
accounts outstanding at the first of August collected during August was
higher than in August 1930 or 1931, in New England reporting stores.
Between August 1931 and 1932. collections declined 23.5%,and receivables.
26.4%•
Lumber Orders Less Than in Four Preceding Weeks.
New business booked at the lumber mills during the week
ended Oct. 1 1932 was not so large as during any of the four
preceding weeks, falling 7% below the average of those
weeks, according to telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of 615 leading softwood and
hardwood mills. These orders for the week ended Oct. 1
totaled 168,965,000 feet and were 44% above production,
compared with corresponding percentage for the previous
week of 54%; with 68% for the week ended Sept. 17, and
26% for the 39 weeks of the year to date. Identical mills
reports indicate for the week only 1% decline in orders
received as compared with the corresponding week of 1931
and 26% decline in production.
Production during the week ended Oct. 1 was 117,744,000
feet. This was 24% of capacity as compared with 23% the
previous week. New business was 34.5% of capacity,
compared with 35% the week before.
Unfilled orders on Oct. 1, as recorded by both the Southern Pine and the Western Pine Association, for the first
time this year, were heavier than on the corresponding
day last year
Stocks on hand on Oct. 1, as indicated by 348 softwood
mills, were the equivalent of 85 days' average production
of the reporting mills, compared with 92 days' average
production the first of July and 115 days' a year ago.
Lumber orders reported for the week ended Oct. 1 1932
by 444 softwood mills totaled 149,778,000 feet, or 36%
above the production of the same mills. Shipments as
reported for the same week were 158,246,000 feet, or 43%
above production. Production was 110,377,000 feet.
Reports from 186 hardwood mills give new business as
19,187,000 feet, or 16U% above production. Shipments as
reported for the same week were 16,482,000 feet, or 124%
above production. Production was 7,367,000 feet. The
Association further reports as follows:
Unfilled Orders.
Reports from 381 softwood mills give unfilled orders
of 413,043,000
feet. on Oct. 1 1932, or the equivalent of 11 days' production.
The 357
Identical softwood mills report unfilled orders as 408.413,00 feet on
Oct. 1
0
1932. or the equivalent of 11 days' average production, as compared with
431.352,000 feet, or the equivalent of 12 days' average production
, on
similar date a year ago.
Last week's production of 408 identical softwood mills was 105,951,00
0
feet. and a year ago it was 140,163,000 feet; shipments were respectivel
y
152.810.000 feet and 166,094,000; and orders received
144.793.000 feet
and 149.413.000. In the case of hardwoods. 175 identical mills reported
production last week and a year ago 6,537,000 feet
and 12.821.000: shipments 15,031,000 feet and 16,466.000; and orders 17,703.000 feet and
14,964,000 feet.
Vest Coast dovement.
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. 1:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery__ - 25.660.000 delivery__ _115,719,000 intercoastal _ 38,455,000
18,461.000 Foreign
Export
79,948,000 Export
11,178,000
22.114,000 Rail
Rail
49,244,000 Rail
22,792.000
8.401.000
Local
Local
8,491,000
74,726.000 Total
Total
244,909.0011 Total
80,916,000
Production for the week was 59,735.000 feet. Production was
24%
and new business 30% of capacity, compared with 33% and 32% for the
previous week.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
107 mills reporting. shipments were 58% above production, and orders
go% above production and 1% above shipments. New business taken
Oct. 8 1932
during the week amounted to 34,788.000 feet (previous week,
34,938.00
)
at 123 mills); shipments, 34,404,000 feet (previous week,
and production, 21,759,000 feet (Previous week, 21,364,000). 33,911,000)
Production
was 35% and orders 57% of capacity, compared with 31%
and 51% for
the previous week. Orders on hand at the end of the week at
99 mills
were 73.313,000 feet. The 99 identical mills reported a decrease in
production of 15%, and in new business an increase of 37%, as compared
with
the same week a year ago.
Western Pine,
The Western Pine Association reported from Portland,
Ore., that for
98 mills reporting, shipments were 42% above production
, and orders
35% above production and 5% below shipments. New business
taken
during the week amounted to 37,858,000 feet (previous
week, 45,601.000
at 114 mills); shipments 39,804,000 feet (Previous week,
40.943,000);
and production 28,085,000 feet (Previous week, 30,023,000
). Production
was 23% and orders 31% of capacity, compared with 22%
and 33% for
the previous week. Orders on hand at the end of the week
at 98 mills
were 123,524,000 feet. The 87 identical mills reported a decrease
in production of 24%, and in new business an increase of 11%,
as compared with
the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapoli
s, Minn., reported
production from 7 mills as 778,000 feet, shipments
1.897,000 feet and new
business 1,825,000 feet. The same number of mills reported
production
8% less and new business 10% less than for the same
week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufactur
ers Association, of
Oshkosh, Wis., reported production from 15 mills
as 20,000 feet, shipments 1.225,000 and orders 581.000 feet. Orders
were 8% of capacity
compared with 13% the previous week. The 14
identical mills reported
a loss of 98% in production and a loss of 37% in new
business, compared
with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis,
Tenn., reported
production from 171 mills as 7,262,000 feet. shipments
15,496,000 and
new business 18,308,000. Production was 20% and
orders 50% of capacity.
compared with 17% and 37% the previous week. The
161 Identical mills
reported production 49% less and new business 24%
greater than for the
same week last year.
The Northern Hemlock and Hardwood Manufacturers
Association, of
Oshkosh. Wis., reported production from 15 mills as
105.000 feet, shipments 986,000 and orders 879,000 feet. Orders were
16% of capacity,
compared with 17% the previous week. The 14 identical
mills reported
a loss of 66% in production and a loss of 40% in orders,
compared with
the same week last year.
New Rubber Exchange Organized in London.
Under date of Oct. 3 a cablegram from London to
the
New York "Journal of Commerce" said:
Organization is announced of the London Rubber Exchange
Co., Ltd., to
take over the commercial activities of the Rubber Trade
Association. The
new organization has been registered as a public company,
but all the
shares will be held by members of the association. The
registered office
is at 6 Mincing Lane, London E.O. 3, which is also the
address of the
Rubber Trade Association.
Increase in Rubber Shipments in September.
Oros3 exports of crude rubber from British Malaya during
September amounted to 41,973 tons, the Rubber
Exchange
of New York, Inc., was informed•by cablegram on
Oct. 3,
compared with 39,337 tons in August and 44,336 tons in
September 1931. Shipments by Ceylon to consumin
g
countries were smaller, totaling 4,361 tons, against
5,585
tons in the month of August and with 4,195 tons in
September last year. Ceylon's exports to the United
States
during September were 3,003 tons, against 3,604 tons
in
August.
France Plans Wheat Pool—Will Pay Premium to Farmers to Hold Back 22,000,000 Bushels.
A cablegram as follows from Paris Oct. 5 appeared in
the
New York "Times":
The Ministry of Agriculture to-day began arrangements to
withdraw
from the market 6,000,000 quintals (about 22,000.000 bushels)
of this year's
wheat. This scheme authorized by the Cabinet aims to
overcome the
recent depression of the wheat market, due to the largo crop.
The plan provides for storage of the wheat by the producers
under the supervision of local associations. The arrangemen themselves
t,
voluntarily, will be encouraged by a government premium of 10 although
francs a
quintal to each producer agreeing to store his grain.
Jiy this arrangement it is expected to keep up the price of
wheat, which
has been failing with a decrease in consumption and an increase
in supply.
It is hoped at the same time to guard against a possible
underproduction
next year.
The "Wall Street Journal" of Oct.6 reported the following
in the matter from its Paris bureau:
Owing to the demoralization of the market for wheat, with
the price
around $1.20 a bushel, the government announces its intention
to ask
parliament for credit to pay farmers premiums for holding
wheat stocks
back from the market. Organization would be under local
agricultural
associations upon application, and stocking up to 18,000.000
bushels is
contemplated.
Paper and Pulp Industry in July According to American
Paper and Pulp Association—Reduction Noted in
Production of Paper.
According to identical mill reports to the Statistical Department of the American Paper and Pulp Association,
production of paper was approximately 15% below the level
of the corresponding seven months of last year and inventories were 5% smaller than a year ago. All major
Financial Chronicle
Volume 135
grades showed decreases. Production was in fairly close
balance with demand in most grades as evidenced by the
fact that almost all stocks were blow last year's level.
In stating this on Sept. 28, the Association also said as
follows:
For the first seven months of 1932 the production of wood pulp was approximately 16% below the level of the first seven months of 1931.according
to identical mill reports. Both the amount of pulp consumed by producing
mills and the amount shipped to the open market showed substantial decreases from a year ago, the former being 14% below the level of the first
seven months of 1931 and the latter about 22% less. Shipments of soda
pulp to the open market were 41% smaller than for the first seven months
of 1931, while shipments of news grade sulphite and groundwood diminished
24% and 36% respectively. Shipments of bleached sulphite to the open
market were 35% smaller. Kraft pulp shipments to the open market
were 1% smaller than during the seven months of 1931 while the amount
consumed by producing mills was 20% less than during the first seven
months of 1931.
At the end of July, stocks of pulp on hand at producing mills were below
the level of a year ago in the case of groundwood, bleached sulphite, kraft
and soda pulp. All the other grades showed increases in inventories.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF JULY 1932.
Prodwiton,
Tons.
Shipments,
Tons.
Stocks on Hand
End of Month,
Tons.
74,502
49,847
113,465
29.640
10,076
17,454
5,214
2,003
3,194
11,647
Grade.
78.857
51,646
114,487
30,384
9,990
18,838
5,902
2,033
3,481
12,922
33.369
42,253
59,385
40.030
5.909
41,451
6,543
4,865
3.606
16,277
318,842
2,680,821
3 143 MR
326,540
2,689,745
3.149473
253,668
253.668
203 740
Newsprint
Book, uncoated
Paperboard
Wrapping
Bag
Writing, &a
Tissue
Hanging
Building
Other grades
Total all grades July 1932
Total all grades 7 mos. 1932
Total all grades 7 MOO. 1931
REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR
THE MONTH OF JULY 1932.
Grade.
Production, Used During
Tons.
Month, Tons.
Shipped Dur- Stocks on Hand
Month,
End of Month
Tons.
Tons.
droundwood
Sulphite, news grade
Sulphite,
Sulphite, easy bleach's
bleached--Sulphite. MItscherlich
Kraft pulp
Soda pulp
Other grades
47,454
20,047
13,740
1,185
4,249
20,064
10,507
279
51,328
18.653
13,586
1,152
1,866
15,321
9,002
220
1,418
1,436
1,052
22
2,528
4,848
1,837
48
62,250
7,739
2.374
1.211
2,388
3,687
2,470
174
Total all grades
July 1932
7 months 1932.-7 months 1931- --
117.525
1,073,898
1,274,670
111,128
977,130
1,141,103
12,989
90.424
115,464
82,293
82.293
87,235
New York Milk Strike Ended by Agreement.
Advices as follows from Boonville, N.Y., Oct.6 are taken
from the New York "Times":
The New York milk-shed strike at Boonville, Adams Center and Pierrepont Manor ended to-day in what the farmers declared was a complete
victory. The embargo which started Monday was directed by 600 producers of the United Milk Products Corporation against the Eisenberg
Farms, Inc., of Brooklyn, which, the farmers charged, was demoralizing the
market by price-cutting. The Eisenberg firm receives its milk from
the
United plants on contract.
The strike came to an end this morning when Mr. Eisenberg agreed
to halt his price-cutting and posted.. certified check for $2,500 as a
forfeit
In case he failed to keep his word. The $2,500 is to go to up-State charitable
institutions if Mr. Eisenberg defaults on his promise.
The boycott against the three United plants terminated only after
One
faction of the strikers, the producers at Pierrepont Manor, had concluded
a separate peace with Mr. Eisenberg.
The strike at Boonville yesterday was almost perfect, with only 25
out
of a normal supply of 400 cans of milk being delivered. Pickets declared
that no milk would be delivered this morning had the strike continued.
After the Pierrepont Manor producers had signed the agreement
with
Eisenburg, the Boonville and Adams Centre men accepted it.
The agreement was ratified by all the dairymen only after a bitter
conference between the strike leaders. The Pierrepont Manor men were charged
with having "sold out" their neighbors.
The "Times" of Oct. 7 also said:
The effect on the city's milk supply as a result of the strike of up-State
dairy farmers was not noticeable here yesterday. Eisenberg Farms, Brooklyn wholesale distributers, the only firm from whom the farmers were
reported to be withholding their product, received its normal shipments
from
up-State, according to the firm's plant manager.
The Emergency Committee of the New York milk shed, with headquarters in the Hotel Algonquin, reported no new developments in its investigation here of alleged price-cutting.
From Watertown, N.Y., Oct. 2 advices to the "Times"
said:
Forty thousand quarts of milk from nearly 600 farms in Jefferson, Oneida
and Lewis Counties will be withheld from New York City to
-morrow morning in the first milk strike of North Country farms since 1916. The final
obstacle to carrying out the dairymen's determination, reached last night
in a mass meeting at Adams Centre, was removed to-day with the delivery
of dairy inspection certificates from the United Milk Products Co. to the
farmers' representative. Without these they would be handicapped in immediate disposal of their milk.
Although the milk is delivered locally to United, the strike is aimed
solely against a United patron, Eisenberg Farms, Inc., of Brooklyn, whose
-cent basic minimum aroused the dairymen.
price-cutting below the 8
The United patrons around Adams Centre, Pierrepont Manor and Boonville are 100% in their determination was shown to-day when every farmer
signed the release required by United before the scores are delivered to
Bradley Worden of Adams Centre, Chairman of the Farmers' Committee.
Milk withheld will be taken by Watertown and Boonville dealers and
three cheese factories.
2405
Rowland M. Sharpe of Rhinebeck, Chairman of the Emergency Committee of the New York Milk Shed, told the farmers to-day that they must
stand together, as the "entire future of the milk shed depends on them."
A joint telegram asserting the necessity for a strike was sent by Sharpe and
Worden to Health Commissioner Wynne.
An item bearing on the threatened strike appeared in our
issue of Oct. 1, p. 2238.
National Coffee .Council of Brazil Prepared to Prevent
"Unfair Decline',' in Coffee Price-Trading on New
ork Coffee Market in Week Ended Sept. 30.
In a communication under date of Sept. 30 to President
Pike of the New York Coffee & Sugar Exchange, Sebastiao
Sampaio, Consul-General of Brazil, made known the receipt
of advic,es from Dr. Pinto, Acting President of the Council
in which the latter stated that "the Council has been ac,.
cumulating financial resources during the period of the civil
war free of any expenditures for defense of the market,
. . . and is prepared and is going to act to prevent any
unfair decline in quotations, having in mind the level
maintained before the civil war and connected circumstances"
The communication follows:
CONSULATE GENERAL OF BRAZIL
17 Battery Place, New York
Sept. 30 1932.
H. H. Pike Jr.. President, New York Coffee & Sugar Exchange,
New York City, N. Y.
My dear President Pilce.-I have the honor to communicate to you and to
the New York Coffee & Sugar Exchange that I received this morning the
following cable from His Excellency Dr. Roquette Pinto, Acting President
of the National Coffee Council of Brazil:
"Anticipating the reaction in the coffee markets of the world by the news
of peace. I published to-day in the Brazilian press an official statement in
the matter and In this connection I ask you to give to the markets of the
United States the following information:
-The Council foresaw a sudden reaction of the markets as a
"First.
logical result of such news of military character anticipating the possibility
the re-opening of the port of Santos.
of
"Second.
-The Council has been accumulating financial resources during
the period of the Civil War free of any expenditures for defense of the
market, which had always been in firm condition.
"Third-The Council,therefore, Is prepared and is gong to act to prevent
any unfair decline in the quotations, having in consideration the level
maintained before the Civil War and connected circumstances.
"Fourth.
-In addition to these measures, the Council has power, if
necessity arises, to restrict also entries into the ports of Rio, Victoria and
.
Santos.
"Fifth.
-In accordance with the views of the Government, the National
Coffee Council of Brazil will take over the Sao Paulo Coffee Institute and
will reassume control of the port of Santos until administrative conditions
of this port return to normal.
"Sixth.
-Any exportation from the port of Santos is impossible before the
blockade is lifted.
"Seventh.
-Due to the fact that railroad traffic will be greatly congested
with demobilization of troops, estimated at 200,000 men on both sides, it
will be difficult to move large quantities of coffee in the near future.
"Eighth.
-There is not, therefore, any reason for concur since the
Council has ample resources to preserve conditions guaranteeing the orderly
marketing of the crops.
"Ninth.
-The Council is hopeful of the friendly Co-operation of the
foreign markets of the world in maintaining and even increasing trade
activities for mutual benefit to prevent any possibility of further decreases
of visible supplies, a condition which the Council would deplore.
"Please deliver to the coffee markets of the United States the most
cordial greetings of the National Coffee Council of Brazil and of its
President."
With expressions of sincere esteem and high consideration, I am, my
dear Mr. President.
Very sincerely yours,
SEBASTIAO SAMPAIO,
Consul General of Brazil.
In its review of the coffee market for the week ended
Sept. 30, the New York Coffee Sr Sugar Exchange said:
The coffee market went through one of the most exciting weeks in man.,
years. Early in the week the market reflected the growing anxiety over the
shortage of supplies of Brazilian coffee and the market moved higher. on
Thursday morning (Sept. 29) the market suddenly heard that the backbone
of the Brazilian revolution was broken and prices crashed. The market
"leader," the December Santos delivery, sold off 200 points on Thursday
and an additional 52 points on Friday (Sept. 30). The more distant
deliveries were also weak but as they had not previously made the same
sensational gains as the December position their decline was not so violent.
At the close of trading on Friday night, the December Santos delivery was
selling at 10.19 cents a pound, off 243 points for the week. Other Exchange
delivery months showed net dee ines of 35 to 124 points for the week ended
Friday (Sept. 30).
The spot market remained fairly steady, however, as the shortage of supplies In this country still exists despite the fact that the port of Santos may
open soon and large shipments come to this country. On Friday Santos 4s
were quoted at 15 cents a pound. On Friday the news was received here
that the National Coffee Council was accumulating financial resources to
be used in "defending" the price of coffee.
In its review for the previous week (that ended Sept. 23)
the Exchange stated:
With coffee traders studying war maps of the revolution in Brazil as a
guide to trading operations, coffee prices continued to skyrocket last week
on the N. Y. Coffee & Sugar Exchange. Each succeeding day of the revolution, which has been in progress for 10 weeks, makes the coffee supply
situation in this country more acute. Consumers, roasters, chain stores and
speculators frantically competed last week to buy spot coffee and futures.
The most spectacular position on the N. Y. Coffee & Sugar Exchange was
the December Santos delivery which advanced 180 points for the week.
That position closed at 10.82 cents a pound on Friday, Sept. 16. On Friday
(Sept. 23)it closed at 12.62 cents a pound. Prices last week were the highest
the Exchange has recorded in three years. Trading activity also reached a
new peak for the past three years with the trade and commission houses
Financial Chronicle
armistice.
Snubs of Generals Revealed.
At 2 o'clock yesterday afternoon President Vargas received a telegram
from General Klinger indicating his desire to surrender. His direct approach to the President after having refused to sign the terms laid down by
General Monteiro was construed as an obvious attempt to snub the Federal
commander.
President Vargas directed him to communicate with General Monteiro.
which he did,saying the rebel troops were refusing to continue the struggle,
were forced to surrender and were ready to accept any terms from General
Monteiro.
General Monteiro then replied, apparently returning the snub, that plans
were already complete for the maintenance of order in Sao Paulo by the
Forca Publics, which had abandoned the civil war, and for General Kli ker
to report to Federal headquarters at Cruzeiro.
Under these plans Colonel CaValho, as temporary military governor of
Sao Paulo, issued a manifesto to the Paulistans assuring them that continuance of the rebellion was futile because of the infinitely greater strength
of the Federals and calling upon the volunteer soldiers to lay down their
arms and help maintain order. General Daltro has been appointed Federal
interventor and is already on the way to Sao Paulo to relieve Colonel
Carvalho.
Communications Being Restored.
The destroyer Parahyba entered Santos harbor to-day. The port is still
officially closed, but Minister of the Navy Guimaraes hints President Vargas
will sign a decree reopening it very quickly. The battleship Sao Paulo will
sail at midnight for Sao Paulo, carrying the blockade chief, preparatory to
lifting the blockade on food.
Telegraph and telephone communications with Sao Paulo will be resumed
within 24 hours. The Central Railway management announces that
workmen are laying torn-up tracks and building temporary bridges, and
through traffic is expected in three days.
The military issue is settled except for the quieting of a few peace disturbers. whom the Forca Publics can handle.
All of Brazil is celebrating the end of hostilities.
Further advices from Ria de Janeiro Oct. 4 are quoted
ar follows from the same paper:
Part of the mines that blockaded the peat coffee port of Santos during
the three months of civil war in Brazil were cleared away to-day and the
harbor was opened to shipping, with naval pilots serving as guides through
the lanes between the mines that remain.
Immediate exports of coffee, the most important product shipped from
Santos, however, will be barred until measures can be taken to prevent any
further such spectacular price drops as occurred on the New York Coffee
and Sugar Exchange when the war ended.
The government has instructed Dr. Mauro Roquette Pinto, Actin;
President of the National Coffee Council of Brazil, to investigate all coif(*)
transactions of importance which took place during the rebellion. It is
said that many large sales, including one for 250,000 bags to be exempt
from export tax, were made for future delivery. The Federal Government
and the Coffee Council do not Intend to recognize such contracts.
The government has been informed that the Grain Stabilization Corp.
• obtained quotations of 114i and 15 cents a pound on Oct. 1, when the
market price was 16 cents, and thus the Corporation found it necessary to
sell only 24,000 bags instead of an expected 63,500. Yesterday Santos
exporters offered coffee at 914 cents, The figures are cited to illustrate the
condition the government desires to prevent by prohibiting coffee exports
until further notice.
In Sao Paulo City large crowds are said to be gathering around newspaper
bulletin boards to learn the latest news in regard to the revolt that failed,
but even these crowds, the only ones that are allowed to gather, are orderly
and co-operate with the Forca PublIca (State militia) in keeping the city
under control.
The police continue to arrest men suspected of being among the leaders
of the revolt, but many are in hiding and others have fled. General
Bertholdo Klinger-Holfer, the military head of the rebellion, and Pedro de
Toledo, former Provisional Governor of Sao Paulo, are expected here
to-morrow.
Cable Service Resumed to Sao Paulo, Brazil.
The following announcement was made on Oct. 5 by the
Department of Commerce at Washington:
International telegraph communication to and from Sao Paulo, Brazil,
has been resumed and all classes of messages are now accepted for trans-
mission, according to information received by the Transportation Division
of the Department of Commerce. Messages are still subject to censorship,
however.
RAW SILK IN STORAGE.
(As reported by the principal public warehouses in New York City and Hoboken.)
Figures in BalesEuropean,
Japan. AU Other.
Total.
In storage, Sept. 1 1932
1,269
48 591
2,368
52,228
Imports, month of Sept. 1932_x
920
52.961
2,978
56,859
Total available during September 1932 2,189
In storage Oct. 1 1932_x
1,282
101,552
45,399
5,346
2,712
109.087
49,393
Approximately deliveries to American
mills during September 1932.z
907
SUMMARY.
56,153
2,634
59,649
Imports During the Mcmth.(x)
1932.
January
February
March
April
May
June
July
August
September
October
November
December
1931.
52,238
53,574
38,866
30,953
34,233
31,355
36.055
61,412
55,859
395.515
Total
Average monthly._ 43,949
1932.
1931.
1930.
43,175
42.234
39,990
37,515
22.596
22,369
47,063
51,147
58,292
65,594
55.293
64,616
62.905
70,570
62,675
57.849
59,159
53,048
50,721
52.228
49,393
__-_
-------
51,814
45,399
47,407
35,497
32,688
37,352
29,921
41,878
36,099
49.921
67.275
69,460
76,264
68,646
57,773
53,704
35,477
28.450
35,565
44,978
47,621
51,278
49,238
58,430
605.919
50,493
549,884
45,824
57,616
45,353
-
50.619
-
Approximate Deliveries
to American Mils.(3)
1932.
January
February
March
April
May
June
July
August
September
October
November
December
Storage at End of Month.(z)
1930.
.4c000.00 4
,
More troops were engaged in the conflict than in any other in the New
World except the Civil War of the United States.
The Sao Paulo Forca Publics, or State militia, gave up the struggle
Saturday, it was revealed to-day. A virtual armistice was arranged with
Colonel Carvalho, the commander of the Forca PubIlea, after General
Berthold° Klinger-Hoffer, the rebel commander-in-chief, had refused to
sign the Federal armistice terms. General Klinger himself surrendered
unconditionally last night.
Colonel Carvaiho was instructed to take his troops into the city of
Sao Paulo and remove the provisional Governor, Pedro de Toledo, and
maintain order until it is deemed advisable to send Federal troops into the
rebel capital. Until that time the Federals will remain outside the city.
A personal clash between General Klinger and the Federal commander.
General Goes Monteiro, was revealed with the announcement of the
ac4-44,Awg,
"ce;oVoWC4b000n
,
War Ends in Brazil as Militia Yields-Port of Santos
Opens After Revolt, but Coffee Exports Are Forbidden-Price Support Planned.
Brazil's civil war was at end on Oct. 3 after three months
of severe fighting and exactly two years after the overthrow
of the City of Sao Paulo from its position of dominance in
Brazilian politics. A cablegram from Rio de Janeiro Oct. 3
to the New York "Times," reporting this, said:
September Imports of Raw Silk Lower Than in August,
But Continue to Exceed Those of Same Month
Last Year-Approximate Delieveries to American
Mills Also Higher Than in 1931-Inventories,
Decline.
According to the Silk Association of America, Inc., imports
of raw silk amounted to 56,859 bales, as compared with
61,412 bales in the preceding month and 48,040 bales in the
corresponding period last year. Approximate deliveries to
American mills totaled 59,694 bales as against 53,819 bale.4
in September 1931 and 59,905 bales in August 1932. Stocks
at warehouses at Sept. 30 1932 were 49,393 bales as compared with 52,228 bales a month previous and 36,099 bales
a year ago. The Association's statement shows:
4.6CANCOC."0.-,DC4
active traders. Spot Santos 45 are nominally quoted in the spot market at
154i cents a pound, an advance of six cents since the revolution started.
The price is twice what it was a year ago. As the week closed on the
N. Y. Coffee & Sugar Exchange, the free coffee in the United States
amounted to about 500,000 bags, or a little less than a month's supply.
There are also 300,000 bags afloat here from Brazil.
Oct. 8 1932
enOlcqwww1A.A.S1,
F=u9,WO,
Co0
2406
Approximate Amoun of Japan
Silk in Transit Between Japan
and New York End of Month.
1931.
1930.
1932.
1931.
1930.
55,910
54,242
55.383
41,356
45,073
42,161
44,746
46,454
53,819
56,668
50,645
48,432
57,683
49,852
50,863
41,584
40,823
29,396
39.948
41,734
55,649
61,937
57,333
55,424
48,500
31,000
28,800
34,800
30,800
31,100
43,156
43,400
42,00
_ ____
-_--
37,700
37,700
21,300
24,800
36,900
33,400
41,600
40,500
53,200
59,700
50,800
53,900
37,000
24,000
17,800
8,000
7,700
16,300
31,200
41.700
51,600
46,400
45,500
35,600
415,612 594,889 582,226
Total
1,149,574
48,519
37
Average monthly._ 4. 9
:I
40.958
an 7i
x Covered by European manifests Nos. 39 to 42, inclusive: Asiatic man tests Nos.
y Includes re-exports. z Includes 1,510 bales held at ter183 to 203, inclusive.
minals at end of month. Stocks in warehouses include National Raw Silk Exchange
Certified stocks, 4,050 bales.
Yardage Sales of Broad Silks Increased During August
as Compared with July According to Silk Association of America, Inc.
An increase of 118.7% in yardage sales of broad silks
during August as compared with the previous month, and
an increase of 24.9% as compared with August 1931, was
reported by the Silk Association of America, Inc. on Oct. 3.
Stocks on Aug. 31 said the Association, were 13.5% lower
than on July 31 1932 and 13.6% lower than on Aug. 311931.
Bids for Coffee of Grain Stabilization Corporation.
In its issue of Oct. 1 the "Wall Street Journal" reported
the following from Chicago:
Successful bids for October coffee of Grain Stabilization Corporation
were at prices ranging from 11.50 to 15 cents a pound in storage at Now
York. This Is second sale of coffee received from Brazil in exchange for
wheat.
George F. Milnor, President of Grain Stabilization Corporation, said
that 3,168,000 pounds of coffee were sold Friday at the above prices out
of New York stocks. He said the balance of the October quota, or 5,082,000
pounds, will be offered for sale Oct. 4 and that bids will be opened on
that day.
From the Chicago "Journal of Commerce" of Oct. 5 we
quote:
s tcrday
0
yesterday completed
monthlyThe Grainta
Stabilization Corporationranaetions involvedcompl
62 t
7
guo S
111 5 i0o
bags,lts
of
nbags. The
cents to 11.55 cents. The 34,000 bags sold
which brought from 10.56
late last week brought from 11.50 cents to 15 cents.
Half of Coffee Crop, and Entire Grapefruit Crop,
Reported Destroyed by Puerto Rican Storm.
More than half of the country's coffee crop and the
entire grapefruit crop has been reported destroyed by the
storm that raged across Puerto Rico, following approximately
the same path of the storm four years ago, according to a
radiogram to the Commerce Department from Trade
Financial Chronicle
Volume 135
Commissioner J. R. McKey, San Juan, Puerto Rico. The
Department on Sept. 29 further said:
It is believed that the foodstuffs and lumber stocks are adequate, the
radiogram stated, but there is said to be some shortage in roofing
materials.
Complete reports have not as yet been received from points outside
the San Juan district, it was stated.
Flour Output Continued Lower in September.
General Mills, Inc., summarizes the following comparative
flour milling activities as totaled for all mills reporting in the
milling centres as indicated:
PRODUCTION OF FLOUR.
'
Produclion
September
1932.
Northwest
Southwest
Lake Centml and Southern_
Pacific Coast
Barrels.
1,435,757
2,068,703
2,083,702
314,796
eutnedaffre Cumulative
Production Production Production
Since
Same Period
Same Period
Year .400. June 30'32.
1931.
Barrels.
1,774.049
2,186,176
2,021,982
372,997
Barrels.
4,104,906
5,944.707
5,782.669
912,753
Barrels.
5,733,668
6,783,169
6,681.755
1.058,459
nrroul total
A 0/19 OKR
A Sec 9115
SA 15.5 Age
911 I KR Oct
Note.
-This authoritative compilation o flour milling activity represents approximately 90% of the mills In principal flour producing centers.
Petroleum and Its Products
-Pennsylvania Crude
Again Cut
-Small Operator Reduces Prices in Panhandle-Reeser Hopeful That General Schedule
May Be Maintained-Slight Drop in Nation's
. Output.
With crude oil production showing a daily drop of only
6,550 barrels during the week ending Oct. 1, no definite
improvement in the price situation is yet in sight. Leaders
of the industry continue optimistic regarding the possibilities of maintaining present price structures throughout Midcontinent, Texas, and California. Pennsylvania crude was
reduced 15c. a barrel this week, the second price reduction
within the past three weeks.
E.B. Reeser,former President of the American Petroleum
Institute, and head of the Barnsdall Corporation, feels confident that present prices can be maintained, despite the
present movement in the opposite direction. He declares
that "we pass through seasons of excesses, due to the breaking over on the part of various small units in the industry.
These situations, of course, all take time to correct, and I
feel sure that we will weather the present flurry and come
out even stronger than before." Mr. Reeser found a cheerful note in that while gasoline stocks are still too high, the
amount of saleable gasoline, meaning gasoline available in
tank car lots, is less than at this time last year.
Much significance is attached to the special meeting
called by the Texas Railroad Commission to be held to-day,
Saturday, in Austin, for the purpose of deliberating upon
the advisability of taking strong steps to reduce the Texas
crude output. It is rumored that an attempt will be made
to out production back at least 100,000 barrels a day. This
would be a long step forward in the national movement to
bring production down below normal requirements, and
would greatly strengthen the existing price structures.
The Pennsylvania cut was announced on Monday, Oct. 3,
by South Penn Oil Co. and Tide Water Pipe Co., and became effective the s mie day. A general reduction of 15c.
a barrel was posted, and new prices list Bradford Allegheny
crude a.; $1.72 a barrel, oil in pipelines of tne S mthwest
Pennsylvania Pipeline Co. at $1.42 a barrel, in Eureka lines
at $1.37, and in Buckeye lines at $1.22 a barrel. Pennsylvania production during the last week of September
exceedel refinery runs by more than 10,000 barrels daily,
in spite of widespread curtailment. Corning crude has been
out 20c. a barrel, to a new price of 85c., effective Oct. 4.
The first definite move in the campaign for lower crude
prices in Texas was made by the Danciger Oil & Refining
Co. This is a small unit, taking about 5,000 barrels daily
largely from its own and affiliated interests in Gray County,
where the reductions become effective. The company
posted a 20e. reduction, making their new prices 56o. for
35 gravity to 680. for 40 gravity, as compared with 760.
and 88c., previously. The company has been actively
fighting proration in court actions during the past two
years.
California is now operating under a daily limitation of
440,000 barrels, as compared with an average daily output
of 478,800 barrels daily during the last week in September.
Price changes follow:
-South Penn Oil Co. and Tide Water Pipe Co. reduce PennOct. 3.
sylvania grade crude oil 15c. a barrel, new price being: Bradford Allegheny
crude, $1.72; oil in pipelines of Southwest Pennsylvania Pipe Line Co..
$1.42; in Eureka lines, $1.37; in Buckeye lines, $1.22.
2407
Oct. 4.
-South Penn Oil Co. posts 20c. reduction in Corning. Pa..
crude, new price being 85c. a barrel.
Oct. 5.-Danciger Oil & Refining Co. posts 20c. reduction in Gray
County, Tex., crude, effective as of Oct. 2. New prices range from 56c.
for 35 gravity to 68c. for 40 gravity.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$0.78
$1.72 Eldorado. Ark., 40
Corning. Pa_
.ss
.85 Rusk, Texas, 40 and over
IllInois
.94
.80 Salt Creek, Wyo..40 and over
Western Kentucky
.90
.90 Darst Creek
Mid-Continent, Okla..40 and above 1.00 Midland Dist.. Mich.
.85
Hutchinson. Texas. 40 and over__ .78 Sunburst. Mont
1.05
SpIndletop. Texas. 40 and over__ .78 Santa Fe Springs. Calif.,40 and over 1.00
Wnkler, Texas
1.00
.86 Huntington Calif.. 26
Slackover. Ark.. 24 and over
1.75
.77 Petrolla. Canada
REFINED PRODUCTS
-GASOLINE CONTINUES UNSETTLED
FUEL AND HEATING OILS MORE ACTIVE-PRICE STRUCTURES UNSTEADY PENDING SETTLEMENT OF CRUDE
SITUATION.
Tank car gasoline continues at 534c to 6c, tank car, in
the local market, but demand has slackened perceptibly
during the past week, due in part to weather conditions
which reduced ordinary motoring to a minimum. The
weather provided a taste of what is to be expected for the
next five months, and factors in the trade are hopeful that
some settlement of the crude situation will be made in time
to establish refined products upon a firmer price basis before
winter really sets in.
Jobbers have been granting concessions on fuel oil business
this week in an effort to get volume in contract allotments.
Domestic heating and industrial fuel oils should have a large
consumption this winter, due in part to the low prices prevailing, and also to the fact that new consumers are being
added daily to the list of those who consider liquid fuel the
most economical and efficient.
Bunker fuel oils have been holding fairly steady, with the
local posted price firm at 75c a barrel. There has been a
sharp decline in the American gulf market, where bunker
fuel oil can now be found at as low as 45c a barrel. Diesel
is well maintained at $1.65 a barrel in bulk at refineries.
Third grade gasoline has been advanced lc a gallon in
southern California, including the Los Angeles territory, and
this has been greeted as a welcome sign by local distributors.
It is a turning point, at least, in the movement of the past
several weeks, which has been steadily downward for all
grades and in many parts of the country.
Kerosene sales are beginning to reflect a seasonable demand which, it is hoped, will be sufficient to support the
market at present levels and perhaps permit a Mc to Mc
increase over the present range of 5.4c to 5 2c for 41-43
water white, in bulk at refineries.
A peculiar situation has arisen through the emphasis
placed by distributors upon the value of premium gasolines.
It is being discovered that motorists in increasing numbers
are purchasing both the premium and the third grade gasolines, and are blending them through the simple method
of allowing the car movement to mix them. It is reported
that one important company is about to experiment with the
advisability of selling only the two grades, eliminating the
standard grade entirely. If this proves feasible, it will mean
a cut of one-third in tank costs, distribution, etc., as it will
necessitate only two tanks at stations where three are needed
now.
Price changes follow:
-Standard 011 Co. of California initiates lc advance in third
Oct. 3.
grade gasoline in southern California, south of Tehachapi, and including
Los Angeles. The new price is 12.9 a gallon. The raise was met by major
companies.
Gasoline. Service Station, Tax Included.
New York
3 14 Cleveland
$ 128
8 17 I New Orleans
13
Atlanta
19 Denver
20 [ Philadelphia
Baltimore
.184 Detroit
125 San Francisco:
.1.5 Houston
129
Boston
17
Third grade
Buffalo
165 Jacksonville
.185
Above65 octane__ .180
.214
Chicago
15 Kansas City
155 Premium
14
Cincinnati
17 Minneapolis
.147 St. Louis
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
Nor.(Bayonne)____ .05% Chicago
$.02%-.03% New Orleans, ex--50.03%
03
North Texas
Los Ang.,ex_ .0434-.06
Tulsa_
Fuel 011, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)8.6
California 27 plus D
Gulf Coast C
Bunker C
$ .75
8.75-1.00 Chicago 18-22 D-423-.50
.70
Diesel 28-30 D.-. 1.65 New Orleans C
.60 Philadelphia C
Gas Oil, F.O.B. Refinery or Terminal.
(Bayonne)N.Y.
[ ChicagoTulsa-.
28 plus G 0_8.0331-.041 32-36 00
$ 0134
8.0151
Gasoline, U. S. Motor, Tank (Above 65 Octane). Car Lots. F.O.B. Refinery.
3.05)4-.05%
(Bayonne)N.Y.
I N.Y (Bayonne).
Chicago
Standard 011, N.
.7.Sinclair
8.0751 New Orleans. ex. .05..0551
.04-.0434
Motor, 60 oc-. Co. .06
Arkansas
Pet.
tans
S.055(
Shell Eastern Pet_ .0734 California._ __ .05-.07
Motor, 65 maNew YorkLos Angeles, ex .0451.07
cane
.08
Colonial-Beacon_S.06
Gulf Ports__ .05-.0534
Motor,standard .06
Crew Levick___ .06
Tulsa
Stand. Oil, N. Y. .03
.0551
z Texas
06 Pennsylvania.
Tide Water Oil Co .0851
Gulf
06
Richfield 011(Cal.).06
Continental
.08
Warner-Quin. Co_ .06
Republic 011
.
0.08
•Below 65 octane.
a "Fire chief .0334.
so Standard 011 of N. Y. now quoting on basis of delivered price not more titan
Sc. per gal. under company's posted service station price at point and data of delivery but in no event less than 8340. a gal., f.o.b. New York Harbor. exclusive
f taxes.
Financial Chronicle
2408
Crude Oil Output in August Declined Slightly
Inventories Drop.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
in the United States during August, 1932, totaled 66,220,000
barrels, a daily average of 2,136,000 barrels. This represents a slight decline in output from. July. The largest
single decrease was recorded in the Oklahoma City field,
where the daily average output declined from 93,000 barrels
in July to 73,000 barrels in August. The daily average
output in Texas remained unchanged at 861,000 barrels.
with increased production in the coastal district nearly offsetting a decline in East Texas. The increase in the Texas
Gulf coast was due primarily to new developments in the
Rabbs Ridge and Conroe fields; the drop in East Texas resulted from a reduction in the daily allowable per well.
The number of oil wells completed in the East Texas field
totaled 669, compared with the peak of 719 in July. The
average daily initial of the new wells in East Texas continued
to decline and amounted to 2,200 barrels, compared with
2,300 in July.
The trend in stocks of all oils showed a marked change in
August, as the net withdrawal totaled 6,379.000 barrels
against a net increase of 800,000 barrels in July. This resulted primarily from the fact that motor fuel stocks showed
a withdrawal of nearly 4,000,000 barrels in August, whereas
in July they increased nearly 700,000 barrels. Crude petroleum continued to be withdrawn from storage in August,
but the net reduction was considerably below that in July,
as the daily average crude runs to stills dropped from 2,305,000 barrels in July to 2,170,000 barrels in August. The
Bureau further reports as follows:
The percentage yield of gasoline at refineries increased in August, but
because the decrease in crude runs exerted a relatively greater effect, the
daily average output of motor fuel again declined. Imports of gasoline
continued low; exports remained virtually unchanged. The indicated
domestic demand for motor fuel totaled 35,207,000 barrels, a daily average
of 1,136,000 barrels. Compared with a year ago this represents a decline
of 10.8%. Stocks of motor fuel on Aug. 31 totaled 52,858,000 barrels.
which at the current rate of total demand represents 44 days' supply, compared with 52 days' supply on hand a month ago.
The refinery data of this report were compiled from schedules of 342
refineries, with an aggregate daily recorded crude-oil capacity of 3.562.202
barrels, covering, as far as the Bureau is able to determine, all operations
during August 1932. These refineries operated during August at 61%
of their recorded capacity, given above, compared with 338 refineries operating at 65% of their capacity in July.
SUPPLY AND DEMAND OF ALL OILS
(Including wax, coke and asphalt in thousands of barrels of 42 U El gallons.)
August
1932.
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
•
Increase in stocks, all oils
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
production over domestic demand
July
1932.
-Aug
August Jan.
-Aug Jan.
1931.
1931.
1932.
66,220
2,136
2,819
77
69,116
2,230
66,310
2,139
2,812
80
69.202
2.232
68.014
2,194
3,224
137
71,375
2,302
530,162
2.173
24,312
782
555,256
2,276
566,623
2,332
30.162
1,308
598,093
2,461
1,862
1.572
72,550
2,340
1.525
897
71,624
2,310
2,702
3,228
77,305
2,494
35.631
24.745
615,632
2,523
31,799
25,947
655.839
2,699
b6,379
800 614,679
b10,669 632.180
78.929
2,546
70,824
2,285
91,984
2,967
626,301
2,567
688,019
2,831
2.839
5,650
70,440
2,272
2,249
2,856
4.928
8,713
63,647 80,415
2,053
2,594
19,267
54,101
552,933
2,266
17,330
68,818
601,871
2,477
c292
10
cI6
Stocks (End of Sfonth)Crude petroleum:
East of California
California d
Total refillable crude
Natural gasoline
Refined products d
314.861 317,980 339.056
40,149 40,405 42,300
355.010 358,385 381,356
3,690
3,890
3,214
262,208 265,012 249,912
314.861
40,149
355,010
3.690
262,208
339,056
42.300
381,356
3.214
249,912
Drand total stocks, all oils
620,908 627,287 634.482
620,908
634,482
242
224
Days' supply
Bunker oll (included above in do_
c42
244
179
275
214
Based upon production of coke reported to Coal Division by those by-product
coke plants that recover benzol products. b Decrease. c Deficiency. d California heavy crude and residual fuel included under refined products.
NUMBER OF WELLS COMPLETED IN THE UNITED STATES,a
August,
1932.
on
Gas
Dry
July.
1932.
1,145
71
290
1.279
72
362
August,
1931.
441
135
218
Jan.
-Aug., Jan.
-Aug.,
1932.
1931.
7,066
681
2,223
4,020
1,406
2,734
794
1,713
9.970
8,160
1,506
Total
'
a From "011 and Gas Journal and California office of the American Petroleum
nstitute.
Oct. 8 1932
PRODUCTION OF CRUDE PETROLEUM BY STATES.
(Thousands ot barrels of 42 U.S. gallons.)
Augus 1932.
July 1932.
Total. DallyAo. Total. DaUyAs.
Jan.August
1932,
Jan.
August
1931.
33
8,019
1,032
10,620
32
Arkansas
989
California:
61
14,666
10,183
1.901
60
Kettleman Hills
1,869
71
2.196
18,905
20.797
73
2,250
Long Beach
1,799
58
15,361
59
Santa Fe Springs
1,822
16,663
282
8,732
71,480
79,795
Rest of State
8,899
287
472 120,412 127,438
Total CalUornia
479 14.628
14,840
94
3
823
3
1,050
86
Colorado
397
13
3,411
3,281
Illinois
408
13
2
566
2
71
537
71
Indiana- Southwestern_
Northeastern21
26
i
587
i
73
663
73
Total Indiana
92
22,960
96
2,855
24.556
2,983
Kansas
18
4,169
18
549
4,181
578
Kentucky
30
31
935
7,430
950
6,110
Louisiana-Gulf Coast
28
864
6,696
8,784
883
28
Rest of State
58
1,799
14.126
14,894
Total Louislana
1.833
59
646
21
601
19
4,164
2,120
Michigan
228
1,741
221
7
7
1,957
Montana
1,101
32
36
8,806
9,993
New Mexico
987
10
297
304
10
2,439
2,111
New York
285
10
9
2,403
2,846
300
Ohio-Central dr Eastern
91
94
3
a
755
740
Northwestern
376
12
394
13
3,143
8,601
Total Ohio
2,886
73
93
2.250
24.367
Oklahoma-Okla. City
31,586
3.636
117
114
3,539
29,689
33,982
Seminole
6.553
212
219
6.805
51,228
Rest of State
59,220
406 13.075
422 105,284 124.788
12,594
Total Oklahoma
34
1,027
7,400
8,514
1,051
Pennsylvania
33
1
--4
5
Tennessee
113
3.490
120
Texas
3,729
33.804
-Gulf Coast
26,388
5,441
175
172
43.468
West Texas
5,329
54,503
329 10,444
337
East Texas
10,210
81,771
62,489
7.321
236
240
7.429
58,016
Rest of State
64.028
861 209,643 214,822
861 26,696
Total Texas
26,697
10
319
West Virginia
337
11
2.669
2,942
22
22
663
5,480
Wyoming-Salt Creek _ 662
6,090
16
499
17
3,778
Rest of State
537
4.206
38
1,162
Total Wyoming....
9,258
39
1,199
10,296
U. S. total
66.220
2.136
66.310
2.139
530.162
568.623
Output of Natural Gasoline Slightly Higher in August
-Inventories Continue to Decline.
According to the United States Bureau of Mines, the production of natural gasoline registered a small increase in
August when 118,400,000 gallons were produced, compared
with 118,100,000 gallons in July. This marked the first
increase in natural gasoline production since March 1932.
The largest gains in output in August were recorded in the
Panhandle and Kettleman Hills fields. Stocks of natural
gasoline at the plants continued to reflect the abnormally
low production as well as summer gasoline demand and
declined nearly 6,000,000 gallons during the month. Total
stocks on hand Aug. 31 amounted to 154,980,000 gallons, of
which 25,888,000 gallons, or only 17%, was held at the
plants.
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Production.
Stocks End of Mo.
Jan.
Aug.
1932.
Aug.
1932.
Jul,
:
1932.
4.000 44,400
700
5,100
27,000 257.900
2,500 16,600
34,200 236,900
3,400 32,900
2,000 13,700
6,100 40.500
55,500 373,100
2,335
152
11,898
996
7,079
576
242
366
2,244
4,028
290
14,074
786
8,200
779
808
675
2.669
118,400 118.100 135,400 1021.100 25,888
Total
3,810
4,185
...._
3,820
4,370
Daily average
2,812
3,224 24,312
Total (thousands of bbla.).- 2,819
616
104
91
100
91
Daily average
31,809
District.
Aug.
1932.
July
1932.
3,800
Appalachian
500
Illinois, Kentucky, Indiana
28,700
Oklahoma
1.600
Kansas
29,300
Texas
8,700
Louisiana
1,600
Arkansas
5,200
Rocky Mountain
44,000
California
3,500
600
29,800
1,600
28,600
3,600
1.700
5,200
43.500
Aug.
1931.
-iii
Weekly Crude Oil Production Lower
-A Further
Falling Off in Gasoline Inventories Noted.
The American Petroleum Institute estimates that the
daily average crude oil production in the United States
during the week ended Oct. 1 was 2,172,000 barrels, compared with a daily average of 2,178,550 barrels for the preceding week and 2,147,450 barrels per day during the week
ended Oct. 3 1931. For the four weeks period ended Oct. 1
the daily average was 2,177,500 barrels, or 50,050 barrels
a day more than for the corresponding four weeks period of
last year.
Gasoline inventories continued to decline during the
week, aggregating 51,145,000 barrels on Oct. 11932, against
52,328,000 on Sept. 24, a reduction of 1,183,000 barrels.
This followed a reduction of 771,000 barrels the preceding
wPek.
Imports of petroleum at principal United States ports
(crude and refined oils) for the week ended Oct. 1 1932
totaled 373,000 barrels, a daily average of 53,286 barrels,
compared with a daily average of 135,857 barrels for the
week ended Sept. 24 and 93,679 barrels daily for the four
weeks ended Oct. 1.
Receipts of California oil at Atlantic and Gulf Coast ports
(crude and refined) for the week ended Oct. 1 1932 totaled
237,000 barrels, a daily average of 33,857 barrels, compared
Financial Chronicle
Volume 135
with a daily average of 40,286 barrels for the week ended
Sept. 24 and 25,321 barrels daily for the four weeks ended
Oct. 1.Reports received during the week ended Oct. 1 1932 from
refining companies controlling 93.6% of the 3,856,300 barrel
estimated daily potential refining capacity of the United
States indicate that 2,054,000 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 32,407,000
barrels of gasoline and 135,672,000 barrels of gas and fuel oil.
Gasoline at bulk terminals amounted to 12,425,000 barrels
and 1,263,000 barrels were in water-borne transit in or between districts. Cracked gasoline production by companies
owning 95.4% of the potential charging capacity of all
cracking units averaged 415,000 barrels daily during the week.
The report for the week ended Oct. 1 1932 follows in detail.
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels.)
Week
Ended
Oct. 1
1932.
Week
Ended
Sept. 24
1932.
Average
4 Weeks
Ended
Oct. 1
1932.
386,550
100,150
44,000
49,450
24,200
170,350
52,050
379.200
54,450
30,100
34.400
141.700
33,600
98,250
23.650
30,900
7,600
2,950
31,450
477,000
390.400
100.950
46,650
48,550
23.850
169,850
53,950
371,500
54,750
29,750
34,000
144.000
34,350
95,800
24,500
31,900
7,300
2,600
32,000
481,900
389.900
98.850
46,850
49.250
23.900
169,400
54.700
373.100
54.650
29.950
33,950
140.150
34.050
98.900
24,850
33.200
7,250
2.750
31.850
480,000
District.
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
Oct. 3
1931.
x273,500
107.250
64,200
53,900
25.400
199.000
57.250
381.400
55,300
29.200
37,600
121,000
29,760
110.150
• 13,450
36.550
7.450
4,300
43.100
497.700
•
Total
9 179 nnn 917R 5511 9 177 Ann 9 117 AKA
x Martial law in effect in Oklahoma City.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND
GAS AND FUEL
OIL STOCKS FOR WEEK ENDED OCT. 1 1932.
(Figures in Barrels of 42 Gallons.)
District.
Daily Refining Capacity
of Plants.
Reporting.
Crude Runs
to Stills.
a Motor
%
Fuel
Daily Opel- Stocks.
Average. aged.
.
Gas and
Fuel Oil
Stocks,
Potential
Rate.
Total,
%
East Coast
644.700 638,700 99.1 444,000 69.5 13,922,000 9,290,000
Appalachian.... 144,700 137.500 95.0 80,000
943,000
Ind., Ill., Ky. - 434.900 " 424,000 97.5 281,000 58.2 1,666,000
Okla., Kan„ Mo 459,300 405.800 88.4 211,000 66.3 6,740,000 4,184.000
52.0 4,556.000 3,250,000
Inland Texas.... 315,300 227,200 72.1
91,000 40.1 1,310.000 2,057,000
Texas Gulf
555,000 545,000 98.2
Louisiana Gulf-. 146,000 142.000 97.3 375,000 68.8 4.930.000 10.405.000
72,000 50.7 1,410.000 4,216,000
No. La.
-Ark.
89,300 84.500
39,000 46.2
199,000
565.000
Rocky Mountain 152,000 139.000 94.6
91.4
26,000 18.7 1.322,000
492.000
California
915,100 866.100 94.6 435,000 50.2 15,090,000 100,270,000
Totals week:
Oct. 1 1932_ 3,856.3003.609.800 93.6 2,054,000
Sept. 24 1932_ 3.556.300 3.609.500 03.8 2.104000 56.9 c51145000 135.672.000
AR 5 A2 22R non inn 009 000
a Below is set out an estimate of total motor fuel
stocks on U.
basis for week of Oct. 1 1932, compared with certain October S. Bureau of Mines
1931 Bureau figures:
A. P. I. estimate B. of M. basis week Oct. 1 1932_b
52,250,000 barrels
U. S. 13. of M. motor Mel stocks Sept. 1 1931
50,122,000 barrels
U. S. D. of M. motor fuel stocks Sept. 30 1931
50,439,000 barrels
b Estimated to permit comparison with A. P. I. Economics
report, which in of
Bureau of Mines basis.
c Includes 32.407,000 barrels at refineries: 12,425,000 at bulk
terminals; 1,263,000
barrels in transit. and 5,050,000 barrels of other motor fuel
stocks.
Price of Pennsylvania Crude Oil Reduced
-Second
Cut of 15 Cents a Barrel Since Sept. 13.
A second reduction of 15 cents a barrel in the price
of all
grades of Pennsylvania crude oil, with the exception
of
Corning grade, was announced by the South Penn Oil Co.,
effective Oct. 3. The first reduction was made on Sept.
13,
a reference to the same being noted in our issue of Sept. 17,
page 1902. The Tide Water Pipe Co., a subsidiary of
the
Tide Water Oil Co., also announced a 15-cent reduction
in
the areas in which it purchases Pennsylvania crude oil.
The new prices as posted by the two companies are: $1.72
a barrel for Bradford Allegheny crude, $1.42 for oil in
Southwest Pennsylvania pipe lines, $1.37 for oil in
Eureka
lines and $1.22 for oil in the Buckeye lines.
On Oct.4 the price of Corning grade crude oil was reduced
by the South Penn Oil Co. 20 cents a barrel to 85 cents
a barrel.
Panhandle Refining Company Reduces Crude Oil Price.
It is reported that the Panhandle Refining Co., a small
refiner, has posted a new price for Wichita Falls district
(Texas) crude oil which it purchases. The new price
represents a 10-cent reduction according to the reports.
This 10 cent cut plus the 15 cents pipeage which the producer
pays leaves the producer a net price of 75 cents a barrel
at the well.
Gasoline Price at Utica, N. Y., Advanced
Oil Company of New York.
2409
By Standard
The tank wagon and service station price of gasoline at
Utica, N. Y., was raised 1M cents a gallon by the Standard
Oil Co., of New York on Oct. 1.
East Texas Oil Output Reduced by Order of Railroad
Commission-Hearing on Oil Proration Called for
Oct. 8.
An oil well allowable of 44 barrels a day for 15 days beginning Oct. 1 was ordered on Sept. 30 by the Railroad Commission for the East Texas field, it is learned from advices
from Austin, Texas, Sept. 30 to the Dallas "Morning News,"
which adds:
The present allowable is 46 barrels. The order calls for adjustment
s
every 15 days to keep within the field limit despite new wells.
Commissioner Lon A. Smith said the calling of a State-wide hearing
Oct.8 on the field allowable will not Interfere with the 15
-day adjustment.
Regarding the calling of the hearing on Oct. 8, Associated
Press advices from Tyler, Texas, Sept. 28 said:
A State-wide hearing on oil proration,involving all Texas fields, has been
called by the Railroad Commission at Austin Oct. 8. C. V. Terrell, Chairman of the Commission, announced the hearing on Sept. 28. after a conference with other Commission members and representatives of virtually
every field in the State.
A previous item on the curbing of the output of oil in the
East Texas field was noted in our issue of Aug.20, page 1238.
Texas Restrained from Enforcing New Oil Proration
Common Purchaser Act in Case of Humble Oil &
Refining Co. Until Oct. 31.
A restraining order prohibiting Attorney-General James
V. Allred and the Texas Railroad Commission from enforcing the new oil proration common purchaser Act, which
would force the Humble Oil & Refining Co. to purchase
crude oil from wells on its pipe lines in the same proportion
it handles from its own wells, was extended until Oct. 31 by
Federal Judges Du Val West and R. J. McMillan on Sept.
30, said Associated Press advices from San Antonio, Texas,
under that date. The advices further said:
The hearing was on motion of the Attorney-General to dismiss an application for an injunction and which if granted would have dissolved the
restraining order, which expired Friday. The Court overruled the motion
and continued the case until Oct. 31, at the same time extending the restraining order.
The oil company claimed that if It was forced to obey the law it would
have to buy oil from other producers to such an extent as to cause it to pile
up a surplus of 20,000 barrels daily. There Is no market for so much oil,
It was claimed, and the purchases would wreck the company. The law
was said to provide that purchasers of oil from producers must prorate their
purchases according to fields and shall buy without discrimination. Purchasing companies are forbidden to give their own wells preference in
their purchases. The Railroad Commission is given authority to decide
what purchases are just or discriminatory.
The company is said to be operating 700 wells of its own in the East Texas
and North Texas fields and is now taking oil from 450 wells not owned
by it. An order issued Sept. 12 by the Railroad Commission cut production in the wells to 50% of normal and the company had arranged for storage of oil from wells other than its own. Allred then filed a suit in the
126th District Court of Travis County seeking an injunction against
the company. The oil company countered with an application for writ of
mandamus which is pending in the Supreme Court.
The Federal Court was urged to refuse jurisdiction of the matter on aocount of the pending litigation in the State courts. The State was represented by Fred Upchurch and Maurice Cheek, Assistant Attorneys-General,
while Haines H.Baker and Herman P.Pressler, Jr., of Houston represented
the oil company.
Previous items appeared in our issues of Sept. 24, page
2064, and Sept. 17, page 1904.
Reduction in Output of Oil in Texas
Predicted-Possible Reduction in Crude Oil Prices Laid as Reason.
Further impetus to the movement to curtail production
of crude oil in Texas is seen in the danger of a reduction
in the price of crude oil arising from the recent slash in the
gasoline market. Local feeling in Oklahoma and Kansas
is also running high in an effort to adjust output. The
New York "Sun" of Sept. 30 according to advices from
Tyler, Texas, on that day, said that prediction was made by
Carl L. Estes, publisher of the Tyler "Courier-Times"
and Tyler "Morning Telegraph," that Texas will cut production 100,000 barrels a day to a daily average of 800,000
barrels after the State-wide hearing on proration called
by the Railroad Commission for Oct. 8 at Austin is held.
All oil fields will be represented at that hearing. Mr.
Estes, according to the "Sun," also said in part:
Rapid progress has been shown in East Texas in stopping illicit crude
oil production. It appears that 75% of this illicit production has been
stopped and that within ten days it will be entirely eliminated. Drastic
action has been taken by all departments of the State government
, together
with strong organized private forces to immediately stop the evasion of the
gasoline tax in Texas.
Successful accomplishment immediately of these important factors
has dissipated rumors of any reduction in the price of crude oil. On the
contrary, an increase in the near future is a probability. Reaction to these
2410
factors is strengthening the market price at Texas refineries of tank car
gasoline.
It is stated in responsible oil circles that llttle gasoline is now available
at Texas refineries below four cents a gallon. Quick action in corrective
matters has resulted in prophecies by well informed oil men that the tank
car market on gasoline will strengthen to 43-6 cents.
Lead Advanced 25 Points in Week As Demand Revives—
Zinc Market Easier.
Interest in non-ferrous metals again centered in the action
of lead, says "Metal and Mineral Markets" in its issue of
Oct. 6. The demand showed marked improvement at the
lower levels that were established toward the close of the
preceding week, which soon served to strengthen values in
all directions. Sales of lead for the week that just ended
were well above the average. Foreign copper quotations
eased off moderately. Domestic sales of copper were smaller
than a week ago, but the price was maintained by firsthands on the 6.25c., Connecticut basis. Competition for
zinc business caused prices for this metal to soften quite a
bit, sales taking place as low as 3.65c., St. Louis. Tin was
unsettled on disappointing September statistics. Silver
showed little change. The "Metal and Mineral Markets"
weighted index number of non-ferrous metal prices for the
month of September was 51.18, against 47.32 in August,
and 44.77 in July, the low for the depression. The report
then proceeds as follows:
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE.
(Gross Tons.)
Pus Iron.:
Ferrornanganese.y
1931.
972.784
964.280
967.235
852.897
783.554
628.064
14,251
19.480
27.899
25.456
23.959
11.243
11,250
4.010
4.900
481
5.219
7.702
11.106.373
1.463.220
1.280.526
1.168.916
1.173.283
1.103.472
980.376
Half year
July
August
September
October
November
December
1932.
1.714,266
1.706.621
2.032.248
2.019.529
1.994.082
1.638.627
January
February
March
April
May
June
6.168.814
572.296
530,176
592,589
122.288
17.776
12,482
14.393
14.739
14,705
15.732
33.662
2.299
3.414
2,212
1931.
1932.
Year
18.275,166
212.116
e These totals do not include charms! pig Iron. The 1930 production of this
won was 96,540 gross tons. y Included in pig iron figures.
DAILY RATE OF' PIG IRON PRODUCTION BY MONTHS—GROSS TONS.
Me?Steel
Works. chants.* Total
71,447
81.850
83,900
85,489
84.310
77,883
66.949
64.857
63,342
57.788
49.730
40,952
45.883
49,618
54.975
53,878
111 112
91,209
101.390
104.715
106.062
104.283
97,804
85.146
81,417
75,890
69,831
62,237
53,732
00.1+6
,V
1930—
January
February
March
April
May
June
July
August
September
October
November
December
1931—
January
February
March
A pill
1142y
.0.02.0".1.44
Tin Unsettled.
Consumers' buying of tin was quiet. The market eased slightly, settling
yesterday at 24.30c., against 24.75c. a week ago. Continued unsettlement
in financial markets and disappointment over the extent of the improvement in the general business situation resulted in holding down purchases,
as well as speculative operations, to a minimum.
Total deliveries of tin during September were smaller than expected.
The statistics Issued by the National Metal Exchange reported deliveries
for the month of 5,122 long tons, against 5,776 tons in August, and 8,852
tons in September 1931. United States deliveries during September
amounted to 2,680 tons, against 2,585 tons in the preceding month. The
world's visible supply of tin at the end of September was estimated at
47.739 tons, against 47,117 tons a month ago.
There were 47 furnaces in operation on Oct. 1, against 42 on Sept. 1.
They were making iron at the rate of 19,205 tons daily, against 16,225
tons on Sept. 1.
Nine furnaces were blown in during September and four were blown out
or banked. The Steel Corporation put two furnaces in and two out.
The independents started up four and put one out, with three merchant
furnaces in and one out.
Furnaces blown in include: One Donner,one Haselton and one TrumbullCliffs of Republic Steel Corp.; a Carrie and a Farrell, Carnegie Steel Co.;
one Monessen, Pittsburgh Steel Co.; Neville Island furnace of the Davison
Coal & Coke Co.; one Shenango furnace of the Shenango Furnace Co..
and one Woodward of the Woodward Iron Co.
The furnaces blown out or banked are two Ohio furnaces of the Carnegie
Steel Co., one of the furnaces of the St. Louis Gas & Coke Corp. and one
Ford furnace.
The total number of available furnaces in the country has been reduced
to 284 by the sale of the two Wharton furnaces of the Warren Foundry &
Pipe Corp. to the Bethlehem Steel Corp. for scrap.
a;—7.4'vice
Zinc Sells at 3.05c.
Increased competition among several producers for the modest amount
of business that has been available in the zinc market the last week resulted in the price of the metal being driven down to 3.05c., beginning
with Monday. The lower price level, however, failed to develop any
additional consumer interest in the metal, and yesterday the small inquiry
that had prevailed practically disappeared. According to statistics circulating in the industry, sales for the week ended Oct. 1 totaled about
1.100 tons, compared with a total of 700 tons for the preceding week.
September Daily Pig Iron Output Gained 15.4%.
September production of coke pig iron was 592,589 gross
tons, compared with the August production of 530,576 tons,
reports the "Iron Age" of Oct. 6. The gain in the daily
Output of September over August was 15.4%, or from
17,115 tons in August to 19,753 tons in September. The
increase was the first since last February and the second since
April 1931. Over the past ten years September has showed
a gain over August for five times and a loss five times.
The "Age" further states:
NO ,
OMM.."....OMMAO
Lead Advanced to 3.25c.
Early in the week consumers evidently decided that the decline in lead
would go no further, for a good inquiry developed and the offerings of
cheap metal were soon disposed of. On Thursday, Sept. 29, lead actually
sold at 2.90c., St. Louis, and 3.05c., New York. The fact that the leading
operator in the Middle West held out for a premium over the selling basis
of American Smelting & Refining served to make consumers more eager
to take on lead. Tonnage booked during the week that ended yesterday
amounted to about 6,000 tons, an excellent week's business under present
conditions. The buying was quite general in character, with corroders
somewhat more active than other consumers.
The American Smelting & Refining Co. advanced its contract basis
from 3c. to 3.10c. on Oct. 3, and to 3.25c. on the following day. Demand
was particularly brisk on Tuesday, the 4th, and at least one lot brought
as high as 3.30c., New York. On the same day some business was booked
in St. Louis at 3.15c. Yesterday, the buying was not so active and virtually all operators adhered to the 3.25c. basis on business booked in the
East, and 3.10c. on St. Louis transactions. Sales of lead for September
shipment totaled more than 28,000 tons.
Statistics released during the week show total intake of lead in ore by
United States smelters of 25,258 tons during August, against 21,561 tons
in July, and 30,067 tons in June.
1932
Chinese,99% tin, prompt shipment, closed as follows: Sept. 29, 23.45c.;
30, 23.25c.; Oct. 1, 23.25c.; 3, 23c.; 4, 23.25c.; 5, 23.125c.
cea;Ocicea;cc;ot
Copper Unchanged.
The copper market, both here and abroad, was relatively quiet last week.
In the domestic market, this status reflected the increasing uncertainty
In the National political situation, as well as hesitancy on the part of
consumers to add to their stocks of the metal in the absence of any material
further improvement in the demand for fabricated products, but particularly in general business conditions. Several producers of copper
products are said to have reported a slight upturn in their business in the
last few days. The modest amount of metal sold each day was sufficient
for quotational purposes. First-hand sellers maintained their price basis
of 6.25c., Connecticut, with deliveries extending through the first quarter
of next year. One dealer offered 2,000,000 lb. of metal for January-June
shipment, and though no mention was made of the price that would be
accepted on this quantity, the trade understood that this copper was
available at some price concession.
Abroad, prices eased off from a 6.00c., c.i.f., level that prevailed early
In the week to a basis that hovered about 5.80c. and 5.85c. the last few
days. Yesterday prices abroad were slightly firmer than they had been
the day before. Participation in the export market by domestic interests
Increased as the week progressed, reaching a fair total tonnage figure
yesterday and Tuesday. Sales in the export market by these interests,
In fact, were about equal in volume to the total domestic business for
the week.
Canada produced 18,090,417 lbs.of copper during July,against 20,669,800
lbs. in June, and 23,676,241 lbs. in July 1931, according to the Dominion
BUY02U of Statistics. Canadian output during the first seven months
of the current year amounted to 147,961,174 lbs., against 171,787,777 lbs.
In the same period last year, and 183,924,116 lbs. in the January-July
period in 1930
Great Britain imported 17,597 long tons of copper during August,
against 9,285 tons in July,and 9,994 tons in June,according to the American
Bureau of Metal Statistics. The British imports increased in August
largely because of the uncertainty in connection with the proposed preference
tariff to aid Empire products.
Oct. 8
Financial Chronicle
55.299
60,950
65,566
67.317
114320
Steel
Me,
Works. chants.* Total.
1931—
June
July
August
September
October
November
December
43,412 11.209 54,821
35.189 12,012 47,201
31,739 9.569 41.308
29,979 8,985 38,964
30.797 7.051 37.848
31,024 5,768 36,782
24.847 6,778 31,625
1932—
January
February
March
4 pill
May
June
July
August
Sentpnahpr
25,124
25.000
24.044
23,143
20.618
14,845
15.132
14,045
12 040
6,256
7,251
7,157
5.287
4,658
6.090
3.329
3,070
2 91.2
31,380
33,251
31,201
28,430
22,276
20.935
18.461
17,115
In .7ma
•Includes pig iron made for the market by steel companies.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1927—GROSS TONS,
1927.
January
February
March
April
May
June
First six months-JUIY
August
September
October
November
December
12 mos.'average_ _
1928.
1929.
1930.
1931.
1932.
100,123
105,024
112.366
114.074
109,385
102.988
107,351
95.199
95,073
92.498
89.810
88,279
86.960
99.266
92.573
100,004
103,215
106.183
105,931
102,733
101,763
99,091
101,180
102.077
108,832
110.084
108,705
103,382
111.044
114,507
119,822
122.087
125,745
123,908
119,564
122.100
121.161
118,585
116,745
106,047
91.513
115.851
91.209
101,390
104.715
108.062
104.283
97,804
100,891
85.146
81,417
75.890
69.831
62,237
53,732
86.025
85.299
60,950
65.556
67,317
64,325
64,621
61,356
47.201
41,308
38,964
37,848
36.782
31,625
50 nue
31.380
33,251
31.201
28,430
25.276
20.935
28.412
18.461
17.115
19,753
—.
-------
September Shipments of Slab Zinc Higher than a
Year Ago—Output Again Shows Falling Off—
Inventories Lower.
According to the American Zinc Institute, Inc., there
were shipped during the month of September 1932 a total
of 21,152 short tons of slab zinc, as compared with 18,108
tons in the previous month and 20,860 tons in the corresponding period last year. Production amounted to 13,005
tons, as against 21,327 tons in September 1931 and 13,404
tons in August 1932. Inventories declined from 131,203
tons at Aug. 31 1932 to 123,056 tons at Sept. 30 1932. The
latter figure also compares with 130,168 tons a year previous.
The Institute's statement shows:
Volume 135
Financial Chronirle
SLAB ZINC STATISTICS (ALL GRADES), 1930, 1931 and 1982,
(Tons of 2.000 Lbs.)
Produced
D141140
Month.
Shinned
During
Month.
Stock at
End of
Month.
1932.
January
February
March
April.
May
June
July
August
September
22,516
21.516
22.493
20.620
18.642
16,410
14.771
13.404
13.005
22.444
21.896
22,576
18.046
18.087
14.958
12.896
18.108
21,152
129.914
129,534
129.451
132,025
132,580
134,0.32
135,907
131.203
123,056
1931.
January
February
March
April
May
June
July
August
September
October
November
December
32.522
29.562
32,328
29,137
25.688
23,483
21.365
21,487
21,327
21,548
20,548
21.888
31.084
30.249
35,224
27.418
25.851
27.604
28.480
23.599
20.880
21,181
19.963
23,041
145,076
144,389
141.493
143,212
143.049
138,928
131.833
129,701
130.168
130.535
131.015
129.842
Total for year 300.738
Monthly aver_ _ 25,062
314.514
26.210
•
Month.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
yRetorts
xShip- Operat'o.
ped for End of
Export. Month.
31
Waled
Orders.
End of
Month.
Daily
Ara.
Prod.
22.044
21.752
22.016
20,796
20.850
18.742
18.295
14.514
12,191
24,232
23,118
23,712
20,821
19,837
16,116
16.949
18.017
16,028
723
742
726
888
601
547
476
432
484
2
33.235
33.118
31,821
28,672
20,624
19,022
19.266
19.305
20.417
21.374
19,428
19.875
30.251
33.453
31,216
36.150
31.148
33,086
24,815
20.503
15.388
18.365
21.355
18.273
1.049
1.056
1.043
971
829
783
689
692
708
695
681
705
41
3
23,680
26,168
822
59.457
59.929
51.300
50.038
52.072
52.428
48.030
48.004
42,574
38.604
35,092
31.240
39.017
32.982
29.330
29.203
30.515
28.979
34,135
28.972
27.108
29.510
24.481
26,651
1,678
1.594
1.552
1.481
1.437
1.449
1.291
1.323
1.349
1.321
1.067
1.054
24
39
20
2
2411
"Times" of Oct.7stated that althougn prices of copper in the
domestic market are still quoted nominally at 63i cents a
pound, the belief is that copper could be obtained in large.
quantities as low as 6 cents a pound for delivery to the end
of March i933, on Oct. 6.
Steel Output Again Increases-Operations Now Slightly
Over 18% of Capacity-Pig Iron Production Also
Gains
-Price of Finished Steel at New High For
Year, While That of Steel Scrap Declines.
With a further rise in steel ingot production this week to
slightly above 18% of the country's capacity, a gain of
15.4% in the daily rate of pig iron output in September over
that of August, and the probability that the unfilled orders
of the United States Steel Corp. as of Sept. 30, to be announced next Monday (Oct. 10), will show an increase of
sizable proportions, perhaps as much as 100,000 'tons, the
steel industry enters the final quarter of the year under
conditions that seem favorable for more improvement this
month than that of September over August, states the
"Iron Age" of Oct. 6. The "Age" continues:
9 mos- 8.508.083 1.184.848 0602031 10.167.765 234
43.452 20.09
•Revised.
The figures of "per cent. of operation" in 1931 are based on the annual capacity
a
as of Dee. 31 1930, of 66,069,570 gross tons for Bessemer and open-hearth steel
ingots and in 1932 on the annual capacity as of Dec.311031 of 67.473,630 gross tons.
Most of the acceleration in steel business continues to come from miscellaneous consumers and in small lots for immediate shipment. An exception is the placing of 50,000 tons of tin plate by a leading can maker
for first quarter delivery, which has brought about the resumption of rolling
at some tin plate mills that have been idle for months and assures them of
continuous operations at about 40% of capacity during the remainder of
the year.
Railroad buying has not yet assumed important proportions, but prospective tonnage incoming into the market. The Santa Fe budget provides
for the purchase of 40,000 tons of rails, and other roads are expected to
release orders for winter rolling and spring delivery. The Chicago Great
Western is about to inquire for 500 freight cars and 10 locomotives, while
steel orders for equipment building or repair programs of the Pennsylvania,
Baltimore & Ohio and Readif g roads are likely to come this month. The
New York Central. having resumed work at its car shops, will soon release
orders for steel for a repair program and may, in addition, place a tonnage
of rails, though no inquiry has yet been issued. The Norfolk & Western
probably will place 5,000 tons of rails this month.
Automobile parts makers are taking small lots of steel for work in connection with new models, presaging larger releases soon by the motor car
companies themselves. Buick is starting some departments this week on
its new cars, and will be in full operation by Oct. 7, having scheduled
work for a nine-hour day,five days a week, to the end of the year. Buick is
now receiving steel for its first 10,000 cars. Chevrolet has started work at
Its Saginaw, Mich., foundry on cylinder blocks for its new car, while the
Fisher Body Corp. has issued inquiries for sheets for the bodies, on which
production will be started at the Cleveland plant before the end of the
month. Meanwhile, some companies report sales of present models in
excess of current output.
The Reconstruction Finance Corporation is endeavoring to speed the
granting ofloans for construction projects and railroad equipment programs.
Inquiries for structural steel have been running larger than lettings, indicating that the trend of new business in this field is likely to be upward.
New projects this week call for 17,400 tons, including 10,000 tons for approaches for the Golden Gate bridge, San Francisco, while awards were.
only 10,100 tons. Road construction in many States will be continued
throughout the winter, weather permitting, to give work to the unemployed.
Pig iron shipments to foundries are increasing. Two large purchases
have been made in the Pittsburgh district, one of 20.000 tons of basic iron
and the other an unstated tonnage of Bessemer iron.
The increase in pig iron production last month was to 19,753 tons a day
from 17,115 tons in August. The month's total, with one loss working day,
was 592.589 tons, against 530,576 tons in August. The gain was mostly
In steel-making iron. Forty-seven blast furnaces were operating on Oct. 1.
a net gain of five over the number in service on Sept. 1. The September
rise was the first since last February, and, with that exception, the first
since April 1931. On a percentage basis, the improvement was more than
seasonal, but this loses some of its significance in view of the low base
from which the increase is figures. In 10 preceding years pig iron output
gained five times and decreased five times in September.
The only unfavorable development of the week, though It may have only
temporary significance, is a weakening in scrap markets, with a change in
price on heavy melting steel at Chicago which reduces the "Iron Age"
composite for this grade to $7.67 from $7.75 last week. Speculative influences in the scrap markets have outrun the rate of improvement in consumption.
On the other hand, the finished steel composite price has risen 25c. a
'
ton to 1.977c. a lb., the high for the year, owing to an advance in No.24
hot-rolled annealed sheets. Galvanized sheets are also higher, but some of
the special finishes, including automobile body stock, are weak. Railroad
spikes have been reduced $4 a ton in recognition of recent concessions. The
price structure on other products is reasonably firm, though a reduction of
50c. a base box on tin plate is expected next month, when the 1933 official
price probably will be announced.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Oct.4 1932. 1.977e. a Lb.
Based on steel bars, beams, tank plates
One week ago
1.965e, wire, rails, black pipe and sheets.
One month ago
1 965c. These products make 85% of the
One year ago
2.014c.
United States output.
High
Low.
1932
1 977e Oct. 4
1.926e. Feb. 2
1931
20370. Jan. 13
1.945c. Dec. 29
1930
2 273e. Jan, 7
2.018c. Dec. 9
1929
2.317e. Apr, 2
2.273e. Oct. 29
1928
2.2884. Dec. 11
2.217c, July 17
1927
2.402c. Jan. 4
2.212e. Nov. 1
Foreign and Domestic Copper Prices Weaker.
The prices of foreign and domestic copper weakened on
Oct. 6. On that day the metal was available in the foreign
market at 5.80 to 5.85 cents a pound, c. i. f. Hamburg,
Havre and London. One large producer was reported willing
to sell sizable quantities at 5.75 cents. The New York
Pig Iron.
Oct.4 1932. 513.64 a Gross Ton.
Based on average of basic iron at Valley
One week ago
$13.64 furnace foundry irons at Chicago,
One month ago
13.641 Philadelphia, Buffalo, Valley and BirOne year ago
15.341 mingham.
High.
Low.
1932
514.81 Jan, 5
513.64 Aug. 18
1931
15.90 Jan. 6
15.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dee. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
52.010
44.628
48.119
44.435
44.556
43,458
40.023
41.012
40.470
40.922
32.097
32.733
40.704
41,298
41.820
40.597
38.681
36.448
35.389
31.901
32.470
32.430
30.285
34,254
Total for year 504.463
Monthly aver._ 42,039
436,275
36,356
86,736
90.068
96.367
100,205
106.080
113.090
117.724
126,835
134.835
143.327
145.139
143.618
20
6
17
26
31
37
31
17
11
196
16
47.064 30.072
1.355
st Export shipments are included in total shipments.
AVERAGE RETORTS DURING MONTH.
1932. 1931.1932. 1931.
1932.
1931.
January_ ._21,001 32,737 April
19,469 28,765 July
17,552 17,920
February_ _20,629 34,423 May
20,172 20,632 August-- _ _15,067118.140
March --.21,078 30,647 June
19,670 19,898 September_11,085 19,752
Sharp Rise in Ingot Output.
The American Iron & Steel Institute report places the
output of steel ingots of all companies in September 1932
at 975,061 tons, an increase bf 142,659 tons over August
when production aggregated only 832,402 tons. The average
daily output of all companies for the 26 working days in
September was 37,502 tons in comparison with 30,830 tons
in the previous month when there were 27 working days,
and percentage of operation rose from 14.26% in
August
to 17.34% in September. Of course the figures do not form
favorable comparisons with September 1931 when production
was at the rate of 27.98% of capacity. In that month
1,545,411 tons were produced, being at the rate of 59,439
tons per day for the 26 working days. Below we print the
figures for each month since January 1931:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1931 TO
SEPTEMBER 1932
-GROSS TONS.
Reported by companies which made 95.33% of the
open-hearth and Bessemer
steel Ingot production in 1931.
Month.
1931
January.
February_
March
April
May
June
July
August
Sept
9 m08._
OpenHearth.
2,098,175
2.131.079
2,565.531
2.321.043
2.130,805
1.782,007
1.574.379
1.462.254
1,274,072
kfonthlp
Calculated No.of Approx. Per
Monthlp Work- Daily
Output
Cent.
Bessemer. Companies Output All Ing Output Opera.
Reporting. Corn pant..:. Days. All Cos. lima
296.620
296.974
346.137
316,668
301,639
246,365
225.00
174,380
199,151
2.394.795
2.428,053
2.911,668
2.637.711
2332,444
2.028.372
1.799.409
1.636.634
1,473,223
2.512,140
2,547.027
3.054.339
2,766,959
2,551.633
2.127,762
1.887.580
1.718,829
1,545,411
27
24
28
26
26
26
26
26
26
93.042
106.126
117,475
106,421
98.140
81,837
72.599
66.032
59,439
43.80
49.96
55.30
50.09
46.20
38.52
34.17
31.08
27.98
17,339,345 2,402,984 19,742,309 20,709,680 233
88,883
41.84
27
25
26
58.896
63,666
50.047
27.72
29.97
23.56
Total_. 21,004,543 3.011.394 24,015.937 25.192.715 311
81.006
38.13
56.133
58.308
52.187
47.625
42.540
34,511
31,701
30,830
37,502
25.96
26.96
24.13
22.02
19.67
15.96
14.66
14.26
17.34
October.
November
December
1932
Janus:7.FebruaryMarch__ _
April
May
Juno
.71119
Aug
Sept
1.319.958
1.276.856
1.068.354
1,230,661
1,232,568
1.149.307
1.036.227
950,785
755.123
652.650
*696,206
804,556
195.943
240.441
172,046
160.633
157,067
193.944
144.197
103.593
100,249
102.872
*97,323
124,970
1,515.901
1,517.297
1,240,430
1.391.294
1.389.835
1.343.251
1.180.424
1.054.378
855.372
755.522
793,529
929,526
1.590.180
1.591.644
1.301,211
1.459.450
1,457,710
1,409,054
1.238.250
1.106.030
897,276
792.533 •
832,402
975,061
26
25
27
26
26
26
25
27
26
2412
"Steel" of Cleveland, in its summary of the iron and steel
markets Oct. 3, states:
An advance of one point in steel production last week put the industry
on the basis of 18% as it entered the fourth quarter, the highest rate since
the first week of June and comparing with 1334% when September opened.
This unbroken rise in production through September rather accurately
reflects an increase in the number of moderate size orders from average
consumers. To a lesser degree,some of the expansion in operations the past
10 days resulted from a bunching of specifications for more economical
rolling.
As the new qusrter opens, the iron and steel markets unquestionably
are on a broader base. While consumers have been building up inventories
sightly, most recent bookings have passed into consumption. For the
the former th;re will be no immediate reordering; it is believed that consumption will continue to grow.
But for October to develop improvement comparable with that of September will require more active support from such tonnage outlets as the
railroads and the automotive and building industries. Indications are that
railroad and automotive needs will gain; building Is more doubtful as projects
which are candidates for self-liquidating loans are being put through a
third degree that will eliminate many.
October promises to be a mixed month. The Imminence of the national
elections is sponsoring a "wait until after election" attitude in some quarters.
Financial statements for the third quarter, which will be issued beginning
i
the last week of the month, will make unpleasant reading. The United
States Steel Corp. on Oct. 25 faces a decision on the preferred dividend.
Hence the industry enters October no less confident of the long pull but a
little more sober over the immediate situation. It is not improbable that
the taking off of some capacity may break the upward line of production.
The railroads are much more active, for small lots. Western Maryland
has bought 1,000 tons of rails and the Norfolk & Western is inquiring for
5.000 tons. For freight cars to be constructed by an Reconstruction Finance Corporation loan the Pennsylvania will shortly buy about 15,000
tons of plates and shapes, with the Reading and Central of New Jersey
about to place slightly smaller requirements.
Building steel needs continue largely prospective. Formal placing of
60.000 tons for the New Orleans Belt line bridge, with the American Bridge
and Mc° intic-Marshall companias, is expected daily. About 35.000 tons
of steel, largely cable, will be up for bids Oct. 14 for the Golden Gate bridge.
Last week's awards, at 6.744 tons, were below the seasonal average despite
the booking of 4.200 tons for the Cincinnati postoffice. For three destroyers
the navy needs 2,100 tons of steel.
Gradually, automotive consumers are closing on their fourth quarter
needs, and since a week ago slightly more steel has been moving to Detroit.
Rush orders for material for Chevrolet, about to end its 1932 run, have been
issued..
Raw materials continue to have the edge on finished products. September sales and shipments of pig iron averaged 15 to 20% over August,
while in finished material the average gain in bookings probably was 10%.
This, however, appears to insure a gain in unfilled tonnage of the United
States Steel Corp.
At Pittsburgh, a steelmaker is inquiring for 20,000 tons of basic iron,
while a round lot of bessemer has been closed here. Much of the iron
recently purchased and now under negotiation is for delivery at least
through the first quarter of 1933. Scrap continues strong, but without
noteworthy buying the past week.
Producers of sheets are making a more determined stand for firmer prices,
making Oct. 15 the deadline on releases against third quarter commitments.
Railroad spikes, weak for some time, have been officially reduced to 2.40
cents. Other prices are unchanged, leaving the iron and steel composite of
"Steel" at $29.32, the finished steel index at $47.50, the scrap composite at
67.12.
Steel ingot proluction for the week ended Monday (Oct. 3)
showed a small fractional increase to slightly above 173'%
of theoretical capacity, according to the "Wall Street
Journal" of Oct. 5. This compares with 173/3% in the week
before and a shade over 15% two weeks ago. The "Journal"
adds:
United States Steel is credited with a rate of around 18%, against 17 Ji%
in the preceding week and a fraction over 14% two weeks ago. Leading
independents are slightly above 17%,compared with 17 % in the previous
week and a little under 16% two weeks ago.
It is probable that the rate for the current week will show another moderate
increase, due to slight gains in some mills and plans for increased activities
in others before the end of the week. Leading companies are keeping production as near incoming specifications as possible, so that the continued
expansion is encouraging, reflecting the needs of customers.
In the like week last year the average was about 293 %,with U. S. Steel
at 32% and independents at 28%, the increase being a shade over 1%,
In the corresponding period of 1930 there was a decrease of about 3%. the
industry being at 56%. U. S. Steel at 61% to 62% and independents at
53%. In the like 1929 week the average was down nearly 1% to 84%, with
U. S. Steel about unchanged at 89% and independents off more than 1%
to 80%, while in the corresponding week of 1928 the industry rose nearly
2% to 87%, U. S. Steel being up almost 3% to 89%. Independents gained
a little over 1% to 86%
Production of Bituminous Coal and Pennsylvania
Anthracite Again Exceeds that of Preceding Week,
Although Figures Still Continue Below Those of
Corresponding Period Last Year.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended Sept. 24 1932 a total of 6,314,000 net tons of bituminous coal and 979,000 tons of Pennsylvania anthracite as
compared with 6,145,000 tons of bituminous coal and 884,000
tons of anthracite during the previous week and 7,432,000
Oct. 8 1932
Financial Chronicle
Steel Scrap.
Oct. 4 1932, $7.67 a Gross Ton.
Based on heavy melting steel quoOne week ago
$7.75 tations at Pittsburgh, Philadelphia
One month ago
7.55 and Chicago.
One year ago
8.53
High.
Low.
1932
$8.50 Jan. 12
$6.42 July 5
1931
11.33 Jan. 6
7.62 Dec. 29
1930
15.00 Feb. 18
11.25 Dee. 9
17.58 Jan. 29
1929
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
tons of bituminous coal and 1,082,000 tons of anthracite
during the same period in 1931.
During the calendar year to Sept. 24 production amounted
to 205,158,000 net tons of bituminous coal and 33,599,000
tons of anthracite as against 276,159,000 tons of bituminous
coal and 43,569,000 tons of anthracite during the calendar
year to Sept. 26 1931. The total output of Pennsylvania
anthracite during the month of August 1932 is estimated
at 3,465,000 net tons (not 3,645,000 tons as previously released and given in last week's "Chronicle," page 2246).
Production of coal continued to increase during the week ended Sept. 24
1932. The total output of soft coal is estimated at 6,314.000 net tons, a
gain of 169,000 tons, or 2.8% over the preceding week.
Anthracite production during the week ended Sept. 24 is estimated at
979.000 net tons. Compared with the output in the preceding week, this
shows an increase of 95.000 tons, or 10.7%.
The total production of beehive coke in the week of Sept. 24 is estimated
at 11,900 tons, as against 18,100 tons during the corresponding week of
1931.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
Calendar Year to Date.
Sept. 24 Sept. 17 Sept. 26
1932.c
1932.d
1931,
1932.
1931.
1929.
Bitum. coal
-a
Weekly total 6,314.000 6,145,000 7,432,000 205,158,000 276,159,000 381,376,000
Daily aver__ 1,052,000 1,024,000 1,239,000
906,000 1,218,000 1,682,000
Pa. anthra.-b
Weekly total 979,000 884,000 1,082,000 33,599.000 43,569,000 51,546,000
Daily aver__ 163,200 147,300 180,300
149,700
229,600
194,100
Beehive coke
18.100
516,600
Weekly total
9,900
11,900
972,000 5,081,500
2,256
3.017
Daily aver__
22,190
1.650
1,983
4,245
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.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)
Week Ended
State,
Sept. 17
1932.
Sept. 10
1932.
Sept. 19
1931.
Sept. 1923
Sept. 20, Average.*
1930.
144,000
161,000
Alabama
203,000
406.000
275,000
36,000
27,000
krkansas and Oklahoma
77.000
87.000
96,000
98.000
108.000
Colorado
130,000
214,000
148,000
578,000
465.000
Illinois
733.000
932,000 1, 587,000
173,000
214,000
Indiana
239,000
550,000
303.000
61,000
49.000
Iowa
50.000
117,000
74,000
103.000
88,000
Kansas and Missouri
105.000
168,000
122,000
558,000 637,000
611,000
Kentucky-Eastern
713,000
812,000
165,000
194,000
Western
153,000
248,000
224.000
20,000
24,000
36,000
Maryland
40.000
40,000
7,000
2,000
8,000
Michigan
12.000
27,000
31,000
32,000
Montana
44,000
62,000
68,000
23,000
22,000
New Mexico
24,000
56,000
27,000
21,000
18,000
29,000
North Dakota
36,000
27,000
272,000
223,000 441,000
Ohio
442,000
861.000
Pennsylvania (bituminous) 1,507,000 1,240.000 1,725.000 2,399,000 3,585,000
61,000
53,000
83,000
Tennessee
83,000
119,000
15,000
12,000
19,000
Texas
19,000
26.000
59,000
55,000
82,000
Utah
97,000
103,000
185,000
172,000
197,000 212,000
Virginia
245,000
24,000
23,000
31.000
Washington
42,000
58,000
West Virginia-Southern_b 1,393,000 1,271,000 1,633.000 1,865,000 1,474,000
368.000
315,000 457,000
Northern_c
583,000
857,000
86,000
78,000
107,000
Wyoming
136,000
165,000
2,000
2,000
1,000
Other States
2,000
4,000
6,145,000 5,304,000 7,244,000 9,034.000 11,814,000
Total bituminous coal
884.000 633,000
894,000 1,260,000
Pennsylvania anthracite714,000
7.029.000 5,937.000 8,138.000 10,294,000 12,528.000
Total all coal
a Average weekly rate for the entire month. b Includes operations on the
N.& tv.; C. & 0.; Virginian; K.& M., and B. C. & 0. c Rest of State, including
Panhandle.
Wage Parleys End-Miners Refuse to
Accept Wage Reduction.
The conferences of representatives of the anthracite coal
operators and United Mine Workers of America, being held
for a downward trend of wages for some 140,000 miners in
the three hard coal districts of Northern Pennsylvania,
came to an end on Oct. 4. Following the meeting held on
that day, the following statement was issued:
Anthracite
The conference of representatives of the Anthracite Coal Operators and
United Mine Workers of America, resumed to-day (Oct. 4) at the Anthracite Institute in New York.
The conference is functioning under the provisions of Paragraphs 2 and 3
of the Agreement of 1926, and has considered the operators' demand for
revision of the wage scale downward.
The miners' representatives have opposed the request of the operators,
and have refused to accept any downward revision of wages. Thirty days
having practically expired since negotiations started, a recess has been
agreed upon to permit both sides to select their representatives to serve on
the board of two provided for in the agreement.
The New York "Times" of Oct. 5 in reporting on the
meeting said:
The conference became deadlocked after three hours when the miners
remained adamant to the operators' plea for a wage cut and then was adjourned.
Although the operators' demand now goes to a committee of two, one
representing each side, this board will not be enlarged to an odd number so
that the dispute may be arbitrated, it was reported after the meeting.
Refusal of either side to enlarge the board would block mediation and this
was said to be the decision of the union.
Having resisted the demand for a substantial wage decrease-for 140,000
mine workers it would have amounted to $30,000,000 to $52,500,000, a cut of
20 to 30%-the union intends to live up to the agreement which provides
for voluntary conciliation by a board of two for ninety days. The board
will be chosen by the selection of one name from a list of three submitted
Financial Chronicle
Volume 135
by miners to operators and one name from a list of three submitted by
operators to miners.
This board will be created because the committees of miners and operators
were unable to agree within 30 days of the inception of the parleys. The
board will be chosen at another joint session which will be arranged by
Major W.W.Ingalls, Chairman of the operators' group, and John L. Lewis,
President of the United Mine Workers.
2413
The board will have 90 days in which to arrive at a decision on all the
points in the controversy and may enlarge its personnel to an odd numbor.
in which event a majority will be binding.
Previous meetings were noted in our issues of Oct. 1,
page 2246; Sept. 24, page 2067; Sept. 17, page 1907, and
Sept. 10, page 1736.
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. 5, as reported by
the Federal Reserve banks, was $2,242,000,000, a decrease
of $9,000,000 compared with the preceding week and an
increase of $485,000,000 compared with the corresponding
week in 1931. After noting these facts, the Federal Reserve
Board proceeds as follows:
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Oct. 5 1932. Sept. 28 1932. Oct. 7 1931.
$
Loans and Investments—total
6,779,000,000 6,801,000,000 7,648,000.000
Loans—total
3,425,000,000 3.479,000,000 4,801,000.000
On Oct. 5 total Reserve bank credit amounted to $2,241,000,000, unchanged from a week ago. Increases of $44,000,000 in money in circulation,
$15,000.000 in member bank reserve balances and $1,000,000 in unexpended
capital funds, were offset by increases of $16,000,000 in monetary gold
stock and $44,000,000 In Treasury currency, adjusted.
Holdings of discounted bills increased $4,000.000 at the Federal Reserve
Bank of San Francisco and decreased $4,000,000 at Philadelphia and 86,000,000 at all Federal Reserve banks. The system's holdings of bills boughs
in open market show little change for the week, while holdings of United
States Treasury notes declined $7.000,000 and holdings of Treasury certificates and bills increasd $5,000,000.
Investments—total
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. 5, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 2455 and 2456.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ending
Oct. 5 1932 were as follows:
Bills discounted
Bills bought
U. B. Government securities
Other Reserve bank credit
Increase (+1 or Decrease (—)
Since
Oct. 5 1932. Sept. 28 1932. Oct. 7 1931.
$
$
333,000,000
—7,000.000 —130,000.000
33,000,000
—1.000.000 —548.000.000
1 851,000,000
—3.000.000 +1.113.000.000
23,000,000
+9.000,000
—33.000,000
TOTAL RF.S'VE BANK CREDIT 2,241.000,000
Monetary gold stock
4,201,000,000
Treasury currency adjusted
1 879,000,000
Money In circulation
5.649.000.000
Member bank reserve balances
2 284,000,000
Unexpended capital funds, non-member deposits. &c
388,000,000
+16,000,000
+44.000.000
+44,000,000
+15,000.000
+402,000.000
—441.000.000
+114,000.000
+218,000.000
+7,000.000
+1.000,000
—149,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves and for the same week, instead
of waiting until the following Monday. before which time
the statistics covering the entire body of reporting member
banks in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week records an increase of $1,000,000, the total of these
loans on Oct. 5 1932 standing at $426,000,000, 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 $400,000,000 to
$402,000,000, while loans "for account of out-of-town
banks" decreased from $20,000,000 to $18,000,000, but
loans "for account of others" increased from $5,C00,000 to
$6,000,000.
On securities
All other
1 669,000,000 1,683,000.000 2.469.000.090
1 756,000,000 1,796,000,000 2,332,000.000
3,354,000,000 3,322.000,000 2,847,000,000
U. S. Government securities
Other securities
2 350,000.000 2,321,000,000 1,756,000.000
1,004,000,000 1,001,000,000 1,091,000,000
Reserve with Federal Reserve Bank
Cash in vault
946,000,000
38,000,000
961.000.000
38,000,000
791,000.000
61.000,000
Net demand deposits
Time deposits
Government deposits
5.277.000,000 5,296,000.000 5,601,000.000
843,000,000 829,000.000 1,047.000.000
267,000.000 273.000,000
94,000.000
Due from banks
Due to banks
83,000,000
73.000,000
81.000.000
1,354,000,000 1,270.000,000 1,055,000.000
Borrowings from Federal Reserve Bank_
58,000,000
Loans on secur, to brokers & dealers;
For own account
402.000,000
For account of out-of-town banks__
18.000.000
For account of others
6.000.000
Total
798,000,000
77,000.000
126.000,000
426,000,000
425,000.000 1,001,000.000
281.000,000
145,000,000
Om demand
On time
Loans and investments--total
400,000,000
20,000.000
5,000,000
292,000,000
133,000,000
682,000.000
319,000,000
Chicago.
1,217.000.000 1,214.000,000 1,692,000,000
Loans—total
On securities
All other
Investments—total
756,000,000
767.000.000 1,150,000,000
437,000,000
319,000,000
445,000.000
322,000,000
666.000,000
484,000,000
461,000.000
447.000,000
542.000.000
264,000,000
197,000,000
253,000.000
194.000.000
317.000.000
225.000,000
Reserve with Federal Reserve Bank
Cash In vault
223,000,000
17,000,000
229.000,000
17.000,000
179,000,000
18,000,000
Net demand deposits
Time deposits
Government deposits
852.000,000
324.000,000
31,000,000
853.000.000 1,118,000,000
326,000,000 483.000.000
32,000,000
10,000,000
Due from banks
Due to banks
215.000.000
300,000,000
211.000.000
284.000,000
U. S. Government securities
Other securities
Borrowings from Federal Reserve Bank..
4.000,000
4,000,000
130,000.000
279,000.000
1.000,000
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 Sept. 28:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Sept. 28 shows increases for the week of
*129.000.000 in net demand deposits. $13.000.000 in time deposits and
*64.000.000 in reserve balances with Federal Reserve banks, and decreases
of $23.000.000 in loans and investments and $12,000,000 in borrowings
from Federal Reserve banks.
Loans on securities increased $21.000.000 at reporting member banks In
the New York district and 810.000.000 at all reporting member banks, and
declined 88.000.000 In the Chicago district. -All other- loans declined
314.000.000 In the New York district, 39,000,000 in the Boston district
and 833.000.000 at all reporting banks.
Holdings of United States Government securities declined 824.000.000
In the New York district and $21.000.000 at all reporting member banks, and
Increased $15.000.000 in the Chicago district. Holdings of other securities
Increased 818.000,000 in the New York district and 521,000,000 at all
reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated 8101.000.000 on Sept. 28. the principal changes for the
week being a decrease of 86.000.000 at the Federal Reserve Bank of New
York and of 84.000.000 at Atlanta.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
Sept. 28 1932, follows:
2414
Financial Chronicle
Loans and investments—total..
Increase (±) OT Decrease (—)
Since
Sept. 28 1932. Sept. 21 1932. Sept. 30 1931.
$
$
18,907,000,000
—23,000,000 —3,200,000,000
Loans—total
10,706,000.000
—23,000,000 —3,485,000,000
4,521,000,000
6,185,000,000
+10,000,000 —1,825,000,000
—33,000,000 —1,660,000,000
8,201,000,000
+285,000.000
On securities
All other
Investments—total
U. S. Government securities
Other securities
4,960,000,000
3,241,000,000
Net demand deposits
Time deposits
Government deposits
+737,000,000
—452,000,000
1,831,000,000
206,000,000
Reserve with F. R. banks
Cash in vault
—21,000,000
+21,000,000
+64.000,000
+8,000,000
+15,000.000
—49,000,000
11,229,000,000
5,640,000.000
608,000,000
Due from banks
Due to banks
+129,000,000 —1,998,000,000
+13,000,000 —1,135,000.000
+*232,000,000
1,448.000.000
2,991,000,000
Borrowings from F. R. banks_..
+17,000,000
+29,000,000
+166,000,000
—80,000,000
101,000,000
—12,000,000
—53,000,000
Oct. 8 1932
An item regarding the conversion of the British war
bonds appeared in our issue of Sept. 24, page 2071.
New British Debt Conversion Planned According to
Neville Chamberlain.
Associated Press advices from Blackpool, Eng., yesterday
(Oct. 7), said:
Neville Chamberlain, who executed the recent conversion
of
British war loan, told the convention of the Conservative party the huge
here to-day
that he intended soon to convert other parts of the
national debt.
He said that the recent war loan conversion was
saving the country
£30,000,000 (approximately $100,000,000) a year.
"There are other parts of the national debt I intend to
convert as soon
as I get the opportunity," he said, adding that everybody
in the country
was overtaxed and this was one of the major things
keeping back economic
recovery.
Although unemployment still was a cause of great
considerable further economy would be achieved with anxiety, he said,
the least possible
disturbance to the national efficiency.
•Sept. 21 figures revised.
Statement of Bank for International Settlements for
Sept. 30—Cash on Hand Totals 13,601,781.01 Swiss
Gold Francs, Compa ed with 14,871,652.95 Aug. 31.
Associated Press advices from Basle, Switzerland, Oct. 4,
said as follows:
Following is the balance statement of the Bank for International Settlements, giving its condition as of Sept. 30, as made public here to-day.
[Figures are in Swiss gold francs at par, 19.3 cents.]
ASSETS.
September.
Cash on hand and on current account with
banks
13,601,781.01
/I. Sight funds at interest
40,439,653.58
III. Rediscountable bills and acceptances:
1. Commercial bills A: bankers'acceptances_ 355,485,809.91
2. Treasury bills
127,634,148.20
.4145ast.
I.
14,871,652.95
91,379,877.50
383.981,655.34
150,823,784.24
483,119,958.11
534,805,439.58
245,599,908.63
247,587,796.04
29,985,684.96
47.583.785.94
59,235,379.85
14,315,140.81
1,920,131.87
44,424,144.17
47,631,753.44
59,262,163.56
153,045.123.43
6,754,626.38
Total
153,242,739.96
7,554,897.91
IV. Time funds at Interest:
V.
Not exceeding three months
Sundry bills and investments:
1. Maturing within three months:
(a) Treasury bills
(b) Sundry investments
2. Between three and six months
(a) Sundry investments
3. Over six months
Total
VI. Other assets
1,924,678.79
942,561,051.14 1,049,442,403.94
Total assets
LIABILITIES.
I. Paid-up capital
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
Total
III. Long-term deposits:
1. Annuity trust account
2, German Government deposit
3, French Government guarantee fund
Total
125,000,000.00
125,000,000.00
1,318,467.03
2,689.570.55
5,379,141.10
1,318,467.03
2,689.570.55
5.379,141.10
9,387,178.68
9,387,173.68
153,768,617.50
76.884,308.75
68.648,520.43
153,768,617.50
76,884,308.75
68,648,520.43
299,301,446.68
90,186,655.97
463.576,345.61
457.001,933.65
553,763,001.58
13,144,466.52
25,343,040.01
6,257,508.29
179,904.55
6,473,092.94
6,437,412.84
32,288,612.77
The following from Leicester, Eng., Oct. 4, is
from the
New York "Times":
Hugh Dalton, Under Secretary for Foreign Affairs
in the last Labor
Government, denounced the Bank of England to-day
at the Labor party's
annual conference as an irresponsible financial
institution which should
be publicly owned and controlled by the Government.
A demand for such ownership was incorporated in
a conference resolution on currency, passed by a card vote of
1,141,000 to 984,000. The
majority in favor would have been much larger if
the resolution had not
been saddled with an amendment to the effect
that joint stock banks
also should be publicly owned.
The same resolution also calls for a national board,
to be appointed by
the Government and to work in co-operation with a
publicly owned Bank
of England to exercise control over all public issues on
the capital market.
No new issues could bo made or dealt in on tho stock
market without the
consent of this proposed new Government agency.
Increase in British Revenue in First Six
Months This
Year Compared With Same Period a Year
Ago.
Associated Press advices from London Sept. 30
said:
Treasury returns made public to
-day show that national
expenditures
exceeded revenue by £104,000,000 [about $
358.800,000J for the first
half
of the financial year. But there was an increase of
£5,000,000 in revenue,
compared with the corresponding period in 1031. and a
decrease of £9,000,000 in expenditures. Revenue totaled £268,000.000 and
expenditure and
sinking fund £372,000,000.
AS only about one-third of the year's revenue is
collected in the first
six months, the soundness of the budgetary position
next March again will
largely depend on the promptness with which the income
taxpayer meets
his January installment.
Customs revenue,including receipts from tariffs,increased
by £17.000,000.
The reduction in expenditure was largely the result
of a decrease In
the sinking fund of £6,000,000. Civil expenditure
actually Increased by
£12,000,000.
299,301,446.68
85,813,532.20
371,188,401.45
Laborites Demand Public Ownership and
Control of
Bank of England in Resolution Voted by
1,141,000
to 984,000.
30,174,644.05
IV. Short-term and sight deposits:
1. Central banks for their own account:
(a) Not exceeding three months
(b) Sight
Total
2. Central banks for the account of others:
Sight
3. Other depositors:
Not exceeding three months
Sight
Total
V: Miscellaneous items
Total liabilities
942,561,051.14 1,019,442,403,94
British War Loan Conversion 92% Successful—Only
$570,999,000 Remains to be Redeemed in Cash Out
of $7,215,351 in Bonds.
According to a London cablegram Sept. 30 to the New
York "Times," the seal of success was sot upon Great
Britain's great war loan conversion that night when at the
closing time of its offer the Government announced that out
of L2,045,000,000 [about $7,215,351,000 at the present
exchange rate] worth of 5% bonds outstanding on June 30,
approximately £1,920,000,000 [about $6,644,352,000] had
been converted to the new 3
issue, leaving only £165,000,000 [about $570,999,000], or 8%, to be redeemed in
cash Dec. 1. The cablegram continued:
The conversion operation having been completed, Neville Chamberlain.
Chancellor of the Exchequer, declares no further restrictions in the way of
new business Issues will be required, except on foreign issues in behalf of
borrowers domiciled outside the empire or Issues the proceeds of which
would be remitted abroad. and,secondly, the optional replacement of existing issues involving either underwriting or an invitation to the public to
subscribe new cash. He urges, however, that no issue ranking as a trustee
security shall be made without prior agreement with the Bank of England
regarding the amount and the date of issue.
This announcement means that industrial concerns which desire to
raise fresh capital can now do so without any restriction, because they would
directly promote employment, but conversion operations that would not
have that effect can be carried out only under certain conditions, and
foreign loans are still prohibited.
The Government also announces the maintenance until Dec. 31 of the
fiduciary issue of the Bank of England at £275.000,000[about $951,665.000].
to which it was raised from £260,000,000 [about S899,756,0001 on Aug. 31.
Advance in Rate for London Treasury
Bills.
From London Sept. 30 the New York "Times"
reported
the following:
This week's rate for Treasury bills made a sensible
advance to an average
of lls. 8.15d., but this change was expected. It
reflects no alteration
in monetary conditions, being duo to an absence of
tenders from banks
which do not favor beginning January maturities.
Plans for the Repayment of British Loans
Awaited.
Under date of Sept. 30 a wireless message from
London
to the New York "Times" said:
Much interest attaches to the Government's plans
of maturing loans and the balance of the unconvertedrespecting repayment
war
In high-grade stocks has shown great buoyancy in the last stock. Interest
few days. rising
to levels which practically establish the British loans on
a 33'i% basis.
It is uncertain yet whether the national or the
Australian loan will
appear first. In case of the latter, London would favor
issue, The effect of lower interest rates is reflected in the long-dated
the decision of
the great Lever combination to repay £4.500,000 of
5% debentures and
replace them with E2,225,000 of 4% stock, the
difference
out of resources. Similar policies are likely to be adopted being provided
by many large
concerns.
Britain Mints Jugoslav Coins.
From the New York "Times" of Oct. 2 we take the
following special correspondence from London Sept. 23:
Now ten dinar silver coins recently put into circulation
by the Jugoslav
Government through the National Bank of
Jugoslavia were coined at the
British Mint in London. The Jugoslav coins are
similar in alloy to the
British silver coinage. At current rates the ten-dinar
piece is the equivalent
of approximately one shilling.
American Dollars Swell Deposits of Irish Banks—
Immigrants in United States Transferring
Funds
Since Slump.
The following Associated Press advices from Dublin Oct. 1
are from the New York "Herald Tribune":
A flood of American money has been pouring into Ireland
for nearly a
year. Soaring bank deposits which have puzzled
the public are now
explained.
Volume 135
Financial Chronicle
The greater part of the $6.375,000 increased deposits of the national
bank and the $4,733,000 increase in the Munster and Leinster bank holdings
have come from the United States.
Formerly American prosperity explained the drift of dollars to Ireland.
Now it is the economic crisis. Many Irish-Americans who feared losses in
bank failures have been transferring their funds to banks here. Also
returning Irishmen have brought their savings to the homeland.
Only 1.85% Cash Paid in French Rente Conversion
2,935,000,000 Francs in New Capital Reported
Subscribed to 432% Issue.
A Paris cablegram Oct. 4 to the New York "Times"
stated:
Finance Minister Germain-Martin, giving the final official figures on the
French rentes conversion to the Council of Ministers to-night, declared the
government would be called upon to disburse only 1.85% of the total
sum involved. He was congratulated by Premier Herriot and other members
of the Cabinet on the successful manner in which the operation was handled.
The Finance Minister reported that, out of a total of 85,000,000.000
francs (about $3.400,000,000). in 5, Sand 7% rentes, 81.000,000,000 francs
had been ordered converted into the new issue at 4Si %. Requests for reimbursement reached the total of 4,520,000,000 francs, but new capital was
subscribed to the 43 % issue in the amount of 2,935,000,000 francs, which
left the net sum needed to reimburse former holders 1,585,000,000 francs.
Out of the total of 85.000,000,000 francs, about one-fourth was held in
public establishments funds, the Minister said.
Under date of Sept. 30 a wireless message from Paris
to the same paper said:
As foreseen, the rentes conversion was a great success and the Treasury
will have to redeem only 2.000.000,000 francs (about $78,000,000), this
being 23. % of the 85,000,000.000 francs involved.
The result was foreshadowed the middle of last week, but the last two
days have brought a much larger demand for reimbursement, causing slight
disappointment in certain quarters and thus perhaps explaining why the
Bourse was not firmer upon the announcement of this very satisfactory
result.
An item with reference to the French bond conversion
appeared in our issue of Oct. 1, page 2251.
Paul Claudel, French Ambassador to U. S., Returns
from Visit to France.
Paul Claudel, French Ambassador to the United States,
arrived on Oct. 6 on the French liner Paris, en route to
Washington. He has been away for one month on his
annual leave. Most of that time was passed at his country
place near Paris, says the New York "Times," from which
we also quote:
"Things seem better in France. as they do in the United States," Mr.
Claudel observed. "I am full of hope for the future."
He declined to comment on the disarmament conference, saying that he
knew less of developments than his questioners, and, as he posed for a
battery of photographers, remarked that "the newspapers should disarm,
first of all."
France Goes Back to Standard Time.
Under date of Oct. 1 a cablegram from Paris to the New
York 'Times" said:
France will go off daylight saving time to-night at mid-night, when the
clocks will be turned back one hour.
Bonds of City of Leipzig Retired Through Sinking
Fund.
Speyer & Co., as fiscal agents, announce that there have
been retired and cancelled through the annual sinking
fund, for the year 1931, $171,000 bonds of the City of
Leipzig 7% sinking fund gold loan of 1926. Out of an
original issue of $5,000,000 bonds there remains outstanding
$4,121,000 Bonds.
Funds to Meet Service on 6% Prussian Dollar
Loan Received.
Harriman & Co., as fiscal agents for the
Brown Brothers
State of Prussia, have received $1,500,000 for payment of
interest and sinking fund on the 6% Prussian Dollar Loan,
due Oct. 15.
Outlook for German Debt Service Improved—Cities
Earmark Sums for Foreign Loans.
From Berlin, Sept. 30, advices to the New York "Times"
said:
The outlook for the continued service of foreign loans seems to be improved. Transfer is not endangered for the moment, as the decline in
the Reic.hsbank's reserves has ceased and the reserves have risen 36,000,000
marks (about $8,570,000) since mid-July.
The breakdown of service on the foreign debts because of municipal
deficits is also unlikely. The estimated municipal deficit has risen since
June from 350.000,000 to 500,000.000 marks, and the cities will require
-mark subsidy,
an increase of the Reich's already promised 672,000.000
but all the municipal budgets have earmarked adequate sums for service
debts.
on the foreign
The present debt difficulties of Cologne and Frankfort are confined to
inability to repay domestic short-term debts totaling 70,000,000 marks
and maturing Oct. 1.
The Government has virtually declared a moratorium for them by
postponing maturity till the end of 1932 and simultaneously extending to
municipal debts the law of 1899 that prescribed the method for arranging
with the creditors of private concerns. Although unable to repay the
2415
70,000,000 marks capital, both cities will continue to pay the interest
thereon.
The taxation receipts of the Reich for the first five months of the financial year were 2,805,000,000 marks, with 7,464,000,000 estimated for the
whole 12 months.
Germany Aids Employment with Building Subsidies—
Home Owners to Get Tax Rebates and Cash.
Copyright advices as follows from Berlin, Oct. 1, are
taken from the New York "Herald Tribune":
Final details governing the newly decreed "help for building trades"
have been announced by the National Labor Ministry. In the first place—
as previously outlined—house owners will receive refunds of 40% on all
property taxes paid by them. These refunds will be in the standard form
of tax rebate certificates whose present value arises from the Government's
promise to take them in payment for all taxes other than income tax during
the five years 1934-38, inclusive—at the rate of one-fifth of the face value
for any one of those years.
Besides this, there is to be 50.000,000 marks cash for subsidizing repairs,
renovations and alterations to the extent of 20% of the cost—which must,
however, exceed 250 marks. The remaining 80% must be paid out of
the pocket of the owner. In cases where large residences are being divided
to make two or more, or where business properties are being converted
into residences, full 50% of the costs will be granted by the Government
as subsidy—the limit being 600 marks for each resulting residence.
That construction work so encouraged may be executed as far as Pos
sible during the coming winter—when unemployment will, in any case.
reach unprecedented heights—the Government subsidies have been limited
to jobs taken up between the end of September and the beginning of next
April.
Discount Rate of German Reichsbank Lowest Since
1923-4% Level Reached Only Once Before.
From the New York "Herald Tribune" we quote the
following (copyright) from Berlin, Oct. 1:
With the recent reduction of the Reichsbank's discount rate to 4%,
the lowest level has been reached since the stabilization of the mark which
ended the inflation in 1923. Only once—from June 21 to Oct. 9 1923,
did the discount rate touch 4%; it never went under that.
From that time on, the stepwise ascent and descent of the rate presents
a graphic picture of the situation of Reichsbank during the historic bank
crisis of 1931. On June 13 the rate was increased from 534% to 7%;
July 16, to 10%; Aug. 1. to 15%—the peak. Then began the gradual
retrogression, 10%. 8%. 7%. 534 %, 5%, to the present 4%.
The interest rate for loans on security was, at the height of the crisis.
20%. or a full 5% above the discount rate. Then, until the discount
rate sank to 7%, the margin remained 2%. Now the "normal" 1%
difference obtains—and the rate is 5%.
Five-Billion Marks Aid to Private Industry Granted by
German Government.
About five billion marks have been expended in credits
and guarantees to private industry by the German State
and Federal Governments during the last few years, according to reports to the Commerce Department from its
Berlin office. The Department's announcement Oct. 3
also said:
Governmental guarantees and special credits to distressed enterprises
In industry, commerce. banking and agriculture have played an important
and steadily growing part in the German economic policies during recent
years. it was stated.
While figures for every State government are not yet available, expenditures in this direction by Prussia, the largest State, are as follows:
Construction, 1,100 million marks: unemployment, 258 million marks;
agriculture, 108 million marks; trade and industry, 43 million marks and
miscellaneous, two million marks.
Credits granted by the Federal government are as follows;
House construction and land settlement, 246 million marks; agriculture.
237 million marks; unemployment, 145 million marks; transportation, construction of canals, 105 million marks;former occupied provinces, 77 million
marks; trade and industry. 45 million marks; shipping, nine million marks
and miscellaneous, 26 million marks.
The above grants include, among other items, guarantees of orders placed
by the Soviet Government in Germany amounting to 401 million marks;
other guarantees for promotion of foreign trade. 271 million marks; for
refinancing distressed farmers, 164 million marks; for the supply of fertilizers to farmers, 57 million marks; and for the construction of small
apartments, 138 million marks.
Among the 348 million marks guarantees granted to the banking institutions, the most important are those given to the Deutsche Giro-Zentrale,
the Norddeutsche Kreditbank (former Schroeder Bank in Bremen), and
the Acceptance Bank.
The 853 million marks in Treasury notes. which were put at the disposal
of big banks by the Reich last February in order to strengthen their capital
resources, are not included in the above figures, although the refunding of at
least part of these amounts may be open to question. Prussia has granted
similar guarantees to the amount of 1,170 million marks.
(The German mark is equal to about 25 cents, U. S.),
German Government Aids Realty Bank—to Pay
Guaranty Made to Depositors.
When, about a year ago, the so-called Realty Bank (Bank
fuer Handel und Grundbesitz) was publicly exposed as insolvent as a result of mismanagement, the German Government sprang into the breach and guaranteed creditors at
least 30% al their claims, according to a Berlin cablegram
(copyright), Oct 1 to the New York "Herald Tribune"
which went on to say:
It was declared to be necessary to the State that unrest or panic be
prevented from spreading as a result of the Realty Bank scandal.
After lengthy probing into the remaining assets of the Bank. it has
finally been declared certain that the Reich will be obliged to contribute
materially to make good its guaranty. Against the 60,000,000 marks
2416
Financial Chronicle
liabilities stand only 20 to 22% assets. The remainder—approximately
6,000.000—will have to be paid the creditors directly from the public
treasuries.
Premier Mussolini of Italy Strikes at German Imports—
Forbids Italian Banks to Allot Foreign Exchange
to Pay for Goods Shipped in—Retaliation for
Quotas.
The following Berlin cablegram, Oct. 3, is from the New
York "Times":
By forbidding Italian banks to allot any foreign exchange to Italian
Importers of German goods, Premier Mussolini has replied to the shift
of the German Government from tariffs to quotas in agrarian goods. When
the decision of Signor Mussolini was communicated to the Reichsbank
it was immediately realized here that this was an extremely serious development, the implications of which would extend beyond the realm of ItaloGerman trade.
Until Sept. 22 Germany and Italy had a foreign exchange clearing
agreement, which it was hoped here would be renewed on its expiration.
This hope has not been given up yet, but Premier Mussolini's move is
regarded as complicating the situation to a point where Germany might
consider reprisals that would seriously damage trading between the two
countries.
As Germany had a substantial export surplus in trade with Italy, it is
likely that any change in the present status will be at the expense of this
country.
Germany needs all the foreign exchange accruing from the export surplus for paying off her debts and continuing the regular debt service.
The present Italo-German conflict, therefore, has a significant international aspect, even if it does not induce other nations to imitate the
Italian Premier.
Signor Mussolini's order provides that Italian importers shall pay for
goods imported from Germany with mark accounts they are forced to
leave in Germany under the rules of the German exchange control system.
When these accounts are exhausted—which will soon occur—they will
receive only 25% of the price of the goods in foreign exchange, while for
the remaining 75% the German exporters must be satisfied with accepting
Italian lire.
Aside from the fact that the non-exportable lira accounts cannot be
used for the service payments on German debts to creditors of other
nationalities, many of the exporting firms will not be able to continue
exporting if they are not paid in cash. The result will be a further shrinkage of the German export surplus. The fact that the first half of 1932
brought for Germany an export surplus from Italy amounting to 34,000,000
marks gives an idea of the possible extent of this shrinkage.
The Government will immediately dispatch a special delegation to
Rome to settle the conflict, which is particularly regretted because Italy
for the present is Germany's best friend in the foreign field. If it Is true
that Premier Mussolini, as suspected here, wants to bring about a situation in which the German and Italian exports will balance each other,
so that the resulting financial obligations could be settled through a clearing
system, his move would represent an attempt to carry out for the first
time a system of quotas in its most extreme form. An all-around adoption
of this system by all nations would leave Germany with nothing to pay
her.foreign debts.
Approximately 40% of Foreign Debt Obligations of
Germany Held in United States According to
National Industrial Conference Board—Total Foreign Debt $4,912,000,000.
Oct. 8 1932
merclal enterprises, for $916,000.000; the Federal Government, for $146.000.000; and the municipalities, for $48.000,000. The remainder of longterm and short-term credits is accounted for by miscellaneous debtors.
Short-term debts owed to foreign banks amounted to $1,702.000,000.
Long-term debts owed to foreign banks were $301.000.000. In other words.
total ownership of German obligations by foreign banks was $2,003,000,000.
or about 40% of the total foreign indebtedness of Germany.
The distribution of long-term and short-term credits among the various
creditor countries is shown in the following table:
Short-Term
Credits.
Jolted States
getherlands
3wltzerland
;rest 13rItaln
.ranee
3weden
3elgium
- sechoslovakla
;
tab
,
Denmark
gorway
kll other
Total
Long-Term
Credits.
Total.
3769,000,000
396,000,000
383,000.000
306,000,000
113.000,000
33,000,000
28,000.000
37,000,000
17,000,000
12,000,000
3,000,000
319,000,000
$1,230.000.000
456.000,000
273.000.000
269,000,000
115,000,000
40,000,000
19,000.000
4,000,000
18,000,000
2,000,000
1,000,000
67,000,000
31,999,000,000
852,000,000
658,000.000
575,000,000
228,000,000
73,000,000
47.000,000
41,000,000
35,000.000
14,000,000
4,000,000
381,000,000
32 418 000 ono
12 464 nnn non
54 012 nnn 000
German Decree Cuts Farmers' Interest 17%—Represents 250 Million Mark Gift to Agriculturists
During Next Two Years.
A cablegram from Berlin Oct. 1 to the New York "Herald
Tribune" had the following to say:
The Reich's "Legislative Gazette" published to-day the
Government's
emergency decree for "interest reduction on agricultural
credits." This
represents a gift to debtor farmers of approximately
250.000,000 marks
during two years, a reduction of roughly 17% in the total
interest sums to
be paid by agriculturists during that period, according to
the Cabinet's
figures,
As announced in the Munich speech of Minister of Agriculture
l3raum at
the beginning of this week, interest rates on all agricultural
mortgages
now existing or contracted for will be reduced from Oct.
1 by 2%, in so
far as this does not result in less than 4%. Substantially
all outstanding
agricultural land mortgages are based on 6% or more interest,
so that a
full 4% will be withheld from payment during the two-year
period of the
decree.
Whether and in what proportion the sums so withheld must
be repaid
depends on the date of repayment of the mortgage principal. If
after April I
1940, the full 4% must be added to the principal; if in the
year preceding
that, only three-quarters, until in cases of repayment of the
mortgage before
April 1937, lost interest, need not be reimbursed at all.
Mortgages affected
are all automatically prolonged until April 1935.
Special handling is accorded the semi-public agricultural
credit institutions whose issues of mortgage debentures against
their holdings of
agricultural mortgages total 2,200,000 marks. These are to
continue paying
debenture holders the original interest rates so far as possible,
reduced income from mortgages. Those credit institutions despite the
whose financial state proves on inspection to be healthy are to be permitted
to convert
interest sums they will no longer receive into mortgages of
the same degree
as the original. Hitherto all these institutions have been
paying debenture
Interest promptly. However. it now appears in several cases
that they will
be able to manage this only with the aid of the Reich's
subventions.
Widespread nervousness and dissatisfaction are being
provoked against
the investing public by the Cabinet's apparently inexplicable
intention to
withdraw such support and at the same time not permitting
just these
weaker institutions from maintaining their Income at the
previous level.
Further protection for the highly protected German farmers
appears in the
form of a ban against foreclosure sales. The agricultural
credit market, already severely shaken through 13ruening's measures
favoring debtors
and penalizing creditors, will be further blasted through this
newest action,
According to the National Industrial Conference Board
approximately 40% of the total foreign debt obligations of
Germany is held in the United States, the remaining 60%
being distributed among all other countries. It is stated by
Germany's measures for the relief of agriculture
the Board that the latest official information from Germany
wore
indicates that the total foreign debt of that country at the end referred to in our issue of Oct. 1, page 2252.
of February 1932, amounted to 20,623 million Reichsmarks
or $4,912 million. This sum does not include direct invest- Karstadt A. G. Asks Aid of Bondholders—Holds Up
ments by Germany by foreigners in the form of stocks and
Distribution in United States of $193,000
from
bonds and landed property. If these investments are inSinking Fund, But Will Pay Interest—Plan
Is to
Buy Up Bonds—American Investors Consulted
cluded, the total foreign indebtedness of Gormany amounts
in
Plans to Reorganize German Department
to about $6,193 million. In a statement issued on Oct. 3
Store
the Conference Board reported the result of an analysis of the
Concern.
German foreign debt, with special reference to Germany's
In its Oct. 4 issue the New York "Times" published
the
ability to meet her obligations to foreign banks and other following from Berlin Oct. 3:
holders of her short- and long-term securities. The Board
The Rudolf Karstadt Aktiengesellschaft has requested
its American
agent, Dillon, Read & Co., not to distribute among its
says:
bondholders the
During the 12 months' period from March 1 1932. to Feb. 28 1933.
Germany will have to pay to foreign countries about $357.000.000 in interest
and amortization charges on short-term and long-term foreign debts.
Of this sum, the payment of interest on short-term debts, maturing before
March 1 1933, accounts for $412.000.000, while Interest payments on longterm debts amount to $150.000.000.
The analysis throws some light on the question as to whether Germ..ny will
be in a position to secure the necessary amount of foriegn exchange to meet
these payments. During the first seven months of 1932 Germany had a
surplus of commodity exports of $159.000.000, as compared with a surplus
of $285,000,000 in the corresponding period of 1931. If P is assumed that
the development of German foreign trade in the second half of 1932 will be
at least as favorable as in the fimt half of the year, Germany will have in
1932 a surplus of exports of about $286.000.000. This sum will be about
$71.000.000 less than the amount required to meet her foreign obligations.
Moreover, in 1931 Germany had a net income on account of services rendered to foreigners of about $36.000.000 and an income of about $60.000.000
from German investments abroad. Income from these sources will also
no doubt be appreciably reduced in 1932.
The Conference Board's analysis of the official information received
reveals that, at the end of February 19:12. Germany's long-term foreign
debt was 32.494.000.000.and the short-term foreign debt was $2.418.000.000.
(31 the total long-term debt. the Federal Government is responsbilo for
.
$598.000.000; the States and muncicipalities. for $212.000.000; the financial
institutions, for $356.000.000; private Industrial and commercial enterprises, for 31.177.000,000. Of the total short-term credits, the financial
Institutions are responsible for $1,241,000,000; private industrial and corn-
$193,000 of its American loan which was to be drawn Nov. 1
for
Instead the company will pay this amortization instalment redemption.
to its trustee
In New York. which is to keep it until the question of
reorganization of the
Karstadt concern is settled. The interest due Nov. I will be
paid.
The big German department store concern thereby carries
out Its Intention to demand the co-operation of its bondholders in
its financial reorganization, although the bonds are secured by first
mortgages. The
statement of the management throws some light on the nature
of the cooperation expected.
Hope is expressed that the bondholders may consent to
a revision of
those provisions of the loan statute relating to redemption
of the bonds
at par. This at present means at five times their market value.
The management wants to be authorized gradually to buy up bonds in
the market.
No secret is made of the fact that a drastic reduction
in the capital
stock, in addition to much good-will on the part of the
necessary if the concern is to be saved. A representative bondholders is
of the American
bondholders' committee is now in Berlin to work out the
status of the
concern.
The management pointed out that it had decided on its
latest move
upon the advice of its American legal representative.
In printing the above the "limes" said:
Conrad von liberg, who represents the Karstadt interests in New
York,
said yesterday that the sinking fund instalment referred to in
Berlin dispatches would not be paid to the fiscal agent. Dillon. Read
& Co., for
distribution on Nov. 1, but would be held in a new trust fund,
for which
a depository is to be selected, following approval of the
American bondholders of the German concern.
Volume 135
Financial Chronicle
The bondholders will be requested under a joint agreement to be drawn
up in the next few days to decide for themselves what disposition shall
be made of the funds. It Is understood that the arrangement is a temporary one, pending completion of plans for a reorganization of Rudolf
Karstadt A. G., which is expected within the near future.
American Certificates of Austrian Credit Anstalt Long
Inactive, Stricken from New York Stock Exchange
List.
The following is from the New York "World-Telegram"
of Oct. 7:
The New York Stock Exchange to-day announced the American shares
of the Austrian Credit Anstalt have been stricken from the list. Some
weeks ago the Exchange announced that the issue would be removed.
The issue, which has not been traded in so far this year. was listed on
Nov. 17 1927,the first to be admitted to the Exchange after the formulation
of the requirements for listing foreign shares through trustees' certificates
representing deposits of such shares.
The Austrian Credit Anstalt is now being reorganized after its collapse in
May 1931. to which has been attributed much of the responsibility for the
financial crisis in central Europe last year.
Greek Government Reported as Asking Six Months'
Respite From Repaying Loan In United States.
The following (Associated Press) from Athens, Greece,
Oct. 7, is from the New York "Evening Post."
2417
Edwin V. Morgan, the United States Ambassador, and other cliplo"
mats congratulated President Vargas to-day on the termination of hostilities.
Except for the Papal Nuncio, dean of the corps, he was the first to offer
his fellcitations.
The Japanese steamer Santos entered Santos to-day, the first since
the blockade was lifted.
New Chilean Cabinet—J. P. Canto Minister of Finance.
A national fusion cabinet in Chile was completed on
Oct. 4 by Javier Angel Figueroa as Minister of the Interior,
the ranking Ministerial post, to hold office until a new
President and Congress are elected on Oct. 30. According
to Associated Press advices from Santiago the completed
Cabinet is as follows:
Minister of Finance—Julio Perez Canto.
Minister of Foreign Affairs—Jorge Matte, Liberal.
Minister of Navy—Admiral Arturo Swett.
Minister of Army—General Carlos Saenz.
Minister of Labor—Francisco Landra, Democrat.
Minister of Justice—Absolon Valencia, Liberal.
Minister of Agriculture—Manuel Merino, Liberal.
Minister of Lands—Anatolio Gonzalez.
Minister of Education—Alberto Coddou, Radical.
Minister of Industry—Miguel Chamorro, Democrat.
Funds Available for Purchase of Argentine Government
Bonds Through Sinking Fund.
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, are notifying holders of Government
Interest Due on 73/2% Secured Sinking Fund Gold
of the Argentine Nation external sinking fund 6% gold bonds,
Bonds of Department of Cauca Valley (Colombia)
issue of Oct. 1 1925, due Oct. 1 1959, that $229,656 in cash is
Unpaid—New York Stock Exchange Rules Bonds
available for the purchase for the sinking fund of so many
Be Dealt in "Flat."
of these bonds as shall be tendered and accepted for purAshbel Green, Secretary of the New York Stock Exchange, chase at prices below par. Tenders of such
bonds, with
issued the following announcement on Oct. 1:
coupons due on and after April 1 1933, should be made at a
NEW YORK STOOK EXCHANGE
flat price, below par, either at the office of J. P. Morgan &
Committee on Securities
Co., 23 Wall Street, or the head office of the National City
Notice having been received that the interest due Oct. 1 1932 on DepartBank of New York, 55 Wall Street, before 3 p. m. Oct. 31
ment of Cauca Valley, Republic of Colombia, 20
-year 735% secured sinking fund gold bonds, due 1946. Is not being paid:
1932. If tenders so accepted are not sufficient to exhaust
The Committee on Securities rules that, beginning Saturday. Oct. 1
the available moneys, additional purchases upon tender,
1932, and until further notice, the said bonds shall be dealt in "flat" and
below par, may be made up to Dec. 30 1932.
to be a delivery must carry the Oct. 1 1932 and subsequent coupons.
The committee further rules that in settlement of all contracts in said
J. P. Morgan & Co. and the National City Bank of New
bonds made heretofore on which interest ordinarily would be computed
York, as fiscal agents, are also notifying holders of Argenuntil after Oct. 1 1932, interest shall be computed for six months only.
tine Government Loan 1926 external sinking fund 6% gold
ASHBEL GREEN, Secretary.
bonds, public works issue of Oct. 1 1926, due Oct. 1 1960,
Bonds of State Mortgage Bank of Jugoslavia Dealt in that $123,739 in cash is available for the purchase for the
sinking fund of so many of said bonds as shall be tendered
"Flat" on New York Stock Exchange.
The following announcement was issued by the New and accepted for purchase at prices below par. Tenders of
York Stock Exchange on Oct. 1 through its Secretary, such bonds, with coupons due on and after April 1 1933,
should be made at a flat price, below par, either at the
Ashbel Green.
office of J. P. Morgan & Co., 23 Wall Street, or the head
NEW YORK STOCK EXCHANGE
Committee on Securities
office of the National City Bank of New York, 55 Wall
Notice having been received that payment of $13.54 per $1,000 bond Is
Street, before 3 p. m., Oct. 31. If tenders so accepted are
being made on account of the interest due Oct. 1 1932 on State
Mortgage
not sufficient to exhaust the available moneys, additional
Bank of Jugoslavia secured 7% sinking fund gold bonds, due 1957:
The Committee on Securities rules that beginning Saturday. Oct. 11932,
purchases, upon tender, below par, may be made up to
and until further notice the said bonds shall be dealt in "flat" and to be a
Dec. 30 1932.
delivery must carry the
The Greek Government to-day requested New York bankers to grant a
further postponement of six months on the repayment of a loan of 17,500.000
granted for productive works.
Oct. 1 1932 coupon stamped as to payment of
$13.54 Per 31.000 bond and subsequent coupons. Such coupons must be
securely attached and bear the same serial number as the bond.
The committee further rules that in settlement of all contracts in said
bonds made heretofore on which interest ordinarily would be computed until
after Oct. 1 1932. Interest shall be computed for six months only.
ASHBEL GREEN, Secretor".
J. & W. Seligman & Co. announced on Sept. 29 that a
part payment of the interest due on the bonds would be
made on that day. A reference to this was made in our
Issue of Oct. 1, page 2254.
Brazil to Support Rebel Paper Money—Issue Will Be
Charged to Area That Revolted—Five-Day Business
Holiday Is Decreed.
Brazil on Oct. 5 set about cleaning up the political and
business debris of three months of civil war, said a wireless
message on that date from Rio de Janeiro to the New York
"Times" which also stated:
In Sao Paulo the government is taking steps to bring order out of
the
political and business chaos left by the collapse of the rebellion.
The
Federal commander, General Goes hlonteiro, has proposed a five-day
holiday to give banks and business men a breathing spell before they
are called upon to meet normal business requirements, and the government has authorized It.
The Sao Paulo rebels are understood to have issued 200,000 cantos
(the authorized canto was quoted at $72.50 yesterday) of paper money,
which, of course, no longer has any official backing. It is in circulation,
however, and the Federal Government intends to legitimatize It. issuing
bonds against the State of Sao Paulo for the amount, thus forcing the whole
section that was in rebellion to shoulder the responsibility for the challenge
to the Federal regime.
A committee of Paulistans visited General Goes Monteiro at his headquarters In Cruzeiro to-day and is understood to have requested the appointment of a non-political civilian as Provisional Governor until elections
can be held. The committee believes this step would accelerate reconstruction and the Government is considering It. Colonel Indio do Brasil
hes been appointed Military Governor of Santos.
Finance Minister Hueyo of Argentina Blocks Inflation
Scheme—Wins Victory at Final Session of Senate
—Grain Prices Lower.
According to a cablegram, Oct. 2, from Buenos Aires to
the New York "Times," Finance Minister Hueyo won a
decisive and perhaps final victory over the inflationists when
at the last meeting of the Senate at this year's ordinary
session he obtained postponement of the project to issue
300,000,000 pesos ($75,000,000) secured by national mortgage bank bonds. The cablegram also said:
The Senate passed a resolution, however, asking President
Justo to
Include the project in the agenda of the extraordinary session
which will
be called to consider the 1933 budget. If he does not accede to
the
request it cannot be considered until next year's ordinary session, by
which
time the Government hopes there will be a decided improvement
in the
country's economic situation.
Senor Huey., had earlier defeated a Congressional move for a
moratorium
on the public debt despite a widespread popular and newspaper
campaign
favoring it. He told the Senate that an essential to sound
money was its
convertibility into gold.
"Our peso has lost that sound condition," he said, "and the
Government
aspires to regain for it both foreign and domestic confidence
by a policy
of restricted spending and gradual funding of the
floating debt." It is
vigorously opposed to any measure tending to undermine
this confidence
such as the bill under consideration.
A determined fight to prevent both the moratorium and inflation
was
one of the outstanding factors in the recent recrudescence of
optimism in
banking and business circles. The exchange control
commission is continuing its more liberal policy toward remittances, issuing
permits in a volume
that has produced a decided lowering of bootleg
exchange rates, though
they still are 25 to 30 centavos per dollar above official
rate.
Grain prices, however, have failed to maintain the
recent improvement,
which was also an important factor in the
optimism. Wheat declined to
6.80 pesos per quintal of 220 pounds from 7.15 on Sept.
5, equivalent to a
decline from 50 cents to 47% cents a bushel. Corn
declined from the equivalent of 83 to 81 cents a bushel, and flaxseed
closed at 10.10 a quintal,
equivalent to 66 cents a bushel, compared to 10.70, equivalent
to 70 cents,
Financial Chronicle
2418
Oct. 8 1932
,4,
on Sept. 14. It was quoted as low as 9.85, equivalent to 641 cents, on
Wednesday, despite the fact that exportable stocks were reduced to
15,884,000 bushels, exhaustable in five or six weeks.
a statutory receiver will not affect the move to have an equity receiver
appointed.
"The statutory receiver," be states "cannot legally collect from stockholders under the double liability provision for the benefit of the creditors.
There can be two receivers, each exercising a different function."
Protect Peruvian Holders—Holders of
Peruvian Bonds.
The following is from the New York "Evening Post" of
Oct. 7:
Assets Chiefly Farm Liens.
The petition states that most of the securities held by the Land Bank are
farm mortgages, a large number of which are pledged for loans. Possession
is sought for the creditors of those securities which are so pledged and
upon which bonds issued by the Bank are based.
The Chicago Joint Stock Land Bank was originally chartered on July 25
1917, under the Federal Farm Loan Act. The present name was adopted
in 1922. It deals exclusively in farm mortgages.
Last year this Bank sustained a total deficit of $636,280. No dividends
have been paid since 1926. At the close of 1931 there were 2,155 stockholders.
The petition filed yesterday alleges that the Bank's bonds, representing
farm mortgages; have greatly depreciated in value because of declining
farm values. Many of the farms whose mortgages the institution holds
have been foreclosed upon and have otherwise depreciated in value, according to the petition.
Joint Stock Land Banks are privately organized institutions, chartered
under the Federal Farm Loan Act (July 17 1916]. Loans are limited to
purposes related to agricultural development and are subject to the approval
of the Federal Farm Loan Board.
Group
to
An independent committee has been organized to protect holders of
885,000,000 Peru bonds, it was revealed today. The Title Guarantee and
Trust Company of New York, Union Trust Company, Baltimore, and
Federal American National Bank and Trust Company, Washington, D. C.,
have been appointed depositaries to receive three issues of the Peruvian
Government.
The invitation to deposit their holdings has been extended to holders of
secured 7% sinking fund gold bonds, due September 1, 1959; Peruvian
National Loan 6s,first series, due September 1, 1960,and Peruvian National
Loan 6s, second series, due October 1, 1931.
A. 0. Stanley is chairman and H. Sumnich, Title Guaranty and Trust
Company,secretary of the committee. It was indicated teat the committee
has no connection with any financial or banking institution which was in
any way concerned with the original offering of the securities.
Loan Payment by Cuba—Instalment of $500,000 is
Sent to Chase and Other Banks.
The following from Havana Sept. 30 is from the New York
"Times":
The Cuban Treasury to-day completed payment of the third monthly
instalment of $500.000, together with interest, due on a $2.375.125 loan
from the Chase National and other American banks. The same amount
advanced to the government on June 30 to make up the deficit in meeting
foreign obligations due on that date, is to be repaid prior to Dec. 1.
In order to anticipate payment, the Treasury Department has adopted a
policy of diverting funds every few days for deposit in the Chase bank, to
be applied to the indebtedness.
New Issue of $9,100,000 Debentures of Federal Intermediate Credit Banks.
Formal offering of a new issue of $9,100,000 Federal
Intermediate Credit banks 23i% collateral trust debentures,
dated Oct. 15 1932 and due in one year, is announced this
week by Charles R. Dunn, Fiscal Agent. The debentures
-day loans, by member banks, at
are eligible collateral for 15
the Federal Reserve banks under an Act of Congress approved May 19 1932.
Receiver Named for Joint Stock Land Bank of Chicago
—Federal Farm Loan Board Acts With Failure of
Bank to Pay Oct. 1 Interest on Bonds—St. Louis
Creditor Files Suit.
The Joint Stock Land Bank of Chicago failed to meet
interest charges due Oct. 1, and John B. Gallagher, of Chicago, has been appointed Receiver, it was announced Oct. 1
by A. C. Williams, Acting Federal Farm Loan Commissioner.
The Commissioner's announcement, issued Oct. 1, as given in
the "United States Daily" of Oct. 4, follows:
The Farm Loan Board has received notice of the Sailure of the Chicago
Joint Stock Land Bank, located at Chicago, Ill., to pay interest due Oct 1
.1932 on its outstanding bond obligations, and has been advised by the
management of the Bank that the board of directors has determined to pay
no part of the interest then due on such obligations.
In the circumstances the Farm Loan Board, pursuant to authority contained in Section 29 of the Farm Loan Act, to-day appointed John B.
Gallagher, of Chicago, Ill., as receiver of the Bank, and instructed him to
take charge immediately of its affairs for the purpose of conserving its
assets and protecting the interests of all parties concerned.
The Chicago Joint Stock Land Bank was organized in 1917. According
to the statement of the Bank as of the close of business Sept. 30 1932, its
outstanding bonds aggregated $42,724,100. The condition of the Bank was
such that the directors found it necessary to suspend further operations,
and the conclusion was reached that a receivership was the only course open.
The Chicago Joint Stock Land Bank is not affiliated with any other
Land Bank or banking institution.
According to the Chicago "Tribune" of Oct. 2, simultaneous
with the announcement of the receivership by Commissioner
Williams, attorneys representing a St. Louis creditor of the
Bank filed suit In the United States District Court in
Chicago asking the appointment of a receiver In equity.
The "Tribune" said these two developments were not directly
connected, although both were the immediate results of the
Bank's inability to meet interest due yesterday on its outstanding bond obligations. . .
Excess Liabilities $18,000,000.
The petition in the District Court here was filed by Townley, Wild,
Campbell ds Clark on behalf of W. E. Brusselback, who holds $4,000 of the
bonds of the Land Bank. It names several members of the Federal Farm
Loan Board as defendants, including Secretary of the Treasury Odgen L.
Mills, who is Chairman ex-officio of the Farm Loan Board.
The petition states that the Land Bank's liabilities exceed its assets by
$18,000,000. Total liabilities, including $43,530,000 of bonds, are placed
at $45,000,000, and total assets at $27,000,000.
Describing the institution as "hopelessly and irretrievably insolvent,"
the petition asks the appointment of a receiver for the liquidation of the
assets and their distribution in trust to bondholders and other creditors.
Attorney J. Arthur Miller, of the law firm representing the petitioner,
says that the action taken by the Farm Loan Board yesterday 1n appointing
Borrowers from Federal Land.Banks Receive "Utmost
Consideration," Says Acting Secretary of Treasury
Ballantine—Replies to Representative Steagall.
Arthur A. Ballantine, Acting Secretary of the Treasury,
issued a statement on Oct. 2 saying the Federal Land Banks
have "dealt with delinquent borrowers, with the utmost consideration." The statement according to Associated Press
advices from Washington published in the New York
"Times" said:
The attention of the Treasury has been called to a statement issued Oct.
1 by the Democratic National Committee in which Representative Steagall,
of Alabama is quoted as saying that the Administration of the Federal
Land Bank law has been marked by wholesale foreclosures of hundreds of
thousands of families. The Secretary of the Treasury, as Chairman of the
Federal Farm Loan Board, is constantly advised as to the operations of the
Federal Land Banks. There has been no such policy of foreclosure. On the
contrary, the Federal Land Banks have dealt with delinquent borrowers with
the utmost consideration.
The $125,000,000 of additional capital provided for by the act passed at
the last session of Congress as a result of the recommendation of the President, was made available to the Federal Land Banks with all promptness
and has been utilized both to provide for extensions and for new loans.
Reports from the twelve banks show that as of Aug. 81 existing extensions to borrowers numbered 57,637. Foreclosures pending as of that date
totaled 4,728, which was but 8% of the total number of delinquent loans
including extended loans. Many of the farms now being foreclosed have
been abandoned, leaving the bank no choice but to acquire title.
A majority of the directors of each Federal land bank is named by the
borrowers, or representatives of the borrowers. Reflecting the attitude of
their directors, as well as of the Farm Loan Board, it has been the policy
of the banks to extend or defer action in the case of all delinquent bor.
rowers who desire to remain on their farms and have any chance of working
out their problems with the help of additional time.
Representation that additional capital for the Federal Land Banks was
provided for over the opposition of the President is contrary to the fact.
Additional capital for the Federal Land Banks was initiated as part of the
President's non-partisan program developed in October of last year and
urged by him upon Congress at the opening of the last session. In signing
the bill making this provision, the President stated that it was expected the
measure would "above all bring relief and hope to many borrowers from the
banks who have done their honest best but because of circumstances beyond
their control have been unable to make the grade."
Cotton Crop Loans Liberalized by Department of
Agriculture—Cotton to Be Accepted as Collateral
on Basis of 9 Cents a Pound.
The Department of Agriculture on Oct. 5 announced a
plan for extending crop-production loans in cotton States by
accepting the ataple as collateral on the basis of 9 cents a
pound on middling seven-eighths inch. In "certain areas,"
the department will allow 93 cents a pound on middling
seven-eighth-inch cotton. The announcement in behalf of
the Department of Agriculture was given out as follows by
Henry S. Clarke, Director of the 1932 Crop Production
Loans Office, according to the "United States Daily":
At the request of a large number of Senators and Congressmen, co
operative associations, and individuals in the cotton-growing States, the
Secretary of Agriculture has agreed to liberalize the terms of the crop production loans in these States for the relief of the distressed cotton farmers.
The plan will ease the burden of repayment of such loans and should result
in improving the cotton market.
The purpose of this plan is to encourage the storage of cotton, relieving
the pressure on the market and assisting the farmers to care for their families
during the coming Winter..
Cotton will be accepted as collateral for crop production loans of 1932 and
unpaid balances on loans made prior to 1932 on the basis of 9 cents Per
inch. Borrowers who wish to take advantage of the
pound middling
collateral plan will be required to deliver their cotton to the cotton co-operative associations or to Federal bonded warehouses.
When delivered to the latter, cotton must be insured and warehouse receipts will be required to be delivered to authorized field agents of the
Secretary or to the regional collection office on sufficient cotton to collateralize the loan at the price above mentioned rather than on the quantity
required at current market prices. In certain areas the basis will be 93
cents per pound on middling 34-inch cotton.
Differentials will be prepared to provide premiums for staple longer than
54 inch and grades better than middling and likewise discounts for short
staple and lower grades. All cotton deposited as collateral must be graded
by Federal licensed classers.
Volume 135
Financial Chronicle
All cotton so collateralized must be accompanied by an agreement signed
by the borrower whereby he reserves the right of selling such cotton at any
time prior to March 1 1933. and authorizes the Secretary to sell same in his
discretion at any time subsequent to that date.
Receipts Required.
Warehouse receipts will be required on sufficient cotton to cover the
amount of the loan together with storage and insurance charges and
any
advance which may be made for picking and ginning expenses. When the
cotton is finally sold the borrower will be credited with the proceeds of the
sale. In the event that the proceeds are not sufficient to pay the full
amount of the loan the balance will remain as an obligation of the borrower.
If the proceeds of sales are more than sufficient to pay the loan and interest,
the balance will be refunded.
The above plan will permit farmers to fully collateralize their loansfrom
the Secretary and at the same time permit them to dispose of the balance of
their crops for cash.
Outstanding Brokers' Loans on New York Stock
Exchange Increased $48,102,263 During September
-Second Consecutive Rise Brings Total Sept. 30
to $379,801,583-Highest Figure Reported Since
March 31.
For the second consecutive month, outstanding brokers'
loans on the New York Stock Exchange, again expanded,
the total on Sept. 30 being reported at $379,801,583. This
figure represents an increase of $48,102,263 over the Aug. 31
total of $331,699,320. The Sept. 30 figure is the highest
reported b3r the Exchange since March 31, this year, the
total on that date being $533,103,059. In the Sept. 30
statement, demand loans are shown as $269,793,583, compared with $263,516,020 on Aug. 31: while time loans on
Sept. 30 are reported as $110,008,000 against $68,183,300 on
Aug. 31. The Sept. 30 figures were made public as follows
on Oct. 4 by the Stock Exchange:
Total net loans by New York Stock Exchange members
on collateral,
contracted for and carried in New York as of the close of
business Sept. 30
1932. aggregated $379.801.583.
The detailed tabulation follows:
Demand Loans.
Time Loans.
(1) Net borrowings on collateral from New York
Banks or Trust Companies
$187,088,685
$104,883,500
(2) Net borrowings on collateral from Private
Bankers, Brokers, Foreign Bank Agencies or
others In the City of New York
82,706,898
5,124,500
$269,793,583
$110,008,000
Combined total of time and demand loans, $379,801,583.
The scope of the above compilation is exactly the same
as in the loan
report issued by the Exchange a month ago.
1931
Demand Loans.
Time Loans.
Total Loans
Jan. 30
59.311.400
452,706.592
512.017.942
Feb. 29
482,043,758
42.620.000
524.663.758
Mar.31
36.526.000
496.577.059
533.103.059
Apr. 30
341.003,662
38.013,000
379.015,662
May 31
53.459,250
246.937.972
300,397.222
June 30
189,343.845
54,230.450
243.574,295
July 80
51,845,300
189.754.643
241.599.943
Aug. 81
68.183,300
263.516.020
331.699.320
Sept.80
269,793,583
110,008,000
379,801,583
Market Value of Li.ted Shares on New York Stock
Exchange Oct. 1, $26,734,828,668, Compared with
$27,782,501,806, Sept. 1-Classification of Listed
Stocks.
As of Oct. 1 1932 there were 1,246 stock issues aggregating
1,310,966,486 shares listed on the New York Stock Exchange,
with a total market value of $26,734,828,668. This compares with 1,245 stock issues aggregating 1,311,960,145
shares listed on the Exchange Sept. 1 with a total market
value of $27,782,501,806 and with 1,252 stock issues aggregating 1,315,334,428 shares with a total market value of
$20,494,759,465 on Aug. 1. In making public the Oct. 1
figures on Oct. 6, the Exchange said:
As of Oct. 1 1932 New York Stock Exchange member borrowings on
security collateral amounted to $379,801.583. The ratio of security
loans to market values of all listed stocks on this date was therefore
1.42%•
As of Sept. 1 1932 New York Stock Exchange member
borrowings on security collateral amounted to $331,699,320.
The ratio of security loans to market values of all listed stocks
on that date was therefore 1.19%.
In the following table listed stocks are classified by leading
industrial groups, with the aggregate market value and average price for each:
October 1 1932.
The four richest States in the Union-New York, Pennsylvania,
Illinois
and Ohio-have not so much collective wealth as the $109,705,920,0
00 for
which a few groups of American trustees must render an accounting.
The
four largest industries in the country-agriculture, railroads,
oil and
electricity-whose combined estimated capital is $105,343,000,000,
furnish
another impressive means of comparing the magnitude of Trusteeship.
The
national wealth of the United Kingdom-placed at $90,225,000,000
--falls
almost $20,000,000,000 short of these trusteed funds.
The study indicates that the Trustees of just five of the most
widely
supported branches of philanthropy control the preservation or
expenditure
of more than 812,386,400,000, while those responsible for only three
major
classifications of funds held in trust in the commercial field have the
care
of an additional $97,819,520,000. When to these funds, totaling
$109,705,920,000, are added the indicated wealth of all the less generously
endowed
branches of philanthropy, and the admittedly enormous, though
unknown,
value of property trusteed with individual and corporate trustees,
it is
shown that during the twentieth century the institution of
trusteeship has
reached unparalleled proportions.
The gravity of the responsibilities attaching to trusteeship is
emphasized
by figures indicating that if the trustees of just the major
philanthropic
funds were to err in their financial judgment and management to the
extent
of only one-half of one per cent, of the total entrusted to them, the
resultant
loss of $61,932,000 would approximate the combined annual budgets
of
seven outstanding universities. The loss of such a sum, it is
estimated,
would be more than sufficient, theoretically, to close the universities
of
California, Illinois, Cornell, Pennsylvania, Princeton, Columbia
and Yale.
This estimate does not represent entirely imaginary conditions,
since
in comparative analyses of the investments of leading universities,
which
form a part of this study, many Institutions are shown to have
suffered
from much larger losses, and a few to have benefited by even greater
gains.
It is revealed by the analyses that the variations in the rates of income
for
Individual institutions are: for bonds, from 11.20% to 4.06%; for
preferred
stocks, from 10.40% to 4.44%, and for common stocks, from 14.13% to
only 0.78%.
For a composite fund, made up of more than three thousand investment
itiems having a recent market value of $536,606,090, the average
annual
current return from all bonds and stocks is 8.19%.
September 1 1932.
Market
Values.
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railroads and equipments
Steel. Iron and coke
Textiles
Gee and electric (operating)
Gas and electric (holding)
Communications (cable. tel. & radio).
Miscellaneous utilities
Aviation
Business and office equipments
Shipping services
Ship operating and buirdIng
Miscellaneous business
Leather and boots
Tobacco
Garments
U.8. companies operating abroad
Foreign companies (incl. Cuba & Can.)
All listed companies
Study of Trusteeship of American Endowments by
Wood, Struthers & Co.
-Monumental Wealth for
Which American Trustees Are Accountable.
Trusteeship is a colossal institution with few counterparts, according to Wood, Struthers & Co., of New York,
whose recent study on the "Trusteeship of American Endowments" reveals in striking fashion the monumental wealth
for which American trustees are accountable and the grave
responsibilities attached to the handling of entrusted funds.
With regard to the study the firm on Oct. 4 said:
2419
Aver.
Price.
Market
Values.
AVM
Price.
1,380,004,697
811,837,140
1,993,423.193
188,338,234
740.655,392
1,847,880.564
173,832.217
264,414,335
121,537.484
42,176,883
693,834,243
738,792,276
2,448.447,494
152,376,05
1,411,740,075
2,951,902.31
1.128,417,64
128,945,75
2,422.449.99
1,727.481,36
2,541,007,065
129.323,491
166.438.069
172,304,132
10,630,164
11,075,604
53,488,498
161.048,44.8
1,212.311.669
10,377,873
423,249,804
475,086,507
12.76
14.89
29.95
11.91
18.13
25.91
14.08
23.54
6.43
8.41
14.54
12.36
13.59
9.50
19.86
25.61
28.78
11.67
34.71
17.76
67.76
12.69
9.1
16.50
5.0
3.2
11.9
23.3
46.56
7.98
12.57
10.61
1,291,275,161
856.531.202
1,934.805.340
196,483,640
814.333.412
1.895.644,633
224,964.271
272,580.207
134.625.576
47,173.570
709,812.959
848,797,592
2.737.817.408
173.535.848
1.424.041,901
3,041,904,577
1,201.060,39
139,818,028
2.485.901,69
1,882,198,29
2,572.975,82
136,686.023
133.823.277
190.874,703
10.270,495
13,232.714
53,288.086
157,124,255
1.214,289.107
10,399,154
486.575.023
489,657,440
11.98
15.69
29.07
12.43
19.93
26.55
18.23
24.27
7.12
9.40
14.88
14.21
15.18
10.82
20.02
26.39
30.63
12.66
35.62
19.39
68.62
13.41
7.38
18.23
4.91
3.92
11.89
22.73
46.64
7.99
14.46
10.64
26.734.828.668 20.39 27,782,501.806 21.18
Trend of Insurance Stocks in New York City Market
in September.
Insurance stocks in the New York City market closely
followed the general trend during September, Boit, Rose &
Troster report. The firm's weighted average of 20 active
issues reached a month's high of 30.71 on Sept. 7, reacted
to month's low of 25.61 on Sept. 14, but rallied to close
Sept. 30 at 27.66. The range for the month follows:
Month's High Month's Low
Sept. 7.
Sept. 14.
Aetna Casualty
Aetna (Fire)
Aetna Life
Continental Casualty
Firemen's (Newark)
Globe & Rutgers
Great American Insurance
Halifax
lianover
HarmoniaHartford Fire
Home Insurance
National Casualty
National Fire
National Liberty
Prov. Washington
Phoenix
Travelers
U.8.Flee
Westchester
Weighted average
42
3219
2119
10
934
140
1534
1234
2519
11
4034
1734
534
40
5
2134
43
455
17
14
30.71
35
2414
18 M
9
8%
93
1013
11
24(
10
37
1434
534
35
4
19
39
380
16
11
25.61
Ckne
Sept. 30.
38
so
1734
9
8
118
14
1113
251(
11
383(
17
6
863.4
334
1734
42
395
is
143.4
27.66
C. Teagle Nominated as Class B Director of
Federal Reserve Bank of New York
Walter C. Teagle, President of the Standard Oil Co. of
New Jersey, was nominated as Class B Director of the
Federal Reserve Bank of New York, it was announced on
Oct. 6 by the New York State Bankers' Association. He
would succeed Theodore F. Whitmarsh, Chairman of Francis
H.Leggett & Co. whose term expires Dec. 31.
At the same time Edward K. Mills, President of the
Morristown Trust Co. of Morristown, N. J., was nominated
as Class A Director to succeed Thomas W. Stephens, PresiWalter
Financial Chronicle
2420
dent of the Bank of Montclair, N. J. In noting this, the
New York "Journal of Commerce" of Oct. 7 said:
The Federal Reserve Bank of New York yesterday notified the member
banks in the Second Reserve Bank District that the list of candidates and
ballots would be sent out on Oct. 31. The polls will open on Nov. 1 and
will close on Nov. 15.
The banks to vote will include those with capital and surplus between
$201.000 and $1.999,000 and the directors elected will represent them.
The Class A directors are direct representatives of the banks which are
members of the system. The Reserve Act defines Class B directors as
men engaged in commerce, agriculture or industry and they are named
to represent nonbanking elements.
Bank Stocks in New York Market Established New
High Record for 1932 Early in September.
After establishing a new high record for 1932 in early
September, Now York City bank stocks turned downward
up to the middle of the month. From then on, Hoit, Rose
& l'roster report, most of the leading issues recovered a
good proportion of their gains and on the average closed
10% above the month's lows. The Hort, Rose & Troster
weighted average of 17 bank stocks established a new 1932
high of 70.76 on Sept. 7. The average then eased off to
month's low of 58.38 on Sept. 14, but ral1i3d and closed
Sept. 30 at 64.28. Based on closing bid prices, the month's
range, as reported by the firm, follows:
New 1932 High Month's Low
Sept. 7.
Sept. 14.
Weighted average
743.4
205
161
48
2131
4034
6431
184
78
3131
1790
358
29
38
3631
100
3434
70.76
XX:g
VOCCOCOM00.0.01N-MMO.n0
COMM.MVOCNOONMNOM
ON
Bankers
Brooklyn Trust
Central Hanover
Chase
Continental
Chemical
City
Commercial
Corn Exchange
Empire
First
Guaranty
Irving
Manhattan
Manufacturers Trust
New York Trust
Public
58.38
Close
Sept. 30.
6714
200
148
42
1934
3934
54
176
7134
2834
1670
329
27
39
3334
100
3034
64.28
Sharp Improvement Noted in Volume of Business on
New York Cocoa Exchange During Fiscal Year
Ended Sept. 30, as Compared with Previous Year—
Trading Volume Almost Equal to World's Production of Cocoa.
Volume of business on the New York Cocoa Exchange for
the fiscal year ending Sept. 30 1932 showed a sharp improvement over the previous year, said Howard T. McKee,
President of the New York Cocoa Exchange, in delivering
the annual report of the Board of Managers to the members
at the annual meeting, held Oct. 4. Mr. McKee also said:
For the fiscal year ending Sept. 30 the volume of trading was 34,867
lots, or 464,537 tons, which amount is almost equal to the entire world's
production of cocoa for the same period. The year showed a 30% volume
Improvement over the preceding fiscal year, when the turnover was 26,350
Iota, or 853,090 tons.
The importance of the New York Cocoa Exchange among world markets
and its usefulness in the orderly marketing of the world's cocoa production was clearly indicated during the year under review. Despite adverse
economic happenings, each year the Cocoa Exchange becomes a more
Integral part in the marketing system of raw cocoa.
The total deliveries on the Exchange during the year were 979 contracts,
or 29,370,000 pounds, compared with 660 coutracts, or 19,800,000 pounds,
In the previous year.
The year produced a new low record in price when March cocoa sold in
February at 3.73c. a pound and July sold in July at the same price. The
highest price of the year was made in • November 1931, when the September
1932 delivery sold at 5.98c.
The year produced another record when 712 contracts, or 21,360,000
pounds, were sold on Aug. 29 1932, On April 29 1932 a total of 697 lots,
or 20.910.000 pounds, were sold. The previous high record for trading on
the Exchange for a single day was established on Feb. 21 1929, when 827
lots, or 18,810,000 pounds, changed hands.
The value of memberships showed a steady improvement throughout the
year, with prices ranging from $1,350 to $2,700.
Oct. 8 1932
Announcement of the amount of subscriptions and the basis of allotment will be made on or about Tuesday.
In September the Treasury offered $750.000,000 in notes, and within a
single day subscriptions amounted to six or seven times that amount.
Secretary Mills at that time allocated $834,401,500 of the notes and it was
expected that in the case of the present $450,000,000 issue the allocation
would be somewhat larger.
Officials said that the quick taking up of the offering was Indicative of
the demand for short-term Government securities. Particularly by banks.
However, banks always place subscriptions of several times their requirements, knowing that the allocations will be on a graduated basis.
The notes will be dated Oct. 15 1932 and will mature on
April 15 1937. They will not be subject to call prior to
the maturity date. The new issue is designed to meet
$333,492,500 of Treasury certificates of indebtedness and
about $155,000,000 in interest payments on the public
debt, which, Mr. Ballantine announces, become due and
payable on Oct. 15 1932.
Enlarging upon Mr. Ballantine's announcement, the
"United States Daily" of Oct. 6 said:
A 331% certificate issue amounting to $333,500,000. which matures on
Oct. 15, will be refinanced by the new note issue. With the additional
proceeds of $116,500.000 for the new issue and $38.500.000 from its $800.000,000 cash balance the Treasury will meet a $155,000.000 interest payment due on Oct. 15, according to the announcement.
The excess of the new issue above refinancing needs increases the public
debt to $20,752,700.000 from 320,636.200,000, according to additional
information made available at the Treasury.
The Treasury Department's September financing (referred
to in these columns Sept. 10, page 1754 and Sept. 17, page
1919) included an issue of 33.i% five-year Treasury notes
offered to the amount of $750,000,000 and $400,000,000
1M% Treasury certificates. From the Washington advices
Oct. 5 to the New York "Journal of Commerce" we quote
the following:
Notes outstanding as a result of the new financing will amount to $3,256.000.000 and outstanding certificates will be reduced to $1.903,000.000. The
Treasury issued $710.430,000 In notes in August and $834,401.000 in
September, having employed this type of security largely since the first
of the year.
For the period July 1-Oct. 15, total new Issues of Government securities
have totaled 33,303.000,000 and retirements $2,037.000.000. Including
the $450,000,000 offering the notes issued in this period will total $1,994.000,000.
Acting Secretary Ballantine's announcement of the offering
on Oct. 5 follows:
The Treasury is to-day offering for subscription at par and accrued
Interest, through the Federal Reserve banks. $450,000,000, or thereabouts.
3%. 434-year Treasury notes of series B-1937.
The notes will be dated Oct. 15 1932 and will bear interest from that date
at the rate of 3% per annum payable semi-annually. They will mature on
April 15 1937,and will not be subject to call for redemption prior to that date.
The principal and interest of the notes will be payable in United States
gold coin of the present standard of value.
The notes will be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by
the United States, any State. or any of the possessions of the United States.
or by any local taxing authority.
Applications will be received at the Federal Reserve banks. The Treasury
will accept In payment for the new notes, at par. Treasury certificates of
indeotedness of series TO-1932 maturing Oct. 15 1932, and subscriptions In
payment of which such Treasury certificates of indebtedness are tendered
will be given preferred allotment.
The notes will be issued In bearer form only, in denominations of $100,
$500. 111,000. $5.000. $10.000 and $100,000 with interest coupons attached
payable semi-annually on April 15 and Oct. 15 in each year.
About $333.492,500 of Treasury certificates of indebtedness and about
$155.000.009 in interest payments on the public debt become due and payable on Oct. 15 1932.
The Treasury Department's circular detailing the offering
follows:
UNITED STATES OF AMERICA
3% Treasury Notes Series B-1937
Dated and bearing interest from Oct. 15 1932. Due April 15 1937.
The Secretary of the Treasury offers for subscription. at Par and accrued
interest, through the Federal Reserve banks. $450,000,000. or thereabouts,
3% Treasury notes of Series B-1937, of an issue of gold notes of the United
States authorized by the Act of Congress approved Sept. 24 1917, as
amended.
Description of Notes.
New Issue of 3% Treasury Notes Offered to Amount of
$450,000,000 Oversubscribed—Books Closed.
The Treasury Department's Oct. 15 financing, announced
on Oct. 5 by Acting Secretary of the Treasury Ballantine,
consists of an issue of $450,000,000 or therabouts of 3%
Treasury notes (series B-1937). According to a Washington
dispatch, a heavy oversubscription to the Treasury note
offering was indicated when Acting Secretary Ballantine
closed the books at the end of Government business on
Oct. 6. The dispatch added:
The notes will be dated Oct. 15 1932, and will bear Interest from that
date at the rate of 3% per annum, payable semi-annually on April 15 and
Oct. 15 in each year. They will mature April 15 1937, and will not be
subject to call for redemption prior to maturity.
The principal and interest of the notes will be payable in United States
gold coin of the present standard of value.
Bearer notes with interest coupons attached will be Issued in denominations of $100, $500. $1,000. 35,000. $10.000 and $100,000. The notes will
not be issued in registered form.
The notes shall be exempt, both as to principal and interest, from all
taxation (except estate or Inheritance taxes) now or hereafter imposed by
the United States. any State. or any of the possessions of the United States,
or by any local taxing authority.
The notes will be accepted at par, during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary of the
Treasury, in payment of income and profits taxes payable at the maturity
of the notes.
The notes will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege.
F This marks the second time in a month that the requirements of the
Government for cash on note issues bad been obtained in a single day.
"Subscriptions placed in the mail before 12 o'clock midnight to-night.
as shown by the post office cancellation, will be considered as having
been entered before the close of the subscription books," Mr. Ballantine
said.
Applications will be received at the Federal Reserve banks.
Subscriptions for which payment is to be tendered in Treasury certificates of indebtedness of Series TO-1932, maturing Oct. 15 1932, will be
given preferred allotment.
Application and Allotment.
Financial Chronicle
Volume 135
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, and to allot less than the amount of notes applied
for and to close the subscriptions at any time without notice; the Secretary
of the Treasury also reserves the right to make allotment in full upon applications for smaller amounts, to make reduced allotments upon, or to reject.
applications for larger amounts, and to make classified allotments and
allotments upon a graduated scale; and his action in these respects shall be
final. Allotment notices will be sent out promptly upon allotment, and the
basis of the allotment will be publicly announced.
Payment.
Payment at par and accrued interest for notes allotted must be made on
or before Oct. 15 1932. or on later allotment. Any qualified depositary
will be permitted to make payment by credit for notes allotted to it for
Itself and its customers up to any amount for which it shall be qualified in
excess of existing deposits, when so notified by the Federal Reserve Bank of
Its district. Treasury certificates of indebtedness of Series TO-1932. maturing Oct. 15 1932, will be accepted at par in payment for any notes of the
series now offered which shall be subscribed for and allotted, with an
adjustment of the interest accrued, if any, on the notes of the series so
paid for.
General Provisions.
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions and to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts. After allotment and
upon payment Federal Reserve banks may issue interim receipts pending
delivery of the definitive notes.
A. A. BALLANTINE,
Acting Secretary of the Treasury.
Treasury Department.
Office of the Secretary,
Oct. 8 1932.
Department Circular No. 470
(Public Debt)
To the investor.—Almost any banking institution in the United States will
handle your subscription for you, or you may make subscription direct to
thelFederal Reserve Bank of your district. Your special attention is
Invited to the terms of subscription and allotment as stated above. If
yoviesire to purchase, at the market Price, notes of the above issue after
the,subscriptions close, or notes of any outstanding issue, you should apply
to your own bank, or, if it can not obtain them for you, to the Federal
Reserve Bank of your district, which will then endeavor to fill your order
in the market.
2421
President Hoover Offers 12-Point Program for Relief
of Farmer—Would Apply War Debts Payments
Toward Expansion of Foreign Markets for Farm
Products—Denies Tariff Caused Drain on Gold
Reserves.
At considerable length President Hoover spoke on Oct. 4
before a gathering in Des Moines, Iowa, undertaking to
recite the causes of the depres.ion, describing the "earthquakes affecting the financial systems of 40 Nations, and
the efforts in this country to keep to the gold standard.
Incidentally President Hoover referred to the allegation of
the Democratic nominee for President (Gov. Franklin D.
Roosevelt) that the drain on the gola reserves of the principal commercial countries,—President Hoover declaring
that "the facts are that the Tariff Act was not passed until
nearly one year after the depression began."
In alluding to the difficulties of agriculture, the President
defended the Republican tariffs, declaring that "the very
basis of safety to American agriculture is the protective
tariff on farm products." Among other things the President
took occasion to refer to the war debts, stating that "I do
not approve cancellation of these debts. I certainly do not
approve the proposal of our opponents to lower our tariffs
in order that by profits gained from a flood of goods into
the United States this debt should be transferred to our
workers by putting them out of employment and to our
farmers by forcing their produce to rot in their barns."
President Hoover went on to say:
In my acceptance address, I stated the exact reverse of this proposal.
I said: "If for some particular annual payment we are offered some other
tangible form of compensation, such as the expansion of markets for American agriculture and labor and the restoration and maintenance of our prosperity, then I am sure our citizens would consider such a proposal."
I am prepared to go farther. I am prepared to recommend that any annual payment on the foreign debt be used for the specific purpose of securing
an expansion of the foreign markets for American agricultural products.
There is justice in that, for the difficulties Inherited from the war are part
of your difficulties to-day. That is a proposal of more importance to the
farmer than any panacea.
Offering of $75,000,000 or Thereabouts of 92
-Day
The 12-point program enunciated by President Hoover
Treasury Bills.
On Oct. 3 Acting Secretary of the Treasury Ballantine in behalf of the farmer was summarized as follows in a Des
announced that tenders would be received up to 2 p. m. Moines dispatch Oct. 4 to the New York "Times":
1. Maintenance of high protective tariffs on farm products.
(Eastern standard time) yesterday (Friday, Oct. 7) to an
2. Repeal of the mice-stabilization provisions of the farm marketing act.
issue of $75,000,000 or thereabouts of 92
-day Treasury
3. Inauguration of a national program of land utilization "to divert land
bills. Tenders for the bills were received at the Federal from unprofitable to profitable use."
4. Completion of a vast inland waterway system, including the Great
Reserve banks or their branches. According to Washington Lakes-St. Lawrence seaway.
advices Oct. 3 to the New York "Times" the bills will be
5. Relief for recipients of drouth feed and seed loans who are unable to
the stress of the times.
used to retire an issue of $50,278,000 falling due on Oct. 11, pay under for a conference of experts to work out a co-ordinated system of
6. A call
with a consequent increase in the public debt, and for other Federal, State and local taxation whereby farm land might be relieved of
extra burdens for public revenue.
Governmental purposes."
7. Expansion of credits to make available ready short-term loans for
The new issue of Treasury bills will be dated Oct. 11 1932 planting, harvesting, feeding live stock and other "production necessities."
and will mature on Jan. 111933, and on the maturity date
8. Extension of loans, through the Reconstruction Finance Corporation.
. the face amount will be payable without interest. They to processors of agricultural products in order to relieve the farmer from
stocks.
will be issued in bearer form only, and in amounts or de- carrying over his owners from pressing long-term mortgage payments.
9. Relief of farm
10. Participation by this Government in such measures as would insure
nominations of $1,000, $10,000, $100,000, $500,000, and
the pro$1,000,000 (maturity value). The bills are sold on a dis- world stability and expansion of agricultural markets, such as a repremotion of good-will and disarmament, and the appointment of
count basis to the highest bidders. Mr. Ballantine's an- sentative of agriculture as a member of the forthcoming world economic
conference.
nouncement also said in part:
P 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
decimal places, e. g., 99.125.
the basis of 100, with not more than three
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of 10% of the face amount of Treasury bills applied for, unless the
tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on Oct. 7 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 submitting 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. 111932.
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 the United States or any of its possessions.
In its account from Washington Oct. 3 the "Times" said:
Maturities in certificates. notes and bills that must be retired by the
Treasury before Dec. 31 amount to 81,557,204,700.
Within a few days announcement will be made of the refinancing of
$333.492,500 in 3Si% certificates maturing on Oct. 15. The total bill
maturities for the month amount to 8209,518.000. An increase in the public
debt during the month was anticipated.
Other bill maturities are scattered through November and December.
On Dec. 15 an issue of 334% notes amounting to $600,446,200 falls due
and will be retired. For the rest of the fiscal year total maturities amount
to 83,009,027,750.
11. A recommendation that "any annual payment of the foreign debt
be used for the specific purpose of securing an expansion of the foreign
markets for American agricultural products."
12. Continuation of the efforts of the Government to reverse the processes of deflation and "bring things back to their real values."
Toward the end of his address President Hoover said:
The battle against depression is making progress. We are still faced
with forces which render 10 million men idle and agriculture prostrate.
We have forged new weapons, we have turned the tide from defense to
attack. I shall continue the fight. It calls for that co-operation, that
courage, that patience and fortitude with which our fathers conquered
these prairies.
In full his address follows:
I am glad, a son of the soil of this State, to come back to where I VOW
born and where I spent the first 10 years of my boyhood. My parents
and grandparents came to Iowa in the covered wagon—pioneers in this
community. They lie buried in your soil. They broke the prairie into
homes of independent living. They worshipped God, they did their
duty to their neighbors. They toiled to bring to their children greater
comfort, better education, and to open to them a wider Opportunity than
theirs.
It was my destiny in the solicitude for an orphaned family to be taken
by the old emigrant railway train westward to the Pacific Coast, and
ultimately to fix my home and hopes in California. My sons fly these
long journeys in a span of daylight.
These contrasts of a half a century are a vivid picture of the change
and progress of American life.
My experiences of later years have in no way diminished my memories
and my gratitude to my native State. It was here that the doors of opportunity were first opened to me. It was here that I was given the
tender care of mind and body, those first steps in education, that knowledge
of poverty and struggle for family betterment which contribute to understanding of American life.
And with it all, even in those days a boy had his first contact with the
wider life of our nation. Not that childhood grasps or understands these
questions, yet great forces then, as now,touched every farm in our country.
As a boy I walked alongside the torchlight procession in the Garfield
campaign; I was awed by the whispered anxiety when the President was
2422
Financial Chronicle
shot by an assassin, and by the genuine grief of every person in that village
when the flag was placed at half-mast on his passing.
I have been accorded the greatest honor which my country can bestow—
that is, to lead it among the nations of the world in the paths of peace
and to serve in the stern duty of the battle against the invisible forces
of a great world calamity.
It was in this community that I came in contact with my first economic
depression. I was born in the midst of the terrible times of the '708,
with their poverty and their difficulties. And only in that period has
our nation had to meet a situation in any degree comparable to that with
which we now contend. That was the economic storm which struck us
when the aftermath of the Civil War coincided with the wars in Europe.
But in those days agriculture and industry were lees dependent upon
each other, there was far less interdependence among the nations of the
world, and thus the violence of the storm in human suffering and loss
was infinitely less disastrous.
Not that I would suggest that at that age I knew what an economic
depression was or that I had ever heard the words, but I vividly recollect
a Christmas upon the farm when the sole resources of joy were popcorn
balls, sorghum and hickory nuts, when for a flock of disappointed children
there were no store toys, no store clothes, when it was carefully explained
that because of the hard times everything must be saved for the mortgage.
The word "mortgage" became for me a dreaded and haunting fear from
that day to this.
I know now from reading history that that Christmas was also a time
when the country was coming out of that great depression. The Democratic party was still coquetting with the great panacea of that time,
"greenbacks." I did not then know what greenbacks were, but I do
know that the family tightened its belt and, with confidence, voted for
James A. Garfield, a Republican President.
My purpose to-night is to deal with some of the problems of the day.
Seldom in our history have we gone through greater dangers or have the
difficulties before the nation been of such gravity. They attain this
gravity not only because of the unprecedented dislocation in our domestic
life, but because our problems are world-wide.
Aside from the value of truth, the causes and origins of this unparalleled
storm are of importance only as they indicate the policies we must pursue
for our safety. I say to you that a storm which embraces the whole world,
which ramified to every village in China, every sheep ranch in Patagonia,
every factory in Germany, every mine in Australia, every counting-house
in England, every farm in the State of Iowa, is the result of a terrific
eruption in civilization itself. Something infinitely deeper and of greater
portent has happened to the world than any reaction from our own reckless
speculation and exploitation. We are contending to-day with forces at
home and abroad which still threaten the safety of civilization.
I know It seems a far cry to the village home of America from the effect
of 40,000,000 people killed, starved and maimed in the great war, with
all its loss in skill and character. It seems a far cry from the increase
in debt of governments from 820,000,000,000 to $200,000,000,000, an
amount two-thirds the value of everything in the whole United States.
It seems a far cry from the effect of an increase in the peace armies of the
world in 20 years from 2,000,000 to 5,000,000 men with the hate and
suspicion they excite. It seems a far cry from the last 12 years of frantic
political and financial policies of foreign nations, with the ultimate collapse of governments, of revolutions and dictatorships.
You can test the part which the great war played in the difficulties
in your home and their relation to the gravity of the situation to-day
right at your own doors.
You will recollect that the values of your land doubled and trebled
under the transitory demands of the great war. You will recollect the
expansion of mortgages, the collapse in values immediately thereafter,
the doubling of taxation, the aftermaths of all which are still a part of
your problems. You know the stifling of your markets from the collapse
of other nations under the calamities they have inherited from the war.
We have fought an unending war against the effect of these calamities
upon our people. This is no time to recount the battles on a thousand
fronts. We have fought the good fight to protect our people in a thousand cities from hunger and cold.
Campaign to Protect Nation.
We have carried on an unceasing campaign to protect the nation from
that unhealing class bitterness which arises from strikes and lockouts
and industrial conflict. We have accomplished this through the willing
agreement of employer and labor which placed humanity before money
through the sacrifice of profits and dividends before wages.
We have defended millions from the tragic result of drouths.
We have mobilized a vast expansion of public construction to make
work for the unemployed.
We fought the battle to balance the budget.
We have defended the country from being forced off the gold standard,
with its crushing effect upon all who are in debt.
We have battled to provide a supply of credits to merchants and farmers
and industries.
We have fought to retard falling prices.
We have struggled to save homes and farms from foreclosure of mortgages, battled to save millions of depositors and borrowers from the ruin
caused by the failure of banks, fought to assure the safety of millions of
policy holders from failure of their insurance companies and fought to save
commerce and employment from the failure of railways.
We have fought to secure disarmament and maintain the peace of the
world,fought for stability of other countries whose failure would inevitably
injure us. And, above all, we have fought to preserve the safety, the
principles and ideals of American life. We have builded the foundations
of recovery.
All these battles, related and unrelated, have had a single strategy
and a single purpose. That was to protect your living, your comfort
and the safety of your fireside. They have been waged and have succeeded in protecting you from infinitely greater harm which would have
come to you.
Thousands of our people In their bitter distress and losses to-day are
saying that "things could not be worse." No person who has any remote
understanding of the forces which confronted this country during these
last 18 months ever utters that remark. Had it not been for the immediate
and unprecedented actions of our Government, things would be infinitely
worse to-day.
Instead of moving forward we would be degenerating for years to come,
even if we had not gone clear over the precipice, with the total destruction
of everything we hold dear.
Let no man tell you that it could not be worse. It could be so much
worse that these days now, distressing as they are, would look like veritable
prosperity.
In all these great efforts there has been the constant difficulty of translating the daily action into terms of public understanding. The forces
in motion have been so gigantic, so complex in their character, the instrumentalities and actions we must undertake to deal with them are so
Oct. 8 1932
Involved, the figures we must use are so astronomical as to seem
to have
but little relation to the family in the apartment, the cottage,
or on the
farm.
Many of these battles have had to be fought in silence, without
the
cheers of the limelight or the encouragement of public
support, because
the very disclosure of the forces opposed to us would have
undermined the
courage of the weak and induced panic in the timid, which would
have
destroyed the very basis of success.
Hideous misrepresentation and unjustified complaint had
to be accepted
in silence. It was as if a great battle in war should be
fought without
public knowledge of any incident except the stream of dead and
wounded
from the front. There has been much of tragedy,
but there has been but
little publlc evidence of the dangers and enormous
risks from which a
great National victory has been achlevel.
I have every confidence that the whole American
people know in their
hearts that there has been but one teat in my mind,
one supreme object
in the measures and policies we have forged
to win in this war against
depression—that test was the interest of the people in the
homes and at the
firesides of our country. I have had before me
but one vision; that is, the
vision of the millions of homes of the type which I
knew as a boy in this
State.
I wish to describe one of the battles we
have fought to save this nation
from a defeat that would have dragged
farmers and city dwellers alike
down to a common ruin. This battle was
fought parallel with other
battles on other fronts. Much of what I will
tell you has been hitherto
undisclosed. It had to be fought in silence, for
it will be evident to you
that had the whole of the forces in motion been
made public at the time
there would have been no hope of victory
because of the panic through
fear and destruction of confidence that the very
disclosure would have
brought.
Happily we have won this battle. There is no
longer any danger from
disclosure.
Our own speculative boom had weakened our own
economic structure,
but the critical assaults and dangers swept upon
us from foreign countries. We were therefore plunged into a battle
against invading forces
of destruction from abroad to preserve the financial
integrity of our Government; to counteract the terrific forces of deflation
aligned against us; to
protect the debtor class who were being strangled
by the contraction of
credit and the demands for payment of debt; to prevent
our being pushed
off the gold standard, which in our country would
have meant disaster
to every person who owed money; and finally to preserve
the savings of the
American people.
We were fighting to hold the Gibraltar of world stability,
because only
by holding this last fortress could we be saved from
a crashing world,
with a decade of misery and the very destruction of
our form of Government and our ideals of National life.
Shocks of Earthquake to Financial Systems of 40 Nations,
When 18 months ago the financial systems of Europe
were no longer
able to stand the strain of their war inheritances and of
their after-war
economic and political policies, an earthquake ran
through 40 nations—
financial panics; governments unable to meet their
obligations; banks
unable to pay their depositors; citizens, fearing inflation
of currency,
seeking to export their savings to foreign countries for
safety; citizens
of other nations demanding payment of their loans; financial
and monetary
systems either in collapse or remaining only in appearance.
The shocks
of this earthquake ran from Vienna to Berlin, from Berlin
to London,
from London to Asia and South America. From all those
countries they
came to this country, to every city and farm in the United
States.
First one and then another of these 40 nations either
abandoned payment in gold of their obligations to other countries, or restricted
payments
by their citizens to foreign countries, so as practically to
amount to at
least temporary or partial repudiation of public and private
debts. Every
one of them in a frantic endeavor to reduce the expenditures of
their
These events were not as children playing with blocks. They goods.
brought
revolutions, mutinies, riots, downfalls of governments, and a
seething
of despair which threatened civilization.
In order to prevent total collapse of the German people and its
inevitable
effect upon us. I brought about the German moratorium and
German standstill agreements by which Europe was given a so-called
breathing
spell in which to arrange and stabilize their affairs. But the
shocks grew
in violence and finally at the end of September a year ago the
difficulties
of Europe culminated with the suspension of gold payments by
the Bank
of England, followed by many other nations. With no stability
to
currencies trade again slackened because merchants could not foreign
calculate
the amount they might realize when they shipped their goods,
Denies Tariff Caused Drain on Gold Reserves of Principal Countries.
An amazing statement was made a few days ago in this State
that the
passage of the tariff act of 1930 "started such a drain on the gold
reserves
of the principal commercial countries as to force practically all
of them
off the gold standard." The facts are that the tariff act was
not passed
until nearly one year after the depression began.
The earthquake started in Europe; the gold of Europe was not
drained;
it has increased in total every year since the passage of the act and
is right
now $1,500,000,000 greater than when the act was passed, and the
tariff
is still on. It has been my daily task to analyze and know
the forces
which brought these calamities. I have had to look them in
the face.
They require far more penetration than such assertions as this
indicate.
The shocks which rocked these nations came from profound
depths;
their spread gave fearful blows to our own system, finally culminating
last
October in what, had they not been courageously met with
unprecedented
measures, would, because of our peculiar situation, have brought
us to
greater collapse than even other countries.
The first effect of these shocks on us was from foreign dumping of American securities on our markets which demoralized prices upon our
exchanges,
foreign buying power stagnated because of their internal paralysis
and this
In turn stifled the markets for our farm and factory products,
increased our
unemployment and by piling up our surpluses demoralized our
commodity
prices.
The frantic restrictive measures on exchanges and the
abandonment of
gold standards made it impossible for American citizens to collect
billions
of the moneys due to Us for goods which our citizens had sold
abroad, or
short-term loans they had made to facilitate commerce. At the same
time
citizens of those countries demanded payment from our citizens of
the
moneys due for goods they had sold to our merchants and for securities
they
had sold in our country.
Before the end foreign countries drained us of nearly a billion dollars of
gold and a vast amount of other exchange.
Then we had also to meet an attack upon our own flank by some
of our
own people, who, becoming infected with world fear and panic, withdrew
vast sums from our own banks and hoarded it from the use of our own
people,
to the amount of $1,500,000,000. This brought its own train of
failures
and bankruptcies. Even worse, many of our less patriotic citizens
started
to export their money to foreign countries for fear we should be forced onto
a paper money basis.
Volume 135
Financial Chronicle
All this cataclysm did not develop at once; it came blow by blow; its
effect upon us grew steadily, our difficulties mounted higher day by day.
This is no time to trace its effect stage by stage. No statement of mine
Is needed to portray the effects upon you. No statement of mine could
portray the full measure of perils which threatened us.
Fight to Protect Gold Standard.
Three of the great perils were invisible except to those who had the responsibility of dealing with the situation.
The first of these perils was the steady strangulation of credit through the
removal of $3,000,000.000 of gold and =Teeny by foreign drains and by
hoarding from the channels of our commerce and business. And let me
remind you that credit is the lifeblood of business, of prices, and of jobs.
Had the full consequences of th s action been allowed to run their full
extent, it would have resulted under our system of currency and banking,
in the deflation of credit anywhere from 20 to 25 billions, or the destruction
of nearly half the immediate working capital of the country. There would
have been almost a universal call for payment of debt which would have
brought about universal bankruptcy, because property could not be converted to cash, no matter what its value.
And there were other forces equally dangerous. The tax income of the
Federal Government is largely based upon profits and income. As these
profits and income disappeared, the Federal revenues fell by nearly oneha'f, and thus the very stability of the Federal Treasury was imperiled.
The Government was compelled to borrow enormous sums to pay current
expenses.
The third peril, which we escaped only by the most drastic action, was
that of being forced off the gold standard. I would like to make clear to
you what that would have meant had we failed in that sector of the battle.
Going off the gold standard in the United States would have been a most
crushing blow to most of those with savings and those who owned money.
and it was these we were fighting to protect.
Going off the gold standard is no academic matter. By going off the
gold standard, gold goes to a premium, and the currency dollar becomes depreciated. Largely as a result of fears generated by the experience after the Civil War and by the Democratic free silver campaign in
1896 our people have long insisted upon writing a large part of their longterm debtor documents as payable in gold.
A considerable part of farm mortgages, most of our industrial and all of
our Government, most of our State and municipal bonds, and most other
long-term obligations are written as payable in gold.
This is not the case in foreign countries. They have no such practice,
their obligations are written in currency. When they abandon the gold
standard,and gold goes to a premium,the relations of their domestic debtors
and creditors are unchanged, because both he who pays and he who receives
use the same medium. But if the United States had been forced off the gold
standard, you in this city would have sold your produce for depreciated
currency. You would be paid your bank deposits and your insurance
policy in currency. but you would have to pay a premium on such of your
debts as are written in gold. The Federal Government, many of the States,
the municipalities, to meet their obligations, would need to increase taxes
which are payable in currency, in order to pay the gold premium.Provided,
of course, they did not repudiate.
$1,000,000,000 Gold Hoarded by Our own Citizens.
I believe I can make clear why we were in danger of being forced off even
with our theoretically large stocks of gold. I have told you of the enormous
sums of gold and exchange drained from US by foreigners. You will reilize
also that our citizens who hoard Federal Reserve and some other forms of
currency are in effect hoarding gold, because under the law we must maintain 40% gold reserve behind such currency. Owing to the lack in the
Federal Reserve System of the kind of securities required by the law for the
additional 60% of coverage of the currency, the Reserve System was forced
to increase their gold reserve up to 75%. Thus with 81,500,000,000 of
hoarded currency, there was in effect over $1,000.000,000 of gold hoarded
by our own citizens.
These drains had at one moment reduced the amount of gold we could
spare for current payments to a point where the Secretary of the Treasury
informed me that unless we could put into effect a remedy, we could not
hold to the gold standard but two weeks longer because of inability to meet
the demands of foreigners and our own citizens for gold.
Being forced off the gold standard in the United States meant utter chaos.
Never was our nation in greater peril, not alone in banks and financial
systems, money and currency, but that forebode dangers, moral and social
chaos, with years of conflict and derangement.
In the midst of this hurricane the Republican administration kept a cool
head and rejected every counsel of weakness, of cowardice. Some of the
reactionary economists urged that we should allow the liquidation to take
its course until we had found bottom. Some people talked of vast issues of
paper money. Some talked of suspending payments of government issue.
Some talked of setting up a council of national defense. Some talked
foolishly of dictatorship, any of which would have produced panic itself.
Some assured me that no man could propose increased taxes in the United
States to balance the budget in the midst of a depression and survive an
election.
We determined that we should not enter the morass of using the printing
press for currency or bonds. All human experience has demonstrated that
that once taken cannot be stopped, and that the moral integrity of the
Government would be sacrificed, because ultimately both currency and bonds
would become valueless.
We determined that we would not follow the advice of the bitter-end
llquidationists and see the whole body of debtors of the United States
brought to bankruptcy and the savings of our people brought to destruction.
We determined we would stand up like men and render the credit of
the United States Government inpregnable through the drastic reduction
of Government expenditures and increased revenues until we balanced
our budget. We determined that if necessary we should lend the full
credit of the Government thus made impregnable to aid private institutions
to protect the debtor and the savings of our people.
Changes in Federal Reserve System to Make Gold Active.
We decided upon changes in the Federal Reserve System which would
make our gold active in commercial use and that we would keep the
American dollar ringing true in every city in America and in the world;
that we would expand credit to offset the contraction brought about by
hoarding and foreign withdrawals; that we would strengthen the Federal
Land banks and all other mortgage institutions; that we would lend to the
farmers for production; that we would protect the insurance companies,
the building and loan associations, the savings banks, the country banks
and every other point of weakness.
We determined to place the shield of the Federal Government in front
of the local communities in protection of those in distress and that we
would increase employment through profitable construction work with
the aid of Government credit.
2423
Aid of Bankers in Combining Resources of Banks.
On Oct. 3 last year I called to Washington the leading bankers of the
country and secured from them an agreement to combine the resources
of the banks to stem the tide. They pledged themselves to $500.000,000
for this purpose. On Oct. 6 I called in the leaders of both political parties.
I placed before them the situation at home and abroad. I asked unity
of National action. We published a united determination to the country.
The people drew a breath of relief, the ship swung to a more even keel.
But by the first of December the storm had grown in further intensity
abroad and the menace became more serious than ever before. With
the opening of Congress in December I laid before it a program of unprecedented dimensions to meet an unprecedented situation.
The battalions and regiments and armies thus mobilized for this great
battle turned the tide toward victory by July. The foreigners drew out
most of their money, but finding that the American dollar rang honest
on every counter, in new confidence they are sending it back. Since
June, $275,000.000 of gold has flowed back to us from abroad. Hoarders
in our own country, finding our institutions safeguarded, have returned
$250,000,000 to the useful channels of business. The securities held by
our insurance companies, our savings banks and our benevolent trusts
have recovered in value:
The rills of credit are expanding. The pressure on the debtor to sac.
rifice his all in order to pay is relaxing. Men are daily being re-employed.
If we calculate the values of this year's agricultural products compared
with the low points, the farmers as a whole are, despite the heartbreaking
distress which still exists, a billion dollars better off. Prices have a long
way to go before the farmer has an adequate return, but at least the turn
is toward recovery.
I have been talking of currency, of gold, of credit, of bonds, of banks,
of insurance policies, of loans. Do not think these things have no human
interpretation. The happiness of 120,000,000 people was at stake in
the measure to enable the Government to meet its debts and obligations,
in saving the gold standard, in enabling 5.500 banks, insurance companies, building and loan associations, and a multitude of other institutions to pay their obligations and ease pressure upon their debtors. These
institutions have been rendered safe and with them their 30.000.000 depositors, policy holders and borrowers. More than half of all of them were
in the mid-West, 500 in your own State of Iowa. Had they gone down.
the shock of their failure would have carried down with them every man.
and institution who owed money and the whole employment and marketing fabric of the United States.
I wish I were able to translate what these perils, had they not been
overcome, would have meant to each person in America. The financial
system is not alone intrusted with your saving. Its failure means that
the manufacturer cannot pay his worker, the worker his grocer, the merchant cannot buy his stock of goods, the farmer cannot sell his products.
The great clock of economic life would stop. Had we failed, disaster
would have translated itself into despair in every home, every city, village
and farm.
We won this greet battle to protect our people at home. We held the
Gibraltar of world stability. The world to-day has a chance. It is
growing in strength. Let that man who complains that things could
not be worse thank God for this victory and make reverent acknowledgment
of the courage and stamina of a great democracy.
Let's be thankful for the presence in Washington of a Republican Administration. I say this with full consideration of its portent, for I wish
to call your attention to the part which the dominating leadership of the
Democratic party has played in this great crisis. I wish to bring before
you the real doctrines and program of the men who then and now and in
the future will dominate that party.
You will recall that the Congressional election two years ago gave the
control of the lower house of Congress to our opponents. They were
also in a position to control the policies of the Senate. After that election
their leaders announced to the world that their party would present a
program to restore prosperity. One year later, when the new Congress
assembled last December in the midst of this crisis, they presented no
program.
The Administration did present a program which has saved the country
from complete disaster. That program was patriotically supported by
many members of the Democratic party, who joined in the enactment
of these measures. To these men who placed patriotism above party I
pay tribute, but later in the session the opposition majority of the HOW!
of Representatives could not restrain their real purposes and doctrines.
It is of importance that the country realize what that program was, for
the American people are asked to intrust the future of the United States
in the hands of these same men and to these policies.
At a time when the most vital need was for reduction in expenditures
and balancing of the budget to preserve the stability of the Federal Government as the keystone of all stability, they produced a program of porkbarrel legislation in the sum of $1,200,000,000 for non-productive and
unnecessary works at the expense of the taxpayer. They produced the
cash bonus bill. They passed that through the House of Representatives
by their leadership. I opposed it. It failed to pass the Senate. Under
that bill it was proposed to expend $2,300.000,000. Worse still, the bill
they passed provided the bonus should be paid through the creation of
sheer fiat money. That would have made our currency a football of every
speculator and every vicious element in the financial world at the very
time when we were fighting for the honesty of the American dollars.
I can do no better than to quote Daniel Webster. who, 100 years ago,
made one of the most prophetic statements ever made when he said:
"He who tampers with the currency robs labor of its bread. He panders,
indeed, to greedy capital, which is keensighted and may shift for itself,
but he beggars labor, which is unsuspecting and too busy witn the present
to calculate for the future. The prosperity of the work people lives, more
and has its being in established credit and steady medium of payment.'
The experiences of scores of governments in the world since that day
has confirmed Webster's statement, and yet the dominant leadership of
the Democratic party passed that measure to issue paper money through
the House of Representatives.
And, further, the administration proposed economy measures to bring
about reduction in specialized government expenditures by $300,000,000.
When those recommendations had passed through the filter of the Democratic majority in the House only $50.000,000 of savings were left, yet we
hear many speeches from them upon economy.
They passed a bill to destroy the effectiveness of the Tariff Commission.
I vetoed that bill. They passed a price-fixing bill creating what might be
colloquially called the "rubber dollar." I opposed this. It was held up in
the Senate.
They passed a provision for loans to corporations and everybody else.
whether they were effected and guarded by public interest or not. It
would have made the Government the most gigantic pawnbroker of history.
I vetoed this measure. They passed other measures with this same reckless
disregard for the safety of the nation.
All this undermined public confidence and delayed all the efforts of the
administration and the powerful instrumentalities which we had placed
•
2424
Financial Chronicle
in action to save the country. These measures representing the dominant
Democratic control brought discouragement and delay to recovery. That
recovery began the moment when it was certain that these destructive
measures of this Democratic
-controlled House were stopped. Had their
program passed, it would have been the end of recovery. If it ever Passes,
it will end hope of recovery.
These measures were not simply gestures for vote-catching. These ideas
and measures represented the true sentiments and doctrines of the majority
of the control of the Democratic party. A small minority of Democratic
members disapproved these measures, but these men obviously have no
voice to-day. This program was passed through the Democratic House
of Representatives under the leadership of the gentleman who has been
nominated the Democratic candidate for Vice-President and thus these
meaures and policies were approved by their party.
At no time in public discussion of the vital issues of this campaign has
any Democratic candidate, high or low, disavowed these destructive acts.
which must emerge again if they come to power. I ask you to compare
this actual Democratic program and these Democratic actions with the
constructive program produced by the administration to meet the emergency. Do you propose to place these men in power and subject this country
to that sort of measures and policies? It is by their acts in Congress and
their leadership that you shall know them.
Difficulties of Agriculture.
Of vital concern to you dre the difficulties of agriculture. They have
been of vital concern to me for the whole of these difficult years. I have
been at the post to which the first news of every disaster is delivered, to
which no detail of human suffering is spared. I have heard the cries of
distress, and not only as a sympathetic listener but as one oppressed by a
deep sense of responsibility to do all that human ingenuity could devise.
I wish to speak directly to those of my hearers who are farmers of what
Is on my mind, of what is in my heart, to tell you the conclusions I have
reached from this bitter experience of the years in dealing with these problems which affect agriculture at home and their relations to foreign countries.
That agriculture is prostrate needs no proof. You have saved and economized and worked to reduce costs, but with all this yours is a story of distress
and suffering.
What the farmer wants and needs is higher prices, and in the meantime
to keep from being disposessed from his farm, to have a fighting chance
to keep his home. The pressing question is how these two things are to
be attained. Every decent citizen wants to see the farmer receive higher
prices and wants to see him hold his home. Every citizen realizes that the
general recovery of the country can not be attained unless these things
are secured to the farmer.
Every thinking citizen knows that most of these low-price levels and most
of this distress, except in one or two commodities where there is an unwieldy surplus, is due to the decreased demand for farm products by our
millions of unemployed and by foreign countries. Every citizen knows
that part of this unemployment is due to the inability of the farmer to
buy the products of the factory. Every thinking citizen knows that the
farmer, the worker and the business man are in the same boat and must
all come to shore together.
Every citizen who stretches his vision across the United States realizes
that for the last three years we have been on this downward spiral due to
the destructive forces which I have already described. If he has this vision,
he to
-day takes courage and hope because he also knows that these destructive forces have been stopped; that the spiral is moving upward:
that more men are being employed and are able to consume more agricultural products.
Protective Tariff on Farm Products Basis of Safety to American Agriculture.
The policies of the Republican party and the unprecedented instrumentalities and measures which we have put in motion, many of which
are designed directly for agriculture—they are winning out. If we continue
to fight along these lines we shall win.
The very basis of safety to American agriculture is the protective tariff
on farm products.
The Republican party originated and proposes to maintain the protective
tariff on agricultural products. We will even widen that tariff further
where necessary to Protect agriculture. Ninety per cent of your market
Is at home, and I propose to reserve this market to the American farmer.
Has the Democratic party ever proposed or supported a protective
tariff on farm products? Has it ever given one single evidence of protection of the home market to the American farmer from the products
raised by peasant labor on cheap land abroad?
The Democratic party took the tariff off a large part of farm products
in 1913 and placed them on the free list. A Republican Congress passed
the emergency farm tariff in 1921 and a Democratic President vetoed it.
The Democratic minority in the next Congress in 1921 voted against the
revived emergency farm tariff. The Republican majority passed it and
the Republican President signed it.
The Democratic minority voted against the Increase of agricultural
tarifts in the Republican tariff of 1922. Most of the Democratic members
of Congress voted against the increases in the tariff bill of 1930. Their
platform enunciates the principle of "a competitive tariff for revenue."
The competition that means is peasant labor and cheap lands. Their
candidate states:"We sit on a high wall of a Hawley-Smoot tariff"; "sealed
by the highest tariffs in the history of the world";"a wicked and exorbitant
tariff"; "a ghastly jest"; "our policy declares for lowered tariffs." This is
a promise of reduction of farm tariffs. They will reduce agricultural
tariffs if they come into power. Since when have our opponents become
the friend's of the farmer?
When you return to your home you can compare prices with foreign
countries and count up this proposed destruction at your own firesides.
There are this minute 2,000,000 cattle in the Northern States of Mexico
seeking market. The price is about $2.50 per 100 pounds on the south
bank of the Rio Grande. It is $4.50 on the north bank—and only the
tariff wall between.
Bad as our prices are, if we take comparable prices of farm products
to-day in the United States and abroad, I am informed by the Department
of Agriculture that you will find that except for the guardianship of the
tariff, buttes could be imported for 25% below your prices, pork products
for 30% below your prices, lamb and beef products from 30 to 50% below
your prices, flaxseed for 35% below your prices, beans for 40% below
your prices, and wool 30% below your prices. Both corn and wheat could
be sold in New York from the Argentine at prices below yours at this
moment were it not for the tariff. I suppose these are ghastly jests.
Effect of Removal of Tariff on Farm Products.
The removal of or reduction of the tariff on farm products means a
flood of them into the United States from every direction, and either you
would be forced to still further reduce your prices or your products would
rot on your farms.
The opposition party has endeavored to persuade you that increased
tariffs abroad are reprisals against the United States. There are a half
dozen suppressions of truth in this statement of profound interest to the
farmer. The first is that many increases in tariffs abroad took place
Oct. 8
1932
before, not after, our farm tariffs, were increased. The second is that the
restrictions on imports in most cases are not directed at the United States.
They are for the purpose of reducing all expenditures of their people during
their financial crises. The third is that if we survey the growls of some
nations when our tariffs were changed we find their objections in overwhelming majority were directed at the increase in our agricultural tariffs.
American farmers are entitled to know this. The very object of our increases was to protect you in the home market.
The main thing these foreign countries want is entrance for their surplus
agricultural products into our markets. Many of these countries would
decrease their tariffs against our industrial goods to-morrow in exchange
for reduction on their farm products, but that is no help to our farmers.
The Democratic Party proposes that they would enter into bargaining
tariffs to secure special concessions from other countries. They represent
this to be in the farmers interest. But I may tell you here and now that
the largest part of the whole world desires to make only one bargain with
the United States. The bargain these countries wish to make is to lower
our tariff on agricultural products in exchange for lowering their tariffs
on our industrial goods. American industrial leaders, realizing the needs
of the American farmer, do not want to be a party to such bargains.
Tariff Commission.
All tariff acts contain injustices and inequities. That is the case with
the last tariff bill. Some people get too much and some too little. But
those of you who have followed the accomplishments of this Administration
will recollect that I secured in the last tariff act, 25 years after it had
originally been advocated by President Theodore Roosevelt, the adoption
of effective flexible tariff provisions to be administered by a bipartisan
body. That authority to a bipartisan tariff commission is based upon
a definite principle of protection to our people and it is one of the most
progressive acts which have been secured in the history of all legislation.
By maintaining that reform the country need no longer be faced with
heart
-breaking, log-rolling selfishness and greed which come to the surface
on every occasion when Congress revises the tariff.
This bipartisan Tariff Commission has now been engaged for over 18
months in an effective revision of the tariff. It has heard every complaint. It has found that many rates were just, some were too high, and
some too low. But if there are tariffs which are too high and result in
some damage to the United States, those tariffs can be readjusted by mere
application to the Commission. That tribunal is open to all the people.
Our opponents opposed this reform in tariff legislation. They passed
a bill last session to destroy the independence of the Commission, They
promise in their platform to destroy it. The reasons for this action are
obvious. The bipartisan Tariff Commission has proved a serious political
embarrassment to them. Either house of Congress has the right to call
upon the Tariff Commission for reconsideration of any schedule. Notwithstanding their outcries against the 1930 tariff act. the Democratic
controlled House of Representatives, after being in session for seven months,
did not pass a single resolution requesting readjustment of a single commodity or a single schedule.
What the Democratic Party proposes is to reduce your farm tariffs.
Aside from ruin to agriculture, such an undertaking in the
midst of this
depression will disturb every possibility of recovery.
Agricultural Marketing Act.
Four years ago organized Agriculture requested the passage of an Agricultural Marketing Act. I called a special session of Congress to pass
such an act and increase tariffs on farm products. A distinguished board
of men recommended by organized agriculture was appointed to administer
the act. Those portions of the Board's activities which directed themselves to the support and expansion of co-operative marketing organizations have proved of great benefit to the farmer. To-day over a million
farm families participate in the benefits which flow from it.
I wish to state frankly the difficulties that have arisen under some other
portions of the act. They arise mostly from the so-called stabilization
provisions, which never were and are not DOW the major purpose
of the
Farm Board. Even indirect purchase and sale of commodities is
absolutely
opposed to my theory of government.
When the panic struck agricultural prices the Board determined
that
unless the markets were supported hundreds of thousands of farmers would
be bankrupt by the sale of their products at less than the money they had
already borrowed upon them, that a thousand country banks would
likely'
be closed and that a general panic was possible.
As a result of these emergency purchases the prices of farm
commodities
were temporarily held and their fall cushioned. The farmers
secured
hundreds of millions of dollars of income which they would not
otherwise
have received.
Would Revise Marketing Act.
Experience has shown that the patent weakness of such
actions is the
damaging aftermath which accompanies disposal of these
products. I
am convinced that the act should be revised in the interest of the
farmer,
in the light of our three years of experience, and this proposal should
be
repealed.
For several years the United States Department of Agriculture
has
studied the complex social and economic problems which lie embedded
in
the general problem of land use. About a year ago these studies had
reached such a point that the Secretary of Agriculture felt
justified in
calling a conference of economists, farm leaders, and agricultural
college
authorities, to formulate practical means of action. The broad objective
of such a program is to promote the reorganization of agriculture so
as to
divert lands from unprofitable to profitable use, and to avoid the
cultivation of lands the chief return of which is the poverty and misery
of those
who live upon them. The Republican platform contains a plank
which
constitutes the first declaration upon this subject. I shall be happy
to
support a sound program.
Four years ago, in this State, I gave assurance to the farmers
that one of
the first policies of my administration would be the vigorous
prosecution and
completion of the inland waterway system and advancement of the Great
Lakes
-St. Lawrence seaway as a fundamental relief to agriculture
by cheaper
transportation. I am glad to report to.you that more than twice
the amount
of work has been done on the waterways in the last three years than
in any
similar period in the history of the United States. I am also glad to
report
that after 20 years of discussion, examinations and intermittent negotiation
a treaty has been signed with Canada which only awaits ratification
of the
United States Senate and the Dominion Parliament for us to undertake
that
great contribution to the strengthening of mid-West agriculture in reaching
out to world markets.
We have soffered from unprecedented drouths both in the North
and
South of you. Some other sections were unable to obtain credit for seed
and feed for live stock. Through various Government agencies loans
to the
amount of $120,000.000 have been made to 900,000 of our families to rehabilltate their production and ameliorate these conditions. Some of these
families are in difficulties in making immediate repayment because of
demoralized prices. I have seen to it that they are not unduly pressed.
Financial Chronicle
Volume 135
Re-adjustment of Land Taxes.
Last April I delivered an address to the conference of the Governors of
the various States..1 stated in effect that the most inflexible tax in our
country is the tax on land and on real property. It is the least adaptable to
the varying income of the taxpayers. I stated that in the present situation
the taxes upon farms and homes have become almost unbearable, that such
taxes are wholly out of proportion to other forms of taxes.
I stated then emphatically that there is no farm relef more needed to-day
than readjustment of land taxes.
The Federal Government collects no direct property taxes but at that
meeting I proposed that we should review the whole relations of our tax
system between Federal. State and local governments, and seek a basis of
taxation for each that would give opportunity for readjustments between
our different forms of government. Such readjustments should be found
which would enable the States to find other sources of tax revenue and would
more equitably distribute the burden over the whole people. I announced
last April that I would call tax experts of the nation together to determine
methods we should pursue. I shall do so as soon as the national election is
out of the way, and I shall then recommend methods to Congress.
Reconstruction Finance Corporation.
The very first necessity to prevent collapse and secure recovery in agriculture has been to keep open to the farmer the banking and other sources
from which to make short-term loans for planting, harvesting, feeding live
stock and other production necessities. That has been accomplished
indirectly in a large measure through the increased authority to the Federal
Reserve System and its expansion of credits, and indirectly through the
Reconstruction Corporation loans to your banks. It has been aided
directly through the Intermediate Credit Banks and through the 10 new
agricultural credit institutions which alone can command over $300,000,000
credit and which are now being erected in all parts of the country.
We are thus rapidly everywhere restoring normal short-term credits to
agriculture.
In another direction upon my recommendation the Reconstruction
Corporation has been authorized to make credit available to processors to
purchase and carry their usual stocks of agricultural products and thus
relieve a burden which was resting upon farm prices because the farmer
was forced to carry these stocks. But even more important than this, at
my recommendation the Reconstruction Corporation has been authorized
to make credits available for sales of farm products in new markets abroad.
-day and will, with increasing activity, extend immediate markets
This is to
In relief of farmers and the prices of products.
Mortgage Situation.
The mortgage situation—that is, long-term credits—is one of our most
difficult problems. On Oct. 6. a year ago, I secured and published an
undertaking from the leaders of both political parties that we should extend
aid to this situation. In December we appropriated $125,000.000 directly
to increase the capital of the Federal Land banks and we provided further
capital through authority that the Reconstruction Corporation should
purchase the bonds of those banks. The purpose was to enable the Federal
Land banks to expand their activities and to give humane and constructive
consideration to those indebted to them who were in difficulties. In the
large sense it has pursued this policy. A little over 1% of the farms held
under mortgage by the Federal Land Bank System to
-day are under foreclosure, and these mostly cases where men wished to give up.
The character of the organization of the Joint Stock Land banks whose
business methods are not controlled by the Federal Farm Loan Board has
resulted in disastrous and unjust pressure for payments in some of these
banks. The basis of that organization should be remedied. We have
sought to further aid the whole mortgage situation by loans from the Reconstruction Corporation to banks, mortgage companies and insurance companies to enable them to show consideration to their farmer borrowers. As
a result of these actions hundreds of thousands of foreclosures have been
prevented.
But despite the relief afforded by theme measures, the mortgage situation
has become more acute. There must be more effective relief. In it lies a
primary social problem.
I conceive that in this civilization of ours, and more particularly under our
distinctive American system, there is one primary necessity to its permanent
success. That is, we must build up men and women in their own homes.
on their own farms, where they may find their own security and express
their own individuality.
A nation on such foundations is a nation where the real satisfactions of
life and happiness thrive, and where real freedom of mind and aspiration
secure that individual progress in morals, in spirit and accomplishment,
the sum of which makes up the greatness of America. Some will say this is
a mere ideal. I am not ashamed of ideals. America was founded upon
them, but they must be the premise for practical action.
And for prompt and practical action I have, during the past month,
secured definite and positive steps in co-ordination of the policies not only
of the Federal agencies but the important private mortgage agencies as
well. These agencies have undertaken to give their hellt•
But further and more definitely than this I shall propose to Congress at
the next session that we further reorganize the Federal Land banks and give
to them the resources and liberty of action necessary to enable them definitely and positively to expand in the refinancing of the farm-mortgage
situation where it is necessary to give men who want to fight for it a chance
to hold their homes.
I cannot overemphasize the importance of the element of world stability
in the recovery and expansion of our agricultural markets. This involves
the promotion of good-will, of disarmament and of maintained peace.
It requires tho rebuilding of the credit structure within nations which
have been forced off the gold standard or compelled to restrict exchange.
Until that is done there is a definite blockade upon the movement of commodities and upon the market for your products. We have given aid
in these things. That we may get to grips with these questions in the
interest of our agriculture and our industry and in the interest of world
progress. I am participating in the organization of a world economic conference to be held late this year. Every intelligence the world can command will be concentrated on the rehabilitation of economic stability.
I shall send a representative of agriculture as a member of that world
economic conference.
Recommends Use of Annual Payment on Foreign Debt Be Used to Expand
Foreign Markets for Awicultural Products.
And in connection with agriculture. I may mention the question of
war debts. I do not approve cancellation of these debts. I certainly
do not approve the proposal of our opponents to lower our tariffs in order
that by profits gained from a flood of goods into the United States this
debt should be transferred to our workers by putting them out of employment and to our farmers by forcing their produce to rot in their barns.
In my acceptance address I stated the exact reverse of this proposal.
I said:
2425
If for some particular annual payment we are offered some other tangible
form of compensation, such as the expansion of markets for American
agriculture and labor and the restoration and maintenance of our prosperity, then I am sure our citizens would consider such a proposal.
I am pre ared to go further. I am prepared to recommend that any
annual payment on the foreign debt be used for the specific purpose of
securing an expansion of the foreign markets for American agricultural
products. There is justice in that, for the difficulties inherited from the
war are part of your difficulties to-day. That is a proposal of more importance to the farmer than any panacea.
In the advancement of agricultural prices from the depression the first
fortress to take and to hold was the increased tariff on farm products.
There will be an immediate decrease in prices if these tariffs are reduced
as our opponents propose. The next move in the battle for improved
prices was to stop the general deflation. By deflation I mean the lessening
of market values and prices for land, products of the land, manufacturers
and all securities. That battle has been won. The next attack on this
front is to reverse these processes of deflation and bring things back to
of the Federal agencies but the important private mortgage agencies as
their real values. That battle is in progress.
Efforts to Increase Employment.
The Government is giving aid by its vast constructive program for
agriculture, for commerce and for industry. Through the renewed flow
of credit for. industry and by direct measures of employment, by the great
co-operative movements which we have instituted in commerce and industry. for attacks all along the line, we are returning men to work. Every
new man re-employed is a greater purchaser of farm products. Wherever
we properly can, without entangling ourselves in political difficulties
abroad, we are joining for the rehabilitation of the world and thereby
the foreign markets for agricultural products. I come to you with no
economic patent medicine especially compounded for farmers. I refuse
to offer counterfeit currency or false hopes. I will not make any pledge
to you which I can not fulfill.
As I have stated before, in the shifting battle against depression, we
shall need to adopt new measures and new tactics as the battle moves on.
The essential thing is that we should build soundly and solidly for the
future. My solicitude and willingness to advance and protect the interests of agriculture is shown by the record. Protection and advancement
of this industry will have my continued deepest concern, for in it lies
the progress of all America. It was in this industry that I was born.
Battle Against Depression.
The battle against depression is making progress. We are still faced
with forces which render 10,000.000 men idle and agriculture prostrate
We have forged new weapons, we have turned the tide from defense to
attack. I shall continue the fight. It calls for that co-operation, that
courage, that patience and fortitude with which our fathers conquered
these prairies.
In conclusion, my friends, there are many other subjects of vast importance to our country. The farmers of America are not selfishly Interested in their own industry alone. They are Americans with the same
concern for the welfare of the nation in its multitude of other problems.
both at home and abroad. Time dces not permit of their exposition
to-night. The issues are grave, the stake is great.
These issues rise above the concern of an ordinary campaign. Our
cause is not alone the restoration of prosperity. It is to soundly and sanely
correct the weaknesses in our system which this depression has brought
to the surface. It is the maintenance of courageous integrity in political
action and in Government. It is the holding of this nation to the principles and ideals which it has had from the beginning. It is to make free
men and women.
Finally, let me deal for a moment with the ultimate realities. I have
had to describe the complicated processes of currencies and taxation and
other such dreary things. They are but the tools we use to manage the
processes by which we answer the old, old question, where withal shall
we live? They are necessary tools, but they are not an end in themselves. Our toils and cares are for a higher purpose.
We are not a nation of 120,000,000 of solitary individuals, we are a
nation of 25.000,000 families dwelling in 25.000.000 homes, each warmed
by the fires of affection and cherishing within it a mutual solicitude for
kinfolk and children. Their safety is what we are really striving for.
Their happiness is our true concern. Our most solemn hope for them is
that they may share richly in a spiritual life as well, that puts them not
only at peace with their fellows but also in harmony with the will of a
beneficent Providence.
Out of our strivings for material blessing must come safety for homes
and schools and churches and holding of rational ideals, the forming of
national character. These are the real aspirations of our people. These
are the promises of America, and those promises must be fulfilled.
Death of Darwin P. Kingsley of New York Life
Insurance Company.
Darwin P. Kingsley, Chairman of the Board of. the New
York Life Insurance Co., of which he had been President
for many years, died at his home in New York City on
Oct. 6. He was in his 76th year.
Governor Franklin D. Roosevelt, Democratic Nominee
for President, in Sioux City Address Discussed
Problems of Taxation and Tariff as Affecting
Farmer—Effect of Tariff on Gold Reserves and
International Debts.
A lengthy addras in which he dwelt upon the problems
of taxation and the tariff as affecting the farmer was delivered
at Sioux City, Iowa, on Sept. 29 by Governor Franklin D.
Roosevelt, of New York, Democratic nominee for Pre.ident.
Among other things, Governor Roosevelt stated that "the
first effect of the Grundy tariff was to increase or sustain
the cost of all that agriculture buys, but the harm to our
whole farm population did not stop there." "Under recent
world conditions," he added, "the Grundy tariff, by gradually impairing the export markets for our farm surplus, has
resulted in a tremendous decrease in the price of all the
farmer sells. The result of botn of these forces has practically
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Financial Chronicle
out in half the pre-war purchasing power of American agriculture."
Governor Roosevelt in his speech ascribed the drain on
the gold reserves of the principal countries to the Grundy
tariff. On this point he said:
If the debtor nations cannot export goods and services, they must try
to pay in gold. We started such a drain on the gold reserves of the principal
commercial countries as to force practically all of them off the gold standard.
What happened? The value of the money of each of these countries
relative to the value of the dollar declined alarmingly. It took more
Argentine pesos to buy an American plow. It took more English shillings
to buy an American bushel of wheat, or bale of cotton. . . .
Summing up. the Grundy tariff has largely extinguished the export
markets for our industrial and our farm surplus; it has prevented the
payment of public and private debts to us and the interest thereon; increasing taxation to meet the expense of our Government, and finally it
has driven our factories abroad. . . .
I think that you will agree with me that the difference in our day between
the two major parties on the subject of the tariff is that the Republican
Party, whatever may be its professions, would put the duties so high as to
make them practically prohibitive—the Democratic Party would put
them as low as the preservation of the prosperity of American industry
will permit.
In large part, Governor Roosevelt's addreis follows:
The farmer—and when I speak of the farmer I mean not only those
who live in the corn belt, but also those in the East or the Northwest
who are in the dairy business and those in the South who are raising cotton
and those on the plains who are raising cattle and sheep and those in the
many sections of the country who are raising fruits of all kinds—the farmer
in the broad sense has been attacked simultaneously from two sides.
On the one side, his expenses, chiefly in the form of increased taxes.
have been going up steadily during the past generation. On the other
side, he has been attacked by a constantly depreciating farm dollar during
the past 12 years.
Therefore, it seems to me to be nothing less than old-fashioned horse
sense to seek means to circumvent both of these attacks at the same time.
That means, first, to seek relief for him from the burden of his expense
account, and second, to try to restore the purchasing power of his dollar
by getting for him higher prices for the products of the soil.
These two great purposes are the basis of my farm policy. I have definitely connected both of them with the broadest aspects of a new national
economy, and I shall continue during the ensuing weeks to argue that
prosperity in its broadest sense—covering every part of the nation and
covering industry and business as well as farming—springs first of all from
the soil itself, and second, from our ability as a nation to restore our trade
with the other nations of the world.
First of all I want to discuss with you one of the angles of the mounting
expenses of agriculture in practically every community and in every State—
the problem of the taxes which we have to pay. . . .
It is In the field of the Federal Government that the office of President,
can, of course, make itself most directly and definitely felt. Over 30%
of your tax dollar goes to Washington. and in this field also immediate
reforms can be accomplished. There are, of course, items such as the
interest on the public debt which must be paid each year, and which can
be reduced only through a reduction in the debt itself, by the creation of a
surplus in the place of the present deficit in the National Treasury. • • •
High Tariffs.
In the course of his 1928 campaign the present Republican candidate
for President, with great boldness, laid down the proposition that high
tariffs interfere only slightly, if at all, with our export trade, that they
are necessary to the success of agriculture and afford essential farm relief.
that they do not interfere with the payments of debts to us and that they
are absolutely necessary to the economic formula which he proposed as
the road to the abolition of poverty.
I must pause here to observe that the experience of the last four years
has unhappily demonstrated the error of every single one of the propositions; that every one of them has been one of the effective causes of the
present depression, and, finally, that no substantial progress toward reoovery from the depression, either here or abroad, can be had without
forthright recognition of the errors.
I ask ,effective action to reverse the disastrous policies which were based
upon them. As I have elsewhere remarked, the 1928 Republican prosperity promise was based on the assertion that although our agriculture
was producing a surplus far in excess of our power to consume, and that,
due to the mass and automatic machine production to-day, our industrial
production has also passed far beyond the point of domestic consumption,
nevertheless we should press forward to increase industrial production as
the only means of maintaining prosperity and employment.
The candidate insisted that, although we could not consume these
things at home, there was an unlimited market for our rapidly increasing
surplus in export trade, and boldly asserted that on this theory we were
on the verge of the greatest commercial expansion in history.
In his Boston speech In 1928, the distinguished gentleman to whom
reference has been made said:
"To insure continuous employment and maintain our wages, we must
find a profitable market for our surplus. The great war brought into bold
relief the utter dependence of nations upon foreign trade—our total volume
of exports translates itself into employment for 2,400,000 families, while
Its increase in the last seven years has interpreted itself into livelihood for
500.000 additional families in the United States."
Confronted by the difficult question as to how foreign nations would
pay their debts to us and pay also for the increasing surplus he proposed
to sell to them, when by almost prohibitive tariffs he would interfere with
world commerce in goods, he ventured the astounding suggestion that
we should finance our exports by loans to "backward and crippled countries," and coupled with that the statement that high tariffs would not
interfere with the repayment of such loans.
Ostensibly for the purpose of enacting legislation for the relief of agriculture Congress was, pursuant to the insistence of Senator Borah, called
in special session. The disastrous fruit of that session was the notorious
-Hawley tariff. The net result was a
and indefensible Grundy-Smoot
barbed-wire entanglement against our economic contact with the world
at large.
As to the much-heralded purpose of that special session for the relief
a agriculture, the result was a ghastly jest. The principal cash crops
of our farms are produced much in excess of our domestic requirements.
We know, of course, that no tariff on a surplus crop, no matter how high
the wall, has the slightest effect to raise the domestic price of that crop.
The producers of all these crops are as effectively thrust outside the protection of our tariff walls as if there were no tariff at all.
But we still know that the tariff does protect the price of industrial
products and raises them above world prices, as the farmer with increasing
Oct. 8 1932
bitterness has come to realize that he sells on a free-trade basis, he buys in
a protected market. The higher industrial tariffs go the greater is the
farmer's burden.
The first effect of the Grundy tariff was to increase or sustain the cost
of all that agriculture buys, but the harm to our whole farm population
did not stop there.
Effect of Grundy Tariff on Farmer.
Under recent world conditions, the Grundy tariff, by gradually impairing the export markets for our farm surplus, has resulted in a tremendous decrease in the price of all the farmer sells. The result of both
of these forces has practically cut in half the pre-war purchasing power
of American agriculture. The things the farmer buys, as I pointed out in
my Topeka speech, now cost 9% above pre-war prices. The things that the
farmer sells are 43% below pre-war prices. The fact is that the farmer
Is hit both ways in consequence of the tariff. It increases the price of
what he buys and, by restricting his foreign market that controls the price
of his products, reduces his returns from what he sells.
The destructive effect of the Grundy tariff on export markets has not
been confined to agriculture. It has ruined our export trade in industrial
products as well. Industry, with its foreign trade cut off, naturally began
to look to the home market—a market supplied for the greater part by
farm families. But for reasons I have just explained when industry turned
its eye to the American market, it found that the Grundy tariff had reduced
the buying power of the farmer.
Deprived of any American market, the other industrial nations, in order
to support their own industries and take care of their own employment
problem, had to find new outlets. In this quest they took to trade agreements with other countries than ourselves and also to the preservation of
their own domestic markets against importations by trade restrictions of
all kinds. An almost frantic movement toward self-contained nationalism
began. The direct result was a series of retaliatory and defensive measures
in the shape of tariffs, embargoes, import quotas and international arrangements.
Almost immediately international commerce began to languish, and
especially the export markets for our industrial and agricultural surpluses began to disappear. The Grundy bill was passed in June, 1930.
In that month our exports were $294,000,000 and our imports $250,000,000.
In an almost uninterrupted decline this foreign trade has dropped away,
so that, two years later in June of this year, our exports were $115,000,000
and our imports $78,000,000. These facts speak for themselves.
In the year 1929, a year before the enactment of the Grundy tariff, we
exported 54.8% of all the cotton produced in the United States, more
than one-half. This means, Mr. Cotton Grower, that in 1929 every other
row of cotton you grew was sold abroad. And you, the grower of wheat,
you exported 17.9% of your wheat, but your great foreign market was
largely sacrificed; and so with the grower of rye, who was able to dispose
of 20.9% of his crop to foreign markets; the grower of leaf tobacco had a
stake of 41.2% of his income overseas. One-third of the lard production
in this country was exported in that year. This concerns the corn grower.
You know, if others do not, that corn is exported in the form of lard.
How were your interests taken care of? Oh, they gave you a tariff on
corn—chicken feed—literally and figuratively. These figures show how
vitally you are interested in the preservation of our export trade.
The ink on the Hawley-Smoot
-Grundy bill was not dry before foreign
nations commenced their program of retaliation. Brick for brick they
built their walls against us. They learned the lesson from us. "The
villiany you teach me I shall practice."
The administration had reason to know that this would happen. It
was warned. While the Hawley-Smoot bill was before Congress, our State
Department received 160 protests from 33 nations, many of whom after
the passage of the bill erected their own tariff walls to the detriment or
destruction of much of our export trade.
What is the result? In two years, from 1930 to May 1932, American
manufacturers have established in foreign countries, to escape the penalty
on the introduction of American made-goods, 258 factories: 48 in Europe,
12 in Latin America, 28 in the Far East, and 71 in Canada. Every week
of 1932 has seen four American factories moving to Canada.
Premier Bennett is reported to have said in a recent speech that a factory
is moving every day of the year from the United States into Canada, and
he assured those at the recent conferences at Ottawa that by the arrangements made there Great Britain and her colonies would take from Canada
3250,000,000 of trade which would otherwise go to the United States.
This, you see, put more men on the street here, who had been employed
in the factories that had moved to Canada.
Drain on Gold.
There was a secondary and perhaps even more disastrous effect of Grundy
Ism. Billions of dollars of debts are due to this country from abroad. If
the debtor nations cannot export goods and services, they must try to
pay in gold. We started such a drain on the gold reserves of the principal
commercial countries as to force practically all of them off the gold standared.
What happened? The value of the money of each of these countries
realtive to the value of the dollar declined alarmingly. It took more
Argentine pesos to buy an American plow. It took more English shillings
to buy an American bushel of wheat or bale of cotton.
They just could not buy our goods with their money. These goods
were thrown back upon our markets and prices fell still more.
Summing up, the Grundy tariff has largely extinguished the export
markets for our industrial and our farm supplies; it has prevented the
payment of public and private debts to us and the interest thereon, increasing taxation to meet the expense of our government, and, finally, it
has driven our factories abroad.
The process still continues. Indeed,it may be only in its inception. The
Grundy tariff still retains its grip In the throat of internatim al commerce.
There is no relief insight, and certainly there can be no relief if the author
of this disaster continue in power. Like the Bourbons, they have learned
nothing and they have forgotten nothing. They still cling to this deadly
fetich. I say to you, in all earnestness and sincerity, that unless and until
this process is reversed throughout the world, there is no hope for full economic recovery or for true prosperity in the United States.
The essential trouble is that the Republican leaders thought they had
a good patent on the doctrine of unscalable tariff walls and that no other
nation could use the idea. Well, either the patent has expired or it never
was any good anyway; or else all other nations have infringed and there is
no court of appeal. It was a stupid, blundering idea.
Do not expect our adroit Republicans to admit this. They do not.
On the contrary, they have adopted the boldest alibi in the history of
politics. Having brought this trouble on the world, they now seek to
avoid all responsibility for the mismanagement of the affairs of this nation
by blaming the foreign victims for their own economic blundering. They
say that all of our troubles come from abroad—that the administration is
not in the least to be held t2 answer. This excuse is a classic of impertinence.
If ever a condition was more clearly traceable to two specific American
made causes, it is the depression of this country and the world. Those two
causes are interrelated.
Volume 135
Financial Chronicle
The second one, in point of time, is the Grundy tariff. The first one is
the fact that by improvident loans to "backward and crippled countries,"
the policy of which was specifically recommended by the President, we
financed practically our entire export trade and the payment of interest
and principal to us by our debtors and even (in part) the payment of
German reparations.
When we began to diminish that financing in 1929,the economic structure
of the world began to totter. When, in 1930, we imposed the Grundy
tariff, the tottering structure tumbled.
What does the Deomocratic party propose to do in the premises?
The platform declares in favor of a competitive tariff which means one
which will put the American producers on a market equality with their
foreign competitors—one that equalizes the difference in the cost of production—not a prohibitory tariff back of which domestic producers may
combine to practice extortion of the American public.
I appreciate that the doctrine thus announced is not widely different
from that preached by Republican statesmen and politicians. I know
that the theory professed by them is that the tariff should equalize the
difference in the coat of production, which for all practical purposes does
not exceed labor cost, as between this country and competitive countries,
and I know that in practice the theory is utterly disregarded. The rates
are imposed far in excess of any such difference, looking to the total exclusion of imports—prohibitory rates.
Instances without number to show the difference between the pious professions of those who control the destinies of the Repiblican Party, and the
actual performances of that Party under their leadership, could be cited
from the debates on the Grundy tariff bill.
Of course, the excessive outrageously excessive rates in that bill as it
became law, must come down. But we should not lower them beyond the
point indicated. Such revision of the tariff will injure no legitimate interest.
Labor need have no apprehensions concerning such a course, for labor knows
by long and bitter experience that the highly protected industries pay not one
penny higher wages than the non-protected industries, such as the automobile industry.
But how is reduction to be accomplished? By an international negotiation as the first and most desirable method, in view of present world conditions—by consenting to reduce to some extent some of our duties in
order to secure a lowering of foreign walls that a larger measure of our
surplus may be admitted abroad.
It is worth remembering that President William McKinley in his Buffalo
special—the last public address he ever made—said "the period of exclusion is past. The expansion of our trade and commerce is the present
problem. Reciprocal treaties are in harmony with the spirit of the time;
measures of retaliation are not."
If expansion of our trade and commerce was, as McKinley declared in
1901.30 years ago, a prime necessity in the then state of our economic life,
how much more is it indispensable to our material and. I may add, to our
spiritual welfare in these distressing times.
I haven't the fear that possesses some timorous minds, that we should get
the worst of it in such reciprocal arrangements. I ask if you have no faith
In our Yankee tradition of good old-fashioned trading? Do you believe
that our early instincts for successful barter have degenerated or atrophied?
I do not think so.
Tariff Board.
I have confidence that the spirit of the stalwart traders still permeates
our people, and the red blood of the men who sailed our Yankee clippers
around the horn in the China trade still courses in our veins. I cannot
picture Uncle Sam as a supine, white-livered, flabby musceled old man
cooling his heels in the shade of our tariff walls.
We may not have the astutenes in some forms of international diplomacy
that our more experienced European friends have, but when it comes to
good old-fashioned barter and trade—whether it be goods or tariff—my
money is on the American. There cannot and shall not be any foreign
dictation of our tariff policies.
Next the Democrats propose to accomplish the necessary reduction
through the agency of the Tariff Commission.
I need not say to you that one of the most deplorable features of tariff
legislation is the log-rolling process by which it has been effected by Republican Congresses. Perfectly indefensible rates are introduced through
an understanding usually implied rather than expressed among members,
each of whom is interested in one or more such. It is a case of you scratch
my back and I will scratch yours. The evil must be recognized by even the
most ardent supporter the theory of protection.
To avoid this, as well as other evils in tariff making,a Democratic Congress
In 1916 and a Democratic President approved a bill creating the bi-partisan
Tariff Commission, charges with the duty of supplying the Congress with
accurate and full information upon which to base tariff rates. It functioned
as a scientific body until 1922, when by the incorporation of the so-called
flexible provisions of the act that year it was transformed into a political
body.
Under these provisions, re-enacted in the Grundy tariff pf 1930.the
Commission reports not to a Congress but to the President, who is empowered upon its recommendation to raise or lower the tariff rates by as
much as 50%. How perfectly ineffective this method of removing from the
tariff some of its inequities—a wag said its iniquities—I do not delay to
detail.
Favors Bill to Prevent Tariff Log-Rolling.
At the last session of Congress by the practically unanimous action of the
Democrats of both houses, aided by liberal-minded Republicans led by
Senator Norris of Nebraska,a bill was passed by the Congress but vetoed by
the President which, for the purpose of preventing log-rolling, provided
that a report having been made on a particular kern with a recommendation
as to the rate of duty it ought to bear, a bill to make effective such rate
would not be subject to amendment ao as to include any other item not
directly affected by the change proposed by the bill. In that way each particular tariff rate proposed would be judged upon its merits and upon its
merits alone.
I am confident in the belief that under such a system rates would be
adopted generally so reasonable that there would be very little opportunity
for criticism or even cavilling as to them. I am sure that it is not that any
duties are imposed that complaint is made, for despite the effort, repeated
in every campaign, to stigmatize the Democratic Party as a free trade party,
there never has been a tariff act passed since the Government came into
existence in which the duties were not levied with a view to giving the American producer an advantage over his foreign competitor. And I think that
you will agree with me that the difference in our day between the two major
parties on the subject of the tariff is that the Republican Party, whatever
may be its professions, would put duties so high as to make them practically prohibitive. The Democratic Party would put them as low as the
preservation of the prosperity of American industry will permit.
Another feature of the bill to which reference has been made, designed to
obviate tariff log-rolling, contemplated the appointment of a public counsel,
who should be heard on all applications for changes in rates before the Com;
mission on the one hand for increases sought by producers, often greedy, or
2427
for decreases asked by importers, equally often actuated by purely selfish
motives, or by others seeking such reductions. I hope some such change
may speedily be enacted. It will have my cordial approval.
One other factor enters into the dangerous emergency in which you
One other fator enters into the dangerous emergency in whieir_vourarmers
find yourselves at this moment. For more than a year I have spoken of the
actual calamity that impends on account of farm mortgages. Ever since
my nomination on July 1 I have advocated immediate attention and immediate action looking to the preservation of the American home to the
American farmer. I am not at the head of the National Administration
nor can I be until March 4 next.
To-day I read in the papers that for the first time the Administration of
President Hoover has discovered the fact that there is such a thing as a farm
mortgage. At least we can take a crumb of hope from this proposal for
another conference of some kind to discuss the situation. All I can tell tou
is that with you I deplore the inexcusable and reprehensible delay at Washington—not for months alone, but for years.
I have already been specific on this subject in my Topeka speech. All I
can promise you is that I will continue to preach the plight of the farmer
who is losing his home, and that when the authority of adminstration or
recommendation is placed in my hands I win do everything in my power to
bring the relief which is so long overdue. I shall not wait until the end of a
campaign or until I have spent four years in the White House.
I believe in taking care of a very sick patient, and that if the doctor does
nothing I recommend getting a new doctor—and I hope you agree with that.
too.
Governor Roosevelt in Speech at Milwaukee Urged
Development by Government of Water Power
Resources.
Regulation of public utilities by the people themselves,
through their Government, so that they charge rates that
will only bring a reasonable return on their actual investment, was advocated by Governor Franklin D. Roosevelt,
Democratic candidate for President, in an address at Milwaukee on Sept. 30. The Milwaukee "Sentinel," indicating
this, also said in part:
He departed from his prepared manuscript for five minutes to tell the
crowd that thronged Eagles' Hall, that "we recognize because Government
regulation is often unable to keep up with the various devices of public
utility companies, from time to time it is necessary for the Government
to have what I called up in Portland, Ore., a birchrod in the cupboard,
two birchrods in fact."
4
Wants City Plants.
He said one birchrod is the development by the Government of great
water power resources and the other is the "principle of public penal
which would allow any community, county, city or town, or village, or
district actually to engage in the supplying of electricity, if such community or district believes they are unable to obtain adequately low rates
or adequately good service from a private company."
The address follows in part:
All over this country I have been preaching the doctrine that the choice
this fall is one which involves a purpose and principle deeper than any Party.
It is one which I hope and believe is the fulfillment of the hopes that
many persons have held and I have said repeatedly, with most remarkable
response that the Republican who believes in liberal principles, faced by
the situation that now exists, cannot fail to see that he has nothing in
common with the blind recationary spirit that characterizes the present
Administration in Washington.
This refreshing freedom from the party lock-step is a Wisconsin habit.
I hope the habit continues.
The second principle you have established in Wisconsin, though many
a heart-breaking campaign, is the principle of an ordered and regulated
economic life.
Back in the days when your troubles first began, you found it necessary
to regulate railroads. There was resistance at first, but in the course
of time these corporate bodies found that their real interests lay in a wise
and ordered security under sound governmental control.
Since those days you have passed through many phases of this movement and you have learned more recently that the regulation of power,
to the end that the public may be properly treated and the investor be
assured reasonable return, is the only solution in this field, as it was in
the field of railroads many years ago. For what you have done in this
respect I congratulate you.
The battle is not over, there are many further things to be won, but
the viatories you have won in the past will serve you well and serve other
people well.
After all, my friends, a public utility differs from a purely private business, because the utility is essentially a monopoly and therefore must be
regulated by the people themselves through their Government, with two
broad purposes in mind:
First, that they be compelled to give good service, and, second, that
they be allowed to charge rates to the public that will bring to them only
a reasonable return on their actual investment.
We recognize, also, that because Government regulation is often unable
to keep up with the various devices of private utility companies that seek
to evade the broad public policy,from time to time it is necessary for Government to have what I called, up in Portland, Ore.. a "birch rod" in the cupboard—two birch rods in fact.
One of them is the development by Government of certain great waterpower resources, to be used as a yardstick for the benefit of the People:
and I have spoken out on the West Coast of four great natural resources
which oeiong to the people, one on the St. Lawrence River, another the
Muscle Shoals development, a third the Boulder Dam development and
the fourth on the Columbia River in the Northwest. which must never
be allowed to be developed by anybody but the Government itself.
The other "birch rod" is the principle of public policy which would
allow any community or county or city or any town or any village or any
district actually to engage in the supplying of electricity—that great handmaiden of the home, the farm and the factory—to supply them and industry if such community or district believes that they are unable to obtain
adequately low rates or adequately good service from the private company.
All llberal-minded people have watched with interest your fight in the
State of Wisconsin, aimed toward the carrying out of this principle. It IS
the same fight, my friends, that I have had in the State of New York.
Neither your effort nor mine has ended yet. During the Past fool'
years, I am frank in telling you, that I have succeeded in getting my
Republican controlled and highly conservative Legislative to pass only
about half of the public utility legislation that I have sought.
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Financial Chronicle
Oct. 8 1932
The Republican leaders in my State have consistently declined to afford
I don't believe there is any other spot in the world that has this extraany further measure of home rule to cities, towns, villages or districts.
ordinary combination of the new and the old pioneers. And it seems to
is no question in my mind that public opinion is going to compel
But there
me, my friends, that if we as a nation can retain the spirit of the pioneers
such action very soon.
we shall conquer even the wilderness of depression.
And like you in Wisconsin. I was confronted by a bitter fight against
Out of the many elements of a single city that has grown proud of itself,
the liberalization of the Public Service Commission of my State.
one of the greatest elements is the sense of achievement, and the process
accomplished this much—that in many cases throughWe have at least
by which these various elements are submerged into this community is
out the State rates have been made definitely and effectually lower by action
what we call Americanization, or, better yet, Americanism.
of the Public Service Commission as it has been constituted for the past
The development of this Americanism out of these many groups is a
year and a half.
matter of give and take, of fair and even exchange of ideas. It means that
They have been handicapped, as have many other forward-looking,
the American greets the newcomer, and says to him,"We will welcome the
liberal public bodies, by the present interpretation by the courts, the
enriching influence of your culture. We are not afraid of new ideas. We
Federal courts even, of the theory of rate base.
want you to give us the best you have of art, and science and industry, as
And I have made it fully clear, and I know that the great majority of
well as the brawn of your arms." And it means, on the other side, that
peopie in Wisconsin will agree with me, that the so-called reproduction
the new arrival gives to America loyalty in times of adversity, a sense of
theory is wholly unsound, and that we must substitute for this a rate base
patience with slow-moving changes, intelligent sympathy and fair-minded
which rests on the theory of prudent investments—in other words, a fair
co-operation in the process of self-government.
return on the actual money going into the public utility itself, and no more.
And when these two purposes meet we have a strong community. That
Closely related to this second point is a third—that government not
is the way Chicago is built, and if that had not taken place there would
only must protect the rights of the individual by maintaining an interest
be no city here, and in its place we would find a mass of divergent, conin economic life, but it must extend the hand of aid and comfort whenever
flicting and antagonistic groups.
human values are at stake.
And so Americanism, expressed in this sense, spells out a fine spirit
This must be done not indiscriminately, not merely sentimentally,
of give and take, of fairness and of justice. It spells out, if you will, a
but with the ordered exactness of an enlightened humanitarianism. This
sacred word, "toleration," a word that means much more than mere
you have done and done admirably.
aspirations, because it is the method of building true community life.
Another problem which has perplexed our National life, particularly in
Yes, your city has not only been built on a grand and magnificent scale.
the past few years, has been met in this. your City of Milwaukee.
It is meeting, like some other cities, a difficult problem of government;
I am told that with respect to the enforcement of the law as regards
and not only just other cities, but other States and the Federal Government
serious crimes and dangerous criminals this city has a splendid record.
in Washington itsel.
Its Police Department is admittedly in the forefront among American cities
I have often said that I am more interested in government than I am
as to efficiency and honesty.
in politics. The task of governing a city of this size is enormous. You
Your criminal courts and other agencies of law enforcement are beyond
have felt the financial strain, like everybody else. Your taxes have not
question admirable. You have learned well the lesson that we all need
yielded enough to supply the necessities of government.
to learn, that property and life must be made safe, and that no country
Critical situations have arisen in which all interested people, high and
should claim to be democratic, in a true sense, unless it has made certain
low,have had to join hands in bringing the structure of government through
of those primary human possessions. There is no rule of the racketeer
the crisis without precipitating a wreck.
in Milwaukee, and for this I congratulate you.
Your Mayor, my friends, backed by the enthusiastic and united democFinally, the State of Wisconsin for many years has recognized the fact
racy and most of the other citizens of Chicago, has been meeting this
that in order that human progress may be made, and that government
situation, as we in other parts of the nation realize, in the right spirit.
may become truly intelligent and useful, the best of science, the best of
With hard, practical experience he has been cutting expenkes, and, believe
intelligent achievement must be made practical, and be put at the disposal
me, it takes courage to do that.
of the People.
He has been giving an example to the country which It sorely needs
In the development of your educational system in this State you have
in these days. This country of ours, as I have often pointed out, is in
realized in a practical way what must have been the ideal toward which
the process of reducing itself to a common-sense basis of expenditure.
Jefferson moved in planning the educational system of Virginia. You have
Cities have been hit hard—their credit is a thing, of course, that does
maintained in your university the high principle of intellectual freedom—
not permit of deficits. They have had to cut and cut bravely, and one
you have insisted that intellectual freedom carries with it intellectual
of the things that I think is more worthy of note than anything else is the
responsibility,
fact that while Mayor Cermak has been compelled to reduce expenditures
The scientist. if he is to be helpful, must be protected. So government,
with an iron hand, he has at the same time been getting, as regards the
profited from your right attitude with
and the people generally, have
most important function of city government—preservation of law and
respect to this subject. You have demonstrated the great value of the
order—getting better results, and, indeed, you have done even more
principle that science must aid the making of law.
than that. You have been getting more and better law enforcement
The lasting benefit of the great fight which you have waged to estabfor less money, and that is an even greater achievement.
lish these principles in the fabric of our National political life will, I am
Law Enforcement.
sure, point the way to a final truth. It is a truth which, regardless of
temporary vistory or defeat, will endure throughout history.
Now, in speaking of law enforcement, my friends, here, as in other
No nation can endure cr maintain the happiness of its people unless
great cities, it is only fair to say that a primary need is not only to do as
there is a continuous movement forward, toward a better ordered and more
you have been doing—increase the efficiency of law enforcement and keep
just benefit of the advantages of civilization.
your costs down—what we must do is to make the job easier to perform.
To many this process seems hopeless because of the length of time which
And the way to do that Is to recognize frankly that the power of a State
must pass before any noticeable gain can be realized.
to maintain order—the power of a city to maintain order—to enforce
There always will be a selfish cry from a few:"Why should we do battle
law—depends not only on the power of law enforcement but upon the
for benefits which will not accrue to us. but merely to future generations?"
nature of the law itself.
If these people had their way we would have no changes except by
If a law is imposed upon law enforcement agencies that a vast proportion
violence; but in Milwaukee and in Wisconsin generally you have shown
of the people do not regard as a moral obligation the great orderly force
that sound changes can be made through education and a patient underof public opinion that must stand behind law enforcement is lost. And.
standing,finally expressed through the democratic principle of our Republic
on the contrary, this force runs counter to the process of law enforcement,
—the franchise of voting.
and it must meet not only the problem of restraining the offender—it
Woman suffrage, for instance, came about through the devotion of a
must restrain the offender in spite of the fact that the people in the comfew to its cause and the final approval of the principle by the great mass
munity do not think the offender is an offender at all.
of voters.
That, my friends, Is serious to our process of government, because
There are many changes which have come, and will come, for the benefit
whenever we have admitted this kind of regulation we have met with
-day, but I believe that I also speak the thought of
of those of us alive to
extreme difficulty. For example, we have found after a long and bitter
millions of men and women in this country when I say that we will not
trial that we cannot in a city like Chicago enforce prohibition.
be afraid to advocate and work for those benefits which we, perhaps, may
Now. I am not going to discuss this at length. I have touched on
happinot see to a conclusion in our lifetime, but which will mean a greater
It occasionally since the first day of July, and I notice that people are
ness and a higher standard of living, not only for our children, but for all
required to talk at length on it only when they have something to explain
those who follow.
away.
These principles of liberal thought I hold to be of inestimable human
The Democratic platform adopted here in Chicago leaves nothing to
importance. You have done much here in this State to give them human
be explained; it is direct. It is simple. It is forthright. It is a promise
application.
of relief and I am going to let the Republican leaders try to explain their
I respect you for having believed in them and worked toward them.
stand on prohibition.
They deserve universal application—universal respect.
I take it that they are having sufficient trouble doing that about a
I am at this moment in a campaign in which I believe high human values
great many things, but for myself, I stand on the Democratic platform.
are at stake. I am happy to come here, even for a short visit, to join
as I have said before, 100%. I mean the proposed modification of the
with you in a renewal of our common faith in these ideals.
Volstead Act.
•
Now, when the tariff is out of the way as a national issue, and I am
confident it will be so, those who are interested in public affairs can give
Governor Franklin D. Roosevelt in Address at Chicago redoubled effort to the larger and more fundamental, more far-reaching
of economic readjustment
Says Government Must Eliminate Special Privileges questions I had the time to-night toand relief. you
outline to
I wish
once more that porWhether in Tariff Subsidies, Credit, .&c.
tion oi the program that I have elaborated since my nomination. I have
spoken on a number of occasions of the major problems that confront our
At a banquet at the Hotel Stevens in Chicago on Oct. 1,
economic life in this country, of agriculture—and May I say here, that
Governor Franklin D. Roosevelt, of New York, Democratic you people in this city and in New York City and of the other great cities
nominee for President, made a special reference to the are coming more and more to realize that industrial prosperity is in very
upon the
distribution of wealth and declared that "Government of all large part dependentthroughout return of the purchasing power of those
the nation.
engaged in farming
kinds must systematically eliminate special advantages,
I have spoken of saving the railroads from receiverships; I have spoken
of the tariff in words I think that laymen like myself can understand;
eliminate special favors, eliminate special privileges wherever
talked
possible—whether they come, my friends, from tariff and I power. about power, and you people in this city know something
about
subsidies or credit—favoritism, or taxation, or anywhere
I have stated my position, my friends, in simple terms. These terms
have in fact been sufficiently clear, so that we have been receiving overelse." In part, we give the Governor's address herewith:
whelming response from people in every section of the country,from people
One hundred years ago this very spot was untouched country. The
in every walk of life, responses to my statements on these questions, and
city that has grown up since then is made up of many influences and elements
about the only people who say they don't understand are the Republican
like to think there has been a common purpose in that building, the
and I
leaders themselves; and when, perchance, they do understand, they say
purpose of the pioneer.
"it is good, very good, but it is taken from just what Prevident Hoover
Some of it came from the pioneer of the old American stock on the Atlantic
said."
aboard—restless, courageous people who pushed out this way when the
It is a strange thing, my friends, that this campaign comes down to a
up, but it is also made up in equal part of pioneeis of other races
West grew
point where the only answer that they have for a reasonably and carelooked to this West from their homes and, with courage that I envy
who
fully drawn up economic program for recovery can be answered only by
saying that it either cannot be understood or that it is taken from some
and respect, pushed across the ocean itself and into a new land, strange in
language, strange in habits, and there found a real home.
one else.
Volume 135
Financial Chronicle
Distribution of Wealth.
It sounds to me a little like this: The opposition this year has found
Itself confronted with an unscalable wall—not a tariff, but of solid fact.
as I have often made it clear in my economic policies and attitude toward
economic life, the lives of human beings.
I tried to set forth what I conceived to be a reordered relationship among
all the factors in the present economic scale. It is a general policy that
recognizes that no man, that no group of men or women, can be ignored, in
the restoration of economic life without leaving a danger spot that may
-destroy the entire prosperity, the entire order which we have created.
As I have said, we cannot endure half boom and half broke. That means
the careful and intelligent readjustment of many relationships, and it means
to a great degree a restoration of values.
What is true of the farmer that I have talked about is true of every other
member of the economic community. I pointed out a week ago in San Francisco that our task is to meet the problem of under-consumption, of adjusting production to consumption, of distributing wealth and products more
equitably.
And, my friends, that means that the products of our factories, the products of our farms, which essentially constitute our national wealth, must be
permitted to flow in such a way as to supply and profit every one.
And not merely a mere small, prosperous group. What we all need is
-customers, and we can have them only when purchasing power is more
.equitably distributed.
Theoretically—and some people hold that theory—we could distribute
Purchasing Power by confiscating everything within reach. And after
confiscating it we could divide it up equally between everybody—on
Saturday night. But you and I after all are common sense people and we
3rnow that wealth would not stay distributed that way if we tried it at all.
And so the way to distribute wealth—the way to distrbiute products more
equitably is after all to adjust our economic legislation so that no group is
unduly favored at the expense of any other group or section.
Where these laws of ours—where the laws of the Federal Government.
-where the laws and processes of State Government, and where the laws and
administration of city government assist or permit any group to exploit
ether groups, the exploited ones can no longer buy.
Government of all kinds must systematically eliminate special advantages
,
eliminate special favors, eliminate special privileges wherever possible—
whether they come, my friends, from tariff subsidies, or credit-favoritism.
or taxation, or anywhere else.
/n Sympathy With Chicago's Slogan. "I Will."
I like the slogan that you have adopted here in Chicago—the
slogan
^'I will." It expresses to me the hopefulness needed in times like these.
it expresses the idea that I have tried to put in the forefront of my own campaigning. It distinguishes it from what I believe to be the expression of
Republican leadership in the last four years: "I would have, but—"
And so. I don't cast in my lot with those who say "I would have, but—"
if cast it in with those who say "I will."
,Let me appropalate that slogan of yours for the period of the campaign
that is still to come. It expresses the determination that we shall
not Per
mit the depression to defeat us. Hopeful and united with a firm belief
that our program is strong enough for the emergency to come. Join me
inIthat watchword,"I will."
*In this undaunted spirit, my friends, you and I will carry on until
the
people are lifted out of the pit of despondency; until action is substituted
for dormancy; until social justice is subsituted for privilege; until prosperity is substituted for poverty; the principles of democracy will
rule again
in our land.
Governor Franklin D. Roosevelt, Democratic Nominee
for President on Problem of Unemployment—
Says Unemployment Insurance Is Coming—Quotes
Labor Views of Federal Council of Churches—
Also Cites Encyclical of Pope Pius XI and Statement by Rabbi Israel—Says Work Not Dole Is
Sought.
The question of unemployment was discussed by Gov.
Franklin D. Roosevelt, Governor of New York and Democratic nominee for President, in addressing a gathering
in Detroit on Oct. 2. "The problem in the long run, and I
in not talking about the emergency of this year," said Gov.
Roosevelt, "can be and shall be solved by the human race.'
,
"Some leaders" he noted,"have wisely declared for a system
of unemployment insurance throughout this broad land of
ours, and we are going to come to it." Gov. Roosevelt
declared that "justice after all, first is the goal we seek,
believing that when justice has been done individualism will
have a greater security to devote the best that individualism
itself can give. In other words, my friends, our long-range
objective is not a dole but a job." "All agree," he said
"that the first responsibility for the prevention of poverty
and the alleviation of distress and the care of its victims
rests upon the locality, the individuals, the organizations
and the Government." Gov. Roosevelt went on to say:
First of all, perhaps, upon the private agencies of philanthropy, must as
f as we can drag it out of them, and, secondly, the other social
ar
organizations, and, last but not least, the church. And yet all agree that to leave
to the locality the entire burden would result in placing the heaviest proportion of the burden in most cases upon those who are the least able
to
hoar it. . • •
And so the State steps in to equalize the burdens by providing for a large
portion of the care of the victims of poverty and by providing assistance
and
guidance for local communities, and above and beyond_that the
national
Government has a responsibility.
Gov. Roosevelt went on to say:
The ideal of social justice of which I have spoken. . . is now accepted
'by the moral leadership of all the great religious groups of the country.
Radical? Yes, and I will show you how radical it is. I am going to cite
,three examples of what the churches say, the radical churches of America—
Protestant, Catholic and Jewish.
We give the address of Gov. Roosevelt in full:
I want to talk to you about government. I am not going to refer to
'parties at all. I am going to refer to some of the fundamentals that ante-
2429
date parties and antedate republics and empires,
fundamentals that are
as old as mankind itself.
They are fundamentals that have been
expressed in philosophies. for
I 'ain't know how many thousands of years
in every part of the world.
And to-day in our boasted modern civilization
we are facing just exactly the same problem, just exactly the same
conflict between two schools
of philosophy that they faced in the earliest
days of America, and indeed
of the world.
One of them—one of these old philosophie
s—is the philosophy of those
who would "let things alone." And the other,
the philosophy that strives
for something new—something that the human
race has never attained
yet; but something which I believe the human
race ean attain, and will
attain—social justice, through social action.
Philosophy of "Letting Things Alone."
The philosophy of "letting things alone" has
resulted in the days of
the cave man and in the days of the automobile—has
resulted in the jungle
law of the survival of the so-called fittest. But
this philosophy of social
action results in the protection of humanity and the
fitting of as meal
human beings as possible into the scheme of surviving.
And in that first philosophy of "letting things
alone," I am sorry to
say that there are a lot of people in my community
back home—which
is a little village--and in the farming districts of the
nation and in the
great cities of the country, such as yours—we can fit
in a great many
splendid people—splendid people who keep saying not
only to themselves
and their friends but to the community as a whole.
"Why shouldn't we
'let things alone?' In the first place they are not as bad as
they are painted,
and in the second place, they will cure themselves.
Time is a great healer."
An easy philosophy! The kind of philosophy, my
friends, that was expressed the other day by a Cabinet officer of the United
States of America,
when he is reported to have said, "Our children
are apt to profit rather
than suffer from what is going on."
While he was saying that, another branch of your government
and mine,
the United States Public Health Service, which believes
in my kind of
philosophy, I think—telling the truth—said this:
"Over six million of
our public school children haven't enough to eat. Many
of them are
fainting at their desks. They are a prey to disease. Their
future health
is menaced."
What school do you believe in?
And in the same way there are two theories of prosperity
and of wellbeing; first, the theory that if we make the rich richer somehow
they will
let a part of their prosperity trickle through to the rest of us.
And the second theory—and I suppose this goes back to the days
of
Noah; I won't say Adam and Eve, because they had a less
complicated
situation, but at least to the days of the Flood—there was that
second
theory that if we make the average of mankind comfortable and
secure
their prosperity it will rise upward just as yeast rises up through tb 3 ranks.
Seeking to Reduce Causes of Poverty.
Now, my friends, the philosophy of social justice that I am going to
talk about this Sabbath day, the philosophy of social justice through
social action, calls definitely, plainly for the reduction of poverty.
And
what do we mean when we talk about the reduction of poverty?
We
mean the reduction of the causes of poverty. And when we have
an
epidemic of disease in this land in these modern days, what do
we do?
We turn to find out in the first instance the sources from which the
disease
has come, and when we have found those sources, those causes,
we turn
the energy of our attack upon them.
We have got beyond the point in modern civilization of merely
trying
to fight an epidemic of disease by taking care of the victims after
they
are stricken. We do that, but we do more. We seek to prevent
it, and
the attack on poverty is not very unlike the attack on disease.
We are
seeking the causes and when we have found them, we turn our
attack upon
them. What are the causes? What are the causes that destroy
human
beings, driving millions of them to destruction? Well, there
are a good
many of them, and there are a good many of us who are alive to-day
who
have seen tremendous steps taken toward the eradication of those
causes.
For instance, ill health: You and I know what has been accomplishe
d
by community effort, State effort, the effort and the association
of Individual men and women toward the bettering of the health of humanity.
We have spent vast sums upon research. We have established
a wholly
new science, the science of public health, and we are carrying what
we
call to-day "instruction in health" into the most remote corners of
our
cities and our country districts.
Well, the result is what? It is twofold: First, an economic
saving.
It has been money which has been returned to the community a
thousand
times over because you and I know that a sick person—a man,
woman
or child who has to be taken care of—not only takes the individual
who
Is sick out of active participation and useful citizenship, but takes
somebody else too, and so, from the purely dollars-and-cents point
of view
that we Americans are so fond of thinking about, public health
has paid
for itself.
And what have we done along other lines for the prevention of
some of the
causes of povertyWorkmen's Compensation Act.
I go back 22 years to a day when in my State ofNew York we
had tried
to pass in the Legislature what we called a Workmen's
Compensation
Act, knowing as we did that there were thousands of men and
women
who every year were seriously injured in industrial accidents
of one kind
or another, who became a burden on their community, who were
unable
to work, unable to get adequate medical care—and a lot of us youngsters
In the Legislature in those days were called radicals. We
were called
Socialists—they didn't know the word Bolshevik in those
days, but if they
had known that we would have been called that, too.
And we put through a Workmen's Compensation Act, and
the courts,
as some courts did and as some courts do, thinking in terms
of the seventeenth century, declared it to be unconstitutional, so we had
to go about
amending the Constitution, and the following year we got
a Workmen's
Compensation Act.
What has it done? We were not the first State to have
it. One of
the earliest States, by the way, was New Jersey, which,
the year before
the action in the State of New York, passed a Workmen's
Compensation Act at the bidding of that great humanitarian
Governor Woodrow
Wilson.
But the result has been that almost every State of
the Union has
eliminated that cause of poverty among the masses of the
people.
And take another form of poverty in the old days.
Not so long ago,
you and I know, there were families in attics—in every
part of the Nation
—In country districts and in city districts—there were
thousands and
hundreds of thousands of crippled children. Crippled
children who could
get no adequate care. Crippled children who were lost
to the community
and who were a burden to the community.
And so we have in this past 20 or 30 years gradually provided
means
for restoring crippled children to useful citizenship,
and it
a factor in going after and solving one of the causes of povertyhas all been
and disease.
2430
Financial Chronicle
Old Age Insurance.
And then, in these later years, we have been wondering about old people,
and we have come to the conclusion in this modern civilization that ie
theory and the idea of carting old people off to the county poor housr is
not perhaps the best thing after all.
I will tell you what sold me on old-age insurance—old-age pension. Not
away
so long ago—about 10 years—I received a great shock. I had been
I
from my home town of Hyde Park during the winter time, and when
came back I found that a tragedy had occurred. One of my farm neighbors
r of his town, highway comhad been a splendid old fellow—superviso
missioner of his town—one of the best of our citizens. And before I left,
around Chiristmas time, I had seen the old man who was 89, and I had
seen his old brother who was 87, and I had seen his other brother who was
85 and I had seen his kid sister who was 83.
And they were living on a farm; I knew it was mortgaged. I knew it
was mortgaged to the hilt, but I assumed that everything was all right.
cane
for they still had a couple of cows and a few chickens, but when I
there
back in the spring I found that in the heavy winter that followed
and one of the old brothers had fallen down
had been a heavy fall of snow
snowon his way out to the barn to milk the cow and had perished in the
two
drift, and the town authorities had come along and they had taken the
they had
old men and they had put them into the county poorhouse, and
for want of a better place, to the
taken the old lady and had sent her down,
insane asylum, although she was not insane; she was just old.
That sold me on the idea of trying to keep homes intact for old people.
Mental Defectives.
And then in another respect modern science has been good to us. It
is not so very long ago that a young person or an old person who had anything
called
the trouble with their mentality—they were put into what was
an asylum and not long before that they used to call it a "madhouse."
of the Nation used to provide asylums
Even when I was a boy, the States
who
and when anybody who wasn't entirely complete mentally—any one
-day, in any shape, manner or
was a mental defective, as we call them to
stay there
form, used to be carted off to the asylum and they would always
until they came out to *go to the graveyards.
-day is doing two things:
To-day that is not true and medical science to
mentally
First, that the young people, the young people who are not
allow
deficient but who require special mental training, and when schools
own families, we are
them to remain in most cases in the bosom of their
burden
applying special education to them so that, instead of becoming a
when they grow up, they are going to be useful citizens.
people
And then, on the other side of it, there are the older people, the
other day,
Who do have to go to hospitals for mental troubles—and the
Department that
lust before I left Albany I got a report from my State
rule was
showed that instead of the old-fashioned system by which the
New York,
observed of "once in, always in," this past year in tbe State of
hospitals for
we had sent back to their families 23% of all those in our
mental cases. Sent them back cured to their families,
in past ages
Now, those are the causes, the causes that have destroyed
They are
thousands, countless thousands of our fellow human beings.
safer for hufuture
the causes that we must attack if we are to make the
and the crippled,
manity. We can go on taking care of the handicapped,
but common
and the sick, and the feeble-minded and the unemployed,
on these desense like humanity, calls on us to turn our back definitely
preventable,
stroyers. Poverty resulting from these destroyers is largely
broad program
but, my friends, poverty if it is to be prevented requires a
of social justice.
Coming to Unemployment Insurance.
prisons, the
We cannot go back, we cannot go back to the old
came out of
old system of mere punishment under which when a man
We
prison he was not fitted to live in our community alongside of us.
to the
cannot go back to the old systems of asylums. We cannot go back
go back to the
old lack of hospitals, the lack of public health. We cannot
factories
sweatshops of America, we cannot go back to children working in
—those days are gone.
question of just
And there are a lot of new steps to take. It is not a
not going back. It is a question also of not standing still.
talking about
For instance, the problem in the long run, and I am not
in the long
the emergency of this year, but the problem of unemployment
Some leaders have
run can be and shall be solved by the human race.
insurance throughout this
wisely declared for a system of unemployment
broad land of ours, and we are going to come to it.
be for it. He
But I do not believe the Secretary of the Interior would
of the present
would say that great good is coming to this country because
alone—the people
situation. Yes, the followers of the philosophy of let
What do they
have been decrying all of these measures of social welfare.
they are patercall them? They call them "paternalistic." All right, if
nalistic, I am a father.
forgetful of
They maintain that these laws interfere with individuals,
the control of
the fact that the causes of poverty in the main are beyond
of industry.
any one individual, any czar, either a czar of politics or a czar
prevention of
And the followers of the philosophy of social action for the
have small
poverty maintain that if we set up a system of justice we shall
need for the exercise of mere philanthropy.
Job Not Dole Sought.
when justice
Justice, after all, first is the goal we seek. Believing that
to devote the
has been done. Individualism will have a greater security
friends, our
best that individualism itself can give. In other words, my
long-range objective is not a dole but a job.
know you have
At the same time we have suffering in this nation, and I
It many times in
in Detroit, because Frank Murphy has talked to me of
the past year or two.
everything we can
All of us in the city and country alike have got to do
the prevention of
to tide over. All agree that the first responsibility for
its victims'rests
poverty and the alleviation of distress and the care of
and the Government.
upon the locality, the individuals, the organizations
philanthropy, just as
First of all, perhaps, upon the private agencies of
other social organizafar as we can drag it out of them, and secondly, the
tions, and last, but not least, the church.
burden would
And yet all agree that to leave to the locality the entire
in most cases upon
result in placing the heaviest proportion of the burden
words, the communities
those who are the least able to bear it. In other
would be the comthat have the most difficult problem, like Detroit,
munities that would have to bear the heaviest of the burdens.
by providing for a
And so the State steps in to equalize the burdens
of the poverty and by providing
large portion of the care of the victims
above and beyond that
assistance and guidance for local communities, and
the National Government has a responsibility.
Views of Federal Council of Churches.
that a lot, but that would be politics and I
I would like to enlarge on
of which I have spoken—
cannot. My friends, the ideal of social justice
might have been thought overly advanced—is now
an ideal that years ago
all of the great religious groups of the
accepted by the moral leadership of
Oct. 8
1932
country. Radical? Yes,and I willshow you how radical it is. I am going
to cite three examples of what the churches say, the radical churches of
America—Protestant, Catholic and Jewish.
And first I will read to you from the Sunday sermon, the labor sermon
sent out this year by the Federal Council of Churches of Christ in America,
representing a very large proportion of the Protestants in our country.
Hear how radical they are. They say:
"The thing that matters in any industrial system is what it does actually
to human beings.
.
"It is not denied that many per ons of wealth are rendering great service
to society. It is only suggested that the wealthy are over-paid in sharp
contrast with the underpaid masses of the people. The concentration of
wealth carries with it a dangerous concentration of power. It leads to
conflict and violence. To suppress the ymptoms of this inherent conflict
while leaving the fundamental causes of it untouched is neither sound
state manship nor Christian goodwill.
"It is becoming more and more clear that the principles of our religion
and the findings of social sciences point in the same direction. Economists
now call attention to the fact that the present distribution of wealth and
income, which is so unbrotherly in the light of Christian ethics, is also
unscientific in that it does not furnish purchasing power to the masses to
balance consumption and production in our machine age."
Pope's Encyclical.
And now I am going to read you another great declaration and I wonder
how many people will call it radical. It is just as radical as I am—a declaration from one of the greatest forces of conservation in the world, the Catholic
Church, and It is a quotation, my friends, from the scholarly encyclical
letter issued last year by the Pope, one of the greatest documents of modern
times, and the letter says this:
"It is patent in our days that not alone is wealth accumulated but immense
Power and despotic economic domination are concentrated in the hands of
a few, and those few are frequently not the owners but only the trustees
and directors of invested funds which they administer at their good
pleasure. . . .
"This accumulation of power, the characteristic note of the modern
economic order, is a natural result of limitless free competition, which
permits the survival of those only who are the strongest, which often
means those who fight most relentlessly, who pay least heed to the dictates
of conscience.
"This concentration of power has led to a three-fold struggle for domination: First, there is the struggle for dictatorship in the economic sphere
itself; then the fierce battle to acquire control of the government, so that
its resources may be abused in the economic struggle, and. finally, the clash
between the governments themselves."
Statement by Rabbi Israel.
And finally I viould read you from another great statement, a statement
from Rabbi Edward L. Israel, Chairman of the Social Justice Commission
of the Central Conference of American Rabbis, and here is what he says:
"We talk of the stabilization of business. What we need is the stabilization of human justice and happiness and the permanent employment of
economic policies which will enable us to reserve the esential human
values of life amid all the changing aspects of the economic order. We
must have a revamping of the entire method of approach to these problems
of the economic order. We need a new type of social conscience that will
give us courage to act. . . •
"We so easily forget. Once the cry of so-called prosperity is heard
in the land we all becomeso stampeded by the spirit of the god of mammon
that we cannot serve the dictates of social conscience. . . . We are
here to serve notice that the economic order is the invention of man; and
that it cannot dominate certain eternal principles of justice, and of God."
And so, my friends, I feel a little as if I had been preaching a sermon.
I feel a little as if I had been talking too much of some of the fundamentals,
and yet those fundamentals enter into your life and my life every day.
More, perhaps, than we can realize. If we realized that far more, it would
result throughout this country in a greater activity, a greater interest on
the part of the individual men and women who make up our nation, in
some of the problems which cannot be solved in the long run without the
help of everybody.
We need leadership of course. We need leadership of people who are
honest in their thinking and honest in their doing. We need leadership If
it is straight thinking—that is unselfish; but In the last analysis, we have
got to have the help of the men and women all the way from the top to the
bottom, especially of the men and women who believe in the school of
philosophy which is not content to leave things as they are.
And so, in these days of difficulty, we Americans everywhere must and
shall choose the path of social justice—the only path that will lead us to a
permanent bettering of our civilization, the path that our children must
tread and their children must tread, the path of faith, the path of hope and
the path of love toward our fellowman.
South Trimble, Clerk of House of Representatives,
Makes Public August Report of Loans by Reconstruction Finance Corporation.
The report for August of loans by the Reconstruction
Finance Corporation was made public yesterday (Oct. 7)
by South Trimble, Clerk of the House of Representatives,
despite the opposition of Atlee Pomerene, Chairman of the
Corporation. In making public the figures Mr. Trimble
gave out a statement of his counsel, and said that it "contains all I have to say in the matter." The statement of
his counsel said:
Statement of Counsel.
The publication of the Reconstruction Finance Corporation report
furnishes the depositors the additional information that their bank possesses
adequate security to meet all Governmental requirements necessary to
obtain a loan.
That this assurance to the depositors is of great value is recognized by
many banks in deliberately giving publicity to the fact that
they have
obtained a loan from the Reconstruction Finance Corporation.
report of the Reconstruction Finance CorThe publication of the July
poration, during the month of August, did not have the bad effect Won
the banks as predicted by the opponents of the provision.
This is shown by the greatly decreased number of bank suspensions
that have occurred since the report was published.
During the month of July there were 131 suspensions. During the
month of August 85 suspensions, and during the month of September
63 suspensions.
All of the other objections raised in the brief as to the wisdom of policy
of requiring a public monthly report of the Corporation's activities were
presented to Congress by the Corporation or other persons before the
Act was passed.
The statement also took issue with Mr. Pomerene's contention that Mr. Trimble should await the December session
of Congress to permit the House to act on the publication
question.
Volume ;35
Financial Chronicle
The report shows loans totaling $186,209,310 authorized
during August. It showed loans authorized to financial
institutions, including insurance companies and railroads
totaled $122,277,641.
Loans authorized to Governors of States for relief purposes amounted to $13,931,669, while $15,000,000 was
authorized for the Cotton Stabilization Corporation and
$35,000,000 to the American Cotton Co-operative Association. No part of the latter two authorizations had been
disbursed up to Sept. 21, the report said.
The report indicated that a considerable number of loans
which were authorized during August were withdrawn or
cancelled in full, including authorizations to 35 banks and
trust companies aggregating $2,631,571.
Letter of Atlee Pomerene to South Trimble, Clerk of
House, Objecting to Publication of Loans Made by
Reconstruction Finance Corporation.
As we indicated in our issue of a week ago (page 2272),
South Trimble, Clerk of the House, made known his decision
to withhold publication of the second report of the Reconstruction Finance Corporation, pending consideration of a
brief prepared by counsel for the Finance Corporation expressing the view that the Clerk has no right to permit the
reports to be made public or inspected. The brief was submitted to Mr. Trimble in a letter addressed to him by Atlee
Pomerene, Chairman of the Corporation, in which the latter
stated that the publication of the July report of the Corporation "caused serious embarrassment to a number of borrowers." "Reports were circulated," said Mr. Pomerene,
"that some of the institutions borrowing were not in good
financial condition when they were perfectly sound. This
resulted in withdrawals from some of the banks and other
institutions. A number of them have said that while the
loans were of great benefit to them, the good was largely
undone by the publication." Mr. Pomerene's letter to Mr.
Trimble, as given in the "United States Daily," follows:
2431
Statement by South Trimble, Clerk of House, Incident
to Withholding of Report of Reconstruction
Finance Corporation.
South Trimble, Clerk of the House, in making available
the letter of Atlee Pomerene, Chairman of the Reconstruction Finance Corporation, bearing on the objections to the
publication of the monthly report of loans made by the
Corporation, issued the following statement, on Sept. 30:
The Reconstruction Finance Corporation has submitted to the Clerk of
the House of Representatives a report of its activities for the month of
August 1932, as required by Section 201(b) of the Emergency Relief
and
Construction Act of 1932.
Accompanying the report is a letter from the Reconstructi
on Finance
Corporation requesting the Clerk not to permit the report to be made
public.
In support of WI request there is submitted a brief prepared by the
General Counsel of the Corporation, in which he expresses the opinion
that
the Clerk has no right or duty to permit the reports made by the Corporation under Section 201(b) to be inspected or made public.
In view of this request I feel justified in withholding publication of the
report until I have had an opportunity to carefully consider the opinion.
I will as soon as possible make known my decision.
With the consent of the Reconstruction Finance Corporation, I am
making
public both their letter and opinion referred to above.
The letter of Mr. Pomerene and the brief of the General
Counsel of the Corporation are given elsewhere in our issue
to-day.
Brief Filed with South Trimble, Clerk of House, by
Counsel for Reconstruction Finance Corporation
Holding That Clerk Lacks Authority to Disclose
List of Borrowers from Corporation.
Legal arguments against public inspection of the August
report of the Reconstruction Finance Corporation were contained in a brief prepared by Morton G. Bogue, General
Counsel of the Corporation, which was submitted on Sept. 29
to South Trimble, Clerk of the House, by Atlee Pomerene,
Chairman of the Corporation. In his letter transmitting
the brief to Mr. Trimble, Mr. Pomerene said: "Based on the
brief, our Board is of the opinion that (1) the Senate or the
House has the unquestioned right to make these reports
public in detail, giving the names of borrowers and such
other information as they may see fit; (2) neither the Secretary of the Senate nor the Clerk of the House has any such
right without being thereunto especially authorized by the
Senate or the House." In publishing Mr. Bogue's brief. the
"United States Daily" of Oct. 3 said:
"Dear Sir: In re Publication of the Monthly Report of Loans made
by
the Reconstruction Finance Corporation.
"Some days ago you were good enough to send me a copy of the
brief
prepared by your counsel which was the basis of your making public
the
names of borrowers from the Reconstruction Finance Corporation. I
submitted this brief to our General Council, and hand you herewith copy of
his
brief on the subject. Based upon a clear reading of that portion of the
Act
referring to the filing of these reports and upon the brief of our
counsel,
as well as that of your own, our Board is of the opinion that:
Intention of Senate.
"1. The Senate or the House has the unquestioned
Mr. Rogue's brief cited various extracts from Senate debate to show that
right to make these
reports public in detail, giving the names of borrowers and such
the Senate understood there was to be no publication. He said the
other
House
Information as they may see fit.
debate showed no intent in that body to have the facts published, and
"2. Neither the Secretary of the Senate nor the Clerk of the House
pointed out that a Senate amendment, specifically providing for publicahas
any such right without being thereunto especially authorized by the Senate
tion- had been rejected by conferees on the part of the House. The House
,
or the House.
substituted what the brief called an ambiguous amendment that did not
Serious Embarrassment Caused to Borrowers.
make publication mandatory.
"It will be borne in mind that while banks, building and loan
The brief presented the argument that the House rules negatived the
associations, life insurance companies and other financial institutions
right of the Clerk to make public disposition of any papers belonging to
make application for loans, it does not follow that they are not entirely sound.
the House. This fact, it asserted, added weight to the Counsel's belief
Many
that there was no intent to publish and that there was no specific authorizaof them are in need of ready cash because of the frozen condition of their
assets. The Reconstruction Finance Corporation was organized
tion in the law requiring it.
to aid them
with ready cash so that they could serve their depositors, borrowers
Mr. Bogue called attention to the "distinction" which he said Congress
or
policyholders, as the case might be.
had made between the monthly reports under the Relief Act and the quarterly
"The publication of the July report caused serious
reports provided for under the original Reconstruction Act. In the first
embarrassment to a
number of borrowers. It gave rise to much unjust criticism.
Act, he said, there was a provision requiring the Corporation to "make and
Reports were
circulated that some of the institutions borrowing were not
publish" the reports, while in the Relief Act, the requirement VMS that the
in
condition when they were perfectly sound. This resulted good financial
Corporation should "submit a monthly report."
in withdrawals
from some of the banks and other institutions. A number of
A report showing the details of the loans for August was
them have
said that while the loans were of great benefit to them, the good
was largely
sent to Mr. Trimble in accordance with law; the brief by
undone by the publication.
"Many more loans were authorized in August to banks,
Mr. Bogue,as given in the "United States Daily," follows:
building and loan
associations, mortgage loan and credit companies, insurance
Dear Mr. Chairman: In response to your request for my opinion as
companies, and
to
other financial institutions. Since the publication of
the right or duty of the Clerk of the House of Representatives,
the July report
while that
certain of these loans, to the amount of $3,451,000, which
body is not in session, to publish or allow public inspection
were authorized,
of reports
have been cancelled by the applicants because of the fear
submitted to him by this Corporation, under the provisions of Section 210(b)
of the effect the
publicity might have upon their institutions. In
of the Emergency Relief and Construction Act of 1932, I beg to
addition, and for the
advise you
same reason, quite a number of applications were withdrawn
that, in my opinion, the Clerk has no right or duty to publish these
before they
reports
acted upon by the Board. We also have reliable
were
or to permit the public to inspect them or to make copies
information that
thereof or extracts
other banks and financial institutions, including insurance
therefrom. I have arrived at this conclusion after careful study
companies,
of the
which are in need of funds and intended to apply to the
questions involved and after careful consideration of the printed
Corporation for
statement
loans, have refused to do so because they felt that
of the Clerk of the House.
publicity would do
them great harm.
My principal reasons for this conclusion, which I believe is
supported by
"I recognize that some institutions may not be afraid of the
the discussion in this opinion, are the following:
publication
of these loans and that in some instances publicity has been deliberately
First, the provisions of the Act do not direct or authorize
publication of
given to loans from the Corporation, but I dare say that in
these reports by the Clerk, and do not permit him to
every
afford the public
there was no alternative ; also the fact that one borrower may not such ease
the right or opportunity to inspect them or to
be afraid
snake copies thereof or
does not justify taking the risk with many others that are afraid,
abstracts therefrom.
and since
it is not long until Congress convenes the matter might well await the
Second, the Congress did not intend that these reports
should be published
pleasure and judgment of the House of Representativ
by the Clerk of the House or by the Secretary of the
es.
Senate except possibly
"Our objections relate to the publication of the names,
after an examination and consideration of them
addresses and
by the House and the
amount of the borrowings of the banks, building and loan
Senate, and direction for publication by those bodies.
associations, life
Insurance companies, mortgage and credit companies, and
Third, the rules of the House and previous interpretations
other similar
thereof do not
financial institutions, because it handicaps them in serving their
confer upon the Clerk any right or duty to publish these
depositors
reports, but, on
the contrary, negative such right and authority.
and borrowers and particularly in making loans to firms desirous of putting
their employees to work; and for the further reason that no good
purpose
Provisions of the Reconstruction Pittance Corporation Act
and of the
is served by the publication of these names at this time, when, in a very
Emergency Relief and Construction Act of 1932.
short while, the House of Representatives can order it done If its members
It is pertinent to note that the Congress has made
wish.
GO
a distinction between
the treatment of the quarterly reports required
"The Board is making every effort to restore confidence and hopes
by Section 15 of the Reconthat
struction Finance Corporation Act and the treatment of the
In a spirit of co-operation you will help It by refraining
monthly reports
from publication,
required of the Corporation by the provisions of Section
which is fraught with so much harm to the borrowers.
201(b), Title II
of the Emergency Relief and Construction Act
"Very sincerely,
of 1932. The Corporation is
required to "make and publish . . . to Congress" its
"ATLEE POMERENE, Chairman."
quarterly reports
required by Section 15 of-the Reconstruction Finance Corporation Act, while
2432
Financial Chronicle
monthly reports under
the Corporation is merely required to submit
Act of 1932. This
Section 201(b) of the Emergency Relief and Construction
of Represubmission is made to the President, to the Senate and House
Secretary of the
sentatives, or if those bodies are not in session, to the
provided that this
Senate and Clerk of the House. In the first Act it was
second Act
Corporation shall make reports and publish them, while the particularly
provides merely for submission of reports. Publication was reserved for
authorized by Congress in the first Act but publication was
congressional action in the second Act.
qp,tin” 15 of the Reconstruction Finance Corporation Act provides:
its operations
—The Corporation shall make and publish a report quarterly of of borrowers
classes
(the Congress stating the aggregate loans made to each of the
The statement
Provided for and the number of borrowers by States in each class. first report shall
and the
shall show the assets and liabilities of the Corporation,."
be made on April 1 1932 and quarterly thereafter. . .
II of the
This provision was supplemented by Section 201(b) of Title
Emergency Relief and Construction Act of 1932, which provides:
the President
—The Reconstruction Finance Corporation shall submit monthly to of the Senate
Secretary
and to the Senate and the House of Representatives (or the
in
of Representatives, If these bodies are not thesession)
and the Clerk of the House
Reconsection and under
a report of Its activities and expenditures under this statement showing the names
Corporation Act, together with a
struction Finance
were made, and the amount and rate
of the borrowers to whom loans and advances
of Interest involved in each case."
reports required
The Corporation has made and published the quarterly
Emergency Relief and
by the original Act. Since the enactment of the
submitted to the
Construction Act of 1932, one monthly report has been
and the Clerk
President of the United States, the Secretary of the Senate to submit a
is about
of the House of Representatives, and the Corporation
monthly report as a
second monthly report. The President treated the
The Secretary
confidential communication and did not disclose its contests. permit access
or
of the Senate did not publish the report submitted to him Representatives
of
thereto by the public. However, the Clerk of the House
submitted to
made available for public inspection the entire document
of the borrowers to whorn
him by the Corporation, including the names
the rate of interest
loans and advances had been made, and the amount and
y thereafter
involved in each case. Details of the report were immediatel
published by the newspapers throughout the country.
shall submit
The Relief Act itself merely provides that the Corporation
of Representatives a
monthly to the President and to the Senate and House
question whether
report of its activities and expenditures. It is silent on the
Senate or the House,
these reports shall be made public by the President, the
to be submitted
or by the Corporation itself. The Act requires the reports Representatives
House of
to the Secretary of the Senate and the Clerk of the
direction to the Secretary
if those bodies are not in session. But there is no
these reports.
of the Senate or the Clerk of the House to publish
Corporation to furnish the
While Congress might properly direct this
to presume that Congress
Information required by the reports, it is not fair
House of a vote in deterIntended the Clerk to deprive the Members of the
information, by his publication
mining the disposition to be made of the
of the contents of the reports by
prior to an examination and consideration
House.
the
an intention on
There is nothing in the debates of the House to indicate to be followed
Was
the part of the House that the submission of the reports
informaton contained
Immediately and inevitably by the publication of the
probably have required
therein. Had this result been desired, the Act would
to publish the reports
the Clerk of the House or the Secretary of the Senate
at least the House
during the periods when Congress was not in session, or
of the reports
would have adopted a resolution directing the publication
during such period.
would not be pubWere Congress in session, we submit that the reports
the Senate without
lished by the Speaker of the House or by the President of
therefore difficult to
action of those legislative bodies, respectively. If is
es, should take the
understand why the Clerk, in view of all the circumstanc
without similar
view that he has a right and duty to publish the reports
authority.
authoritative direction
It is important to note that the Clerk cites no
or any authoritative
from the House, or any officer or committee thereof,
precedent for his action.
the Corporation should
In its early stages the Wagner Bill provided that
of Representatives
submit to the President, the Senate and the House the Relief Act.
monthly reports of its activities and expenditures underwhen submitted, be
shall,
The bill provided further than "Such reports
2(c), Congressional
printed as public documents." H. R. 12445, Section
June 18 1932, No. 153, page 13731.
Record,
extended to include the
Subsequently the scope of the reports was
Finance Corporation
activities of the Corporation under the Reconstruction
State the names of
Act, and the Corporation was specifically required to
and the amount and
the borrowers to whom loans and advances were made,
of the legislation
rate of interest involved in each case. In the later stages documents was
public
the provision directing the printing of the reports as
diversity between the
eliminated. The inference is justified from this
President, the Senate,
original and final forms of the Relief Act that the
discretion in deterand the House, respectively, were to exercise a sound
were to be disclosed
mining whether or not the operations of the Corporation
to the public.
and the conIt seems clear from this legislative history of the Act intend to have
gressional debates concerning the Act that Congress did not
legislative bodies
the reports made public before the President or one of the wise to disclose
had examined them and determined whether it would be
the Senate, the
their contents. No duty was imposed upon the President,
the Clerk of the
House of Representatives, the Secretary of the Senate or
direction. By the
House of Representatives to take any action In this
officials such
language of the Act Congress did not authorize ministerial exercise any
to
as the Clerk of the House and the Secretary of the Senate
it is highly
Independent and uncontrolled discretion in this matter, andofficers.
Improbable that it intended to confer such authority on such Relief Act we
In order to construe the meaning of Section 201(b) of the
leading up to the
are justified in referring to the debates in Congress relating to a bill
passage of the Act. Reports of legislative committees
to ascertain the
In the course of its progress may be resorted to in order Williams, 232
meaning of ambiguous language in a statute. See Lapina v.
S. 374-380 (1912);
U. S. 78-90 (1914); McLean v. United States, 226 U.
in United States v.
Binns v. United States, 194 U. S., 486-495 (1904). And
the Court admitted
St. Paul M. & M. Railway, 274 U. S. 310-317 (1917), made on the floor
as evidence not only the formal report but also statements
charge of the bill.
of the Legislature by a member of the committee in
individual
Assuming, however, that the expression of the views of the
the purpose of
members would not be admissible as evidence in a court for
interpreting the
ascertaining the intent of the Legislature as a whole, yet in
should not be required
Act the Clerk and the officers of this Corporation
by courts of law. In order
to follow the strict rules of evidence applied
remarks of individuals acquiesced
to ascertain the probable legislative intent,
of the legislative body may be
in by the silence of the other members
absence of more reliable
resorted to as having some evidentiary value in the
Oct. 8 1932
be considered by
sources of information. Surely such statements should
authority conferred
the Clerk in his consideration of the extent of the
upon him.
specifically discussed
During the debates on the relief bill the Senators
Secretary of
the disposition to be made of the reports submitted to the
bodies. From
the Senate and Clerk of the House during the recess of those
Senator Borah,
the following excerpts it is clear that Senator Robinson,
Senator Fletcher
Senator Wagner, Senator Glass, Senator Vandenberg and
the Clerk of the
were of the opinion that the Secretary of the Senate and
until they
House would put the reports in their files as confidential matter
House, respectively.
should be able to transmit them to the Senate and the
and Glass were members
It should be noted that Senators Fletcher, Wagner
of the committee in charge of the bill.
to the
Mr. Glass: It does not say made public. They must be reported
of ReprePresident of the United States, to the Senate, and to the House
the two legislative
sentatives. It is for the President, on the one hand, and
or not.
bodies, on the other, to determine whether they shall be published
of the
Mr. Smoot: Of course, the whole theory is that the reporting
public.
loans to the House and to the Senate is so that they shall be made
of the
That is the object of the legislation, and it simply means that all
nest year
loans, no matter how many are made, that fall due within the
must be made public. (75 Cong. Rec. 16023-16024.)
those
Mr. Wagner: As the Senator knows, I am not an authority upon
they
questions. When I had my conversation with the Senator I assumed
make some
would be held confidential until the Senate and the House might
those who know more
disposition of them. However, I am informed by
subject to
about the rules of the Senate than I do that they would become
Chair can
the inspection of anyone who desired to see them. Perhaps the
can.
rule better upon that question. I am sure he can do it better than I
session, are
If the reports are made while the Senate and House are not in
they subject to public inspection?
rian
The Presiding Officer (Mr. Jones in the Chair): The parliamenta
just a
advises the present occupant of the Chair, who came to the Chair
moment ago, that in his judgment they would be open to inspection.
of
Mr. Wagner: Of course, I would not set my views up against those
the Senator from Virginia on a matter of this kind.
less
Mr. Glass: Mr. President, I still hold to that theory. I recall that
himself
than a year ago the Clerk of the House of Representatives brought
because
practically into contempt of court here in the District of Columbia
the
he refused, upon subpoena of the court, to present certain records of
so
House—the reports made under the Corrupt Practices Act. He only did
jail
finally under remonstrance and upon threat of the court to put him in
if he should not do it.
of
Mr. Borah: I understand these reports will come to the Secretary
the
the Senate and the Clerk of the House. They have never come before
an
Senate nor before the House. During the recess they simply come to
officer of the Senate and to an officer of the House. By what authority
document
could an officer of the House or an officer of the Senate make a
public which had never been before the Senate and had never been before
the
the House and upon which neither body had acted? It seems to me
the
Senator from Virginia has a correct construction of the situation; that
reports would not be made public or subject to inspection of the public,
or the Senate or both had designated
or should not be, until either the House
that they should be. If this proposition is thoroughly understood, the evil
anticipated will be obviated.
Mr. Fletcher: Mr. President, the provision in the Reconstruction Finance
Corporation Act is that the Corporation "shall make and publish a report
quarterly." They are required to publish it, but in this provision the
words "and publish" are omitted. Clearly it is entirely within the control
of the Congress. I do not think it would follow that the information
should be published, but we can control it it there is any question about it.
(Ibid. at 16025.)
Mr. Robinson of Arkansas: The Senator from Idaho has asked a question
which I believe to be quite pertinent to the issue under consideration. A
report to the President, a report to the Senate or to the House of Representatives, is the property of the individual or the officer or the body to
whom the report is made; and it is not subject to publicity unless the
Individual or the body receiving the report chooses to make it public, in the
absence of an express provision requiring publicity. Let me conclude my
answer to the Senator's question. So I conclude that there is no ground
for apprehension, no occasion for excitement or disturbance. If the Reconstruction Finance Corporation is required to report to the Senate and the
House of Representatives, or, in the vacation of Congress, to the Clerk or
Secretary of the bodies, respectively, the reports are in the control of the
bodies to which they are made. If the House wishes them published, it can
take appropriate action to publish them. If the Senate wishes the reports
published, it can take appropriate action to publish them. But the Clerk
of the House and the Secretary of the Senate are the agents of the bodies
which they represent; and they have no express or implied authority to
publish reports received for the bodies which they do represent.
Mr. Vandenberg: I think the statement the Senator has just made is so
important that I want to be perfectly sure that there is no question
about it. Am I correct in understanding that the Senator from Arkansas
agrees with the Senator from Idaho and the Senator from New York and the
Senator from Virginia and the Senator from Florida that when these reports
are made to the Secretary of the Senate during a recess of the Senate it is
the responsibility of the Secretary of the Senate to put the reports in his
files as confidential matter until he is able to transmit them to the Senate,
and that a similar legal status exists in respect to the responsibility of the
Clerk of the House?
Mr. Robinson of Arkansas: . As I have just said, the Clerk of the House
and the Secretary of the Senate are the agents of the bodies to which they
are attached; and they have no authority except that which Is conferred
upon them by the House or the Senate, as the case may be. Their business
is to receive the reports in the vacation of the Congress. If the Congress
were in session, either House might take such action respecting the reports
it received as it thought proper to take; but in the vacation of the Congress
all that the administrative officers can do is to receive them and hold them
for the consideration of the bodies of which they are representatives . . •
Mr. Robinson of Arkansas: I think that is certainly the correct construction of the provision. The object of this provision, as I interpret it, is
to supply the legislative branch of the Government with information. It is
not to acquaint the public with the transactions that the Reconstruction
Finance Corporation may have had. The Houses of Congress can publish or
withhold from publication, as they see fit, the information that is supplied
them. The Secretary of the Senate and the Clerk of the House have no
authority except that which is granted them, either by law or by the rules
of the bodies to which they are attached. That ought to be clear to any
lawyer. Indeed, it seems to me that it should not require very much legal
knowledge to enforce the conclusion I have stated. . .
Mr. Robinson of Arkansas: In view of the consideration that the provision will only supply information to the two Houses of Congress, and
will not be given publicity except upon express orders of the House to which
the report is submitted, there can be no substantial objection to agreeing
Volume 135
Financial Chronicle
to the conference report; for if, upon consideration of the subject, either
the House or the Senate reaches the conclusion that publicity is desirable
and helpful and proper, then it should be had. On the contrary, if it
reaches the conclusion that the report should not be published, there can
be no publicity. (Ibid. at 16027-16028.) . . .
Mr. Vandenberg: On the basis of the premise as the Senator sets it, I
would reach the same conclusion he reaches regarding the conference report.
Furthermore, I entirely concur in his interpretation of the so-called publicity clause which, in fact, is not an automatic publicity clause at all. At
the risk of repetition, since the entire matter comes down to a matter of
Interpretation, so far as I am concerned, may I ask the Senator whether he
thinks that the question of the publication of these reports during the
recess, or the question of reports upon retroactive matters—may I ask him
whether he thinks there is any doubt whatsoever respecting either of those
subjects so as to invite the other House, or anybody in either House, to
disagree with the construction which he and I and many of our colleagues
put upon the situation?
Mr. Robinson of Arkansas: Mr. President, I must ask to be excused from
expressing my opinion as to what possible interpretations may be placed by
others on this provision. The Senator has had considerable legislative
experience, and he realizes that contrary views are expressed when matters
to him seem perfectly clear. But I have not the slightest doubt in any
own mind that the correct legal construction, and practical construction, as
well, of the language employed, has been made in the remarks I have
submitted. (Ibid. at 16029.) . .
Mr. Robinson of Arkansas: Mr. President, further answering the question of the Senator from Connecticut, the Clerk of the House and the
Secretary of the Senate are agents of the House and the Senate and not of
the presiding officers of the two bodies. I do not think the Vice-President
of the United States would have authority to instruct the Secretary of the
Senate to take an action, which the Senate had neither authorized its
presiding officer to direct, nor its clerical officer to take. (Ibid. at 10629.)
During the Senate debate Senator Bingham made the following reference
to the provisions of the Federal Corrupt Practice Act concerning certain
returns made to the Clerk of the House and the Secretary of the Senate:
"Mr. Bingham: Now, Mr. President, I should like to state that I have
had an opportunity to examine the Federal Corrupt Practices Act, and I
find in Section 308(c), with regard to returns made, this sentence:
."They shall be preserved by the Clerk of the House or the Secretary of the
Senate for a period of two years from the date of filing, shall constitute a part of
the public record of his office, and they shall be open to public Inspection,'"
With this statute before it the Senate could have easily provided for the
public disclosure of the contents of the reports of this Corporation had it so
desired. On the contrary, however, it relied on the difference between the
language of the Relief Act and that of the Federal Corrupt Practices Act in
order to achieve a difference in result.
It may be noted that the foregoing excerpts are taken entirely from the
debates in the Senate. The reason for this is that we have found In the
House debates no specific consideration of the authority of the Clerk to publish, without direction of the House, reports submitted to him. It would
seem that the remarks of Mr. Rainey, quoted by the Clerk in his printed
statement referred to above, bear upon the general purpose of the provision
In question and make no reference to its operation or the right or duty of
the Clerk with respect thereto.
It was apparently the understanding of the Senators whose remarks have
been quoted that neither the Secretary of the Senate nor the Clerk of the
House has any general authority to publish documents entrusted to the
care of such officers, and it was expressly on this assumption that the Senate
did not modify the provisions of Section 201(b). Accordingly, I am not
prepared to adopt the view that the Clerk was given the right or duty to
publish the reports. While the Members of the House may have intended
that the reports should be published, I submit the matter of their publication is still within their control and discretion and has not been by statute
or otherwise delegated to the Clerk.
Duties of the Clerk of the Howse.
It is clear that the functions of the Clerk of the House are for the most
part ministerial and not discretionary. His general duties are outlined In
Ruly 3 of the Rules of the House of Representatives. See House Manual
(1931), page 287. He is required to call the Members to order at the
commencement of a session of the House; to call the roll; and, prior to
the election of a Speaker, to preserve order and decorum and to decide in
the first instance all questions of order.
At the commencement of every regular session he is required to make a
list of the departmental reports submitted to the House. During the
session he notes all question of order, supervises the printing and distribution
of the Journal, preserves all documents, affixes the seal of the House to
certain writs, certifies to the enactment of bills and joint resolutions, keeps
full and accurate account of the disbursements from the contingent fund,
pays the office employees each month, and designates a chief clerk. Except
in his temporary capacity as acting chairman it is clear that the Clerk is
not called upon to exercise discretion in the performance of his duties.
He is required to act as custodian of House committee documents by
Rule 37, which provides as follows:
"The clerks of the several committees of the House shall, within three days of
the final adjournment of a Congress, deliver to the Clerk of the House all bills, joint
resolutions, petitions, and other papers referred to the committee, together with
all evidence taken by such committee under the order of the House during the said
Congress and not reported to the House: and In the event of the failure or neglect
of any clerk of a committee to comply with this rule, the Clerk of the House shall.
within three days thereafter, take Into his keeping all such papers and testimony."
Under Rule 38 it is provided that no memorial or other paper presented
to the House may be withdrawn from its files without leave of the House,
although under certain circumstances the Clerk is authorized to permit the
withdrawal of papers from his files.
The authority of the Clerk to disclose the contents of official documents in his custody has been considered by the House itself in several
instances. In 1878 the Adjutant-General of the Army served a subpoena
duces tecum addressed to Mr. Finch, the file clerk of the House, ordering
him to appear before a court-martial as a witness and to bring with him
certain manuscripts of testimony given before a committee of the House.
The House referred the matter of the subpoena to the Committee on the
Judiciary, which subsequently reported to the House in part as follows:
B."The Committee has concluded after examining decisions of the courts that the
file clerk can not lawfully be compelled by subpoena to remove any ralPer or document whatever from the flies of the House . . . It is saarcely necessary to add
that If he can not be compelled by legal process to take a paper from the files that
he bad no authority to do so voluntarily unless by the permission under the direction
of the House. . . nor has the Clerk of the House himself such authority whether
of his own volition or in obedience to a subpoena, it is simply his duty as one of the
incidents of his office to keep the files of the House, preserve the papers belonzing
to its archives, and see that they are arranged in convenient and proper order.
He has no such property In, possession of, or control of them as to Impose any
obligation upon him to produce them before a court, or to authorize him to do Bo
of his own accord. They belong to the House and are under Its absolute and unqualified control. It can at any time take them from the custody of the Clerk,
refuse to allow them to be inspected by anyone, or order them to be destroyed, or
dismiss the Clerk for permitting any of them to be removed from the file without
Its expressed consent."
2433
The Committee submitted the following resolution which was odopted
by the House:
"Resolve& (1) That no officer or employee of the House of Representatives
has the right, either voluntarily or in obedience to a subpoena duces mourn to
Produce any document, paper or book belonging to the files of the House before
any court or officer or to furnish any copy of any testimony given or paper flied
on any investigation before the House or any of its committees or any other paper
belonging to the files of the House except such as may be authorized by statute
to be copied and such as the House may itself have made public, to be taken with
the consent of the House first obtained."
Paragraph two of the resolution gave specific permission to the courtmartial to make copies of the papers mentioned in the subpoena.
Subsequently upon two occasions the House has reaffirmed its declaration that documents in the custody of the Clerk cannot be reached by a
subpoena duces tecum directed against the Clerk. In one of these instances
in 1886 the House stated again that the writ was ineffective but passed a
resolution authorizing the Clerk to permit copies of the documents to be
made. See 49th Congress, Record 1295, Journal 602. More recently,
on Feb. 17 1927, a similar situation arose when a court of the District of
Columbia ordered the Clerk to produce certain documents which had come
into his custody. The Clerk reported the facts to the House, stated in
full the resolutions of the House in the two cases cited above, and prayed
that the House authorize him to produce the documents. See 68th Congress,
1st Session, Record p. 4031. His request was granted. This is probably
the incident referred to by Senator Glass in the debates quoted above.
Similar cases have arisen from time to time in the Senate, and in each
instance the rule of the House was followed.
Although it is conceded that the results in these cases can be explained
on the ground that the documents of the House and Senate can not be
reached by judicial process because of the immunity of the legislative
body, yet the langauge of the first resolution indicates that the writs
were considered ineffective because they were directed against an officer
who had no control over the documents in question. Similiarly a court
can not subpoena a servant to produce documents belonging to the master
but left in the custody of the servant. Lorenz v. Lehigh Navigation Co.,
5 Legal Gazette 174 (Pa. 1873).
In any case it is clear that the author of the first resolution and the
House which approved the resolution were of the opinion that the Clerk
had no power of disposition over the papers in his custody. There is a
definite statement in the resolution that he could not appear before the court
voluntarily with the papers or permit copies of them to be made.
It must be admitted in view of the precedents in the House and the Senate
that the Senators were correct in assuming that the Secretary of the Senate
and the Clerk of the House, respectively, would have no authority to publish the reports of the Corporation in the absence of an express or implied
grant of such authority. The Clerk himself does not contend that the act
has granted him express authority. And it can hardly be maintained in
view of the legislative history and the congressional debates concerning the
act that there was an implied grant of such authority in the statute.
Other considerations:
While this opinion has thus far dealt with the provisions of the act of the
debate leading to its passage and the duties of the Clerk as disclosed by the
rules of the House and as interpeted by the House, it may be well, before
concluding this opinion, to refer briefly to certain matters and arguments
which have been brought to the attention of this Corporation, both before
and after the passage of the Emergency Relief and Construction Act of 1932.
All these matters, I believe, should have some weight with the Clerk in
his interpretation of and conduct under the provisions of the act, with due
regard for the fact that it is an emergency and releif measure designed to
protect credit, restore confidence, and furnish releif, and should, I believe,
be given further careful consideration by him before assuming the responsibility of possibly rendering ineffective, in certain quarters at least,
the purpose of the act—a grave responsibility for anyone to take without
legislative authority or precedent in view of the many who may be affected
adversely by his action and who have no relief in the premises.
As you know, borrowers who need and have qualified and are eligigle
for financial aid form this Corporation have indicated to us that the aid which
we are ready and permitted to furnih in certain communities may be useless
if the reports of loans and advances to institutions in such communities are
to be published. Such a situation will not only render ineffective the purposes of the act in such communities but may seriously jeojordize such loans
as we may have made therein by the use of funds provided by the Treasury.
It has been asserted that a great injustice may be done to a borrowing Institution or institutions located in a community where there are two or more
institutions and all are not borrowers. In such cases, publication of a loan
to one institution creates a tendency to distrust the financial status of the
borrower without a full knowledge of the circumstances attending the loan,
the financial condition of the borrower and its ability to meet its obligations,
including those to this Corporation, as they severally mature.
I understand that this situation has been brought to the attention of the
Members of the House and they have not ignored it as yet by directing publication of the reports, and they may well have left the act in its present form
for future determination of the course which the House is to pursue with
respect to such publication after receipt and consideration of the reports submitted.
In concluding, therefore, it is not only proper but necessary to state that the
action of the Clerk is depriving borrowers of any effective remedy by court
procedure, and as the House is not in session, Irons any effective appeal
to the Representatives from those districts in which the complaining borrowers are located or do business. The institution of proceedings by a borrower
to restrain publication of the reports would, of itself, indicate fear on the part
of the plaintiff borrower which would spread to its depositors or creditors
and in all probability cause irreparable injury before the propriety of or the
issues of the proceedings could judicially be determined. Futhermore, if
a Member of the House desired to speak for a complaining borrower, he has no
effective way of doing so as Congress is not in session.
I do not know whether the Clerk of the House has given consideration to
the circumstances of the situation here presented, but I think in justice to the
efforts of the board of directors of this Corporation faithfully and effectively
to discharge their duties,, it is advisible again to stress the importance of
protecting the borrowers, the depositors, creditors, policyholders and others
who are interested in their assets and operations, and as well the credit and
credit facilities of the communities affected until the Congress reconvened and
by appropriate action adopts a course with respect to the publication of these
monthly reports in whole or in part.
I appreciate that no opinion of ours is controlling, but I think an analysis
of the law itself, the intent of Congress as disclosed by the debates,the duties
of the Clerk as disclosed by the rules and as interpreted by the House, the helplessness of complaining borrowers and the grave injury which may be done
them by publication without further consideration and action' by the House,
affords ample justification to the' Clerk for failure to publish these reports
until he has been affirmatively directed so to do by the House or some authoritative committee or other body to which the House may properly delegate
authority for such direction. Respectfully submitted,
MORTON G. BOGUE, General Counsel.
2434
Financial Chronicle
Loans Totaling $1,182,734,958 Extended 1y Reconstruction Finance Corporation During Period from
-Loans Authorized Included
Feb. 2 to Aug. 31
$784,214,459 to 4,324 Banks and Trust Companies
-Loans to States and
-To Railroads $227,107,147
Territories $35,455,171.
The Reconstruction Finance Co”poration announced on
Oct. 4 that from Feb. 2 (the date it began operations) to
Aug. 31 it had lent $1,182,734,958 "to aid agriculture, commerce and industry to recover from the depression." Summarizing the borrowings, the Corporation said:
The Corporation authorized loans under Section 5 of the Reconstruction
Finance Act aggregating $1,344,634,237.31 up to and including Aug. 31.
$35,564,412.84 of this had, as of that date, been canceled by the borrowers. That is, they had notified the Corporation that they would not
call for the money.
$190,536,855.95 had not been drawn by the borrowers, but remains at
their disposal.
$1,118,532,968.62 had been paid over to the borrowers.
$150,890,897.05 had been repaid by them.
$967,642,071.47 was outstanding in the hands of borrowers.
Under Section 2 of the Reconstruction Finance Corporation Act $64,201,989.50 was lent by the Secretary of Agriculture to 507,632 farmers.
Under Section 5 of the Act the Reconstruction Corporation has paid out
$1,118,532,968.52 to 5,599 separate borrowing institutions.
Total disbursements under both sections were $1,182,784,958.02.
Indicating the amounts authorized to banks, trust companies, building and loan associations, agricultural credit
corporations, railroads, &c., the Corporation states:
Under Section 5 of the Reconstruction Finance Corporation Act, 7,488
loans, aggregating $1,344,634,237.31 were authorized to 5,599 borrowers
from Feb. 2 to Aug. 31 1932. These loans were to the following classes
of borrowers:
5,991 loans, aggregating $784,214,459.43, were authorized to 4,324
banks and trust companies.
393 loans, aggregating $39,290,150, were authorized to 391 receivers
and liquidators of closed banks.
680 loans, aggregating $80,343,033.43 were authorized to 643 building
and loan associations.
94 loans, aggregating $71,822,700, were authorized to 79 insurance
companies.
73 loans, aggregating $82,886,000, were authorized to 68 mortgage lean
companies.
68 loans, aggregating $1,361,245.59, were authorized to 10 Agricultural
Credit Corporations.
98 loans, aggregating $10,763,256.86, were authorized to 17 Livestock
Credit Corporations.
Nine loans, aggregating $29,000,000, were authorized to nine Federal
Land Banks.
Eight loans, aggregating $1,475,000, were authorized to six Joint Stock
Land Banks.
Three loans, aggregating $405,000, were authorized to three credit
unions.
63 loans, aggregating $227,107,147, were authorized to 43 railroads.
Eight loans, aggregating $15,966,245, were authorized to receivers of six
railroads.
Regarding the 6,384 loans to banks, the Corporation says:
These banks were located, on the basis of population, as follows:
3,291, or 69.9%, were in towns of less than 5,000 population;
754, or 15.9%, were in cities of 5,000 to 25,000 population;
332, or 7.1%, were in cities of 25,000 to 100,000 population;
157, or 3.3%, were in cities of 100,000 to 500,000 population;
87, or 1.9%, were in cities of 500,000 to 1,000,000 population;
94, or 1.9%, were in cities of more than 1,000,000 population.
With reference to the borrowings under the Emergency
Relief and Construction Act, the Corporation states that:
Up to the close of business on Sept. 30, $35,455,171.22 had been made
available to 25 States and one Territory. $30,533,586.22 of this amount
was made available under Subsection (c) of Section 1 of Title T, which
provides for reimbursement to the Federal Government by deductions from
future Federal authorizations to States to aid in construction of roads; and
$4,921,585 under Subsection (e) of Section 1 to political subdivisions of
States. Advances made to political subdivisions are to be reimbursed to
the Federal Government by them and are not deductible from Federal road
funds.
The "Journal of Commerce," in its Washington advices,
Oct. 4, notes that the Corporation reports that applications
of banks for loans under the Act numbered 899 during the
month of August, or a drop of 370 below the peak month of
April. Applications filed since February totaled 6,584. The
same account said:
The Corporation failed to comment on the reduction in the mraaber of
bank applications, except to point to the fact that a steady decline since
April has been noted. It emphasized, however, that more than half the
bank loans which have been authorized since April were to banks located
in towns of less than 6,000 population.
The Board's summary of its operations is taken, as follows, from the "United States Daily":
Statistics made public by the Reconstruction Finance Corporation show
that from Feb. 2, the date it began operations, up to the close of business
on Aug. 31, the Federal Government had lent through it the sum of
$1,182,734,958.02 in actual cash to aid agriculture, commerce and industry
to recover from the depression.
$64,201,989.50 of this was lent through the Secretary of Agriculture to
507,832 farmers for crop production purposes from funds supplied to
him by the Corporation.
$1,118,532,968.52 was lent directly by the Corporation to 5,599 borrowers. These borrowers included 4,324 banks and trust companies that
were open and doing business at the time the loans were made;
391 receivers of banks that were closed at the time loans were made;
643 building and loan associations;
Oct. 8 1932
79 insurance companies;
68 mortgage loan companies;
10 Agricultural Credit Corporations;
17 Livestock Credit Corporations;
Nine Federal Land Banks;
Six Joint Stock Land Banks;
Three credit unions, and 49 railroads.
Of this sum, a total of $150,890,897.05 had been repaid.
In addition to these loans the Corporation had made available, up to the
close of business on Sept. 30, the sum of $35,465,171.22 to States and
political subdivisions of States for the relief of destitution and distress.
The statistics also show that in addition to the amount of actual cash
paid out to borrowers the Corporation had authorized loans of $226,101,268.79, the proceeds of which had not been paid over to borrowers.
$35,564,412.84 of this amount had been cancelled by the borrowers.
That is, they had notified the Corporation that they would not call for
the money.
$190,536,855.95 had not been called for by the borrowers, but remained
subject to call by them.
The statistics further show there has been a steady decline in applications for loans from banks since April. In that month 1,269 applications
were received, and in August only 899.
It is also shown that loans have been authorized to 4,715 separate banks
(including receivers of closed banks), and that these institutions were
located, on the basis of population, as follows:
3,291, or 69.9%, were in towns of less than 5,000 population; 754, or
15.9%, were in cities of 6,000 to 25,000 population; 332, or 7.1%, were in
cities of 25,000 to 100,000 population; 157, or 3.3%, were in cities of
100,000 to 500,000 population; 87, or 1.9%, were in cities of 500,000 to
1,000,000 population; 94, or 1.9%, were in cities of more than a million
population.
The statistics also contain tables showing the number of farmers in each
State to whom loans were made, together with the aggregate amount of
money so lent in each State and the number of loans made directly by the
Corporation to borrowing institutions in each State, and the amount of
money made available to each State for the relief of destitution and distress.
Statement of operations of the Reconstruction Finance Corporation from
Feb. 2 1932 (the date of organization), to the close of business on
Aug. 31 1932:
Operations under Reconstruction Finance Corporation Act-Section 2 of
this Act authorized the Corporation to advance up to $200,000,000 to the
Secretary of Agriculture to be used by him to make loans to farmers in
localities where emergencies existed making it impossible for them to
obtain loans for crop production during the year 1932.
The Corporation has, upon request of the Secretary of Agriculture, made
the sum of $107,500,000 available to him, $75,000,000 of which has been
paid over to him. The Secretary had, on Aug. 31, disbursed $64,201,989.50
of that amount in 607,632 separate loans. Loans were made in every State
except Rhode Island. The average loan was 8126.47.
These loans were made for crop production purposes, which includes,
besides the purchase of seed and fertilizer, such uses as repairing implements, purchase of gasoline for tractors, and other expenses incident to
planting of crops.
The number and aggregate amount of the loans made to each State is
as follows:
StateAlabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Dist.of Columbia_
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Loans
Amount
19,658 81,620,042.00
657
143,519.00
46,835 4,006,802.50
282
59,915.09
5,530 1,109,271.03
44
13,140.00
77
16,702.00
2,975
44,158
4,716
768
3,066
1,824
2,144
13,713
26,184
1,427
460
49
4,097
9.540
40,066
9,258
18,946
274,711.98
4,887,324.74
915,785.42
107,192.00
362,041.67
301,300.00
411,873.00
835,924.75
2,415,917.48
479,786.95
69,290.75
10,053.62
438.307.04
1,138,897.00
3,889,008.38
1,004,216.55
4,387,471.00
StateLoans
Amount
Nebraska
6,761 81,361,436.00
Nevada
205
36,475.60
New Hampshire.69
010. 0
3 8
0
: 57. 5
New Jersey
236
51
19
New Mexico
4,858
541,549.50
New York
791
161,699.82
North Carolina---36,742
4.181,000.71
North Dakota
39,047 8,424,943.00
oma
2,224
329,810.90
Oklahoma
9,416
629.498.00
1,432
258,582.00
Pennsylvania
467
81,344.20
southeCaroll
Rhod Island
mt. _ 37,257 4,327,031.35
South Dakota
30,313 7,101,062.00
Tennessee
16,769 1.298,349.53
Texas
34,677 3,221,620.86
Utah
2,584
267,411.91
Vermont
1,106:449 27
279 9 0
.
.0
Virginia
12,372
13
Washington
2,528
567,241.00
West Virginia
2,124
148,135,93
Wisconsin
6,831
625,542.00
Wyoming
3,442
652,965.12
The balance of the $200,000,000 fund placed at the disposal of the Secretary of Agriculture and not used by him is vailable to the Reconstruction
Finance Corporation, under Section 201 (e) of the Emergency Relief and
Construction Act, to purchase the stock of the Regional Agricultural Credit
Corporations which the Reconstruction Corporation is authorized by that
Section to create in any of the 12 Land Bank districts. These regional
credit corporations are required to be furnished with a minimum capital
of $3,000,000 each.
Under Section 5 of the Reconstruction Finance Corporation Act, 7,488
loans, aggregating $1,344,634,237.31 were authorized to 5,599 borrowers
from Feb. 2 to Aug. 31 1932. These loans were to the following classes
of borrowers:
5,991 loans, aggregating $784,214,459.43, were authorized to 4,324 banks
and trust companies.
393 loans, aggregating $39,290,150, were authorized to 391 receivers and
liquidators of closed banks.
680 loans, aggregating $80,343,033.43, were authorized to 643 building
and loan associations.
94 loans, aggregating $71,822,700, were authorized to 79
insurance
companies.
73 loans, aggregating $82,886,000 were authorized to 68 mortgage
Icon companies.
68 loans, aggregating $1,361,245.59, were authorized to 10 Agricultural
Credit Corporations.
98 loans, aggregating $10,763,256.86, were authorized to 17 Livestock
Credit Corporations.
Nine loans, aggregating $29,000,000, were authorized to nine Federal
Land Banks.
Eight loans, aggregating $1,476,000, were authorized to six Joint Stock
Land Banks.
Three loans, aggregating $405,000, were authorized to three credit
unions.
68 loans, aggregating $227,107,147, were authorized to 43 railroads.
Eight loans, aggregating $15,966,245, were authorized to receivers of six
railroads.
The distribution by States of the 7,417 loans authorized to borrowers
other than railroads il as follows:
Volume 135
Financial Chronicle
Alabama: Banks, including receivers, 158; building and loan associations, 1; insurance companies, 4; mortgage loan companies, 7 ; total, 170.
Arizona: Banks, including receivers, 21; total, 21.
Arkansas: Banks, including receivers, 135; building and loan associations, 33; insurance companies, 2; Agricultural Credit Corporations, 1;
Joint Stock Land Banks, 1; total, 172.
California: Banks, including receivers, 198; building and loan associations, 27; mortgage loan companies, 4; Joint Stock Land Banks, 1;
Federal Land Banks, 1; total, 231.
Colorado: Banks, including receivers, 45 ; building and loan associations, 1; insurance companies, 1; Agricultural Credit Corporations, 8;
Livestock Credit Corporations, 3 ; total, 53.
Connecticut: Banks, including receivers, 48; building and loan associations, 5; mortgage loan companies, 1; total, 54.
Delaware: Banks, including receivers, 1; total, 1.
District of Columbia: Banks, including receivers, 22; total, 22.
Florida: Banks, including receivers, 41 ; mortgage loan companies, 3 ;
total, 44.
Georgia: Banks, including receivers, 122; building and loan associations,
1; Joint Stock Land Banks, 1; total, 124.
Idaho: Banks, including receivers, 50; Agricultural Credit Corporations,
4; Livestock Credit Corporations, 28; total, 82.
Illinois: Banks, including receivers, 458; building and loan associations, 45; insurance companies, 10; mortgage loan companies, 2; total, 515.
Indiana: Banks, including receivers, 175; building and loan associations, 9; insurance companies, 7; total, 191.
Iowa: Banks, including receivers, 467; building and loan associations, 9;
insurance companies, 13; total, 489.
Kansas: Banks, including receivers, 108; insurance companies, 8;
Federal Land Banks, 1; total, 112.
Kentucky: Banks, including receivers, 161; building and loan associations, 3 ; insurance companies, 1; Federal Land Banks, 1; total, 166.
Louisiana: Banks, including receivers, 140 ; building and loan associations, 21; insurance companies, 1; mortgage loan companies, 4; total, 166.
Maine: Banks, including receivers, 22; total, 22.
Maryland: Banks, including receivers, 40; building and loan associations, 4 ; insurance companies, 2 ; mortgage loan companies, 5; Federal
Land Banks, 1; total, 52.
Massachusetts: Banks, including receivers, 62; mortgage loan companies„ 3; credit unions, 1 ; Federal Land Banks, 1; total, 67.
Michigan: Banks, including receivers, 330; building and loan associations, 12; insurance companies, 4; total, 346.
Minnesota: Banks, including receivers, 249; building and loan associations, 2; insurance companies, 1; mortgage loan companies, 1; total, 253.
Mississippi: Banks, including receivers, 110; building and loan associations, 2; insurance companies, 1; total, 113.
Missouri: Banks, including receivers, 226; building and loan associations, 1; insurance companies, 6 ; mortgage loan companies, 3; Livestock
Credit Corporations, 1 ; Federal Land Banks, 1; total, 238.
Montana: Banks, including receivers, 66; building and loan associations, 1 ; Livestock Credit Corporations, 15 ; total, 82.
Nebraska: Banks, including receivers, 172; insurance companies, 8;
Federal Land Banks, 1 ; total, 176.
Nevada: Banks, including receivers, 20 ; total, 20.
New Hampshire: Banks, including receivers, 10; total, 10.
New Jersey: Banks, including receivers, 158; building and loan associations, 137; insurance companies, 5; mortgage loan companies, 8; total, 308.
New Mexico: Banks, including receivers, 13; Livestock Credit Corporations, 3; total, 16.
New York: Banks, including receivers, 151; building and loan associations, 10; insurance companies, 7; mortgage loan companies, 10; credit
unions, 1; total, 186.
North Carolina: Banks, including receivers, 124; building and loan
associations, 64; insurance companies, 4; Joint Stock Land Banks, 1;
total, 193.
North Dakota: Banks, including receivers, 87; building and loan associations, 2 ; insurance companies, 1; mortgage loan companies, 1; Agricultural
Credit Corporations, 1 ; total, 92.
Ohio: Banks, including receivers, 173; building and loan associations,
163 ; insurance companies, 2 ; mortgage loan companies, 1; total, 339.
Oklahoma: Banks, including receivers, 116; insurance companies, 2 ;
mortgage loan companies, 2; total, 120.
Oregon: Banks, including receivers, 119; mortgage loan companies, 1 ;
Agricultural Credit Corporations, 3; Livestock Credit Corporations, 2;
total, 125.
Pennsylvania: Banks, including receivers, 396; insurance companies, 2 ;
mortgage loan companies, 2; total, 400.
Rhode Island: Banks, including receivers, 2; credit unions, 1 ; total, 3.
South Carolina: Banks, including receivers, 52; building and loan
associations, 14; insurance companies, 1 ; Joint Stock Land Banks, 3 ;
total, 70.
South Dakota: Banks, including receivers, 118; building and loan
associations, 4 ; insurance companies, 1 ; total, 123.
Tennessee: Banks, including receivers, 215; building and loan associations, 3 ; insurance companies, 2; mortgage loan companies, 2; total, 222.
Texas: Banks, including receivers, 219; building and loan associations,
17; insurance companies, 7; mortgage loan companies, 10; Agricultural
Credit Corporations, 1 ; Joint Stock Land Banks, 1 ; Livestock Credit
Corporations, 3; Federal Land Banks, 1; total, 259.
Utah: Banks, including receivers, 50; mortgage loan companies, 1 ;
Livestock Credit Corporations, 27 ; total, 78.
Vermont: Banks, including receivers, 37; total, 37.
Virginia: Banks, including receivers, 114; building and loan associations, 70; mortgage loan companies, 1; total, 125.
Washington: Banks, including receivers, 184; building and loan associations, 2; mortgage loan companies, 1; Agricultural Credit Corporations, 55;
Federal Land Banks, 1 ; total, 243.
West Virginia: Banks, including receivers, 115; building and loan
associations, 15; insurance companies, 1; total, 131.
Wisconsin: Banks, including receivers, 263 ; building and loan associations, 54; total, 317.
Wyoming: Banks, including receivers, 20; building and loan associations, 2; Livestock Credit Corporations, 16; total, 38.
Alaska: Banks, including receivers, 1 ; total, 1.
Sub-total: Banks, including receivers, 6,384 ; building an d loan
associations, 680; insurance companies, 94; mortgage loan companies, 73;
Agricultural Credit Corporations, 68; credit unions, 3 ; Joint Stock Land
Banks, 8; Livestock Credit Corporations, 98; Federal Land Banks, 9;
total, 7.417.
Seventy-one loans authorized to railroads cannot be allocated to any
State.
The 6,334 separate loans to banks listed in the first column of the tabulation, aggregating $823,504,609.43, were made to 4,715 institutions (includ-
2435
ing receivers of closed banks). These banks were located, on the basis of
population, as follows:
Three thousand two hundred and ninety-one, or 69.9%, were in towns of
less than 5,000 population; 754, or 15.9%, were in cities Of 5,000 to 25,000
population; 332, or 7.1%, were in cities of 25,000 to 100,000 population;
157, or 3.3%, were in cities of 100,000 to 500,000 population; 87, or 1.9%,
were in cities of 600,000 to 1,000,000 population; 94, or 19%, were in
cities of more than 1,000,000 population.
As stated on page 2, the Corporation authorized loans under Section 5 of
the Reconstruction Finance Act aggregating $1,344,634,237.31 up to and
including Aug. 31.
$35,564,412.84 of this had, as of that date, been canceled by the borrowers. That is, they had notified the Corporation that they would not call
for the money.
$190,536,855.95 had not been drawn by the borrowers, but remains at
their disposal.
$1,118,532,968.52 had been paid over to the borrowers.
$150,890,897.05 had been repaid by them.
$967,642,07L47 was outstanding in the hands of borrowers.
Under Section 2 of the Reconstruction Finance Corporation Act $64,201,989.50 was lent by the Secretary of Agriculture to 507,632 farmers.
Under Section 5 of the Act the Reconstruction Corporation has paid out
$1,118,532,968.52 to 5,599 separate borrowing institutions.
Total disbursements under both sections were $1,182,734,958,02.
Up to Aug. 31 the Corporation had received 7,951 applications for loans
under Section 5 of the Reconstruction Finance Act, classified by months
and among the applicants as follows:
Aug. July June May April Mar. Feb. Total
Banks and trust companies (ineluding receivers)
899 1,049 1,088 1,135 1,269 1,009 135 6,584
Building and loans associations_ _ 140 139 124 107 166
77
3 756
Insurance companies
14
11
20
20
26
26
4 121
Mortgage loan companies
21
16
32
25
35
24
0 153
Credit unions
0
0
0
2
0
0
3
Federal Land banks
1
8
0
0
0
0
0
9
2
Joint Stock Land banks
5
4
1
0
3
1
16
Agricultural credit corporations-- 30
19
18
10
2
4
0
83
Livestock credit corporations_ _ _ _ 32
26
22
15
9
5
0 109
Railroads(including receivers)._.. 12
8
13
14
19
28
23 117
1,151 1,281 1,321 1,329 1,527 1,176 166 7,951
The Corporation also is authorized to make loans to the Intermediate
Credit Banks. Although no applications for loans are shown from them
the Corporation has agreed, at various times, to purchase a total of
$68,025,000 of the debentures of these banks if the same could not be sold
in the investment market. All of them were sold in the market and it was
unnecessary for the Corporation to purchase any.
Operations under the Emergency Relief and Construction Act: The foregoing statistics cover the Corporation's operations under the Reconstruction
Finance Corporation Act up to and including Aug. 31, but the Corporation's
operations under the Emergency Relief and Construction Act having been
made public as they occurred, the following statistics are complete up to
Sept. 30:
Under Title I of the Emergency Act the Corporation is authorized to
make funds available to the States and Territories to the extent of $300,000,000 to be used in furnishing relief and work relief to needy and distressed people. Up to the close of business of Sept. 30, $35,455,171.22 of
been made available to 25 States and one Territory. $30,533,586.22 of
this amount was made available under Subsection (c) of Section 1 of
Title I, which provides for reimbursement to the Federal Government by
deductions from future Federal authorizations to States to aid in construction of roads; and $4,921,585 under subsection (e) of Section 1 to political
subdivisions of States. Advances made to political subdivisions are to be
reimbursed to the Federal Government by them and are not deductible from
Federal road funds.
The following amounts have been made available to States under Subsection (c) of Section 1 of Title I:
Alabama
5225,000.00 Nevada
$47,200.00
Arizona
250,000.00 New Mexico
90,800.00
Arkansas
502,500.00 Ohio
2,337,000.00
Colorado
847,600.00 Oregon
86,160.00
Florida
500,000.00 Pennsylvania
2,500,000.00
Georgia
345,093.22 South Dakota
150,000.00
Hawaii
307,435.00 Utah
390,000.00
Idaho
300,000.00 Virginia
283,367.00
Illinois
14,000.000.00 West Virginia
440,000.00
672,550.00 Wisconsin
Kentucky
3,000,000.00
Louisiana
2,104,928.00
Missouri
853,953.00
$30,533,586.22
Montana
300,000.00
The following amounts have been made available to political subdivisions
of States, at the request of Governors, under Subsection (e) of Section 1
of Title I:
Michigan: City of Detroit, $1,800,000; City of Flint, $296,000; City of
ifuskegon Heights, $20,000; total, $2,116,000.
North Dakota: City of Minot and County of Ward, $50,000.
Ohio: Lorain County, $131,245; Mahoning County, $326,440; Stark
County, $334,900; Montgomery County, $400,000; Trumbull County,
$177,500, Summit County, $240,500, City of Cleveland, $470,000; total,
$2,080,585.
Washington: King County (Seattle), $675,000.
Grand total, $4,921,585.
Under Section 201(a) of the Emergency Act the Corporation has engaged
in the following operations to aid in financing self-liquidating construction
projects which will create employment:
Metropolitan Water District of Southern California: The Corporation
has agreed to bid for $40,000,000 of the bonds of the Water District and to
buy that amount if satisfactory bids are not received from private sources.
This action assures commencement of work on this project in the near
future. Plans for the project had been completed by the engineers for the
District and all that remained to be done before starting construction was to
obtain financing.
Public Belt Bridge of New Orleans: The Corporation has agreed to
bid for the bonds of the State of Louisiana and the Public Belt Railroad
Commission of the City of New Orleans in the estimated amount of
$13,000,000 necessary to build this bridge. Plans for it have been completed, bids for the work have been received, and with the assurance of
financing work may be started in the immediate future.
City in South Dakota Is Awarded Funds.
City of Madison, S. Oak.: The Corporation has agreed to purchase
$105,000 of the revenue bonds of Madison to finance construction of an
addition to its municipally owned light and power plant.
Advisory engineers are to be appointed to aid applicants for funds to
finance construction of small projects in preparing their applications. This
service will be rendered by eminent consulting engineers without cost to
the applicants. It is the desire of the Corporation to finance in the near
future a considerable number of small projects in all sections of the country.
so that employment may be created generally.
2436
Financial Chronicle
The projects which have already been acted on will create employment for
thousands of men on the construction sites and in mills, shops, quarries,
mines and other lines of industry, and will provide traffic for railroads.
The applications for loans on several other projects will soon be in shape
for action.
It is the expectation of the Corporation that a number of loans to finance
projects to provide low cost housing will be applied for in the near future
under Paragraph 2 of Section 201(a) of the Emergency Relief and Con.
struction Act. That section provides that such loans may be made only to
corporations organized solely for the purpose of providing such housing and
which are regulated by State or municipal law as to rents, charges, capital
structure, rate of return and areas and methods of operation.
At the present time such regulatory laws are in force only in New York
State, but it is anticipated that such legislation will be enacted before long
In some other States.
The outlook is that applications are to be made for a number of loans in
New York In the immediate future to finance large building projects of this
kind, and which will furnish much employment.
Section 201(e) of the Emergency Act authorized the Corporation to
create Regional Agricultural Credit Corporations in the 12 Federal Land
Bank Districts. Such corporations have been created in 10 of the districts.
The location of the main office for each district has been established, and also
the location of 18 branch offices.
Functions of Regional Credit Corporations.
These Regional Credit Corporations are authorized to make loans to farmers and stockmen, the proceeds to be used for an agricultural purpose (including crop production), or for the raising, breeding, fattening, or marketing of livestock. The law requires the Corporation to furnish each of them
with a capital of not less than $3,000,000 and provides that the unexpended
balance of the $200,000,000 allocated to the Secretary of Agriculture In the
original Reconstruction Finance Corporation Act may be used to purchase
the stock. As stated on page 1, approximately $125,000,000 is available for
this purpose.
The law provides that these corporations shall be managed by officers
and agents appointed by the Reconstruction Finance Corporation. The chief
officers of eight of the main offices and 11 of the branch offices have been
appointed. Application forms for the use of those desiring to secure loans
have been supplied to these offices and in a short time funds will be
available to borrowers.
Under Section 201(d) of the Emergency Act the Corporation is authorized to make loans to bona fide institutions, organized under the laws of
any State or of the United States and having resources adequate for their
undertakings, to enable them to finance the carrying and orderly marketing
of agricultural commodities and livestock produced in the United States.
The Corporation has authorized two loans under this Section: one of
$35,000,000 to the American Cotton Co-operative Association, and one
of $15,000,000 to the Cotton Stabilization Corporation. Security for these
advances is to be cotton held by these corporations at the rate of $25
per bale.
A report by the Reconstruction Finance Corporation covering loans up to June 30 was referred to In these columns
July 16, page 413.
Monthly Report of Railroad Credit Corporation—
Loans Advanced or Authorized Up to Oct. 1,
$31,681,529.
The Railroad Credit Corporation on Oct. 1 1932 had either
actually made or authorized loans to railroads to meet their
fixed interest obligations totaling $31,681,529, according to
the monthly report of that corporation filed with the InterState Commerce Commission. In making public its monthly
report, the Railroad Credit Corporation on Oct. 3 said:
Collection of rate increases under ex parte 103, according to the report,
totaled 835,764,606 in the first seven months this year, the increase having
become effective Jan. 4. The amount derived from the increase amounted
to $4,689,460 in July, the latest month for which reports as to collections
are available.
By the terms of the plan under which the fund is administered, the railroads have forty days after the end of each month in which to file with the
corporation the amount received from rate increases during that month,
and then are allowed ten days in which to turn the funds so derived over
to the corporation.
In its decision in ex parte 103, the Inter-State Commerce Commission
permitted certain increases in rates, the proceeds to be pooled and used for
loans to needy carriers. The method of pooling the revenues, known as
the marshalling and distributing plan, was proposed by the carriers, and is
administered by the Railroad Credit Corporation. By the terms of the
plan under which the Railroad Credit Corporation operates, and in accordance with the decision of the Inter-State Commerce Commission, loans by
the corporation are restricted to the prevention of defaults in fixed obligations.
The report follows:
THE RAILROAD CREDIT CORPORATION—REPORT TO INTER-STATE
COMMERCE COMMISSION AND PARTICIPATING CARRIERS AS OF
SEPT. 30 1932.
Net Change
Balance
During
Assets—
September 1932. Sept. 30 1932.
Investment In affiliated companies (loans made)
$2,071,320.00 $27,654,029.00
Cash
2,140,526.55 4,384,293.95
Petty cash fund
25.00
Special deposit (reserved for taxes, .kci.)
454,803.12 3,553,918.66
Miscellaneous accounts receivable (due from contributing carriers)
114,246.93
30,509.29
Interest receivable
171,653.84
43,939.06
Deferred assets (loans authorized—contra)
d261,740.00 4,027,500.00
Expense of administration (Dec. 14 1931-Sept. 30
1932 Inclusive)
101,228.38
11,472.20
Total
$4,490,830.22 $40,006,805.76
Liabilities—
Non-negotiable debt to affiliated companies (reported
$4,689,46084 $35,764,606.20
rate Increases under ex parte 103)
Deferred liabilities (loans authorized—contra)
d261,740.00 4,027,500.00
d239.48
Other unadjusted credits
Income from funded securities (interest accrued on
64,401.35
176,769.44
loans to carriers)
Income from unfunded securities and accounts (Inter8,947.51
36.830.12
est on bank balances, Acc.)
1.200.00
Capital stock
Total
d Denotes decrease.
$4,490,830.22 $40,006,895.76
Oct. 8 1932
President Buckland of Railroad Credit Corporation
Declares Carriers Are Entitled to Equal Opportunity to Compete with Motor and Waterway
Transportation—Says Loans to Roads Are Neither
Gifts Nor Doles—Repayment of Loans Made During
Government Operation.
The record of the railroads of this country as to financial
integrity and operating efficiency clearly entitles them to
an equality of opportunity to compete on a fair and just
basis with motor and waterway transportation which it now
unregulated so far as inter-State commerce is concerned,
according to E. G. Buckland, President of the Railroad
Credit Corporation.
"Among the restrictions which affect the railroads, but
which do not affect their competitors on the highways and
by water," said Mr. Buckland, addressing_ the annual
banquet on Oct. 1 of the Society of Officers, Eastern Associations of Railroad Veterans, held in Boston, "are those
pertaining to the inflexibility of rates, fares and charges
made by the rail carriers." "The railroads," he declared,
"should be free to meet this competition either by having
these restrictions removed or having like restrictions placed
upon their competitors." Mr. Buckland went on to say:
I do not advocate a removal of all regulations or restrictions. The
obligation to treat shippers and communities without undue prejudice or
discrimination Ilea upon the railroads by law to-day. The fine, which may
be imposed upon a railroad and imprisonment visited upon its officers who
participate In rebating should likewise be among the provisions of a similar
law applying to their competitors. Discrimination and rebating are the
twin devils tempting transportation agencies to favor the large shipper as
against the small shipper. The railroads have long since ceased to indulge
in them. The continuation of undue discrimination and rebating by highway and water carriers will inevitably result in disappearance of the country
store and small community industries and the imposition upon our land of
syndicated industries controlled by absentee owners. The social and Industrial structure of the United States pleads as powerfully for equal restriction of transportation agencies as do the financial requirements of the
railroads.
In these days when the railroads are receiving loans from the Government
to tide them over their present financial difficulties, an impression that
should be corrected has gone abroad in the land. These loans, judged by
the history of previous loans made to railroads, are in no sense gifts or doles.
On the contrary, if that history be a precedent, they will prove to be profitable transactions for the Government.
During the period when the Government operated the railroads, from
Jan. 1 1918 to March 1 1920, and in the years succeeding Government
operation, the United States loaned to the railroads almost $1,116,000,000,
Of this amount the railroads have already repaid to the Government almost
$1,077,000,000, leaving a balance outstanding of a little over 839,000,000.
In addition, they paid 6% interest upon the principal sums, or nearly
$181.000,000. The money which the Government loaned the railroads
cost it about 4% during this period, and as it received 6% from the railroads
one-third of the interest received was profit amounting to a little more than
860,000,000, so that even if the Government should not receive any further
payments on the $39,000,000 still owed it has made already a cash profit
of nearly $21,000,000, added to which will be so much of the $39,000,000
as yet may be repaid.
Can the Government report or predict similar profits from any like
dealings with, or loans made to, reclamation projects, agriculture, ship
building or even the Panama Canal? The integrity of purpose which has
characterized the discharge of these obligations to the Government may
safely be relied upon to discharge the loans which are being currently made
by the Reconstruction Finance Corporation in behalf of the Government,
to say nothing of the loans made by the Railroad Credit Corporation from
a fund to which the railroads themselves have contributed.
The relations of the railroads to the investors in their securities bear
similar witness to their integrity and to the soundness of the investments.
The total bonds issued by all of the railroads represent less than half the
value of the railroads as fixed by the Inter-State Commerce Commission
in 1920 plus the actual cash invested in them since. In fact, the total par
value of railroad indebtedness plus the total par value of railroad stocks are
only 78% of the value found by the Commission. This should put an end
to the claims from time to time made that the securities of the railroads
represent inflated values of their property and that the stock of the railroads is largely watered.
In the development of the United States the builders and operators of
the railroads have had so great a part that they may be regarded as the chief
contributing cause. It is not too much to say that the social and economic
solidarity of this country and Its military impregnability are due in an important degree to its railroads. In an even more important degree are
they present necessities to its industrial progress. If the railroads should
go out of business, the United States would go out of business with them.
While the railroads could carry the entire commerce of the country, all
other transportation agencies combined could carry only a small part ofthe
reduced traffic now moving over the railroads.
Mr. Buckland, besides being President of the Railroad
Credit Corporation, is also Chairman of the board of the
New York New Haven & Hartford RR. CJ.
John M. Grant, President of Transamerica Corp.,
Named Head of Bancamerica-Blair Corp.
)
It is learned from the San Francisc, "Chronicle" of Oct. 1,
that John M. Grant, President of Transamsrica Corp. has
been elected PreAdent of the Bancamerica-Blair Corp.,
succeeding George N. Armsby, who previously acted both
as President and Chairman of the Board. Mr. Armsby
retains the Chairmanship and H. R. Coulter, Comptroller
of the Bancamerica-Blair Corp., has been made a VicePresident. San Francisco advices on Sept. 30, printed in
the Los Angeles "Times," contained the bllowing additional information:
The placing of the active management in Mr. Grant's hands is in line
with the policy of Transamerica of returning the management of its subsidiaries to California. The Board of Directors of the subsidiary has been
increased from seven to 11 members, the four new directors being Horace
Gear, New York representative of Associated American Distributors, Inc.,
Eugene Crowell, New York capitalist; L. M. Giannini, Senior Executive
Vice-President of the Bank of America; N.T. and S. A.,and H. R. Coulter.
2437
Financial Chronicle
Volume 135
In giving the resolution adopted at the General ConvenAnnual Convention of American Bankers' Association
Held This Week at Los Angeles—State Bank Divi- tion on Oct. 5, the advices on that date to the New York
sion Opposed to Broadening of Branch Banking "Journal of Commerce" said:
Powers of National Banks As Proposed in Glass
The American Bankers' Association decided to-day to discontinue the
Bill—General Convention Declines to Record attempt to take any one view on the branch banking question as representative of the majority opinion of its members and voted to throw the
Views on Subject—Economies Policy Commission problem back to the various divisions for treatment as they think best.
Not a dissenting voice was raised at the general meeting to-day in adoption
Favors Extension of Federal Reserve System in
of the resolution proposed by R. S. Hecht of New Orleans, Chairman of
Commercial Banking Field—Resolutions Adopted. the Resolutions Committee. No opposition was raised because the associaThe branch banking question developed as an issue at tion leaders had canvassed carefully the views of diverse interests on the
this week's annual convention at Los Angeles, of the Ameri- question and had already ascertained that the resolution was accepted to
both opponents and proponents of branch banking.
can Bankers' Association. While the State Bank Division
The following is the resolution of the General Convention
and a group of unit bankers on Oct. 4 took occasion to voice
this opposition to the broadening of branch banking powers on branch banking:
"The American Bankers' Association is designed and administered to
of National banks, the General Convention on Oct.5 adopted
give organized representation to the many diverse and at
even cona resolution in which it said "we believe . . . that any flicting interests involved in the various phases of banking. timesthis reason
For
expression and action on branch banking should be left to the different divisions have been set up to give opportunity for the study
the specialized consideration of the various divisions." and expression of views and the taking of suitable action regarding problems
affecting the functional and charter interests of all types of banks, subject
The resolution adopted Oct. 4 by the State Bank Division to the direction of the general convention.
reads:
"Whenever there arise broad questions of policy the carrying out of
Resolved, That the State Bank Division, in annual convention assembled,
hereby expresses its determined opposition to Section 19 of the Glass bill,
which would give State-wide branch banking powers to National Wanks
in all States regardless of restrictions as to branch banking on State banks
by State laws. This is a deliberate attempt to overthrow the sovereignty
of our States; it is contrary to the policy which has built up this Republic
and would lead to a system of Nation-wide branch banking.
Further, be it resolved, That we are unalterably opposed to the so-called
unification of all banking under Federal control in place of the present
dual system of State and National banks which is being promulgated for
the purpose of destroying the State supervised banking systems. It is
almost unbelievable that such a movement could attain success, but it is
being supported by such powerful interests that desire to bring the entire
banking business of this country under the control of a single Washington
bureau as to constitute a serious menace to our State banks.
Such a plan aiming at the extinction of all State banks and the setting
up of bureaucratic domination of the entire banking system of this country
threatens to cause a dangerous centralization of Government authority
over the financial and business interests of the National, and we urge
every banker in the United States to take an active part in opposing this
plan which is in direct violation of the basic principles that have characterized this Nation from its inception and have been an essential factor in
its development and progress.
Regarding the action in opposition to the branch banking
a dispatch Oct. 4 from Los Angeles to the New
York "Herald Tribune" said in part:
/llOyellIellt,
First, the meeting of the State Bank Division was given over almost
wholly to criticism of branch banking in general and in particular that
provision of the Glass bill, known as Section 19, which would give National
banks the right to establish State-wide branch banks, thus doing away
with the present system, under which National banks can have no branches
at all unless State laws give competing State institutions the same privilege.
Unit Bankers Organize.
Second, a number of unit bankers held a meeting of their own In the
late afternoon, at which plans were laid for welding together more closely
unit banking opposition to the threatened inroads of branch banking.
Charles F. Zimmerman, President of the First National Bank of Huntingdon. Pa., was the moving spirit at this meeting, and he urged bankers
present to join forces with the Association he recently formed, called the
Association of Independent Unit flanks, for the purpose of fighting the
Glass bill. At the informal meeting a resolution was passed opposing
Section 19 of the bill. . . .
McWhirter Denounces Plan.
Felix M. McWhirter of Indianapolis. President of the State Bank Division, was especially forthright in his denunciation of branch banking
champions, charging that the legalization of multiple office banking would
open the door for widespread speculation in bank shares, would increase
bureaucracy and invade the rights of the States.
"The stockholders, directors and officers of the 10,000 State chartered
institutions," he said, "were first nauseated by the attack on State chartered banks on behalf of bureaucrats and later, amused, and now they
propose to vigilantly control the situation in their respective States, by
their own hands. America will not tolerate holding company banking
concentration."
Proponents Criticized.
L. A. Andrew of Ottumwa, Iowa, another speaker at the State Division
meeting, also directed his remarks against those who would set up a unified banking system under National charter and give National banks
branching rights. "Forcing together all banking institutions into one
bureau in Washington," he said. "would add so immeasurably to bureaucratic control that it would be unsound and unsafe for a continued successful development. The fact that a bank is a National or State bank
does not make it exempt from failure."
H. N. Stronck, of Chicago, and A. G. Kahn, of Little Rock, also appeared on the State flank Division program. Mr. Andrew was elected
President of the Division, and Clyde Hendrix, President of the Tennessee
Valley Bank of Decatur, Ala., was elected Vice-President. At the State
Secretaries' Section Meeting, Wall G. Coapman,Secretary of the Wisconsin
Bankers' Association, was elected President.
According to an account Oct. 5 from Los Angeles to the
New York "Times", the feeling of the small banker toward
the threat of branch expansion, as provided in the Glass
bill, was shown for a brief interval on that day in the session
of the National Bank Division, although an opposing resolution was not offered. The "Times" account added:
Charles F. Zimmerman, President of the First National Bank of HuntIngdon, Pa., speaking as President of the Association of independent unit
hanks, took the floor to protest against the proposal to allow national
banks the privilege of State-wide expansion.
He said that he would poll members of the National Bank Division by
mall at a later date to determine their stand on the question. No other
discussion followed.
which may be beneficial to one and perhaps detrimental to another group
of members or which may involve the statutory State or national rights and
privileges of any banks the association feels that it should not attempt
to commit our membership as a whole to any rigid line of action, but should
instead refer such questions in each case to the divisions which have been
specifically created to specialize in particular aspects of banking operations
and policy.
"It is recognized that the subject of branch banking has become a question
of such a highly controversial nature as between banks operating under
various conditions that the association as a whole feels it should not attempt
at this time to formulate a definite attitude aimed to commit all types of
bankers on this many sided question.
"We believe, therefore, that any expression and action on branch banking
should be left to the specialized consideration of the various divisions."
The further resolution adopted Oct. 4 by the General
Convention were indicated as follows in the "Journal of
Commerce":
Hit Deposit Guaranty.
The Association, as usual, opposed legislation which would guarantee
bank deposits, resolving as follows on that score:
"Guaranty of bank deposits carries an idea that naturally arp3als to
people in general on casual consideration. However, in principle, it is unsound and in practice it is unworkable, it has been tried in eight States and
it has not only failed in every case, but it has resulted in increasing the
number of bank failures. Taxing properly managed banks to make up losses
of failed banks is not only unfair and unreasonable, but it weakens the whole
banking structure. Again guaranty of deposits places the incompetent and
reckless banker on an equal footing with the able and conservative banker,
which encourages bad banking at the expense of sound banking. We are
therefore opposed to the passage of any law carrying a guaranty of bank
deposits and believe that it is against the interest of the people of the United
States to develop any such system."
On the subject of governmental expenses, which Harry J. Hass of Philadelphia, President of the Association, has made the keynote of this year's
convention, the Association took a firm stand, declaring that it insistently
demands reduction of public expenditures and is unalterably opposed to the
continuation of the present high rates of taxation.
Regarding State taxation of national banks,the Association passed a resolution stating: "The undercapitalization and unwise distribution of profits
that have followed, in order to escape such discriminatory taxation, have
been a contributing cause and sometimes the chief cause, in a great many
bank failures of recent years. Especially do we condemn the suggestion.
indicated by the resolution adopted by the Association of States on National
Bank Taxation at Columbus, that banks be taxed on their gross assets.
That is, their notes, bonds, cash and reserve accounts, which would penalize
banks for every deposit received and make it impossible to conduct the
banking business."
See Upward Trend.
"For the first time during this long depression," read another resolution
passed by the Association, "we are able to record definite signs of business improvement. In finance the evidence is conclusive that the controlling
trends have turned upward."
On Oct. 6 the Economic Policy Commission placed the
Association on record (we quote from the Los Angeles dispatch to the "Times") in opposition to proposals for united
Federal control over all commercial banks, in place of the
present dual system of State and National banks. The dispatch added:
As an alternative, the Commission asserted, extension of the Federal
Reserve System in the commercial banking field would incorporate all
virtues claimed for a unified system.
"It is our conviction," the report stated, "that the Federal Reserve
System constitutes the most promising Instrumentality for building up the
kind of a banking structure for the nation that Is to be desired.
"We are in favor of a broadening unity in the functioning of our commercial banks, both State and national, along sound coordinated lines under
the leadership of an ever-improving Federal Reserve System."
The report of the Economic Policy Commission was presented by Rudolph S. Hecht, Chairman of the Commission.
Francis H. Sisson, Vice-President of the Guaranty Trust
Co. of New York, was elected President of the Association
on Oct. 5 to succeed Harry J'. Haas of Philadelphia. Frank
M. Law of Houston was made First Vice-President and Rudolph S. Hecht of New Orleans second Vice-President.
The address of Mr. Haas is referred to elsewhere in this
issue, and we likewise, in another item indicate in part
what Mr. Sisson had to say. Secretary of the Treasury
Mills was a speaker at the Convention, and his address
will be found under another head in this issue. We also
2438
Financial Chronicle
note on another page what W. W. Wilson, President of the
National Bank Division had to say regarding the issuance
of additional currency authorized under the rider to the
Home Loan Bank Act.
There were many other equally important addresses
before the General Convention and the various divisions,
from which, however, we are unable to quote in the limited
space in these columns. As usual we shall publish at a
later date our annual American Bankers' Convention section, in which all the addresses will appear in full.
Oct. 8 1932
and good soldiers who have never lost a war." Mr. Haas
said in part:
Property rights have been respected. We have had no social upheavals
as witnessed In other parts of the world. The minority have abided by the
decision of the majority. We have probably experienced the enactment
of some of the greatest constructive measures in our history. Our unemployment had never been as great and the fortitude with which they met
their conditions is a matter of record. Generous assistance has been
rendered to the unfortunate by those who have been able to carry the
burden. Many of our outstanding leaders in business and industry have
given liberally of their time and effort to public and social matters. In
short, no matter what our position in life may be we should be proud of the
fact that we are citizens of this great country where these things are possible.
. . .
Yet a great task of government lies ahead. It has yet to wrestle with
over-taxation. Taxation up to the point required to carry on the functions
of government for the maintenance of its basic purposes is unquestioned.
But when taxation is used as a social measure to take an undue proportion
of the property of certain classes of our people to finance special benefits
to certain other classes it is a violation of our basic principle. Both in
public financial policies now in force and in many proposals brought forward
during the period of stress we are justified in fearing the result, as there are
involved government expenditures that create tax demands that are unfair
to our people as a whole and would create special class privileges. We
should bear in mind that it is the duty of our people to suppolt the government and not the government to support the people. Any other policy
would lead to paternalism and endanger the very existence
of our institutions. Every dollar of avoidable governmental expense must be done
away with and every dollar of unavoidable expenditure should be made
to produce an adequate return or be absolutely necessary for the health
or safety of our people.
Additional National Bank Currency Unnecessary Says
W. W. Wilson, President National Bank Division
of American Bankers Association—Views on Rider
to Home Loan Bank Bill.
Additional currency of nearly a billion dollars for National
banks authorized by a rider to the Home Loan Bill passed
by the last session of Congress as a measure of "mild inflation" did not seem necessary and has not proved effective,
W.Walter Wilson, President of the National Bank Division
of the American Bankers Association, told the meeting of
his group at Los Angeles on Oct. 5 at the annual convention
of the organization. "There was a great tendency to invoke
legislative assistance as the remedy for practically all
Discussing banking conditions, Mr. Haas declared that
economic ills," said Mr. Wilson, who is President of the his "view of the record banking has made during this depresFirst Milton National Bank, Milton, Pa. "Some proposals sion is very different from that manifestly created
in general
were sound, many unsound. One piece of legislation which public opinion," and that, as compared with
other lines of
did not terminate satisfactorily was the rider attached to the business "banking need not apologize to anyone"
and in fact
Home Loan Bank bill to giveNational banks authority to issue proved itself one of the strongest elements in
the economic
additional currency, during the next three years, based upon structure.
any United States Government bonds bearing interest at
"Popular misconceptions about banking are attributable
rates no higher than 334%," Mr. Wilson went on to say:
to the figures that have been given out to the public withThis proposal did not seem either necessary or capable of responding to
out adequate efforts to put them in their proper perspective,"
hopes based on it. Its supporters insisted it would produce mild inflation
he said. "In fact, during the period of fear, unreason and
looked upon them as desirable. That such would not be the result was not
difficult to see. The crying need was not for more currency, but for more
mass hysteria a sober public consideration of the matter was
sound uses to which it could be put.
undoubtedly impossible. It may be possible now. In 1931,
He said that the liberalization of the discount features of 2,300 banks closed their doors with deposit
liabilities of
the Federal Reserve banks which had previously been pro- $1,690,000,000, heralded to the country as though
vided for in other measures, already made an adequate a loss of $1,690,000,000 of the public's money that meant
amount of currency available whenever necessary. He banks. It meant no such thing. It meant deposited in
that this gross
added:
amount of deposits was temporarily tied up. A considerable
But only a small portion of the available amount was used or will be used
amount has already been paid back to depositors and the
unless and until a considerably larger total of sound loans is demanded.
bulk of it will ultimately be returned to them."
The authorization of nearly a billion dollars of additional national bank
currency, building up a backlog far more extensive than ever will be called
Mr. Haas declared that no class of business or business
into use, did not create demand for a single dollar of additional loans and,
men in the nation to-day represents more capable managetherefore, did not place any more currency into circulation.
Slme banks have increased their circulation and others ment, sounder financial conditions and a greater capacity for
may do so but the funds acquired in this manner will be constructive public service than do the present 19,500 institutions that make up our banking structure. He attributed
used simply to retire like amounts of Federal Reserve notes
a large part of the bank failures to the fact that government
until the demand for loans quickens considerably, he pointed
officials, in both the State and National systems, for over a
out. Mr. Wilson also stated:
period of more than 20 years permitted the organization of
The plan to permit the issuance of more currency in the manna outlined
great numbers of banks with insufficient capital or in places
above threatened immediately the value of the 2% Consols which were
certain to depreciate as soon as the higher rate bonds became eligible to
where they never could be successful, and in many instances
secure circulation. It was urged that if the increased volume of currency
over the protest of the well established banks. He said:
should be voted, the holders of the 2% bonds should be protected possibly
through the imposition of a higher tax upon the higher rate circulation bonds.
Thus something approaching equality of market values might be preserved.
It was evident, though, that influential members of Congress wanted
the so-called currency expansion clause without change more than they
wanted the Home Loan Bank bill, and insisted they would have the former
or nothing. Consequently fear of losing the bank bill brought support to
the currency rider and made possible its enactment. The three years'
limitation upon the issuance of the new currency under this authorization,
however, stands as a measure of support for the Consols so long as retirement of this circulation is a possibility at the end of that time. And still
further support is imparted to the Consols by the interpretation of the
Attorney-General of the United States holding that it was the Congressional
Intent that such currency should be withdrawn in three years. However,
whether it will be is only conjecture now. The power which granted the
privilege can extend it, and there is no dearth of belief that it will be importuned strongly to do so.
Justification for Confidence That We Face Return to
Better Banking Conditions, Says Harry J. Haas,
President American Bankers Association.
Declaring his faith "that happier conditions to-day
represent a real re-establishment of fundamentally sound
banking, business and general economic conditions," as
compared with the "banking panic" that surrounded the
annual convention of the American Bankers Association a
year ago, Harry J. Haas, President of the organization, told
the delegates to the convention at Los Angeles on Oct. 4 that
the improvement "constitutes one of the greatest tributes te
the traditions and institutions of this nation and to tho
courage and resourcefulness of our people that has ever been
written in the annals of the country in times either of peace
or war." He said the people had taken the change for
"new era" of prosperity to adversity "like true Americans
We are justified in feeling confident that we now stand on the
threshold
of a return to better banking conditions. Recent figures reflect
changes.
There were 149 suspensions in June this year with deposits of
128 in July with deposits of $56,000,000, and 85 in August $136,000,000;
with deposits
less than $35,000,000. Subsequent figures show a continuation
of these
improvements, and I am confident the banking situation is well on its
way
back to normal. The average closings of banks in 1931 ran at
the rate of
about 44 a week. During 1932 they have run at the rate of
about 30,
and in recent weeks half that. Reopening, have also shown a
steady trend,
Mr. Haas said that when the "forces of economic destruction converged on banking through the breakdown of other
lines of business the consequent increase in bank suspensions
forcussed public opinion on the banks as the cause rather
than the victims of the general breakdown," causing "a
politically stimulated clamor for a political cure of the situation by means of legislation," which "is becoming somewhat
less violent as a clearer view of the truth has developed."
He added:
Bankers are not always in opposition to important measures affecting
banking. All they ask is that these measures be sound, timely
and in the
real public interest. As to such banking reform as can be
embodied in our
laws, the approach in the past has been wrong. That has
happened?
Have We bankers been forehanded enough? I am afraid not.
We have
seen things developing in banking that some of us questioned—but
have
we been aggressive enough against them? Others have seen
these things,
too—and then the first thing we know we are suddenly confronted
with
an insistent public demand under skilful political management
for banking
laws that more often than not were not based on practical experience,
or
else carried good ideas to bad extremes.
The question of banking legislation is too technical, too related to
all
phases of the public welfare, and it deals with matters of too delicate a
Character to be subjected to the rough and tumble of partisan political or
controversial battles rather than a sober discussion of the merits of the
case. I think we might well consider the Canadian procedure, where it is
provided by law that every ten years the bankers and the legislators shall
sit down together, review the banking laws, consider the economic changes
Volume 135
Financial Chronicle
amicably
that have developed, study the 1-ssons of experience and then
work out a program of needed legislation.
Legislative measures are not the only means for promoting improvements
spirit
in banking. The more fundamental actions must come within the
and practice of banking itself. Our banking methods at heart are sound,
our established traditions are fundamentally true. If there have been any
deviations from them the remedy is in a return to standard principles, not
In a rigid formulation by law of those things that must be left to the dictates
by
of experience and free discretion. We cannot make banks fool-proof
legislation, but we can come near doing so by good management and common sense. The principles of good bank management can be taught, and
common sense can be cultivated, by means of technical education.
Francis H. Sisson, New President-American Bankers
Association, Sees Worst of Depression Past.
Expressing the belief that the worst of the depression is
past, Francis H. Sisson, newly elected President of the
American Bankers Association, declared on Oct. 6 at Los
Angeles in remarks on his induction into office that the
foremost problem confronting bankers is the restoration of
public confidence in the banks and in the economic future of
the United States. "The advance that has taken place in
prices of stocks, bonds and commodities has spelled genuine
improvement from the bankers' point of view, and even more
reassuring is the disappearance of the panicky spirit of a
few months ago," said Mr. Sisson, who is Vice-President of
the Guaranty Trust Co., New York City. "Tnere is reason
to believe that the worst of the depression is past and that the
elements of improvement noted thus far are the forerunners of
a more tangible recovery that will gradually raise business
activity, earnings, and employment to the levels that our
natural and human resources give us the right to regard as
normal."
Mr. Sisson said that bankers are facing a problem of a
fundamental nature in the demand crystallized by events of
the last few years for sweeping changes in the banking
system by legislative enactment by Congress. He went on
to state:
It is the duty and privilege of bankers to use their influence to see that
changes made are in accord with sound banking principles and with the
present needs of the country. It is impossible to utter a blanket commendation or condemnation of such proposed changes as a whole. Some are
clearly good, some bad and others subject to differences of opinion among
competent judges. Suffice it to say that the bankers can go far toward
determining the nature of the changes that are made by using their united
Influence at the points where substantial agreement is possible.
Events have exposed weaknesses in our banking system, although when
we consider the exceptional period through which we have passed we are
justified in congratulating ourselves it has functioned as well as it has. But
we are forced to conclude that there is room for improvement. Our banks
can and must be made safer. The individual banker must exert himself to
the utmost to see that his own bank is conducted along sound lines. The
vast majority are doing that already with increasing E411CC63.9. But beyond
this the individual banker must unite with the others to throw their combined influence into the scales on the side of a stronger banking system.
He must take the broadest possible view of his professional function, of
his place in the economic world. In some cases he must allow considerations of immediate personal advantage to be overbalanced by regard for the
general welfare. He must also adopt an attitude of willing compromise
in the interests of united action.
Commenting on the unwarranted accusations and blame
for lack of foresight cast on bankers during the bewilderment
and discouragement of the depression, he said "banks and
bankers had to shoulder more than their share of the blame."
He added:
As a matter of fact, bankers also had to face criticism in the prosperous
years because of their more conservative attitude and lack of enthusiasm
for the "new era." It is true that most bankers did not realize how severe
and prolonged the reaction would be, but with a very few exceptions neither
did anyone else. }tankers cannot be indicted for not being more than
human. In so far as banking weaknesses have contributed to the difficulties of the last few years they are attributable mostly to the failure of
bankers to foresee the unforeseeable, plus defects in the banking system for
which no banker or group of bankers can fairly be held responsible.
Changes in banking systems must come slowly and by
degrees, he said, while sweeping reforms, "however sound
they may be in themselves are inevitably in the nature of
experiments which, if adopted with too much haste, are in
danger of doing more harm than good, for the primary function of a banking system is to provide a firm foundation upon
which business can operate with as much smoothness and
continuity as possible." Strengthening the foundation is
highly desirable, he said, but the strengthening must be done
without shaking the structure.
• Investment bankers "have incurred harsh criticism
because of participation in new, particularly foreign, security
issues that have since come to grief," he continued, "but
every banker knows that many of those issues were floated
by houses of doubtful repute that had come into existence in
recent years in response to the unparalleled opportunities
that had arisen in the investment banking field—houses that
have subsequently passed quietly out of existence, leaving
reputable bankers to bear the public stigma of their unwelcome colleagues' mistakes." He further said:
2439
But many other securities, both domestic and foreign, were issued through
banking houses of the highest standing, whose managers would not have
been stupid enough, even if they had been unscrupulous enough, to sacrifice their reputation and prestige for the sake of a few favorable earnings
statements. The truth of the matter is that the large volume of foreign
securities floated in this country came into existence as a result of economic
forces that were irresistible in their power. The fault did not lie exclusively
with the investment bankers. Both borrowers and lenders have paid a
heavy price for their errors of judgment and are not likely to repeat them
in the future.
Perhaps the most serious abuses that crept into the investment banking
field were those that arose in connection with the financing of the real estate
boom. Many so-called banks that operated along these lines wete nothing
more than outgrowths of real estate offices that were never really entitled
to the name of banks and should never have been permitted to operate as
banks. The blame for this situation rests with State laws and public supervisory agencies, not with legitimate members of the banking fraternity.
Full restoration of confidence, Mr. Sisson said, will require
time and "the best efforts of bankers to reeducate a frightened
public to the fact that its money is safer in the banks than
it is anywhere else. Only to the extent that the public
returns to the banks will the latter be enabled to play their
essential part in financing business recovery." He concluded:
The first problem confronting bankers to-day, therefore, is the restoration of confidence in the banks themselves. The second is the restoration
of confidence in the economic future of the "United States, and, more
specifically, of the confidence of the individual business man in the future
possibilities of his own business. This is the pleasing counterpart of the
banker's unpopular conservatism in times of business expansion.
Resolution Adopted By Savings Division of A. B. A.
Endorses W. R. Morehouse as Candidate for Second
Vice-President of A. B. A. in 1934.
The following resolution was adopted at Los Angeles on
Oct. 3 by the Savings Division of the American Bankers'
Association:
The Savings Division accords its hearty appreciation of the efforts of the
local committees in so liberally providing for the work of the convention
in its various functions and for the comfort and pleasure of the delegates and
of their wives, daughters and guests. The quality of the hospitality of Los
Angeles is always a delight to its guests.
The depression, through which the world is passing, has proved again
the fundamental value of thrift. The Savings account has been and must
continue to be the most available protection f r the majority of individuals
as its value in times of need has again been demonstrated. The Savings
banker with renewed faith and courage can continue to otter it as the best
primary protection in the time of need.
The Savings Division earnestly requests William R. Morehouse, Vice
President of the Security-First National Bank of Los Angeles. to become a
candidate for Second Vice President of the American Bankers Association
at the convention in 1934, and pledges its hearty and unanimous support
to him. Mr. Morehouse's standing as a banker and his personal character
Justify this recognition. Mr. Morehouse's services to the American Bankers
Association have been great and long continued. No one has done more to
make a success of the three conventions held in Los Angeles than has he.
To the Savings Division Mr. Morehouse has given continuously of his time.
energy and ability, and the Division presents his name with confidence
and knowledge that he is capable of filling the office and deserving of the
honor.
The Division recognizes with gratitude the loyal, efficient work of its
officers and employees under exceptionally difficult conditions.
Newly Elected Officers Savings Division of American
Bankers' Association.
On Oct. 3 the Savings Division of the American Bankers'
Association, at its annual meeting at Los Angeles, elected
Gilbert L. Beane of the Grand Rapids Savings Bank,
Grand Rapids, Mich., as President; Henry S. Kingman,
Farmers and Mechanics Saving Bank, Minneapolis, Minn.,
as Vice-President, and A. C. Hughes, Monterey County
Trust and Savings Bank, Salinas, Cal., and C. J. Caldwell,
Union National Bank, Houston, Texas, as Executive
Committeemen.
Newly Elected Officers Trust Company Division of
A. B. A.
At the annual meeting in Los Angeles on Oct. 3 of the
Trust Company Division of the American Bankers' Association, R. M. Sims, Vice-President of the American Trust
Co., San Francisco, was made President; H. L. Standeven,
Vice-President of the Exchange Trust Co., Tulsa, Okla.,
was elected Vice-President of the Division.
Possibility of 1933 Convention of American Bankers'
Association Being Held at Chicago.
With the close of the fifty-eighth annual convention of
the American Bankers' Association, on Oct. 6, at Los
Angeles, a dispatch from that city to the New York "Herald
Tribune," said:
Present indications are that Mr. Sisson and other Association officials
will decide to hold next year's meeting in Chicago while the Fair is In
progress. Some of the bankers began leaving for home today, but, as an
Indication of the changed economic conditions, there is not the rush to
return home that marked the breakup of last year's convention at Atlantic
City, for the , the heavy siege of bank failures was going on.
2440
Financial Chronicle
Oct. 8 1932
Investment Bankers Association Completes Program announcement was issued Oct. 3 by its President J. D.
for Annual Convention to Be Held at White Sul- Maguire.
Federation Bank and Trust Company was opened at 9:00 o'clock, Monphur Springs, W.Va., Oct. 22-26—Speakers Include
Arthur A. Ballantine, Under Secretary of the day morning, October 3, 1932, one hour earlier than schedule. All depositors demanding their free balances are being paid as rapidly as good
Treasury, Garrard B. Winston, E. G. Buckland,8ce. business will permit.
At the time of this interview, (2 P. M.) the deposits were far in excess
National and municipal government financing, the railof the withdrawals and a substantial amount of money for deposit is
road situation and foreign securities will occupy foremost in transit to the Bank. The number of people seeking their balances now
was
places in the program of the 21At annual convention of the comparatively few, indicating a justified confidence in the stability and
the soundness of the reorganized bank.
Investment Bankers Association of America, Oct. f.2 to 26
The personnel of the bank handled the job in a very efficient manner.
at White Sulphur Springs, W. VII. E. G. Buckland, Chair- No one was unwarrantably delayed in securing their funds.
Published statement of the bank will be provided so soon as the auditors
man of the Board of the New York New Haven & Hartford
RR. and President of the Railroad Credit Corporation, will complete their figures. It is officially stated that the bank is in a very strong
position.
address the second session of the convention Monday afterM n
William Green, President of the American Federation of Labor, has
noon, Oct. 24, it was announced at the Association's office directed a very impressive communication to all members of organized
labor throughout the country, recommending in very strong terms the bank
in Chicago on Oct. 5. Arthur A. Ballantire, Under Secre- as a depository and as a clearing house for all financial Evid investment
tary of the Treasury, will speak at the final session Oct. 26, requirements.
and Garrard B. Winston, well known New York attorney
On Sept. 30 the New York State Banking Department
formerly Under Secretary of the Treasury and Secretary of announced that approval had been given to plans to increase
the American Debt Funding Commission, will discuss for- the number of the bank's shares of stock from 7,500 to
eign securities in a forum led by Nevil Ford of New York, 82,500,increasing the capical stock from $750,000 to 25,000
Acting Chairman of the Association's Foreign Securities the par value of shares being at the same time reduced from
Committee. Henry Hart of the First Detroit Co., Inc., $100 each to $10 each.
will lead a forum on municipal bonds. Mr. Hart is ChairIn the "Times" of Sept. 25 it was stated:
man of the Association's Municipal Securities Committee.
The application by Banking Superintendent Broderick for permission
Delegate registrations thus far indicate a larger attendance to turn over the assets of the closed labor bank, the Federation Bank and
Trust Company, to the reorganization committee for reopening, was
at this year's convention than last year, reflecting a distinctly granted yesterday by Supreme Court Justice Shlentag. The
court accordimproved feeling among investment bankers throughout the ingly rejected pleas by three depositors that the petition be denied on the
ground that the procedure was in violation of the State banking law because
country, it was said at the Association's office. The conit was in effect the turning over of a bank in process of liquidation to the
vention program, it was said, had been arranged mainly former directors of the bank for that purpose.
with the thought of co-operation in business recovery. The
Authorized Capital is 8825.000.
Association's Board of Governors and 19 standing committees
The petition set forth that the capital of the bank consisted of
which comprise a working force of 175 men, will begin their shares of $100 par value, and that under the reorganization the par 7,500
value
was to
meetings Saturday morning, Oct. 21, immed ately following making be reduced to $10 a share, and the number increased to 82,500,
the authorized capital $825,000. The committee has sold 75.000
the arrival of the special convention trains at White Sulphur shares at $20 a share, or $1,500,000. The remaining 7,500 shares of
new
Springs. This series of meetings will be concluded Sunday stock are to be exchanged for the same number of old shares. About 6.600
turned in for
evening with an old-fashioned "get-acquainted sociable" for shares of the old stock have already beenthe liability exchange.
Because of the necessity of reducing
to the depositors they
all delegates, guests, board and committee members.
have been requested to waive the payment of a third of the balance
due
Col. Allan M. Pope of the First of Boston Corp., New them and in lieu of this third they will receive participation certificates for
claims.
York, President of the Association, will open the convention the full amount of their third, orOf the 12,385 depositors it is reported that
8e,Oirg hr
b
have
520 . this
assigned the balance due them, the total
with an address Monday morning, Oct. 24, on the work of
$
Describing the basis of the participation certificates, Mr. Broderick said
the investment banker and the Association from the viewthat the bank had
certain securities, notes,
point of the depression and business recovery. Mr. Buck- and mortgages, the$8,100,000 worth of$6.287.000. The bank real estate
present value being
will liquidate
land will speak at the session Monday afternoon, and imme- and retain the first $4,704.000 and interest, and any excess will be used to
diately thereafter three forums will be held, one on invest- redeem the deferred 82.525,000. This will be turned over to a trustee to
hold for the participation certificate
will be
ment management service, to be led by Ralph T. Crane of deficit of $972,000, the dividends onowners. Since thereover to a probable
bank stock turned
the
Brown Brothers, Harriman & Co., New York, and the will be used to pay off the claims, and at the end of six years the 6,600trustee
shares
of stock deposited for this purpose with the trustee will be sold to
forums on foreign securities and municipal bonds.
pay the
remaining claims in full. Each old stockholder may buy shares at $20.
Of the 19 reports to be made by the standing committees
Condition of Bank's Business,
and concluding the year's work of those committees, the reMr. Broderick said
of
ports on Taxation and on the Trends of the Investment the bank, based on thethat at the resumption willbusiness the condition of
present market values,
be as follows:
Banking Business are expected to attract special attention
ASSETS.
because of the nation-wide interest in governmental economy Cash
54.220.000
61.670,000
and the conditions affecting the investment banking busi- Stocks and bonds
Loans
1,372,000
ness.
Mortgages and real estate
3.180,000
At the final session on Oct. 26 the election of new officers Accounts receivable
15,000
for 1932-1933, ten new Governors for three year terms and
$6,257,000
six other Governors to fill vacancies on the board will take
Bank's senior interest
4,704.000
Furniture and fixtures
place. The nominee for President is Frank M. Gordon of
50.000
the First Union Trust & Savings Bank, Chicago, Ill.
$8.974.030
New York Transportation Committee Named for
I. B. A. Convention—Special Trains to Leave New
York Oct. 21.
The New York Transportation Committee, which will
have charge of arrangements for the special train out of New
York to the annual convention of the Investment Bankers
Association of America, Oct. 22-26 at White Sulphur Springs,
W. Va., will consist of Harry E. Lowery, F. S. Moseley &
Co., Chairman; Douglas M. Dimond, Lehman Brothers;
Frank E. Gernon, Hayden, Stone & Co. The special train
will carry the convention party from New York, Boston,
Philadelphia, Baltimore, Washington and Montreal, and
will leave the Pennsylvania Station in New York at 6:55
p. m. Friday, Oct. 21.
Reopening of Federation Bank and
of New York.
Trust Company
The re-organized Federation Bank and Trait Company,
reopened for business on Monday Oct. 3 at its quarters at
8th Avenue and 34th street. The plans for the reopening
of the institution, which was closed in October 1931, were
referred to in these columns Aug. 20, page i279, and Sept.
17, page 1940. With the bank's reopening the following
LIABILITIES.____ _______________
Deposits _____________________ _
$7.$842754:000000
CAPITAL FUNDS.
Capital stock
Surplus ________________________________________________
88,976745:000000
Total liabilities and capital
The owners of 859 shares of old stock had refused to
surrender
Broderick said, and that while the reorganization committee had it, Mr.
proposed
to compel them to trustee their shares, he did not believe this
could be done,
and that the plan now is to issue new shares only when
owners of the old
stock consent to surrender it.
The petition said further that when the bank closed the City
had a balance of $750,000 on deposit, and that as security Chamberlain
for the deposit
the bank had bought $750.000 of New York City corporate
stock
it over to the City Chamberlain. When the bank closed the and turned
of the city stock was considerably less, but Mr. Broderick market value
said he was informed the Chamberlain has agreed to accept the stock in lieu
of the deposit.
Mr. Broderick said he was also informed that informal
arrangements had
been made with the Reconstruction Finance Corporation
for a loan of
81.250.000, secured by the bank's mortgages, and if this loan
was received
the bank, when organized. "will be liquid to the extent
of 93 per cent."
The opponents of the reorganization plan, with their
Michael A. Hume, $6,217; Harold Forstenzer, committee dep2sits, were:
of the property
of Frank Da Quinta, disabled war veteran, $751. and
Catherine C. Cunningham, $2,307.
These depositors objected to the requirement to
waive the payment of
a third of their balances for possibly six Years.
On Sept. 27 Supreme Court Justice Shien tag
signed the
order based on his opinion approving the
application by
Banking Superintendent Broderick for permission
to turn
over the as.ets of the Federation Bank and Trust
Company
Volume 135
Financial Chronicle
to the reorganization committee of the bank. The order
said the "Times" authorized Superintendent Broderick to
fix the date and determine the conditions under which the
property would be turned back to the bank.
Insull Brothers Indicted for Alleged Theft—Said to
Have Abstracted $514,942 from Two of Their Concerns to Back Stock Margins—Secretary Stimson
Asked to Assist in Extradition from France of
Samuel Instill.
Samuel Insull and his brother, Martin J. Insull, deposed
executives of the $2,000,000,000 Insull utility system now in
receivership, were indicted by the Cook County grand jury
at Chicago on Oct.4 on charges of embezzlement and larceny
through the abstraction of a total of $514,942.74 from two
financing companies of their system to support a marginal
stock market account maintained by Martin Insull. The
foregoing is from a Chicago dispatch Oct. 4 to the New York
"Times" from which we also quote:
The concerns were the Middle West Utilities Co., of which Samuel
Insull was Chairman and Martin Insull was President, and the Mississippi Valley Utility Investment Co., a subsidiary of Middle West Utilities.
Capiases were issued for the arrest of the brothers, and State's Attorney
John A. Swanson telegraphed the Governor Emmerson asking him to take
immediate steps to seek the arrest of Samuel Insull in Paris. France, and
Martin Insull in Oriilia, Ont.
State authorities, in reply, notified the prosecutor that such action would
depend upon assurance that the county would pay for the extradition proceedings. Mr. Swanson's next move will be to ask the county board, which
has twice refused him funds, to defray the expenses of the Insull litigation.
Charges in the Indictments.
Samuel Instill, the 72
-year-old elder brother, was named in two of the
three indictments with four counts each returned by the jury. His bond
is fixed at $50,000. Martin Insull was named in all three indictments.
His bond is $75.000. Two of the indictments name both brothers.
The first indictment names Martin Insull alone, charging that he abstracted by means of embezzlement, larceny, and larceny as bailee, $377.720 from the treasury of the Middle West Utilities Co.for use in protecting
his personal brokerage account.
The second indictment charges Samuel and Martin Insull jointly with
using $66,000 of the funds of the Middle West Utilities Co. for the latter's
own use in protecting brokerage accounts carried in the name of Washington
Flexner, President of the Lincoln Printing Co.
The third indictment names the brothers jointly on a charge of abstracting
$104,222.74 from the treasury of the Mississippi Valley Utilities Investment
Co. for the same purpose.
The last two indictments involve the same transaction, but two separate
charges had to be made because the money was alleged to have been "taken
with felonious intent to steal and carry away" from two separate companies.
In the indictments it is charged that the Instills "fraudulently did convert
to their own use goods, funds, money and property" and that they "did
feloniously steal, take, carry away said personal goods, funds, money and
property."
Six Witnesses Called.
Six witnesses wore taken before the grand jury by the special Insult
inquiry staff, comprising Charles Bellows, John Hampton, John O'Hara
and Voyvle Johnson. The witnesses were:
Washington Flexner, who acted as "dummy" for Martin Insull in some
of his trading accounts.
Oliver McCormick, Treasurer of the Midwest group of Insull utilities,
who paid out the money on the "authorization and sanction" of Samuel
Insull to protect these accounts.
Andrew II. McCaughey of the brokerage firm of Jackson Brothers-Boesel,
who handled the Insull accounts.
Paul H. Davis, a broker, who handled some of the accounts.
Frank Webb,former Chairman of the Terminal National Bank.
John J. Bailey, Auditor and financial expert of the State's Attorney's
office.
Swift Procedure in Case.
Presentation of evidence started just after 10 a. m. and by noon the
grand jury announced itself ready to vote. The indictments were presented to Chief Justice John Prystalski in the Criminal Court at 12.40.
The Sheriff received the arrest orders at 2. Then Mr. Swanson sent the
following telegram to Governor Emmerson:
"Will you request the Secretary of State of the United States to request
the French Government to arrest and detain Samuel Insull Sr., who is
residing at the Prince de Calles Hotel, Paris, France. Said Samuel Insult
Sr. was to-day indicted by the grand jury and stands charged in this jurisdiction with the crimes of larceny, and embezzlement of property of the
value of $66,000. Extradition papers are being prepared and will be
forwarded to you forthwith."
Governor Emmerson's office sent back word that the request would
gladly be complied with if the necessary funds were guaranteed by the
county, as the State in making the request to the Washington Government had to make a similar guarantee.
"It is now up to the County Board to say whether the Insulls should be
extradited and prosecuted," Mr. Swanson said. "I have done my duty;
it is up to them to do theirs."
He estimated that the cost of extradition would be about $10,000.
Right to Extradite Assured.
State and Federal authorities here were unanimous in the opinion that
Mr. Swanson would have no difficulty in extraditing the Insults if he
received the necessary funds, as treaties with France and Britain cover
the charges.
The only possible hitch, it was pointed out, would be the health of Samuel
Insull. Because of ill health he could temporarily delay but could not
permanently evade extradition. On this point Edmond Meyer, French
Vice Consul, said:
"In the case of Samuel Insull, the case would go before the Superior
Court of the Department of the Seine. The Court could hold Mr. Insull
in custody pending the disposition of the case or allow him liberty, as it
chose. The Court might be influenced, of course, by the recommendation
of counsel for the United States Government.
"In the event Mr. Insull produced a medical certificate stating thisi a
sea voyaze might endanger his life the Court would merely hold Its decision
in abeyance. If, at any time, Mr. Insull's health improved, counsel for
2441
the United States would have the right to renew the demand for his extradition. If his health continued to fail, there would be no opportunity, of
course, to extradite him."
Franklin R. Overmeyer, attorney of the British Consul, said that Martin
Insull's being a British subject would make no difference in an extradition
proceeding.
"Extradition treaties between the United States and Great Britain speak
of the defendant in an extradition hearing as a 'person' and makes no
distinction as to whether he is a subject of the British Crown or a citizen
of the United States," he said. "This holds true for all British dominions,
including Canada."
Extradition Process Explained.
The usual procedure is for the Governor to request the State Department
for a Presidential warrant, which would be issued to the officer designated
to bring the fugitive back to the United States.
In the meantime the State Department would communicate with the
foreign government and ask that the fugitive be placed under arrest pending
the arrival of the Presidential messenger. If the fugitive elects to fight,
he can go into court and demand that the State produce a prima fade case
against him. The prosecution would seek to do this with depositions.
It was pointed out that should the Insulls be acquitted on the State
charges they could return to their respective havens of refuge within thirty
days. Mr. Swanson, pending further investigation, had no announcement
regarding Samuel Insull Jr., who is with his father in Paris.
The following from Barrie, Ont., Oct. 6 is from the New
York "Journal of Commerce":
Martin J. Insull, indicted in Chicago in connection with the collapse
of Instill utility enterprises, surrendered to provincial police here to-night.
He came here from Orillia, where he has been living since June. He was
accompanied by his attorney, J. C. McGruer of Toronto.
Mr. Insull gave himself up to Inspector James H. Putnam. The inspector had been given a provisional warrant by Assistant State's Attorney
John Hampton of Cook County, Ill., which Mr. Hampton had obtained
from the Ontario Supreme Court. The provisional warrant called for the
arrest and detention of Mr. Insull pending a formal request for extradition
from the United States Department of State at Washington.
On Oct. 6 a Chicago dispatch to the New York "TiL_e:•"
stated:
Lieut. Gov, Fred E. Sterling, acting as Chief Executive of Illinois in
the absence of Governor Emmerson from Springfield. telegraphed Secretary Stimson to-day a request for the extradition of Samuel Insull from
France and of his brother, Martin J. Insull, from Canada to stand trial
in Chicago on the larceny and embezzlement indictments returned by
the Cook County grand jury in the $2,000,000,000 failure of the Insull
utilities system.
Acting Governor Sterling's message to Secretary Stimson was as follows:
"Governor Emmerson was requested by the Hon. John A. Swanson,
State's Attorney of Cook County, Ill., to ask _you to request the Canadian
Government to arrest and detain Martin Instill, who is residing at Grill's,
Ont., Canada. and to request the French Government to arrest and detain
Samuel Insull, Sr., who is residing at the Prince de Callas Hotel. Paris,
France.
"Both have been indicted in Cook County, Ill., for the crimes of larceny
and embezzlement and extradition papers are being prepared and will be
forwarded.
Costs Assured by Prosecutor.
"In answer to an inquiry by Governor Emmerson as to what assurance
would be given you that any expense involved would be met by Cook
County, State's Attorney Swanson wired the following:
"'In reply to your inquiry as to what assurance I can give that expenses
of the extradition of the Insull brothers will be paid by the county, please
be advised that I am now conferring with the county board on the subject.
I assure you that the people of Cook County will never permit two men
who are charged with having swindled thousands of persons out of many
millions of dollars to escape for lack of funds to pay the cost of extradition
proceedings.'
"In the absence of Governor Emmerson from the State, I am therefore
respectfully asking that you request the arrest and detention of the men
named."
Process Would Take a Week.
How long a time might elapse before a Presidential warrant could be
prepared and delivered in Paris was problematical, but it would be at
least a week.
Washington dispatches said the warrants could not be transmitted by
cable inasmuch as the signatures of the President and the Secretary of
State and the imprint of the seal of the United States are a legal requirement.
Pending the arrival of the warrant by steamer, it was said that Secretary
Stimson might request the French police to detain Samuel Insull temporarily or maintain surveillance upon him. State's Attorney Swanson
believes such a course essential in view of Mr. Insull's transfer on Tuesday
from the Prince de Calles Hotel to a small establishment and his subsequent disappearance from the latter hotel.
Grand Jury Aids Fund Fight,
Mr. Swanson continued his fight before the grand Jury all day to compel
the Cook County Board to appropriate sufficient funds to meet the expense
of extraditing the Instill brothers.
At the request of the foreman, Thomas F. Kinsella, Mr. Swanson appeared before the grand jury this morning and is said to have given an
accounting of the outlay of his special contingency fund, which the county
board has refused to replenish on the ground that the county budget has
been drawn and cannot legally be amended.
Mr. Kinsella requested subpoenas in the afternoon to summon Emmett
Whealan, President of the County Board, and Maurice Kavanagh, Chairman of the board's finance committee. They promised to appear tomorrow morning.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The statement of the Chase National Bank of New York
City for Sept. 30, made in response to the call of the Comptroller of the Currency, shows the following change in
important items since June 30, the last previous statement
date. Total resources amounted to $1,855,617,000, as
compared with $1,731,509,000 on June 30; cash in the bank's
vaults and on deposit with the Federal Reserve Bank and
other banks, $377,211,000, as compared with $299,944,000;•
investments in United States Government securities, $249,899,000, as compared with $218,073,000; securities maturing
within two years, $120,394,000,.as compared with $106,511,000;other bonds and securities, including stock in the Federal
Reserve Bank, $90,371,216, as compared with $99,847,000;
loans and discounts, $860,924,000, as compared with $860,-
2442
Financial Chronicle
646,000. The capital of the bank amounted to $148,000,000,
unchanged; surplus, $100,000,000, unchanged; undivided
profits, $18,335,000, as compared with $17,381,000; reserve
for taxes, interest, contingencies, &c., $14,541,000, as compared with $12,170,000; deposits, $1,420,221,000, as compared with $1,302,456,000.
' At the meeting of the executive committee of the National
City Bank of New York on Oct. 4 Lawrence Slade was
appointed an Assistant Vice-President.
Charles U. Sabin, Chairman of the board of the Guaranty
Trust Co. of New York, announced that at a meeting of
the directors on Oct. 5 Arthur C. Dorrance was elected a
director of the company. Mr. Dorrance is President of the
Campbell Soup Co., of the Franco-American Food Co. and
of the Campbell Soup Co., Ltd. He is also a director of
many corporations.
The statement of condition of the Guaranty Trust Co. of
New York as of Sept. 30 1932, issued Oct. 4, shows deposits
totaling $1,002,027,143, which compares with total deposits
of $928,343,300 at the time of the last published statement
June 30 1932. The company's capital totals $270,830,233,
comprising capital $90,000,000, surplus $170,000,000 and
undivided profits $10,830,233. The last figure shows an
increase of $334,500 in undivided profits during the last
quarter. The company's total resources are reported as
$1,354,986,419, an increase of $114,280,471, since June 30.
Its cash on hand, in Federal Reserve Bank and due from
banks and bankers and its United States Government obligations total $668,175,430, as compared with $537,258,847
on June 30.
Maurice Sylvester, having completed forty years' service
as representative for the United States and Canada of the
Comptoir National d'Escompte de Paris, Paris, France, has
been replaced by Felix Magnin. Mr. Magnin's headquarters
in New York are at 68 William St.
The statement of condition of the Brooklyn Trust Co. as
of Sept. 30, issued Oct. 4, shows deposits of $113,612,499,
against $110,162,557 on June 30, an increase of $3,449,942.
Cash on hand and due from other banks, including Federal
Reserve, was $41,821,879, against $38,656,084 three months
ago, an increase of $3,165,795. Undivided profits were
$2,331,233, against $2,314,194 on June 30, an increase of
$17,039, while surplus was unchanged at $10,000,000. Total
resources were $144,416,035, against $143,378,437 three
months ago.
That the Moosup Trust Co. of Moosup, Conn.,is to liquidate
was reported in a dispatch by the Associated Press from
Moosup on Oct. 4, which said:
Liquidation of the Moosup Trust Co., which was organized in 1926 by
the Providence manufacturers owning the Aldrich Brothers Cotton Mill
here, was voted to-day (Oct. 4) by the Board of Directors.
The liquidation, it was reported, is carried on in accordance with the
plans of the executors of the estates of Charles T. and Henry L. Aldrich of
Providence, both of whom died a year ago, leaving bequests to the Rhode
Island Hospital and to Brown University. The estate is backing payment in
full to all depositors.
The institution, with a capital of $50,000, has savings deposits of $195,000 and commercial deposits of $165,000. A meeting of stockholders has
been called for November to ratify the liquidation, but it is reported that
holders of more than 90% of the issue have already agreed.
Although the Aldrich estate is liquidating its financial interests here, it
was reported the cotton mill would continue operation.
According to the New Haven "Register" of Oct. 5, savings
depositors of the Hamden Bank & Trust Co. of Hamden,
Conn., will shortly receive a dividend of 20% as the result of
a decision handed down on Oct. 4 by Judge Edwin C. Dickenson in the Civil Side of the Superior Court, in which he decided that funds of the Hamden bank now held in the closed
Mechanics' Bank of New Haven, were part of a trust fund
which was secured by bonds. The "Register" continued as
follows:
Thomas J. Ryan, receiver for the Hamden Bank, stated to-day (Oct. 5)
that envelopes containing the dividend would be in the mails within the next
few days. The decision by Judge Dickenson allows James E. Wheeler, receiver for the Mechanics Bank, to turn over the sum of $186,805.32 to Mr.
Ryan for distribution of dividends to the savings deposit holders. No dividends will be paid yet on the commercial accounts.
When the Mechanics Bank closed a total of $186,805.32 was on deposit in
the bank as a trust fund created for the Hamden Bank. This sum was not
segregated but carried in the Mechanics Bank as a trust fund along with
many other such funds. Part of these funds were on deposit in the Bankers
Trust in New York. In accordance with the State laws, the Mechanics'
Bank secured this sum with bonds to the value of $128,000, notes to the
value of $220,000 and cash amounting to $100,000.
Mr. Ryan, as receiver for the Hamden bank, at a hearing held last Friday
contended that the funds of the Hamden Bank, held in the Mechanics' were
not regular deposits but part of a trust fund and that the Hamden Bank was
Oct. 8 1932
entitled to collect. Judge Dickenson after hearing the arguments filed his
decision yesterday afternoon in favor of the Hamden Bank and ordered the
money turned over to Mr. Ryan.
The closing of the Hamden Bank & Trust Co. on Dec. 17,
1931 was reported in our issue of Dec. 10. page 4103, and a
reference to its affairs appeared in our May 28 issue, page
3928.
—*—
With reference to the defunct Vineland Trust Co. of Vineland, N. J., which closed in June 1930, announcement was
made on Oct. 5 by Winfield S. Shann, Special Assistant
Deputy Banking Commissioner of New Jersey, that application would be made within sixty days to the Court of Chancery permitting payment of another 8 or 10% to depositors
of the institution, according to a dispatch by the Associated
Press from Vineland on that date, which added:
Thirty-five per cent of the claims have been paid by the institution.
The merger of the Prospect Trust Co. of Maplewood,
N. J., with the Maplewood Bank & Trust Co., to which
reference was made in our issue of Aug. 6 last, page 922,
became effective Sept. 28, when the Prospect Trust Co.
opened as a branch of the Maplewood Bank & Trust Co.,
according to the Newark "News" of Sept. 29. The enlarged
bank is capitalized at $225,000 and has surplus, undivided
profits and reserve in excess of $275,000. The directorate
has been increased from ten to twelve members, the additional directors being former directors of the Prospect Trust
Co. Walter G. Seymour, former Treasurer of the Prospect
Trust Co., has been made Assistant Treasurer of the consolidated bank, and Samuel M. Lightholder has been named
Assistant Secretary. They will remain in charge of the
Prospect branch. William H. Kemp, President of the
Maplewood Bank & Trust Co., will divide his time between
both offices and be in charge of the entire bank,it was stated.
The personnel of the institution is now as follows: William
H. Kemp, President; Edwin A. Lee and Edward C. Balch,
Vice-Presidents; Frank B. Allen, Secretary-Treasurer; Howard C. Baxter, Assistant Secretary-Treasurer; Walter G.
Seymour, Assistant Treasurer, and Samuel M. Lightholder,
Assistant Secretary.
The following regarding the affairs of the West Orange
Trust Co., West Orange, N. J., which has been closed since
Jan. 15 1932, appeared in the Newark "News" of Sept. 27:
Depositors in the closed West Orange Trust Co.to-day (Sept. 27) received
letters from Judge Walter D. Van Riper, President of the bank,
that he had suggested to the depositors' committee that a detailedstating
list of
the assets be examined by the committee to determine how the
depositors
may secure for themselves the largest possible amount. Van Riper
suggests
that after such an examination the committee may be able to give
the depositors a definite idea of the possibilities.
The depositors are asked to make suggestions to the Chairman of
their
committee, John Hill. 13 Fitzrandolph Road, West Orange. The
depositors are also asked, if they wish any further information, to inquire
of the
Deputy Banking Commissioner in charge of the bank or of Mr. Hill.
The
Van Riper letter also said:
"I am satisfied the Department is doing everything possible to get
in the
money as rapidly as possible, but at the same time using good judgment
in giving persons who owe the bank money, but who cannot pay
in full
at this time, an opportunity to work out their indebtedness over a
period
of time, rather than crash down on them and put them out of
business and
probably realize nothing as a result."
Judge Van Riper also directed attention to what he said was
probably
an unfortunate expression in a departmental report that a debtor had
failed
to "recognize his obligation." The Judge stated that as far as
he knew
not a single maker of a note had denied making it, and that there
only was
one case where a maker had denied liability. This case, he
stated, is in
litigation.
In its issue of the next day, Sept. 28, the paper mentioned
contained the following:
The depositors' committee of the defunct West Orange Trust
Co.
night appointed a sub-committee to confer with Deputy Banking last
Commissioner Franke, who Is in charge of liquidating
the bank's assets. The
members are: John Hill, Chairman of the depositors' committee;
Harry F.
Miller, Treasurer of the Thomas A. Edison Industries, and
Thomas J.
Higgins, Secretary of the State P. B. A.
The sub-committee will ascertain if there is any way in which
the depositors can assist the State Department of Banking and Insurance in
its
efforts to liquidate the assets, and will discuss in detail the
character of
the assets.
After the sub-committee reports, the depositors' committee
hopes to
submit a concrete plan of action.
The economic situation has made this inadvisable so far, Mr.
Hill explained. He has been given authority to add members to the
working
committee.
Through one of Philadelphia's largest financial institutions,
The Pennsylvania Co. for Insurances on Lives & Granting
Annuities, an application will be made at Harrisburg for
a charter'of a trust company to be known as the Main Line
Trust Co. and to be located in Ardmore, Montgomery
County, Pa. The incorporators are officers and directors
of the Pennsylvania Company and it is understood that the
capital stock of the new trust company will be owned by it.
Volume 135
Financial Chronicle
The application discloses that the officers of the proposed
company, who are at present all officers of the Pennsylvania
Co. for Insurances on Lives & Granting Annuities, will be
John H. Mason, Chairman of the Board of Directors,
Richard S. McKinley, President, and William J. Lloyd,
Secretary and Treasurer.
The following have been designated directors of the
new trust company:
Wm. W. Bodine, Vice-President of the United Gas Improvement Co.
Robert K. Cassatt, Cassatt & Co.
M. W. Clement, Vice-President, Pennsylvania RR.
John H. Mason, Chairman.
Morris L. Clothier, of Strawbridge & Clothier.
Rodman E. Griscom, of Bertrom Griscom & Co.
Horatio G. Lloyd, of Drexel & Co.
Wm. Fulton Kurtz, Vice-President of The Pennsylvania Co. for Insurances on Lives & Granting Annuities.
Philip C. Staples, Vice-President of The Bell Telephone Co. of Pennsylvania; Chairman of the Philadelphia County Emergency Relief Board.
Clarence A. Warden, Capitalist.
Clarence H. Geist, President of C. H. Geist Co., Inc.
Richard S. McKinley, President.
C. S. Newhall, Executive Vice-President of The Pennsylvania Co. for
Insurances on Lives & Granting Annuities.
It is learned from the Philadelphia "Ledger" of Oct. 3
that three closed Pennsylvania banks will advance 10% of
their deposit liabilities to depositors on Monday next,
Oct. 10, according to an announcement by the Pennsylvania
State Banking Department. The paper mentioned said:
The Haddington Title & Trust Co. of this city (Philadelphia), which was
closed on July 10 1931, will pay its 8,300 depositors $104.732.54; the Dime
Bank & Trust Co. of Wilkes-Barre will pay its 8,100 depositors $174,003.06,
and the State Bank of Renovo, which made a first payment of 10% on
Aug. 15. will pay out $27,683.22 to 1.800 depositors.
It is learned from the Philadelphia "Ledger" of Oct. 3
that the Citizens Bank & Trust Co. of East Lebanon, Pa.,
which closed Dec. 23 last, would make a second payment of
10% on that date. The paper mentioned went on to say in
part:
The payment will be $25,560.42 and the checks will be drawn on the
Colonial Trust Co. of Pittsburgh. The closed bank had 3,000 accounts.
The first payment of 10% was made Aug. 10 and represented $23.084.09.
Total deposit liabilities in the bank are $255,645.51.
E. Bruce Taylor, former President of the closed Mechanics Trust Co. of Harrisburg, Pa., on Oct. 1 was acquitted
of embezzlement charges, according to Associated Press
advices from Harrisburg on that date.
244.3
Court, according to a dispatch by the Associated Press from
Columbus, Ohio, on that date, which likewise said:
The institution will have a capital stock of $25,000 and surplus and undivided profits of $5,023. Ninety-eight per cent of the stockholders, controlling 94% of the deposits, consented to a reopening plan devised by State
Bank Superintendent Ira J. Fulton.
Under the plan stock was resold at $120 a share. Depositors having
$50 or less in the bank will be paid in full on demand. Others will receive
5% each month until paid in full.
The closing of the Antwerp Exchange Bank Co. on Jan. 9
last was noted in our Jan. 16 issue, page 455.
The Bank of Leipsic Co. at Leipsie, Putnam County. Oho,
which closed last January, will be reopened Oct. 12, according to an announcement made Sept. 29. Associated Press
advices from Ottawa, Ohio, reporting this, furthermore said:
Reopening of the bank has been approved by State Banking Superintendent Ira J. Fulton and Common Pleas Judge Fred Wolfe.
Fred P. Jung has been appointed Acting Manager of the
Lorain-Triskett Bank, branch of the Cleveland Trust Co.,
Cleveland, Ohio, according to F. H. Houghton, Vice-President
in charge of the company's branches. Mr. Jung succeeds
H. F. Brandt, resigned. The Cleveland "Plain Dealer" of
Oct. 1 In reporting the matter furthermore said in part:
The new acting manager has been in banking twelve years. From 1924
to 1929, he was a member of the audit department at the Pearl Street office,
and the last three years has served as chief teller at the office over which
he now assumes charge. He is a graduate of West Technical High School
and the American Institute of Banking.
On Sept. 26, the Fast Washington Street branch of the
Fletcher Trust Co. of Indianapolis, Ind., was to open in a
newly remodeled home at the Northeast corner of East and
Washington Streets, according to the Indianapolis "News"
of Sept. 22. which went on to say:
The branch will continue to serve patrons in business and residence districts of the city with all facilities offered by the parent institution. The
new branch comprises a floor space of 1,100 square feet and will be equipped
with bullet-proof fixtures. Thomas Connell is manag r of the branch.
The depositors of the First National Bank of Gary, Ind.,
which closed its doors on Jan. 5 of the present year, were to
receive a dividend of 20% on Oct. 4, according to the Chicago
"Tribune" of that date, which went on to say:
The payments to 6,300 depositors will total $340,000.
only $40,000 in cash on hand when it closed.
The bank had
The closing of the First National Bank of Gary was indicated In our issue of Jan. 9 last, page 249.
The receiver of the Park Bank of Baltimore, Md., which
closed its doors on Aug. 12 last, has been authorized to collect
from the stockholders of the institution $700,000 under the
law making them liable for the par value of the stock held
by them in case of the bank's insolvency, by an order signed
Sept. 27 in the Circuit Court by Judge Charles F. Stein.
The Baltimore "Sun" of Sept. 28 from which this is learned
continuing said:
On Thursday of this week, Oct. 6, a new major banking
institution opened in Chicago—the City National Bank &
Trust Co. of Chicago, formed by Brig. Gen, Charles G.
Dawes and associates to take over the savings, commercial
and checking savings departments of the Central Republic
Bank & Trust Co. of Chicago. The new bank, which
occupies the quarters at 208 South La Salle Street, the location of the Central Republic, is an entirely independent
There are 70,000 shares of stock in the bank outstanding, the par value of
institution, organized to give individuals and firms complete
which Is $10 a share. Plans to collect the money, which, with all other
banking service, and specializing in commercial, savings,
assets of the bank, will not discharge its obligations in full, are being made
by the receiver.
checking-savings, and trust service. It starts business with
In another order signed by Judge Stein. George W. Page, State Bank
a paid-in capital of $4,000,000 ani a surplus of $1,000,000,
Conunissioner and receiver for the bank, was authorized to employ W. S.
provided by a syndicate formed for that purpose, and will
Brinkman, a broker, to advise him in the liquidation of the bank's assets.
The order provided that Mr. Brinkman's compensation should not exceed
operate under the supervision of the Comptroller of the
$500.
Currency of the United States. Effective Thursday, the
Assets of the bank total $6,475,361.46, according to a report filed in
court. Those to be liquidated include bonds with a par value of $40,000
new City National Bank & Trust Co. assumed all of the deand 3,272 shares of stock.
posit liabilitie3 of the Central Republic Bank & Trust Co.
Bank deposits totaled $3,680,675.10, of which savings accounts included
Those depositors who are now customers of the latter bank
$2,256,556.83; checking accounts, $1,157,580.92; and Christmas savings
accounts, $266,537.35.
will be served by the new bank in the quarters now occupied
The failure of the Park Bank, which in its June 30 1932 by Central Republic Bank & Trust Co. It 208 Smith La
report showed resources of $6,542,426, was reported in our Salle Street.
issue of Aug. 20, page 1281.
According to bank officers, there will be no inconvenience
to present customers. For the time being, they will be served
The consolidation of two Washington, D. C., savings in- by the same tellers at the same location as in the past. City
stitutions—the Industrial Savings Bank and the Prudential National Bank will honor all checks drawn on the Central
Bank—effective Sept. 27. was announced on that date by Republic Bank & Trust Co. Customers having checking
officials of the former, according to the Washington "Post" accounts will continue to use the same check forms and pass
books ana these will be honored by the City National Bank.
of Sept. 28, from which we also take the following:
The statement said that all business of the consolidated institutions
Savings depositors will continue to use the same forms for
will be transacted at the Industrial Savings Bank and informed all patrons
the time being.
of the Prudential Bank that their accounts would be cared for at the former
General Dawes is Chairman of the Board of Directors of
bank.
The Industrial Savings Bank was established in 1913. Its officers are
the new institution and Phillip R. Clarke is President. Both
listed as Walter S. Carter, ghairman of the board; W. H.0. Brown, Presiretired from similar offices in the Central Republic Bank &
dent; John H. Simms, Vice-President and Treasurer; William A. Bowie,
Trust Co. In adaition to General Dawes and Mr. Clarke,
Cashier; Walter L. Carter, Assistant Cashier. The Prudential Bank,
another savings 1nstutition, was organized in 1923.
the directors of the new bank are as follows:
Plans for the reopening of the Antwerp Exchange Bank Co.
of Antwerp, Ohio, were approved on Sept. 30 by John S.
Snook. Judge of the Paulding County Common Pleas
Donald S. Boynton, Pickands, Mather & Co.
Henry M. Dawes, President, The Pure Oil Co.
Charles S. Dewey, Vice-President, Colgate-Palmolive-Peet Co.
George B. Dryden, President, Dryden Rubber Co.
George F. Getz, Chairman of the Board, Globe Coal Co.
2444
Financial Chronicle
John Goodridge, Willing Estate.
Charles B. Goodspeed, Manufacturer.
Harry B. Hurd. Pam & Hurd.
James S. Kemper, President, Lumbermen's Mutual Casualty Co.
Frank Knox, Publisher, Chicago Daily News.
Theodore W. Robinson, Manufacturer.
Elisha Walker, Capitalist.
Rawleigh Warner, Vice-President & Treasurer, The Pure Oil Co.
Robert E. Wood, President, Sears, Roebuck & Co.
The following statement wa, issued Thursday by the
Central Republic Bank & Trust Co.:
Central Republic Bank 3c Trust Co. withdrew last evening (Oct. 5)
from the strictly banking phases of its operations by the transfer of all of
its deposits to another bank—the newly organized City National Bank de
Trust Co. of Chicago.
The readjustment of the affairs of Central Republic was dictated by
sound business principles. The nationwide decline in bank deposits which
reached a peak last June resulted in heavy withdrawals from Central
Republic. so that it was necessary to borrow a substantial sum of money.
While this restored the favorable cash position of the bank, it imposed a
severe burden in the form of interest on the money borrowed.
Drastic reductions had been made in overhead and salaries but the
shrinkage in earning assets due to declining deposits was making it increasingly difficult to meet fixed rental obligations and other charges. When
the cost of borrowed money was added to the other operating expense, the
continuation of the Central Republic Bank & Trust Co. without some plan
of readjustment could only have the effect of a steady impairment of its
assets.
The problem of how to remedy this uneconomic condition has for the past
two months had the constant attention of the Centrars Board of Directors.
Every effort was made to devise a plan that would retain intact the business
of the Bank. A careful analysis, however, of all of the factors involved and
particularly the high fixed rental charges, made it apparent that continued
operating losses were inescapable and could only result ultimately in forced
liquidation. This would have meant a sacrifice of the bank's assets.
Therefore it was finally concluded that the Central Republic Bank &
Trust Co. could only be enabled to remain in existence by divesting itself
of its deposits and having them assumed by an outside and distinct institution.
In the process Central Republic was able to adjust many of its heavy
fixed charges on a more reasonable basis. By thus permitting the continuation of operation there is opportunity for realization of its assets to be
made carefully during a prospective period of business recovery.
The City National Bank will take over only the commercial, savings, and
checking-savings departments of the Central Republic Bank. The latter
will continue with its present trust and real estate loan departments. Its
investment affiliate, the Central Republic Co., will also continue as in the
past.
The most important changes in administrative personnel occurring in
Central Republic yesterday (Oct. 5) were the resignation of General Dawes
as Chairman of the Board and Philip R. Clarke as President. The directors
elected Joseph E. Otis to fill both of these vacancies.
That the Bay City Bank of Bay City, Mich., has reopened
for business is indicated in the following which appeared in
the "Michigan Investor" of Oct. 1:
The Bay City Bank, largest bank in Michigan to reopen under the provisions of the Darin Law, went into business again under a 29-year renewal
of It. charter. The bank suspended on Sept. 1, 1981. The reorganized bank
has assets in excess of $4,500,000.
Depositors at the opening of the bank began to claim the 10% dividend
on unwaived deposits and most of them, according to officers of the bank,
opened new savings and commercial accounts with all or part of their
money. Louis M. Meisel, Bay City hardware man, is President, and Ralph
W. Phillips, cashier.
Probable reopening of the Security State Bank of Milwaukee, Wis., which closed on July 19 last with deposits of
approximately $1,000,000, was indicated in the Milwaukee
"Sentinel" of Sept. 30, which said in part:
Conferring with Circuit Judge John J. Gregory in chambers Thursday
morning (Sept. 29), officers of the bank and members of a proposed crediton' committee said the bank is in good condition. Since the bank closed
It. bonds have appreciated $40,000 and a loan from the Reconstruction
Finance Corporation has been almost entirely repaid.
Proxies which would give the creditors' committee power of attorney to
act for the depositors are being obtained from the necessary 80% of the
depositors. The committee will include John A. Roehl, Robert Teach, W. L.
Wamser, Jacob Kramer, H. Hanauer, Frank Schwinn and E. M. Shafrin.
When this committee has received power to act, decision will be made
whether liquidation or reorganization is desirable. Many of the bank's
large creditors, as well as its officers, desire reorganization, it was brought
out Thursday.
Condition of the bank is such that depositors are assured of receiving
100% of their deposits, it was announced. In addition, there would be
something left over for stockholders. . .
Last month the bank made a profit of more than $1,000. Through reduction of loans, cctllateral has been released, this being available for
liquidation.
Oct. 8
1932
According to the "Commercial West" of Oct. 1, depositors
of the closed Citizens' State Bank of Barnesville, Minn.,
are receiving a third and final dividend of 1.95%, making
a total of 11.95% received by them.
Depositors of the closed Wallace State Bank at Wallace,
S. Dak., are being paid a second dividend of 10%,according
to the "Commercial West" of Oct 1.
The "Commercial West" of Oct. 1 stated that depositors
of the defunct Security State Bank of Beresford, S. Dak.,
have decided to let the State Banking Department liquidate
the institution.
•
Associated Press advices from Lincoln, Neb.. on Sept. 29,
stated that checks had been mailed to depositors in the failed
Fordyce State Bank at Fordyce, Neb., for $15,866, representing a 5% dividend. The depositors, the dispatch went
on to say, had already received a 10% dividend, bringing
the total amount returned to $47,599.
The First National Bank in Henderson, N. C., a new institution organized to succeed the First National Bank of
Henderson which closed its doors on Jan. 2 last, was opened
for business on Oct. 4, as reported in advices from that place,
printed in the Raleigh "News & Observer" of Oct. 5. Officers
of the new institution were named as follows: W. S. Parker,
President (a retired capitalist of Henderhon); R. G.
Harrison, Active Vice-President in charge, and F. B. Robards,
Cashier. Mr. Harrison, the dispatch said, bad been receiver for the closed bank since shortly after it ceased business, and is a stockholder of the new bank, while Mr. Robards
had been with the old bank practically from its inception
nearly 25 years ago, and its Cashier for many years.
In a dispatch from Henderson under date of Oct. 1, the
capital of the new institution was given as $100,000 with
paid-in surplus of $20,000. This dispatch also outlined the
organization plan as follows:
Under the plan of organization the new bank on or after the opening
day will pay in full all depositors who had $20 or less in the closed bank
and all other depositors 10% of the money they had in the bank. The new
bank agrees to pay the latter class an additional 20% each year for three
years and the remaining 30% is placed in trusteeship to be paid off as
rapidly as collections can be made from a fund of about $250,000 set aside
against the obligation.
Reference was made to the failure of the First National
Bank of Henderson in these columns on Jan.9 last, page 250.
Regarding efforts being made to reopen the First National
Bank of Durham, N. C., which has been closed since Jan. 18
last, a press dispatch from that place on Sept. 27, printed in
the Raleigh "News and Observer" contained the following:
Approximately 20% of depositors in the closed First National Bank of
Durham had signed the guaranteed payment agreement, officials in charge
of reorganization of the institution announced late to-day (Sept. 27).
The response was considered particularly encouraging, in view of the
fact that the last batch of the agreements sent to each of the 7.000 depositors, was not put in the mails until Sunday.
Completion of the sign-up campaign by Oct. 15 is the goal of the reorganization committee. The Comptroller of the Currency has extended the time
for securing the signed agreements until Nov. 20. The new bank, to be
known as the National Bank of Durham, will have $300,000 capital and
surplus.
The following changes have been made in the personnel
of the La Grange National Bank at La Grange, Ga., accordng to a dispatch from that place on Sept. 27, printed in the
Atlanta "Constitution": R. C. Key, for the past 17 years
Cashier, of the bank, has been advaneed to a Vice-President,
while Lewis Price, heretofore an Assistant Cashier in the
main office of the Citizens & Southern National Bank in
Savannah, Ga.(with which the La Grange bank is affiliated),
has been mule Cashier in lieu of Mr. Key. Mr. Key, the
new Vice-President, will continue in an active executive
position, it was stated. The roster of the institution, as
given in the dispatch, is now as follows: William Murphey,
Chairman of the board of directors; H. D. Glanton,President; C. V. Truitt and R. C. Key, Vice-Presidents: Lewis
Price, Cashier, and Neil Glass and Harry R. Spikes, Assistant
Cashiers.
Andrew Jap Frame, Chairman of the Board of the Waukesha National Bank of Waukesha, Wis., and said to be
the dean of Wisconsin bankers, did on Oct. 4 at the age
of 88 years. Mr. Frame, who was born in Waukesha,
began his banking career as an office boy in the Waukesha
County Bank, which later became the Waukesha National
Bank, in 1862. He rose to the Presidency of the institution
It is learned from Associated Press advices from San
in 1880. The deceased banker was twice chosen Vice- Antonio, Tex., on Oct. 1, that on
Sept. 30 a new bank was
President of the American Bankers Association. In 1864 opened in that city, under
the title of the South Texas Bank
Mr. Frame organized the Waukesha Malleable Iron Co. & Trust Co., representing a
reorganization of the defunct
and eight years later the Waukesha Springs Sanitarium, of City Central Bank & Trust Co.,
which closed its doors in
which he became Chairman of the Board. He held mem- September 1931. Wc quote in
part from the dispatch
in the American Academy of Political and Social as follows:
bership
Science and the Academy of Political Science.
A total of approximately 11,400 depositors of the old bank
had signed
agreements to deposit their 40% dividend checks In the new bank and
Volume 135
Financial Chronicle
2445
quiet and the turnover was down to 1,240,010 shares.
Among the outstanding gains registered at the close of the
market were Air Reduction, 13/i points to 59%; Auburn
Auto, 1 point to 55; American Type Founders pref., 2
points to 25; Cream of Wheat, 28% points to 263; Goodyear,
23g points to 19%, and International Harvester, 13' points
to 29%.
On Wednesday the market moved sharply downward with
losses ranging from 1 to 9 or more points. The selling followed
The closing of the City Central Bank & Trust Co. on an irregular opening and while there were several rallies
Sept. 28 1931, which in its statement of June 30 that year during the session, they were not maintained as the market
showed capital of $1,300,000, surplus and undivided profits continued to decline. Trading was fairly heavy during most
of $591,297 and deposits of $12,573,462, was noted in our of the day and the tickers were about 5 minutes behind the
transactions on the floor. The principal recessions of the
issue of Oct. 3 1931, page 2211.
day were Air Reduction 53' points to 543.', Allied Chemical
Associated Press advices from Cheyenne, Wyo.,on Sept. 29 & Dye 47' points to 75%, American Power & Light pref.
stated that John A. Reed, State Bank Examiner for Wyom- 53 Points to 73, Atchison 7 points to 468 ,Boston & Maine
%
ing, had on that day announced the payment of the first 4 points to 10, Auburn Auto 7 points to 48, J. I. Case 831
dividend to depositors of the First State Bank of Laramie, points to 46%, Delaware & Hudson 9 points to 65, Du Pont
and the second dividend to the depositors of the First State 43/i points to 36%, General Railway Signal 4 points to 143j,
Bank of Douglas. The former closed its doors on April 27 International Harvester 43' points to 243/s, Louisville &
last, while the Douglas institution suspended operations on Nashville 4 points to 24, Norfolk & Western 431 points to
Nov. 12 1931. The dispatch continuing said:
99, Sears Roebuck 33'l points to 213/8, Southern Pacific 4%
Creditors of the Laramie bank were paid as follows: General depositors,
%
points to 225 , Union Pacific 7% points to 673, Westing$21.879, or 5%;savings depositors, 10% or $18,403.
house 43's points to 32, Western Union Telegraph 5 points
The Douglas creditors were paid in this manner: General depositors, 7%
or $8,645; savings. $780 or
to 34 and United States Steel 43 points to 383/8.
It brought the total payments to 22% for the general depositors and 13%
The share market was again weak and unsettled as trading
to the savings account holders.
opened on Thursday, but steadied in the late afternoon as
THE WEEK ON THE NEW YORK STOCK EXCHANGE. the selling subsided. The rally that got under way during
the final hour was under the guidance of the aviation shares
The stoOk market has been decidedly reactionary this weeli which scored modest advances, but improvement
was brief
and while certain groups have, at times, displayed moderate and at the close prices were still down, though a
part of
strength, the trend has generally been toward lower levels.
the early losses had been canceled. Stocks closing on the
Occasional rallies have occurred but have not, as a rule, been
side of the decline included American Power & Light pref. A
strong enough to carry through. Heavy liquidation and
23/ points to 253.; Armour of Delaware pref., 23 points to
s
4
some short selling have been in evidence, particularly during
433j; Brooklyn Union Gils, 334 points to 793 ; Common4
the fore part of the week. Call money renewed at 2% on wealth & Southern pref.,
534 points to 48; Philadelphia Co.,
Monday, and remained unchanged at that rate on each and
234 points to 34; Reading, 234 points to 38; Standard Gas &
every day of the week.
Electric pref., 3 points to 26; Union Pacific pref., 2 points
After fluctuating .back and forth without definite trend
to 62, and Westinghouse pref., 2 points to 68.
during the greater part of the session on Saturday,the market
The fresh wave of selling that developed in the stock market
suddenly turned upward under the leadership of the inon Friday carried prices of leading speculative favorites downdustrial shares and while the recovery did not go very far,
ward from 1 to 3 points below their previous close. The
a number of prominent stocks closed slightly higher. The volume of trading was small during
the forenoon, but picked
advance came in the last quarter hour and extended to the
up later in the day as prices weakened. During the early
railroad stocks, food shares and specialties. United States
part of the trading recessions were small, most of the decline
Steel and American Can were also included in the upturn.
coming after the noon hour. Changes were largely on the
Railroad stocks were also fairly active, specialties displayed
side of the decline and included among others American Can,
modest improvement near the end of the session and oil
3 points to 4831; American Type Founders pref., 8 points
shares were irregular. The turnover was extremely small,
to 17; Atchison, 334 points to 61; Auburn Auto, 534 points
approximately 338,330 shares changing hands during the
4
to 4254; J. I. Case,33 points to 4231; Delaware & Hudson,
two hour trading period. The changes were within a narrow
334 points to 6034; Eastman Kodak,2 points to 50; Internarange and largely fractional. The advances included Westtional Business Machine,5 points to 90; Reading Co.,4 points
inghouse 1 point to 36%; United States Steel pref., IM
to 34; United States Steel pref., 43.4 points to 70 and Western
points to 783'; United Aircraft, 1 point to 305s; Shell Union
/
Union, 294 points to 31%. At the close the market was
Oil pref., 23. points to 523;American Water Works, 1 point easy and slightly above the day's bottom prices.
3
to 26%; American Smelting pref., 1 point to 45 and Union
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Pacific, 1 point to 763•
DAILY. WEEKLY AND YEARLY.
Trading was dull and prices were generally lower on MonMocks,
day, though values recovered somewhat in the last quarterSlate,
Railroad
United
Total
Week Ended
Number of and Mfecea. Municipal et
Bond
States
hour. During the early trading the market was temporarily
Shares.
Porn Bonds.
Bonds.
Oct. 7 1932.
Bonds.
Sates.
upset by the filing of the receivership action against the Saturday
338,330 32,368.000 81,663.000
8138.000 $4,169,000
1,002.720
4.397,000
666.000
Nickel Plate RR., but soon recovered its poise, though Monday
2,695.000
7,758.000
Tuesday
1.240.010
4.571,000
3,433.000
8.784.000
780 000
trading continued dull. Most of the important changes were Wednesday ....._ 2.952.680 6,123.000 2,577,000
845.500
9.345.500
1,944.312
5.876.000
Thursday
703.500
2.657.000
9.236.500
on the side of the decline and included among others, Air Friday
2.292,770
5.636.000
9,583.500
868.500
3.059.000
Reduction, 1% points to 583; Amer. Tel. & Tel., 13's points
9.770.822 328.971,000 316.084.000 33.801.500 848,856.500
Total
to 112; Columbian Carbon, 1% points to 33; Delaware &
Sales at
Week Ended Oct. 7.
Hudson, 33' points to 7t3; Del., Lack. & Western, 13
Jan. 1 to Oct. 7.
%
New York Stock
points to 383A; Ingersoll-Rand, 2 points to 33; International
Exchange.
1932.
1931.
1931.
1932.
Business Machine., 2 point to 100; International Harvester Stocks-No.of shares_ 9,770.822 17,438,959 359,464.827 465.019.922
Bonds.
pref., 29/i points to 96%; Mack Truck, 13 points to 25%; Government bonds 83.801.500 810.284.750
$155.827,200
$499,987.750
New Haven, 1% points to 193'; Norfolk & Western,2 points State & foreign bonds. 16,084,000 27,441.500 596.413.600 676 918.100
Railroad & misc. bonds 28,971.000 59.686,500 1.321.273.000 1.433 519.400
to 105; Northern Pacific, 1% points to 223 ;Southern P8,0.,
4
Total
668.856.500 $97,412,750 32,417,674,350 82.265,404,700
4
15 points to 243 ; Union Pacific, 23j points to 74; United
States Steel, 1% points to 423.; Westinghouse, 1 point to • DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
35%; Sears, Roebuck, 13' points to 243', and New York
BALTIMORE EXCHANGES.
Central, 1 point to 28.
Boston.
Philadelphia.
Baltimore.
The market showed moderate improvement on Tuesday
Week Ended
Oct. 7 1932.
Shares. Bond Sales. Shares. Bond Sales Shares. Bond Sales.
the gains were not particularly noteworthy or
and while
7.261
81,000
828.000
214
7,181
82,000
important, they extended to a large part of the list. The Saturday
18.814
Monday
3.000
8.200
12.951
8.000
895
19.391
2.000
16.452
1.000
gains were made by stocks like Auburn Auto, Union Tuesday
5.000
657
best
50.561
Wednesday
4.900
45.399
1,465
8.000
Pacific, Westinghouse, Corn Products, United States Steel Thursday
39.203
200
83.000
27,887
536
6,100
5.080
Friday
1.000
1.000
530
1.163
and American Telephone & Telegraph, and while these were
Total
140.220 8100 100 110.400
$33.200
.
329,100
4.921
shaded at the close there were also a number of stocks that
closed with fractional advances. Trading was comparatively Prey, week revised 169.742 214.2011 188 037 830 600 3.460 333.700
accept shares in the Central Securities Co., holding company for the bank,
in place of the remainder.
The number of new depositors was not so great as the number of old
depositors who made withdrawals.
Hundreds crowded around the desks of the new officials to offer congratulations. W. B. Tuttle, President of the Central Securities Co. and Chairman of the board of directors of the new bank, and Ernest J. Miller, President of the new bank, were on hand to greet the visitors.
Tuttle announced that the bank has been organized on a strong basis,
with $4,500,000 total assets and more than $2.300,000 in cash in the South
Texas Bank & Trust Co.'s vaults and other depositories and in unpledged
Government bonds.
2446
THE CURB EXCHANGE.
Trading on the curb market has been dull and price movements have been very irregular during the greater part of
the week. Considerable short selling has been apparent
from time to time and on Wednesday the market suffered a
bad break due to the wave of liquidation that developed
during the early trading and which forced many prominent
stocks to new low levels. Price changes have, as a rule, been
within a narrow range and the volume of trading has been
comparatively light. On Saturday speculative interest was
practically nil and largely in the hands of professionals.
Newmont Mining was moderately strong on a couple of sales.
Atlas Corporation was moderately higher and an occasional
issue made a fractional gain, but most of the market leaders
like Aluminum Co. of America moved downward. Oil
shares were practically neglected and utilities developed a
mixed trend. Fresh selling sent curb prices flying downward
during the early trading on Monday, though some of the
more active stocks recouped a part of their losses as the day
advanced. Dealings were without noteworthy feature and
there was a noticeable absence of speculative interest. Utilities were slightly easier and some of the industrials moved
upward, but oil shares were neglected. Losses were also
quite general in the rubber and motor stocks.
Trading was again dull on Tuesday with a few selected
issues furnishing the bulk of the trading. Price changes
showed a slight upward tendency, though dullness continued
the chief characteristic of the market. Electric Bond and
Share attracted a large part of the speculation, though some
interest centered on public utilities like American Gas,
Associated Gas, American Light & Traction and Standard
Power pref. In the industrial list the most prominent in the
trading were Fisk Rubber, Deere, Cord and Parker Rust
Proof. Oil shares were practically at a standstill as little
interest was shown in this group. Stocks on the curb market
broke sharply on Wednesday with losses ranging up to 7 or
more points. Specialties bore the brunt of the selling and
moved downward at a rapid rate. Aluminum Co. of America
was the weak spot and slumped nearly 10 points at its low
for the day, but cancelled a part of the loss before the close.
Heavy selling appeared in Electric Bond and Share, and
that stock dipped about 5 points, while Atlantic & Pacific
Tea Co. lost about 6 points. Oil shares continued soft and
several prominent issues were down about a point. On
Thursday curb prices were irregular and moved within a
narrow range. In the early trading the attempt to rally the
leaders soon petered out and the market again turned lower
cancelling most of the early advances. The decline was
especially pronounced in the industrial group, where Aluminum Co. of America fell back about 432 points, losing
practically all of its early gain. Central States Electric cony.
pref. (new) was the weak spot in the utilities as. it dipped
about 13 points, followed by Parker Rust Proof which declined about 4 points. Oil shares met renewed selling in the
afternoon and fell off from 1 to 2 points on the day.
Liquidation was the dominating feature of the Curb
Exchange on Friday and declines ranging up to 4 or more
points were registered at the close. Public utilities were the
weak issues, particularly Electric Bond & Share, American
Gas, American Superpower, Cities Service, Consolidated
Gas of Baltimore and General Gas pref., all of which registered sharp declines. Oil shares were less active, though
the tone was somewhat firmer. The changes for the week
were generally on the side of the decline and included among
others Aluminum Co.of America, 68 to 55;American Gas &
Electric, 34% to 28%; American Light & Traction, 2134 to
1934; American Superpower, 6% to 5; Associated Gas &
%
%
Elec. A,23 to 2%; Atlas Corp.,83 to 63/s; Brazil Traction
& Light, 10 to 934; Central States Electric, 4 to 334; Cities
Service, 4 to 3%; Commonwealth Edison, 7534 to 73; Consolidated Gas of Baltimore,66 to 64; Cord Corp.,5% to 434;
Deere & Co., 1434 to 11; Duke Power, 59% to 55; Electric
Bond & Share, 3334 to 26; Ford of Canada A, 834 to 7;
Gulf Oil of Penn., 33 to 2934; Hudson Bay Mining, 3% to
334; International Petroleum, 1034 to 934; New Jersey
Zinc,32 to 31; Niagara Hudson Power, 1634 to 1534; Parker
Rust Proof, 32 to 30; Pennroad Corp., 3 to 234; Penn.
Water & Power, 52% to 5234; Singer Mfg. Co., 10834 to
98; A. 0. Smith, 27 to 2134; Standard Oil of Indiana, 21 to
2034; Swift & Co., 934 to 8%;United Founders, 2% to 134;
4
,
United Gas Corp., 3 to 234; United Light & Power A, 63
to 434, and Utility Power, 2% to 234.
A complete record of Curb Exchange transactions for the
week will be found on page 2474.
Oct. 8
Financial Chronicle
1932
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Stocks
(Number
of
Shares).
Week Ended
Oct. 7 1932.
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
$448,000 $1,033,000 $20,919,000
1,172,841 319,438.000
Total
Jan. 1 to Oct. 7.
Week Ended 00. 7.
Sales at
New York Curb
Exchange.
1932.
Total.
$89,000 $1,805,000
200.000 2,958,000
207,000 3,495,000
203,000 4.480,000
144.000 4,029,000
190,000 4,152,000
$40,000
84,000
82,000
78,000
60,000
104,000
49,410 31,676,000
121,027 2,674,000
144,600 3,206,000
352,049 4,199,000
239,023 3,825.000
266,732 3,858,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1931.
1932.
1931.
3,241,270
1,172,841
-No.of shares_
Stocks
Bonds.
$19,438,000 $27,112,000
Domestic
448,000 ' 1,064,000
Foreign Government_ _
838,000
1,033,000
Foreign Corporate_ -
46,671,318
90,538,811
$673,953,100
25,122,000
49,671,000
$722,055,000
23,738,000
31,322,000
$20,919,000 329.014,000
$748,746,100
$777,115.000
Total
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Tues.,
Mon..
Wed.,
Frt.,
Thurs.,
Sat.,
00.4.
Oct. 5.
Oct. 6.
00. 3.
00. 7.
00. 1.
Silver, p. oz_d_ 17 11-16d. 17 11-16d. 17 11-16d. 17X cl. 17 1I-16d. 17 11-16d.
Gold, p.fine oz. 119s.2d. 119s.3d. 119s.4d. 1198.4d. 1198.5d. 1198.6d.
733(
74
73%
73
7334
Consols, 2X % 7 I
4
100X
100%
10034
100%
101
British
102
102
102
102
102
- 1655i
British 4.5 %
French Rentes
82.60
82.20
84.20
81.90
81.70
(in Paris)3% fr
100.80
100.80
100.90
100.80
100.80
French War L'n
(in Paris)5% fr
The price of silver in New York on the same days has been: •
Silver In N. Y..
per ox. (cts.)
273(
2734
2734
2734
2731
2734
Course of Bank Clearings.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, Oct. 8), bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 41.3% below those for the corresponding
week last year. Our preliminary total stands at $4,736,775,015, against $8,063,221,509 for the same week in 1931.
At this center there is a loss for the five days ended Friday
of 41.3%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Oct. 8.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1932.
1931.
$2,389,833,955 $4,481,039,528
162,067,759
270,814,094
250,000,000
327,000,000
223 000,000
330,000,000
51,213,708
66,312,342
49,800,0(0
68,300,000
79,580,000
116,870,000
No longer will re port clearings.
78,484,159
105,920,580
51.539,295
85,576,617
68.624,761
84,303,380
53,179,124
65,019,660
47,112.061
30,179,877
Per
Cent.
-46.7
-40.2
-23.5
-32.4
-22.8
-27.1
-31.9
-25.9
-39.8
-18.6
-19.0
--35.9
Twelve cities, five days
Other cities, five days
$3,487,482,638
459,829,875
$6,048,868,862
690,582,345
-42.3
-33.4
Total all cities, five days
All cities, one day
33,947,312,513
789,462,502
$6,739,451,107
1,323,770,402
-41.4
-40.4
Total all cities for week
$4,736,775,015
38,063.221,509
-41.3
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended Oct. 1. For
that week there is a decrease of 48.6%, the aggregate of
clearings for the whole country being $4,601,190,960,
against $8,959,354,553 in the same week in 1931. Outside
of this city there is a decrease of 42.6%, the bank clearings
at this center recording a loss of 51.5%. 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 51.4% in the Boston Reserve District of
'
55.9% and in the Philadelphia Reserve District of 35.7%.
In the Cleveland Reserve District, the totals are smaller
by 48.8%, in the Richmond Reserve District by 31.2%
and in the Atlanta Reserve District by 13.8%. The Chicago
Reserve District suffers a loss of 49.0%,the St. Louis Reserve
District of 26.1% and the Minneapolis Reserve District of
23.9%. The Kansas City Reserve District records a decrease
of 36.3%, the Dallas Reserve District of 30.0% and the San
Francisco Reserve District 40.6%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Oct. 1 1932.
1931.
1932.
Inc or
Dec.
1930.
1929.
Federal Reserve Dists.
1st I Boston --__12 cities
2nd New York_ A2 3rd PhIladelola 10 4th Cleveland__ 6 5th Richmond.6 "
.
6th Atlanta _11 "
7th Chicago - --20 "
8th St. Louts_ _ _ 5 "
9th Minneapolis 7 "
10th KansasCity 10 "
11th Dallas
5 "
12th San Fran._14 "
$
$
$
$
%
487,971,791 -55.9
617,464,136
763,249,619
215,375,655
3,024,729,822 6,226,725,190 -51.4 8,254,756,987 11,591.465,837
678,687,014
615,332,191
284,754.586
442,790,624 -35.7
531,847,677
437,555,068
185,801,256
362,660,834 -48.8
150,054,354 -31.2
198,139,747
224,392,490
103,294,270
203,594,215
80,022,656
92,876,507 -13.8
157,611,405
874,374,356 1,141,425,505
553.190,569 -49.0
281,862,354
221,192,449
116,901,851 -26.1
185,633,174
86,358,020
125.941.323
157,948,534
91,073,880 -23.9
69,399,819
81,519,199
128,073,323 -36.3
184,953,857
240,773,715
37,551,029
63,648,375 -30.0
68,661,814
107,393,517
253,387,255 -40.6
310,333,470
424,536,350
150,553,992
Total
118 cities
Outside N. Y. city
4,601,190,960
1,666,345,119
00 ..1.1.0
Alli Ala 600
September
1932.
AAA 704 ROO --07 A
IRA A.Sin
September Inc.or
1931.
Dec.
September
1930.
September
1929.
Total
173 cities 20,625,474,323 31,116,704,973 -33.7 40,255,958 234 57,131,936,819
Outside N. Y. City
7,346,613,945 11,450,790,558 -35.8 14,846,247,238 18,178,975,150
I na7 rt. on/
i749 non 1117 _I0, 1 093004 F19
ion,9c1 9
41
Wo append another table showing the clearings by Federal
Reserve districts for the nine months for each year back
to 1929:
9 Months
1932.
0 Months
1931.
Federal Reserve DIsts.
$
$
tat Boston ____14 cities 9,303,813,042 16,127,836,824
2nd New York.
.13 " 127,592,018,754 214,983,631,234
3rd Phlladelpla 14 " 11.192,168,724 16,707,741,450
4th Cleveland._13 "
7,840,425,784 12,344,067,683
51h Richmond __9 "
4,162,249,145 5,604,544,521
6th Atlanta._--16 "
3,467,929,496 4,846,557,592
7th Chicago -37 " 13,694,305,999 24,359,669,152
8th St. Louls.....7 "
3,500,042,654 4,996,319,079
9th Minneapolls13 "
2,778,243,079 3,730,065,746
10th KansasCIty 14 "
4,767,657,592 6,740,685,169
11th Dallas
2,328,063,792 3,259,528,226
10 "
12th San Fran .23 "
7,220,718,826 10,364,476,47
Inc.or 9 Months
1930.
Dec.
9 Months
1929.
$
$
%
-42.3 19,710,609,799 22,013,217,742
-40.7 275,406,553,960 354,299.055.409
-33.0 21,644,210,282 24,461,763,974
-36.5 15,580,452,424 17,905,575,020
-25.7 6,744,613,814 7,184,506,411
-28.4 6,186,162,378 7,340,689.111
-43.8 34,066,188,696 42,030,442,246
-29.9 6,981,094,95
7,852,793,167
-25.5 4.590,524,740 5,317,679.385
-29.3 9,120,973,783 10,493,283,161
-28.5 4,011,655,33
4,913,613,393
-30.3 13,358,762,35 15,792,596,358
Total
173 cities 197,848,586,887 324,065,123,154 -38.9 417,593.895,218 516,234,885.267
74,105,218,342 114,357,656,301 -35.2 148,499,211,255 169,382,648.008
Outside N. Y. City
Clwnods
00 MI,.
0010 non 419 10 939 F11 470 -24.2 19.227.007.223 17.084 403,13
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
September and the nine months of 1932 and 1931 are given
below:
Nine Months.
Month of September.
Description.
1932.
1932.
1931.
1931.
328,782,111
441,407,800
67.381,034 51,040,158
Stocks, number of shares_
Bonds.
Railroad &'misc, bonds.. $160,443,000 $173,930,700 $1,181,435,800 $1,300,904,400
501,414.600
State, foreign, &c., bonds 61,059,000 103,767,000
637,003,600
429,891,500
U.S. Government bonds_
112.249,953
24,610,1501 37,329.902
$216.121,153 $315,027,000 52,112,741,950 $2,135,157,950
Total
1931.
No. Shares.
1932.
No. Shares.
Month of January
February
March
34,362,383
31,716,267
33,031,499
First quarter._ _
Month of April
May
June
Six months
1929.
1930.
No. Shares. No. Shale*.
42,503,382
64,181,836
65,658,034
62,308.290 110,805.940
67,834,100 77,968.730
96,552,040 105,661.570
99.110.149 172,343,252 226,694,430 294,436,240
31,470.916
23,136,913
23,000,594
Second quarter_
Sac On, can
Federal Reserve Dists.
$
$
$
$
%
871,235,108 1,502,676,561 -42.0 1,856,717,941 2,388,866,830
Sat Boston __ ._14 cities
2nd New York __13 " 13,648,348,936 20,208,199,401 -32.5 26,014,449,807 39,060,862,045
3rd Philadelpla 14 "
1,125,645,151 1,807,137,028 -37.7 2,054,932,978 2,495,002,892
4th Clevela nd __13 "
766,644,331 1,273,319,307 -39.8 1,600,747,110 1,969,017,543
420,545,138
756,747,036
5th Richmond _9 591,067,020 -28.8
696,846,567
358,852,078
813,193,652
6th Atianta__.-16 "
474,661,823 -24.4
623,073.531
7th Chicago ___27 "
1,256,864,340 2,240,959,489 -43.9 3,301,236,300 4,588,678,710
8th St. Lo Ms _ _ _7 ''
714,674,261
839,435,742
.
380,067,16
514,780,465 -26.2
9th MInneapolls13 "
682,495,635
317,072.203
398,253,040 -20.4
658,560,018
10th KansasCity 14 "
478,808,364
963,326,797 1,150,899,804
688,918,347 -30.5
11th Dallas
468,547,226
615,298,882
10 "
263,180,889
336,103,667 -21.7
12th San Fran 23 "
1,080,626,825 -31.7 1,402,845,698 1.771,438,048
738,210.61
20 911.104
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1929 to 1932 is indicated in the following:
8,959,354,553 -48.6 12,060,757,528 16,586,536,922
2,905,030,450 -42.6 4,000,104,872 4,695,071,086
We also furnish to-day a summary of Federal Reserve
districts of the clearings for the month of September. For
that month there is a decrease for the entire body of clearing
houses of 33.7%, the 1932 aggregate of clearings being
$20,625,474,323, and the 1931 aggregate 831,116,704,973.
In the New York Reserve District the totals show a loss of
32.5%, in the Boston Reserve District of 42.0% and the
Philadelphia Reserve District of 37.7%. In the Cleveland
Reserve District the totals record a diminution of 39.8%,
in the Richmond Reserve District of 28.8% and in the
Atlanta Reserve District of 24.4%. The Chicago Reserve
District has suffered a decline of 43.9%, the St. Louis
Reserve District of 26.2% and the Minneapolis Reserve
District of 20.4%. In the Kansas City Reserve District the
falling off is 30.5%, in the Dallas Reserve District, 21.7%
and in the San Francisco Reserve District, 31.7%.
Cannr19
2447
Financial Chronicle
Volume 135
54,346,836 111,041,000
46,659,523 78,340.030
58,643,847 76,593,250
82.600,470
91,283,550
69,546,040
77,608.423 159.650,208 265,974,280 243,430,060
176,718,572 331,993,460 492,668,710 537,866,310
Month of July
August
September
23,057,334
82.625,795
67,381,004
33,545,650
24,828,600
51,040,166
47,746.090 93,378,690
39.869.500 95,704,890
513,545,145 100,053,120
173 116/ 122 1910 Lit 218 141 inn 723 960 IRA 7191
Third quarter
The following compilation covers the clearings by months
since Jan. 1 1932 and 1931:
MONTHLY CLEARINGS.
Clearings, Total AU.
Clearings Outside New York.
Month.
1932.
1931.
%
1932.
1931.
%
$
$
$
$
Jan- 26,483,613.804 39,678,379,908 -33.2 9,799,279,675 14,375,919,731 -31.8
Feb___ 21,364,746,405 32,942,435,566 -35.1 8.146,220,677 11,719,161,974 -30.5
Mar.. 24,517,396.666 39.301.344,645 -37.6 8.907.952,306 13,132,959,663 -32.2
1st qu. 72,365.756.875 111920160,119 -35.3 26,853,452,658 39,228,041,368 -31.5
April__ 22.861,717.935 39,852.451,460 -42.6 8,892,895,892 13,471,643,296 -34.0
May__ 20,697,796.463 37,884,078,968 -45.4 7.958.527,684 12,940,470,085 -38.5
June_ _ 21,948.930,796 39,246,604,281 -44.1 8,047,063,895 13.186,393,159 -39.0
2d q51_ 65.508,445,244 116983134,709 -44.0 24,898,487,471 39,598,506,540 -37.1
6 mos_ 137874202,119 228903294,828 -39.0 51,751,940,129 78,826,547.908 -34.3
July __ 19,318,502,525 34,771,900,251 -44.4 7,643,239,237 12,846.267,605 -40.5
Aug__ 20.030,407,920 29,273,223,102 -31.6 7,363,425.031 11,234,050.230 -34.6
Sept.. 20.625,474,323 31,116,704,973 -33.7 7,346,613,945 11,450,790,558 -35.8
3d qu_ 59,974.384,768 95,161,828,326 -37.0 22,353,278,213 35.531,108.393 -37.1
0 mos_ 157848565.667 324061123.114 -35.8 74.105.218.342 114357656.301 -35.2
The course of bank clearings at leading cities of the country
for the month of September and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Sept. 30September
1929.
1930.
(000.0000
1932. 1931. 1930. 1929. 1932.
1931.
$
$
magma.)
$
$
$
$
a
13,279 19.666 25,410 38,953 123,743 209,707 269,082 346,852
New York
8,663 15,409 22,308 27,214
796 1,381 2,126 2,890
Chicago
_
, ,19,381
,
8,018
750 1.319 1,651 2,094
Boston
Philadelphia
1,057 1,692 1,922 2,327 10,431 15,539 20,294 22,844
247
555
2,353
3,569 4.666
5.385
367
476
St. Louis
7,568
5,252 6,883
313
3.194
545
719
836
Pittsburgh
8,027
5,528
7,386
409
890
3,909
580
760
San Francisco
2,943
2,433
1.599
2,194
236
308
Cincinnati
159
234
3,922
2,216
2,981
3,607
215
403
Baltimore
312
367
5,546
3,386
4,804
619
2,461
249
342
501
Kansas City
5,934
3,986
5,068
2,555
247
407
520
668
Cleveland
1,977
1,734
1,036
1,534
223
146
179
119
New Orleans
3,421
3,018
1,834
2,407
472
260
373
Minneapolis
215
1,467
1,468
870
157
678
155
73
95
Louisville
8,832
4,943
6,648
2.563
237
476
669 1,049
Detroit
1,364
1,146
908
148
619
87
109
53
Milwaukee
512
634
321
428
63
45
45
30
Providence
1,789
1,343
1,658
200
857
134
181
86
Omaha
2,529
1,501
1,955
319
1,000
148
193
101
Buffalo
1,078
580
770
895
100
115
62
81
St. Paul
964
658
834
102
482
47
63
79
Indianapolis
1,247
1,453
159
723
971
74
110
139
Denver
1,648
996
1,311
1,686
185
187
116
150
Richmond
701
819
110
391
460
51
44
70
Memphis
1,524
2,008
884
1,215
123
162
228
89
Seattle
449
587
786
57
98
327
34
50
Hartford
673
737
354
538
71
86
36
55
Salt Lake My
19,144 28,912 37,455 54,259 182,787
1,481 2,205 2,801 2,873 15,062
-20,625 31,117 40,256 57,132 197,849
Total all
Outside N.Y.City. 7.347 11,451 14,846 18,179 74,105
Total
Other cities
302,222 390,387 487.122
21.843 27,194 29,113
324,065 417,581 516,235
114,358 148.499 169.383
We now add our detailed statement showing the figures
for each city separately for September and since Jan. 1 for
two years and for the week ended Oct. 1 for four years:
CLEARINGS FOR SEPTEMBER,SINCE JANUARY 1, AND FOR WEEK ENDING OCT. 1.
Month of September.
Clearings 02
1932.
1931.
$
$
First Federal Rese rye District- Boston
2,460,814
1,595,795
Maine- Bangor
12,424,239
8.924.265
a. Portland
749,823.894 1,319,225,996
Mass.-13oston
3,752,215
2,716,519
Fall River
2,058,780
1.495,661
Holyoke
1,870,751
977,675
Lowell
3,442,475
2,127,541
New Bedford
16,045,030
10,571,724
Springfield
10,994,76
6,835,805
Worcester
50,403,56
34,264,036
Conn.- Hartford
26,339,15
16,362,929
New Haven
6,258,300
3.558,300
Waterbury
45,284,900
29,045,400
-Providence....
R. 1.
2,115,579
1,635,564
-Manchester._
N. H.
Total(14 Cities).
Week Ended October 1.
Nine Months Ended Sept. 30.
Inc. or
Dec.
1932.
1931.
Inc. or
Dec.
1932.
1931.
Inc. or
Dec.
1930.
1929.
341,544
2,990,141
182,877,291
561,002
807,162
5,087,354
435,594,423
842,199
-57.7
-41.2
-58.0
-33.4
1,012,764
7,604,035
552,010,172
1,195,829
1,114,923
6,856,773
680,788,312
1,670,694
--38.
-34.1
-37.8
-32.0
-37.9
--36.8
--33.9
--22.7
18,938,364
23,765,689 --28.7
119,171,858 --28.4
85,367,532
8,018,399,360 14,364,083,974 --44.2
26,801,447
37,059,490 --27.7
19,807.476 --24.1
15,027,163
18,257,254 --34.3
11,994,855
33,812,889 --31.7
23,087,678
168,820,690 --27.7
122,043,336
110,618.671 --27.9
79,712,580
448,692,526 --27.1
327.298,926
264,171,568 --25.8
195.928,285
69,842,200 --39.1
42,559,600
427,721,400 --24.9
321,319,400
22,011,139 --21.2
17,334,516
218,302
495,046
2,564,871
1,555,018
•12,000,000
3,652,556
469,429
877.721
5,437,481
3,385.755
15.675.767
7,653,643
-53.5
-43.6
-52.
--54.
--75.4
--52.3
520.938
1,066,644
5,913,900
4,019,642
18,162,071
10,924,901
1,319,392
1,232,546
7,420,048
4,440.293
27,669.973
11,061.609
8,752,600
335,586
11,534,300 -32.8
606.857 -44.7
14,156,300
876,940
18,971,500
703.556
871,235,108 1,502,676,561 -42.01
9,303,813,042 18,127,836.824 -42.3
215,343.757
487.971,791 -55.9
617,464,136
763.249,619
-35.2
-28.2
-43.2
-27.6
-27.
Financial Chronicle
2448
Oct. 8 1932
-(Continued.)
CLEARINGS
Month of September.
Nine Months Ended Sept. 30.
Week Ended October 1.
Clearings at
1932.
Inc. or
Dec.
1931.
$
$
Second Federal Re serve District -New York-Albany
19,799,446
N. Y.
28,186,167
Binghamton
3,059,456
4,186,452
Buffalo
100,996,628
147.801.771
2,236,528
Elmira
3.906,281
Jamestown
2,061,952
3,374,244
13,278,860,378 19.665,914,415
New York
26,776,644
Rochester
39,945,118
Syracuse
/3,977,395
19,167.282
-Stamford_
Conn.
8,214,270
14,587,421
-Montclair__ _ _
N. J.
1,628,383
2,524,277
Newark
75,923,370
119,203,924
Northern New Jen111,108,358
153,007,816
Oranges
3,706,130
6,394,253
1932.
1931.
Inc. or
Dec.
%
$
$
%
207,851,428
-29.8
247,190,038
-26.9
43,900,996
32,085.379
-31.7 1,000,477,110 1,501,263,453
-42.7
28,356,479
39,908,837
-38.9
35,856,957
22,652,838
-32.5 123,743,368,545 209,707,466.853
376,312,134
279,942,260
-33.0
146,648,810
-27.1
191,097,697
-43.7
132,011,353
128,064,052
-35.520,824,146
27,419,519
850,537,058 1,180,860,746
-36.3
-27.4 1,109,596,689 1,443,099,495
61,184,457
-42.0
47,666,659
1932.
Inc. or
Dec.
1931.
-15.9
4,486,818
8.978,187
-26.9
803,537
1,481,090
-33.4
26,360,354
44,422,560
-28.9
528,254
1,070.827
-38.8
542,564
946,582
-41.0 2,934.845,841 6,054,324,103
-25,8
5,821,637
13,619,290
-23.3
3,545,015
6,218,349
-20.3
1,938,197
2,877,737
-24.5
399,601
889,506
-28.0
17,955,940
35,227,717
-23.1
27,502,064
56,669,242
-22.1
1930.
1929.
-50.0
9,076,620
.7,825,698
1,989,116
--45.7
1,778,720
--40.7
57,131.997
80,436,629
---50.7
929,755
1,074,692
--42.7
1,412,726
1,568,020
-51.5 8,060,652.656 11633,707,312
-57.3
17.287,804
22,571,640
7.084,728
-43.0
10,177,764
3,923,413
---32.6
6,763,633
927.610
--55.1
1.043.056
-49.0
42,378,405
46,938,676
--51.5
51,962,157
77,579,988
Total(13 cities).- -- 13,648,348,936 20,208,199,401 -32.5 127,592,018,754 214,983,631,234 -40.7 3,024,729,822 6,226,725,190 -51.4 8,254,756,987
11891465,837
Third Federal Res erve District -Philadelphia
Pa.- Altoona
1,333,048
2,558,970
Bethlehem
e8,296.795
13,035,116
Chester
1,328,949
3,490,795
Harrisburg
8,628,739
13,759,027
Lancaster
4.474,952
10,382,770
Lebanon
1,330,991
2,484,927
Norristown
1,913,749
2,692,864
Philadelphia
1.057,000,000 1,692,300.000
Reading
7,298,464
11,520,675
Scranton
8,515,052
17,020,663
Wilkes-Barre
7,356,206
12,119,593
York
4,159,206
8.912,828
-Camden
N.J.
3,767,000
5,782,000
Trenton
10,242,000
13,077,000
Total(14 cities)
-17.9
29,283,020 16,517,670
43.6
131.885,421 -27.8
95,078,929
-38.3
--82.0
34,649,547 -53.3
18,092.906
93,262,962
134,277,889 -30.5
--37.3
45,585,834
89,678,048 -56.9
49.2
--46.4
21,577,331 -35.0
13,839,953
17,343,641
--28.9
25,218,373 -31.2
-37.5 10,431,000.000 15,540,200,000 -32.9
86,410,962
115,030,222 -36.6
24.9
92,904,337
186,893,438 -50.0
-44.3
68,674,986
-39.3
118,944,620 --42.3
45,677.044
67,889,941 --39.8
-32.7
41,355,000
-34.8
66,161.000 --37.5
128,424,700
-21.7
188,252.600 -22.8
766,644,331 1.273,319,307 -39.8
Total (13 cities)-
Fifth Federal Rese rve District- Richmond
W.Va.-Huntington_
1,298,926
2,379,433
Va.-Norfolk
8,990,000
13.109,000
Richmond
115.879.609
150.120,169
N.C.
-Raleigh
2,674,775
5,631,166
S. C.
-Charleston
3,184.817
5.959,824
Columbia
3,173.639
6,500,978
214,518,044
Md.-Baltimore
312,487,301
Frederick
931,497
1,497,680
b
Hagerstown
b
D.C.
69.894,031
-Washington
93,291,469
Total(9 cities)
420,545,138
-
358,852,078
125,035,000
b
2,188,554,304
3,986,208,575
483,334,200
29,881,228
11,498,040
57,860,892
13b
,285,278
5.571,072
32,930,648
5,251:021. 07
46 85 . 48
48
3
--40.3
---30.3
-86.4
--39.0
-I5.1
112,032,291 -43.8
7,840,425,784 12,344,067,683 -38.5
1,633.970
5,872,940
1,144,898
1,188,106
4,440,026 -73.2
2,301,326
3,390.570
--35.0
-47.1
---54.5
-10.6
-42.4
-
685,000,000
3,931,253
5,385,225
5,013,688
2,213,017
840,000,000
4.945,794
8,091,647
4,666.469
2,551,981
271,000,000
1,883,739
1,896.619
2,263,921
1,134,509
417,000,000
3.564,289
4,165.137
2,532,540
1.970,323
2,265,000
32.2
3,339.000 -
4,010,000
6,388,785
284,754,586
442.790,624 -35.7
615,332,191
678,687.014
3,684,000
b
57,851,513
123,227,515
10,610,000
-93.0
b
-39.4
-52.0
-43.2
8,367,000
b
61,233,585
149,741,962
19,490.200
7,710,000
b
77.918,256
193,667,563
22,970,800
1,415,777 -43.2
1,714,257
2,431,040
83,200,681
185,872,029 -49.8
199,008,064
2
27,150,018
185.801,256
382,660,834 48.8
437,555,068
531,847,877
329,225
2,029,000
28,157,681
-87.2
---28.9
-35.9
--38.6
-41.9
-58.6
-47.2
1,588,774
4,555,391
1,333.517
530,358 ---37.9
3,577,000 --43.3
29,928,602 --0.3
1,101,825
4,973,808
48,995,000
1,382,011
4,818,714
55,000,000
d257,000
b
35,055,319
59.097.612
7,385,600
-25.1
-
14,874,447
102,198,783
995,827,228
25,880,304
30.500,475
33,694,934
2,215,838.750
9,186,337
b
734,247,887
23,873,786
134,117.431
1,311,412,904
64,657,307
63,675,394
77,640,294
2,980.511.718
15,108,243
b
933,457,444
-21.3
16,119.351
28,930,107 --40.1
29.417,816
3
8,349,750
591,067.020 -28.8
4,182.249.145
5,604,544,521 -25.7
103.294,270
150,054,354 -31.2
198,139,747
224,392,490
98,843,454
343,477,034
1,072,275,000
32,736,190
17.330,024
19.308,372
331.701.650
42,046.853
344,084,885
33,485,389
18,814,902
27.151,000
34,848,850
10,927,356
4,417,594
1,036,480,943
97,258,320
488,629,631
1,386.049,329
51,582,841
26 964,918
29.933,726
460,645,050
57.663,441
512 694:532
6 :123 753
6
-52.1
--14.7
-28.1
-28.0
2.824,026
22,817,329
44,114.517
2.225,006
3,576,394
25,726.345
60,772,394
1,766,340
445,122
8.023,322
649,279 -31.5
8.688,291 -30.7
1,599,977
10.722,257
1.958.792
11,338.526
27 163,758
43.884.000
54.593,319
14 299,695
5.372.642
1,533.898,637
7,893.895
835,309
13,215,672 -40.3
1,316,652 -36.8
18,639,634
1,988,107
29,121,452
3
,117,669
615,000
1,172,000 -56.1
2,387,000
2,611;616
110,363
26,533,409
-8.4
127,054 16,069,683 +85.1
176.944
50,116,608
390,681
63,194,622
3,467.929.498
4.846.557,592 -28.4
80,022,656
92,876,507 -I3.8
157,611.405
203,594,216
112,357
649.357
56,771,382
157,281 -28.8
1.125.373 42.3
118,741,131 -52.2
186,710
1,286,708
163,112,018
333,495
1.604.423
237,380,602
2,343,496
4,784,352 51.0
6,549.991
8.753,321
518,400
824,292
2,864,683 -81.9
1,871.834 -50.7
3,657.494
3,062,437
4,219,917
4,256,189
10,506,000
904.601
2.578,659
10.556.000 38:5
999,247 18.9
3,628,254 -28.9
21,371,000
2,390,380
4,363,199
26,969,000
3.432,344
5,189,252
10,789,435
20,218,580 -46.6
32,029,467
39,157,349
825.954
2,709.346 -76.9
3,658,869
Sixth Federal Rese eve District- Atlanta
9.532.190
16,084,195
__
Nashville
37,657,162
46,071.692
141,834,422
Ga.-Atlanta
113.000,000
5,371,323
Augusta
4,522,602
Columbus
1.800,819
2,773,429
Macon
2.190,520
2.772,016
Fla.
•20,000.000
38,461,146
-Jacksonville _
Tam pa
3,198,128
5,158,158
Ala.
50.846,295
-Birmingham_ _ _
35.042.507
3,487,650
Mobile
5.146,724
1,746.174
2,795,355
Montgomery
Miss.
3,924,000
2,536.000
-Hattiesburg- Jackson
3,552.755
5,022.000
Meridian
1.139.832
1,450.271
Vicksburg
443,743
480,224
La.
-New Orleans..
119.001,996
146.470,573
Total(16 eities)_
--45.4
-31.9
-22.8
--52.5
--46.6
-51.2
-31.4
-37.8
15,971,000
b
1,599,435,658
2,554,595,808
296,956,800
17,350,595
4,994,188
30,527,001
b
7,937.990
3,881,285
11,079,898
3.194,360,660
40,100,502
63,234,399
583,466
3,864,127 --38.4
1,331,716 70.2
c804,444
1,125,645,151 1.807,137,028 -37.7 11,192,168,724 18,707,741,450 33.0
Fourth Federal Re serve District -Cleveland-Ohio
-Akron
d1,450,000
13,595,000 -89.3
Canton
b
b
b
Cincinnati
159,253.721
233,571,638 -31.8
Cleveland
247,371,420
406,727,944 -39.2
Columbus
29,046.200
40,950,800 -29.1
Hamilton
3,811,458 -61.6
1,465,394
Lorain
1,253,291 -65.9
427,238
Mansfield
6,436,028 -45.7
c3,491,715
b
Youngstown
b
b
Pa.
1,148,334 -34.8
748,798
-Beaver County
Franklin
581,190 -29.6
409,247
1,036,778
3,269.356 -68.3
Greensburg
545,212,279 -42.6
312,810,145
Pittsburgh
4,327,640 -26.9
Ky-Lexington
3,162.798
W. Va.-Wheeling_
5,970,877
12,434,349 -52.0
267,690
e2.458,719
396,277
-40.7
-18.3
-20.3
-15.8
-35.1
-21.0
-48.0
-38.0
-31.1
-32.2
-37.5
-35.4
-29.3
-21.4
-7.6
-18.8
474,661,823 -24.4
37.7
23.8
24.1
-59.8
52.1
56.6
25.7
39.6
+1.8
--29.7
-22.6
--36.5
-35.7
-35.5
--28.0
--27.1
-33.4
--35.8
-30.7
-37.8
-36.2
--23.8
-17.8
-32.4
'600,000
56,059.013
1,846,656
9,281.702
25,600.000
931,878
1,746,198
2,792,123
87,342,091 ---35.8
3,858,030
10,885,937
35,600,000
1,293,909
3,032.594
110,859,177
123,809.421
Seventh Federal R eserve Distric t-ChicagoMich.
-Adrian
6.290.410 4,301.479
356,206
411.589 -13.5
-3I.6
Ann Arbor
3,112.459 -42.1
23.224,689
31.771,733 --28.9
1.803.049
Detroit
236.885.048
43 53 :216 -48.1
.
476.252.612 -50.3 2,563,360.263 4,984.4 18 483 Flint
3.817,459
8,302,274 -54,1
48,439,500
--42.7
Grand Rapids
112,470.972
131:271:467 12.838.656
79 5 9 73 1 -37.4
9
19.019,604 -33.5
Jackson
20.069.894
1,868,381
3.168,172 -41.0
-35.9
Lansing
185.83 . 93 15 8 8. 1
67 6
5.914.127
50.536.654
18.073.097 -67.3
2
-51.2
Ind.--lt. Wayne_
3,463,480
41,143.953
5,995.598 -42.2
--52.1
Gary
59,934,941
13 :688:538 --56.4
68 3 7 463
4,567.260
7 5
11,818.007 -60.7
Indianapolis
481,644,151
46,548,000
63.042,000 -26.2
658,478,000 ---26.9
South Bend
45.723.474
3.935.457
5.426.485 -27.5
--33.4
Terre Haute
11.099.581
122.242.056
12 :8 . 68 7 344.255 -28.2
0
7
16.390.976 -32.3
WI.s.-Madison
2.683.799
40.788.497
8.959.519 -70.0
--55.1
Milwaukee
91,1018...4v3r4,3..1g, --31.9
811(8181.94819:118750
53,170,147
87.019,023 -38.9
Oshkosh
1,373,141
2,481,088 -44.7
--34.4
Iowa-Cedar Rapids_
2,609.361
10,615.824 -75.4
-72.2
Davenport
453.407,501 15.642.966
37.127.055 -57.9
191.620.867
-57.7
Des Moines
257.250,456 --23.6
198.418,631
19.183,675
26.076,847 -26.4
Iowa City
b
b
b
b
b
Sioux City
30.082541
93.008.627
155.928:962 --40.3
9.094,177
16.396,299 -44.5
Waterloo
8,463,020
-71.9
2,924,995
f
I11.
32.902.617 -Aurora
13.678.775
-58.4
702.152
2.942,363 -76.1
Bloomington
58.655.173 38.370.113
-34.6
3.861.210
8.107.279 -38.8
Chicago
3
0 8 64
8 %
796,296.043 1,380.650.478 -42.3 8,663,146.484 15,43512 647 --43.8
Decatur
21,683,2507
12.86,0
-39.6
1.959.341
3.452,775 -43.3
91.794,0
Peoria
--25.3
8.306.137
11.207.855 -25.9
78.588,993 Rockford
28.773.062
-63.4
1,842,487
5.908.658 -88.8
86,845,134 64,257,472
Springfield
-26.0
8,275,958 -12.5
7,243,000
5,342,512
7,437,536 --28.2
8,963,708
12,072,360
2,614,167
4,818.693
964,984
7,232.127
1,867,221
7,808,107
1,996,095
788,764
182,533.466
420.805
1.878.613
645,696
1.214,398
1,383,527
357,744,770
844,766
3,252,680
1,350,025
1,937,527
1.797,891
601,686,145
1,050,418
4.474,767
2,843,775
2,790.022
2,341,550
766,428.743
1,322,010
6,481,987
4,169.823
3,064,124
Total(27 cities)---. 1.256,864,340 2,240,959,489 -43.9 13,694,305,999 24.359,669.152 -43.8
281,862,354
553,190,569 -49.0
Eighth Federal Re serve District -St. Louis
Ind.
-Evansville
b
b
_
b
New Albany
806.526 -66.3
271.938
367.077.823 -32.7
Mo.-St. Louis
247,199.679
95,364,093 -23.2
Ky.-Louisville
73,221.416
b
Owensboro
b
b
4,126,298 +35.1
Paducah
5,573.462
43,629,772 +17.4
Tenn.
-Memphis._
51,216,863
608,760 -37.1
111.
-Jacksonville_ _ _
382.716
Quincy
3.167.193 -30.5
2,201,095
Total(7 cities)
380,067.169
514.780.405 -26.2
-49.0
50.2
-48.4
-52.2
-37.3
874,374,356 1,141,425,505
b
4.008.619
2,353.445,741
877.618,552
9.799,773 b
b
59.I
3,568.832.691 -34.1
869.734,190 -22.1
58,100.030
16,135,977
82,100.000
20,870,061 --22.7
125,922.087
36,935,214
141,000.000
40,625,382
47,757.692
391,443,214
4,320,775
21,498,081
50 227,514 -4
b
b .9
4 ((F
31:3 1
61,
-15.0
7 1:3
_ 38 3
2
:140
183
13,605,314
90,977
425,752
13,009,600
148,857 -38.0
773,273 44.9
21,418,820
185.765
1,173.378
38,722,690
330,792
1.613,605
3,500,092,654
4,998,319,079 -29.9
80,358,020
116,901,851 -28.1
185,633,174
221,192,449
b
Financial Chronicle
Volume 135
2449
CLEARINGS
--(Concluded.)
Month of September.
Nine Months Ended Sept. 30.
Clearings at
1932.
$
1931.
Int. or
Dec.
1932.
a
%
$
Ninth Federal Res erve District -Minneapoll s--Duluth
Minn.
11,494.915
15,802,123 -27.3
Minneapolis
214,512.374
259,672.885 -17.4
Rochester
856.604
1.523,393 --43.8
62,465.884
St. Paul
81,065,115 -22.9
6,758,734
N. Dak.-Fargo
8.351,310 --19.1
Grand Forks
4,345.000
5,825.000 -25.4
Minot
731,000
1.129,516 -35.3
2,441,991
S. Dak.-Aberdeen
3,065.513 --20.3
2,925,788
Sioux Falls
5,107,762 --42.7
1,255.303
-Billings
Mont.
2,150,756 --41.6
2,446 353
Great Falls
3,547,789 -31.0
Helena
6,667,638
10,785,653 -38.2
Lewistown
225,225 -24.2
170,619
Total(13 cities)_._
317,072,203
478.808,364
263,180.889
1932.
1931.
.
111t. or
Dec.
1930.
$
%
$
8
%
$
1929.
$
154,788,879
2,406,885,007
13,276,395
769.898,111
73,964,908
53,948,000
11,009,513
31,813,085
61.598,955
20,447,895
30,653,008
99,483,415
2,298,575
-43.0
-23.8
--30.3
-24.6
-10.8
--24.4
--35.7
--26.9
--49.0
-38.4
--36.9
-35.3
--28.8
2,288.374
49,490,477
3,245,522 -29.5
62,076,056 --20.3
7,682.027
85,853,273
7.402,373
111,129,566
13,729,953
1,497,340
20,178.567 -32.0
1,947.905 --23.1
25,024,580
2.379,000
30,148.101
2,446.175
556,305
715,731 -22.3
1,093,458
1,572,861
265,909
502,743 --48.9
805,627
1,061,142
1.571,461
2.407,356 -34.7
3,103,358
4,188,318
2,778,243,079
3,730,065,746 --25.5
69,399.819
91.073,880 -23.9
125,941,323
157,948.534
y--42.9
--65.4
--43.3
--36.2
--43.2
--42.1
--26.0
--40.7
--27.1
-30.1
--16.9
--41.5
--32.0
--53.9
6,614,962
5,810,632
74.208.972
856,652,513
68,086,370
68,736,288
156,775,331
12,511,132
2,461,364.624
103,902.756
173.823,245
27,333,462
722,762,680
29,074,725
10,404,244
13,998,663
113,253,909
1,342,773,184
90.698,889
105,043,083
202,060,176
19,170,777
3,385,524,530
160,364,783
238,313,844
39,339,567
971.404,670
48,334,849
118,528
79,585
1,486,352
18,327.866
129,283 -8.3
318,953 --75.0
2,949,327 --50.3
32,084,005 --42.9
292,055
517.738
4,006,321
42,019,453
447,151
689.960
4.112,111
51,839.888
1,193,697
3,316,299
2,254,531 --47.1
4,764,028 --30.4
2.870.219
7,013,885
5.545.426
9,272,525
54,240,815
2,138,393
80,635,031 --22.7
3,193,519 -33.0
120,899,143
4,715,551
158,309,548
7.088,218
180,707
a
456,957
579,328 --88.8
a
a
1,165,318 --60.8
910,673
a
1,708.819
1,393,483
a
2,075.427
688,918,347 -30.5
4,767.657,592
6.740,685,168 -29.3
81,519,199
128,073,323 --26.3
184,953,857
240.773,715
--59.6
-61.0
--21.2
-24.9
--31.1
+3.2
--16.7
--48.4
--42.1
--16.6
33,448,658
32,327.423
1,011.293,338
92,602,846
207,866.396
79,895,000
748,722,219
10,069,316
21,243,000
91,495,596
57,687,312
58,157,318
1,344,922,528
170.547,104
283,433,052
93,415,000
1,056,936,312
18,041,775
43,408,000
132,979,825
336,106,667 --21.7
2.328,963,792
3,259,528,226 --28.5
398,252,040 -20.4
Eleventh Federal Reserve Distr ict-Dallas-Austin
Texas
•
2,896.795
7.168,840
Beaumont
•
2,211.587
5,670,104
Dallas
117,726,035
149,418,604
8,910,540
•
El Paso
11,862,992
Fort Worth
•
19,368,324
28,103,457
Galveston
•
9,766,000
9,467.000
Houston
89.382,528
107,248,834
Port Arthur
•
899.792
1,744,965
Wichita Falls
1.900.000
3,285,000
La.
--Shreveport
•
10,119,288
12,138,871
Total(10 cities)___ •
1931.
88,292,938
1,833,863,993
9,257,828
580,345.128
65.994,585
40,795,000
7,077,298
23,246,691
31,414,043
12.585,133
19.356,566
64,378,040
1,635,827
Tenth Federal Re erve District -Kansas Cit
Neb.-Fremont
513,854
899,856
443,844
Hastings
1,283,143
•
Lincoln
8,658,087
11,756.655
Omaha
85,789,625
134,476,972
-Kansas CRY
Kan.
5,769,190
10,152,265
,
Topeka
5,739,795
9,909,604
Wichita
14.686,311
19,837,812
•
-Joplin _
Missouri
1,209,362
2,039,186
•
249.182,980
Kansas City
341.883,959
10,075,000
St. Joseph
14,413,914
•
-Tulsa
Okla.
19,429,908
23.372,393
-Colo. Springs
Colo.
2,520,504
4,305,540
Denver
•
74.451.485
109,513,796
Pueblo
•
2.338,419
5,073,252
Total(14 citles)___ .
Week Ended October I.
Inc. or
Dec.
Twelfth Federal
eserve Distric t
-San Franc taco-wash.-BellIngham _
1,609.000
2.715,486 --40.7
Seattle
•
88.802,801
122,789,097 -27.7
Spokane
22.160,000
37,597.000 --41.2
Yakima
•
2,034.422
3,834,558 --46.9
Idaho-Boise
*3,000,000
5.795.090 --48.2
Oregon-Eugene, _ •
417.000
1,209.000 --65.5
Portland
•
89,154,168
109.093.350 --36.6
Utah-Ogden
2,147,953
2,597,986 --17.3
Salt Lake City
•
36.121.049
55.201,132 --34.6
Arizona-Phoenix__ _ •
5.777.190
10,939.998 -47.2
Calif.
-Bakersfield__
2.604.828
3,747.488 --30.5
Berkeley
•
11.496,862
15,904.700 -27.7
Long Beach
•
11,422,137
20.275,479 --43.7
Los Angeles '
No longer will report clearing s
Modesto
•
1.694,256
2,662,029 -36.4
Pasadena
11.935.297
17,384,750 --31.3
Riverside
•
2.307.297
2,491,347 -7.4
Sacramento
26.405.373
39,738,969 --33.6
San Diego
10.433,936
15.847,954 -34.2
San Francisco
409.398,447
579.940.658 --29.4
San Jose
7.027.208
11,212,098 -37.4
Santa Barbara
3.971,943
6,609.287 --39.9
Santa Monica
3,422,852
6,655.469 --48.6
Stockton
4.866,597
8.383.900 --23.8
--36.4
--58.2
-34.4
--36.2
--24.9
--34.6
-22.4
-34.7
-26.6
-35.2
--27.1
--30.5
--25.6
--39.8
--59.4
-44.4
--24.8
-45.7
--26.7
--14.5
-29.2
-44.2
--51.1
--31.2
15.942,540
883.534,472
221,745,000
16,957,662
34.230,698
5.610.575
684,515,354
17,379.872
353,755.733
79.272,590
26,170,132
127,448,039
120,997,571
26.022,486
1,214.759,353
352,819,000
32,506,685
50.512,735
11.566,000
1,056,954,197
39,797.725
538,047,986
120,281,630
36.602.870
149.106,172
213,959,990
-38.7
--27.3
-37.2
-47.8
-32.2
--51.5
-35.2
--56.3
--34.3
--34.1
--28.5
--14.5
--43.4
15,801,135
127,297,051
30,352.158
246,474,386
115.105.077
3,909.059,911
62,919.514
43,891,319
36.378,425
45.879.612
23,017,282
186.099.643
31.576,463
291.521,120
168.334,870
5,527,951,263
99.829.072
67,218,969
64.157,868
61,833,100
--31.4
--31.6
--3.9
--15.5
--31.6
-29.3
-37.0
-34.7
-43.3
-25.8
646,660
1.757,864 --83.2
1,853.963
2,444,104
28,127,818
39,241,228 --28.3
48,684,377
71,160,637
4,761,888
2,181,000
6,664,179 --28.5
3,012,000 --27.6
9,967,592
3,855,000
16,728,591
8,936.000
1,833,663
2,973,304 -38.3
4,300.882
8,124.185
37.551,029
53,648.375 --30.0
68,661.814
107,393.517
19.147,958
4.966.000
461,642
28,249.298 --32.2
9,689.000 --48.7
871,877 --47.1
39,244,220
11.945,000
1,364.546
56,001,879
15,728,000
2,031.778
16,151,569
27.240,356 --40.7
37,540,642
44,665,915
8,518,863
13,235,746 --35.6
18,168,335
22,787,337
2.277.982
4,612.487 --50.6
No longer vri 11 report clear Inge.
6,669,027
8,487,870
5,538,620
8,478,458
8.736.123
4.848.645
198,496.163
3.624.604
2.202,452
1.964,193
1.990.900
7.911.358
6.440.930
242,414.200
4.742.530
2.126.209
2.229.390
2.502,500
2,040,791
4.694.995
2.041.922
88.167.299
1,456.919
856.530
672.673
1.098,849
4,402,902 --53.6
8,949.165
*3.500.000
147.398.522
3.022.377
1.393.668
1.422.157
1,399,700
-32.4
--41.7
--41.5
-51.8
--38.5
--52.7
--21.5
Total(23 Mien)
-738,210.6143 1.030.626.825 -31.7 7.220.718.826 10.364.476,479 -30.3 150,553,092 253,387,255
-40.6 340,333.470 424,566.350
Grand total(173 Cities) 20.625.474.323 31.116.704,973 -33.7 197.848.586,887
324,065,123,154 -38.9 4.601.190.960 8,959.354.553 --48.6 12060 757.528 16588 536.922
Outside New York___ 7,346,613.945 11,450.790.558 --35.8 74,105,218,342
114,357.656,301 --35.2 1,666,345,119 2,905,030,450 --42.8 4,000,104,872 4,695.071.085
1
CANADIAN CLEARINGS FOR SEPTEMBER, SINCE JANUARY 1, AND FOR
WEEK ENDING SEPT. 29.
Month of September.
Nine Months Ended September 30.
Marino: at
1932.
Canada-Montreal
Toronto'
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westin I nsterMedicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Nioncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities). _._
326.636.960
845.558.927
182 154.352
49.404.292
16.825.546
16.394,929
8.642,809
15.178.951
21.177.321
7.158.705
5.701.238
10.041.760
15.472.391
18.285.485
1.537.352
1.591.394
6.445.955
2,446.778
2.974.256
2,463.019
1.892.707
843.713
2.468,145
2.204.616
3.302.921
9.134.258
1,061.570
2,622.091
2.416.039
1.545.938
1,536.877
1.913.912
1931.
Inc.or
Dec.
427,687.365 --23.6
376.107.699 --8.1
167.161.588
1-9.0
61.552.923 -19.7
24.412.164 -31.1
21.394.279 -23.4
12.685.836 --31.9
19.871.566 --23.6
23.441.667 --9.7
9,645.999 -25.8
7.511,685 -24.1
11,548.942 --13.1
16.564.165 --6.6
16.523,218 1-10.7
1,737.132 11.2
1,735.975 --8.3
6,982,886 -7.7
2,694,394 9.2
3.664.268 -18.8
2,804.023 --12.2
2.488.255 --23.9
1,106.293 --23.7
3,030.851 --18.6
2.835.515 -22.2
3,983.115 --17.1
9,957.307 --8.3
1.463.004 -27.4
3.247,220 -19.2
3,263.176 26.0
1.717,943 10.0
1.810.940 -15.1
2.789.034 -31.4
1,087.036.203 1,253,420,027 13.3
1932.
$
2,959,691,692
3.015.644.459
1,399.968.257
475.925.058
175.705.253
158.752.861
87.654,641
144.841,479
183.076.033
66.368.903
54.095.751
96.973.952
146.022.688
126.125.641
12.024.627
12.412.059
53.354.235
20.977.215
29.574.554
21.606.040
17.876.077
6.791.308
22.376,997
22.053.185
32.636.448
90.242.038
10.844.914
27.089.466
20.771.030
16,172.795
15.227.665
18.318.614
1931.
4,429,641,926
3,961.429.375
1,484.318.608
604,426.066
237,528,238
215,509.453
115.338.830
187.084.810
233.846,888
87.598.989
72.214,215
108.915.838
168,695.250
130.875.344
15.319.479
15.294.961
64.958.004
28.746.515
36.887.983
24.750.607
23.102,101
8.822,999
28,569.171
28.108.017
39.898.582
116,598.545
14,803,137
28.914,862
26,112.092
19.867.260
19.224.130
28.129.197
Inc. or
Dec.
--33.2
-23.9
-4.4
-21.3
-70.9
-26.3
-24.0
--22.6
--21.7
--24.2
-25.1
-I1.0
-13.4
--3.6
-15.6
-18.8
-17.9
-27.0
-19.8
--12.7
-22.6
-23.0
-21.7
--21.5
--18.2
--22.6
-26.7
-6.3
--20.6
--18.6
--20.8
-34.9
9.542.095.935 12.586.531,470 -24.2
T'7eek Ended September 29.
Inc. or
1932.
$
68.873.597
78.904.283
42.026.172
11.020.155
3.421.482
3,476,892
1,619.340
3.006.340
4.698.331
1,531.459
1,144,099
2.210.405
3,099.707
4,318.626
320.824
337.814
1,538.681
531.755
590.694
464.063
454.845
189.722
492.321
506.493
672.411
2,206.690
237,122
711,398
526.247
346.144
282.879
438.438
240,214,429
1931.
$
124.901.572
100.799,616
36.484.591
16,134.174
5,447.377
6,064.867
2.867.812
5.042.627
5.151.970
2.193.133
1,835.437
3.517.422
4.873.232
3.978.700
469.481
386.580
1,495.050
579.606
886.560
599.940
669,359
231.878
677.800
610.846
1,017,976
2,360.498
457.365
785.729
856.544
425.100
405.592
692,165
1930.
1929.
%
--44.9
--21.7
--15.2
--31.7
--37.2
--42.7
--43.5
--40.4
--8.8
--30.2
--37.7
-36.9
--36.4
1-8.5
-31.7
-12.6
1-2.9
--8.3
--14.0
--22.6
--32.0
--18.2
-27.4
--17.1
--33.9
-6.5
--48.2
--9.5
--38.6
--18.8
--30.3
--36.7
$
143.591.916
141.397.072
89,438,048
18.636.835
6,932.400
7,292.574
3.790.773
10.620.733
9,831.963
2.624.394
2.500.000
3.832.416
6.901.227
8,588,172
628,143
606.054
2.657.054
1,154.583
1,178.352
809.181
1,119,929
345.748
869.214
760.186
1.367.800
3,154,869
608.437
1,081.029
1,197.418
826.024
682.807
924.25
$
194,515.785
166.619.181
107.174.071
25,550.325
9.055.290
8.350.490
4.015.194
7,782,802
18.207.967
2,675.853
3,448,129
4,218.372
8.383.155
9,258.577
870.049
1.242.651
3.737.253
1,611.611
1.537.568
1,165,426
1,448.114
759.149
1.130.191
1.145.095
1.773.614
5,855.343
621,182
1.048356
1,147.93
6
803.843
1,100.000
332.700,599 --27.8
153.749.610
596.252,590
a No longer reports weekly clearings. b Clearing house not Mastio nag at prasaat. c Ciaari ist 113133 rs-ops as1 Is
two largest banks. o Due to merger of two leading banks, this figure represents the exchange of checks between fewer February.
lastltutIons.
ings figures available. * Estimated. x 81x mututts'figures.
Dec.
d Figures smaller due to merger of
6 Only one bank open.
No clear-
Oct. 8 1932
Financial Chronicle
2450
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu Sr Co. of London, written under date of
Sept. 21 1932: •
GOLD.
The Bank of England gold reserve against notes amounted to £139,292.183 on the 14th inst., as compared with £139,031.386 on the previous
Wednesday.
On the 15th Inst. the Bank announced the purchase of £128,376 in bar
gold.
In the open market substantial amounts of gold were available and were
bought for the United States of America and the Continent.
Quotations during the week:
Equivalent Value
of L Sterling.
Per
Fine Ounce.
145. 4.1d.
118s. 6d.
ept. 15
14s. 3.9d.
118s. 7d.
ept. 16
14s. 4.1d.
118s. 6d.
ept. 17
14s. 4.1d.
118s. 6d
ept. 19
14s. 3.8d.
118g. 8d.
ept. 20
14s. 3.6d.
118s. 10d.
ept. 21
14s. 3.9d.
118s. 7.2d.
Average
The following were the United Kingdom imports and exports of gold
registered from midday on the 12th inst. to midday on the 19th inst.:
Imports.
Exports.
f
Flour. I
Wheat. I
Corn.
Oats.
I
1
Rye.
Barley.
bbls.1961bs.lbush.60 lbs.bush. 56 lbs.bush.32lbs.lbush.48lbs.bush.5611w.
2,000
92,000
18,000
604,000
129,0001
New York_ _
7,000
8,009,
1,000
40,000,
Philadelphia
2.000
8,000
20,000
11,000,
12,000
Baltimore_
3,000
Newport News
I
45,000
36,000
48,000
New Orleans•
51,000,
113,000
Galveston 21,000
411,009
80,000
1
60,0001 3,975,000
Montreal_ _
820,000
Sorel
8,000
2,000
1,000
22,000
Boston
24,000
Quebec
564,000
Churchill_ .
23,000
85,000
145,000
492,000
Total wk. '32 317,000! 6,176,0001
Since Jan.1'32 12,143,0001115,776,000 4,569,000, 7,692,00010,940,000 6,905,000
Sc 000
23,000
Week 1931. _I 712570001 3,670,000,
- -261 000
9,009
5
Since Jan.1 '31 15,577,000 134,846,000, 2,365.009 9,398,0001 2,11900020,953000
Orleans for foreign ports
•Receipts do not Include grain Passing through New
on through bills of lading.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Oct. 1 to Oct. 7, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
3235
American Stores
•
32
Bell Tel Co of Pa pfd .
100 110
110 11034
835 335
Bornot Inc
•
4 235
21
Budd (E G) Mfg Co
•
33( 334
Budd Wheel Co
•
14
14
Camden Fire lnsurance_150
21% 26
Electric Storage Battery100
10 2434 2434 2434
Fire Association
2531 2535
New
36
38
Insurance Co of N A .__.10
*
93/ 1055
Lehigh Coal& Nay
fa
Lehigh Valley
1734 2035
1% 1%
Mitten Bank See Corp pf 25
45
45
Minehill & Sch'hill Hav RR
234 334
•
Pennroad Corp v t c
leyi 1935
ao
Pennsylvania RR
34
34
50
Penrui Salt Mfg
HUM Elec of Pa 35 pref.-• 993$ 993/ 9934
25
2915 3014
Phila Elea Pow pref
413/ 434
Phlia Rapid Transit- -50
535 615
Phihi & Rd Coal & Iron_ •
18
Philadelphia Traction...50 19
1934
29
•
29
Scott Paper
135
134 135
Shreve El Damao P L-.25
3334 3334
Tacony-Palmyra Bridge...*
11
60 11
Union Traction
1134
•
1834 1934
Unit Gas Impr corn new..
93
93
*
Preferred new.
38
38
West Jersey & Seash RR 50 38
28
29
York Rya preferred
Boni*.Elec & Peoples tr ctfs 48.'45
Phila El(Pa) 1st 55_1966
Phil,. Finn Pnw Cln FUR '72
21
106
inn
21
10734
ins
Ci06V
.
40
Receipts at-
,
edi
-All
Breacletuffe figures brought from page 2517.
movement of grain
the statements below, regarding the
-are prepared by us
receipts, exports, visible supply, &c.
Produce Exchange.
from figures collected by the New York
Western lake and river ports
First we give the receipts at
Saturday and since Aug. 1 for
for the week ending last
years:
each of the last three
Total receipts of flour and grain at the seaboard parts for
the week ended Saturday, Oct. 1 1932, follow:
41.04.,Mts .
C0 .
.i
o-i
(fonmercialand wigceriantonssans
Barley
Totak wk.'32 456,000 15,612,000 5,668,0001 1,973,009 193,000 1,144,000
517,000, 7,453,000 3,158,000 1,814.000 631,0001,153.000
Same wk. '31
Same wk. '30. 493,000 9,988,000 „ ' 2 362,000 1,108,000 1,792,000
2
Since Aug.1I 3.400,000,107,141,000 40,388,000 38,151,000 3,611,00011,911,000
1932
1931
4,473,000124,217,000 25,495,009, 23,809,000 1,927,000 11,100,000
4.440,000174,972.000 41,733,000 45.233,00011.131,000 22,196.000
1930
N.N
These tables now appear on page 2480.
Rye.
Oats.
I
m
o.c,or00000c000n000000.n0000000
o
on00000N0000c4o
onn 000000000
.0.-C.MN.N Mv. . .
PRICES ON PARIS BOURSE AND THE BERLIN
STOCK EXCHANGE.
Corn.
Wheat.
Ibbls.1961bs.1bush.60 lbs.bush.58 lbs.lbush. 32lbs.lbush.481bs.bush.6610s.
71,000
347,000
7,000
308,000 2,804,000
227,000
Chicago
446,000
128,000 498,000
285,000
2,395,000
Minneapolis145,000
46,000
99,000'
3,041,000
Duluth
30,000
1,000 187,000
359.000
26,000
13,000
Milwaukee_ __
1,000
391,000,
33,009
473,000
Toledo
16,000
2,009
12,000;
6.000
43,000
Detroit
270,000'
367,009
61,000
Indianapolis..
5.000
83.000
3.000
334,000
622,000
162,000
Bt. Louis_ ...._
32,000
20,000
336,009
19,000
38,000
Peoria
42,000
144,000
992,000
16,000
Kansas City
77,000
290,009
317,000
Omaha
37,000
68,009
86,000
St. Joseph-5,000
1,000
431,000
Wichita
2,000
9,000
1,000
4,000,
35,000
Sioux CRY.
183,000
110,0001
641,000
6,763,000
Buffalo
Range Since Jan. 1.
Low.
High.
1
£2,264,952
£1,223,156 France
British South Africa
509,710 United States of America_ 278.500
British India
108,076
Netherlands
Straits Settlements and
7,427
27.175 Other countries
dependencies
48,890
Australia
,
7.236
New Zealand
12,627
Iraq
11,258
Other countries
£2,658,955
£1,840,052
Details are given below of the United Kingdom imports and exports of
that
gold for the month of August, 1932, during which it will be seen
Imports exceeded exports by less than £900,000.
large excess of
The figures for the four previous months showed a very
imports, the total imports for April, May. June and July last exceeding
the total exports for the same period by about £25,400,000.
Exports.
Imports.
£22,702
£25,374
Germany
3,012,208
88,500
Netherlands
166,210
90,677
Belgium
5,725,669
115,212
France
15,465
Switzerland
84,000
Brazil
1,242,002
23,581
United States of America
402,503
Egypt
87,163
Iraq
125,129
West Africa
37,622
Kenya
Union of South Africa and South West Africa
5.132.732
Territory
257,607
Rhodesia
3,690,120
British India
203,974
Straits Settlements
48.734
Australia
416,740
New Zealand
175,893
Salved from S. S."Egypt"
3,830
25,101
Other countries
£10,187,086
E11,040,662
the 17th inst.,
The S. S. "Kaisar-i-Hind," which sailed from Bombay on
the value of about £715,000 consigned to London.
carries gold to
SILVER.
very little reDemand has continued poor and the market could offer
prices were insistance to re-selling by the Indian Bazaars, consequently
months delivery
clined to sag, 17 9-16d. for cash and 17 11-16d. for two
been evident
being quoted on the 17th inst. Selling from America had
lower prices and
on most afternoons, but offers were not forthcoming at the
more steadiness,
with China disposed to give support, the market showed
with a slight recovery in quotations.
buyers do not
tone of the market is steady at the decline, improvement.
Although the
rapid
Yet seem attracted to a sufficient extent to indicate any
and exports of silver
The following were the United Kingdom importson the 19th inst.:
registered from midday on the 12th inst. to midday
Exports.
Imports.
E20,695
£14,950 British India
Germany
10,300
15,730 Sweden
Belgium
2,477
16,581 France
Japan
2,381
5,447 Germany
France
4,688
3,467 Other countries
countries
Other
£40,541
£56,175
Quotations during the week:
IN NEW YORK.
IN LONDON.
(Cents per Ounce .999 Fine.)
Bar Silver per Ounce Standard.
Cash Delivery, 2 Mos. Del.
28
Sept.14
18d.
Sept.15---17td.
271
Sept. 15
1734d.
Sept.16-- _17 d.
27%
p
1711-16d. Sept.16
Se t. 17___17 16d.
27 1-16
17 13-16d. Sept. 17
Sept.19___17 11-16d.
27%
1711-16d. Sept. 19
-17 Ad.
Sept.20-27 u-16
1713-16d. Sept.20
Sept.21---17 11-16d.
17.812d.
Average -17.6985.
the period
The highest rate of exchange on New York recorded during
from the 15th inst. to the 21st inst. was $3.48 and the lowest $3.46.
INDIANiCURRENCYIRETURN8.
Sept. 15. Sept. 7. Aug 31.
(In Lacs of Rupees.)
17558
17520
17526
Notes in circulation
11502
11466
11477
Silver coin and bullion in India
1111
1111
1123
bullion in India
Gold coin and
4945
4943
4926
Securities (Indian Government)
on the 17th inst. consisted of about 114,000,000
The stocks in Shanghai
with
ounces in sycee, 242.500,000 dollars and 4.060 silver bars, as comparedsilver
about 109,000,000 ounces in sycee, 242,500,000 dollars and 3,940
bars on the 10th inst.
-I Flour. 1
Receipts at
• No par value.
20 June 3634
9635 May 113
6
335 Sept
335
35 Apr
435
1 June
8 July 15%
1335 June 3334
31 June 2434
145.1 July 2534
19 June 40
515 :June 143/
535 June 2835
55 June
334
45
Oct 46
1 June
415
63-4 June 2334
1934 June 39
86 June 9915
2234 June 3834
13-4 Apr
634
I% June
735
13 June 2934
19 June 4234
31 Apr
3
25 June 353/
734 July 1735
934 June 22
70 June 94
38
Oct 55
20
July 29
16
100
no
Feb
May
Feb
Sept
Jan
Sept
Feb
Oct
Sept
Apr
-fan
Sept
Jan
Sept
Bent
Sept
Sept
Sept
Feb
Jan
Aug
Sept
Mar
rJan
Apr
rJan
Sept
Mar
Jan
Aug
June 29
Feb
Feb 10735 'Oct
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Oct. 1 to Oct. 7, both inclusive, compiled from official sales lists: ,
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High Shares.
•
Arundel Corp
Atlantic C'st Line(Conn)50
•
Black & Decker corn
Ches&PotTelotBaltpt 100
Convertible A
25
Preferred B
100
634% lot pref
-.
7% pref
Consol Gas El.& Pow._•
100
6% pref ger D
534% Pre: w I ser E_ _100
100
5% pref
50
Fidelity & Deposit
Houston Oil pref
Maryland Cas Co
Merch & Miners Transp. •
New Amsterdam CM Ins__
Penns Water & Power- •
II S Fidelity dr Guar new_ 10
20
2134
18
18
335 315
1134 115
115
24
24
24
19
19
73
73
19
19
6234 66
63
10535 10534
10134 102
9734 98
4735
45
45
434 434
6
534 655
1934 1915
1934
1934 19
5034 53
535
534 OH
20
18
Range since Jan. 1.
Low.
735 14
100 11
58
1
14 10935
75
24
2 1235
10 50
1 1235
634 39
5 102
18 97
44 9235
252 2834
100
2
507
23.4
25 17
441 12
295 34
1,548
235
July
May
Mar
High.
2134 Mar
28 Sept
53$ Aug
July 11634 Feb
Sept 25 Sept
Aug
1934 Sept
Oct
May 73
Aug 1935 Aug
June 70
AUg
Sept 11134 Jan
Jan
MaY 107
June 10035 Sept
May 8534 Jan
7
June
Aug
June
834 Jan
Aug 23
Aug
Apr 22 Sept
Sept
June 57
May
835 Aug
Bonds
Baltimore City-1961
4s Dock Loan
1934
Comm Credit 13s
1935
5355
1933
Md Elec Ry 65
Un Ry & El tund 5s___1936
1949
18t65
1949
180 48
•No par value.
40
100
99
96
40
100
99
96
40
$200
2,000
2,000
1,000
17
2
24,000
1,000
1834 1834
17
2
3,000
90 June
90 June
9035 July
9934 Sept
Oct
99
95
Aug
40
Oct40
1234 Aug 30
Apr 23
10
154 June
5
Oct
Jan
Sept
Sept
Financial Chronicle
Volume 135
56
10
1834
6
354
254
74
1734
8
95
1
9
234
39
1134
434
834
51
2034
534
934
188
168
189
196
270
168
Loan and Trust—
Canada Permanent_ _ _100 168% 165 170
Economic Invest
50
734 751
Huron & Erie Mtge_ __100
105 105
National Trust
100
215 215
Ontario Loan & Deb__ _ _50
101 101
• No par value.
6
,
li
(
1(
C0300040314I4xxi
003
5%
57
1834
DI4
434
00030400000
29
4gU4g
100
100
100
100
100
100
100
10
6
2134
54
54
260
234 234
200
7
7
5
500
9934 10254
334 3%
10
17
17
10
1134 6,639
10
6
8
230
2134 2134
46
13
13
15
29
169
2934
234 234
50
25
25
30
110
434 434
2934 2934
oo
951 954
10
4
4
5
110
534 6
58
80
30
1634 1834
55
1334 14
300
56
56
100
10
10
10
100 100
5
1534 1834 12,944
6
375
634
354 374
275
2% 234
10
73% 81
90
4
170 172
18
18
2
17
18
43
7
7
5
734 974 3,988
9234 95
30
1
1
750
334 334
160
2
2
5
8% 1034 14,987
234 234
25
39
39
70
1134 1134
340
11
11
45
4
4
65
474
4
905
834 9
200
78
7834
20
87
87
1
534 534
100
51
5334
35
60
1031 1034
1034 1031
55
24
24
20
6
6
25
3
4
105
680
2031 2131
2974 30
30
534 6% 2,710
9% 9% 2,253
8
8
25
2234 2234
5
.
166 188
8:
187 18934
21
166 170
4:
196 196
1(
269 270
31
16434 188
101
21
177 180
SOO
0.0
00140000
Bank—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
7
9934
_
1414
14
.0....0 xxr: 30004gg'4=
Abitibi Pr & Paper com_ •
8% prof
100
r
Beatty Bros corn
100
Bell Telephone
Blue Ribbon Corp com_ •
50
634% pref
Brazilian 'I' L & Pr coin_ •
B C Packers peer
160
B C Power A
•
Building Products A
•
Burt F N Co com
25
•
Canada Bread corn
B pref
100
Canada Cement corn
*
Prof
•
Can Steamship pref -100
Canadian Canners com- •
Cony pref
•
1st pref
100
Canadian Car er Fdry Pf-25
Can Dredg & Dock corn_ •
Can General Elec pref_.50
Canadian Oil corn
*
Prof
100
Canadian Pacific Ry___25
Cocksbutt Plow corn
•
Consolidated Bakeries_ •
Consolidated Industries_ 15
Cons Mining & Smelt_ _25
Consumers Gas
100
Crows Nest Pass Coal__100
Dominion Stores corn __ _•
.
Fanny Farmer corn
Ford Cool Canada A
•
Goodyear T & R pref__100
Great West Saddlery com_•
Gypsum Lime & Alabas_*
Hinde & Douche Paper.*
International Nickel corn-5
lot Utilities B
•
Laura Secord Candy com_•
Loblaw Groceterias A__ —•
B
•
Maple Leaf Milling com_ •
Massey-Harris corn
*
Moore Corp corn
•
A
100
B
100
Ont Equit Life 10% pd-100
Page-Hershey Tubes com-•
Photo Engrav & Electro_ *
Pressed Metals com
*
Simpsons Limited Pref-100
Standard Chemical com_ •
Stand Steel Cons corn_
•
Steel Cool Canada torn_ _c
Prof
i5
Walkers Hiram corn
*
Prof
•
West Canada Flour Mills_•
Weston Ltd Geo
•
0.10 1.3
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
.%,tt'st°4'4,.‘tttas.at'4.4tot'gn"aoats-'aMtt›.'a4ttMat"at'o '
ggqga
1474qgq4,1"
R4gVoUq 4ggligg4t&qgggAAWagAqg41474gag44gq ag4,741 Agggqgggq.
.......
...... 0 00 003033 C.00
.....
..
X4XgAc.
gg
g gg
gg g g
g g
g g g
1......4.14-4,,
44,Tm.-0-.T4WT>>WWm>og4Wa‘
o.4=
044a4r
4>oTWo,
To,
2A&AP.7.1:ag?.41:M5U4TgAgInna4147:%Wagn4W.V44%gli4gO4aglit4AAVAP.8.44
&I'MPS.V4
Toronto Stock Exchange.—Record of transactions at
the Toronto Stock Exchange, Oct. 1 to Oct. 7, both inclusive, compiled from official sales lists:
Toronto Curb.—Record of transactions at the Toronto
Curb, Oct. 1 to Oct. 7, both inclusive, compiled from
official sales lists:
Stocks—
Prides,
Sales
Last Week's Range for
Sale
ofPrizes.
Week.
Par. Price. Low. High. Shares.
Brewing Corp coin
Preferred
•
Can Bud Breweries corn. 0
.
Canada Malting Co
Canada Vinegars corn....5
Can Wire Bound Boxes A•
Distillers Corp Seagrams-*
Dominion Bridge
•
Dom Motors of Canada_10
Hamilton Bridge com
*
Imperial Tobacco Ord___ -5
Montreal L H & P cons—•
National Steel Car Corp •
Pelissier's Limited corn_ *
Power Corp of Can corn •
Rogers Majestic
Service Stations corn A...'
Preferred
100
Shawinigan W & P
•
Tamblyns Ltd 0 pref_ 100
Toronto Elevators corn...'
United Fuel Invest p1-100
Oil—
British American Oil
•
Crown Dominion Oil Co •
Imperial Oil Limited
•
International Petroleum __•
McColl Frontenac Oil corn'
100
Preferred
5
North Star Oil corn
Supertest Petroleum Ord.*
34
6
16%
43.1
35
95(
11
25
14%
93'
9%
1034
834
734
1334
15%
634
16%
2
454
8
343(
93(
54
11
1%
3%
25
14%
9534
14
8
9
254
85(
10%
8)(
66
254
14
34
2%
7%
14
15%
6%
654
18%
234
434
38%
10%
%
11%
334
25
17%
95%
14
'
8%
10
25(
10
1134
9%
68
254
15
127
95
245
240
6
20
675
80
75
65
25
285
20
25
70
30
115
ao
5
50
10
374
3,199
390
7,349
3,732
147
25
5
so
Range Since Jan. 1.
Low.
34
1
6%
9%
9%
4%
3%
9
1%
2
8
21
6
3(
6
1%
3
20
954
95
7
3.
8%
2
7%
954
7
58
1%
934
High.
July
1
Sept
July
3% Jan
Apr
9
Jan
July 15% Sept
May 17 Sept
July
7% Jan
Apr
754 Aug
June 22% Sept
July
5
Feb
Apr
Feb
Jun
834 Jan
Jun
39% Sept
July 12% Sept
Jun
34 Oct
Jun
18 Sent
Jun
4
Mar
July
7
Jan
Au
46
Feb
May 33
Feb
July 100% Jan
Jul
15 Sera
July 15
Jan
Jun
Sep
Jun
June
Apr
Sept
Mar
June
1154
3
1154
13%
11%
68
2%
18%
Sent
Jan
Sept
Sept
Sent
Oct
Oct
Jan
'No Par value.
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 dr Co., Buffalo:
Sharss. Stoats.
$ Per Sh.i Shares. Stocks.
Da share.
500 Allargas Mine'', par 1 Peso.--26c. lot 1 10 Zenda Gold Mow, par $1
15o
2451
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sh.
3 C. H. A. Corporation
$2 lot
250 Oak Laundry, Inc. (N. Y.)
Par $100
$50 lot
3 N. Y. Investors, Inc. (formerly
Realty Associates), 2nd pref. par
$100
$9 lot
Shares. Stocks.
$ per Sh.
3 N. Y. Investors, Inc. (formerly
Realty Associates), let pref. par
$100
$18 lot
2 First National Bank az Trust Co. .
of Kearny, N. J.. par $100_3225 lot
1 Brunswick Site Co., par $100....$3 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
g Per Sh.
50 United States Trust Co., Boston,
par $10
13
15 Pepperell Mfg. Co., par $100_ 3734
1 Boston Athenaeum, par $300-367
4 units First Peoples Trust
5
Shares. Stocks.
$ per Sh.
500 Kleistone Rubber Co., corn..
Par $10. 10 Kleistone Rubber Co.,
Preferred, par $10
$2 lot
1 Boston Athenaeum, par $300_ _ _367
.
50 Haverhill Gas Light Co., par 325 28
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh. I Shares. Stocks.
3 per Sh.
5 Northwestern National Bank &
10 Fire Association of Philadelphia,
Trust Co., par $20
28
par 510 (new)
28
22 Pennsylvania Company for In7 Union Passenger Railway Co.,
surances on Lives and Granting
Par 550
49
Annuities, par $10
47
100 Glen Willow Ice Mfg. Co., par
30 Real Estate-Land Title & Trust
$10
234
Co., par 310
100 Muskogee Co., common, no par 734
1534
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.
Railroads (Steam).
Nashua & Lowell (s.-a.)
Northern RR.of N.H.(quar.)
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
$4
Nov, 1 Holders of rec. Oct. 15
$1% Oct. 31 Holders of rec. Oct. 5
Public Utilities.
Associated Telephone. prof.(quar.)
3734c Nov. 1 Holders of rec. Oct. 15
Atlantic City Electric, pref.(guar.)
$134 Nov. 1 Holders of rec. Oct. 7
Bangor Hydro Elect corn.(guar.)
50c Nov. 1 Holders of rec. Oct. 10
Calgary Power Co., Ltd.. prof.(guar-)
$134 Nov. 4 Holders of rec. Oct. 15
Central Ar12008 Lt. & Pow.. $7 Pr. (.1111.) 31% Nov. 1 Holders of rec. Oct. 15
$6 preferred (quar.)
$154 Nov.. 1 Holders of rec. Oct. 15
1
N
Central Pow.& Lt.Co.7% pref.(quar.)_
Holders of rec. Oct. 15
6% preferred (quar.)
154 Nov.
Holders of rec. Oct. 15
Central Power (Del.),7% pref.(quar.)
131 Oct. 1 Holders of rec. Sept. 30
134 Oct. 15 Holders of rec. Sept. 30
6% preferred (guar.)
Chester & Philadelphia Ry., corn. div. p awed.
Columbia Gas & Elec. Corp.,corn.
(WO- J 25c. Nov. 15 Holders of rec. Oct. 20
6% series A preferred (guar.)
1% Nov.15 Holders of rec. Oct. 20
5% series No. 14 pref.(qua?.)
134 Nov. 15 Holders of rec. Oct. 20
5% cony. preferred ((mar.)
154 Nov. 15 Holders of rec. Oct. 20
Commonwealth Edison Co. (quar.).31% Nov. 1 Holders of rec. Oct. 15
Eastern Township Telep. (s-a)
380 Oct. 15 Holders of rec. Sept.30
Edison Electric Ilium. Co.(Boston)._
Holders of rec. Oct. 10
Franklin Telegraph. 734% gtcL (s-a)--- $31% Nov.1 Holders of rec. Oct. 15
Nov. 1
Germantown Pass. Ry. (guar.)
--$ 3.3134 Oct. 4 Holders of rec. Sept. 13
Green & Coats St. Phila. Pass. Ry.(qu.) $134 Oct. 7 Holders of rec. Sept. 22'
Holyoke Water Power (quar.)
$3 Oct. 3 Holders of rec. Sept. 23
Honolulu Rapid Transit(guar.)
20c. Sept.30 !Holders of rec Sept. 23
Jamaica Water Supply. 734% Prof (s
154 Nov. 1 Holders of rec. Oct. 11
-a)Jamestwn Telep. Corp..7% 1st pfd.(qu)
1% Oct. 1 Holders of rec. Sent. 15
Lone Star Gas, $634 Prof. ((iliac.)
$154 Nov. 1 Holders of rec. Oct. 20
Los Angeles Gas& El.Corp.6% pf.(qu'.) 1% Nov. 15 Holders of rec. Oct. 31
.
Manhattan Ry.7% guar. pref.—Div.pa med.
Michigan Gas & Elec. Co.,7% pfd.(qu)
134 Nov.
Holders of rec. Oct. 15
6% preferred ((Mar.)
1% Nov.
Holders of rec. Oct. 15
$6 part. preferred (quar.)
3134 Nov.
Holders of rec. Oct. 15
$6 preferred (guar.)
3154 Nov. 1 Holders of ree Oct. 15
Northern New York Utll.,7% pref.(qu)1% Nov. 1 Holders of rec. Oct. 10
Oahu Ry.Sr Land (monthly)
15c. Oct. 15 Holders of rec. Oct. 12
Pacific Northwest Pub.Sec.7% Pt.(qu.) 1% Oct. 1 Holders of rec. Sept. 20
6% preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 20
7.2% first preferred (monthly)
60c. Oct. 1 Holders of rec. Sept. 20
Peoples Telep. Corp. (guar.)
$151 Oct. 15 Holders of rec. Sept. 30
Potomac Edison Co.7% pref.(quar.)
5( Nov. 1 Holders of exc. Oct. 20
6% preferred (quar.)_
1% Nov. 1 Holders of rec. Oct. 20
Public Service Co.of Colorado,7% pref.
(monthly)
58 1-30 Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
50c Nov. 1 Holders of rec. Oct. 15
5% preferred (monthly)
412.3c Nov. 1 Holders of rec. Oct. 15
Public Service of Nor.Ill., common
75c. Nov. 1 Holders of rec. Oct. 15
7% preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 15
6% preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 15
Island Pub. Serv. Co., cl. A (cm.) $1 Nov. 1 Holders of rec. Oct. 15
Rhode
Preferred (guar.)
500. Nov. 1 Holders of rec. Oct. 15
Southern California Edison, corn. (tau.).
2 Nov. 15 Holders of rec. Oct.
Suburban Elec. Sec. Co., 1st pref. (flu.). $134 Nov. 1 Holders of rec. Oct. 20
15
Toledo Edison Co., 7% pref. (mthly). 58 1-3c Nov. 1 Holders of rec. Oct. 15
preferred (monthly)
6%
500. Nov. 1 Holders of rec. Oct. 15
5% preferred
(monthly)
41 2-3c Nov.
Holders of rec. Oct. 15
United Light & Ry. Co.(Del.)
7% preferred (monthly)
581-8c Nov.
Holders of rec. Oct. 15
6.36% preferred (monthly)
53c. Nov.
Holders of rec. Oct, 15
6% preferred (monthly)
50c. Nov.
Holders of rec. Oct. 15
United Telep. Co.(Kans.)(quar.)
$2 Oct. 15 Holders of rec. Sept.30
7% preferred (guar.)
154 Oct. 15 Holders of rec. Sept. 30
6% Preferred (quar.)
154 Oct. 15 Holders of rec. Sept.SO
Vermont Light, pref. ((liar.)
$154 Oct. 1 Holders of rec. Sept.30
West Penn Electric Co.,7% pref.(qar.) 154 Nov. 15 Holders of rec. Oct. 20
6% preferred (quar.)
1% Nov. 15 Holders of rec. Oct. 20
Wisconsin Gas & Elec. Co.,6% (qu)-- _
134 Oct. 15 Holders of rec. Sept.30
Wisconsin Hydro-Electric.6% pref.
(qu.)
1% Oct. 1 Holders of rec. Sept.15
Bank & Trust Cos.
Corn Exchange Bank Trust Co.(qu.). _ _
$1
Nov. 1 Holders of ree. Oct. 21
Fire Insurance.
American Alliance Ins.(N.Y.)(quar.)_
25c. Oct.
Great American Ina. (quar.)
25e. •ct.
Rochester American Ins. of N. Y.(qu.). 250. Oct.
Standard Fire Insurance Co. (quar.)... 3730. Oct.
15
15
15
23
Miscellaneous.
Adams-Millis Corp., common (quar.)
50c. Nov. 1
Preferred (quar.)
$1% Nov.
Amerada Corp.. cap. stock. (quar.)__... 50e. Oct. 3
American Bankstock Corp
50. Oct. 1
American Motorists Ins.(Chi)
45c. Oct. 1
Arrowhead 13rIdge--lst pref.—Dividend °mitt ed.
Atlantic Ice Mfg.$7 list pref. (annual).. $1 Oct. 1
Preferred (s-a)
$334 Nov.
Atlantic Safe Deposit Co., N.Y.(quar.) $2 Oct. 1
Atlas Powder Co., pref. (guar.)
$134 Nov. 1
Automatic Signal Acceptance Corp
(1M-monthly)
80o. Oct. 1
Beatty Bros., cony. 1st pref. (quar.)-- 1% Nov. 1
Beneficial Indust. Loan Corp., corn.((u) 37%c. Oct. 30
Preferred series A
87%c. Oct. 30
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
7
7
7
16
Holders of rec. Oct. 20
Holders of rec. Oct. 20
Holders of rec. Oct. 14a
Holders of rec. Oct. 10
Holders of rec. Sept. 30
Holders of rec. Oct. 1
Holders of rec. Oct. 15
Holders of rec. Oct. 5
Holders of rec. Oct. 20
Holders of rec. Sept. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Financial Chronicle
2452
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Miscellaneous (Concluded).
Blue Ridge Corp. $3 cony. pref. (guar.). ml-32 Dec. 1 Holders of rec. Nov. 5
Bopdini Petroleum Co.(monthly)
Sc. Oct. 20 Holders of rec. Sept. 30
Borden Co., common (guar.)
50c. Dec. 1 Holders of rec. Nov. 15
Britman Elect. Co., pref. (guar.)
151 Nov. I Holders of rec. Oct. 15
Brown Shoe Co., pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 20
Bullock Fund (guar.)
20c. Nov. 1 Holders of rec. Oct. 15
Bunte Bros., preferred (guar.)
$111 Nov. 1 Holders of rec. Oct. 25
Canadian Bronze Co., Ltd., cora. (rm.). 314c. Nov. 1 Holders of rec. Oct. 20
$111 Nov. 1 Holders of rec. Oct. 20
Preferred (guar)
Canadian Fairbanks Morse Co., Ltd..
Preferred (wiz%)
513$ Oct. 15 Holders of rec. Oct. 5
Carpel Corp. (quar.)
374c Oct. 1 Holders of rec. Sept. 22
Cassidy's, I.td., 7% pref. (quar.)
h75c. Sept. 30 Holders of rec. Sept. 21
Central Illinois Security, cony. Of.(gu.)- 374c Nov. I Holders of rec. Oct. 200
Century Ribbon Mills, pref. (quar.)
$1% Dec. 1 Holders of rec. Nov. 19
Chamber of Commerce Bldg.(Ind.)
51$% preferred (guar.)
111 Oct. 1 Holders of rec. Sept. 20
Cincinnati Milling Mach. Co., pref.(qu.) $14 Oct. 15 Holders of rec. Sept. 30
Cin. Postal Term.& RIty. Co., pref.(qu.) $11$ Oct. 15 Holders of rec. Oct. 5
Cluett, Peabody & Co., Inc., corn. (qu.) 250. Nov. 1 Holders of rec. Oct. 21
Collins Co.,corn.(guar.)
500. Oct. 15 Holders of rec. Oct. 4
Columbian Carbon Co., cap. stk. (qu.)_ 50c. Nov. 1 Holders of rec. Oct. 14
Consolidated Cigar Corp.,634% pf.(qu.) 111 Nov. 1 Holders of rec. Oct. 17
7% preferred (guar.)
154 Dec. 1 Holders of rec. Nov. 15
Coon(W.B.) Co., 7% pref.(quar.)
$154 Nov. 1 Holders of rec. Oct. 17
Credit Utilities Banking, B (guar.)
25c. Oct. 11 Holders of rec. Sept. 24
Cresson Consolidated Gold Mining
lo. Nov. 15 Holders of rec. Oct. 31
Eastern Bond & Share B (guar.)
25c. Nov. 1 Holders'of rec. Oct. 1
Elgin Sweeper Co., $2 pref. (quar.)__ 25c. Oct. 1 Holders of rec. Sept. 20
Exchange Buffet Corp., cap. stk.(guar.) 61.1c. Oct. 31 Holders of rec. Oct. 15
Faultless Rubber Co., corn. (guar.).- 50c. an.1'33 Holders of rec. Dec. 15
Felix)(J. J.) Co., Inc.,7% pref.(qu.)
154 Oct. 15 Holders of rec. Oct. 15
Fidelity Investment Assoc. (guar.)
Oct. I Holders of rec. Sept. 25
$1
First Finance Co.of Det., class A (qu.)
3711c Oct. 1
Preferred (guar.)
3710 Oct. I
First Security of Iowa, el. A (quar.)
3710 Oct. 1
Preferred (guar.)
3711c Oct. 1
First Shs. Corp.(Des Moines),c1.A (CPI.) 3710 Oct. 1
Preferred (guar.)
3731c Oct. 1
Fulton Market Cold Storage 8% stk init. 32 Oct. 8
General Cigar Co., corn. (guar.)
$1
Nov. 1 Holders of rec. Oct. 17
General Mills, Inc., common (guar.).- 75e. Nov. 1 Holders of rec. Oct. 15a
General Outdoor Adver., pref.(guar.)
5134 Nov. 15 Holders of rec. Nov. 5
Grant (L.) Corp., 8% pref.(guar.)
20e. Sept. 30 Holders of rec. Sept. 20
Gross (I.. M.) Co., 7% pref.(quar.)
I% Sept. 30
Heller(W.E.) & Co.. corn. (qual.).... 731c. Sept. 30
Preferred (guar.)
4354c Sept.30
Homestake Mining Co. (monthly)
750. Oct. 25 Holders of rec. Oct. 20
Hotel Statler Co.. Inc., corn. (quar.)
250. Oct. 1 Holders of rec. Sept. 23
Humberstone Shoe Co.(guar.)
50c. Nov. 1 Holders of rec. Oct. 15
Knott (A. J.) Tool & Mfg. Co. 7%
preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 15
Kroehler Mfg. Co., common (quar.)._. 1231c. Sept. 30 Holders of rec. Sept. 24
Preferred A (guar.)
$111 Sept. 30 Holders of rec. Sept. 24
7% preferred (quar.)
154 Sept. 30 Holders of rec. Sept. 24
Lamont Corless dr Co., pref. (guar.)._
5134 Oct. 10 Holders of rec. Oct. 4
Lazarus, F.& R. Co., 61$% Pf.(guar.). 154 Nov. 1 Holders of rec. Oct. 20
Liberty Finance Corp. (quar.)
750. Oct. 1
Loose
-Wiles Biscuit Co.. corn. (guar.).- 50c. Nov. 1 Holders of rec. Oct. 18
Marconi International Marine, com
5
Melville Shoe Corp., common (quar.)
be. Nov. 1 Holders of rec. Oct. 14
Preferred (guar.)
$1.51 Nov. 1 Holders of rec. Oct. 14
2d preferred (guar.)
7110. Nov. 1 Holdesr of rec. Oct. 14
Metropolitan Industries Co.$6 pl.(gu.).
25. Nov. 1 Holders of rec. Oct. 20
Midland Cos. Electric Supply ord. reg
234 Oct. 15 Holders of rec. Sept. 29
American deposit rots. for ord.reg
2
Oct. 22 Holders of rec. Oct. 7
National Carbon Co., Inc., pref. (guar.) $2
Nov. 1 Holders of rec. Oct. 213
Nat. Guar. & Fin. Co.
-1st & 2d pref. dIve. o mitted.
National Tea Co., preferred (quar.)- - - 1354c. Nov. 1 Holders of rec. Oct. 14
New York Merchandise Co., coin. (qu.)...
25c. Nov. 1 Holders of rec. Oct. 20
7% preferred (guar.)
111 Nov. 1 Holders of rec. Oct. 20
Oahu Sugar Co.. Ltd.(monthly)
50. Oct. 15 Holders of rec. Oct. 6
Pacific Finance Corp.of California (Del.)
Preferred A (guar.)
20c. Nov. I Holders of rec. Oct. 15
Preferred C (guar.)
1611c Nov. I Holders of rec. Oct. 15
Preferred D (guar.)
1711c Nov. 1 Holders of rec. Oct. 15
Peaslee-Gaulbert, preferred (quar.)._.. $111 Oct. 1 Holders of rec. Sept. 26
Pennsylvania Rubber Co.,6% 1st pfd(q)
111 Oct. 1 Holders of rec. Sept.30
Progressive Laundry, common-Div.act ion dot erred.
Queen City Petroleum Product CO.
Preferred (guar.)
3154 Oct. 14 Holders of rec. Oct. 1
Railway (The) Corp., common (guar.).2 Oct. 15 Holders of rec. Sept. 30
Raymond Concrete Pilo, $3 pref.(guar.)
75c. Nov. I Holders of rec. Oct. 20
Reed (C. A.) Co., class A (quar.)
50c. Nov. 1 Holders of rec. Oct. 21
Roos Bros., Inc.(Del.) 3634 Pref.(quay.)
81c. Nov. 1 Holders of rec. Oct. 15
Salt Creek Producers Assoc., Inc.(qu.)
25e. Nov. 1 Holders of rec. Oct. 15a
San Carlos Mill (monthly)
200. Oct. 15 Holders of rec. Oct. 1
Savannah Sugar Ref. Co., corn. (qu.)
El% Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
$154 Nov. 1 Holders of rec. Oct. 15
Solvay Amer. Invest. Corp., pref. (qu.). $154 Nov. 15 Holders of rec. Oct. 15
Southland Ice 1st & 2d pref.-Divs. omit ted.
Standard-Coosa-Thatcher, common_ _
12140. Oct. 1 Holders of rec. Sept. 20
Stein Cosmetic Co.. Inc., $2 pref.-Div. °mitt ed.
Sunshine Biscuits, common (quar.)
50c. Nov. 1 Holders of reo. Oct. 180
Thayers. Ltd., let preferred (guar.)_
8711e. Oct. 1 Holders of rec. Sept. 27
Tide Water 011 Co., preferred (guar.).- El% Nov. 15 Holders of rec. Oct. 15
TungSol Lamp Works, Inc., pref. (qu.).
75c. Nov. 1 Holders of rec. Oct. 20
Union Oil Associates (guar.)
25c. Nov. 10 Holders of rec. Oct. 17
Union Oil of California (guar.)
25c. Nov. 10 Holders of rec. Oct. 17
United linen Supply. class B (quar.)
75c. Oct. 20 Holders of rec. Oct. 1
United Securities, Ltd., common
500. Oct. 15 Holders of rec. Sept. 30
Wristley (A. B.) Co., pref.(guar.)
$151 Oct. 1 Holders of rec. Sept. 24
Below we give the dividends announced in previlus weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Nam* of Company
Per
When
Cent. Payable.
Railroads (Steam).
Augusta dr Savannah RR.(s-a)
254 Jan 5'33
Extra
250 Jan 5'33
Carolina Clinchtield tic Ohio(guar.)
1
Oct. 10
154 Oct. 10
Stamped certificates (guar.)
chosapeake oht0 It, 0 pref. (3.-a.)
311 1- 1-33
Cincinnati Sandusky & Cleveland
Preferred (s.-a.)
El% Nov. 1
Cleveland Cincinnati & St. Louis
111 Oct. 31
5% preferred (guar.)
European & North Amer. KY. (s.-a.)- - $25$ Oct. 11
Georgia RR.& Banking Co.(quar.).... $2% Oct. 15
50c. Oct. 15
Hall838 City Southern RY.. prof.(qu.)
dnhyi Nov. 1
Mahoning Coal RR., corn. (guar.)
Nov. 19
El
Norfolk & Western, adj. pref.(guar.).
24 Oct. 10
Philadelphia & Trenton (guar.)
ritt,,ba Ft. Wayne & Chic., corn.((BO.. 154 Jan 2'33
154 Jan 3'33
Preferred (guar.)
25e. Nov. 10
Reading Co.. common (guar.)
50c. Oct. 13
Second preferred (guar.)
United N J., RR. & Canal (Oiler.).... 21$ Oct. to
3% Oct. 15
Warren RR.(N. J.) (semi-annual)
62%c. Oct. 31
York Rys., preferred (quar.)
Books Closed.
Days Inclusive.
Holders of rec. Sept. 30
Holders of rec. Sept. 30
Holders of rec. Dec.
Holders of rec. Oct. 25
Holders of rec. Oct. 5
Holders of rec. Sept. 20
Holders of rec. Oct. 1
Holders of rec. Sept. 30
Holders of rec. Oct. 14
Holders of rec. Oct. 31
Holders of rec. Oct. 1
Holders of roe. Doe. 10
Holders of res. Doe .10
Holders of rec. Oct. 13
Holders of rec. Sept. 22
Holders of rec. Sept. 20
Holders of rec. Oct. 6
Holders of rec. Oct. 20
Public Utilities.
$1% Nov. 1 Holders of rec. Oct. 15
Alabama Power Co.,$5 pref.(quar.)Amer.Cities Pow.dr Lt.Corp. Cl. A (C/U.) 575c. Nov. I Holders of roe. Oct. 5
Oct. 15 Holders of rec. Sept. 15
American District Teleg., Corn. (guar.). $1
$151 Oct. 15 Holders of rec. Sept. 15
Preferred (qual.)
Oct. 8 1932
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities. (Cont(nued).
Amer. Gas & Elec. Co.. pref.(guar.)._ $134 Nov. 1 Holders of rec. Oct. 8
American Light & Traction Co.
6211c. Nov. 1 Holders of rec. Oct. 14a
Common (guar.)
Preferred (guar.)
I% Nov. 1 Holders of rec. Oct. 14a
American Telep. & Teleg.(guar.)
211 Oct. 15 Holders of rec. Sept. 20a
Amer. Water Works& Elec. Co.. Inc
Common (quay.)
50c. Nov. I Holders of rec. Oct. 7
Bell Telephone Co. of Can., corn.(qu.)- 5154 Oct. 15 Holders of rec. Sept. 23
Bell Tel. of Penna.615% prof.(guar.).I% Oct. 15 Holders of rec. Sept.20
Bridgeport Hydraulic ((war.)
40e. Oct. 15 Holders of rec. Sept. 30
British Columbia Power cl A (quar.)._ _ (50c. Oct. 15 Holders of rec. Sept. 30
Brooklyn Borough Gas (guar.)
13.4 Oct. 10 Holders of rec. Sept. 30
Brooklyn-Manhattan Transit Corp.
Preferred series A (guar.)
$13$ Oct. 15 Holders of rec. Oct.
Buffalo, Niagara & Eastern Pow. Corp.
$5 preferred (guar.)
$13.4 Nov. I Holders of tee. Oct. 15
California-Oregon Power,7% prof.(qu.) 111 Oct. 15 Holders of rec. Sept. 30
111 Oct. 15 Holders of rec. Sept.30
6% Preferred (quar.)
134 Oct. 15 Holders of rec. Sept.30
6% Preferrd, tier. of 1927 (guar.)._
Can. North.Pow. Corp.. Ltd..corn.(qu) 120c. Oct. 25 Holders of tee. Sept. 30
7% cum. preferred (guar.)
I% Oct. 15 Holders of rec. Sept.30
Central Hudson Gas & Elec. Corp.(qu.) 20c. Nov. 1 Holders of rec. Sept. 30
6% preferred (qual.)
134 Nov. 1 Holders of rec. Sept. 30
Central III. Public Sem,pref.(guar.).
11$ Oct. 15 Holders of rec. Sept.20
Central Kansas Power,7% pref.(qu.).. 111 Oct. 15
6% preferred (guar.)
11$ Oct. 15
Chesapeake & Potomac Telephone Co.
El% Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
Cinc., Newport dr Covington Light &
Traction (guar.)
5154 Oct. 15 Holders of rec. Sept.30
$435 preferred (quay.)
1.1254 Oct. 15 Holders of rec. Sept.30
Cleveland Elec. Ilium. Co. pref.(guar.)._ 5134 Dec. 1 Holders of rec. Nov. 15
Clinton Water Works 7% pref.(guar.).- I% Oct. 15 Holders of rec. Oct. 1
Commonwealth Tel.(Will.), pref.(guar.) 5111 Oct. 15 Holders of rec. Sept.30
Commonwealth Utilities, pref. C ((JIL) $11$ Dec. 1 Holders of roe. Nov. 15
Consolidated Gas(N. Y.). 5% pf. (qu.) 154 Nov. 1 Holders of rec. Sept.30
Dayton Pow.& Lt., pref.(monthly).-50c. Nov. 1 Holders of rec. Oct. 20
Detroit Edison
CUD. stock (guar.). $134 Oct. 15 Holders of rec. Sept. 20
Diamond State Tel. Co.63.4% pf.(qu.) - 154 Oct. 15 Holders of rec. Sept. 20
Co..
Duquesne Light Co.5% 1st pref.(quar.) 154 Oct. 15 Holders of rec. Sept. 15
El Paso Elec., 7% pref.(guar.)
13.4 Oct. 15 Holders of reo. Sept. 30
El Paso Elec. Co.(Del.). $6 pf. B (qu.). $tyg Oct. 15 Holders of rec. Sept.30
Electric Bond & Share CO.,corn.(quar,). 1134 Oct. 15 Holders of rec. Sept. 6
$6 preferred (guar.)
$11$ Nov. 1 Holders of um. Oct. 5
$5 preferred (guar.)
$134 Nov. 1 Holders of roe. Oct. 5
Escanaba(Mich.)P & Tr.,6% Pr.(qM.)134 Nov. I Holders of rec. Oct. 27
Hamburg Electric Co.
American dep. rec, common bearer)... zw811 Oct. 13 Holders of rec. Oct. 5
Harrisburg Gas. Prof.(guar.)
$111 Oct. 15 Holders of rec. Sept.30
Hartford Elec. Light (guar.)
68340. Nov. 1 Holders of rec. Oct. 15
Illinois Corn. Telep., pref.(guar.)
El% Oct. 15 Holders of rec. Sept. 30
Illinois Northern Utilities Co.
6% preferred (guar.)
1% Nov. I Holders of rec. Oct. 15
$7 Junior preferred (guar.)
$111 Nov. 1 Holders of rec. Oct. 15
Illinois Power & Lt.Co.6% pref. (rill.)
$1% Nov. 1 Holders of rec. Oct. 10
Internat. Hydro-Elec. pref.(guar.)
871.1e. Oct. 15 Holders of rec. Sept. 26a
International unwed,$7 pref.(qu.)
- al% Nov. 1 Holders of rec. Oct. 156
5354 Preferred (guar.)
8751c. Nov. 1 Holders of rec. Oct. 150
31 54 Preferred (guar.)
43110. Oct. 15 Holders of rec. Oct. la
Joplin Water Works CO.8% Pref.(guar.) 1% Oct. 15 Holders of rec. Oct. 1
Kentucky Utilities/. 6% pref. (qual.)... 1% Oct. 15 Holders of rec. Sept. 25
Lawrence Gas ..tr Elec. (guar-)
90c. Oct. 13 Holders of rec. Sept. 20
Lexington Telep. Co.,
% pref.(guar.) 11 Oct. 15 Holders of rec. Sept. 30
Louisiana Pr. & Lt. Co.$6 pref.(guar.). $
Nov. 2 Holders of rec. Oct. 15
Louisville Gas & Elec. Co.(Ky.)7% preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 30
6% preferred (guar.)
15$ Oct. 15 Holders of rec. Sept. 30
5% preferred (guar.)
14 Oct. 15 Holders of rec. Srpt. 30
Maine Gas Cos., corn.(guar.)
50c. Oct. 15 Holders of rec. Oct. I
Preferred (guar.)
$134 Oct. 15 Holders of rec. Oct. 1
Massachusetts Lighting Cos.
$8 preferred (guar.)
Oct. 15 Holders of roe. Sept.30
$2
$6 preferred (guar.)
$134 Oct. 15 Holders of rec. Sept. 30
Massachusetts Utility Assoc.. pref.(qe.) 621$0. Oct. 15 Holders of roe. Sept. 30
Milwaukee Elec. Ry.& Light Co.
6% preferred (guar.)
111 Oct. 31 Holders of rec. Oct. 20
6% preferred (guar.)
13.4 Dec. 1 Holders of rec. Nov. 15
Mohawk Hudson Pow. Corp. pt. (guar.) 5154 Nov. 1 Holders of roe. Oct. 15
Monongahela Valley Water 7% pf. (qu.) 134 Oct. 16 Holders of rec. Oct. 1
Montreal Lt. Ht. & Pr. Cons. com.(qu.) 1370. Oct. 31 Holders of rec. Sept. 30
Montreal Telegraph Co.common (qu.)..
80c. Oct. 15 Holders of rec. Sept. 30
Montreal Tramways Co.(guar.)
s254 Oct. 15 Holders of rec. Oct. 6
Mountain States Power Co. pref.(qu.).. 151 Oct. 20 Holders of rec. Sept. 30
Mountain States Tel. & Tel. Co.(qu.).. $2
Oct. 15 Holders of rec. Sept. 30
Mutual Telep.(Hawaii)(monthly)
80. Oct. 20 Holders of roe. Oct. 10
National Pow. & Lt. Co.. $6 pref. (qu.) $134 Nov. 1 Holders of rec. Oct. 8
Nevada-California Elec. Corp.. pf. (qu.) 5111 Nov. 2 Holders of rec. Sept. 3134
New Bedford Oas & Edison Light (au.)
75e. Oct. 15 Holders of rec. Sept. 26
50o. Oct. 10 Holders of rec. Sept. 300
New England Power Assoc. corn.(guar.)
New York TeleP. 64% pf.(quay.).
15$ Oct. 15 Holders of rec. Sept.20
Newark Tel. Co.(Ohio)6% prof.(quar.) 14 Oct. 10 Holders of ree. Sept. 30
North Amer. Edison Co., $6 pref. (qu.) $131 Dec. 1 Holders of rec. Nov. 15
Northern Indiana P. S. Co.7% pf.(qu.) 154 Oct. 14 Holders of rec. Sept. 30
I% Oct. 14 Holders of rec. Sent. 30
6% Preferred (guar.)
15$ Oct. 14 Holders of rec. soot. 30
54% preferred (guar.)
Northern Ontario Pew. Co., Ltd., corn.
500. Oct. 25 Holders of ree. Sept. 30
6% cum. preferred (quay.)
13.4 Oct. 25 Holders of Of. Bept.30
Northern States Power Co.(Deli
Common class A (guar.)
131 Nov. 1 Holders of rec. Sept. 30
7% preferred (guar.)
13-4 Oct. 20 Holders of rec. Sept. 30
6% preferred (guar.)
134 Oct. 20 Holders of rec. Sept. 30
Northern Suite. Power (Del.) cl. B (qu.)
150. Nov. I Holders of rec. Sept.30
Northwestern Bell Telep. Co.
134 Oct. 15 Holders of ree. Sept. 20
634% cum. preferred (quar.)
50c. Oct. 15 Holders of rec. Sept. 306
Pacific Gas & Elec.. corn. (guar.)
The. Nov. 15 Holders of rec. Oct.
Pacific LiAning Corp., corn.(guar.).$14 Oct. 15 Holders of rec. Sept. 20
Preferrred (guar.)
30
Pacific Tel. & Tel. preferred (quay.).... al% Oct. 15 Holders of rec. Sept. 30
350 Jan 1'33 Holders of rec. Deo. 16
Peninsular Telephone corn. (quar.)
7% preferred (quar.)
154 Nov. 15 Holders of rec. Nov.
1% 2 15 '33 Holden) of rec. Feb. 5
7% preferred (quar.)
5
550. Nov. 1 Holders of rec. Oct. 20
Pennsylvania Power Co.$6.60 of.(mthiy)
55c. Dec. 1 Holders of rec. Nov. 19
$6.60 preferred (monthly)
$114 Dec. 1 Holders of roe. Nov. 19
$6 preferred (guar.)
Peoples Gas. Light & Coke Co.(quar.). $154 Oct. 17 Holders of rec. Oct. 3
35e. Oct. 25 Holders of rec. Oct. 1
Philadelphia Co. common (guar.)
14 Nov. 1 Holders of rec. Oct. 1
6% rum. pref. (semi-ann.)
Philadelphia Elec.. $5 pref. (quar.)__.. $134 Nov. 1 Holders of rec. Oct. 10
Power Corp. of Canada. Ltd.
114 Oct. 15 Holders of rec. Sept.30
6% CUM. Prof. (guar.)
6% non-cum. pref (guar.)
(134 Oct. 15 Holders of rec. Sept. 30
Public Service Co. of Indiana $7 Pf.(ge.) 3154 Oct. 15 Holders of rec. Sent. 30
8134 Oct. 15 Holders of rec, Sept. 30
$6 preferred (guar.)
Public Service Corp. of N. J.500 Oct. 31 Holders of roe. Oct. I
6% preferred (monthly)
Oct. 15 Holders Of rec. t-ent. 20
Puget Sound Pow.& Lt. Co.$6 pf.(au.) Si
$1% Oct. 15 Holders of roe. Sept. 20
$5 preferred (gear.)
Ban Diego Consolidated Gas & Elec. Co.
13.4 Oct. 15 Holders of rec. Sept. al)
Preferred (quar.)
$1% Oct. 15 Holders of rec. Oct. 1
Sedalia Water Corp.(guar.)
South Pitts. Water Co.6% of.(qu.)-..- 1% Oct. 15 Holders of ice. Oct. 1
50e. Oct. 15 Holders of roe. Sept.20
So. Cal, Edison Co., Ltd. orig. pf.(MO 3440. Oct. 15 Holders of roe. seot.zo
534% series C pref.(quar.)
3750 Oct. 16 Holders of ree. Sept. 30
Southern California Gas Co.. Pref. RPM
Class A preferred (guar-)
3754c Oct. 15 Holders of roe. Sept. 30
Southern Calif. Gas Corp.$654 p1.(qu.). 31% Nov. 30 Ilolders of rec. Oct. 31
Southern Canada Power Co., Ltd.
25e. Nov. 15 Holders of rec. Oct. 31
Common (guar.)
6% cum. pref. (qilar.)
13.4 Oct. 16 Holden/ Of roe. Sept. 20
Southern Counties Gas Co. of Calif.
6% preferred (guar.)
154 Oct. 15 Holders of reo. Sept.30
Financial Chronicle
Volume 135
Narne of Company.
Public Utilities (Concluded).
Southern New England Telep. Co.(qu.)
Stamford Gas & Elec. Co. (guar.)
Standard Gas & Elec. Co.corn.(guar.)
Participating preferred (guar.)
$6 preferred (guar.)
$7 preferred (guar.)
Standard Power & Lt. Corp.corn.(qu.).
Preferred (guar.)
Tennessee Electric Power Co.
5% preferred (guar.)
6% preferred (guar.)
7% preferred (guar.)
7.2% preferred (guar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
United Ohio Utilities Co..6% Pt.(qu.).
West Penn Pow. Co.,7% cum. pf.(qu.).
6% cum. preferred (guar.)
Wichita Water Co.7% Pref.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
2453
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Gottfried Baking Co.,fee.. ore. (guar.)
134 Jan 2'33 Holders of rec. Dec. 20
Grace(W.R.)& Co..6% pref.(s-a)......
3 Dec. 29 Holders of roe. Dec. 28
Preferred A and B (guar.)
2 Dec. 29 Holders of rec. Dec. 28
Great Lakes Engineering Works(qtr.).50. Nov. 1 Holders of rec. Oct. 24
Guarantee Co.of Nor. Amer.,corn.(qu.) $151 Oct. 15 Holders of rec. Sept. 30
Common (extra)
5231 Oct. 15 Holders of rec. Sept. 30
Halle Bros. Co., pref.(guar.)
1111 Oct. 31 Holders of rec. Oct. 24
Hanlhal Bridge Co. (guar.)
52
Oct. 20 Holders of roe. Oct. 10
Harbison-Walker Refrac. Co., pt.(cm). 131 Oct. 20 Holders of rec. Oct. 10
hi 1-2-33 Holders of rec. Dec. 15
Hardesty(R.) Mfg.,7% pref.(guar.)_ _
1 X Deo. 1 Holders of rec. Nov. 15
134 1-2-33 Holders of rec. Dec. 15
Hawaiian Commercial & Sugar Co., Ltd.
134 1 2-33 Holders of rec. Deo. 15
(Monthly)
25e. Oct. 15 Holders of rec. Sept. 23
11.80 1-2-33 Holders of rec. Dec. 15
Hercules Powder Co., pref. (guar.)
1131 Nov.15 Holders of rec. Nov. 14
50e. Nov. 1 Holders of rec. Oct. 15
Hershey Chocolate Corp., COM.(guar.). 3131 Nov.15 Holders of rec. Oct. 25
50c. Dec. 1 Holders of rec. Nov. 15
Convertible preferred (guar.)
$1
Nov.15 Holders of rec. Oct. 25
50c. 1-2-33 Holders of rec. Dec. 15
Hewitt Bros.Soap, preferred(guar.)---2 Jan 1'33 Holders of rec. Dec. 20
60c. Nov. 1 Holders of rec. Oct. 15
Hibbard. Spencer. Bartlett& Co.(mthlY) 10c. Oct. 23 Holders of rec. Oct. 21
60c. Dec. 1 Holders of rec. Nov. 15
Monthly
10c. Nov.25 Holders of rec. Oct. 18
60c. 1-2-33 Holders of rec. Dec. 15
Monthly
10o. Dec. 30 Holders of rec. Oct. 23
IX Nov. 1 Holders of rec. Oct. 12
Hires(Chas.E.)& Co.,corn.cl. A (qu.).. 50o. Dec. 1 Holders of rec. Nov.15
11( Nov. 1 Holders of rec. Oct. 5
HollyDevelopment Co.(guar.)
2 Xo.Oct. 15 Holders of rec. Sept.30
134 Nov. 1 Holders of reo. Oct. 5
Honolulu Plantation (monthly)
25o. Oct. 10 Holders of roe. Sept.30
11( Oct. 15 Holders of roe. Oct. 1
Horn & Hardart Co.(N.Y.), corn.(qu.) 62)1c. Nov. 1 Holders of rec. Oct. 10
Household Finance CorP.Fire Insurance.
Common, Class A & B (guar.)
90o. Oct. 15 Holders of rec. Sept.300
Philadelphia National Insurance(guar.). 300. Oct. 15 Holders of roe. Sept.30
Part, preferred (guar.)
51.05 Oct. 15 Holders of rec. Sept.300
Westchester Fire Insurance (guar.)
250. Nov. 1 Holders of roe. Oct. 21
Howe Bound Co.capital stock (quar.).
10c, Oct. 15 Holders of roe. Sept. 30o
Howes Bros. Co.,7% 1st pref.(guar.)._
114 Oct. 80 Holders of rec. Oct. 20
Miscellaneous.
7% preferred (guar.)
I14 Oct. 30 Holders of rec. Oct. 20
Abraham & Straus,Inc., pref.,(guar.) .... 1)( Nov. 1 Holders of rec. Oct. 15
6% preferred (guar.)
131 Oct. 30 Holders of rec. Oct. 20
Air Reduction Co., Inc., cap.stk.(qu.). 750. Oct. 15 Holders of rec. Sept. 30
Imperial Chemical Ord.
Ajax Oil & Gas Co., Ltd.(guar.)
3
Oct. 15 Holders of rec. Sept. 30
Ordinary shares
214X Dec. I
Alaska Juneau Gold Mining Co.(guar.) 12)10. Nov. 1 Holders of rec. Oct. 10
American deposit receipts ord. shares.. rto2 X Dec. 8 Holders of rec. Oct. 14
Allied Chemical & Dye Corp., corn.(qu. 81)1 Nov. 1 Holders of rec. Oct. 11
Incorporated Investors (guar.)
25c. Oct. 15 Holders of rec. Sept.20
Aluminum Manufactures, corn. (qua-- 50o. Dec. 31 Holders of rec. Dec. 15
Common. In stock (8.-a)
a)1 Oct. 15 Holders of rec. Sept. 20
Preferred (Oiler.)
1)( Dec. 31 Holders of rec. Dec. 15
Ind. Cot. Mills, Inc.(3.C.) 7% pt.(qu.). 114 Nov. I Holders of rec. Oct. 20
American Can Co., corn.(guar.)
11
Nov.15 Holders of rec. Oct. 310
7% preferred (guar.)
114 2-1-33 Holders of rec. Jn. 20'33
Amer. Crayon Co.,6% pref. (quiz.)....
134 Nov. 1 Holders of rec. Oct. 20
Indiana Pipe Line Co. capital stock
10o. Nov.15 Holders of rec. Oct. 21
American Electric Securities, pref
1125c. Nov. 1 Holders of rec. Oct. 20
Extra
5e. Nov. 15 Holders of rec. Oct. 21
American Envelope 00., 7% prof. (qu.)
11( Dec. 1 Holders of rec. Nov.25
Industrial & Power Secs. Co.(quar.).25o. Dec. I Holders of rec. Nov. 1
American Factors, Ltd. (monthly)
10c. Oct. 10 Holders of rec. Sept. 30
Inter-Island Steam Navigation
100. Oct. 31 Holders of rec. Oct. 24
American Hardware Co.. common (qu.)50o. Jan 1'33 Holders of roe. Dec. 16
10e. Nov.30 Holders of roe. Nov. 24
(mthly.)Mon
American Home Prod. Corp. (monthly) 350. Nov. 1 Holders of rec. Oct. 14a
Monthly
10o Dec. 31 Holders of rec. Dec. 24
American Ice Co.,corn.(guar.)
250, Oct. 25 Holders of rec. Oct. 7
Internat. Business Mach Corp.(guar.). 51)1 Oct. 10 Holders of rec. Sept.220
Preferred (guar.)
5134 Oct. 25 Holders of rec. Oct. 7
International Harvester, corn. (guar.)._
30e. Oct. 15 Holders of rec. Sept.20
Amer. Natl. Co.(Toledo), pref. A (on.)..
134 Jan 1'33 Holders of roe. Dec. 20
International Mining Cop. initial
731e. Nov. 1 Holders of rec. Oct. 1
Preferred B (quarterly)
11( Jan 1'33 Holders of rec. Dec. 20
International Nickel of Can.7% pf.(qu.) 154 Nov. 1 Holders of rec. Oct. 3
American Rolling Mill, 6% prof.(qu.)
I31 Oct. 15 Holders of rec. Sept. 30
Internat. Printing Ink Corp., pref. (flu.) 1131 Nov. 1 Holders of rec. Oct. 15
American Ship Building Co., corn.(qu.) 50o. Nov. 1 Holders of roe. Oct. 15
Internat. Reinsurance Corp.(quar.).....
50c. Nov. 1 Holders of rec. Oct. 20
Anglo-National Corp., cl. A corn. (qu.) 250. Oct. 15 Holders of rec. Oct. 4
International Shoe Co. pref.(monthly)_
50c. Nov. 1 Holders of reo. Oct. 15
Austin Motor Co., Ltd., common
zw25 Nov. 7 Holders of rec. Sept.30
Preferred (monthly)
50o. Dee. 1 Holders of roe. Nov.15
Bonus
xid25 Nov. 7 Holders of rec. Sept. 30
Interstate Dept. Stores, pref. (quar.)-- $114 Nov. 1 Holders of rec. Oct. 15
Austin, Nichols & Co.prior A (quar.)250. Nov. 1 Holders of rec. Oct. 14
Investment Foundation, Ltd., pt. (qu.)..
370 Oct. 15 Holders of rec. Sept.30
Avondale Milk. 8% pref.(seml-annual). $4
Oct. 15
Jewel Tea Co. (quar.)
51
Oct. 15 Holders of rec. Oct. 1
Baldwin Co.,6% pref.(guar.)
134 Oct. 15 Holders of rec. Sept.30
Kalamazoo Vegetable Parchment(guar.)
15o Dec. 31 Holders of rec. Dec. 21
Bayuk Cigars, Inc., let pref. (guar.).
- $1)( Oct. 15 Holders of rec. Sept. 30
Kemper-Thomas Co.. cons.(guar.)
1234c.Jan133 Holders of rec. Dec. 20
Beech-Nut Pecking Co..7% A (guar.)._
114 Oct. 15
Preferred (guar.)
114 Dec. 1 Holders of rec. Nov. 2
Belding Corticelli, Ltd., corn. (quar.)_._ 5114 Nov. 1 Holders of rec. Oct. 15
Knudsen Creamery, class A & B (guar. 3711e Nov.20 Holden; of rec. Oct. 31
).
Block Bros. Tobacco, corn.(guar.)
37)40. Nov. 15 Holders of rec. Nov. 10
Kress (S. H.)& Co., common (quar._... 25c Nov. 1 Holders of rec. Oct. 10
Preferred (guar.)
Com.(extra payable in special pref.stk) .150e Nov. 1 Holders of rec. Oct. 10
134 Dec. 81 Holders of roe. Dec.
Bloomingdale Bros., Inc., pref. (quar.) $134 Nov. 1 Holders of rec. Oct. 24
Special preferred (guar.)
20
150 Nov. 1 Holders of rec. Oct. 10
Boo Are' Co.. class A (guar.)
51
Oct. 30 Holders of roe. Oot. 15
Kroger Grocery & Baking
Boots Pure Drug
7% 2d preferred (guar.)
134 Nov. 1 Holders of rect. Oct. 20
Amer. dep.rec. ord.reg
ztall Oct. 8 Holders of roe. Sept.28
Landers. Frary & Clark (guar.)
6291e Dec. 31 Holders of roe. Dec. 21
Brantford-Cordage, Ltd.. 1st prof. (qu.) 1500. Oct. 15 Holders of
Lane Bryant, Inc., 7% met. (guar.)._
111 Nov. 1 Holders of rec. Oct. 15
Burma Corp. Ltd.. Am. dep. rec. Mal) elan. Oe. 22 Holders of rec. Sept. 20
rec. Seto 15
Langendorf Un. Bak.. Inc.. cl. A
25e. Oct. 15 Holders of rec. Sept.30
Byers(A. M.) preferred (guar.)
$134 Nov. 1 Holders of rec. Oct. 14
Title Ins.(Rich, Va.) (5.-a.)-- $3
(qu.)Lawyers
Oct. 15 Holders of rec. Oct. 10
Colombo Sugar Estates, corn. (guar.).40c. 1-2-33 Holders of rec. Dec. 15
Link Belt Co., COM.(guar.)
20c Dec. 1 Holders of rec. Nov.15
Preferred (guar.)
35c. 1-2-33 Holders of rec. Dec. 15
631% preferred (guar.)
111 1-2-33 Holders of roe. Dec. 15
Calaveras Cement Co.. 7% pref. (guar.) 134 Oct. 15 Holders of rec. Sept.30
Little Brown & Co.7% pref.(guar.) -114 Oct. 31 Holders of rec. Oct. 31
California Sugar Estate 7% pref.(qu.)-350 1-2-33 Holders of rec.
Lock Joint Pipe Co.. corn.(monthly).__
15
67c Oct. 31 Holders of rec. Oct. 31
Calif. Western States Life Ins. Co.(qu.). 75e Oct. 15 Holders of rec. Dec. 10
Oct.
Common (monthly)
67c Nov.30 Holders of rec. Nov. 30
Canada Bud Breweries, Ltd., com.(qu.). 250, Oct. 15 Holders of rec. Sept. 30
Common (monthly)
660 Dec. 31 Holders of roe. Dec. 31
Canada Dry Ginger Ale (guar.)
30c Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
Jan 1'33 Holders of rec. Jan. 1
52
Can. Car & Fdy. Co., Ltd., prof.(qu.)-. 1430.Oct. 8 Holders of rec. Sept. 26
Lord & Taylor second preferred (guar.). $2
Nov.
Holders of rec. Oct. 17
Canadian Industries. Ltd..7% pf.(qu.). 1114 Oct. 15 Holders of rec. Sept. 30
Lowell Elec. Light (guar.)
90c Oct. 13 Holders of rec. Oct. 7
Canfield 011 Co., 7% preferred (guar.).
114 Dec. 31 Holders of rec. Dec. 20
Lucky Tiger Combination Gold Mines
Centrifugal Pipe (guar.)
15c Nov. 15 Holders of rec. Nov. 5
Common (guar.)
30 Oct. 20 Holders of roe. Oct. 10
Cherry 13urrell Corp.. pref.(qu.)
$134 Nov. 1 Holders of roe. Oct. 15
Lumbermen's Insurance Co.(guar.)
$134 Oct. 1 Holders of rec. Sept.30
Chicago Transfer & Clearing, pf.(qu.). $134 1-2-33 Holders of rec. Dee. 15
Lunkenheimer Co., pref. (guar.)
111 Jan2'33 Holders of rec. Dec. 22
Coats (J. & P.), Ltd.ord. reg.(quar.)..
rad Oct. 30
MacAndrews & Forbes common (qu.)....
25c Oct. 15 Holders of rec. Sept. 30a
Coca-Cola Bottling Co. of St. L.(quar.) 40e Oct. 15 Holders of rec. Oct. 5
Preferred (guar.)
814 Oct. 15 Holders of rec. Sept. 30a
Colgate-Palmolive-Peet Co., Coln. 0111425o Oct. 20 Holders of rec. Oct. 10
Macy(R.H.)& Co.,corn.(guar.)
50c Nov.15 Holders of rec. Oct. 21
6% preferred (quar.)
131 JanI'33 Holders of rec. Dec. 10
Magma Copper Co.(guar.)
12)1e Oct. 15 Holders of rec. Sept. 30
Comm'l Disc. (of Loa Ang.) pt. A (qu.)_
20o Oct. 10 Holders of rec. Oct. 1
Magnin (I.) & Co..8% prof.(guar.).
- 194 Nov.15 Holders of rec. Nov. 5
Preferred B (guar.)
17)10 Oct. 10 Holders of reo. Oct. 1
Niamey Oil Corp.(guar.)
25c Oct. 10 Holders of rec. Sept.20
Commercial Solvents Corp.. corn.
30c Dee. 31 Holders of rec. Nov.21
Masback Hardware Co., 1st pf.(guar.). 1131 Oct. 15 Holders of rec. Sept.30
Community State Corp.. Cl. A (quiz.).. 1230 Dec. 31 Holders of rec. Dec. 27
McCall Corp.(guar.)
50c Nov. 1 Holders of rec. Oct. 15
Consolidated Car Heating (guar.)
$131 Oct. 15 Holders of rec. Sept.30
McColl Frontenac 011.6% prof. (quiz.).. 1134 Oct. 15 Holders of rec. Sept.30
Consolidated Chemical Indust. Cl. A (MI) 3734c Nov. 2 Holders of rec. Oct. 15
McCrory Stores Corp., pref. (quiz.).... $131 Nov. 1 Holders of rec. Oct. 20
Consolidated Laundries pref. (quiz.)
$131 Nov. 1 Holders of rec. Oct. 15
Mercantile Amer. Realty 6% Prof.(qu.). IX Oct. 15 Holders of rec. Oct. 15
Consolidated Royalty 011 Co
Sc.Oct. 25 Holders of rec.
Merchants Nat. Realty pref. A & B (qu.) 8131 Oct. 1 Holders of rec. Sept. 25
Corn Products Refining corn.(quar.)___. 75c Oct. 20 Holders of rec. Oct. 15
Oct. 3
Merchants Refrigerating Co., N.'Y.
Preferred (guar.)
$134 Oct. 15 Holders of rec. Oct. 3
Preferred (guar.)
51,4 Nov. 1 Holders of rec. Oct. 22
Corno Mills, common (quar.)
25o Dee. t Holders of rec. Nov. 19
Merck Corp. prof. (guar.)
12
1-2-33 Holders of ree. Dec. 17
Creamery Package Mfg., corn. (quiz.)... 25o Oct. 10 Holders of rec. Sept.30
Mexican Petroleum Co.(Del.)(qu.).
Oct. 20 Holders of rec. Sept.30
$2
Preferred (quar.)
1111 Oct. 10 Holders of rec. Sept. 30
Mo. River Sioux CIO edge Cc.. pt.(au.) $134 Oct. 1. Holders of rec Sept.30
,
Crum ere Forster, corn.(quar.)
15c Oct. 15 Holders of rec. Oct. 5
Mohawk Investment Corp. (guar.).
300. Oct. 1 Holders of rec. Sept.30
8% preferred (guar.)$2 Dee, 31 Holders of rec.
Monarch Mortgage & Investments, Ltd.
Cudahy Packing Co., common (guar.).- 6231c Oct. 15 Holders of rec. Dec. 20
Oct. 5
Preferred (guar.)
I
Oct. 15 Holders of rec. Sept.30
6% preferred (s.
3
-a.)
Nov. 1 Holders of rec. Oct. 20
Moody's Investors Service, pf.
750. Nov. 15 Holders of rec. Nov. I
7% preferred el /
331 Nov. 1 Holders of rec. Oct.
Morris(Philip)& Co., Ltd.(guar.)
250. Oct. 15 Holders of rec. Oct. 4
Deposited Insurance Shares, el. A (0.-a.) 231 Nov. 1 Holders of rec. Sept. 20
16
Mutual Chemical of Amer.. pref.(gu.)- 1131 Dec. /8 Holders of rec. Dec. lb
Devonian 011 Co
150 Oct. 20 Holders of rec. Oct. I
National Blecult Co.. corn.(guar.)
70o. Oct. 15 Holders of rec. Sept. 1511
Doctor Pepper Co.(guar.)
300 Dee. 1 Holders of ree. Nov. 18
National Carbon Co., pref. (guar.)._ $2
Nov. 1 Holders of rec. Oct. 20
Dome Mines, Inc., cap. stk. (guar.) --25o Oct. 20 Holders of rec. Sept.30
National Casket Co.. Inc. tom.(8.-a.)_. $131 Nov. 15 Holders of rec. Oct. 29
Extra
10o Oct. 20 Holders of rec. Sept.30
National Fuel Gas. coin. (guar.)
25c, Oct. 15 Holders of rec. Sept. 30
Dominion Bridge, Ltd.(quiz.)
50o Nov. 15 Holders of rec. Oct. $1
National Lead. Prof. Cl. B (guar.)
$1 34 Nov. 1 Holders of rec. Oct. 21
Dominion Textile; pref. (guar.)
15154 Oct. 15 Holders of rec. Sept.30
National Share (Del.), class A (quar.)_ _ 1334c. Oct. 10 Holders of rec. Sept. 30
Du Pont(El.)de Nem.& Co
Extra
6/(c. Oct. 10 Holders of rec. Sept. 30
Debenture stook (guar.)
134 Oct. 25 Holders of rec. Oct. 10
Neptune Meter. prof.(guar.)
2
Nov. 15 Holders of rec. Nov. 1
Eastern Dairies, Ltd., pref.(guar.)
114 Oct. 15 Holders of rec. Sept. 30
New England Grain Prod., $7 pref.(qu.) $134 Jan 2'33 Holders of rec. Deo. 20
Economy Grocery Stores Corp.(quar.)
25c Oct. 15 Holders of roe. Oct. 1
$6 preferred A (guar.)
$111 Oct. 15 Holders of rec. Oct. 1
Eureka Plne line Co.(guar.)
Nov. 1 Holders of rec. Oct. 15
51
$8 preferred A (guar.)
$1
In 15'33 Holders of reo. Jan 1'33
Ewa Plantation Co.(guar.)
60o Nov.15 Holders of rec. Nov. 5
New Jersey Zinc Co (guar.)
50c. Nov.10 Holders of rec. Oct. 20
Faber. Coe & Gregg. Pref.(guar.)
$1.34 Nov. 1 Holders of rec. Oct. 2
New York Transit (guar.)
200. Oct. 15 Holders of rec. Sept. 23
Preferred (guar.)
5114 Feb. 1 Holders of rec. Jan.
Extra
10c. Oct. 15 Holders of rec. Sept. 23
Finance Co.of Amer.,el. A&B com.(qu.) 10c Oct. 15 Holders of rec. Oct. 20
5
Newberry (J. J.) Realty 631% Pt.(qu,)
131 Nov. 1 Holders of rec. Oct. 15
7% Preferred (quar.)
114 Oct. 15 Holders of rec. Oct. 6
6% preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 15
7% preferred, class A
114 Oct. 15 Holders of rec. Oct. 5
Niagara Shares Corp.(Md.)Fireman's Fund Ins.(quar.)
75e Oct. 15 Holders of rec. Oct. 5
Class A preferred (quiz.)
$134 Jan 3'33 Holders of rec. Dee. 16
Firestone Tire & Rub Co., corn.(quar.).
25e. Oct. 20 Holders of rec. Oct. 5
Onomea Sugar Co.(monthly)
20c Oct. 20 Holders of rec. Oct. 10
First National Corp. of Portland (Ore.)
Otis Elevator Co.. corn.(guar.)
25c Oct. 15 Holders of rec. Sept.30
class A (guar.)
250, Oct. 15 Holders of rec. Sept.25
Preferred (guar.)
1194 Oct. 15 Holders of rec. Sept.30
Fishman(M. H.), Inc.. pt. A & B (qu.). 1114 Oct. 15 Holders of rec. Oct. I
Owens Illinois Glass Co., corn.(quiz.)...
50c Nov. 15 Holders of rec. Oct. 29
Food Mach. Corp.. $634 Prof.(monthly) 50c. Oct. 15 Holders of rec. Oct. 10
Preferred (quar.)
$1)1 I-1-33 Holders of rec. Dec. 16
$631 preferred (monthly)
50c. Nov. 15 Holders of FeO. Nov.10
Package Machinery. 1st pref.(guar.)-- 134 Nov. 1 Holders of rec. Oct. 20
$631 preferred (monthly)
Dec. 15 Holders of rec. Dec. 10
81
Parke. Austin & Lipscombe, Inc.
Foulds Milling, pref. (guar.)
Oct. 10 Holders of rec. Sept. 30
$2
Preferred (guar.)
h25c. Oct. 15 Holders of rec. Oct. 1
Genera! Electric Co., COM.(quar,)
100. Oct. 25 Holders of rec. Sept. 30
Peck Bros. & Co.. pref.(guar.)
37310. Oct. 10 Holders of rec. Sept. 30
Special stock (guar.)
150. Oct. 25 Holders of rec. Sept. 30
Penman's, Ltd., common (guar.)
75c Nov. 15 Holders of rec. Nov. 5
General Foods Corp. (guar.)
50e. Nov. 1 Holders of rec. Oct. 14
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 21
General Motors Coro.. $5 pref.(quar.)
. $134 Nov. 1 Holders of rec. Oct. 10
Pennsylvania Salt Mfg. Co.(quar.)75c Oct. 15 Holders of rec. Sept. 30
General Stockyards Corp., corn.(guar.). 75c. Nov. 1 Holders of rec. Oct. 17
Plymouth Cordage Co., corn.(quar.).._ $IX Oct. 20 Holders of rec. Sept. 30
$fl preferred (quan)
5131 Nov. 1 Holders of rec. Oct. 17
Pollock Paper & Box. pro!.(guar.)
$114 Dec. 15
Gillette Safety Razor 55 pref.(guar.)-- $13t Nov. 1 Holders of rec. Oct. la Polygraphic Co.of Am.pref.
Oct. 12 Holders of rec. Sept.30
$2
(guar.)
Discount & Finance Corp. (qu.)...
Globe
250. Oct. 15 Holders of rec. Oct. 1
Procter & Gamble Co..8% pref.(guar.) _
2 Oct. 15 Holders of roc. Sept. 24
Gold Dust Corp.. common (quar.)
400. Nov. 1 Holders of rec. Oct. 10
Prudential Investors, Inc., 18 pf.(qu.)__ 1134 Oct. 15 Holders of rec. Sept. 30
Gotham Silk Hosiery Co.. Inc.,7% pref.
Pullman, Inc. (quar.)
750. Nov. 15 Holders of roe. Oct. 24
(quar.)
154 Nov. 1 Holders of rec. Oct. 11
Puritan Ice Co., pref. (seml-ann
Dec. 1 Holders of rec. June 30
$4
12
Oct. 15
$2)1 Oct. 15
50c. Oct. 25
$1)1 Oct. 25
$1.31 Oct. 25
1114 Oct. 25
,
300. Dec. 1
$11f Nov. 1
Holders of rec. Sept.30
Holders of rec. Sept.30
Holders of rec. Sept. 30
Holders of rec. Sept.30
Holders of rec. Sept. 30
Holders of rec. Sept. 30
Holders of rec. Nov. 12
Holders of rec. Oct. 15
Financial Chronicle
2454
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Quaker oats, common (guar.)
21 Oct. 16 Holders of rem Oct. 1
6% preferred(quar)
1)4 Nov. 30 Holders of rec. Nov. 1
Republic Stamp.& Enameling,com.(gu.) 25c. Oct. 10 Holders of rec. Oct. 1
Rich Ice Cream Co.. Inc. (guar.)
50c. Nov. 1 Holders of rec. Oct. 15
St. Croix Paper Co.,corn.,(quar.)
$1)4 Oct. 15 Holders of rec. Oct. 5
Scott Paper Co., 7% ser. A pref.(gu.)-Nov. 1 Holders of rem. Oct. 17
% series B preferred
1)4 Nov. 1 Holders of roe. Oct. 17
Seeman Bros.. Inc
62)4c. Nov. 1 Holders of rec. Oct. 15
Serve'. Inc.. preferred (guar.)
Nov. I Holders of roe. Oct. 20
51
Sharp & Dohme,Inc., cony. pf. CIA (qu) 50c. Nov. 1 Holders of rec. Oct. 17
Shattuck (Frank G.) (guar.)
12Mo.Oct. 10 Holders of rec. Sept. 20
Sheaffer (W.A.) Pen, pref. (guar.)
22
Oct. 20 Holders of rec. Sept. 30
Southland Royalty Co.(guar.)
Sc. Oct. 15 Holders of rec. Oct. 1
Sparks Withington Co., pref. (quar.)_
21 M Dec. 15 Holders of rec. Dec. 8
Spicer Mfg. Corp.. 23 pref. (quar.).._750. Oct. 15 Holders of roe. Oct. 3
Squibb (E. R.)& Sons, corn.
25c. Nov. 1 Holders of ree. Oct. 15
1st preferred (quar.)
Nov. 1 Holders of rec. Oct. 15
Standard 011 of Ohio. pref.(guar.)
$15' Oct. 15 Holders of rem Sept.30
Stanley Works preferred (guar.)
37 Mc Nov. 15 Holders of roe. Nov. 5
State Street Invest. Corp.(quar.)
500. Oct. 15 Holders of rec. Sept.30
Steel Co. of Canada. corn. & pref.(qu.)- 435( Nov. 1 Holders of me. Oct. 7
Sterling Pacific Oil Co.. Ltd
2Me. Oct. 15 Holders of roe. Sept.30
Eitlx Baer & Fuller. 7% prof.(guar.) . 4344o. Dee. 31 Holders of roe. Dee. 15
Superheater Co. (quar.)
25c. Oct. 15 Holders of rec. Oct. 5
SuperlorPortlandCementInc.Bcom.(qr.) 12540. Oct. 20 Holders of rec. Sept. 15
Class A (monthly)
27)4c. Nov. 1 Holders of rec. Oct. 22
Tacony-Palmyra Bridge, 7)4% pf. (qtr.) 174 Nov. 1 Holders of rec. Oct. 10
Teck-Hughes Gold Mines,Ltd.(quar.)- t 15c. Nov. 1 dHolders of rec. Oct. 14
Telautograph Corp.. cap.stk.(guar.)--25o. Nov. 1 Holders of reel. Oct. 15
Texas Gulf Producing Co
02)4 Oct. 15 Holders of roe. Sept.30
Payable in stock
431% Oct. 15 Holders of roe. Sept.30
Thatcher Mfg. Co., pref.(guar.)
90c. Nov.15 Holders of rec. Oct. 31
Tuckett Tobacco Co.. Ltd.. pref.(qu.). 15' Oct. 15 Holders of rec. Sept.30
Toronto Elevators, Ltd., pref.(quar.)
21 M Oct. 15 Holders of rec. Oct. 1
Union Storage (guar.)
6214o Nov. 10 Holders of rem Nov. 1
United Biscuit Co.of Amer., pref. (qr.)_ 21M Nov. 1 Holders of rec. Oct. 17
United Companies of N. J.(guar.)
22)4 Oct. 10 Holders of rec. Sept. 20
United Piece Dye Works. pref.(quar.)- is' Jan.2'33 Holders of rec. Dec. 22
United Profit Sharing Corp., pi.(s..a.)_. 5
Oct. 31 Holders of rec. Sept. 300
U.S. Pipe de Fay., corn.(guar.)
50e. Oct. 20 Holders of reo. Sept. 300
Common (guar.)
50c Jn.20'33 Holders of rem Dee. 310
First preferred (guar.)
30e. Oct. 20 Holders of roe. Sept. 300
First preferred (guar.)
30c. Jn.20'33 Holders of rem Dec. 3I0
U.S. Smelting. Ref. & Mining Co.
Common (guar.)
250. Oct. 15 Holders of roe. Oct. 3
Preferred (guar.)
15 Oct. 15 Holders of rec. Oct. 3
United Verde Extension Mining Co.((Sr.)
100. Nov. 1 Holders of rec. Oct. 6a
Universal I.eaf Tob. Co.. corn.(quar.). 500. Nov. 1 Holders of rem Oct. 19
Vulcan Dethming Co., pref.(guar.).
- 144 Oct. 20 Holders of rec. Oct. 70
Wallace Sand Quarries. Ltd.. pr.(s.
-a.) it M Oct. 13
West Virginia Pulp & Paper pref.((Su.)-- 21.31 Nov.15 Holders of rec. Nov. 1
Western Grocers. Ltd.. pref.(guar.)_ _ - 151 Oct. 15 Holders of roe. Sept.20
Westinghouse Air Brake Co.
Capital stock (guar.)
25o. Oct. 31 Holders of rec. Sept. 30
Westinghouse Elect. Jr Mfg., pref. (qr.)- 87)4c. Oct. 31 Holders of rec. Oct. 10
Nov. 1 Holders of reo. Oct. 15
WInsted Hosiery (guar.)
2
Worthington Ball Co. class A (quar.)_..
50c. Oct. 15 Holders of rec. Sept. 30
250. Nov. 1 Holders of roe. Oct. 20
Wrigley (William). Jr. (monthly)
t The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be
quoted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
S Correction. e Payable In stock.
fPayable in common stock. g Payable In scrip. h On account of accumulated
dividends. J 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.
s Burma Corp.. Ltd. (Amer. dep. rec.). final dlv. for the year ended June 30
1932, of one (1) anus, per share, plus a cash bonus of one (1) anna per share, free
of British and Indian Income taxes, but less deduction for expenses of depositary.
t Payable in Canadian funds.
u Payable In United States funds.
v American Cities P.& L. Corp. pay 75e. in cash or 1-32 of a share of el B stock
on the cony. el A stock.
to Less deduction for expenses of depositary.
z 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 makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. OCT. 1 1932.
Clearing House
Members.
. Capital.
.
1
S
. .
Bank of II Y & Tr. Co_
Bank of Nianhat. Tr. Co.
National City Bank __ .
Chemical Bk.& Tr.Co._
Guaranty Trust Co
Manufacturers Tr. Co- Central Hanover Bk&Tr.
Corn Exch. Bk.Tr.Co_ _
First National Bank ___ _
Irving Trust Co_
Continental Bk.& Tr.Co
rhase National Bank.._
Fifth Avenue Bank
Bankers Trust Co
Title Guar.& Trust Co
Marine Midland Tr. Co..
Lawyers Trust Co
New York Trust
.
Com'l Nat. Bk. de Tr.do.
Harriman N.B.& Tr.Co
Public N. B.& Tr. Co_ -
'Surplus and Net Demand
Undivided
Deposits,
Profits.
Average.
$
$
6,000,000
.3,970,700
77,046,000
22.250,000
220,200,000
34,447,900
124,000,000
81,444,500 a943,774,000
21.000,000
221,455,000
45,260,600
90.000,000 180,495.700 8815,846,000
32,935,000
235,400,000
22,125,701)
21,000,000
429,279,000
70,119,500
16,000,000
22,696,500
169,657,000
10.000,000 085,049,400
332,602,000
50,000,000
298,499,000
75,137,200
4,000,000
6,752,800
18,899,000
148,000,000 117,382,000 c1,078,834,000
500,000
3,573,500
39,769,000
25.000,000
76,847,800 d469,709.000
10,000,000
24,180,000
21.266,900
10,000,000
7.050.900
41,042,000
3,000,001)
2,528,500
11,189,000
12,500.000
21,837,500
187,458,000
7,000,000
8,490,300
41,633,000
2,000,000
23.571.000
2,209,900
8,250,000
4,274,300
34.966,000
Time
Deposits,
Average.
s
11,613,000
41,161,000
184,103,000
29,896,000
65,530,000
86,800,000
56.097,000
22.618,000
26.305,000
43,058,000
2,980,000
129,737,000
3,477,000
42,723.000
1,234.000
5,545,000
1,087,000
22,416.000
3,498,000
6,063,000
27.662,000
622.435.000 897,962.100 5.714.998.000 812.601.000
* As Per official reports: National. June 30 1932: State, June 30 1932; trust com30 1932. e As of Aug. 17 1932.
panies, June
.
Includes deposits in foreign branches a 8201,711,000; b $47,277,000; c $58,289,000; d 221,701,000.
Torah
Oct. 8 1932
The NOW York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. 'and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Sept. 30:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK.ENDED FRIDAY, SEPT. 30 1932.
NATIONAL BANKS
-AVERAGE FIGURES.
Loans,
Other Cash, Res. Dep., Dep. Other
Disc. and Gold. Including N. Y. and Panics and
Gross
Investments.
Bank Notes Elsewhere Trust Cos. Deposits.
Manhattan$
Grace National_ 20,153,237
$
3,800
5
$
2
$
62,559 1,326,243 1,083,926 18,010,323
Brooklyn
Peoples Nat'l__
5,000
68,000
5,780,000
366,000
27.000
5,320,000
TRUST COMPANIES
-AVERAGE FIGURES.
Loans,
Discount vt
Investments.
Cash.
Reserve Dep. Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos,
ManhattanEmpire
Fulton
United States
$
$
$
52.044,400 *2.564,600 15,487,900
17,615,600 *2,023,500
372,200
67.515,2130 5,674,122 18,124,727
Brooklyn
Brooklyn
Kings County
91,038,000
24,356,798
2,652,000 29,755,000
1,680,166 5.557,777
Gross
Deposits.
$
2
2,039,600 60,940,300
534,900 15,832,800
.... _-_ 63,530,074
363,000 106,552,000
24,975,269
•Includes amount with Federal Reserve as follows. Empire, 21,210 500: Fulton,
21,886,400.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the itemb in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
Oct. 5.
1932.
Changesfrom
Previous
Week.
Week Ended
Sept. 28.
1932,
$
2
2
79,900,000 Unchanged
Capital
79.900,000
66,666,000 Unchanged
Surplus and profits
66,666.000
Loans, disc'ts Sc Invest'ts_ 857,069,000 -2,232,000 859,301.000
590,558,000 +34,956,000 555,602,000
Individual deposits
156,725,000 +17,297,000 139,428.000
Duo to banks
205,367,000 -10,944,000 216,311,000
Time deposits
23,845,000
-151,000
United States deposits.-23,996.000
22,320,000 +13,506,000
Exchanges for Clg. House
8.814,000
146,931,000 +17.505,000 129,426,000
Due from other banks..
80,344,000 +6,895,000
Res've in legal depositles
73.449,000
8,070,000
+48,000
Cash in bank
8.022,000
8,788,000 +4,403,000
Res.in excess in F.R.Bk.
7,820.000
Week Ended
Sept. 21.
1932.
2
79,900,000
66,666,000
858,683.000
555,428,000
142,591,000
216,273,000
24,030.000
10.296,000
135,612,000
71,899,000
7,921,000
n g 1 I nal
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing 1101193
Association began issuing its weakly 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 Changesfrom
Oct. 1
Previous
1932.
Week.
Week Ended
Sept. 24
1932,
1Veek Ended
Sept. 17
1932.
2
2
2
2
77,011,000 Unchanged
Capital
77,011,000
77,011,000
201,324.000 unchanged
Surplus and profits
201,324,000 201,324,000
Loans, discts. and Invest- 1,152,489,000
-591,000 1,153,080,000 1,146,094.000
20,544.000 +4,857,000
Exch.for Clearing House15,687.000
14.973.000
136,902,000 +12,406,000 124,496,000 123,619,000
Due from banks
184,508.000 +5.231,000 179,277,000 180,183,000
Bank deposits
626,555,000 +13,835,000 612,720,000 605,949,000
Individual deposits
268,675,000
Time deposits
+915,000 267,760,000 267,899,000
1,079,738.000 +19,981,000 1,059.757,000 1,054,031,000
Total deposts
89,023.000 +2,243,000
Res've with F. R.Bank
86.780.000
89.805.000
2455
Financial Chronicle
Volume 135
Weekly Return of the Federal Reserve Board.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 6, 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 2413. being flip firPt item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLO -E OF BUSINES!. OCT.5 1932.
Oct. 51932. Sept. 28 1932. Sept. 21 1932. Sept. 14 1932. Sept. 7 1932. Aug. 31 1932 Aug. 24 1932. Aug. 17 1932. Oct. 7 1931.
RESOURCES.
2,181,139,000 2,166,537.000 2,144,988.000 2,130,678.000 2,088,557,000 2,081.761.000 2,077.192,000 2,046.992,000 1,863,400,000
Gold with Federal Reterve agents
57,078,000
45,650,000
56,560,000
48,287,000
48,538,000
54,350,000
57,668.000
58.861,000
61,476.000
Gold redemption fund with U. S. Treas._
Gold held exclusively agst. F. R. notes_ 2,229,426,000 2,215,075,000 2,199,338,000 2,187,238.000 2,145,635,000 2,139.429,000 2,136,053,000 2.108,468.000 1,909,050,000
Gold settlement fund with F. R. Board__ 300,570,000 264,484,000 286,058,000 297,635.000 262,556,000 273.486,000 236.798,000 261.792,000 385,316,000
Gold and gold certificates held by banks_ 382,532,000 399,087,000 379,297,000 347,754.000 386,382,000 360,046,000 380,542,000 357.197,000 742,584,000
2,912,528,000 2,878,646,000 2,864,691,000 2,832,627,000 2,794,573,000 2,772,961.000 2,753.393.000 2.727,457.000 3,036,950,000
196,940,000 205,907,000 202.129,000 202,180,000 196,428,000 206,702,000 206,016,000 202,259,000 156,198,000
Total gold reserves
Reserves other than gold
3,109,468,000 3,084,553,000 3,066,820,000 3,034,807.000 2,991,001.000 2,979,663,000 2.959,409,000 2,929,716,000 3,193,148,000
Total reserves
74,414,000
75,119,000
67,016,000
76,681,000
83,946,000
80,562.000
78,097,000
79,556,000
Non-reserve cash
70,818.000
Bills discounted:
Secured by U. S. Govt. obligations_ __ _ 106,946,000 107,059,000 118,309.000 144,302,000 152,137,000 157.545,000 154,188,000 161.837.000 230,928,000
226,481,000 232,588,000 240,714,000 257,631.000 268,291,000 275,211,000 272.518,000 281,023,000 232,465,000
Other bills discounted
333,427,000
33,266,000
339,647,000
33,604,000
359.023,000
33,652,000
401.933,000
33,726,000
420,428,000
33,585,000
432.756,000
34,098.000
426,704,000
35,433.000
442,860,000
35.890.000
463,393,000
581,356,000
421,189,000
396,295,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
421,482,000
402,866,000
421,348,000
408,355,000
420,747,000
400,796.000
420,772,000
399,799,000
420,988,000
395,974,000
420,865,000
380,721,000
420,815,000
369.084,000
327,682,000
18,978,000
1,033,834,000 1,029,335,000 1,021,843,000 1,029,384,000 1,030,352,000 1,034,753,000 1,049,475,000 1,061,147.000
Total mils an 1 securities
Due from toreign banks
Federal Reserve notes of other banks_
Uncollected items
Bank premises
Ali other resources
391,685,000
1,851,318,000 1,853.683.000 1,851,546,000 1,850,927.000 1,850,923,000 1,851,715,000 1.851,061,000 1.851.046,000
5,714,000
5,915,000
8.051,000
5,911,000
4,872.000
4.402,000
5,426.000
6,019.000
Total U. S. Government securities
Other securities
Foreign loans on gold
738,345,000
13,355,000
4,768,000
2,223,922,000 2,231,806,000 2,248,623.000 2,292,012,000 2,310,650,000 2,324.484,000 2.319,249,000 2.335.815.000 1,801,217,000
2,668,000
2,659,000
2,668,000
8,748,000
2,686,000
2,660.000
2.667.000
2,663.000
2,653.000
15,016,000
13,305,000
15,082.000
16,849,000
13,507,000
18,065,000
15,648,000
17,871.000
14.764.000
374,122,000 341,295,000 361,983,000 411,019,000 330,425.000 312.272,000 293,841.000 345.865,000 519,010,000
58,121.000
58,121,000
58,121.000
59,225,000
58,127,000
58,127,000
58,121.000
58,126,000
58,126.000
46,050,000
48,055,000
47,613,000
39,815,000
45,064,000
50,310,000
45.228.000
43,754.000
44,046,000
-
5,903,577,000 5,862,083,000 5,879.386,000 5,947,562,000 5,828,630,000 5,815.022,000 5.772.451,000 5.802.984.000 5,705,028,000
Total resources
LIABILITIES.
F. It. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks
Other deposits
2,744,868,000 2.720,988,000 2,759.137.000 2.789,123.000 2,831,749,000 2,814.020.000 2,824,805.000 2,838.772.000 2,269,989,000
2,283,965,000 2,268,521,000 2,210,587,000 2,243,816,000 2.141.655.000 2,146,183,000 2.141.701,000 2.079,658,000 2,277,429,000
29.512,000
30,970,000
48.503.000
47,295,000
59,429.000
23,877,000
18,474.000
68,969,000
48.405,000
12.057.000
10,418,000 152,622,000
11,079,000
14,187,000
9,194,000
10,556,000
10,702,000
9,864,000
25,012,000
19,265,000
35.241,000
20.127.000
25,764,000
21,485,000
27,953,000
24,830,000
26,352,000
'
2,344,980,000 2.353,142,000 2.315.088,0002.298.610.000 2,220,156.0002.241.284,000 2,202.535,000 2.173.820,000 2,486,033,000
360,165,000 334,900,000 353,790.000 404.987.000 324,495.000 308,796.000 294,679.000 340,799.000 490,224,000
152,966,000 152,996,000 152,088,000 153,066,000 153,094,000 153,099.000 153,339.000 153.430.000 166,570,000
259,421,000 259.421,000 259,421,000 259,421,000 259,421,000 259,421,000 259.421.000 259.421,000 274,636,000
17,576,000
37.672.000
36.752.000
39.715,000
41,168,000
40,636,000
38.962.000
42,355.000
38,402,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
5,903,577,000 5.862,093,000 5,879,386,000 5.947,562.000 5,828,630,000 5,815,022,000 5.772,451.000 5.802.994.000 5,705,028,000
Ratio of gold reserve to deposits and
F. It. note liabilities combined
54.4%
63.8%
56.4%
55.3%
54.8%
57.2%
55.6%
54.8%
56.7%
Ratio of total reserves to deposits and
F. R. note liabilities combined
59.2%
58.9%
67.1%
60.8%
60.4%
58.9%
61.1%
59.6%
58.4%
Contingent liability on bills purchased
for foreign correspondents
55,009.000
80,809,000
43.486,000
44,973.000
44,236,000
41,978,000
42,437,000
49,043,000
80.254.000
Maturity Distribution of Bills and
Short-Term Securities
1-15 days bills discounted
18-30 days bills discounted
31-80 days bills discounted
01-90 days bills discounted
Over 90 days bills discounted
231,724,000
29,498,000
38,989.000
26,144,000
7,072,000
236,003,000
27,998,000
41,266,000
27,174,000
7.209,000
241,609,000
28,258,000
43,906,000
27,555,000
17,695.000
Total bills discounted
1-15 days bills bought in open market
10-30 days bills bought in open market
31-60 days bills bought In open market
01-90 days bills bought in open market..
Over 90 days bills bought in open market
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
30,000
Total bills bought in open market
1-16 days U.S. certificates and bills.....
18-30 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
33,266,000
100,240,000
55,000,000
171,350,000
76,600,000
630,644,000
33.604.000
19,822,000
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
Total U.S. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
81-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
,1,03 (
.Ing 1,029,335,000 1,021,843,000
4.632.000
4,162,000
2.608:000
25,000
25,000
50.000
10,000
10.000
172,000
205,000
205,000
5,911,000
4,872,000
4,402.000
283,154,000
33,991,000
46.038,060
30,151,000
8.599,000
299.302,000
34,793.000
47.290,000
29,799,000
9,244,000
304,870.000
33,378,000
49,502,000
33,623,000
11,383,000
295,875,000
32,797,000
51,812,000
34,461,000
11.759,000
309.585,000
32,739,000
50.944.000
343.857.000
12.735.000
367,549,000
27,349,000
36,942,000
25,847,000
5,706,000
401,933,000 420,428,000 432,756,000 426.704,000 442.880.000 463,393,000
8,111,000
8,353.000 134,714,000
4,622,000
2,681.000
10,009,000
8,529,000
79,619,000
10,455,000
4,237.000
1,757.000
9,438,000
8,447,000
10.532.000 148,372,000
904.000
983.000
3,836.000
10,346.000
6,550.000 213,489,000
26,413,000
25,684,000
10.815,000
5,162,000
30,000
-35.433,000
35.890.000 581,356,000
33,726,000
34.098,000
33,585,000
65,441,000 125.442,000
5,030,000
171.426,000 144,340,000 166.891.000
30,620,000
49,502,000 179,425,000 206.910,000
58,050.000
60.822,000
78,541,000
219,568,000 236.789,000 236,791,000 217.690.000 202.089.000
84.600,000
95,824,000
136,250,000 149,850.000 116,350.000 112,100.000
441.318,000 441.323,000 465,219,000 474,819.000 442.106,000 181,670,000
—
1,029,384.000 1,030,352,000 1,034.753,000 1,049,475,000 1.061.147.000 391,685,000
5,684,000
4.911.000
4,238,000
5.534,000
15,000
3,910,000
137.000
1,258,000
172,000
1.018.000
1,276.000
35,000
25,000
10,000
25,600
25.000
35.000
25.000
195,000
184,000
80,000
215.000
193,000
130.000
5,426.000
5,714.000
5,915.000
6.051.000
6.019,000
105,000
Federal R43811'd Notes—
Issued to F. It. Bank by F. R. Agent____ 42,980,299,000 2.972,797,000 3,007.531,000 3 031.049.000 3,055.161,000 3,051,999,000 3.071,449.000 3,078.279.000 2,684,753,000
I 235,431,000 251.809,000 248,394,000 241,926,000 223.412,000 237.979.000 246.644.000 239.507,000 414,764,000
Held by Federal Reserve Bank
In actual eirculatIon
2,744,868,000 2,720.988.000 2.759,137.000 2.789,123,000 2,831,749,000,2,814.020.000 2.824,805,000 2.838.772.000 2,269,989,000
Collateral Held by Agent as SecuritY for
Notes Issued to Bank—
By gold and gold certificates
1,059,074,000 1,030,622,000 1,034,973,000 1,032,863,000 1.071,042.000 1,081,996,000 1.039.927.000 1,048.127,000 690,020,000
Gold fund—Federal Reserve Board
1,122,065,000 1.135,915,000 1,110,015,000,1,097,815,000 1,017.515,0001 999.765.000 1,037,265.000 1.000.865.000 1,173,380,000
317,494,000 323,915,000 342,626.000' 384,678.0001 403.407,000 416,788,000 411,358,000 427.769,000 964,282,000
By eligible paper
U. S. Government securities
516,200,000 503.800,000 532,600,0001 533,3130,000 589,800,000, 578,100,000 594,800.000 615,600.000
Total
3 014,833,000 994.252,000 3
.020.214.000 3.048.656.0003,081.764,000 3.078,647.000 3,083.350.000 3.050 361.000 2,827,682,000
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 5 1933
Two Ciphers (00) omittea.
Total.
Boston. New York. Phila. Ckveland. Richmond Atlanta. Chicago. St. Louis. Afinneap. Kan.Cits. Dan,. San Fran.
Federal Reserve Bank of—
RESOURCES.
I
1
$
Gold with Federal Reserve Agents 2,181,135,0 164,527,0
45,257,0 3,346.0
Gold red'n fund with U.S. Treas
$
$
$
$
$
$
$
$
$
$
$
586,724,0 152,500,0 182,470,0 70,000,0 65.000,0 623,845,0 64,510,0 41,335,0 60,480,0 22,985,0 146,763,0
6,007,0 5,588,0 5,609,0 2.233,0 3,028,0 8,006,0 1,848,0 2,235,0 2,500,0 1,183,0 6,704,0
Gold held excl. agst. F. R. notes 2,229,426,0 167,873,0
Gold settle't fund with F.R.Beaya 300.570,0 10,787,0
Gold and gold infs. held by banks_ 352,532,0 17,222,0
592,731,0 158,088,0 188,079,0 72,233,0 68,028,0 631,851,0 66,358,0 43,570,0 62,980,0 24,168,0 153,467,0
108,552,0 9,200,0 21,865,0 9,486,0 8,129,0 76,586,0 8,979,0 9,596,0 10,125,0 8,041,0 19,244,0
240,895,0 7,132,0 19,384,0 7,901,0 9.065,0 30.833,0 5,822,0 3,776,0 11,347,0 4,136,0 25,019,0
942,178,0 174,420,0 229,328,0 89,620,0 85,222,0 739,270,0 81,159,0 56.942,0 84,452,0 36,345,0 197,730,0
56,223,0 30,464,0 18,195,0 8,514,0 4,627,0 27,571,0 7,961,0 3,287,0 4,669.0 6,737,0 10,523,0
Total gold reserves
Reserves other than gold
2,912.528,0 195,862,0
196,940,0 18,169,0
3,109,468,0 214,031,0
Total reeerves
76,681,0 5,447,0
Non-reserve cash
Bills discounted:
106,946,0 4,865,0
See. by U. B. Govt. obligations
228,481,0 9,250,0
Other bills discounted
Total bills discounted
urns hapaht in open market
333,427,0 14,115,0
33.266.0 2.353.0
998,401,0 204,884,0 247,523,0 98,134,0 89,849,0 766,841.0 89,120,0 60,229.0 89,121,0 43,082.0208.253,0
20,318,0 4,752,0 3,992,0 3,296,0 4,908,0 14,481,0 3,776,0 2,132,0 3,300,0 3,067,0 7,212,0
37,472,0 13,246,0 10,481,0 3.774,0 1,588,0 5,970,0
30,834,0 36,147,0 20,147,0 17,798,0 16,217,0 16,510,0
4,397,0
627,0 1,216.0
4 715 0 10,076.0 15,964,0
68.306.049.393,0 30,628,0 21,572,0 17,805,0 22,480,0
10.440.0 3.255.0 '3.1180 2.145.0 1.897.0 4i49 n
9,112,0 10,703,0 17,180,0 10,670,0 61,463,0
1 nnn n
R9d a
ROC a
RAC n
2 Favt n
687,0 22,623,0
9,983.0 38,840,0
Financial Chronicle
2456
Two Ciphers (00) omitted.
Total.
Boston. New York.
Phila.
Oct. 8 1932
Cleveland. Richmond Atlanta. Chicago. St. Louis. dlinneap. Kan.City. Dallas. San Pram.
$
RESOURCES(Concluded)
U. B. Government securities:
Bonds
Treasury notes
Certificates and bills
421,189,0 20,350,0
396,295,0 22,693,0
1,033,834,0 78,184,0
188,739,0 31,172,0 36,491,0 9,647,0 10,058,0 40,776,0 13,490.0 17,195,0 11,776,0 15,776,0 25,269,0
150,560,0 32,073,0 42,070,0 11,122,0 10.987,0 50.904,0 15,493,0 11,112,0 13,493,0 6,660,0 29,128,0
376,993,0 76,024,0 99,721,0 26,364,0 26,043,0 170,630,0 36,723,0 23,337,0 31,983,0 15,785.0 69,047,0
Total U. S. Govt. securities
Other securities
1,851,318,0 121,227,0
5,911,0
716,292,0 139,269,0 178,282,0 47,133,0 47,088,0 262,310,0 66,156,0 54,644,0 57,252,0 38,221,0 123,444,0
3,888,0 1,341,0
182,0
500,0
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other resources
2,223,922,0 137,695,0
2,686,0
212,0
13,507,0
215,0
374,122,0 44,356,0
58,127,0 3,336,0
45,064,0 1,374,0
798,926,0 193,258,0 212,026,0 70,850,0 67,290,0 288,939,0 76,277,0 66,163,0 75,327,0 49,756,0 187,415,0
287,0
269,0
107,0
11,0
974,0
99.0
17,0
77,0
374.0
75,0
184,0
844,0 1,064,0
517,0
358,0 1,236,0
4,180,0
693,0 1,463,0 1,237,0
332,0 1,368,0
100,524,0 34,616,0 33,603,0 30,269,0 10,173,0 41,107,0 17,104,0 8,871,0 21,326,0 11,975,0 20,198,0
14,817,0 2,907,0 7,968,0 3,617,0 2,489,0 7,828,0 3,461,0 1,835,0 3,649,0 1,787,0 4,433,0
26,521,0
801,0 1,235,0 3,224,0 3,848,0 1,942,0 1,138,0 1,646,0
841,0 1,209,0 1,285.0
$
$
$
$
$
8
I
$
$
$
$
3
Total resources
5,903,577,0 406,666,0 1.964,661,0 442,022,0 507,460,0 210,561,0 179,349,0 1,122,975 192,130,0 141,245,0 194,877,0 111,283,0 430.348,0
LIABILITIES.
P.R. notes In actual circulation-- 2,744,868,0 199,267,0 590,432,0 241,308,0 277,221,0 102,928,0 103,540,0 683,040 100,494,0 81,876,0 93,168,0 37,263,0 234.367,0
Deposits:
Member bank reserve account 2,283,965,0 130.049,0 1,114,687,0 121,676,0 146,866,0 52,574,0 44,507.0 332,329,0 55,078,0 38,213,0 66,543,0 43,325,0 138,118,0
Government
23,877,0
803,0
858,0 1,484,0 1,355,0
606,0
3,399,0 1,103,0 1,992,0 4,260.0 1,553.0 4,971,0 1,493,0
850,0
834,0
9,194,0
330,0
289,0
182,0
239,0
Foreign bank
628,0
3,629,0
306,0 1,108,0
231,0
570,0
174,0 2.035,0 3,172,0
701,0
Other deposits
33.0
14,135,0
538,0
283,0 1,119,0
271,0
111,0 5,381,0
27,953,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,344,989.0 131,316,0 1,135,850.0 123,803,0 151,727,0 60,336,0 46,904,0 338,689,0 57,979,0 39,469,0 68.341.0 45.151,0 145,424,0
360,165,0 44.023,0
90,827,0 31,724,0 33,225,0 28,764,0 10,605,0 40.902,0 17,852,0 8,880,0 20,335,0 13,797,0 19,231,0
152,966,0 10,872,0
59,020,0 16,098,0 14,215,0 5,173.0 4.858,0 16,908.0 4,435,0 2,910.0 4,059,0 3,908.0 10,510,0
259,421,0 20,039,0
75,077,0 26,486,0 27,640,0 11,483,0 10,440,0 38,411,0 10,025,0 6,356,0 8.124,0 7,624.0 17,707,0
41,168,0 1,149,0
850.0 3,540,0 3,109,0
13,455,0 2,603,0 3,432,0 1,877,0 2,993,0 5,061,0 1,345,0 1,754,0
Total liabilities
5,903,577,0 406.666,0 1,964,661,0 442,022,0 507,460,0 210,561,0 179,349,0 122,975,0 192,130,0 141,245,0 194,877,0 111,283,0 430,348,0
Memoranda.
57.7
52.3
.56.1
75.1
56.2
49.6
55.2
54.8
Reserve ratio (per cent)
60.1
59.7
61.1
64.7
57.8
Contingent liability on bills pur44 236 0 2 286 n
16 009 0 4.466.0 4.380.0 1.734.0 1.604.0 5.811.0 1.518.0
954.0 1.253.0
1.214.0 2992.0
chased for foreign correspondle
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston. New York.
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Mated to F.R.Bk. by F.R.Agt_ 2,980,299,0 219,618,0
Held by Federal Reserve Bank_ 235,431,0 20,351,0
1
$
Cleveland. Richmond Atlanta. Chicago. Si. LOWS. Minneop. Kan.City. Dallas, San Fran.
$
$
$
S
$
S
S
$
$
666,084,0 254.035.0 288,238.0 109,221,0 120,785,0 716,648,0 108,892,0 84,263.0 103,331,0 42,140,0 265,244,0
76,552,0 13,627,0 11,017,0 0,293,0 17,245,0 33,644,0 8,398,0 2,387,0 10,163,0 4,877,0 30,877,0
In actual circulation
2,744,868,0 199.267,0
Collateral held uy Agt. as security
for notes Issued to bank:
Gold and gold certificates
1,059,074,0, 47,010,0
Gold fund-P.R. Board
1,122,065,0 117,517,0
317,494,0 14,023.0
Eligible paper
U.S. Government securities
516,200,0 41,300,0
590,432,0 241,308,0 277,221,0 102,928,0 103,540,0 683,004,0 100,494,0 81.876,0 93.168,0 37,263,0 234,367,0
439,724,0
147.000,0
65,632,0
23,000,0
79,320,0
73,180,0
49,447,0
53,000,0
71,470,0
111,000.0
30,543,0
85,000,0
12,920,0
57,080,0
22,481,0
17,000,0
13,500,0 254,845,0 21,210,0 12,635,0 9,680,0 12,260,0 84,500,0
51,500,0 369.000,0 43,300,0 28,700,0 50,800,0 10,725,0 62,263,0
16.711,0 22,253.0 8,960,0 9,195,0 17,070.0 10,408,0 50,771,0
42,000,0 75,000.0 35,500,0 33,090,0 28,000,0 9,500,0 73,000.0
675,356.0 254,947,0 298,013,0 109,481,0 123,711,0 721,098,0 108,970,0 84,430,0 105,550,0 42.893,0 270,534,0
3,014,833.0 219,850,0
Total iso/lateral
Phila.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
She figures for :he latest week appears in our department of "Current Events and Discussions," on page 2413,immediately preceding which we also give the figures of New York and Chicago reporting member banksfor a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and Include
al I real estate mortgage; and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsewont were Included with loans, and some
of the banks Included mortgages In Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
beingegiven. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial
paper, only a lump total being given. The number of reporting banks Is now omitted: In Its place the number of cities Included (then 100. was for a time given, but bsei nfling Oct.9 1929 even this has been omitted. The figures have also been revised to exclude a bank in the San Francisco) district with loans and Investments of 0135,000.000
on Jan.21929. which had then recently merged with a non-member bank. The figures are now given In round millions Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS SEPT. 28 1932 (In millions of dollars).
,
Total,
Federal Reserve DistrictBoston, New York Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louts. Minneap. Kan.City. Dattas, San Pram.
Loans and investments
-total
$
I
18,907
Loans
-total
765
4,087
618
1,121
316
320
288
477
1,939
2,148
306
312
511
610
120
196
106
214
474
3,712
501
804
4,960
3,241
287
187
2,475
1,237
225
276
473
331
1,831
89
206
16
732
11,229
5,640
429
29
608
141
1,448
142
2,991
1011
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F FL Rank
$
1,925
8,201
U. S. Government eecurities
Other securities
$
1,119
4,521;
6,185
Investments-total
$
7,799
10,706
On securities
All other
$
1,239
1,004
49
5,731
1.249
295
127
1,327
14
70
11
628
271
50
120
188
7
111
26
849
821
45
107
227
IR
$
$
$
2,247
$
$
$
528
314
521
388
$
1,737
1,508
300
185
258
238
990
688
820
113
187
54
131
79
179
72
166
245
745
275
179
739
228
129
263
150
747
154
121
96
83
423
316
108
120
66
63
145
118
93
57
415
332
33
13
276
231
23
78
91
7
28
8
214
193
34
74
76
A
285
36
1,243
906
46
299
375
A
34
6
277
200
9
82
96
9
22
'5
157
142
3
41
54
1
42
13
340
181
8
145
159
26
8
210
125
27
90
80
87
15
583
892
39
144
176
591
499
Aq
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Fed( .11 Reserve Bank of New York at the close of business Oct.5 1932, in
comparison with the previous week and the corresponding dote last your:
RAIOUCretGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury.
Goldheld exclusively east. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold tots. held by bank
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligaUoias.Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury Certificates
Certificates and bills
Total 11.8. Government securities
Obey securities (see note)
Foreign loans on gold
Oct. 5 1932. Sept. 28 1932. Oct. 7 1931.
3
$
$
586,724,000 581.872.000 365,575,000
6.373.000
6,007,000
12,336,000
592,731,000' 588.245.000
93.832.000
108.552,000
240,895,000 259.714,000
-942,178,000 941.791.000
57.601.000
56,223,000
998,401.000
20,318,000
377,911,000
107,518,000
510,894,000
996,323,000
37,509,000
099.392.000 1,033,832,000
22,599,000
21,448.000
92,357,000
31,076,000
68,306,000
10,440,000
70.836.000
10.551.000
188,739,000
150.560.000
.
37,472,000
30 834,000
;
38.033.000
32.803.000
189.251.000
152,846,000
123,433,000
171,599,000
5,000
101,556,000
376,993,000
376.695.000
124,144,000
716,292,000
3,888,000
718.792.009
2.857.000
225,705,000
5,790,000
1,759,000
Resources (Concluded)Due from foreign banks (see note)
Federal Reserve notes of other banks...
Uncollected Items
Bank premises
All other resources
Oct. 51932. Sept. 28 1932. 'Jet -1931.
-77
a
974,000
4,180,000
100,524.000
14.817.000
26,521,000
$
949.000
5.142.000
95.310.000
14.817,000
25.095.0W
a
3,213,000
6,869,000
171,779,000
15;240,000
17,569,000
Total resourcesresources1,964,661,000 1,966,089.000 1,799,387,000
ma/4mo,-
Fed. Reserve notes in actual circulation. .590,432,000 572.785,000 446,967,000
Deposits
-Member bank reserve acc't... 1,114,687,000 1.120.351.000 983,652,000
Government
7,378,000
3,399,000
18.821.000
Foreign bank (see note)
53,087,000
3,629,000
3.017.000
Other deposits
8,940,000
14,135,000
32.475.000
Items
l
1,135,850.000 1,154.664.000 1,053,057,000
T
spuaerp irtaturaildpd
flit)
,
90,827,000
91.520.000 148,798,000
C
64,642,000
59,020,000
59.020.000
80,575,000
75.077.000
75,077,000
All other liabilities
13,455,000
5,348,000
13.023.000
Total liabilities
1,964,661.000 1.966.089,000 1,799,387,000
Ratio of total reserves to deposit and
Fed. Reserve note 0abllitles combined_
57.9%
68.9%
57.8%
Contingent liability on bills purchased
,
Tn.* .111.1 yowl goovirltto• ft, w.f.\
798 926.009 803 039 000 528,286,000
for foreign correspondenU.
14,726,000
26,687,000
15.009,000
/gore, -Beginning wits use atatetneut Of Oct. 17 1938. two new items Were added In order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition. the Caption "Al/ other OWnings assets." previously made up of Federal Intermediate Credit Bank debentures, was changed to -Other
securities," and the caption. "Total earnings assets" to "Total bills and securities " The latter term was adopted as a more accurate description of the total of the discount
acceptances and securities acquired under the provisions 01 Seaton 13 and 14 of the Federal Reserve Act, which It was stated are the only Items included therein
Volume 135
Ore , t
b
1111
OrtIntintralt
Financial Chronicle
•
Quotations for
knattritti
arattirig
Maturity.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos.
6 Mos,
Within Continental United States except Alaska
$10.00
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In Dominion of Canada
11.50
6.75
South and Central America, Spain. Mexico, U. S.
Possessions and Territories
13.50
7.76
Great Britain, Continental Europe (except Spain). Asia,
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15.00
8.50
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°masa° Omen—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON Orrick—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,
Treas.. William Dana Seibert: See.. Herbert I).Seibert. AddressesWilliam D. Riggs:
of all. Office of Co.
Wall Street, Friday Night, Oct. 7 1932.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2445.
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.
IVtek Ending mt. 7.
Railroads—
Par. Shares.
Chicago & East III._100
100
Preferred
100
600
Colo St South 2d pf..100
160
lot preferred
100
110
Cuba RR pret
100
40
lot Rya of Cent Am_ •
100
Preferred
100
10
Manhat Elev guar._100
M Si l'& SS M pret_100
Nash Chatt & St L.100
New On Tex & Nies 100
Renssel'r & Saratoga100
Range for Week.
Sales
for
Week.
Range Since Jan. 1.
Lowest.
PST share.
134 Oct 4
176 Oct 6
17 Oct 4
18 Oct 6
12 Oct 7
234 Oct 4
9 Oct 5
200 1234
300 336
100 18
30 15
10 102
Oct
Oct
Oct
Oct
Oct
Highest.
3 per share. 5 per share.
13( Oct 4
% July
2 Oct 4
M May
1734 Oct 3 5
Mar
10 Oct 7 8
Mar
13 Oct 5 4
July
2M Oct 4
M June
9 Oct 5 334 June
Per share.
354 Aug
5
Aug
18
Sept
30 Sept
20
Aug
3
Jan
1134 Sept
5 13
7 3M
7 18
4 15
102
Oct
Oct
Oct
Oct
Oct
4
7
7
4
9
If
734
954
75
Sept 463.4
May 6
May 3034
Aug 20
May 102
Mar
Sept
Sept
Aug
Oct
Indus. & Miscell.—
Affiliated Products___• 4,300 834 Oct 7 9M
Amal Leather pref 100
100 6M Oct 4 6M
Amer Chain pref. _.100
600 14 Oct 7 15
American Ice pref 100
400 40 Oct 3 4034
Anchor Cap Corp pref.•
70 69M Oct 370
Artloom Corp Pref_ _100
100 45 Oct 7 45
Asso Dry Gds 2d p1..100
200 35 Oct 735
Austin Nichols prior A•
50 1734 Oct 3 1834
Brown Shoe pref.--100
10 104 Oct 4 104
Budd (E G) Pref. —100
330 934 Oct 7 10
_*
Burns Bros class A
200 1
Oct 7 134
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
3 43.4
4 534
4 7
4 40
3 40
7 43
7 1534
5 1134
4 100
1 334
4 1
May 11134
Apr 10
June 26
June 68
May 75
July 50
July 35
July 1834
Aug 11934
July 14
Apr 276
Mar
Mar
Jan
Mar
Sept
Jan
Mar
Sept
Jan
Jan
Feb
City Stores etre
Columbia Pictures vtc
Con Investment Trust
warrants stamped.._
Conn Ry & Lighting 100
Crown Cork & Seal pg.'
Devoe & RaYnolds—
lst wet
100
Dresser Mfg el A____•
Class B
•
Elk Horn Coal Pref.-50
Eng Pub Serf p1(6)....•
500
34 Oct 6
% Oct 6
1,800 1034 Oct 7 1234 Oct 3
34 Octti Oct
434 May 147.4 Aug
% Oct 7
100
M Oct 7
I4 Jun
1M
10 43 Oct 1 43 Oct 1 43 Sept 55
500 22% Oct 4 2234 Oct 3 1734 June 2534
20 75 Oct 1 764 Oct 1 5936 June 95
200 10 Oct 51 11
Oct 4 5
July 23
100 4% Oct
4% Oct 5 234 June 1234
90
M Jan 1
34 Oct 1
34 Oct ij
100 45 Oct
45 Oct 5 25 June 6154
Franklin Simon p1. 100
10 15
Fuller Co 2d pref.__ _•
10 13%
•
Prior preferred
20 22
140 18
•
• GenGas& Elec DIA(7)
Preferred A (8)._ •
70 25
100 4%
lot Combus Eng Pt etfg
Inter Dept St pie!..100
10 36
Keith-Albee-Orhp is m°
200 25
Kelly sped The ctfs_• 1,100 1,16
8% pre( ate
300 19
100
500 5234
6% pref ctts
100
10 15
Kresge Dept St pf_100
Loose-WilesBis let pf 100
30 nog
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
4 15
3 13%
722
720
1 27%
8 4M
636
729
4 lit
7 20%
7 53%
6 15
4 112
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
4
3
7
6
7
8
8
4
4
4
5
6
8
McLellan Stores pret100
20 15
laytag pf x-warrants.'
700 7
80 26
\ ellgei Co pref....100
Nat Distillers Prod pf40 1,000 25
300 234
Newport Industrial. _1
N Y ShIpbullding____* 1,000 23.4
preferred'
10 31
100
•
10 35
Outlet Co
10234
Pao Tel & Tel pref..100
so
Phoenix Hosiery pf-100
100 16
pierce-Arrow Co pf-100
100 31
Pirelli Co of Italy
5 5.900 9%
Plymouth 011
60 99
Procter & Gamble pf100
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
7 18%
3 7
733
7 25%
7 3
6 3%
731
535
710234
535
7 16
131
7 11%
5 100
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
•
°I29%
Scott Paper
72 1834
Shell Transp & Tr
500 12
Sloss-Sheff St & Ir. 100
100
Preferred
2 19
91
lb1 2
Ku Business PublIshers*1
180 2
United Dyewood_ —
40 91
130 Piece Dye pfd._1001
10 103
IJ 5 Gypsum pref.__ 100;
30 95
Univ Leaf Tob prof.l00
160 3234
Van Raalte lot prof.. 100
'
Vulcan DetInnIng Kw ' 40 67
100 7534
walgreen Co prof. _.J00
I
500 2234
NN'tilte Motor ctfs
• No par value.
Oct
Octad.E2
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
530 Oct
6 18% Oct
6 13 Oct
5 19 Oct
4 2 Oct
7 2% Oct
791 Oct
3103 Oct
97 Oct
636 Oct
1 67 Oct
4 75% Oct
724 Oct
15
Oct
3 June
234 May
53-4 July
53.4 July
434 Oct
1834 July
7 May
if May
7 June
16 •May
10
Aug
96
July
Sept
Jan
Sept
Feb
Feb
May
Sept
Mar
7234
32
2534
30
40
1534
55
30
2M
24
53%
33%
15%
Jan
Feb
Sept
Aug
Feb
Feb
Jan
Sept
Sent
Sept
Oct
Feb
Jan
51 10
3 2
1 20
. 201.4
1
3 134
5, 154
71 20
525
7] 8534
7 25
714
1 21
1 934
7 81
July 36
June 7
May 38
May 3234
June 334
June 4%
June 57
Apr 46
June 109
May 41
May 41
June 3134
Oct 1236
July 103
Mar
Oct
Jan
Feb
Aug
Aug
Mar
Apr
Jan
Jan
Jan
Mar
Sept
Jan
8
6
5
5
4
3
7
3
3
4
1
4
5
May 42
Ap 1656
June 1934
July 2934
Aug 5
Ap
334
Jun 9334
June 104
July 97
July 4234
May 80
June 7534
Oc 24
Feb
Oct
Sept
Sept
Jan
Sept
Jan
Apr
Oct
Sept
Aug
Oct
Oct
18
8
334
6
M
34
6434
8434
70
15
62
80
2234
Sept. 151933...
June 15 1933._
Mar. 15 1933...
May 2 1933...
Aug. 1 1934._
May 2 1934._
June 15 1935___
2457
United States Treasury Certificates of
Indebtedness, &c.
int.
Rate.
151%
134%
2%
2%
234%
3%
3%
Bid.
1002333
100un
10016,
3
1001031
1001133
10221,,
101nn
Asked.
100* 32
,
100w,,
—
101
101133
1021,32
102
Int.
Rate. But.
Maturity.
Oct. 15 1932._ 334%
Dec. 15 1932._ 334%
Aug. 1 193b_- 334 %
.
Sept,16 1937.... 334%
Feb. 1 1933._ 334%
Mar. 15 1933— 334%
Asked.
10011.33
100103,
10131,,
10111,3
1011n
101031
...-10014,
101,13„
/01"I1
1011032
1012231
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Oct. 1. Oct. 3. Oct. 4. Oct.
First Liberty LoanHigh 10111n
335% bonds of 1932-47_ _{Low_ 1011142
(First3M s)
Close 10112n
Total sales in 81,000 units.__
1
Converted 4% bonds origh
1932-47 (First 40_ Low.
Close
Total sales in $1,000 units
-Converted 434% bondsrflei loi;;;
of 193247 (First 434s) Low_ 102H23
Close 1022133
Total sates In 81,000 unite—
9
Second converted 434%1High
bonds of 1932-47(First Low.
Second 434s)
Close
Total sales in $1,000 units-Fourth Liberty Loan
(High
434% bonds of 1933-38._ Low. 10312n
(Fourth 4M s)
Close 10310
,
Total sales in $1,000 units....
41
Treasury{High 10810,3
434s, 1947-52
Low. 108",
Close 10824
.
Total sales in $1,000 units.—
3
{High 1042432
42, 1944-1954
Low- 104232
Close 1042.1
Total sales in $1,000 units...
3
(High 10211
,
334s, 1948-1958
Low_ 1021,,
1021%
Close
Total sales in $1,000 units_ .
29
1H lila 100nn
334:, 1943-1947
Low_ 10011n
Close 1001233
Total sales in 51.000 units__
illigb 963113
3s. 1951-1955
Low- 9612,3
Close 96113,
Total sales in $1,000 units__
14
(High 101
3,1s, 1940-1943
Low_ 1001233
Close 10011n
Total sales in 01,000 units...
2
(High 10012n
33.4s. 1941-43
Low_ 10011n
Close 1001/33
Total sales in $1,000 units...
3
(High 981n
334s. 1946-1949
Low_ 98332
Close 98312
Total sales in $1.000 Units__
33
101",,
1012112
10111n
97
5.04.
6. Oct. 7.
10111n 1011222 101nu
1011% 101143 10112n
1011
% 1011182 10112n
2
129
109
103's,,
107 ,," 16=W, 102W;
2
7
103",, 102w, 10210ss 10210n 102822
,
102113, 10222 10210n 1021.
,
131 1021
%
31
33
12
6
11
1012;;
1032132
10310n
66
10811n
10812n
1082
%
25
10411n
10411,,
10421,1
138
1021332
102"n
102"31
31
10021s2
1002332
1003432
71
Huss
983,33
981722
106
101 232
1001032
100nn
2
101
1001122
101
12
981,3
98311
98332
85
103
--2
;
103
108 2I;
- -2
; -7
103"e3 103",, 103",, 103,8
0
103032 10310n 10310n 1032in
112
392
179
80
108/1n 1081182 1081n 108rn
108'n 1082n 108632 108
108"st 108",, 108633 1080n
5
20
17
78
104"n 10411n 104:833 10411n
104",, 104nrs 1043433 104nn
10414, 1042131 1042423 1041831
57
7
45
91
10217n 102113, 10210n 10210n
102",, 1023 e,, 10211n 102",,
1021733 10211n 1021012 10217.
29
14
249
18
1002332 100113 10010n 10011n
100218 10010n 10010n 1001in
100223a 100113 1002131 10022n
74
30
36
8
961033 961133 98"33 9611n
man 96144, 96"n
98"33 9611,2 98"3, 96103e
104
99
113
60
101
101182 101122 1011,,
10011n 10010n 101
101
101
10118,
10143 101
71
13
8
33
1002122 100.0,, 101
101
100213 1002412 100wr, 100wer
100193, 100,3 101
8
100wrs
16
18
12
15
Wu
980n
98',, 981n
98
98332
98
97041
981n
98'n
983n
9711n
107
66
129
127
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
12 4th 4348
1031 ,, to 1031%,
,
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.45%
@
3.4534 for checks and 3.45 5-16 @3.4534 for cables. Commercial on banks,
sight 3.45083.4534;sixty days,3.44%
.44%;ninety days,3.44 ©3.44 9-16
and documents for payment,3.4434 © .45%. Cotton for payment,3.44X.
To-day's(Friday s)actual rates for Paris bankers'francs were 3.92 5-16
3.93 9-113 for short. Amsterdam bankers' guilders were 40.20 040.32. 00
Exchange for Paris on London, 88.03; week's range, 88.22 francs high
and 88.03 francs low.'
The week's range for exchange rates follows:
Sterling Actual—
Checks.
Cables.
High for the week
3.4534
3.453.4
Low for the week
3.45 1-16
3.4534
Paris Bankers' Francs—
High for the week
3.93 9-16
3.9334
Low for the week
3.91 9-16
3
.91 Ii
Germany Bankers' Marks—
High for the week
23.79
23.80
Low for the week
23.7534
23.77
Amsterdam Bankers Guilders—
High for the week
40.32
40.3234
Low for the week
40.12
40.16
The Curb Exchange.—The review of the
given this week on page 2446.
Curb
Exchange is
A complete record of Curb Exchange trandactions for
the
week will be found on page 2474.
CURRENT NOTICES.
—H. Rentz & Co., members of the New York Stock Exchange
for the
past 76 years and members of other leading commodity exchanges throughout the country, have further rounded out their
organization by the
installation of a United States Government bond trading department.
The new department will deal in Liberty bonds, Treasuy bonds,
Treasury
certificates and Treasury notes.
—H. M. Harper & Co., located at 105 W. Adams Street, Chicago,
specializing in municipal securities, announce the incorporation of
their
firm under the name of Harper & Co., Inc. H. M. Harper, who heads
the
organization, was for several years the Chicago Manager for the
Guardian
Detroit Co.
--Benjamin & Ferguson. members New York Stock Exchange,
have
opened an Investment Department undcrt he supervision of J. R. Flanagan,
with Grant M. Brown and Edward V. Stryker in charge of
trading, and
F. H. Churchwell, dealing in municipal bonds.
—Filer & Co. announce that Pincus Weinberg, formerly with M. J.
Meehan & Co., has become associated with Filer & Co.
—Robert Ware Allison has become associated with Hardy & Co. in their
band trading department
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
PAGE PRECEDING.
:" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Oct. 1.
Wednesday
Oct. 5.
Tuesday
Oct. 4.
Monday
Oct. 3.
Thursday
Oct. 6.
Friday
Oct. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
-share tots.
On bof 100
Highest
Lowest
PER SHARE
Range for Previous
Year 1031.
Lowest
Highest
Par 8 per share $ per share $ Per share $ per share
Railroads
S per share S per share $ per share S per share 3 per share S per Share Shares Atch Topeka & Santa Fe__100 177
8
7914 Dec 2033 Feb
8June 28 94 Jan 14
4714 68,501
4814 42
1
/
4
1
/ 554 5318 5514 4634 5338 45
5514 52
54
100 35 July 9 86 Jan 18 x75 Dee 10814 Apr
Preferred
1,160
4
663
61
69
64
70
70
71
7014 7012 *70
*7012 71
Jan
Dec 120
41 Sept 2
25
934510.y 26
3,800 Atlantic Coast Line RR..100
2018 22
2212 25
28
24
4 2812 29
4
4
293 293 *2814 283
4
1
/
14 Dec 87 Feb
8
4June 1 213 Jan 21
33
100
8
1
/
8 1314 144 1218 147 52,700 Baltimore & Ohio
8 1612 1714 1614 1714 1314 167
4
173 177
25 Dec 8012 Feb
6 June 3 4112 Jan 14
100
Preferred
4
1
/ 2,700
8
1712 147 17
17
19
17
20
19
*2012 22
1912 20
4
/
18 Dec 661 Feb
912June 2 353 Aug 29
4
50
800 Bangor & Aroostook
*2214 24
27
2712 2712 25
28
2812 2812 28
*2812 30
80 Dee 11312 Mar
100 50 June 1 91 Sept 13
20
Preferred
87
*80
87
87 .80
86
86
*85
86
*85
87
*86
10 Dec 66 Feb
4 July 13 19 4Sept 2
3
100
300 Boston & Maine
10
10
10
10
10
10
12
*11
12
*11
15
*11
4
/
61 Oct 1338 June
4July 6 1014 NIar 8
1
/
2
Brooklyn & Queens Tr_No par
4 612
4 612 *43
4 612 *43
4 612 *43
4 612 *43
4 612 *43
*43
4
46 Dec 643 June
Preferred---------No par 2314June 28 58 Mar 5
100
Preferred _ _ ... ---No
4
/
8
8 4512 4512 *4414 543 *4414 541
543
8
8
8
*443 543 *4438 543 *45
8
3118 Oct 695 Mar
par 11 18June 8 5014 Mar 8
4
1
/ 20.500 Bklyn Manh
22
8
2238 203 2212 20
21
8
2112 2114 2214 223 24
21
63 Dec 9414 Feb
8
56 preferred series A _No par 3112June 8 783 Mar 5
2,800
59
4 58
4
1
/ 583
4
1
/ 6012 5812 501 58
4
1
/ 59
4
/
4
1
/ 59
59
60 60
912 Feb
4
/
11 Dec
4
/
21 Aug 11
12 Apr 13
500 Brunswick Ter & Ry BeeNo par
1
1
1
1
1
1
4
4
/
*11 13
1
1
114
•I
4
103 Dec 4538 Feb
8Mar 5
714May 31 203
25
4 1414 1512 113,600 Canadian Pacific
1
/
1
/
164 144 153
1612 1718 15
4
/
4
163 171 1618 17
72 Dee 102 Apr
Caro Clinch Ac Ohio stpd 100 39 July 26 79 Feb 6
65
*55
65
*55
70
*55
64
*55
64
*55
64
*55
8
233 Dee 9612 Feb
4July 6 3112 Jan 14
1
/
9
25
69,600 Chesapeake & Ohio
1
/
4
/
3
2314 20 4 211 194 22
1
/
4
/
2418 21
4
233 2414 221 244 23
77g Feb
212 Dec
114June 2
38
5 Aug 29
s 338 2,400 Chicago Great Western___ 100
4
1
/ 31/4
3
312 414
8
4
/
418 41 *412 43
414
*4
712 Dec 2712 July
212May 25 1512 Jan 22
100
Preferred
1018 111 1 18,300
8 1114 12
4
/
8 111 127
1214 127
1214 13
4
123 13
4
1
/ Jan
8
412 Aug 25
1 12 Dec
%June 1
3.800 Chic Milw St P & Pae__No par
212 3
4
1
/
212 2
4
1
/ 314
2
318 318
3
3
318
*3
8
8 Aug 25
212 Dec 153 Feb
118May 26
100
Preferred
338 41 1 13,800
4
1
/
4
4
5
41g
514 514
51s 512
8
*514 53
1412 Aug 25
4512 Feb
31
0 Dee
2 Stay
20,300 Chicago & North Western_100
4
1
/ 8
6
4 818
73
2
Trs 03
4
/
91 10
4
93
8
93
012 Ks
1312 Dec 116 Mar
5 June 29 31 Jan 22
100
Preferred
309
*1118 15
4
/
1412 1412 *121 17
*1514 16
17
15
1712 •
•15
1
/
74 1)ec 6512 Jan
112Nfay 25 1638 Jan 22
4
1
/ 718 4,600 Chicago Itock Isl & Pactfic_100
6
814
7
712
7
812 9
8
812 83
9
9
14 Dec 101 Mar
414N1ay 26 2713 Jan 14
100
7% preferred
1,000
12
12
1112 13
14
14
1
/
1314 1313 134 15
16
•14
1018 Dec 90
Jan
2 May 25 2412 Jan 14
100
6% preferred
4 1.000
93
9%
912 912
10
10
12
*10
12
1112 12 .10
712 Dec 98 Jan
412June 29 2912Sent 23
100
Colorado & Southern
29
2312 .17
•17
29
*19
*2214 29
*2214 29
*2214 29
Feb
1112 Jan 2
4July 21
1
/
10 Dec 9212
2
100 Consol RR of Cuba pref_100
8 .314 412 *314 6
57
*4
6
4 12 *4
54
4
4
4
/
64 Dec 1571 Feb
100 32 July 8 9212Sept 3
2,700 Delaware & Hudson
4 6012 62
643
72 I 63
65
74
7412 7412 74
77
*74
Jan
45788ept 23
4
173 Dec 102
812June I
3213 95,000 Delaware Lack & Western_50
,
4
1
/ 33 2 27
8 29
8 3113 383
4
1
/ 3814 397
4
8 363 39
397
39
9 Jan 13
312 Dec 4534 Feb
112N1ay 28
400 Deny de Rio Or West pref 100
4
4
5
5 1 .4
5
8 8 I
*53
4
1
/
8 5
*512 8
53
5 11ee 3934 Feb
1 134Sept 8
2 May 31
100
71g 4,900 Erie
618
713
7
4
/
71 8
8
8
4
1
/
818 8
813 812
8
63 Dec 4512 Feb
1
/
24May 19 1578 Aug 20
100
First preferred
1,200
814 914
912 912
4 *914 1012
4
4 .93 103
103
4
*1013 113 *10
5 Der 4011 Jan
2 May 25 1012 Aug 2h
100
100
Second preferred
5,2 512
*512 8 I *512 8
8
8 1 *6
812 *6
*6
1
/
154 Dec 6934 Feb
5125lay 28 25 Jan 14
100
Northern pref__
32,200 Great
8
123 15
4
4 133 15
1
/
144 173
18
4 17
8
183 1878 1612 173
2 May 3 10 Sept 8
313 Dec 2714 Feb
100
300 Gulf Mobile & Northern
4
/
41 418
514' *414 6
5
8
1
8*5
*5
8
*6
Jan
1512Sept 8
13 Dec 75
3 June 1
100
Preferred
200
10
4 *8
113
39
10 I '
*1012 1212 10
12
*1213 1312 12
4
8 Stay 31 303 Jan 18
4 1,200 Hudson dc Manhattan
573
2614 Dec 4412 Feb
100
4
1
/ 1812 17
4
1
/ 17
4
/
1
/
194 1912 181 18
20
20
20
20
Feb
918 Dee go
431June 1 244Sept 6
1
/
100
8
4
/
141 163 29,100 Illinois Central
1714
1
/
1618 1914 154
8
8 183 1913 1918 20
203
20
Jan
4 May 5 1412 Jan 28
7 Dec 01
RR Sec cti's series A_ _ _1000
20
10
*7
*714 10 I *714 10
10
*7
____ .
8
8
4
/
4
/
41 Der 34 Mar
214June 10 141 Mar 7
334 4(g 3,100 Interboro Rapid Tenn v t 0.100
4
1
/ 414
414' 3
4
4 47
43
48
- -74
4
/
412 41
1514Sept 8
214June 1
8
67 Dec 45 Feb
100
600 Kansas City Southern
814 9
918 11 I *814 9
4
4
*93 11 1 *93 11
8
*97 11
Feb
15 Dec 64
5 June 9 2514Sept 2
100
200
Preferred
15
15
31512 22
1812 1812 '
4
/
4
•1812 213 *1812 211 *1812 217
Jan
5 June 8 291 116ept 8
8 Dec III
50
2014 1612 1712 1312 1614 5,000 Lehigh Valley
18
1912 2014r 2018 201
20
20
Feb
2014 1)ec III
712May 26 3814 Sept 2
100
4,200 Louisville & Nashville
2012 23
24
2618 23
24
28
28 I 28
1
/
284 *26
*27
Feb
4
1
/
6 Dee 39
4
4 June 8 203 Nfar 8
8 3,200 Manh Ry Co mod 5% guar.100
47
4
4 434
43
6
5
8 6
57
8
512 57
4 512
*43
9 Jan 26
512 Dec 22 Feb
314June 2
Market St RY prior pret___100
2 5
537
4
1
/ 5
*3
4
1
/ 5
*3
*418 7 I *418 7
7
*418
34 Jan
3a Aug 11
4
1
/ Jan 12
38 Dee
206 Minneapolis & St Louis__ 100
12
*14
%
%
12
8
*3
1
3
*3
8
3
8
3
12
4
1
/
*
43
7251ay 13
8Sept 7
1 Dee 111 Feb
4
/
100 Minn St Paul dr SS Marie_100
312
312 *2
312 *2
*2
3
3
312'
*3
4
*3
114May 20 13 Sept 23
4
1
/
3 Dec 264 Jan
1
/
19,400 Mo-Kan-Texas RR__No par
4
/
61 8
4
1
/
2 8
73
8 SA
73
4
93 10
8
1
/
94 103
1014 1012
314.1tine 1 24 Sept 23
1012 Dec 85
100
Jan
4 3,700
Preferred series A
8 1312 163
1
/
1912 164 173
18
20
20
2118 2118 *1918 21
1'2May25 II Jan 22
4
4
1
/
6 Dee 423 Feb
100
4 7,000 Missouri Pacific
53
5
8
4
1
/ 57
5
4
1
/ 7
5
7
7
4
/
71
612
4
1
/
4
1
/ 6
6
12 Dee 107 Feb
2125tay 20 25 Jan 26
100
Cony preferred
12,600
10
9
912 1012
8 1014 11
4
4
1
/ 113 123
1
/
8
123 1213 104 12
12 Jan
4
1
/Sept 3
18 Oct
18 Feb 9
Nat Rya of Mexico 2d pref.100
8
3
*14
8
3
514
8
3
*14
2
3
*14
2
3
*14
4
1
/
•14
8
4June 2 303 Jan 15
247 Dec 13214 Feb
83
8
100
2214 2512 152,300 New York Central
4 2314 25
4
2914 2818 2912 233 283
27
2918 30
Feb
02
212 Ilee 88
112May is
4Sept 8
NY Chic de St Louts Co--100
414
338 312 2.000
*312 4
4
4
4
412
3
5
5
1
/
5 Dec 94 Mar
2 June 2 154 Jan 22
100
Preferred series A
1,300
5
5
5
5
57
6 14
6
6
6
4
/
61
*6% 812
Feb
Der 227
50 82141\tay 18 12712 Aug 16 x101
160 N Y & Harlem
109 10912
100 11312
110 116
119 119
116 116 .113 124
4
/
4
/
17 Dec 941 Feb
6 May 20 311 Jan 21
100
1418 1612 13,300 N Y N It & Ilartford
1
/
154 17
1
/
8 154 19
1913 2014 1912 203
8
205 2114
8July 6 7834 Jan 14
8
52 Dec 1103 Feb
100 117
Cony preferred
1,700
25
25
31
29
313 34'4
4
3514 *3414 37
35
39
*35
514 Oct 131 June
4July 12 153
1
/
3
4Sept 8
4
/
75
100
8% 11,100 N Y Ontario & Western
9
814
84 1038
4
1012 103
11
10
11
11
1 Feb 28
2 Feb
18 Dee
14 Apr 19
100 N Y Railways pref. ___No par
8
7
8
,
8
7 '
8
*3
4
3
4
/
*1
4
1
/
8
*3
8
3
8
3
4
1
/
4
/
*1
4Sept 6
1
/
3
12J11ne 1
814 Jan
4
2 Dec
100
300 Norfolk Southern
214
214 *2
4
1
/ *2
4
/
11 2
8
4 23
212 *13
*2
2
2
4
/
100 57 June 27 135 Feb 17 1051 Dec 217 Feb
4
/
971 2,300 Norfolk & Western
9714 95
97
4
/
103 10612 1031 10314 99 103
'10612 107
3
6511 Dec 93 Mar
100 65 July 5 781 1 Oct 7
41
Preferred
781, *78
7814 7814 7814
*78
80
*78
80
*78
80
*78
8Sept 8
512May 26 253
4
/
1412 Dec 601 Jan
100
4
183 68,900 Northern Pacific
4
/
1
/
4
1
/ 194 161
8 17
2312 2214 2312 1812 223
2314 2418 22
312Sept 9
1 Mar 17
1 14 June
7 Mar
100
120 Pacific Coast
7
28
8 *1
27
*1
I
1
1
1
4
1
/
2
278 •I
•1
2338 Jan 21
Feb
1014 Dec 64
612June 1
50
1
/
164 47,600 l'ennsylvania
1714 15
1614
4
8 163 19
8
1912 1812 1914 187 193
19
51 1Sept 8
8MaY 27
7
100
912 Jan
1'! Dec
4
*2
Peoria & Eastern
4
*2
4
*2
4
*2
4
4 i *2
*2
4June 30 18 Aug 2.5
/
11
4 Dec 85 Feb
100
100 Pero Mar •uette
*612 8
8
8
13
*8
13
*8
13
*8
14
*8
312June 2 20 Aug 2:
812 Dec 9214 Feb
100
Prior preferred
480
1414
14
15
*14
15
8 16
163
16
4
/
1618 161 1614 14
24 Aug 25
Jan
21:June 1
100
538 Dec 8(1
110
12
Preferred
12
12
*9
14
14
14
14
14
14
14
14
July 22 2112 Aug 25
Jan
8
11 Dee 86
Pittsburgh & West Virginia 100
19
*8
19
*8
19
*8
19
*10
19
*10
19
*10
0t2June 10 5214643Dt 2
50
30 Dee UM Feb
700 Reading
3514
34
38
38
4
1
/ 4012 41
43
*41
44
4
443 *40
*40
Jan
28 Dee 46
50 15 July 11 33 Jan 29
1st preferred
*2412 33
*2412 33
*2412 33
*2412 33
*2412 33
*2412 33
Jun
271 Dec 47
4
/
50 15 May 2 38 Sept 2
2d preferred
•2412 29
*2412 29
*2412 29
*2413 29
*2413 29
*2412 29
4
1
/
6 Jan 14
38May 28
3 Dec 624 Jan
1
/
2,800 St Louis-San Francisco.-__ 100
212
214
238 2
4
1
/
8 3
33
3
3
3 14
3
4
1
/
338 3
4
1
/
9 Jan 22
1 May 2
414 Dee 76
100
Jan
1.800
Ilst preferred
4 3
23
318 314
.313 3
318 314
312 312
4
1
/
312 313
8Sept 8
137
414 Dec 3312 Jan
3 May 21
100
100 St Louis Southwestern
15
*5
15
*7
9
9
1112
4
/
111 *9
*9
14
*9
Feb
9 Apr 15 2013 Jan 2r
100
614 Dec 60
100
Preferred
1412. 1412
24
*15
24
•15
24
24 .16
*16
24
•I6
Is Jan 2
1 Sept 2
138 Jan
18 Dec
No par
I. .
12 4.5110 Seaboard Air Line
8
3
12
12
12
12
82
12
12
'2
12
4Sept *..
/
11
14 Jan 4
218 Jan
100
la Dee
100
Preferred
78
4
.2
72
4
3
2 .
7
1
*34
100
4
1
/
612.11ine 1 37 Jan 21
2613 Dee 109'1 Feb
4
1
/ 1918 227s 113,700 Southern Pacific Co
1
/
4 2114 23
8 2718 284 2212 273
4
2814 2914 263 283
18128e91 8
212Nfay 16
8
63 Dec 6572 Feb
100
4
812 93 14.600 Southern Railway
1214
4
1
/ 10%
9
4
/
912 121!
4
/
4 111 1212 12
123
12
4Sept 8
233
10 Dec 83 Feb
3 July 1
100
Preferred
4 2,900
14 I 1114 1212 1012 113
4
/
8
1
/
4
/
151 1514 1412 144 143 141 12
22 Dee 100 Jan
100 15 Stay 12 35 Sept 7
Texas & Pacific
30
4
1
/ *17
29
*17
30
30 .17
30 .17
*17
30
•17
8May 28 14 Mar 8
512 Apr 1514 July
37
100
4 1,700 Third Avenue
8 43
43
412 413
2
5'
5
512 55
512 512
5
5
Feb
4
/
11 Apr 20
400 Twin City Rapid Tranalt...10
214 214
4' •214 3
4 33
23
3
3
3
8
*27
3
7 June 16 2412 Jan 26
1112 Dec 62 Feb
10
Preferred
4
/
1
/
*84 141
1
/
*84 15
1
/
•84 15 I
1
/
*84 14
1
/
*84 14
. 14
*81
:
41 kine 1 ) 7 / 1 ec 2( 771, Feb
8July 11 941 ji`eb 13
(
21 1
04 :
100 273
53,500 Union Pacide
1 5 3 eb
68
7412 6618 6814 62
1
/
734 7614 67
4
1
/ 76
75 - 7614 73
4
/
711 Aug 25
51
100 40 May 31
Dec 87 Stay
400
6114
Preferred
60
62
1
/
644 62
4
643 *62
•62
64
1
/
*6212
'62'2 644 64
78June 2
414 Aug 29
Jan
100
s
7 Dec 26
4
1
/ 1.000 Wabash
212 2% *238 2
3 1
3
3
3
3
3
4
/
*21 3
100
1 June 1
8 Jan 28
Jan
1 12 Dec 51
100
Preferred A
312 312 *312 4
4
1
/ 412 *312 412 *314 4
4 414 *3
*33
4Sept 2
/
5 Dee 195 Feb
1 12May 28 111
100
8
618 714 8,400 Western Maryland
4
1
/
812 8
,
7 4 712
1
/
,
7 2 812
812 84
4
/
81
*814
1114 Sept 2
5 Der 20 Feb
2 May 26
100
2,1 preferred
*612 10
10 1 *612 10
*7
10
*7
10
'.7
10
*6
12June 9
43 Aug 25
4
13 Dec 147 Feb
100
8
4
300 Western Pacific
212
212 212 *2
8
,
2 2 *2
*212 33
3
3
4
1
/
3
*3
4May 31
87,8 Aug 25
8
3
3 Dec 315 Feb
100
1,200
Preferred
*312 5
4
5
413 *4
514
14 614
414
518 518
55
n 1
__
78
78
____
____
3
8
217 217
22
1
/
224 •18
•18
1
/
4
4
*85 1043 *85 1043 *85 1044
8
,
7 2 77
,
714 7 2
712
714
66
*61
*6012 66
.6512 66
8
4
173 183
17
4 17
•1614 173
4
4 1118 1118 113 12
4
113 113
312
312 *3
312 •3
*3
8
577 6012
4
1
/ 5814 59
59
59
4 214
*13
2
2
•134 212
4
4
1
/ 103
1
/
1
/
10.18 104 1012 104 10
*234 3
4 3
*23
4
1
/ 3
.2
218
2
218 214
8
214 23
4
1
/ 44
4
518
5
1
5i2
1
/
4515
4
/
*41 512
4 6
*43
6
35
.
45, 434
6
*5
6
*5
10
10
10
10
10
*9
*34
____ ____
____ ____
20
20
*85 1043
4
612 713
66
*61
4
1
/ 1712
16
1118 1138
212 3
5414 5714
4
/
.112 11
4
/
101
10
4
1
/ 3
•2
8 2
17
4
1
/
4
1
/ 4
4
512
*4
412 412
10
*9
•1814 and asked prices' no sales on this day
____ ____
____ ____
4
/
191 1912
4
.85 1043
4
614 63
66
*61
1638 1612
8
1014 103
*212 3
551_
54
8 214
•13
8
912 97
4 3
*23
8 2
17
4
1
/ 37
3
*313 413
*312 41
10
*9
Industrial & Miscellaneous
_______ ______ A bltibi Power & Paper_No par
100
,-_Preferred
_- ...
____
No par
600 Abraham & Straus
*1818 1812
100
Preferred
4
*85 1043
No par
4
1
/ 20,700 Adams Express
4 6
53
100
66
Preferred
*61
No par
2
163 1612 2,400 Adams Mills
1,700 Address NIultlgr Corn No par
1014 1014
No par
Advance Rumely
*212 3
No par
524 5512 16,800 Air Reduction Inc
100 Air Way Klee Appliance No Par
4
/
•112 11
4
1
/ 8.800 Alaska Juneau Gold Min-10
912 9
No par
400 A P W Paper Co
4
212 23
No par
4
/
112 11 30.500 Allegheny Corp
Pref A with $30 warr____100
4
1
/ 2.900
314 3
Pref A with $40 warr____100
100
4
314 3,
1,400
4
Pref A without warr____100
*3
No par
60 Allegheny Steel Co
9
9
z Ex-dividend. o Es-rights.
8Sept 2;
2
112June 14
10 June I
68 July 1
8May 31
15
22 June 24
12 June I
912July 20
114.1ime 8
1
/
304July 1
',June 6
4Juue 9
73
1 July 27
8Nfay 31
3
'Stay 31
4
11June 3
/
',June II
5 May 27
3 Feb 13
914 Jan Is
245 Aug 29
8
98 Mar 1
912Sept 7
73 Sept 8
304 Mar g
1
/
14 Sept 8
4
/
41 Ain 11
6312Sept 8
312Sept 0
8
165 Jan 21
4 Mar 15
3
4Sept 8
1
/
klifiept 9
8 Sept 8
8 Sept 9
15 Sept 8
2 Dec 1414 Feb
4
/
41 Dec 52 Feb
18 1)ec 39 Aug
06 Der 10611 May
318 Dec 2312 Feb
5012 Dee 92 Apr
2218 Jan 3312 Aug
10
4
/
Oct 231 Feb
8
113 Star
2 Sept
1
/
8
475 Der 1094 Feb
8
103 Feb
114 Dec
4
/
Jan 201 June
7
9 Aug
8
23 Dec
1234 Feb
118 Dee
2 Der 5918 Feb
4
/
11 Dee 59 Feb
1', Dec 5511 Feb
10 Dec 4614 Feb
car FOR
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Oct. 1.
2459
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
Monday
Oct. 3.
Tuesday
Oct. 4.
Wednesday
Oct. 5.
Thursday
Oct. 6.
Friday
Oct. 7.
$ per share
793 813
4
8
•11312 11812
105 1112
8
*9
12
203 21
4
103 103
4
4
*1512 18
*4214 457
8
•13
4 2
*6
63
4
*1414 1512
*75
85
543 5512
4
*122 1243
4
*1112 1214
*253 28
4
*3
5
3612 37
3
*7
7
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell. (Con.).Par
7418 763
755 80
8
79
4 723 77
813
4 7914 82
4
58,800 Allied Chemical & Dye_No par
117 117 *116 11812 11714 11714 *115 11714 *115 11714
Preferred
100
200
10% 1112 1118 12
10
115
8
912 10
9
9 4 10.100 Allis-Chalmers Mfg____No par
3
*9
*9
12
12
*9
11
*9
97
8 *9
Alpha Portland Cement No par
912
*2034 21 1 1 2118 211 1 197 201Y 1912 1912 1812 1912 1,600 Amerada Corp
8
No par
912 1014
*1014 11
4
918 014 *85
103 103
4
8 912 1,200 Amer Agric Chem (Del) No par
17
16
17
15
1612 1612 15
15
133 15
4
2,100 American Bank Note
10
4214 4214 4018 4018 4018 4012 '403 437
*4214 45
Preferred
40
4
50
8
*112 2
*112 2
*112 2
*115 2
112
1 12
330 American Beet Sugar_ _No par
634
63
63
4 *6
4 '6
5
*6
6
512 614
100
7% preferred
70
8
*1418 147 *1414 1612 1312 1414 *1314 133
8 117 1314
1,400 Am Brake Shoe & Fdy _No par
8
8018 8018 80
82
*75
80
80
SO
Preferred
80
100
80
70
8
53
8
553
8 543 5614 503 541 4912 513
4 4814 52 131,100 American Can
25
12212 12212 *12054 1243 12018 12112 122 122
4
12014 12014
Preferred
100
1,400
914 914 1,500 American Car & Fdy___No par
1112 117
8 1114 1112 10
11
10
103
8
277
8 2512 27
8
*2514 277 *27
*2514 28
Preferred
2514 2514
900
100
*314 5
'314 5
*3
5
*314 5
"314 5
American Chain
No par
*35
363
36
4 3412 3412 34
36
34
327 33
No par
8
1,100 American Chicle
7
63
4 712
7
714
7
714
714
6
7
1,200 Amer Colortype Co
No par
2512 26
243 2614 2512 263
4
4 2318 253
. 2212 2312 203 23
16,200 Am Comui'l Alcohol Corp _20
4
*2
3
*2
25
8 *2
3
*2
3
*2
3
2
2
100 Amer Encaustic TIling_No par
*103 12
4
*1114 123
.1112 13
8 1012 1114 *10
1114 10
10
300 Amer European Sec's No par
103 103
8
107
8 1014 11
4 10
85 103
8
4
No par
812 914
60.300 Amer & Forn Power
9
8
*16
•15
17
20
175 183
8
4 16
163
4 1512 1512 133 1512 1,100
4
Preferred
No par
13
4 13
1258 1318 113 13
*1214 133
4
1214 1214 10
No par
1012 1,100
2d preferred
18
*1512 18
•16
*1612 17
1512 1512 1412 15
13
13
500
56 preferred
No par
*45
8 5
*412 47
8 *45
8 47
8 *412 43
4
4
4
412 412
200 Am Hawaiian S S Co
10
412 412 *414 412 *4
412
334 4
334 4
312 33
4 1,50) Amer Hide & Leather_ _No par
•17
18
1758 173
8 1712 18
16
17 •____ 15
Preferred
1512 1512
600
100
397 40% 3912 4011 3918 3958 383 3912 3818 39
8
3818 385
4
8 7,300 Amer Home Products_No par
*93
8 912
93
8 97
8
812 93
8
8
8
814
No par
814 812 28
4,300 American Ice
0
918
858 9
9
9 14
718
734 23,400 Amer Internet Corp
712 8
712 918
No par
*14
%
'14
55
*14
12
*14
Am L France & FoamiteNo par
19
*14
15
414
12
*2
312 •2
312
12
312
312 *2
Preferred
100
312 *2
3
*6'2 11
*10
11
11
11
9
912
812 2,900 American Locomotive__No par
8
8
818 /35
*34
3612 *34
35
*33
35
33
33 '30
100
32
32
•27
Preferred
100
15
1514 145 145
8
8 143 15
4
123 1412 1212. 13
4
4.500 Amer Mach & Fdry Co_No par
1214 13
*214 212 .2
212 *2
218 *2
218
13
4 218 "2
200 Amer Mach & Metals__No par
27
8
65
8 65
8
612 612 "6
612
614 614
512 6
5
5 12 2,400 Amer Metal Co Ltd___No par
*25
26
253 2618 *25
4
100
2534 24
25
*2112 25
23
253
8
200
6% cony preferred
_ Amer Nat Gas pref.--No prof
- 12'S 12 2 -127 - 3- -12 4 - - -i TOis - 3- -101- - -1- -Hi - -1 8 - - - 200 Am Power &LIghtNo par
1
8 11 4
7 13
2 11 2
1 -1- 2 ,
11 4
8
*29
315
8 297 30
8
30
30
35
Preferred
35
No par
3312 35
3312 3312 1,100
*34
40 '31.8 393 *3218 393
4
8 28
29
2414 2518 2358 2514
No par
65 Preferred
1,900
No par
Frei A stamped
95 94
8
3
914 - 164
914 9 4
3814 - -12
9
815 - 4
82
837% - .1- 77.500 Am Rad dr Stand San'y_No par
No pa
American Republics
143 147
8
8 133 143
4
4 143 15
8
1238 15
117 127
8
8 11
123 28.000 American Rolling Mill
25
4
*21
22
*2114 22
"21
2118 *2014 21
24
21
20
2014
1,100 American Safety Razor_No par
*13
4 3
*13
4 3
13
4 13
4 .112 312 *112 312
200 Amer Seating v t c
2
2
No par
'''S
"8
"8
12
12
.38
*1
*5
8
8
12
12
*1
*
12
Amer Ship & Comm- _No par
*133 16
4
*1312 16
*1334 16
*1312 16
*1312 15 "1312 16
Amer Shipbuilding Co_No par
183* 1912 1818 1914
1858 1914 1614 185
s
8 155 1612 1414 163 23,600 Amer Smelting & Refg_No par
4
4412 45
44
443
4 43
43
44
43
42
43
43
43
Preferred
1,700
100
*3612 3712 *3512 37
363 3638 35
8
35
35
35
34
35
900
2d preferred 6% Cum
100
*3114 33
*3114 33
*323 33
*3114 33 '3114 33
8
*3114 33
American Snuff
25
•101 106 *101 106 *101 106 "101 106 *101 106 "101 106
._ _ .
Preferred
100
---- ---- ---- ---- ---- --- ---- ---- -- -- ---- -- -- -- - - ______ Amer Solvents & Chem.A'o par
---- ---- - - - - - ---No par
Preferred
10
10
io iii iii -1614 834 -- -14 --- -8 - 8e ----4 --- - _ - _.- Amer Steel Foundries_ _No par
77
9
73
558 5,800
*6314 64 .66
69
.66
75 '65
66 '65
69
66
75
10
Preferred
100
34
34
'33
3418 *3212 3312
3312 3312 3212 3212 33
3312
700 American Stores
No par
*26
2712 *263 2714 2618 2618 2414 26 '2414 25
8
2412 '4,000 Amer Sugar Refining
23
100
*75
80% *7512 8018 *75
8018 *7614 8018 '76
8018 "75
8018 -- - __
100
Preferred
*812 914 *812 918 *812 914
8
8
350 Am Sumatra TobaccoNo par
*814 9
7
7
4
11214 1133 11114 113
11214 1133 1063 11214 10618 108
4
4
10358 108Ig 163,600 Amer Telep & Teleg
100
*77
7912 *7612 79
7912 73
*77
7612 7112 7312 69
713
4 3.000 American Tobacco
25
81
813
4 80
8112 7914 813
8 743 7912 7318 75
71
4
745g 48,900
25
Common class 13
*115 120
1153 11538 *115 120 *115 120 *115 120 *115 120
8
100
Preferred
100
"103 13
8
13
13
*1038 15
*103 15 '1014 15
8
1014 1014
200 American Type Foundera.B10
23
25 '23
25
25
23
25
1514 2018
25
23
25
230
100
Preferred
253 263
4
4 253 2612 27
8
2712 2312 2612 2312 2412 x2218 2412 10,300 Am Water Wks & Elec_No par
2412 2412 2312 2412 247 25
8
22
2312 2218 23
x2018 2214 3,500
No par
Corn vet tr ctfs
"68
6412 *58
6412 *58
643
8
6412 *58
6412 *58
6412 *58
No par
1st preferred
75
8 73
4
712 73
618 7
658 73
5,700 American Woolen
4
612 714
712 77
4
8
No par
3218 3314 3212 3212 33
331s 29% 3214 283 30
28
4
3014 5,700
100
Preferred
•118
13
4 *Ps
1% •118
15
8 "118
15
13
8
152 *1
4 "1
km Writing Paper ctfs_No pa
*212 3
3
3
*312 612 *3
612 *212 612 *25
10
8 6'2
No par
Preferred exalts
*4
514 *4
43
4 *414 43
4
4
312 33
33
4
4 4
4 2,400 Amer Zinc Lead & Smelt_
*21
2812 "21
257e •21
24
2812 *21
21
21
2812 •2I
100
25
Preferred
123 1318 1218 123
8
4 123 127
8
8 1012 123
8 1058 11
9 8 11
7
95.
400 Anaconda Copper MInlng6O
*9
113
4 *9
113
4 *9
113
4 •8
4 *812 113
113
4 '8
113
4
Anaconda Wire & Cable No par
*12
13
*12
123 *113 1212 1114 115 *1114 113
8
4
8
4 1012 1112 1.000 Anchor Cap
No pa
*53
8 7
"512 7
*512 7
*4
53
8 53
7
8 *418 7
100 Andes Copper Mining _No par
•13I2 14
"1312 14
1318 1212 127
13
"131* 137
13
8 13
8 1,000 Archer Daniels Nflad_No par
"46
467
8 46
46
*42
42
4312 4314 4314 42
46
*42
500 Armour & Co (Del) pref_100
17
s
17
8
Ps 2
134
17
8
17
4
17
3
8
1,
15
2 114 4,700 Armour of Illinois class A___25
8 13
•1
114
1 18
114
1
1
1 18
I
I
118
1 18
1
12.500
25
Class 13
*10
11
10
10
912 912
93
4
6 12 9
87
9
8 9
3,700
Preferred
100
*Ts 314
*212 314 *212 314
212 212
212 212
300 Arnold Constable Corp_No par
212 212
..312 47s *312 47
478 •3
8 *3
8 *318 47
47
47
8
8 *3
A rtloom Corp
No par
2
2
"2
212 212 •2
214 *212 214
2
2
218
900 Associated Apparel Ind_No par
83
4 83
4
9
9
8
7
712 75
812 812
812
8
712 1,600 Assoc Dry Goods
No par
*15
_ •15
_ •15
_ *15
- •15 _
_ •15
_ ______ Associated 011
25
*6 If
'512 Ili
*6 IV
*512 1(i
Atl (1 & W I SS LInes_ _No par
*8
14
"812 14
*6
14
14
"6
812 812 *6
14
100
100
Preferred
163 171 1
8
1612 163
4
163 173
8
8
4
8 155 1712 153 17
145 153 20,000 Atlantic Refining
8
4
25
*1214 1712 13
13
*1214 17
)
*12 4 17 '1214 1712 •l214 1712
100 Atlas Powder
No par
*45
70 '69
70
*6712 6912 6712 6712
68
68
6812 69
50
100
Preferred
*314 312
31 i
312 "3
312 *312 312
700 Atlas Tack Corp
3
3
No par
3
3
5312 5414 5212 553
8 4718 5512 4614 493
8 5418 567
4 4014 4814 52,100 Auburn Automoblle
No par
"111
13
4 *114
138
13
8
8
112 *13
13
8 *13
8
112
13
s
13*
200 Austin Nichols
No par
Autosales Corp
No par
Preferred
50
6
6
6797
8
6
67
8 67
73
8
638
718 125,000 Aviation Corp of Del(The)5
758
812 87
s '8
83
4
858 83
8
812 9
714 712
612
712 3,600 Baldwin Loco Works___No par
2014 2012 20% 22
22
21
22
2014 2012
51
21
21
160
Preferred
100
•803 85
2
'81
85
803 81
8
803 80 8 "80% 85
*803 85
8
8
3
60 Bamberger (13 d; Co pref 100
*112 2
112
15
8 *1
4
112
112
112 •1
*3
*3
4
112
110 Barker Brothers
No par
47
8 5
47
8 5
414 412
43
4 5
37
43
8 478
8 414 14,300 Barnsdal Corp class A
6
*9
10
*8
9
.8
9
8
8
8
8
"7
11
20 Dayuk Cigars Inc
No par
*42
52 '40
54
*40
54
54
45
*20
•20
*40
54
100
1st preferred
163 171 1 167 17
8
4
1518 1514 1412 1514 6.300 Beatrice Creamery
1612 17
1512 1614
50
8018 .70
8714 *70
'70
7918 *70
7918 •70
8018 '70
7918
Preferred
100
*4012 45 '4012 45
*4012 45
45 '37
*40
"4012 45
45
Beech-Nut Packing Co
20
7
7
634 7
612 63
4
6
6
618 614
55
8 6
3,800 Belding Hemlnway Co_No par
4
*583 621s *587 6212 *383 6212 *557 6212 *5912 6212 *Ws 6212
2
4
2
Belgian Nat Rys part pref.14
4
143
4 1418 15
4 133 143
1414
1112 123
12
4 1058 1212 67,400 Bondi% Aviation
No par
143 143
8
4 1414 1458 15
15
4 Ills 13
1212 123
1318 14
6,100 Best & Co
No par
237 2414 2212 233
8
4 2318 24
2014 2318 197 2114 1812 21
8
31,900 Bethlehem Steel Corp_No par
4618 46% 4412 46
4412 453
4 42
40
3612 3712 2,000
433
8 40
100
7% preferred
.67
8
77
8 *67
s 8
.712 8
*612 8
'65
8 77
8 *65
8 77s - . _
131aw-Knox Co
No par
.77 1212 *77 121z *77 1212 *778 12)2 *77 1212 •77 1212
8
8
s
s
8
Bloomingdale Brotbers.No par
5612 5612 *553 60
8
•553
s- - *555 60
8
*555 60 .555 GO
8
8
20
Preferred
•13I2 15
- 1334 14 14 1412 1134 1334 12 1278 11% 13 6,100 Bohn Aluminum & Br._No 100
par
51
51
51
'5014 52 '5014 507 '4814 51
*50
*4814 51
8
200 Boa AnsI class A
No par
*14
12
*14
12
*14
12
*14
12
*14
12
*14
19
Booth Fisheries
No par
.5
8
1
es8
1
52
5•2
*52
1
I
52
•14
52
300
1s1 preferred
100
30
29
2912 30
29% 30
283 293
8
8 2518 2812 28,790 Borden Co (The)
8 275 283
8
25
8
113 1112
11 12 1118 107 1114
8
93 118
8
8
918 93
4
83
4 912 11.700 Borg Warner Cur,
10
•18 1
•12
1
•12
1
*12
1
•12 1
•12 1
Botany Cons Nth is class A- _50
612 65
8
612 135
2
8
514
532 614
614 67
512
472 512 11,100 13riggs N1anufacturing.No par
*2
.6 16
*2
.6 To
-
• 1)111 and asked Kirov: 710 sales on this day
z Ex-dividend. 0 Ex-rights.
PER SHA RE
Range for Year 1932
On basis of 100-share lots.
Lowest
$ Per share
4212June 27
9612 Apr 14
4 June 1
412July 7
12 Jan 25
312June 2
5 May 31
28 June 21
14 Apr 29
1 Apr 29
6I2June 2
40 July 11
2958June 27
9312June 2
318June 2
16 June 30
17 Apr 22
8
18 June 1
2 July 13
11 Nfay 26
1 May 26
23 April
4
2 May 31
5 May 31
23 ay 26
4N1
334June 1
3 May 27
1 May 31
47
8May 3
25 June 1
75 Aug 4
8
2I2June 2
14 Jan 6
1 July 20
35
8July 1
19 July 5
712June 27
1 June 9
112June 1
(swum) 2
1 Jan 4
3 June 2
1514June 30
10 July 6
-3I8June I
14 Apr 29
3 Stay 25
133
8June 27
%June 20
18 Apr 22
10 June 22
518May 31
22 June 21
15 July 5
213
4June 1
90 Jan 11
Is Feb 15
14 Feb 18
3 May 31
34 July 6
20 May 31
13 June 2
45 May 31
23 Apr 29
4
693
41ulY 11
4012June 1
44 June 1
9514June 2
4 June 3
1012July 6
11 May 26
II May 27
26 June 2
8Nlay 25
15
1512 Jan 4
14Nlay 10
2 July 9
114N1ay 25
10 June 1
3 June 30
3 Apr 11
514May 2
8May 31
13
7 Apr 18
24 May 31
38June 2
%June 7
312May 31
I May 3
212 Apr 19
boJune3O
3 May 16
612July
6 June 8
618July 25
85 Feb 9
8
712July 8
45I2June 2
1 Ju1y25
283
4May 16
12 Feb 19
18May 17
7 Mar 30
8
112June 1
2 May 31
8 May 27
62 July 8
12 Apr 9
33
8June 1
4 June 2
35 July 29
1412 Oct 7
70 May 20
2914May 31
23 Jan 4
8
573
8June 1
412N1ay 27
5314June 2
7I4June 28
1614 July 1
353June 1
614June 13
50 Apr 22
47
8June 2
31 June 1
18May 13
'Stay 11
20July 1
33
8May 26
14 Apr 26
27
8June 1
Iltghest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
$ per share $ per share $ per share
88' Sept8
64 Dec 1823 Feb
4
119 Star 11 100 Dec 126 Apr
153
8Sept 8
4
1012 Dec 423 Feb
10 Jan 11
758 Dec 187 Feb
8
223
4Sept 8
1114 Dec 23 Mar
1512Sept 3
4
518 Oct 293 Feb
2212Sept 8
1214 Dec 623 Feb
4
47 Feb 15
35 Dec 6614 Feb
27 Aug 25
8
4
43 Jan
14 Dec
93 Aug 25
4
112 Dec 177 Jan
8
177
8Sept 8
1312 Dec 3, Feb
90 Feb 18
71 Dec 12458 Mar
7378 Mar 8
5818 Dec 1293 Mar
4
129 Star 14 115 Dec 15212 Apr
17 Sept 6
412 Dec 383 Feb
4
50 Aug 24
203 Dec 86 Mar
8
714 Sept 6
5 Dec 433 Feb
4
373
87',lar 8
8
3014 Dec 483 Mar
814Sept 24
5 Oct 2114 Feb
27 Sept 2)
5 Jan 9
238 Dec 16 Mar
1534 Sept 8
73 Dec 3318 Feb
8
15 Sept 6
618 Dec 513 Feb
4
3812 Jan 21
20 Dec 100 Mar
21 14 Aug 29
10 Dec 7912 Feb
33 Jan 18
18 Dec 90 Feb
612 Aug 30
4 Dec 1058 Jan
67 Sept 8
8
1 Sept
8 Mar
27 Sept 7
7 12 Dec 30 Apr
513 Mar 9
8
37
Oct 64 Mar
215
8Nlar 8
1012 Oct 315 Feb
8
12 Sept 8
5 Dec 26 Feb
3 Aug 3D
4
Ds Jan
14 Dec
414 Aug 30
118 'fee 15 July
1514 Aug 29
5 Dec 303 Feb
4
49 Sept 6
2912 Dec 8934 Mar
2214 Jan 14
16
4
Oct 433 Mar
33 Mar 9
4
114 Oct
7 Mar
9,4 Aug 39
47 Dec 233 Feb
8
4
32 Aug 30
14 Dec 8912 Feb
17g Jan 11
I
Oct 397 Jan
,
1714Sept 8
113 Dec 647 Feb
8
8
58 Jan 14
4412 Dec 102 Mar
493 Jan 14
4
35 Dec 85 Apr
1214Sept 9
5 Dec 2112 Mar
4 Feb 19
114 Dec 123 Feb
8
1812SePt 6
8
7% Dec 373 Feb
x2914 Mar 7
1914 Dec 66 Feb
9 Feb
331Sept 12
152 Dec
7g Sept 2
15 Feb
8..
18 Dec
2518 Jan 14
20
Oct 42 Jan
2714Sept 8
1712 Ifec 5812 Feb
85 Jan 29
75 Dec 13812 Mar
55 Feb 19
4
45 Dec 1023 Mar
3112 Aug 29
28
Oct 4214 Mar
106 Sept 13
8
977 Dec 1107 July
8
12 Jan 14
412 Feb
14 Nov
114 Jan 20
% Dec 1112 Feb
1518 Sept 6
5 Dec 3114 Feb
80 Feb 18
68 Dec 113 Feb
363 Mar 3
4
33 Dec 4814 Mar
3914 Jan 13
3412 Oct 60 Mar
90 Aug 27
8412 Dec 10812 Mar
1014 Aug 25
312 Dec Ills Feb
1373 Feb 19 11218 Dec 2013 Feb
8
4
4
863 Mar 9
4
6012 Dec 1283 Apr
893 Mar 8
4
64 Dec 1323 Apr
4
1153 Oct 3
8
96 Dec 132 May
Jan
25 Jan 25
19 Dec 105
70 Jan 8
72 1)ec 11012 Feb
3412 Mar 8
2318 Dec 803 Feb
4
31 Mar 8
213 Dee 803 Feb
4
4
75 Jan 15
6412 Dec 107 Mar
10 Sept 6
8
23 Dec 117 Jan
8
3978Sept 8
1514 Dec 40 July
Jan
214 Aug 29
4
12 Dec
8 Aug 29
214 Dec 18 Feb
83 Feb
67
4
212 Dec
8Sept 6
35 Aug 30
1912 Dec 4518 Aug
1938Sept 8
914 Dec 9314 Feb
15 Sept 8
6 Dec 2614 Mar
1712Nlar 2
13 Sept 36 Feb
9 Sept 9
4 Dec 1912 Feb
1512Sept 3
8 May
18
Feb
61 Aug 29
Oct 72 Jan
20
214Sept 9
418 Jan
3 Dec
4
2 Sept 12
27 Jan
8
12
157s Aug 29
518 Dec 47
Jan
358 Aug 29
15 Dec
8
9 JulY
534Sept 24
4
Oct 1012 Feb
3 Aug 29
8
114 Dec 287 Feb
11 Sept 8
53 Dec 2958 Mar
4
1612 Aug 11
83 Dec 31
4
Feb
1214 Aug 1
Jan
, 10 Dec 39
4
143 Jan 22
15 Dec 5312 Jan
2178Sep1 8
8
85 Dec 235 Feb
8
2512 Feb 2
Feb
18 Dec 54
7912 Jan 13
8
7714 Dec 997 Jan
37 Aug 10
8
312 Jan
1 12 Dec
4
1513 Jan 14
8412 Oct 29512 Apr
178Sep1 9
214 Mar
12 Sept
212 July
7 Jan 8
8
12 Dec
2 Jan 11
1
Dec1
5 Feb
73 Oct 6
8
618 Mar
2 Dec
12 Aug 29
45 Dec 277 Mar
8
8
3712 Aug 29
15 Dec 10412 Mar
99 Feb 25
85 Dec 107 Feb
312 Aug 24
Jan
13 Oct 10
4
7 Sept 8
4 Dec 1412 Feb
13 Feb 1
Jan
14 Dec 33
59 Jan 7
60 Dec 90 Mar
4312 Jan 14
37 Dec 81 Mar
95 Jan 18
90 Dec III Mar
45 Aug 27
3712 Oct 62 Apr
618 Aug
83
4Sept 8
13 June
4
6212July 8
047 Dec 803 Jan
8
4
183 Jan 14
125 Oct 2512 Feb
4
8
247 Feb 19
8
193 Dec 4614 Mar
4
3 Feb
295
8Sept 6
1714 Dec 70
74 Jan 9
60 Dccl 12372 Mar
10 Aug 11
8 Dec1 29 Feb
14 Feb 15
Oct 21 Nov
15
Jan
61 Jan 6
75 Dec 95
2214 Jan 14 z1512 Dec 63 Aug
54 Sept 8
Oct z6614 Apr
49
3 Feb
1 Aug 23
14 Dec
1 14 Jan 5
112 Dec 1714 Feb
43% Mar 9
351e Dec 7612 Mar
1414Sept 8
4
9 Dec 303 Feb
4
33 July
1 14 Sept 7
58 Dec
4
712 Dec 223 Nlar
1134 Mar 5
Oct
New York Stock Record-Continued-Page 3
2460
ar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Oct. 1.
Monday
Oct. 3.
Tuesday
Oct. 4.
Wednesday
Oct. 5.
Thursday
Oct. 6.
Friday
Oct. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1032
-share lots.
On basis of 100
PER SHARE
Range for Previous
Year 1931.
Lowest
Lowest
Highest
Highest
Shares Indus. & Miscell. (Con.) Par $ per share $ per share S per share $ per share
100 Briggs & Stratton
8 Sept 2412 Mar
No par
4 May 26 1012 Jan 14
14 July 1
Brockway Mot Tnick__No par
3 Dec
8
5% Mar
118 Aug 10
57 Jan 9
212 Oct 26 Feb
100
112 Apr 22
7% Preferred
--- - -- - - - -iiis -r;i14 -793 - 934 *75 -sci 200 Brooklyn Union Gas-__No par 46 June 2 8912 Mar 8
-- - - •§5- - -3 - *go
ii
87218 Dec 1293 Mar
gi 8
*82
.
4 7- 200 Brown Shoe Co
*30
323 Jan 4512 July
,
31
4
3312 3214 32 4 830
31
*30
31
31
*31
*30
No par 23 July 9 36 Feb 15
Bruns-Balke-Collender_No par
*23
218 Dec 15 Feb
4 312 •23
412Sept 6
4 312 .23
4 313
4 31 2 *23
11s July 8
4 3 2 *254 312 *23
,
8
1,500 Bucyrus-Erie Co
5
.412 5
314 Dec 207 Feb
5
5
5
*5
714 Sept 8
512
10
112June 2
48 5% *512 37
Preferred
6
4% Dec 34% Feb
67
1018Sept 9
558 6
*714 812 *714 312
512 512 1.800
7
5
714
212May 31
7% preferred
65
*40
*40
65
*40
65
65
040
65
*40
65
*40
75 Dec 114 Apr
100 35 June 16 80 Sept 7
15
55 Feb
212 2%
112 Dec
25
8 3
4
212 23
No par
214 5,900 Budd (E 0) Mfg
214
12 Apr 9
212
23
23
4
318Sept 22
33
33
*314
8 *33
No par
318
8 33
8
3
2% Dec 13 Feb
314
23
4
%May 26
23
4
212 24 4,200 Budd Wheel
412 Jan 14
100 Bulova Watch
No par
118 Apr 11
8214 31j *214 314
314 1)ec 15% Jan
2
5214 314 •214 314 *214 3
2
312 Jan 25
35 Dec 23 Feb
No par
418 1,706 Bullard Co
53
218May 28
4
518 518 *5
43
4 5
.512 6
4
412 412
8 Sept 7
93
4 93
4
914 93
614June 1
10 Oct 3214 Feb
131 4 Aug 2c
*93 10'4 *93 1014
814 918 7.000 Burroughs Add Mach No par
4
9
9 14
4
75
512 614 1,400 Bush Term
No par
7
718
63
4 7
614 612
312June 23 213 Mar 9
7la
Feb
1518 Dec 31
*718 7%
4
Debenture
170
*1718 207
16
163 17
100
4
15
15
15
*1313 18
8 1612 17
Jan
40 Dec 104
714July 14 65 Mar 9
100 Bush Term Bldgs gu pref_ _100 1211 July12 85 Jan 7
*40
42
4212 4212 4212 4012 4312 42
43
44
.40
47
85 Dec 113 Mar
81 18
100 Butte & Superior Miniu, _10
118
118
13 Feb
12July 5
4
114
1 12 •1,
3 May
4
17
112 *Ds
41
8Sept 8
1 12 *118
112 *1 18
12 Apr 5
*114
1
114
118 2,200 Butte Copper& ZI, _ _ .__5
118 118
234 July
114
13
8 •114
Dec
118 *114
13
8
1
2 Sept 1
•312 5
*312 5
100 Butterick Co
A, ,
*312 5
ar
*312 5
*312 4
13
8June 10
3 Dec 2018 Feb
312 312
57
8Sept 8
No par
8
7 May 16 245
19
143 163 16,800 Byers Co (A MI
1912 18% 1918 187 193
8
4
4 1612 19,
1078 Dec 693 Feb
4 157 17
8Sept 8
4
Preferred
100 3514May 23 CO Sept 6
.6512 68
*6512 68
*6512 68
*6512 68
86512 68
68
Oct1067 Feb
96512 68
8
114June 1
•1212 1312 13
1312 1312 133
1118 1218 2,000 California Packing____No par
19 Sept 8
4 1212 1414 12
13
8 Dec 53 Feb
.500 Callahan Zino-Lead
10
%June 17
8
118Sept 10
5
8
h Oct
5
3
4
5
8
*5
8
3
4
%
31
*53
5
8
5
8
34
118 Mar
Calumet & Arizona MtnIng_20
_
_
z2I
Oct43 8 Star
3
5% 512
518 518
112May 27
5,900 Calumet & IIecla Cons Cop_25
33
4 4
5
77
58
,
813ept 8
3% 412
412 5
3 Dec 113 Feb
100 Campbell W & C Fdy__No par
212June 1
91.1 Aug 29
*514 6
*514 6,
514 514 *412 5
4 *514 614
*412 53
4
53 Dec 1618 Mar
4
6 June 2 15 Sept 9
1112 112
1012 1112 11
918 1014 11,800 Canada Dry Ginger Ale No par
103 Dec 45 June
11
10, 1112 1018 1012
s
No par
1018June 2 23345ept 6
•173 2112 *19
4
700 Cannon Mills
20
1912 19%
20
20
20
20
197 20
8
17
Jan 25 Mar
218 Apr 8
1,000 Capital Adminis cl A
No par
*612 718 *612 712
912Sept 8
4% Dec 16 Feb
63
4 63
6,
4
614 612 *6
4
613 612
60 19 June 16 32 Aug 2r,
400
•20
*22
Preferred A
3312 *20
26
3312 *20
3312 *20
22
24 Dec 36% Feb
3312 22
100 163
4June 9 653
4612 5538 4314 473
4Sept 3
4 4112 4612 258,500 Case (J I) Co
5312 5514 5214 553
5414 57
3314 Oct 13112 Feb
26
Preferred certificates_
100 30 May 17 75 Jan 12
65 65
61
.60
*56
*6014 6712 •6014 65
65
70
60
53 Sept 116 Mar
No par
43
8June 2 15 J51,18
8.800 Caterpillar Tractor
•103 1012 1012 1012 1012 11
8
1014 Dec 5212 Feb
83
4 9
,
94 94
,
93 1012
4
112 Jan 7
IncNo par
_
Cavanagh-Dobbs
4 Feb 11
4 Feb
12 Dec
_ _
_ __ _ _ _ _ _ _
_ _ __
100
_ _ __
Preferred
718 Jan 12 223 Feb 11
53 Dec 26 Mar
8
3.100 Celanese Corp of Am__No par
1238Sept 6
114June 21
•§C4 14
218 Dec 16 Feb
(4 3
, 7
378 - - 8
'% - -,8
77
7'
8
- -,2
7
.8
718 - 7 Aug 10
8
No par
300 Celotex Corp
*1
2
114
*112 2
218 Dec 1438 Mar
114
3 8 Jan 18
,
13
4
1 12 •114
112 112
112
100
Certificates
8 Aug It
4
No par
.18
214 Feb 29
1
15a Dec 133 Mar
*3
4 1 14
05
8
*3
4
1
*3
4 1
31
4
3
4
118
100
1114June 17
*2
*2
Preferred
5
712 Mar 15
5
*2
5
5
*2
.2
5
*2
5
4
718 Der 373 Mar
8June 2 2012Sept 8
73
800 Central Aguirre Asso_ _No par
1/
17
•1718 19
*1718 19
11
*1712 1812 1712 1712 1718 18
1)ec 255 July
45
23
8June 2
614 Jan 9
1,000 Century Ribbon Mills_No par
212 Jan
4% 418
418 4%
4
33
4
4 33
4 *334
37
8 4
814 Sept
Preferred
100 60 July 11 85 Jan 23
10
66
66
75
50 May 90 Sept
*66
.66
75
*66
75
866
75
75
*66
97 Sept3018 Feb
97
312June 2 1512Sept 8
712 818 7,200 Cerro de Pasco Copper_No par
818 812
93
8 93
814 912
918 912
978
33 Feb 17
1 May 26
700 Certain-Teed Products_No par
2
212
.212 218 *212 218
214 Jut
2
212 212 .2
212 21,
714 Mar
1 5 Aug 23
,
8
8 Slay 24
100
7% preferred
100
13
13
11
*8
13
.8
*8
Jut
13 - *8
35 Aug
10
10
10
*8
1118July 12 2812 Feb 10
No par
8
2511 De
1214 115 117 *113 1212 1.000 City Ice & Fuel
4
8
123 1212 *1214 127
8 12
8
.1212 13
37% Feb
60
100 50 July 8 88 Jan 5
Preferred
8
6312 Dec95 Apr
533 533 *523 55
4
54
54
54% 5418 *533 55
.547 85
900 Checker Cab Mfg Corp.---5
26
16, Aug l'l 3018Sept 9
2
28
26
2612 *25
8 27
29
29
2812 2812 287 287
12,500 Chesapeake Corp __No par
47
8June 28 220%Sept 8
123 14
137g Dec 54 18 Feb
1312 1512 1314 14
1618 1612 1514 1612 15% 1618
37
I Slay 25
7,700 Chicago Pueumat Tool.No par
5% 512
634 Jan 22
514 518
318
514 512
318 Oct 1518 Feb
518
33g 414
418
9
212June 17 12 1 1Sept 9
1,900
Cony preferred
8
0% Dec 35 Feb
No par
8% 912 *812 9
918 97
*93 10
8
.93 10
612July 15 14 Mar 12
90 Chicago Yellow Cab_ _ _No par
•1018 103
8 Sept 23
,
4 10% 103 .1018 10 4 *10% 10 4 1018 101s 10% 10%
3
Jan
4
406 Chickasha Cotton 011
10
5 June 10 1212Sept 7
93 10
11
4
*10
11
1014
*10
11
10
8 Dec 123 Mar
*10
1014 *10
4
8 Sept 10
112June 23
5
500 Childs Co
5
512 512
512 512
No par
6
4 53
*53
4
518 Dec 333 Feb
4 68
6
53
4
8
5 June 2 21%Sept 8
157
8 1318 183 321.700 Chrysler Corp
No par
1814 15
8 173 183
8
1818 187
4 1718 184 15
113 Oct 253 Mar
1.000 City Stores
218 Jan 14
1
1
1
14July 5
1
1
118
1
I
1
118
1
1
14 Dec
No par
418 Feb
83 Jan 7
360 Clark Equipment
4
314July 12
7
No par
7
7
*7
7
*7
8
*7
8
.7
812 1)ec 227 Mar
8
8
8
1713
10 Apr 14 22 Mar 5
1712 *123 1712 *124 1712 .13
*123 1712 *13
Cluett Peabody & Co No par
4
1712 *13
15 Dec 3418 Feb
090 100
100 90 June I 96 Feb 15
•90 100
*90 100
*90 100
*90 100
.90 100
92 Dec 105 July
Preferred
9412 9218 9478 7.000 Coca-Cola Co (The)_N0 par 7428July 11 120 Mar 8
9412 9612 94
9712 Oct 170 Feb
975 973
8
8 9612 9712 9712 98
8July 9 50 Mar 22
No par 415
47
1,500
48
4612 4714 47
47
Class A
48
*47
47
453 Dec 5312 June
8
477 478 •47
8
14
1412 3,700 Colgate-Palmolive-Peet No par
11 June 30 3112 Mar 9
•1512 16
1512 1512 1512 1512 113 1513 1418 15
24 Dec 5012 Mar
4
08612 89 .8612 9018 8612 87
86
600
100 85 Juno 1 05 Mar 11
*85
6% preferred
95
86
87
*87
797 Dec 10418 Sent
8
53
23
4May 31
10% Mar 7
6
5.100 Collins & Alkman
612 Dec 1712 June
5
No par
7
43
*8% 712
7
514
612 618
618
Non-voting preferred..,.100 55 June 9 80 Mar 17
.5214 7018 *5214 7018 *52% 7018 .52 4 7018 .5214 7018 .5214 70's
88 Dec 95 Aug
,
713 June 1012 Nov
680 Colonial Beacon 011 Co_No par
9 Jan 11 12 Aug 19
*9
*9
12
1112 111
12
12
.9
*9
12
*9
12
147
88ept 3
27 July I
712 2,900 Colorado Fuel & Iron_ -No par
•10
612 Dec
101 .10
1012 10
7
77
10
8 814
812 918
1912 June
13,600 Columbian Carbon v to No par
1312Slay 31 417 Mar 9
32 Dec 11118 Feb
345 343
8
32, 34
8
33
29% 3012 2714 30
3434 2934 34
414June 2 '21 Sept 8
115 Dec 4518 Mar
1714 147 153
8
15
17
17% 1612 1718
8 13% 15% 84,200 Columbia Gas & Eleo__No par
163 173
8
300
100 40 Apr 8 797 Aug 30
7218 Dec 10912 Mat
Preferred series A
75% *73
7512 73
7612 7312 7312
75% *73
*72
74
*72
512 512
57
5
5 12 2,300 Commercial Credlt_-__No par
3%June 2 11 Mar 5
8 Sept 2314 Feb
6
6
*55
8 6
512 8
8
4July 19 28 Sept 2
8
50 113
800
1918 Dec 357 Fell
247 25
Class A
25
25
*2312 247 *2312 243
25
25
*2312 26
25
1012June 14 21 Sod 3
2012 019
2012 *19
20
15 Oct 2412 July
Preferred 13
2012 *19
*19
2012
*19
.19
21
50
72
7212 7212 *72
52 Dec 92 Sept
634% first preferred--100 40 June 7 73 Aug 25
8
73
73
7214 72
.72
.72
727 *72
107
3.200 Comm Invest Trust___No par
8June 2 277 Mar 3
2012 21
8
1512 Sept 34 Mar
223 227
8 2212 23
22
2012 21
223
4 21
23
5512June 2 81 Sept 6
60 Dec 90 Jan
Cony preferred
No Par
7912
*76
8012 *76
79
*76
8018 *76
79
*78
8112 *76
90
09612 101
100 88 June 3 99 Sept 30
9618
614% 1st preferred
96
94 Dec 106 Aug
96
•96
9614 9614 .96
98
*96
99
312Slay 28 133
4Sept 8
914 1012 39.600 Commercial Solvents__No par
8
65 Dec 2112 Feb
8
93 1012
4
93 1118
II% 1112 117
4
113 113
4 11
1%June 2
3 Dec
5% Aug 2,1
3% 312 46,50J Commonwith & Sou__ _No par
312 318
38
12 Feb
33
312 37
378
33
4 4
33
857
8June 2 6812 Mar 11
457 4718 2,600
53
$6 preferred series_ _No par 273
46 Dec 1003 Mar
5612 5312 5312 48
57,
4 55
573
4 57
8
5 May 25 12 Sept 8
Conde Nast Publictens_No par
10 Dee 3414 Feb
•614 1312
0614 131
*614 10
*614 1312 *614 1318 .614 10
93 10
612June 2 121 1Sept 7
912 6.206 Congoleum-Nalrn Ino_No par
9
•1012 103
67 Jan
8
1014
10 8 1012 10% 1012 10
,
1434 Aug
No par
4 Slay 28 11 Sept 8
100 Congress Cigar
634 Dec 3034 Mar
912
9
*8
7
*818 9% *6
*618 93 *618 912
7
100 Consolidated Clgar___ _No par
4 4 Aug 13 2412 Jan 8
,
20 Sept 3734 June
*9
10
*712 93
*712 0
*712 93
913 918 *713 9
100 17 June 2 60 Mar 7
50
•42
039
42 13ec 73 Mar
Prior preferred
48
•42
50
48
50 .39
*42
48
*40
35
1
1 June 1
312 312 4,700 Consol Film Indus
518 Jan 11
334June 15 Feb
3
3
33
8
3% 418
312 4
414
33*
73
73 Oct 18% Feb
113 Mar 7
4
4June 14
No par
23
4 7,800
Preferred
8 4 83
,
8
8% 9%
1014
8% 9
9
918 11)
615* 60
4
8
61
62
5714 Dec 10918 Mar
6014 62% 5712 61-4 5718 5918 5514 585 68,100 Consolidated Gas Co. No par 3112June 2 683 Mar 8
954
9612 9612 1,900
No par 7212June 2 941 i Sept 2!
97
956
97
88 Dec r107 July
Preferred
9812 9714 96
98
96
97
55
4
4 1,506 Consol Laundries Corp_No par
43 Aug 13 107 Jan 13
8
.512 53
534 53
6
6
812 Dec 157 Mar
6
.512 53
6
6
8
4 June 1
9 Aug 11
64 6%
6% 634
No par
418 Dec 1578 Eel
818 612 54,600 Consol Oil Corp
653 67
8
618 6 4
,
614 912
300
100 79 Feb 6 101 Sept 8
95
961, 96
95
*95
95
97
*95
90
096
04 Dec 103 Mat
95
8% preferred
96
•7
8
1
7
8
I
7
8
1
I% Aug 3(1
14Mar 22
7
8 4,300 Consolidated Textile_ _ _No par
3
4
7
8
184 M at
7
8
7
8
7
8
14 Jan
•13
8June 18
212 Feb 19
13
4 .13
3
8
In
•112
_20
15
8 *13
Container Corp class A
15
8 *138
7 Dee
8
1% *112 15*
812 Jan
8
*5.,
012
h
*5
8
h
18
3
5
3
4
812
•13
h
14Sfay 4
100
No par
1 18 Jan 18
Class 13
14 1)8C
3
Jan
43
8 Sept 7
85fay 31
8 1,800 Continental Bak class A No par
27
6
6
6
5
43
6
412 Dee 30 Feb
418 47
512
55
8
53s
7
8
%
7
8
7
8
7
8
12 Apr 7
17
78 3.400
1
1
1
1
8Sept 9
1
Class 13
12 Dec
1
No par
38* Feb
3 Mar 5
7 40
40
4018 411 *4014 42
1.000
40
40
40
100 247 June 2 47
40
40 Sept 7712 Fet
40
*39
Preferred
32% 13,400 Continental Can Ins._ No par
8June 27 41 Mar 8
3412 35
175
3312 347
30, 14er 6234 Max
8 3313 343
4
3
214 345
8 3112 3212 30
43
45
43
45
45
*5
51
5
5
3 Apr 6
1.100 Cont'l Diamond Fibre_No par
8
812Sept 7
4%
312 Dec 167 Feb
418 45
8
63
45tay 25 3514 Aug 23
1714 1714 17
1612 5.600 Continental Insurance _2.50
17% 1712 1712 16% 1818
8 16
1818 Dec 5178 Fat
1618 163
18/slay 27
27
1
8 27
23
33 Sept 24
4 27
8
8
2 4 27
3
212 27
8
23
8 25 12,700 Continental Motors._ _No par
8
212 218
41n Feb
• Dec
93
614 6 8
,
8Sept 6
8
4
354iJune 2
6% 65
618 6'3
5 June 12 let
53* 53 25,300 Continental 011 of Del_No par
5% 6
5 8 6%
7
%June 15
Continental Shares___No par
---- ---- ---- ---- ---- ---- ---3 Jan 13
4
_ ___ ____
14 Dee 12
Eel
4July 6 5538Sept 2 i
54
4
54, z513 54
4
443 4012 27,900 Corn Products Refining___25 243
52
5514 47% 53
49
3614 Oct 865 Feb
47
8
•126 132 .12414 132 *12414 132 .12414 13112 *1241 4 132 *12414 132
100 0912June 2 135 Sept 21 118 !let 15212 Aril
Preferred
513
412 47
51
No par
5
73
43
8Sept 0
4 5.800 Coty Ins
4
112May 31
5%
4 12
518
*5
4
27 Dee 18 Eel
24
235 2414 23
2612 25
5,300 Cream of Wheat Ws_ No par
253
8 2312 245* 24
1312June 27 '2612 Oct 4
237 237
8
20 Sept 3412 Mai
Crag Carpet
100
1014 Jan 6 204 Aug 24
1014 Nov
195 Apt
8
200 Crosley Radio Corp__ __No par
71 4Sept 9
214Slay 3
-.
4
*11,4 - 4 .414 5
3
*i14 i
43
4 -4
4 6
5:1T4 -.
218 Dec
8% Fe!
12
11
1112 1112 12
3,900 Crown Cork & Seal_ __No par 277 .1ay 31
811
103 11
4
15% Mar 5
1114 1114 1114 1112 12
4
138 Der 3814 Eel
*158
2
*112 2
3 Aug 29
12June 9
200 Crown Zellerbach v t c_No par
.158 2
*112 2
.15
178
8 2
2
118 Dec
67 Jal
8
*13
188 *13
*13
19
6 May 31 23 4 Jan 14
Crucible Steel of Arne:1041_100
18% *13
19
,
•13
15
.11
141 2
20 De( 63 let
32
317 317 .30
8
32
90
30
30
100
8
15 June 29 497 Jan 14
Preferred
2814 315
*30
3012 3012
367 Dec 106
8
Jar
2
.2
23
8
2
2
2
31213ept 6
212
1,000 Cuba Co (The)
12June 6
.2
4
17
8 *112 13
No par
57 Jar
% Dee
15*
Cuba Cane Products_ _ No par
18 Apr 19
_ ____
12 Jan 15
14 Dec
21, Jar
37 Aug 31
218 218
38May 25
2
2 18
2
218
2.000 Cuban-American Sugar__ _ 10
218
. '.218 214
.2,
17
8 21
De,„
53 Mat
4
I
100
20 .10
20 .11
20
Preferred
20 - *10
*5
20
•16
*6
20
3's/day 20 26 Aug 31
35
Jar
6 Dec
.
_ _ __ _
___ ____
__ ____
_ ____
_ _ ____
__ ____ _ . Cuban-Domln Sugar___No Par
la July
Ill Jar
3
0 229 - - .2812 - i9
30 - 500 Cudahy Packing
30
50 20 Slay 26 3512 Mar -13 229
29
2812 1812
iiii-2 -31112 *2938 Oct 487 Mal
•1712 1812 17
173 .1712 178
4
1638 18
*1612 17
*1612 17
1.100 Curtis Pub Co (The)___No Par
9 31 Jan 15
7 JUne 2
20 Dec 100
ER
71
140
68
066
68
66
68
66
.66
*66
71
Preferred
No par 47 June I 86 Jan 14
89
66
70 Doc 1185* Mal
214 49,300 Curtiss-Wright
I
218 212
2
7
212
212 23
2
212 25*
31 4Sept 22
8
57 Fat
212 23
8/slay 5
1
De(
33
35
37
318
3%
318 6,900
37
8
33
4 4
1
3
1 12 Mar 28
3
Class A
37
8
4% Sept 6
1% Dec
814 Mal
.613 7
7
7
8
812 612
.7
8
3
200 Cutler-Hammer Ino___No par
4 *7
103
's/day 28 12 Sept 6
Jar
*6
7 1)ec 41
43
5
582
512 512
5
5 14
518
I May 26
No par
4 5,600 Davison Chemical
412 43
43
4
9,4Sept 6
Eel
314 Dec 23
I June 30
.13
s 3
.13
4 2
.154 3
Debenharn Securities
*112 3
.214 3
*DI 3
13
4May 25
15 Sept 1212 Jar
8
1014 *0
1,000 Deere k CO pref
1012 1012 1012 10
9
20
9
10
614June 29 1514 Jan 15
10
10
Jar
8
10
135 Dec 22
.85
90
85
87
85, .79
4
7912 8212 1,000 Detroit Edison
100 54 July 8 122 Jan 14 1101, Dee 195 Eel
87
83
90
*87
14% 1478
147s 147
1512 1512 147 147
7 Stay 20
500 Devoe & Reynolds A...No par
16
*14
16 Sept 8
18
19, Fel
8
812 Dec
•14
12 Apr 9 1918Sept 6
par
1814
3,200 Diamond Match
1814 18,
4 1818 1814 1814 1881
,
No
18% 1812 18 4
18% 181s
1038 Der 23 Ma,
500
8
2538 .2512 2518
participating preferred___25 2012M5y 13 20 Sept 23
1912 Dee 2812 Aur
.25
2538 *2512 253 .2512 2558 2512 2512 .25
$ per share $ per share $ per share $ per share $ per share 8 per share
9
*8
8
9
.8
8
.8
9
*712 9
*7'2 9
-
111,1 and aslozoi Drives. no *ateq nn eta 1135'
r Px-rilvidond
agr FOR SALES
New York Stock Record-Continued-Page 4
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Oct. 1.
Monday
Oct. 3.
2461
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
Tuesday
Oct. 4.
Wednesday
Oct. 5.
Thursday
Oct. 6.
Friday
Oct. 7.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share lots.
Lowest
Highest
PER SHARE
Range for Precious
Year 1931.
Lowest
Highest
g per share $ per share S per share $ per share 5 Per share $ Per share Shares Indus. & Miscell. (Con.) Par 3 per share $ per share a per share 8 per share
8 11
8
1114 1112 113 1112 1138 1113 1114 113
1118 1012 11
3,800 Dome Mines Ltd
No par
712 Jan 4 1214Sept 16
059 Oct 21312 Mat
1514 1512 1512 1512 1,100 Dominion Stores Ltd. No par
16
1512 16
16
16
16
*1512 16
1114June 2 1812Sept 2
11
Oct 24 Apr
1013 1578 1114 1314
1638 1538 1638
15
154 15
111 4 133 44,600 Douglas Aircraft Co Inc No par
8
5 June 2 183
8Sept 21
77 Dec 2114 June
8
383
8 3618 373
3812 39% 37
8 3514 363 38,300 Drug Inc
373 39
4
373 39
4
4
No par 23 May 31 57 Feb 13
423 Oct 783 Mal
4
0214 3
*214 3
*214
3
*214 3
.214 3
214
214
100 Dunhill International .No par
3
4July 25
312Sept (
112 1)ec
814 Mat
*1212 15
*1212 15
*1212 15
*1212 15
•1213 15
*1212 15
___. _ Duplan Silk
No par
512June 1
15 Sept 23
10 Sept 1434 Feb
97
9712 9713
4 97
1,,00 Duquesne Light lot pref __ _100 87 May 31 9818Sept 23
9714 973
*973 98
*97
4
98
*975 98
923 Dec 10712 Aug
4
5
4
4
1138 5
412 412 *4
*35
8 5
200 Eastern Rolling MIlls No par
*312 5
1 June 1
612Sept 9
2% Dec 1314 Slat
56
5114 5418 5114 52
5514 54
5414 54% 54
493 5212 19,803 Eastman Kodak (N J)_No par 3514Jay 8 874 Jan 14
4
77 Dec 185% Fel
•120 124 *120 124 *11212 123 *11212 122 *11212 122 *11212 122
6% cum preferred
100 99 Jan 22 11912 Feb 18 103 Dec 135 SeP1
*718 3
*71s 73
618 3,600 .Eaton Mfg Co
4
6
63
2
6
6% 7
718 7%
No par
3 Jaue 27
9 8Sept 7
7
8
53 Dec 217 Mai
8
4314 3612 4159 3512 373
4214 433
4
4 3414 373 191,900 El du Pont de Nemours__ __20 22 July 19 593 Feb 19
4 403 4314 41
4
50 Dec 107 Mai
103 103 *103 104 0103 104
103 103
10312 10312 *10212 104
500
6% non-voting deb
4June 2 10518 Aug 2.'w
100 803
4
94 Dec 1243 MIII
07
1
%
7
8
7
8
78
1
1
1
1
1
1
1,600 Eitin,gon Schild
'*June 17
12 Dec 1118 Yet
No par
218 Sept 12
*73
4 94 *73
4 933 *73
4 93
4 *73
93
4 *73
4 812 *73
214May 9 1212 Jan 6
100
63Z% cony 1st pref
4 812
712 Dee 69 Fet
2038 215
183 21
4
1814 1912 1712 193 34.600 Elec Auto-Lite (The)._No par
2159 22
2059 215
8
812June 1 323
4Mar 7
20 Oct743 Mai
8
*3114 83
*8114 88
*8114 88
*8114 88
*81 14 88
*8114 88
Preferred
100 61 June 1 10014 Feb 16
94 Dec 110 Jar
114
114
114
112 .114
114
114
*114
112
114
118
3
114 2,800 Electric Boat
12June 22
2% Jan 6
412 Jul3
3 Dec
4
22
212 212
23
8
218 23
23
8 259
8
2%
17
1% 2
15,100 Elec & Mus Ind Am sharel _
7
212 get i
8June 30
4 Jan 8
978 Jul3
1112 1134 11
117
2 1114 113
912 1159
912 1018
8% 97 44,100 Electra, Power & Light No par'
23 July1
4
16 Sept 8
9 Dccl 60% Fel
35
35
32
3434 30
35
35
*35
36
3012 2612 31
Preferred
1,400
No par 1O4 July 9 64 Jan 14
41 DecI 10818 Mal
303
8 30
30
283 2914 2712 2712 27
3012 3012 30
27
1,700
No par
86 preferred
87 July8 5512 Jan 14
*
32 Dccl 9814 Mal
•26
4
27
4 243 25
26
4
26
207 2214 2212 2212 1.700 Elec Storage Battery .No par 125
253 253
8
8June 2 3314 Mar 7
23 Dccl 66 Mal
"8
12
"8
12
"8
12
18 Jan 13
"8
12
"8
Elk Horn Coal Corp _No par
12
*3
8
72
% Aug 31
18 Dec
114 Fel
....No par
Emerson-Brant cl A.
-- - - 14 Dec
2% Mal
*3212 3412 3214
31
32
2812 3012 *2812 35 - - 1,700 Endicott-Johnson Corp_50 16 July 7 371 1 Sept 8
8
2312 1)ecl 453 Sepl
__ *10114
.*10114 _ .*10114
*10114
.*10114
Preferred
- *10114 --- ___
100 98 May 31 10714 Mar 17 x983 Dec 115 Aul
8
_1213 *11
--- .11
1212
•11
1212 1218 1-218 11
4 June 2 25 Feb 16
11
10 10
400 Engineers Public Serv__No par
15 Dccl 49 Mal
44
.38
45
•38
*33
43
*38
39
39
3812 90
39
300
35 cony preferred_ ___No par 16 July 6 51 Feb 23
Jar
42 Dccl 87
040
40 4 40 40
3
4112 40
90 .40
40
40
4012 4012
18 July 7 57 Mar 16
GOO
5555 preferred __No par
42 1)ecl 91 Mal
*1612 16% 1612 1612 16
15
1512 .15
16
16
15
15
12 June 27 19 Jan 4
1,100 Equitable Office Bldg__No par
1318 OctI 3559 Jar
*412 5
*412 5
*412 5
*412 5
*412 5
2 June 9
Eureka Vacuum Clean_No par
*412 5
714 Mar 29
314 l)ecl 123 Mal
4
*134
5
17
8 .11
4
17
159 lg *114
13
13
4
13
4
12may 26
112 112
219Sept 9
300 Evans Products Co
1 Dec
859 Fe/
•10
103
4 10
10
*10
103 *10
4
1034 *10
103 *10
4
93 Jan 30 113 Jan 11
4
104
50 Exchange Buffet Corp_No par
4
Jar
10 1)eel 25
*I
13
8 *1
1% *1
*1
I
1
159
25
1 Sept 9
178
159
134Sept 13
100 Fairbanks Co
*3
8
12 Sept1
3 Mal
*214 5
*214 5
*214
5
*214 5
*214 5
1 June 30
*214 5
100
Preferred
4 Aug 11
2 J)ecl 13 Juin
*4
5
*4
5
*4
5
*4
5
*4
412 *4
5
2°4 July22
618 Aug 29
Faribanks Morse & Co_No pa
312 Dec 2938 Mal
21
21
*1712 20
20
20
*1712 20
1712 1712 •17
20
4
31)
100 15 July 26 473 Mar 8
Preferred
40 Dccl 109% Fe/
*7
8
112
*7
8
112
7
8
*1
7
8
118
*58
1
1
113
12June 13
203 Fashion Park Assoc_ ___No par
Dec
612 Fel
178Sept 10
1
•12% 14% *1159 1412 *115 1412 115 115 *1012 1412 *1012 1412
8
8
8
Apr 20 22 Jan 25 x1512 Dccl 497 Fe/
Federal Light & Tree
918
15
100
*48
55 .48
55
*48
55
*48
55
*48
55
*48
55
No par 30 June 16 64 Mar 11
Preferred
48 1)enl 92 Ma
*23
8 27
8 *23
8
238
8 •214 27
8
214
259 23
214
112May 26
2
2
400 Federal Motor Truck No par
359 Feb 6
2% l)ecl
759 Fel
138 •114
12
15
8 *114
112
114
112 *114
.may 25
112
23 Aug 12
8
114
I% Dec 1512 Fel
7
8
7
8
400 Federa Screw Works No par
434 538
5
5 14 .514 6
512 512
1059htar 16
3 May 31
3 Dec 30
43
4 5
Jul
8 2,300 Federal %Neter Serv A No par
43
8 47
•1312 1612 *1113 15
*13
1613 *12
1612 •12
15
*12
161
Federated Dept Stores_No par
612June 17 153
4Sept 3
1012 Dec 2718 Atii
•173 19
8
173 173
8
8 1759 18
163 1714 1614 1614 14
153
3 2,100 Fidel phen Fire Ins N Y__2.50
6 May 28 274 Jan 15
20 Dec 5614 Fel
*6
8
*614 8
*614 8
.612 8
4June 2
812 Mar 8
.61
8
*612 8
53
5% Oct
9 Fel
Fifth Ave Bus Sec Corp.No par
*9
1612 .9
1612 *9
1612 *9
1612 *9
1613
1612 *9
7 Mar 31
1612Sept 6
1514 Oct 24 A el
No par
Filene's Sons
•83 100 .83 100
*33
87
•83
87
*83 100 .83 100
_
100 75 June 24 94 Jan 18
Preferred
8514 Feb 104 Ma3
13
•13
13
1318 1259 13
212
12% 12
1214 12
1214 1,800 Firestone Tire & Rubber_ __10
127 Dec 20 June
8
1012June 14 188 Aug 30
62
61
6312 *6134 6518 6014 6112 5914 6014 59
62
59 1
Preferred series A
1,700
100 45 July 7 68 Aug 30
4959 Dec 6618J0n1
50% 507g 5012 51
507 5159 50
8
47
50% 4818 49
49
41
Jan 63 Aui
4,200 First National StoresNo par 35 July 8 541 1 Sept 3
14
I,
14
:18
14
2
8
18
14
18
14
14 Sept
18 Feb 1
18
18 76.300 Fisk Rubber
34 Aug 30
7 Fel
8
No par
12
12
12
s,
12
t,
12
58
13
5
8
3
8
33 13,600
12 Sept
3 Fel
238 Aug 30
100
lot preferred
14 Feb 2
'
1 12
12
3
1
5
8
3
8
12
12
12
12
12
14 Feb 3
12
13 1,300
312 Ma
2 Aug 30
100
12 Sept
1.t pref convertible
*614 712 *7
9
*7
9
*7
9
57
9
77 Dec 3512 Jul
7
7
300 Florsheim Shoe class A_No par
414 Apr 29 10 Feb 20
.6812 85
*70
85 .70
85
•70
85
*70
85
*70
85
100 63 July 19 82% Apr 14
80 Dec 10213 Ma
6% preferred
.412 6
*43
8 6
*412 6
*412 514 *412 5
5412 6
Fohansbee Bros-- - No par
2 June 2
4 Dec 193 Eel
81 1Sept 6
4
•1214 123
4 113 1214
4
8 10
1214
934 101
1259 123
918 93
4 4,5C0 Foster-Wheeler
No par
3 May 25 15785ept S
8 Dec 64% Fel
5
5
.418 512 *4I8 514
412 41
4
418
*312 434
400 Foundation Co
1 July 5
714 Aug 27
No par
212 Dec 1612 Ma
19
19
1814 19
1918 1914 1814 181
1712 1814 18
18
1,600 Fourth Nat Invest w w
1
1014June 1
2238Sept 6 x153 Dec 3212 Fel
8
*334 37
312 33
3 4 37
3
4
8
318
33
8 37
359
3
57 Aug 27
318 0,500 lox Film class A
1 July 8
3
5
213 Dec 33 8 Fel
25
25
2414 25
2218 2314 221 2312 14,600 Freepnrt Texas Co
2213 25
243 25
8
10 May 31 2F;7
No par
8sept 3
1314 Oct 4314 Ma
23
4 2%
314 *27
2
8 3
318 3'.,
3
2
*218
214 1,100 Gabriel Co (The) Cl A...No par
'4Junohl
3125ept 28
1 Dec
659 Fel
*12
13
*12
1278 *12
13
12
12
12
12
12
12
170 Gamewell Co (The)
52
4May31
17 Jan 11
No par
15 Dec 60 Fel
Gardner Motor
5
3 Oct238 Ma
8
------- -- ---- ---- - --- ---- --*458 43
4
422 4'5
412 41 ---- - --45944
4
4
77 Ma
12June 9
2.300 Gen Amer Investors_ _ _No par
512Sept 9
218 Dec
.56
6712 *56
671 *56
671 *56
671 *54
671 *54
6712
No par 26 June 9 71 Sept 24
Preferred
45 Dec 88 Ma
203 2114 20
4
1612 18
157 173 13.400 Gen Amer Tank Car
2O3a 2014 2012 1759 20
28 Dec 7318 Fe'
355 Mar 8
No Par
912June 27
•1018 107
93 lO's 10
4
10
812 10
83
84
73
4 812 5,100 General Asphalt
No par
43
4June 8 1512 Jan 15
959 Sept 47 Ma
15110 16
1513 153
1412 1513 1414 147
4 1512 151
8
14
14% 3,000 General flaking
8
5 1012June 2 195 Mar 4
912 Dec 2559 AP
•100 105 .101 105 .103 105
103 103 *103 119 *103 119
No par 90 June 2
106Sept 15
$8 preferred
95 Dec 114 Ma
30
33
334
53
*3
312 .3
23
4 3
212 23
4 .259 3
1
1.000 General Bronze
%June 2
912 Fe
5 Aug 24
5
13 Dec
4
*3
4
*3
4
53
4
3
3
3
3
278 312
760 General Cable
No par
'May 3l
112 Dec 13 Fe'
5 Sept 6
514 *512 8
514
*7
814
7
6
7
614 61
5
760
No par
1127,Iay 14 1112Sept 8
Class A
212 Dec 2512 Fe'
•18
21
*18
22
1718 18
15
15
14
*15
17
14
120
100
7% cum preferred
334June 1
2534 Sept 2
11% 1)ec 65
Ja.
3314 3314 337 337 533
34
3314 3314 3314 35
3414 3414 1.200 General Cigar Inc
8
No par 20 June 1 383 /Mar 10
25
Oct 4812 re
1814 1812 1814 187
8 1818 187
8 1659 1859 1618 17
1512 lk % 125,200 General Electric
2618 Jan 14 x227 Dec 543 Fe'
4
No par
812May 31
8
11 12 113
1159 113
4
4 113 1134 115 1159 1159 1159 113 1159 2,900
4
8
8
8July 1
10 103
107 Dec 1215 Ja
8
117s Sept S
Special
303
4
311
31
3112 2934 3118 2912 3014 2814 3014 13.600 General Foods
193
8May 31 4012Mar 9
No par
2814 Dec 56 All
113 112
112
159
112
112
13
113
1% 2
13
4 2
20,600 Gen'l Gas & Elec A _ __ _No par
812 Fe'
3
114 Dec
8July 14
23 Feb 17
4
•11
14
*11
14
*11
14
•11
13
11
1612 1378 167
8 1,703
3 June 28 2424 Jan 14
4
1434 Dec 763 Ma
Cony pre series A...No par
.24_ .233
4
24
24
*2313 24
233 233 *2312 25
4
300 Gen Ital Ed son Elec Corp____
18% Apr 29 25 Slav 11
203 Dee 353 Ma
8
7 -- g
45
457
4512 - - 4614 4612 45
453
4
4512 4412 4512 1,500 General Mills
4559 *45
'No par 28 May 28 4812Sept S
2912 Dee 50 Ma
•92
95
*92
95
95 .92
.92
95
95
*92
*92
95
85 Dec 10014 Set
100 76 July 15 95 Sept 7
Preferred
17
1713 163 1714
8
163 1714
8
8 14
1459 153
1512 400,800 General Motors Corp
1459 17
73
8.1une 30 2459 Jan 14
10
2138 Dec 48 Ma
*82
83
82
82
82
82
SO
8012 794 793
7314 7814
900
No par 5614 July 9 8714 Mar 12
793 Dec 1035 Jul
4
8
$5 preferred
72
.618 81
.63
8 8% *6% 914
759 *63*
*63
8 818 *63*
No par
4 June 28
9 Feb 13
Gen Outdoor Adv A
514 Oct28 Ja
.318 314
3% 3% *318 314
318 318 *312 314 *3% 314
300
4 Jan 5
No par
Common
21 July 15
314 Oct 1014 Fe
859 *6
*6
814 *43
812 *5
818 *5
818 *5
8%
14 Jan 28
General Printing Ink
212July 1
No par
1014 Oct 31 Me
5713 5712 5712 .5512 70
.55
5712 .55
1
*5512 572 .5512 5712
20
56 preferred
No par 2712June 27 60 Feb 18
Ja
4312 Sept 76
459 43
8
414
414
4
37
8 412
312 4
438
459 43
2,300 Gen Public Service
No par
718 Aug 29
I May 4
25 Dec 23 Fe
•17
18
*163 17
8
*1612 18
143 1612 13% 1459 13
4
1359 3,400 (Jen Railway Signal
No pa
618July 11 2859 Jan 14
21 Dec 84% M5
.60
85
*60
85
.60
1
85
*60
85
*60
85
*66
85
100 65 July 30 90 Jan 13
6% preferred
81 Dec 114 ME
13
159
13
8
159
114
113
112
114
114
114
114
13
8 2,100 Gen Realty & Utilltles_No par
38 Dec
141May 19
214 Sent 2
912 Ms
*12
183 .12
4
17
*12
16
.12
16
*10
15
*10
15
No par
86 preferred
5 June 10 16348ept 14
1359 Dec 7418 ME
*9
11
.9
n
.9
11
9
9
*6
9
*6
3
100 General Refractorles-No par
15aJune 21
153
8Sept 7
12 Dec 5738 Fe
20 20
.16
20 .16
20
*1612 20
*1612 20
*1612 20
90 Gen Steel Castings prof No par
8 Mar 23 27 Aug 29
14 Dec 65 At
1813 193
8 183 193
2038 1734 1934 1714 18
8
8 19
157 18
s
35.100 Gillette Safety Razor No par 1059 Jan 5 2414 Mar 3
914 Oct 383 Ma
4
4 6814 693
684 682
60
6812 6812 6812 6912 .6813 70
4 69
2,000
Cony preferred __ No par 45 June 28 7212 Aug 22
45 Dec 76% MS
.2% 3
1212 3
*213 3
*212 3
23
4 3
212 212
33 Aug 29
600 Gimbel Brothers
%June 24
No par
134 Dec
77 Fe
8
.15
18
*15
163
173 •__
8 15
8
15
1759 •15
*1212 15
200
Preferred
10
8 May 31 31 Jan 13
2618 Dec 52 Jul
8
8
8
8
ii2 77
8
718 73
4
613 712
6
7
6,600 Glidden Co (The)
No pa
318June 3 103
8SePt 7
418 Oct 1618 Fe
72
71
72
70
71
*68
71
691 % *68
71
69
6914
70
100 35 Apr 28 76 Sept 14
Prior preferred
40 Dec 82 Au
*512 559
514 612
514 512
5
5
5 18
412 5
58
3.700 Gobel (Adolf)
No par
23
8Mity 14
8 Aug 30
9% Mt
338 Oct
1914
19
8 167 18
183 1912 1018 197
171 183
8
4
8 1754 19
21,900 Gold Dust Corp v t o_....No par
814May 31 2058Seiat 8
1412 Dec 4212 Ms
*0512 100
*9512 100
*9512 100
11195
98
9514 9514 *9512 98
200
No par 70 July I 97 Sept 29
$6 cony preferred
85 Dec 11712 Ma
75
77
77
8
738
8 63
612 7
63
634
8
6
613 16,500 Goodrich Co (I3 F).,._-No pa
214May 28 1238Sept 3
8
33 Dec 207 Fe
8
1122
24
24
23
.21
23
1912 1912 18
2313 23
19
600
Preferred.
100
7 May 31 3314Sept 6
10 Dec 68 Fe
21
23
21% 217
1914 22
4
173 2018 173 1812 1612 1518 25.200 Goodyear Tire & Rubb_No par
4
512May 31
293 Aug 30
4
133 Dec 5212 Fe
*50
54
55
50
545
*48
*50
47
54 .40
*43
48
No par r193
1st preferred_
4June 1 6912 Aug 30
35 Dec 91 FE
24
24% 23
24
2234 2314 2018 2212 1912 21
19
20
12,700 Gotham Silk Hose
No par
4
714 Jan 5 30 4Sept 2
33 Sept 1324 Al
3
70
*65
70 .65
70
*65
*65
70
70 .65
*65
70
Preferred
100 50:4 Jan 11
Jan 72 At
70 Sept 1
50
8
No pa
63 Sc
1 Jan 11
14 Aug 9
3 Dec
4
- 8 -' 3- --ii8 -- .8 -- '7 -- - - - -2 -1- -- :%8 -lig - 4 - 25 11,000 Gould Coupler A
21
318 3
21
218
Graham-Paige Motore_No par
612 Ma
17 Sept
1 May 27
43* Jan 12
7
713 77
.8
8
813 *7
714 7%
8
718
612 638 1,200 Granby Cons M Sm & Pr100
23
514 Dec 222 Fe
8Sept 7
8June 14 113
____
Grand Silver
112 Dec 2512 Mt
_ _No par
18June 17
3 Jan 22
738 73
4
714
714
55s 63
714 714
612 6%
7
7
1,800 Grand Union Stores-8
Co tr ctfs_No pa
7 Oct 187 Mt
312June 1
gay Mar 4
3312 .32
3313 *32
32
*3112 3312 31 12 31 12
3312 32
*32
Cony pref series
21 Dec 46 hfa
200
No par 22 June 1 3514 Mar 7
.1334 1512 •133 1512 •133 15
4
4
4
4
*133 15 .133 15
.1334 15
113 Dec 294 Fe
4
No pa
Granite City Steel
63
4June 1
17 Sept 3
22
22
22
22
22
2034 2214 193 2034 187 20
4
8
22
3,700 Grant (W T)
2412 Dec 42 All
No par 1412May 28 3014 Mar 8
9
0
9
9
8
812
75
8
8
*712 8
73
8 1,000 (St Nor Iron Ore Prop No par
10 Dec 2312 Al
5 June 23 1314 Jan 14
78g 8
77
77
714 712
*759 8
8
8
7
714 2,000 Great Western Sugar-No pa
4
53 Oct 117 Ja
314 Apr 5 12 Aug 27
*76
80
1376
79
76
76
76
*76
79
•76
79
76
20
Preferred
73 Dec 9612 Ja
100 48 June 1 83 Aug 24
124
112
138
124
12
4
112 Ps
12
3
112 159 6.700 Grlgsby-Grunow
14 13
63 MI
1
Dec
48ept 8
No par
23
12 Apr 13
*12
1
•I2 1
.12 1
•12 1
*58
1
-_ . _ Guantanamo Sugar__ No par
'
1 59
1
18 Dec
1 12 Ja
1 Seld . 7
%mar 7
1012 17
17% 15
1712 1312 1434 133 1412 1.709 Gulf States Steel
1813 *17
4
•17
4 Dec 3712 Fe
No par
212June 8 21 18 Sept 22
40
•32
40
32
32
.32
40 .32
35 .32
40
.32
90
Preferred
15 Dec 80 MI
100 12 July 23 32 Oct 5
•19
203 •I918 2418 .1918 25
8
.1918 25
*197 2059 197 197
8
100 Hackensack Water
22 Dec 3012 MI
25 15 May 27 23 Jan 12
28
52512 27
•26
2512 2512 •26
27
.26
27
.2512 28
10
7% preferred class A
2614 Sept 30 Al
25 19 Stay 27 28 Apr 26
4 2%
25
23
23
4
8
212 259
23
8 23*
21
•23
4 27
259 4,700 Hahn Dept Stores
114 Dec
93 Mt
414 Aug 30
4
5
8July 11
No par
194 193 1959 173 173 *17
3
*13
4
4
1818 18
18
•1714 20
300
Preferred
14 Dec 63% Mt
100
718July 5 28 Aug 29
5ts 518 .518 6
*51
6
.5
6
*5
6
5
5
200 Hall Printing
11 Sept 193 M /
8
312July 19 1118 Jan 7
10
ars 3059
•
flfld Isked ttrieffi: 110 tifile.9 on this day. r Ex-dividend.
Ex-rights.
New York Stock Record-Continued-Page 5
2462
or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
-PER. SHARE. NOT PER CENT.
HMI& AND LOW SALE PRICES
Saturday
Oct. 1.
Monday
Oct. 3.
Tuesday
Oct. 4.
Wednesday
Oct. 5.
Thursday
Oct. 6.
Friday
Oct. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Ranee for Year 1932
-share lots.
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
$ per share Shares Indus. & Miscall. (Con.) Par $ Per share $ per share S per share $ per share
Hamilton Watch Ore!
94 June 103 Jan
*20
40
100 30 Mar 7 30 Mar 7
50 Hanna(MA)Co $7 pf_No par 33 May 28 70 Jan 14
63
67 Dec 94 Feb
*58
100 Harbison-Walk Refrae_No par
*13
17
7 May 28 18 Sept 7
1112 Dec 4414 Feb
7
8
7
8
200 Hartman Corp class &No par
2 Sept 8
7 8 Feb
3
14June 22
12 Dec
Class A
4 Mar 8
%June 27
*1
3
17 Dec 105s Feb
3
No par
400 Hawaiian Pineapple Co Ltd_20
4
4May 9 10 Jan 12
43
4 43
33
814 Nov 4212 Jan
214
1,800 Haya Body Corp
2
1 Dec
No par
312Sept 2
8 Mar
14June 7
300 Helme (0 NV)
663 664
4
25 50 June 2 8158Sept 8
60
Oct 100 Feb
Hercules Motors
5 Dec 18 Mar
No par
812 Jan 15
43
4June 8
*54 7
500 Hercules Powder
*1718 23
No par 137 Aug 4 2912Sept 9
8
26 Dec z58 Mar
10
57 cum preferred
*91 10314
95 Dec 11912 Mar
100 7012June 1 95 Jan 12
1,500 IIershey Chocolate---_No par 4312July 13 83 Mar 9
58
57
4
68 Dec 1033 Mar
800
Cony preferred
79
No par 57 June 14 83 Mar 8
79
7012 Dec 104 Mar
Hoe (R) & Co Class A_No par
*1
4
14 Apr 1
13 Dec
8
14 Jan 12
812 Mar
No par
8 3,500 Holland Furnace
714 83
714 Oct 7 1212 Aug 16
104 Dec 37 Feb
5
512
400 Hollander & Sons (A) No par
3 July 8 10 3 Mar 10
514 Dec 1918 Apr
5
800 Homestake Mining
124 124
81
Jan 138 Dec
100 110 Feb 15 1313
4June 4
25
8 234 2,600 Houdaille-Hershey el B No par
1 May 25
94 Mar
212 Dec
412Sept 8
200 Household Finance part pf _50 4214June 3 5713 Jan 5
*51
52
524 Sept 65 Mar
4,000 Houston 011 of Tex tern ctts 100
1514
85
4May 31 2314 Sept 5
4 154 1614 14
1512 173
1514 Dec 6812 Feb
Voting trust ctfs new____25
118May 4
5388ept 5
3,
4 2.900
3 Dec 1418 Feb
312 3 4
3
3
314 312
No par
5 June 2 1612 Jan 12
500 Howe Sound v to
1112 Dec 2912 Feb
818 818
s
712 83
*912 107
8
27
8May 31
614 612
64 64 7,200 Hudson Motor Car__ _ _No par
113 Jan 8
4
612 7
73 Oct 25 Jan
4
112May 26
338 312
24 312 7,000 Hupp Motor Car Corp_ __10
538 Jan 11
312 34
33 Oct 1318 Feb
4
1 18 1,900 Indian Motocycle... NO par
*118
%June 1
112
1
1
1
213 Sept 5
43 Feb
4
N Dec
600 Indian Refining
10
1 Apr 1
4
13
4 13
24Sept S
17
8 14
4 8 2
.15
453 Feb
118 Dec
718June 27 *0 Sept 3
No par
4
284 3212 2712 284 253 2812 8,500 Industrial Rayon
21
Oct 86 Feb
No par
143 Apr 29 447 Sept 8
4
Jan
34
8
30 4 3112 2812 3112 6,700 Ingersoll Rand
3
31
253 Dec 182
4
200 Inland Steel
.---No par 10 June 25 277
18
1914 *16
*17
Feb
1712 *17
3Sept 2
197 Dec 71
8
8
4May 25
700 !aspiration Cons COpper___20
•414 43
312 4
4 *414 412
731Sept g
3
3 Dec 113 Feb
700 Insuranshares Ctts Ine_No par
1 June 1
378 Jan 7
938 Feb
3
214 Dec
3
27
s 3
24 3
314July 15
2,600 Insuranshares Corp of Del_ _1
512 6
818 Sept 3
512 6
4
53
3 512
414 Dec 123 July
Intercont'l Rubber____No par
14 Apr 6
318 Aug 30
*17
2 2
*13
4 2
*VI 2
412 Feb
14 Sept
15
8July 13
300 Interlake Iron
NO par
438 48
714 Sept fi
s 412
412 43
8 *43
27 Dec 15 Jan
8
Intern
1,400 Internet Agricul
14 Apr 7
No par
312 Aug 26
1 in
114 *1
114
1 Dec
114 *1
514 Feb
Prior preferred
4
100
33 Apr 16 15 Aug 31
412 Dec 514 Feb
212
*6
94 *6
912 *6
3,300 Int BUS1120813 Machlnes.No par 5212July 8 117 Mar 9
95
4 90
95
963
92 Oct 17934 Feb
9614 98
1
114May 31
54 Jan 13
312 312 2.200 Internet Carriers Ltd
8
3 Dec 123 Feb
312 312
37
3 412
35
8June 3 183 Jan 14
4
1018 1113 3,400 International Cement-No par
16 Dee 6212 Feb
11
1212 1114 12
7
8 1,300 Inter Comb Hog Corp- _No par
7
8
7
8
7
8
7
8
7
8
12May 23
17 Jan 15
4 Feb
4 Oct
1,000
Cony preferred
8
No par
47 Jan 6 21 Jan 15
3N Dec 3934 Feb
64 814
818 61
613 718
103
3July 8 3413 Aug 11
223 Dec 6012 Mar
8
8 2112 2518 187,200 Internal Harvester-- No par
2414 2912 2212 253
Preferred
100 683
4June 15 108 Jan 8 105 Dec 1434 Mar
230
*9514 97581 *9512 9718 9512 9512
Hydro-El Sys el A_ _No par
25
8June 10 115 Mar 9
8
918 Dec 31
714 4,290 hut
Feb
7
s, 63
4 7
7
77
International Match pref___35
14May 2 2412 Feb 19
11 Dec 734 Mar
par
%June
200
41 1 Aug 27
212 Dec 1612 Jan
*5 112 ..ii-2 114 ;:212 114 5 1 .28378 ii3 /58 77,700 Int Mercantile Marine_No par 312May 3
31
lot Nickel of Canada__No
1212Sept 8
4
83
8
7 Dec 204 Feb
8
83
8 88
812 93
914 912
93
8
93
3 912
9
Prefern d
300
100 50 June 28 86 Mar 7
4
80 Dec 123 Mar
*793 80
*79 4 80
3
80
8112 80
*80
80
*8112 8212 x80
13
8June 2 12 Sept 8
30 Internet Paper 7% pref_ _100
55s 55
*7
7 Dec 42 Mar
9
*512 7
9
.7
812 812 4
7
7
12June 9
400 Inter Pap &Pow el A--No par
438 Aug 29
8 212
*153 2
*15
2
17 Oct 1014 Feb
2
*13
8 2
15
3
8 153 *1-8 2
14May 25
400
Class B
2 Aug 29
No par
13
4
8 Jan
12 Dec
4 •24 4 *54 138 *1
3
4
*3
4
1,
4
3
4
3
4
3
3
4
*83
7
8
7
8
8
8
8
8
*5
8
s
5
8
14 Apr 14
300
2
C1889 C
*28
112Sept 6
No par
38
412 Feb
12 Oct
53
Preferred
2 May 31 1238Sept 8
800
100
538
8
614 Dec 4312 Mar
8 53
4
53
5
5 8 53
5
58 58
5
53
4
512 512
*5
200 jut Printing Ink Corp_No par
83 Mar 10
4
*512 612 *512 612
4 June 2
612
414 Dec 1614 Feb
658 678 *6
67
8
.6
*512 67
8 4
4
160
42 Oct 1
Preferred
100 z 243 Jan 1
36
*36 . _ *36
25 Dec 6912 May
42
42
... 36
42 *42_
42
3
9 4June 2 234 Feb 17
1,200 International Salt
No par
1412 15
18 Dec 42 Feb
15 15
•15
111
1512 1512 *15
1614 16 16
800 International Shoe
3
No par 204 July443 Jan 15
8
8
273
277 277
8 267 27
8
8
8 27
*2838 2812 283 283 *277 28
37 Dec 54 June
3
700 International Silver
712July 9 2.1 Sept 8
100
4 1412 15
4
157 Dec 51 Mar
4
.1918 2112 1914 1914 194 1914 163 1712 *1518 153
3
60
7% preferred
100 26 May 7 65 Feb 13
5012 51
*51
58
*51
50 Dec 9013 Mar
58
4
.51
56
58
*51
58
56
2 eMay3l 153
3
4Sopt 8
5
8
93 1118 161,600 Inter Telep & Teleg_-_No par
4
3
9
54 1114
127 1312 1253 1314 125 134 10 4 127
74 Dec 333 Feb
3
8
112May 31 11 Jan 9
8 Dec 213 Feb
414 414 2,100 Interstate Dept Stores_No par
518
5
5
5
512 *5
412 412
512
*5
8
20 Preferred ex-warrants
39
100 18 June 24 5212 Jan 8
62
*36
62
*35
524 Dee 0712 Mar
62
*25
62
36
*25
36
•36
Slatine1
7 Apr 1
200 Intertype Corp
No par
*418 5
44 41g
*44 5
*418 54
45 Dee 1812 Feb
8
_ _ 12 412 _ *418 _ _
_
_
_.
_ ___ _
8May 2
2 3 Jan 14
3
5
Investors Equity
No par
114 Dec
94 Feb
800 Island Creek Coal
16
1 1014 Apr 18 2012 Aug 30
;iirs 18 •iiii4 I712 440 li itiT2 16
145 Dec 31
12
4
--12
Jan
1,300 Jewel Tea Inc
No par 1518May 31 35 Feb 13
26
24
26
263 28
4
29
30
*30
Oct 5712 Feb
31
*3014 31
*3012 32
No par 10 May 31 3338Sept 23
2818 303
2854 30
155 Dec 80 4 Mar
3 28
3
8 2318 2514 2012 24s 82.900 Johns-Manville
53 30 4 244 293
3
3
4
120
Preferred
100 45 July 21 995 Jan 22
834 Dec 126 Apr
8
*73 7978 *73 797 *73 7972 *6812 7972 *6812 7978 *69 7978
70 Jones & Laugh Steel pref_100 30 July 6 84 Jan 5
8218 635s
64
68 Dec 12312 Mar
647
8 62
s 644 6418 *64
647 647
8
*641s 65
4
20 K C P & Lt let pf ser &No par 9012 Apr 8 1133 Jan 23 11114 Oct 11512 Apr
100
100
100 100
4, 9 100
9
*99 105
*99 105
*9813 100
58 Apr 11
112 Jan 6
7 Jan
____ _--- ---- _--- ---- ---- ---- ---- ---- ---- ---- ---- ---- Karstadt (Rudolph)
14 Dec
914 Mar 7
3 May 21
4 2,100 Kaufmann Dept Stores $12.50
538 54
512 Dec 18 Feb
518 53
54 534
4
53
2 53
4
4
518 5 4
44July 23 143 Sept 2
8
No par
85
8 912 1,900 Kayser( .1) & Co
3
1014 1012 10 8 103
4 1012 10 4
74 Dec 243 Mar
3
3
9 4 1012 *912 10
3
27
'gene 1
400 Kelly-Springfleld TIre_No par
,Mar 7
112 112
112 112
114 Oct
8
153 15
*112 2
312 May
8 •112 17
*13
4 2
8June 27 21128ept 8
65
100
8% preferred
54 Oct 20 Mar
*20
*1812 24
24
*1812 24
24
4
.20
*1912 30
*2012 30
100 20 Jan 2 45 Mar 9
8% preferred
10 Sept 45 Mar
*5412 6112 *5412 6113 *5412 6112 *5312 6112 *5312 5712 *5312 5712
414 Jan 14
1 Apr 8
112 13
3 Dec 293 Feb
14 IN 6.700 Kelsey Hayes Wheel-No par
4
11,2 112
8
15
8 17
g
13
4
4 17
*178 2
4May 16 103 Feb 19
23
3
No par
6 Sept 1512 Mar
454 44 7,200 Keivinator Corp
43
4 47g
47
8 58
5
5
58 5 8
3
514 512
Ws 512
264
140 Kendall Co pt pf ser A_No par 17 July 21 38 Feb 23
20 Jan 60 Apr
2612 26
*26
2612 27
*27
28
*27
28
•27
28
ann° 30 1914Sept 8
47
No par
1012 1112 73,800 Kennecott Copper
95 Dec 314 Feb
8
4 1118 12
3 115 133
8
8 1313 137
134 134 134 135
Kimberley-Clark
*1012 14
No par 10 July 7 1912 Jan 9
13 8 Dec 41
7
.1014 14
*1012 14
4
*1014 14
*1014 14
Jan
*1014 14
5 Sept 2
12 Apr 4
*34 4
No par
Kinney Co
*314 4
*34 4
113 Dec 2012 Jan
*314 4
*314 4
4
*3
3 June 25 19 Aug 31
20
Preferred
No par
1312
12
IS Dec 70 Jan
•1314 14
*12
14
*1312 14
14
*12
14
•11
653July 5 19 Jan 14
10
8
15 Dec 295 Aug
8
1114 1214 11 18 1112 105 1112 13,200 Kresge (S 8) Co
8
1212 127
's 1218 1212 123 13
Kress (3 H) & Co
No par 18 June 30 37 Jan 21
30
*25
2614 Dec 55 Feb
30
4125
30
30 •25
*25
30
*25
4
.25
30
luMay 25
94 Jan 26
4
3
8
4
2
8
14
14 21,300 Kreuger dr Toll(Am Mrs)
14
14
44 Dec 273 Mar
14
3
8
14
14
4
8
8
1212 Dec 354 May
153
8 14511 153 16,400 Kroger Groo & Bak--_No par 10 May 31 187 Mar 8
4 1513 16 8 15
167 1718 163 1718 1618 163
8
8
--No par 25 May 31 564 Jan 14
375s 7,900 Lambert Co (The)
4 11 Oct z8 Mar
01
4 3653 3814 35
4 393 41
8 383 393
4
8
393 393
4
393 403
4
877
2 May 26
738 Aug 30
Lane Bryant
No par
314 Dec 1718 Jan
'8 *34 64 *34 64 *312 64 *34 64 *312 64
•3
4 6
5
14 Apr 12
818Sept 9
53
4 2,200 Lee Rubber & Tire
5
6
17 Oct
3
6
6
612
43 Mar
8
63
4
8 612
614 614
614 63
53
100 Lehigh Portland Cement .50
3 Apr 6 11 Aug 1
5 Dec 183 Feb
8
*6
8
•6
8
4
8's 818 *74 912 *6
9
13
'
100 47 June 15 75 Jan 12
7% preferred
65
72 Dec 10112 Feb
*55
65
*55
65
*55
65
*55
65
*55
65
*55
454 Aug'
800 Lehigh Valley Coal,, _,No par
26
*318 4
o
I May 14
13 Deo
4
*314 312 *314 312
318 318
838 Jan
314 314
3
3
114July 16 1112 Aug 30
Preferred
50
1012
*5
6 Dec 30 July
1012 *5
10
1012 *5
1012 *5
*5
1012 *5
8Sept 8
s
35
8
48
43 4 4714 425 4412 425 4414 5,600 Lehman Corp (The)___No par 3012June 16 517
3
4,4812 4912 4812 4918 47
Oct 6938 Feb
6 May 26 2414 Mar 7
1812 Oct 344 Feb
1712 174 1712 164 1612 1614 1612 1614 1612 3,100 Lehn & Fink Prod Co _No par
17
17
17
938Sept 8
3 4May 13
3
512 Dec 204 Apr
63
4 712 1,700 Libby Owens Giass___No par
753 753
8
8
812
*8
84 812
84 *8
1,500 Liggett & Myers Tobacco_25 3214June 2 8512 Oct 4
6014 61
39
6512 6414 6414 *6014 63
65
Oct 91
65
*6414 65
*64
Feb
25 3413May 31 6714 Sept 21
Series B
8
40 Oct 915 Feb
6714 624 66
62
65
633
4 6014 633 18,100
6614 66
6514 66
4
100 100 May 31 125 Aug 11 110 Dec 148 May
Preferred
.
*127 132 .127 132 •127 132 4 127 132 *127 132 *127 132
100 Lily Tulip Cup Corp No par 14 June 21 21 Mar 8
1712
16 Sept 2612June
18
1712 1712 *17
*1712 1812 *1712 19 •17
•1714 19
400 Lima Locomot Works_No par
84 Apr 4 1938 Aug 27
125 Dec 343 Feb
4
1418 1418 1418 1418 1412 1418 *1318 14
*1418 17
•141s 17
4
612.7une 2 14 Mar 9
200 Link Belt Co
No par
11
14 Dee 33 Feb
12
11
11
11
4
.11
*11
12
12
*11
•11
12
9 May 3 22 Mar 8
1218 5,400 Liquid Carbonic
1312 Dec 5518 Feb
12
No par
4
1314 113 1212 12
13
*1214 134 1212 1353 13
1314May 31 373
4Sept 9
4
23 3 Dec 6312 Feb
7
32
33
30
324 2853 304 2714 293 30,800 Loew's Incorporated_ _No par
313 3218 3114 32
4
100
Preferred
No par 39 July 7 80 Sept ff
7814
50 Dec 99 Mar
7912 *77
.771.3 797 •78
797
8 794 7914 4
3
797 *79
8
*79
35
8 34 6,100 Loft Incorporated
17
8June 2
8
5 Sept 10
33
4 37
No par
8
373 43
23 Oct
8
43
8 412
3
44 43
418 418
64 Apr
14May 20
27 Aug 12
8
Long Bell Lumber A No par
*1
212 *1
22
,
212 *1
212 *1
24 *1
17
s *1
4 July
4
Jan
25 16's July 1 364 Feb 17
297 Dec 547 Mar
8
3
4 26
8
27 4 273
28
274 28
28
277
8 2512 2512 247 2514 3,100 Loose-Wiles Biscuit
8
9 May 31 18388ept 8
147 39,100 Lorillard (P) Co
8
14
No par
10
5
15 8 1614 144 16
145 15
8
53 16
16
Oct 217 July
1614 15
8
100 734 Jan 5 10318Sept 27
100
7% preferred
8
743 Dec 10212 Aug
1997 1064 *82 10513 *81 1067 *81 103
3
*82 1074 .
4
107 107
21g July 27
12June 24
300 Louisiana 011
No par
13
8
*138
13
4
112 1
138
13
8 *114
1 Dec
44 Feb
•112 14 *14 14
May 18 18 Jan 9
8
100
24
*15
Preferred
24
*. _ 24 *____ 24 *- 2412 4
20 Dec 55 Jan
*15
.15
24
812June 2 2338 Mar 8
1,700 Louisville 0 & El A.
-_No par
20
177 Dec 35 8 Feb
19
20
20
3
20
8 20
2014 i1512 207
3
2
.
614 2014 20
112 Jan 5 1133Sept 6
1.600 Ludlum Steel __ _ --No Par
612 7
9
714
712 8
4 Dec 19 Mar
8
7
8
8 77
77
8
8
612 Jan 5 26 Sept 13
200
No par
2518
-Cony preferred
*25
*22
493
8 25
90
25
10 Dec 5214 Feb
*25
483 *25 110
8
4
.25
4June 18 1514 Feb 17
93
MacAndrews dr Forbee_No par
12
*1012 12
*1012 12
.11
13 Dee 25 Feb
4
*1012 12
12
*11
12
*11
10
6% preferred
100 5712May 3 80 Sept 13
80
*60
*60
80
*60
80
80
80
60 Sept 1004 Apr
80
*60
80
*60
10 June 2 283
No par
221 1 31,500 Mack Trucks Inc
4Sept 28
21
22
20
12 Dee 43 3 Feb
273
8 244 2638 2414 2012 2158 25
7
263
4
3942 4012 9,000 Macy (It H) Co Ino-No par 17 June 14 6012 Jan 14
404 43
50 Dec 10614 Feb
4514 4812 424 45
4514 46
4514 46
412Sept 3
213 Jan 8
700 Madlson Sq Gard v t o_No par
3
3
312
34 314 *3
312 *314 34
2 Sept
712 Mar
312 *3
*3
412 Apr 14 133 SePt 7
4
2,400 Magma CopperFeb
No par
83
8 812
*9i4 978
s 8
9
8
9
8 12
77
813 914
718 Oct 273
8
4 Sept 3
4 Jan 6
700 Malliason (H 11) & Co_No par
2
214 214
2
2
2
214 214
114 212
44 mar
4 Dec
24 212 4
18 Mar 2
100
Manatl Sugar
214 Sent 2
8 114
*5
*5
8 114 .
*52 14
3
8 114
5 Mar
114
3 Nov
8
*7
(1
*4 14
*12 212
112
20
*7
8 212
100
4 Apr 13
*12 21,
112
Preferred
3,I SePt 2
112 112
•442 2
3 Dec 127 Jan
4
8
Dame 3
No par
43
Mandel Bros
4Sept 6
4
3
*34
3
354 *34 334 *314 3 4 *314 3 4 *314 33
4 *314 33
3 Sept
8 June
*6
9
*6
12June 2
8
*8
75
8 *6
73
8 4.6
63
8 •6
612
9 Aug 29
Manhattan Shirt
44 Dee 12 Feb
3
*7, I
*7
8
8June 28
1
7
8
4
100 Maracaibo Oil Explor-No P
par
*7
8
1
14 Aug 5
*78
1
12 Sept
25
3
*7
8
1
3 4 Feb
3
612June 2 1138 Aug 23
1014 104 2,000 Marine Midland Corp_10
1112 1012 11
914 Dec 2414 Feb
8
8 115 114 11
8 1112 115
•1112 115
N; par
534May 31 133
900 Marlin-Rockwell
10
918 912
10
9
10
9 14
10
4Sopt 8
953 Dec 3253 Feb
10
10 8 10
3
*10
4 Apr 21
-No par
218 24 2.600 Marmon Motor Car
212 27
3128eps 8
8
212 212
2 8 212
3
114 Dec 10 Feb
212 238
8
23
4 27
812 918
83 1012
8
818 918 8,300 Marshall Field de Co No Par
3 July 6 1312 Jan 14
912 Dec 3253 Feb
5
1014 10 3 1014 11
10 4 11
3
•
I,
1
*Is 1
*12 1
14 APr 19
0
2 1
MartIn-Parry Corp.__ _No par
*12 1
54 Mar 23
34 Jan
12 Dec
*is
1
•
,
this day. x 1,x-dividend. u Ex-rights.
• Bld and asked prices: no sales on
a per share $ per share $ per share
,
40
*20
*20
40
40
*20
*60
62
62
*60
62
*60
*14
17
1512
14
14
*14
Ds *1
118 *1
•1
Ds
*j1
3
*1
3
*1
3
*5
613 *5
6
53
4 *5
*23
4
8 25
23
8 212
8
212 23
*70
80
*7012 7712 7112 7113
*54 7
*518 7
•518 7
*25
2654 *25
264 *25
263
4
4
90 4 903 *91 10014 *91 10014
3
•607 65
a
643
604 607 *61
4
,
80
*7913 80
*79
*7912 80
•118 4
*118 4
*118 4
914
93
4 93
9
4
914 912
.512 7
*512 7
*53
4 712
*124 12614 *125 12613 12512 12612
318 31s
34 318
•34 312
*50
52
*50
5014 5014
52
18
18
*1712 1812 18
18
4
4
334 4
*33
4 37
8
•10
107 *10
8
11
*10
11
14 712
712 712
74 74
7
*358 4
37
8 37
8
37
3 4
*1
113 *1
112 *1
112
8 218 4 8 2
*15
8 24 *15
.15
3212 3414
*34
3412 3212 33
35
35
33
3514 3312 347
20 20
•18
1912 193 193
3
8
*4 4 514 *5
3
53
8
43
4 43
4
318
*3
3
318 *3
3
6
6
6
6
*512 6
*218 23
8 *13
4 2
*13
4 2
8 5
*45
8 512 *43
*45
8 5
114 114
114 14
1
114
4
.8
912 *8
912 *6
912
102 102
100 1003 100 100
4
*41. 43
4
2 413
4 438
•1212 13
1214 1212 13
137
8
*7
8
I
7
8
7
8
*7
8
1
*74 104 *712 9
*712 10
28N 293
8 2712 293
8 2812 293
4
4194
98
8
9638 965 *9412 973
8
4
712 73
3
4
712 7 4
*712 73
$ per share
*20
40
*60
62
*13
1512
*1
lls
*1
3
5
.5
214
2
67 67
*512 7
2312 243
4
*91 10014
594 60
7914 80
*I
4
87
3 9
*55
8 6
125 125
23
4 3
*5012 52
$ per share
*20
40
60
60
*1318 1514
1
1
3
*1
4
43
4 43
214
2
*6712 75
*Ms 7
234 2312
4191 10014
583 5812
8
•79
80
4
.1
4
814 83
4
55
8 53
4
124 124
25
8 25
8
51
51
.i.ia -1-7-.2 iv,
New York Stock Record-Continued-Page 6
2463
tff• FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Oct. 1.
Monday
Oct. 3.
Tuesday
Oct. 4.
Wednesday
Oct. 5.
Thursday
Oct. 6.
Friday
Oct. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share lots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1931.
Lowest
Highest
$ per share $ per share $ per share $ per share
12 Dec 3112 Jan
9 June 1 207 Mar 10
8
Oct 1253 Mar
893 Apr 13 105 Jan 13 104
4
912June 30 20 Jan 13
155 Dec 39 Mar
8
112 Dec
1 July 13
88 Feb
6 Aug 30
3 Apr 14 1012Scpt 19
5 Sept 248 Mar
27 Aug 10 3514 Jan 7
35 Dec 7112 Mar
Jan
1512 Dec 36
10 May 31 21 Jan 14
4
7 June 18 16 Apr 18
15 Dec .513 Feb
1412 Dec 51% Feb
7 June 30 19 Jan 14
54 Dec 9312 Mar
21 June 2 62 Feb 18
212May 13
6 Dec 29 Feb
712 Jan 7
4
13 May 25 183 July 21
12 Oct 2612 Mar
28 June 2 6214 Feb 19
3812 Oct 10312 Apr
33 Dec 17
Jan
118June 1
612Sept 9
15 Dec 373 Feb
318May 31 23 Feb 13
4 Mar 5
%July 6
112 Dec 1012 Mar
8 May 25 18 Jan 9
1412 Dec 34 Mar
Si2 Feb
1 July 20
2 Sept
5 Aug 29
14 June 9 2214 Jan 14
15 Dec 27 Apr
112June 1
614Sept 8
23 Sept10% Feb
4
87
3 4 Apr 9
3
5
Oct 1634 Jan
8Sept 7
2 June 9 1238Sept 8
Oct 3112 Feb
7
25 June 2 65 Sept 2
3514 Oct 94 Feb
11 June 3 2312 Jan 18
15 Dec 5812 Feb
%June 8
712 Feb
114 Dec
338Aug 27
.5 May 27 145s Aug 11
518 Dec 48 Mar
512J1,ne 24 14 Sept 9
8
73 Dec 215 Mar
4
133
8May 31
1614 Oct 283 Aug
303 Mar 8
4
4
312May 31 1612 Sept 29
65 Dec 2914 Feb
8
20 May 14 3514 Mar 12
28 Dec 58 Feb
4
18May 20
3 Feb
3 Aug 16
4
14 Sept
114Sept8
14 Apr 22
412 Mar
5 Dec
8
738June 27 2938Sept 8
15
Oct 473* Apr
2 Juno 10
8
5 Dec 197 Feb
658Sept 8
133 Jan 13
2 June 1
8
814 Dec 367 Mar
5 June 1 27128ept 2
20 Dec 7212 Mar
11 Dec 3114 Jan
1518Sept 8
7 Aug 17
4
278 Mar 2
218July 1
5
Oct 183 Mar
718June 30 19 Feb 13
Oct 4512 Mar
20
8
15 Dec 407 Mar
193
4Sept 8
8 May 31
218 Dec 103 Mar
4Sept 7
4
5,
114MaY 25
4 Sept 13 Mar
712 Jan 21
518 Jan 5
14 Mar 17
Jan 5
11
/
4
7 Dec 10 Feb
8
378 Dec 32 Feb
6 Sept 8
%May 25
8
4
3658 Dec 833 Feb
2014 July 1 467 Mar 7
/
1
4
101 May 31 134 Sept 26 119 Dec 153% May
718 Dec 393 Feb
4Sept 7
4
612June 30 183
3
20 Dec 50 4 Mar
8June 29 3138 Mar 8
143
712 Feb
/ Dec
1
4
218 Aug 30
14June 30
47 Dec 60 Jan
2 June 23 10 Aug 27
15 Dec 363* Feb
13 June 1 2714 Aug 12
8
5 Dec 277 Feb
/
1
4
818Sept 12
8July 8
33
45 July 8 92 Jan 8 z7812 Dec 132 Jan
87 July 12 125 Mar 11 111 Dec 143 June
4
61 July 7 105 Jan 13 100 Dec 1203 July
1014 Dec 4414 Feb
65
8June 2 2038Sept 6
lie Feb
's May
218 Jan
12 Sept
No par
Preferred
28
2812 29
29
1812 Oct 5818 Feb
85ept 3
2514 23
2514 8:166 Nat Steel Coro
igis
No par 1312July 8 337
*712 10
*8
812
5 Dec 7014 Feb
814 814 *73
312June 2 13 Sept 5
50
8 814 *739 814 *61/4 73
100 National Supply of Del
Feb
*33
34
34
20 Dec 111
34
3512 *33
*30
3312 *30
*33
34
3312
100 1312May 26 3918 Aug 29
Preferred
10
*1212 13
•1212 13
10
10
1112 1014 11
1212 1212 11
8
412July 8 197 Aug 29 310 Dec 7512 Mar
1018 2,100 National Surety
7
*7
712
8
7
6 Dec 247 Mar
/
1
4
714 714
614 65
8
*714 712
8
7
7
312May 26 107 Aug 26
No par
700 National Tea Co
*23
4 3
*23
4 3
*23
4 3
3 Dec 2514 Feb
512 Jan 14
112 Apr 26
212 23
4 *212 24 *212 24
No par
200 Neisner Bros
61 65
6% 67
8
68 7
65
8 7
8
/
4
8
739 73
512 618 2,500 Nevada Consol Copper No par
212May 31 1014Sept 8
4% Dec14% Feb
8
1012 June 207 Mar
No par
41 June 5514 Oct
50
Class A
*5
53
4 *51 -4 6
47 - 8 *4
8 53
*53
8 li
214 Dec 24 Feb
812Elept 6
15
8June 29
314
5
No par
Eoo Newton Steel
314
*858 11
812 85
8
/ 812
1
4
412 Dec 25 Jan
*812 1014
*812 10
8 *812 10
414June 13 1412Sept 7
No par
300 NY Air Brake
*7
*7
12
10
714 Dec 378 Jan
*7
*7
10
*7
10
4 June 17 10 Sept 8
100
*7
10
10
New York Dock
*20
*20
27
27
20 Sept 80 Jan
*20
*20
27
*20
27
*20
27
27
100 20 Apr 9 30 Aug 17
Preferred
15
2
*15
8 2
8
*13
4 2
158
*13* 2
11 113
/
4
4.15
118 Dec 1218 Jan
3
3 4 Aug 29
12June 2
No par
400 NY Investors Inc
*98 105
*98 105
4
8018 Dec 1073 Mar
98
98
98
98
*98
99
*98
99
No par 70 May 28 99 Sept 27
170 NY Steam $6 pref
*104 105
105 105 *105 110
94 Dec 118 Apr
105 105 *104 105 *104 105
No par 90 June 4 10918 Mar 14
20
$7 1st preferred
18% 1858 1838 1812 183 183
Oct 2913 May
10
3
8
8 17% 17% 7,900 Noranda Mines Ltd
4
4
4 173 1812 173 177
No par 10 4May 31 2138Sept 8
3412 33
34
3458 33
26
Oct 9014 Feb
2818 3112 84,400 North American Co
3014 3414 3014 317
4June 2 43148 pt 8
348
133
No par
45
45
•43
47
4012 Dec 57 Mar
4
4
*4312 4412 433 433 *434 4412
*4312 45
/
1
50 2512July 11 :48 Sept 6
200
Preferred
Apr
37
412 4
/
1
4
43
8 458
358 4
8Sept 3
414
412 43
57
4
4
114May 31
10,200 North Amer Aviation
412
239 Dec 11
5
*85
8612 85
79 Dec 10712 Aug
85
83
8512 83
84
85
85 85
*83
500 No Amer Edison pref--No par 49 July 13 88 Sept 6
8
*612 15
*612 15
4 Dec 353 Apr
*5114 15
8 Jan 21
8June 20
*58 15
*53 15
4
25
*53 15
North German Lloyd
*2912 32
*2912 32
21 Dec 47 May
2912 2912 *27
*2912 32
/
1
4
324
32% *27
30 Northwestern Telegraph-50 15 June 3 33 Aug 30
*13
4 2
2 Nov
*13
4 2
/ Jan
1
4
114
112 11
/
4
212 Aug 30
14
13
4
*13
4 1%
3 Feb 9
4
112
500 Norwalk Tire & RubberNo par
8
/ 8%
1
4
84 83*
518 Dec 1912 Jan
/
1
73
4 8% 12,000 Ohio Oil Co
812 83
4
5 Jan 5 11 Aug 10
818 818
818 83
No par
4
*218 212 *218 2
53 Feb
8
218 214
212 21
/
4
/
1
4
% Dec
17
8 2
2
2
4 Aug 6
12 Apr 28
No par
1,500 Oliver Farm Equip
*6
Jan
8
*6
218 Dec 26
8
612 612 *512 612 *512 6,
*612 8
212May 24 1014 Aug 25
No par
Preferred A
100
42 4 3
8
2% 212 4,800 Omnibus Corp(The) vtcNo par
612 Mar
15 Oct
218 239 *214 212
*23
4 3
43
4Mar 8
2
/ 27
1
4
8
112 Jan 4
97 Jan 21
*55* 812 *6
/
1
818 Dec 284 Feb
8
*55
8 8
*6
814 *55
3 June 7
*55s 63
4
8 63
Oppent.im Coll & Co_ _No par
*73* 11
98
93
*93 12
8
*95 123*
8
*44 12
/
1
4% Dec 72 Mar
'8
11
3'*Junel6 15 Sept 9
10 Orpheum Circuit Inc pref_100
158 153 *1514 157
4 127 137 10,700 Otis Elevator
s 1514 151
1618 Dec 5818 Jan
13
/ 1512 1314 133
1
4
9 May 31 2212 Jan 8
No par
*100 10312 *100 10312 *100 1031 *100 1031 *100 1031 *100 10312
97 Dec 12912 Mar
105 Jan 15
100 90 May 26
Preferred
55
*614 612
6
6
8
312 Dec 163 Feb
47
8 514 7,200 Otis Steel
5
/ 55
1
4
8
6
63
8
639
914Sept 7
114May 27
No par
4 148 143
*133* 143
7
1118 1184
4 147 151
8 Dec 6912 Feb
1214 2,313
1218 143
318May 19 2038Sept 6
100
Prim preferred
2514 23
2512 26
2513 248 253
254 25% 2512
/
1
8 2412
20 Dec 391 Jan
2412 4,300 Owens-Illinois Glass Co___25 12 June 2 2712 Aug 11
297 30
8
2812 293
8 27% 29
30
3
30 4 30 8 31'4 2838 307
3
2958 Oct547 Mar
7
.25 18 8June 1 37 Feb 13
11,600 Pacific Gas & Electric_ 42
/ 4214 4218 43
1
4
4212 40
41
42
43
35
Oct 6912 Mar
4June 2 4712 Aug 29
4
4012 383 4014 3,500 Pacific Ltg Corp
No par 203
95
78 Dec 2614 Mar
*93 1114 *95 10 4
4
•83 10 4 *83 10 4
4
3
8
8
3
314May 26 14 Aug 29
4
20 Pacific Mills
3
98 *85 10
100
.86
87
86
86
82
82
8212 SO
83
86
*83
86
4
4
100 58 June 1 1043 Mar 5 :9314 Dec 1313 Mar
320 Pacific Telep & Teleg
38
33
312 334
33
4 4
352 33
4
37
2
37 Dec 117 Feb
312
3% 312 29,000 Packard Motor Car___No par
s
514 Jan 11
112July 8
*10__ *10
__ •10
__ •10 --_ *10
_ *10
14 Sept 19
6 July 11
--- -- Pan-Amer Petr & Trans____5
.
*1112 - 8 *1112 -135
12
12
*1112 13% 12
13
12 12
-18 1112 -7 8July 15 1412Sept 14
3
5
Class B
1,500
*712 73
712 712 *7
73
712
*712 8
4 8
7% 714
3 Sept 11 Mar
2 Apr 28 10 Sept 6
No par
800 Park-Tilford Inc
•1
114 *1
118 *1
47 Jan
*1
11
1
1
118
7
8
1
1 Dec
2 Jan 8
500 Parmelee Transporta'n No pa
%Jane 1
*2
8 1
.3
8
*14
*38
%
1
1
*3
8 1
*3
8 1
/
1
4
4 Feb
fis Dec
114 Jan 15
12 Jan 23
Panhandle Prod & Ref_No par
5
558
47
8 518
43
8 518
5
514
33
4 43 46,500 paramount Publlx
414 458
8
112May 28 1112 Jan 14
10
54 Dec 5014 Feb
/
1
*114
112 •1%
114
114 *118 11
112
114
114 *114
/
4
139
214 Mar
7 Sept
8
2 Sept 9
5 Apr 14
8
1
800 Park Utah C M
"4
7
8
h
h
.5
8
3
4 1,900 Pathe Exchange
h
3
4
h
3
4
$4
3
4
2 8 Feb
7
14 Dec
14May 12
No par
114 Aug 29
318 33* *3 8 3%
212 234
3
318 312
,
339
214 23
4 4,200
114June 1
No pa
118 Dec
53 Feb 17
4
839 July
Preferred class A_
612 61s
63
4 63
4
*634 7
*64 7
612 61
/
4
612 7
31 July 14
4% Sept 1512 Feb
2,000 Patin° Mines & EnterprNo par
912Sept 6
*114 13
4 *158
17
*13*
s ill%
13
4 *114
17
112
48 Apr 12
1%
13
8
4% Feb
500 Peerless Motor Car
2 Oct
4JUne 8
3
3
*29
/
4
2912 271 2812 283 293
4 28% 2958 2712 2814 2712 2712 4,800 Penick dr Ford
15 June 8 323 Mar 8
No par
22 Oct 4612 Feb
4
/
4
233 241 233 241 24
4
4
8
/
4
3
24 8 215 2212 20 8 223 39,400 Penney (.1 C)
5
243
4 22
4
268 Dec 448 Aug
i
No par 13 May 31 3412 Mar 8
•85
8712 *80
8712 *863 89
8512 854 8514 8514
8
*853 87
4
79 4 Dec 10014 Sept
3
Preferred
100 60 June 1 91 Mar 5
400
112 112
*112 15
112 112
8 15
8 *114
13
8 13
8 *13
13
400 Penn-Dixle Cement_ __No par
s
54 Feb
/
1
212 Aug 29
3 Dec
4
12 Apr 14
•714 12
*714 12
714 7
74 714 6,800
/
1
/ *714 12
1
4
7
/ 7
1
4
/
1
4
Jan
212 Dec 29
312June 9
Preferred series A
8 Sept 14
100
*10
1412 *10
12
12
•10
15
1412 *10
141 *10
/
1
4
141
/
4
15 Dec 35 Mar
100 Peoples Drug Store____No par 12 Oct 3 1612May 17
_ *7112
_*7112
_ _
_
7112 7112 *71
_ .7112
'71__
78 Dec 10414 Aug
10
63'% cony preferred__--100 6018 July 8 95 Feb 25
73 i
743 - 43 *74 - .
4 7 4
7112 V112 71
1i
71
693 fa
4
700 People's 0 L & C (Chic),,,,100 39 July 9 121 Jan 15 107 Dec 250 Feb
*4
8
*8
10
*8
10
8
*8
i58
9
10
1012
No par
100 Pet Milk
9 Dec 1712 Jan
712 Aug 9 1212 Jan 7
53
58
57
572 57
2 *58 6
53
4
512 55 10.800 Petroleum Corp of Am_No par
534 58
8
8
27 Dec 107 Feb
23
7 8Sept 6
3
4May 5
*712 734
714 714
634 712
612 618
758 71
57 Dec 25% Feb
612 7% 6,900 Phelps-Dodge Corp
37
25
1158Sept 8
8June 1
*3612 38
*344 37
/
1
*3612 38
34
34
*3414 36
34
34
400 Philadelphia Co 6% pref
50 18 June 3 41 Mar 10
30 Dec 5612 Mar
.
068
72
72 *____ 72 *__ 72 *_-_- 72 *---, 72
'68
4
No par 48 June 27 76 Sept 7
60 Dec 1023 MaY
56 preferred
532 53
682
612
63
7
63
4 7
63
4 7
43
4 51 17,600 PhIla & Read C & I
No par
23 Dec 1214 Mar
4
2 June 27
77 Sept 9
s
*914 934
*93 1014 *85 1014 *93* 104 *914 1014 *914 93
8
Phillip Morris de Co Ltd_--10
8 Dec 125 Aug
13 Aug 22
7 June 1
712 8
7
758
5
5
758
*6
83
4 •13
6
7
8
800 Phillips Jones Corp_
912 Dec 147 Nov
4Sept 22
3 Apr 25 123
No par
/
1
4
29
*12
30 .15
30
•15
*12
30
*20
30
*12
30
36 Dec 52 Jan
Phillips Jones pref
100 10 Apr 26 32 Feb 10
534 57
57
57
614 57
53
4 57
514 51
8
5
514 15.500 Phillips Petroleum
We Jan
4 Dec
No par
81813ept 6
2 June
*41
5
*414 5
*414 5
*414 6
*44 5
/
1
*5
6
Phoenix Hosiery
3 Dec 1014 Apr
/
1
4
9% Aug 27
5
358Mar23
*3
7
*3
7
*3
7
*3
*3
7
*3
7
7
Pierce-Arrow class A--No par
5% Oct2714 Feb
9 Jan 13
114June 1
*38
1
iii%
1
3
2
3
8
3
8
33
8
3
8
*3
8
1
12
112 Feb
300 Pierce Oil Corp
14 Jan 2
25
h Dec
heept 1
*639 8
•63
2 8
*612 8
5
/ 512
1
4
635 612 *512 6
400
Preferred
312 Dec 23h Feb
9 Aug 9
312 Jan 5
100
118
11
118 118
*118
11
1
118
1
1
1
1
8
3 2 Feb
9,000 Pierce Petroleum
12May 17
No par
158Sept 30
12 Dec
153 153
*15% 167 *1.512 17
8
8 1514 15'4 15
*151 17
1514
19 4 Dec 87 Mar
3
No par
600 Pillsbury Flour Mills
934May 31 2212 Jan 9
Indus. & MIsceli. (Con.) Par
Mathieson Alkali WorksNo par
preferred
100
25
May Dept Stores
No par
Maytag Co
No par
Preferred
No par
Prior preferred
No par
McCall Corp
McCrory Stores class A No par
No par
Class B
100
Cony preferred
McGraw- HIll Pub Co_No par
McIntyre Porcupine Mines...5
McKeesport Tin Plate_No par
McKesson & Robbins __No par
50
Cony pref series A
No par
McLellan Stores
No par
Melville Shoe
. _ _ _1
.
Mengel Co (The)
Metio-Goldwyn Pict pref-_27
5
Miami Copper
No par
Mid-Cont Petrol
-No par
Midland Steel Prod.
100
8% cum 1st pref
Minn-Honeywell Regu_No par
Minn Moline Pow Impl No par
No par
Preferred
Mohawk Carpet Mills_No par
Monsanto Chem Wks No par
Mont Ward & Co Inc No par
No par
Morrel (J)& Co
Mother Lode Coalition_No par
Moto Meter Gauge&Eq No par
Motor Products Corp No par
No par
Motor Wheel
No par
Mullins Mfg Co
No par
Cony preferred
No par
Munsingwear Inc
Murray Corp of Amer_ _No par
No par
Myers F & E Bros
No par
Nash Motors Co
10
National Acme
Nat Air Transport____No par
No par
Hess
---- ---- ---- - - -•-- - -- ---- -- ...__ _ Nat Bellas
-*3- ---- --3- ----100
47 ' 3
8
3% 318 *3
Preferred
3
3
- 4
433
3
400
413
4 38
8 41
404 4114 4014 407
10
38
42
39
3639 3912 18,200 National Biscuit
.135 14018 *135 14018 *135 14018 *135 14018 *135 14018 *135 14015
100
7% cum prof
8
*133 1412 135 14
4
.
133 1414 117 1358 1114 12
11
113
4 9,000 Nat Cash Register A _ _No par
s
20 8 207
3
20 4 21
3
19
1912 21
,
8 201 2114
No par
197
8 1714 1914 66,400 Nat Dairy Prod
11
*7
8
114
1
1
1 18
1%
1
1 18
118 *1
114
600 Nat Department Stores No par
4 512 *418 8
•5
812 *33
*Vs 812 *418 6
100
*4% 6
Preferred
8
177 187
8
8 185 183
17
1714 17
4 1812 187
No par
18
8 17
17% 7.000 Nat Distil Prod
72
*51s 77
*518 7% *518
*518
739 •518 77
Nat Enam & Stamping-NO par
8 *518 78
8 80
*73
*733 80
4
*7334 80
4
*733 80 .733 80
4
100
*733 SO
4
National Lead
106 106
*106 110
10512 107 *10512 110 *10512 110
106 106
100
Preferred A
70
*90
97
*90
97
*90
*90
97
97
100
*90
57
*90
97
Preferred B
4
163 163
4
4 153 1612 164 167
/
1
4 148 1514 135 1512 18,300 National Pr & Lt
No par
8
163
8 15
$ per share 5 per share $ per share
173 1814
4
1714 18
*1712 18
•10018 110 *10014 110 *10014 110
1514 153
4 1612 16%
*1612 17
37
*3
*3
4
*3
4
9%
104 *8
/
1
•8
*9
10
*2218 40
*2218 40
*2218 40
4
1612 1612 *1714 1712 1712 173
*7
12
*7
13
*7
15
9% *712 97
*7
97
8 *7
8
38
*37
*37
38
37
37
8 53
4 *312 5114
*312 53
4 *35
*1612 167
8 1612 1612 *1612 17
8
507 5112
505 505
8
8 5018 51
4
412
4
5
. 47
5
10
918 93
4 10
10
10
212
*2
212 *21
239 28
4
1212 *1218 133
*12
133 *12
4
4
4 *3
312 33
*312 4
*20
21
*20
21
*20
21
414 414
4
/ 414
1
4
4
4
6
6
614 614
618 818
818 814
8
8
8
8
*51
61
51
51
*51
54
173 18
4
18
18
18
*17
g
17
*17
8 218 *17
8 218
17
*8
12
*8
11
12
*8
1078
1012 1012 *1018 1078 *10
2612 2618 265
2612 2612 26
8
/
1
1512 1614 154 1612 1558 1612
*2512 35
*27
35
*2512 35
13
%
3
8
3
8
3
8
38
*3
4
1
*3
4 1
4
8
4
3
8 1818 19
163 18
4
19% 195
*414 53
43
4 43
*43
4 53
8
8
*9% 10
*918 1014
*93 101
8
18
18
18
18
*175 23
8
*1014 16
*104 16
*10 4 16
,
518
478
558 514
539 53
3
*11% 16
*115 16
8
*1158 16
1518 153
15 4 16
,
1518 157
35
4
*35
37t 3
7
8 4
---- ---- ---- ---- ---- ----
$ per share $ per Share 5 per share Shares
16
1618 18
4 4,200
1612 1512 153
10014 10014 *10014 110 *10014 110
10
14
15
14% 15
1,800
157 157
8
38
7
*3
37
3 •3
•3
4
912
912 *8
*8
98 *8
*2218 40
*2218 40
*2218 40
*1614 1714 *1614 1612
163 17
8
700
*7
*7
15
*7
15
15
*712 97
*712 97
8 *712 97
*3712 38
*3712 38
*3712 38
10
*312 5
/ 5
1
4
*312 53
4 *3
1612 1612 1612 1612 1612 1612
800
443 46
48
5012 4618 4714
6,500
37
414
3
414 20,300
3% 414
73
9
1,300
8
912 .818 818
218 218
13
4 13
4
13
4 2
1,300
8
12% 1218 *127 133
4 1114 1218
300
600
*23
4 3
23
4 3
*212 3
*20
21
100
*20
21
20
20
37
312 33
4
4
414
4 1,900
514 53
55a 6
518
4
558 6,600
612 7
714 8
7
114
2,300
*51
4614 4614
51
51
61
300
*1512 18
1612 1612 16
500
16
17
900
112 112
1 12 112
17s
*718 10
*718 10
*718 10
10
10
934
33
912 912
4
400
41
25
26
3.200
25
26
2 2 25
4
8
134 1614 125 1414 113 14 419,400
/
1
*2714 35
*27
35
*2714 35
% 3,200
%
3
8
3
8
3
8
3
8
34
800
*3
4 1
7
8
3
4
84
15
1414 1514 14
1412 16
3,400
4
418
4
4
1,800
418 414
7
714 1.700
712 8
8
8
1614
*173 2212 1758 174 16
4
250
*10
/ 15
1
4
*1014 16
*1014 15
4
418 5
378 418 10,100
44
*1158 16
*1012 16
*1012 16
4
/
1
137 1518 133 142 134 1412 17,900
8
318 313
3
23
4 318 1,400
358
-2 8 5,2 2812 2414
-g7-
• Bid and asked Prices: no sales on this day. a Ex-dividend and ex-rights.
New York Stock Record-Continued-Page 7
2464
rff
-FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Oct. 1.
Monday
Oct. 3.
Tuesday
Oct. 4.
Wednesday
Oct. 5.
Thursday
Oct. 6.
Friday
Oct. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 100
-share lots.
Lowest
Highest
Shares Indus. & Allscell. (Con.) Par $ per share $ Per Share
8Sept 6
3 May 4 115
100
200 Pittsburgh Coal of Pa
Preferred
100 18 June 28 40 Jan 28
4% Aug 18
2 Apr 12
Pittsb Screw & Bolt- _.No par
4Sept 12
94June 29 243
100
2,200 Pitts Steel 7% cum pref
33
4Sept 7
3
4July 8
Pittsburgh United
25
Preferred
100 14 May 17 44 Sept 6
140
3 Sept 12
114 Aug II
No par
30 Pittston Co (The)
65
8Sept, 8
112May 25
No par
900 Poor & Co class B
65
8Sept 8
114May 27
100 Porto Ric
-Am Tob el A _No par
23 Aug 16
4
%May 6
Class B
No par
700
4July 6 1712Sept 8
13
1,800 Postal Tel ds Cable 7% pref 100
9128e91 7
312June 2
25
-- __ Prairie Oil & Gas
512June 2 12%Sept 6
25
i00 Prairie Pipe Line
4 Aug 30
4June I
3
No par
600 Pressed Steel Car
25
8June 13 17 Sept 7
Preferred
100
4
8June 30 423 Jan 14
No par 197
10,100 Procter & Gamble
15 Mar 9
8
18May 25
Producers & Refiners Corp_ _50
93 Mar 30
4
I May 10
50
Preferred
260
17.600 Pub Ser Corp of N J___No par 28 July 11 60 Mar 7
8
No par 62 June 30 907 Sept 6
85 preferred
200
100 7112June 2 110% Mar 11
700 6% preferred
100 9212May 27 114 Mar 10
7% preferred
200
100 100 July 8 1304 Mar 5
200 8% preferred
100 Pub Ser El & Gas pf $5.No par 83 June 3 99 Sept 7
1012June 2 28 Sept 3
No par
28,700 Pullman Inc
3 Jan 2
3
4 Feb 17
50
Punta Alegre Sugar
612 Aug 25
3June 2
27
25
5
1
14 "5,700 Pure Oil (The)
4
418 1
14
34f2 1
iTz 112
:0
8 15
8
4 2 14
100 50 Jan 5 80 Aug 22
80 8% cony preferred
7018 71
75
76
*76
78
7014 7014
71
71
70
7014
8
3May 25 157 Mar 7
43
No par
97 10 4
11
1114
8
104 1012 103 11
918 1018 7,900 Purity Bakeries
958 10
3
212May 28 1312Sept 8
95 10
4
814 93
94 93
94 97
714 81 1 139,400 Radio Corp of Amor--No par
8
73
4 8%
8
50 10 June 2 327 Jan 12
Preferred
500
'22
25 '22
25% *22
2013 2018 1712 2012
21
21
253
8
8May 31 235 Sept 9
33
No par
Preferred B
14,600
16
17
17
1714 155 163
1312 • 1418 1212 14
8
4 14
16
731Sept 9
112June I
518 518
No par
414 458
412 514
54 514
518 514
700 Radlo-Keith-Orph
418 412 4,
4
8July 11 7123 Aug 31
73
43
"9
10
"9
10
800 RaYbestos Manhattan_No par
9
9
814 812
714
73
4 8
2'.I2Sept 2
218July 18
*55
55, 53
-- _10
8 1,000 Real Silk Hosiery
512 512
512 55
8
614
*513 6%
558 53
7 June 23 30 Sept 1
100
50
Preferred
22
*20
247
8 20
•15
*15
20
20
20
22
22 '20
112Sept 1
18 Apr 12
No par
100 Reis (Robt) & Co
*12
3
4
3
4
*12
12
12
*12
7
8
*12
3
4
*12 118
8Sept 3
75
13 Apr 15
4
98
lot preferred
1110
*4
93
4 *4
*4
93
4 *5
9
93
4 *5
*5
9
:12 Aug 27
I May 28
1
47
4
4% 8,700 Remington-Rand
512
512
55, 513
5
53
8 512
558 51
100
4 June 3 29 Aug 30
100
1st pn ferred
*14
20
19
•15
25
19
*15
25
*20
2514 *1918 24
5 June 14 3112 Aug 30
20
2d preferred
100
•1818 31
1918 1918
*1918 24
*1818 31
1814 18 4 *19% 31
,
37
6Sept 8
113 Apr 4
10
2
8
234
212 212 2,400 Reo Motor Car
27
27
2% 2%
23
4 2%
"27
8 3
8Sept 8
8June 2 137
17
8
97 1012
75
8 85 32,400 Republlo Steel Corp___No par
834
10
1014
818
93 1012
4
10
8
June 28 2878Sept 6
5
100
6% cony preferred
3,500
1512 17
"20
22
1612 17
2034 2112 2113 213
4 1714 19
614Sept 8
I July 6
Revere Copper & Brass.No par
*2
5
5
*2
5
*2
*2
5
*112 5
"2
5
212May 3 1212 Aug 26
100
Class A
No par
*5
7
"5
7
8
8
12
*8
*8
12
"8
12
55 JulY 20 1178Sept 22
No par
3
3,900 Reynolds Metal Co
812 9
918
9
•1012 103
914 10
1012
1012 *10
4 10
8Sept 9
3 Feb 23 127
No par
1218 1214 1012 12
103 103
4
4 1012 1012 1,600 Reynolds Spring
*1214 123
8 1214 1214
337s 31% 3314 33,700 Reynolds(R J) Tob class 13_10 2612June 30 4014 Jan 14
3414 347
8 3412 343
343 347
4
3313 3458 33
10 64 mat 2 71 18June 13
70
Class A
*65
67
67
67 '65
"65
65
65
65
65
67
*65
1% July 26
14June 23
58 1,600 Richfield Oil of Calif __No par
22
5
8
3
4
3
4
*53
3
4
3
4
3
4
4
4
3
4
7 3
_ 3
7
7 7 _
312 Aug 10
1%May 28
_
_ _ _
. __ _
_ . ___
Rio Grande 011
No par
4 July 12 12 Oct 3
200 Ritter Dental Mfg_ _ _No par
.
1i
•10I3
-13 H -- *io -II iiii II *iii Ti *th fi
51
23
48
700 Ross% Insurance Co
512 512
6
6
65
8
67
8 *6
316
*6
6%
t
1118 AaY 21
5
8
*2114 2112 *2
21
1958 2014 193 1912 1,000 Royal Dutch Co (N Y shares) 12 2M pr 28 23011142SeAupg 7
21
21
21
05, 207
4Sept 8
45a July 13 173
10
4,700 St Joseph Lead
111 1112 1018 12
10
912
10
11
1112 1112
.107 1114
8
No par 3018July 8 59l4 Mar 5
4
4918 513
4 4812 4913 473 4912 11,200 Safeway Stores
517 523
4 5113 53
52
52
100 60 May 26 90 Oct 3
120
893
4
6% preferred
893 894 *88
4
90
897 89% "88
8
90
90
. 89
89
100 89 June 2 99 Oct 1
590
7% preferred
4
9814 973 9814
9812 99
983 99
4
987 99
8
98 4 9812 1)8
,
75 Feb 1
114 July 14
200 Savage Arms Corp_ ___No par
4
4
313 313
*33
4 4
*33
4 5
*4
5
'33
4 5
4 Jan 13
%May 31
400 Schulte Retail Storee_No Par
*112 2
2
2
I% 2
•154 2
*15, 2
2
2
May 28 30 Jan 5
8
100
20
*83 14%
4
84 87
Preferred
147
8 *9
*9
147
8 *9
8 .854 147
14%
653 Apr 12 1712Sept 8
113 1234 22,100 Seaboard 011 Coot Del_No par
4
1314 1212 1313 1212 13
134 13
13
1318 13
2% Jan 21
1 Apr 12
*158 27
Seagrave Corp
No par
*112 3
8 *112 3
*112 3
*13
8 3
*15
8 3
sJune 28 3758 Jan 18
97
i
243* 2514 2313 254 2334 254 2113 25
2014 22
.
1914 215 99 600 Sears. Roebuck & Co No par
3 Aug 30
12July 5
1
800 Second Nat Investors
*153 2
8 17
17
8
17
s *15
13
4 17
8
17
8
17
8 *15
8 *1.54
I 2114June 22 36% Aug 25
200
41
Preferred
*25
33
33
*33
35
*33
36
*32
41
35
35
1 Aug 30
18May 4
5
8
52
5
8
5
8
3
8
*12
5
8
.12
62
52
*12
5
8
500 Seneca Copper
No par
53 Jan 13
3
112June 25
1
23
8 212 9,00 Servel Inc
27
278 3
8
3
3
212 25
2 8 27
5
3
3
2 4 Mat 8
5 May 28 I73 8epr 8
85
No par
6,600 Shattuck (F G)
4 9
73
812 912
93 10%
4
•1013 1058
4
83
95, 1014
112July 1
No par
100 Sharon Steel Hoop
414 414
*414 512 *418 512 *414 512 •44 512 *44 5
7 Sept 8
8June 13
*458 47
17
47
No par
312 33
4 5,000 Sharpe & Dohme
338 414
37
8 418
413 43
4
4
200
Cony preferred ser A _No par 1113July 21 304 Jan 18
"2212 25
*2212 25
*2212 243 *2212 25
4
2212 2212 *2213 25
83
4Sept 7
55
213 Apr 23
No Pat
57 10,600 Shell Union Oil
8
64 6%
53
4 612
614 65
8
513 6
6% 6%
100 18 May 31 6514Sept 7
400
48
Cony preferred
46
48
533 *46
4
3
52% 521s *487 53 4 487 48% 1048
IN Aug 10
%June 2
500 Shubert Theatre Corp_No par
12
12
34
*12
3
4
12
6
8
3
8
3
4
*5
8
4
*5
3
3
131 Aug328Sep t27
7
25
2 4June I
8
No par
4
8% 93 20,200 Simmons CO
914 95
8
918 1112
8
4
12
1212 113 1258 1112 123
314 Apr 8
10
55, 6
*512 0
512 513
2,500 S1Mra8 Petroleum
534 6
*514
718 Jan 7
414 Jan 4
Sinclair Cons Oil Corp_No par
---- ---- ---- ---- ---- ---- ---- ---- ------- ---- ---100 79 Feb 6 96 Mar 24
Preferred
51
4Sept 6
212 Feb 8
25
390 Skelly Oil Co
4
313 312 *3% 33
37
2 3%
414
*5i3 414 *37
*37,3 4
100 12 Jan 4 3312Sept 7
Preferred
1,000
27
273 273
4
4 27
*273 28
4
29
29
4
2812 2813 *273 29
712Sept 6
23 Aug 21
37
37
2,300 Snider Packing Corp - _No par
41g 43
312 4
313 33
4
37
8 4
4
4
414 Jan 11
1 June 13
No par
__
Preferred
__ ____ ____ ____ ___ ____
514May 31 1214Sept 6
25
93 10
912 37,100 Socony Vacuum Corp
9
97 10
3
98 9 4
3
912 97
8
97 10
3
100 Solvay Am Invt Tr preL _100 35 June 28 67 Sept 6
4 614 6114
613 *6014 613
4
613 '60
613 *60
4
*60
613 •60
4
4
44 Apr 12 198 Sept 3
3,400 So Porto Rico Sugar___No par
3
153
4 145 15
1658 165
8 1512 1612 15
1658 1612 164 164
100 8812May 27 11012 Aug 31
1,000
Preferred
108 108 *108 ____
"108
____ *108 110
____ '108
____ •108
4June 2 323 Feb 19
25 153
4 5,000 Southern Calif Edison
2712 2614 273
2353 27
287
8 27
2712 2713 27
2858 28
3 Feb 26
114May 28
Southern Dairies el 13-No par
4 21*
212 "13
*13
4 212 *13
*13
4 5
4 5
*13
4 212 *1.3
412July 7 12 Jan 12
712 712 *7
812
100 Spalding (AG)& Bros_No par
*712 812 *712 81, *712 812 *712 812
100 32 June 3 95 Jan 9
1st preferred
10
5212 6212
*5213 61 '5212 61
*5213 65 "5212 61
*5212 65
93 Mar 3
4
3
5 4 Mar 7
4 *412 934 *412 934 .412 93
Spang Chalfant&Co InoNo par
.4% 054 *412 93
4
*412 95
100 29 Aug 9 48% Jan 2
Preferred
28
•25
•25
28
28
"25
28 "25
28
"25
30 '25
5 Sept 8
1 May 28
218 212 1,500 Sparks Withington_..No par
234 23
4
*258 234
8
2 4 27
3
27
8 27
212 26
8
8 May 4 11 Sept 8
100 Spenc,e2 Kellogg & Bons No par
912 912 *912 10
*912 10
*912 10
*912 10
*912 10
8 85ep1 7
7
5 Apr 20
No par
Spicer Mfg Co
*54 612 "514 64 *514 612 *614 652 *614 612 *614 612
18 Sept 7
912June 1
100
Cony preferred A-_- _No par
*1514 19
157 157 *1514 19
8
*157 19
8
s 19
8
*157
•I653 19
5 Aug 29
5
8May 31
300 Spiegel-May-Stern Co_No par
3
3
44
*3
3% 35
8 '333 45
*313 45
8 *312 45
3June 2 177 Aug 27
83
No par
8
4 1414 153
1414 144 1418 147 43,100 Standard Brands
1514 153
157 157
8 1518 157
No par 110 June 2 212112Sept 6
Preferred
"120 _ _ •120 _ _ '120 _ .
_
'120
*120 - _ *120 _
2 Jan 4
8
7 July 20
200 Stand Comm Tobacco_No par
1 18
"1
11
1
1
-1
-18
I's •1
- 18 *1
1
*1
5
7 8June 2 3414 Mar 8
19
2014 1758 1912 16,100 Standard Gas & El Co_No par
2134 2252 1914 217
2112 2113 2014 22
914June 2 4114 Jan 14
No par
1.700
Preferred
26
29
3014 26
3
3112 3112 30 4 305
2712 25
•314 33
300
56 cum prior pref. -No par 21 July 19 6212 Aug 24
4512 4513
48
48
48
48
*493 51
4
*48
51
*4612 51
100
$7 cum prior pref.__ No par 28 June 3 75 Jan 15
58
*51
59
*51
59 "52
59
52 52
"5612 60 '51
214 Aug 25
'*June 24
300 Stand Investing Corp_ _No par
1
1
*1
114
1
1
114
114 *1
118
118 *1
300 Standard 011 Export pref-100 z 81 June 9 99 Oct 6
991
9912 *983 9913 984 99
*99
*98
4
•98 100
*9814 100
8
243 2512 24% 2514 23 4 2514 18
4
2512 26
25% 257
.100 Standard 01108 Calif-No par 1518June 2 317 Sept 7
2558 26
7 Apr 7 1613 Aug 21
25
1,400 Standard 01101 Kansas
s
8 117 117
4 1218 1314 1238 123
s
1418 1418 *1318 134 *1314 133
3
45,900 Standard Oil of New Jersey.25 197 Apr 23 3738 Sept 6
31
3
2918 308 284 297
30 4
3
29 4
28
3014 31
3012 31
Standard Oil of New York 25
.• _
_ _ _
"z.•
- -- - - - - - -83
48ept 7
3 July 12
;578 1
Starrett Co (The) L S_No par
_i *i.i 1
*8r4 s" ;Lf4 1 ;ii4
7,
1
i
%May 21
214Sept 7
600 Sterling Securities cl A_No par
114
114
114 114
1I4 .
114
3114
112
112 112
112 112
4 Sept 8
No pat
5s July 11
400
Preferred
24
*212 3
*212 3
2
212 24
.212 3
*23
4 3
Convertible preferred_ _50 1312June 2 26 Aug 27
24
244
*244 2578 2413 2413 2433 24 8 "2414 25
500
*2412 26
sMay 26
812Sept 8
17
10
4 512 2.500 Stewart-Warner Corp
513 6
63* 612
63
8 6%
43
512 55
8
*518 67
45 July S
3
1738 Sept 8
97 1114 15,000 Stone & Webster
No par
8 1014 125$ 1012 1114
1213 12% 127
8 12
1258 123
212May 28 133
4Seut 8
77
85
8 77 17,400 Studebaker Corp (The) No par
714 73
814
84 812
84
8
814 814
100 32 May 25 1047 Mar 31
3
20
PreferreC
*404 62
62 62
65
65
*50
62
70
*65
70
"65
No par 245 Apr 13 3612Sept 8
800 Sun Oil
.3513 36
36% 3613 3612 3613 3612 31312 3512 3612
36
36
100 68 July 13 91 Aug 31
20
Preferred
85 "84
•8412 87
85
85
85
84
84
85 "83
"83
7 June 11 1413 Sept 3
-No par
100 Superheater CO (The)
"12
14
*12
14
*1112 13
12
12
14
14 .12
'12
2 Sept 6
14 Jan 5
7
8
1
/
8
7
8
No par
600 Superior 011
1
1
118
I% *1
*1
1
1
214May 26
914 Sept 28
100
800 Superior Steel
64 63
64 64
4 812
4 *63
6% 81s
818
83
8 83
11 '73
158July 19 11 Jan 4
Sweets Coot Amer (Tbe)-- _50
*312 5
"312 5
*312 5
*312 5
*312 8
*312 5
14 Mar 31
1 Sept 6
No par
•12 1
100 Symington Co
*12 1
*12 1
*12 1
*12 1
58
5
3
12May 28
2 4 Aug 30
3
No par
100
Class A
IN
112 112 *114
4 •14 I% *114 2
*112 13
•114 2
6 July 20 135 Mar 23
*
No par
1058 2.100 Telautograpb Corp_
3
1012 1012 10 4 10
912
11
1014 1012
1012 1012 1012
I May 25
43
3Sept 8
No par
200 Tennessee Coro
*213 3
3
3
4
*312 4
313 312 *3
"312 37
914June 29 181 1Sept 6
25
127 20.400 Texas Corp (The)
s
8 12
1318 1312 1313 135$ 1213 1358 1212 127
1313 1353
8 207 2112 20% 22% 10.30 Texas Gulf SulphurNo par 12 July 6 265 Feb 17
8 211s 225
8
4
4 223 227
0
224 2214 223 223
4 Aug 5
113 Apr 12
21
011-- _10
21s 1,600 Texas Pacific Coal &213
2
214 23
3
212 212
3 25
23
*25s 3
$ per share $ per share $ per share $ per share $ per share $ per share
712 712 *65
.7
712
6s 65
3
*65
8 9
8 9
3165
8 9
318 '25
313 *22
4
*22
313 *22
4
37
*25
37 '25
37
*212 4
*212 4
*212 4
*212 4
*24 4
3
4
"21
*21
24
*21
24
*21
24
24
23
23
*21
24
8 212 *158 212 *15, 212 *15
2 212 *15
*I% 214 *13
5 212
*30
32
2314 2612
.2912 3212 2912 2912 30 30
30
30
"2
234 *2
212 "2
2
2
212 *2
212
23
4 *2
4
414 414
*414 5
414
414 414
312 312
33
4 33
4
s
8 454
8 43
4 *31
4 *37
'312 43
4 *312 43
'312 43
38 37
11. 14
112
*113 2
13
4
113
112 *114
112 112 '112
818
9
1014 1014 10
•10
1112 10 - 11
8
912
1114
8 *638 938 *638 958
4 93
3 *612 93
8 *63
4 93
*63
4 958 *63
*93 1014 *93 1014 *954 1014 *912 10% *93 104
4
4
913 912
8
25
3
23
"23
4 3
*23
3
214 214
23
4 23
4
23
4
*10
13
*8
"9
10
*8
10
*8
10
*9
10
10
3358 333
4 3253 3358 3314 34
31
33
3118 31% 30% 314
*12
3
4
*12
3
4
*22
3
4
*12
3
4
*12
3
4
*12
3
4
7
*6
7
6% 64
7
6% 67
63
4 63
4
8 *612 7
50
51% 5113 5258 4812 51
483
48
51
51
46
49
*843 88
8
*8414 86
85
85
*85
88
842 8412 *8414 87
4
4
3
*9912 10058 993 1003 *9912 100
9812 9912 *9812 99 4 *9814 993
3
*10412 112 *10412 110 *10412 108
10512 1057 *10412 108 '10412 108
8
*125 12818 125 125 *122 1293 *125 1293 *125 1293 129 129
4
4
4
*9714 100
*9514 100
98
98
*9714 100
*9614 100
*95 100
2614 263
3
4 253 2614 255 263
2214 2312 2114 24
8
8 2214 26
• ilid and asked mires. no sales on this day. x Ex-dividend. y Ex-rIghts.
PER SHA RE
Range for Previous
Year 1931.
Lowest
Highest
$ per share $ per share
4 Dec 2812 Jan
273 Dec 80 Jan
4
3 Dec 1514 Feb
217 Dec 87
Jan
1 Dec 15 Feb
40 Den 99)s Feb
53 Dec 1814 Jan
8
3 Oct 133 Jan
4
2 Sept 27 Feb
8 Feb
53 Sept
4 Dec 3912 Jan
418 Dec 2058 Feb
57 Dec 2612 Feb
114 Dec
718 Feb
513 Dec 475 Feb
3
36% Dec 714 Mae
1 Dee
6 Feb
3 Dec 16 Feb
4918 Dec 9612 Mar
78 Dec 10212 May
92 Dec 12014 Aug
4
112% Oct 1393 Aug
118 Dec 16012 Aug
87% Dec 10714 Aug
1514 Dec 5812 Feb
2
14 Aug
Jan
3% Dec 117 Jan
8
5312 Dec 1017 Jan
103 Dec 5514 Mar
4
518 Dec 2712 Feb
20 Dec 5518 Mar
912 Dec 60 Mar
4 Dec
23 Dec
4
812 Dec 2912 Mar
8
17 Dec 307 Feb
8
5 Dee 90 Feb
17 Jan
a
4 Dec
6 Sept 13 Apr
Vs Dec 193 Feb
4
614 Dec 88
Jan
10 Dec 98 Jan
27 Deo 1018 Feb
8
8
418 Dec 253 Feb
818 Dec 54 Feb
21$ Dec 13 Jan
6 Dec 30 Jan
7 Sept 2258 Mar
212 Oct 1814 Mar
324 Dec 5412 June
69 June 7512 Feb
3 Dec
8
63 Jan
3
114 Nov
1014 Feb
53 Dee 411 Mar
4
34 Dec 26 Feb
13 Dec 425 Feb
7 Dec 30% Feb
385 Jan 6912 Aug
8
631 Dec 9813 Sept
71 Dec 10812 Aug
38 Dec 2014 Feb
3 Deo 1118 Mar
30 Dec 65 Mar
512 Oct 2034 Apr
214 Dec 11
Feb
304 Dec 634 Feb
3 Dec
4
612 Feb
27 Dec 5813 Feb
I% Feb
14 Sept
312 Dec 1134 Apr
814 Dec 213972 Feb
2 8 Dec
1
18
Feb
318 Oct 21 Mar
28 Dec 6112 Mar
212 Dec 104 Jan
15 Dec 78 Feb
93 Mar
4
13 Dec
367
: c 2131%
1
Dec
Feb
Vs Dec 157 Feb
8
64 Dec 103 Mar
2 Dec 127 Jan
10 May 62 Jan
2
Oct
8% Dec
40 Dec
6% Dec
87
Oct
2858 Oct
212 Sept
8 Dec
94 Dec
9% Dec
4812 Oct
2 Dec
9 Sept
8 Sept
1114 Deo
3 Dee
1012 Dec
1143 Dec
4
13 Dec
4
2518 Dec
2978 Dec
40 Dec
55 Dec
'a Dec
874 Dec
23% Dec
75 Dec
26 Dee
1373 June
8 Dec
12 Dec
15 Dec
1618 Dec
48 Sept
97 Dec
9 Oct
76 Dec
4
261 Oct
75 Dec
11 Dec
14 Dec
27 Dec
2
1012 Dec
4 Dec
Oct
I
Ills Dec
2 Dec
97 Dee
1912 Dee
2
17 Dee
155 Feb
3
21
Aug
95 Mar
1712 Jan
11212 July
544 Feb
5 Mar
36 Jan
11512 May
2712 Feb
9213 Jan
8
135 Mar
1612 Nlar
178 Feb
3312 Feb
1712 Mar
2013 Feb
124 July
4 Feb
88% Mar
647 Mar
8
101 Mar
109% Mar
44 Feb ,
106 Sept
513 Feb
4
19
Jan
52% Feb
26 Feb
3414 Feb
573 Feb
9% Feb
40 Mar
8
217 Mar
544 Mar
26 Mar
1184 Ayr
4514 Feb
10412 Feb
40 Feb
53
4
13 Feb
18% Mar
157 Aug
3
215 Feb
611 Jan
2112 Mar
912 Jan
357 Jan
2
553 Feb
4
613 Jan
New York Stock Record-Concluded-Page 8
2465
rar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH
PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Oct. 1.
Monday
Oct. 3.
Tuesday
Oct. 4.
Wednesday
Oct. 5.
Thursday
Oct. 6.
Friday
Oct. 7.
$ per share
*53
4 6
.513 53
3
*27
40
12
*712 8
212 213
*1612 1712
*1114 143
4
*67
8 8
•114 2
.1518 17
418 418
*45
50
*9
15
*47
5212
.45
8 5
1814 1834
$ per share
57
8 57s
.513 53
8
.275 40
8
*712 712
213 212
*1612 1713
*1114 143
4
67
s 67
8
*114 2
*1518 17
37
8 418
*47
50
*9
15
*47
5312
4 57
8
43
18
183
8
$ per share
53
4 6
*618 553
.2758 40
97
8
*6
25
8 314
1614 1613
*1114 143
4
8
*6
*114 2
*1518 17
37
8 37
8
49
.47
*9
15
545
53
4
45
8 43
18
1812
---- ----
5 per share
512 53
4
*518
558
.2758 40
*6
97
3
25
8 27
8
1534 16
*10
1434
6
6
114
114
*1518 17
34 4
3
45
4714
*9
15
*45
5412
4
458
16
18
--__ ____
5 per share
514 512
*412 55
8
*2753 40
*6
97
8
27
s 27
8
157 16
8
*10
143
4
612
.5
*1 18
114
*1518 17
31g
33
4
43
43
*9
15
*45
5312
4
4
16
1614
_.__ ___
$ per share
4
5'8 53
5
5
*275 90
3
97
8
*6
258 314
16
16
10
10
*513 612
118
DI
.1518 17
318 33
8
4114 42
10
10
*45
51
4
418
155 1612
8
---- ___
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On basis of 00
-share tots.
Lowest
Highest
PERISHARE
Range for Precious
Year 1931.
Lowest
Highest
Shares Indus. &?AWOL (Cond.) Par $ per share 5 per share $ per share $ per share
8,900 Texas Pacific Lan I Trust__1
212June 2
812Sept 6
414 Dec 175 Feb
8
100 Thatcher Mfg_
No par
2 Apr 5
9 Aug 25
378 Dec 22 Feb
$3.60 cony prci
No par 2218 Apr 19 304Sept13
245 Dec 41 Mar
8
100 The Fair
No par
4 May 17
814Sept 8
Jan
53 Dec 23
g
2,900 Tbermold Co
No par
7
8June 2
4 Sept 10
112 Dec
9 Feb
900 Third Nat Investors
1 10 May 31
163
4Sept 9
1114 Dec 27 Feb
200 Thompson (J R1 Co -----25
814 July1 163 Mar 5
4
12 Dec 35 Mar
400 Thompson Products IncNo par
23
4June 3 10 Feb 29
63 Oct 18 Feb
8
400 Thompson-Starrett Co_No par
3
8June 11
214 Aug 29
7 Dec
8
838 Mar
$3.50 cum pref
No par 12 June 2 1712Sept 2
1413 Dec 3414 Mar
22,200 Tidewater Assoc 011-_ _No par
2 Apr 8
55
8Sept
218 Dec
9 Jan
Preferred
900
100 20 Feb 3 60 Sept
2012 Oct 6. Jan
300 Tide Water 011
No par
5 June 6
10 Aug 2
97 Nov 18 Mar
8
__ _. _
Preferred
100 30 Feb 9 62 Sept
30 Dec 83 Feb
3:900 Timken Detroit Axle
10
2 July 6
313 Dec 12 Feb
63
4Sept
10,500 Timken Roller Bearing_No par
7 4July 8 23 Jan
3
1613 Dec 59 Feb
______ Tobacco Products Corp No par
27 Jan 5
8
63 Mar
8
8
15 June
412 Nov'
Class A
No par
63 Jan 4
8
9 Mar
6 Dec 14 Apr ,
512 6
514 513
57
3 6
53
4 613
558 6
518 512 26,000 Transamerica Corp
No par
218 Jan 2 7 18 Sept
2 Dec 18 Feb
*57
8 6
.312 5712 *314 53
4 *314 512 *3'4 63
8 *3'4 614
Transue & Williams SVINo par
214July 13
812Sept 6
27 Dec 1713 Mar
8
418 412
414 412
414 412
4
412
33
4 4
312 418 12,600 Tri-Continental Corp__No par
1'2MaY 26
512Sept 3
2 Dec 113 Feb
4
*603 70
•603 70
70
4
.63
4
*603 70
4
*603 70
4
*603 70
4
6% preferred
No par 427 Jan 2 72 Sept 9
8
3613 Dec 9414 June
263 263 .257 267
8
*263 27
8
8
8
8 247 257
8
8 2412 2412 243 24113
s
600 TrIco Products Corp
No par 193
8Nlay 31 3112Nfar 9
24 Dec 4558 Feb
*5
8 2
*3
8 2
.58 2
.
5
8 2
•5
8 2
.
5
8 2
Truax Traer Coal
No par
318 Jan 14
14M5Y 27
1 Dec 10
Jan
6
6
6 18 613
6
6
*5
53
4
5
5
414 412 1,000 Truscon Steel
2 Apr 19
10
714 Aug 25
57 Dec 24 Feb
8
•112 2
*132 17
8 *112 13
4
15
8
15
8
112 15
8 .15
3 17
8
600 Ulen & Co
No par
12N1ay 4
318 Aug 29
2 Dec213 Mar
4
.18
19
*19
20'2 19
20
19
19 .17
19
153 17
4
800 Under Elliott Fisher Co No par
73
8July 7 2438Sept 6
1338 Dec 753 Feb
4
3
8
853
4 *853 97
712 712
8 93
85
8 8 8 *85
,
658 714 1.300 Union 13ag&Paper CorpNo par
512June 2 1158 Aug 27
5 Dec14 Aug
2838 2914 2714 29
283 2914 2618 282
8
4 25
2612 2418 263 74,200 Union Carbide & Carb_No par 1512MaY 31 363 Mar 7
4
8
2718 Dec72 Feb
8
1218 *115 12
12
12
1218 1114 12
1118 1113 1058 113
8 4,800 Union Oil California
8 July 8 1538Sept 6
25
11 Dec265 Feb
8
1318 133 .1318 15 .1314 15 .1314 15
•1314 14
8
13
1314
400 Union Tank Car
No par 113
4.Tune30 1914 Jan 2
16 Dec2518 Jan
295 303
8
4
4 283 3158 3014 3218 2518 3078 2334 2618 2214 263 732,000 United Aircraft & Tran No pa
8
612Nlay 28 343 Sept 23
8
97 Dec387 Mar
8
8
573
•56
4 56
56 .5512 5614 5478 5514 54
5518 •5114 52
900
Preferred
50 3014Nlay 13 57125ept 2 ;
40
Oct6114 Aug
22
*2114 22
22
213 22
2113 2114 22
4
21
2114
20
1,300 United Biscuit
No par 11 July 6 2812Mar 4
18 Dec413 Mar
4
98
*81
.81
98
.81
98
981 .81
.81
98
*81
98
__ __
Preferred
100 75 July 8 103 Mar 23
90 Dec 122 Mar
163 1612 155 155
8
8
8 1514 16
145 1513 1412 145
8
8 1314 1414 6:300 United Carbon
65sJane 1
No par
18 Sept 2 ,
618 Oct 283 Feb
4
3
8
1.
3
8
13
32
12
ls
'
14
1
5
8
12 107,600 United Cigar Stores
5
8
1
58 Oct 4
13 Jan 11
4
Ps Dec
712 Apr
*412 10
.412 10
*5
10
*412 10
*5
10
.5
10
Preferred
218May 21 20 Jan 11
100
Apr
20 Dec 276
10 4 1114 1058 11
3
11
97 1118
8
1158
913 10
101 1 105,200 United Corp
9
312June 2 14 Sept 8
No par
712 Dec 3114 Mar
3534 35
363 363
8
8 3513 3512 36 4 3614 35
,
353
4 35
35
1,900
Preferred
No par 20 June 2 39 8Sept 8
3
2618 Dec 5218 Mar
458 45
8 *43
4 513
5
412 8
5
413 41
4
4
:.,000 United Electric Coal_No par
23
8July 8
678 Aug 31
3
Jan
12 Feb
•2314 233
4 2314 2314 23
2314 2013 22
20
201
1912 203 13,700 United Fruit
4
No par 1014June 2 3238 Aug 22
1712 Dec 873 Feb
4
1912 197
s 1914 20
195 20
8
187 197
8
181i 188 1734 1834 27,600 United Gas Improve
No par
914June 2 22 Sept 8
153 Dec 3712 ?der
8
•93
943 .93
4
943 *9314 9314 9314 931
4
92
92
93
93
Preferred
500
No par 70 June 2 96 Aug 23
83 Dec 1063 Aug
4
.14
1
.12
1
.12
*14
1
1
*12 1
•12 1
United Paperboard
100
3 Aug 8
4
2 Sept
314 Jan
3 Aug 8
4
.612 8
*612 8
.6
8
6
6
*512 8
*6
100 United Piece Dye Wks_No par
8
338June2S 117
85e9t 6
9 14 Dec 313 Feb
4
153 153
112 15
8
113
112
113
113
114
13
8
114
114
1,600 United Stores class A_ _No par
3
4May 23
3 Jan 28
13 Dec
8
95 Apr
8
.3712 43
•385 43 .3918 43
8
*4014 43 .4014 43
403 405
8
Preferred class A.......No par 27 Jan 4 4814 Mar 9
8
100
21
Oct 52 Apr
•2513 28
*26
28
.253 28 .257 28
4
8
257 257a *253 27
8
4
100 Universal Leaf TobaccoNo par
11 May 31 31 Sept 9
157 Oct 4112 Apr
8
*35
38
.35
38
*35
38
*35
38
35
35
35
35
20 Universal Pictures 1st pfd_100 23 June 2 50 Jan 27
24 May 5712 Aug
.118
113 .1 18
112
11
1
118
l's
1
112 .1
400 Universal Pipe & Rad_No par
118
258 Aug 29
4 Feb
12 Oct
12 Apr 7
•133 133
8
4
4 123 13
133 1312 1213 1318 1113 123
3
4 10 3 113
5
4 9.200 U 8 Pipe & Foundry
20
714June 2 1818 Sept 6
10 Dec 3718 Mar
•147 1814 .1472 15
8
143 143 .1414 15 .14
4
4
15 .14
15
1s1 preferred
1.00
No par
1112June 22 163 Aug 29
3
133 Dec 2014 Mar
.4
•1
12
.1
12
.1
12
.1
12
*1
12
.1
12
U 8 Distrib Corp
No par
2 June 9
5 Aug 17
4 Dec 10 Mar
*12
72
.12
7
3
•13
7
2
.14
7
8
*14
7
8
U S Express
100
414
7
8
14 Jan 15
111Sept 7
3 Dec
8
134 Jan
*9
*10
13
13
*10
13
.9
13
.9
123
4 .8
US Freight
1212
No par
312Nlay 27 153
4Sept 8
412 Dec 3012 Mar
*412 5
412 412
4 8 453
,
414 43
4
4
414 412
418 4,603 US k Foreign Secur
No par
13
8June 16
614Sept 3
17 Oct 1212 Feb
8
*50
60 .50
60
50
50
.47
52
50
50 .45
52
Preferred
200
No par 26 June 2 64 Sept 8
40 Dec 90 Feb
253
.24
4 2413 25
2413 25
2231 24
2214 23
22
223
2 3,300 U 8 Gypsum
20 1012June 2 27 Sept 6
1412 Dec 50 Mar
.314 4,
4
312 313 *3
4
*3
41
*3
412 *3
413
400 US Hoff Mach Corp__No par
3 Apr 29
4
6 Sept 6
212 Dec 123 Apr
8
3112 32 4 31
,
32 4 313 33
,
4
8
273 3114 273 2838 255 2818 23,200 U S Industrial Aleohol_No par 1314June 2 3614Sept 3
4
8
203 Oct 773 Feb
8
3
.512 6
514 53
4 *512 6
418 5
51s 51
41 1 43
8 1,200 US Leather v t c
No pa
114Nlay 31
714Sept 8
15 Dec 1034 Mae
8
1112 1118 •103 113
4
4 1112 1112
95 1013
8
9
93
3
813 9
2.900
Class A v t c
No pa
314June 13 16 Sept 3
314 Dec 157 Mar
2
.65
72 .65
72
.65
72
*65
72
•64
70 .64
70
100 4414June 30 7018Sept 8
Prior preferred v t a
5714 Dec 8612 July
.712 S'z
714
712
73
4 77
612 7
6
s
612
558 4,600 U S Realty & Impt_.--No par
5
2 June 2 113
4Sept 7
512 Dec 3614 Feb
67
8 67
65
8 7
65
8 7
512 6(2
55
8 61
51s 57o 9,000 U S Rubber
No par
114June 2 1014 Aug 30
312 Dec 203 Mar
8
1212 1212 1212 1213 1213 1234 113 12(4 12
4
13'2 1112 1313 7,800
18t preferred
100
318June 10 203 Aug 30
4
618 Dec 3618 Mar
•1713 1858.. 31718 1712 1713 173
4 153 1613 153 16
4
1513 3,100 U S Smelting Ref & Mtn -_50 10 June 2 223 Aug 11
4
14
4
125 Sept 253 Nov
8
4
.383 403 .38
4
.?
3912 3912 391 *39
42
41 1 .39
*39
41's
290
Preferred
50 31 July 6 457 Aug 11
8
35 Sept 47
Apr
423 44
4
4158 437
8 417 437
387k 328,200 U S Steel Corp
8
8 38
4258 37
3958 36
MO 2114June 28 525 Feb 19
8
36 Dec 1523 Feb
8
7712 781
7612 7813 7714 7918 74
79
7314 75
75
70
15,700
Preferred
100 5112June 28 113 Feb 19
94 Dec 150 Mar
595 .58
*58
8
60
*58
60
4
57
58
573 58
57
57
600 US Tobacco
No par 55 June 2 66 Apr 27
6g7 Dec 7178 Mar
8
576
6
6
6
5
538
6
5
6
47
8 514 11,300 Utilities Pow & Lt A
No par
112May 25 103 Jan 14
8
77 Dec 31
8
Feb
*53
a
*52
54
*52
54
54
*52
5
8
53
5
8
53
300 Vadsco Sales
No par
14 Mar 3
118Sept 8
3 Dec
8
2 Feb
.10
30 .10
30 .10
30 .10
30 .10
30 .10
30
Preferred
100 12 June 1 20 Jan 9
14 May 28 Feb
1753 1812 1718 18
1812 1518 18
18
141 i 16
14
16
26,800 Vanadium Corp of Am_No par
514May 3
2334Sept 6
11 Dec 763 Mar
4
•114
113 .114
112 *114
112 .114
112
118
114
114
114
603 Virginia-Carolina ChemNo par
12 Mar 14
238 Aug 25
13 Oct
314 Feb
.612 713 *718 712
713 712
7
7
653 6 8 .6
,
7
500
6% preferred
100
318 Feb 26 11 14 Aug 24
234 Dec 17 Feb
.5912 63 .58
62 .59
63
60 60
5313 5313 .56
65
200
7% preferred
100 20 Apr 12 65 Aug 24
34 Dec 713 Jan
4
*88
89311 88
8912 88
88
8918 .88
*87
88
8612 87
80 Virginia El & Pow $6 pf No par 60 June 9 90 Sept 9
81 Dec 109 May
.23
24
2312 24
24
8
23
203 2212 203 22
8
20
21
100
890 Vulcan DettnnIng
714 July 11
3478 Aug 27
2014 Dec 713 Feb
8
•123 1212 *123 1213 1212 1212 1112 1112 *1012 1112 *10
8
8
11
400 Waldorf System
No pa
718May 31
19 Jan 2
173 Oct 2778 Feb
8
*25
8 3
.25
8 24
3
4 *2 2 23
2 8 23
5
4
,
212 212
23
s 212
800 Walworth Co
No par
438 Aug 30
34June 27
112 Dec 15 Feb
•413 6
.412 6
*412 6
*312 8
.312 6
*313 6
W rad Bakeries class A_No pa
214141 ay 14 1014 Jan 13
/
1
614 Apr 2712 Mar
•112
13
4
112
112 •112
15
8
13
13
8
8 113 .114
13
8
13
4
400
Class B
No par
8
25 Jan 14
4NlaY 7
3
112 Dec
83 Jan
2
.1913 22
2014 20 4 1918 1918 1914 1914 .1914 20
,
5191 4 20
300
Preferred
100 12 May 31 4012 Mar 16
24 Apr 5712 Jan
318 318
3
3 18
3
25
3 14
8 3
212 25s
214
'..5 19,900 Warner Bros PicturesNo par
4
412Sept 9
12June 2
218 1)ec 203 Feb
8
*6
1012 *6
*6
10
10
1012 *6
.5
10
.
5
10
No par
33.85 cony pref
4 June 2 20 Feb 1
812 Dec40 Jan
12
.413
113 •113
113 4
,118
13
4
118
118
118
1,
8
lls
1,
8
3001 Warner Quinlan
12May 26
No par
214 Aug 30
7 Dec
8
73 Feb
8
53
4 57
8
57
8 57
8
552 53
514 5'2
512 53
4
8
5
514
.,0ool Warren liros
No par
114May 28
83
8SePt 8
33 Dec 463 Feb
4
8
13
13
13
133 *13
•13
4
14
.13
13
14
13
13
9)(I
Convertible pref __ _No par
2 June 2 1712 Jan 14
1214 Dec 4978 Feb
.11
1212 .103 12
•11
4
105 1058 1014 10 8
12
8
,
4 1.
714 93
2001 Warren Fdy & Pipe_ _No par
No
712May 13 1414Sept 9
1314 Dec 32 Feb
•1
112 .119
112 .1
112 *118
13
8 •1
13
8
1
1
100 Webster Elsenlohr
No par
5 ay 4
8NI
2 Jan 18
14 Dec
6 Feb
145 1455 15
8
15 .15
1614 *1413 15
1412 1413 1413 1412
5001 Wesson 011 & Snowdrift No par
8',July1 20 Bent 6
12 Dec 2614 Mar
51
51
.503 5412 *5012 5312 .50
4
53 •50
53
*50
53
100
Cony preferred
No par 4234Ju(y29
4414 Oct 5718 Feb
3818 30
8 38
394 3812 395
8 34
39
3318 353
4 31
3158 32,9001 Western Unlock Telegraph_100 l2loJune2O 5812Sept 8
50 Feb 19
3812 Dec 1503 Feb
4
16
1512 1534 1514 151
157 16
16
8
157 16
8
1412 1514 3,200 Westingb'se Air Brake_No
par
914
11 Dec 3618 Feb
357 365
8
8
8 32
3614 305 323
8 345 363
4 3518 373
8
293 327 135.9001 Westinghouse El & Mfg____50 155 Apr 8 1818Seot 2
8
8
8June 29 4312Sept 7
2212 Dec 1073 Feb
4
69
66
70
73
6814 68
70
70
70
68 .65
88
2601
lot preferred
50 52132113e 2 82 Sept 9
6014 Dec 11912 Feb
.718 8
.612 71
.612 714 .512 612
67
8 67
5
5
40o1 Weston Dec Instruml_No par
212 Apr 8
914 Feb 19
6 Dec 28 Feb
18
.16
18
*16
.16
18
.16
1712
1712 .16
171 .16
Class A
No par
1314 Apr 8 19 Jan 19 219 Dec 3614 Jan
*59
65
65
*59
691 .59
65
68
6..
62
59
59
40j West Penn Flec class A_No par 25 May 27 80 Sept 1
5013 Dec 10514 Apr
66
.64
64
6112 6113 62
64
66
64
64
.59
6212
601 Preferred
100 22 June 1
76 Jan 1 1
55 Dec 112 Mar
.6012 621 .6812 621
3 60
6012 623
60
6118 oils 6018 61
210
6% preferred
100 20 June 2 70 Jan 12
4913 Dec 103 Mar
4
•110 1101 .10434 1101 10013 11012 MOS3 110 .110 11012 *110 112
801 West Penn Power pref
100 80 June 10 11012Sept 22
9314 Dec 120 Feb
.9212 97
97
97
97 .94
*94
•94
93
94
9412 9412
30
6% preferred
100 8612June 10 1013 Mar 28
4
88 Dec 11313 July
.6
8
7
*6
7
7
*53
4 612 .2
712 .212 7
3001 West Dairy Prod ci A...No par
35
8June 25 1612 Mar 3
814 Dec 4413 Feb
.218 214
218
21
2
.2
178
•2
178 •134
21
178 1,10
Class B v t c
No par
01
1 June 1
.913 97
418 Mar 4
912 91
218 Dec 1278 Mar
914
914
834 9
813 812
8
82
,
900 Westvaco Chlorine ProdNo par
3 June 1
125 Mar 9
8
75 Dec 40 Mar
8
'10.__ •10
*11
16
•11
__ •11
_
__ - •11
_
_- _. Wheeling Steel Corp
No par
5 June 15 15 Sept 6
9 Dec 2014 July
8 2313 -- 4 23
3
243 247
243
2
41
2418 - 21
2i1
2312 213 -- - ____800White Motor
4 223
4
50
67
8June 2 2714 Sept 14
73 Oct2614 Jan
8
17
1713 1712 •1612 17
l7'o
163 163
4
•1718 171
4 1514 163
4 1,000 White Rock Min Spr ctf No par 11 July 7 2812Nlar 7
20 Dec 473 Mar
4
•118
11
114 .118
114
1'1
114
1 18
•118
118
l's
118
400 White Sewing N1achine_No pa
14 Apr 8
214 Aug 29
7 Dec
8
•113 2
5 Apr
.11.2 2
113 113 .114 2
*1 14 2
.114 2
200
Cony preferred
No par
23
4Sept 6
54 Apr 8
1
Dec10 4 Apr
3
518
4
413 43
4 47
43
418 43
8
43
s 47o
o
414 412 7.400 Wilcox 011k Gas
4May 4
5
23
814 Aug 12
23 Dec
4
938 Mar
2312 •17
231 *17
231 .17
2312 *17
•17
2312 .17
23,3
Wilcox-Rich el A conv_No par 1312June 2 2012 Mar 17
1714 I)ec 30 Mar
3
27
8 3
23
4 318
212 27
8
238 212
358
214
2'2 14,100 Willys-Overland (The)
5
5
8May 26
37
8Sept 8
13 Oct8 Mar
4
201 •2014 227 *2014 2278 *2014 2214 20
2013
20,
4 20
20
Cony preferred
600
100
6 June 7 25 Jan 20
1412 Oct 5614 Slay
113
118 *118
11
118
11
.118
113 *118 112 •118 114
200 Wilson & Co Inc
No par
%June 2
4
13 Mar 14
5 Oct
8
37
8
4 Feb
37
8
314
4
334
418 4'4
35
8 4
313 37
8 3,800
Class A
No par
15
8May 31
47 Sept 1
8
134 Oct 103 Feb
4
191 *19
2078 *18
19
18
18
16
19 4 1914 19
,
163
4 1.100
Preferred
100 11 June 2 31 Mar 10
Oct 5134 Jan
15
397 9018 39
8
4018 3918 4018 3718 397
8 37
377
8 357 377 27.700 Woolworth (F W)Co
8
8
10 22 June 2 455 Mar 8
8
35 Dec 7234 Aug
17
1712 1858 15
18
1712 1414 1512 137 15
,
4
173 17 4
8
9,600 Worthington P & NI
100
5 May 31
24 Sept 8
1514 Dec 10678 Feb
31
30 .24
.24
30
24
24
30 .24
.21
.20
25
100
Preferred A
100 1412June 2 41 Jan 15
3814 Dec 95 Mar
33 .22
33 .21
33 .21
33 .21
.2118 35 .22
33
Preferred B
100 12 May 27 31 Sept 3
23 Dee 835 Mar
8
1352 135 •12
*135 15
•132 15
8
8
*1350 15
15
12
12
20 Wright Aeronautical_ _No par
8
37 Apr 8 1812Sept 8
718 Dec 27 Feb
39
39
.38
40 .
3813 40
3812 3813 38
3812 3614 3713 1.900 Wrigley(wm)Jr (Del)_No par 2514June 1 57 Jan 18
46 Dec 8038 Mar
1512 .13
•13
•1313 17
1512
•13
1458 1314 1314 .12
15
100 Yale & Towne Mfg Co
612July 5 15 Sept 23
25
814 Dec 30
Jan
512 552
514 512
614 658
47
5 512
47
8 5
438 518 26,800 Yellow Truck & Coach cl B10
8June 1
13
734Sept 6
3 Dec 1512 Mar
•32
90
40
32
32
*32
40
40 .32
*32
.32
40
20
Preferred
100 12 May 17 4018Sept 8
1512 Dec 76 Mar
3 *718 57
.718 97
8
2 *718 97
8
8
7 3 71s 1.500 Young Spring & Wire_No par
.714 9
,
3 June 2 117eSept 9
6 Dec 29 Feb
19
1914 .18
19
19
19'4
17
18
15, 16
3
1212 15
3.000 Youngstown Sheet & T_No par
4 MaY25 2712Seot 6
12 Dec 78
Feb
133
.13
113
3
112
2
15
8 •13
113
112 •13
3
112 *114
1 12 1.000 Zenith Radio Corp____No pa
',Slay 17
2 Jan 22
5 Dec
3
514 Feb
.7i4
733 *7
4 •
714 *7 ' 714
MR
7
618
61
. 614
658 3.500 Zonite Product, Coro
,
4 ..1unr 25
I
07 NIsr 8
.
534 Dec 14 June
,
• 11 Ind t..ked ',Mem no s•des on t I. dal X EX-dIVitiend V F.5 rtZrIt.‘ t i• X-WalTarltS
2466
On
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
for income and defaulted bonds
Jan. 1 1909 the Ezchange method of quoting bonds Wa,, Changed and mites are now "and interest"-ercent
'
BONDS
N. Y, STOCK EXCHANGE
Week Ended Oct. 7.
'ol
;'-g
7:
.
.;
°
''.2.
-
Price
Friday
Oct. 7.
Week's
Range or
Last Sale.
,1
...S
,..
,
di o'
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
3
i
t
Price
'' , Friday
....e.,
Oct. 7.
Week's
Range or
Last Sale.
-,;;'
-S.1,.,
F,.
too::
Range
Since
Jan 1.
High No. Low
High
Ask Low
Bid
High
High No. Low
Ask Low
Cundinamarca (Dept) Colombia
1212 15
358 17
1014 Sale 10
1959 MN
External a f 6348
Sale 101 1421013422 405 9442101242
4
873 10118
9
10014
Czechoslovakia(Rep of)85_1951 A 0 99 Sale 99
96.102
102 Sept'32 --,
70 10012
1952 A 0 9912 Sale 9913 10012 12
Slaking fund 8s ser B
Sale 10V022102,422 10-1 97212210211n
95
77 a653 9512
4
1942 J J 94 Sale 9312
__-- 1001
- -- - 100122101122 Denmark 20-year extl 68
'szAng.32
4 53
923
SE
59
1955 F A 92 Sale 92
External gold 55s
8
797 124 3474 8112
External g 4;0__Apr 15 1962 A 0 7814 Sale 7712
Sale 10317221031132 863 981221033122
9012
90 18 34
57
981122108.42 Deutsche Bk Am part ctf 65_1932 M S 9018 Sale 90
Sale 108
732 152
108'
_
_ _ 85 Sept'32 _-__
7814 86
Stamped
.22
Sale 10411221042822 342 94 1045
364 r62
10
55
55
'42 M S 52 - . 54
Sale 1021532102142 359 891421022122 Dominican Rep Cust Ad 59,
50
50
2d series at 5SO
1942 M 8 --------50 Fela'32 _ - _ „
2210142
Sale 100142100"n 218 8711
51
47
30
47
let ser 53is 01 1926
2
1940 A 0 ____ 47
Sale 96142 965122 478 8242 981122
8
285 a50
4912 47 Sept'32
2d series sink fund 5 tis__ _1940 A 0 42
Sale 1001122 101 122 135 87112210142
55 ___7
4
243 55
____ 55
Dresden (City) external 7s 1945 NI N
52
72 8842101
Sale 1002122 101
7912 100
5 46
993
8
9912 Sale 987
Sale 973122 98122 550 83 991122 Dutch East Indies esti 65_ _1947 1 J
8 20
993
7514 997
5
4
8
8
1962 M S 985 993 983
40-year external 65
7412 9812
98 Sept'32 ----year ext 594s.....,Mar 1953 M S 9718 100
30
9812
75
1
9718
-year extl 5 yis____Nov 1953 M N 9718 Sale 9718
30
--__
--------92 Nov'30 --__
9
20
60
65
____ ____ El Salvador (Republic) 8s A.1948 J J 60 Sale 60
4
--------993 Apr'31 ____
J J
40 060
60 Sept'32
60
50
____
Certificates of deposit
--------10012 Apr'31 ____
3212 544
54 _- 16
Estonia (Republic of) 7s____1967 J J 49 Sale 49
____ 9912 July'31 ____
7j
7314
4
41
7212
____ ____ Finland (Republic) extl 68_ _1915 NI 5 7012 73
-------- 102 May'3I ____
74%
42
17
7414
____
External sinking fund 75_1950 M S 7418 Sale 74
--------9812 Dec'31 ____
4018 73
16
71
8
-------- 109 May'3I ____
External sink fund 650_1958 NI 5 687 Sale 6812
____ ____
3518 68
20
68
67
68
External sink fund 53-48_1958 F A 66
_
____
____ ____ 10012 Apr'31 ____
4018 67
17
67
_- Finnish Mun Loan 63-411 A__1954 A 0 67 Sale 6478
--------10012 Sept'31 ____
8
667
40
2
68
8
8
667
667
External 6 yis series It____195.1 A 0 63
____
_ 9912 Oct'31 --__
38 Sale 375
1418 39
29
8
39
. Frankfort (City of),f 6;is_ _1953 M N
--------10604 Dec'30 --__
8
___ _ ____ French Republic extl 7 Yis__1941 1 D 121 Sale 120
121
57 1105 124
Dee,30 ____
--------10513
19492 D 11512 Sale 11512 1157
8
8 24 21087 118
External 75 01 1924
-------- 112
Jan'31 --__ ____ ____
BM
U. S. Government.
First Liberty LoanJ D 101=42
33i% 01 1932-47
4
1 D 10124
Conv 4% of 1932-47
'42
1 D 1022
Cony 4X % of 1932-47
1 D 101"38
2d cony 43.i% of 1932-47
Fourth Liberty LoanA 010320
8
4)j% of 1933-38
1947-1952 A 0 108122
Treasury 4)(a
1944-19542 D 1041'22
Treasury 4s
1946-1956 M S 1021722
Treasury 3;is
1943-1047 J D 1001222
Treasury 3s
Treasury 33___Sept 15 1951-1955 M S 96142
Treasury 38is June 15 1940-1943 J D 10142
Treasury 3;is_Mar 15 1941-1943 M S 100142
Treasury 314s_June 15 1916-1949 J D 971122
State and City Securities.
N Y C 33.a Corp stk Nov 1954 M N
1955 SIN
34
322
1936 SIN
45 registered
1955 NI N
48 registered
1957 NI N
4% corporate stock
1957 M N
4 Yi 7 corporate stock
1957 MN
43-17: corporate stock
1958 MN
4% corporate stock
1959 M N
4% corporate stock
1960 M S
434% corporate stock
1963 M S
4)4 '7: corporate stock
1965 J D
4 Yi% corporate stock_
1963 NI 5
New York State 43-4a
German Government InterimForeign Govt. &Municipals.
51
24
54 1228
41
Vona! 35-yr 53-4s of 1939..1965 1 D 52 Sale 51
22
1947 F A 33
38
40 Sept'32 _ - __
Agile Mtge Bank s f 68
8
4
4
723 353 0413 73
1949 A 0 697 Sale 6912
German Republic extl 75
2211 41
12
39
Sinking fund 6s A_-Apr 15 1948 A 0 39 Sale 3612
8
German Prow & Communal Iiks
497 72
8
1963 M N
70
7014 74
72
Akershus (Dept) ext 55
44
14
86
44
(Cons AgrIc Loan) 63-4, A_I958 1 D 4012 Sale 4012
8
117
1612
3
3
11 Sale 11
Antioquia (Dept) coil 7s A I945 J J
49 Sale 49
2818 60
4914
1950 NI N
4
8
157 Graz (Municipality) 85
3
8 17
115
11 Sale 1012
1945 J J
External s f 7s ser B
10512 839 a8912 10614
Gt Brit & Ire(U K of) 550_1937 F A 10514 Sale a105
4
33 15
1112 11
1118 Sale 1118
19452 J
External s f 7s ser C
F A --------10414 July'32 ____
100 1044
Registered
4
23 15
2
1112
10
19412 .1
1212 1112
External s f 78 ser D
8
4 •a56 •a774
0
•47 fund loan .e opt 1960-1999 MN •735 7454 a7412 a7514
1312
4
1012 Sept'32 ____
13
1957 A 0 11
External s f 7s 1st ser
8
4
6812
4
•5% War Loan Copt 1929_1947 J D .673 683 6812
418 1434
2
1012
1012
13 87*0534.0774
External sec of 7s 2d ser I957 A 0 11
99
95
96
2
70
9 4
Greater Prague (City) 750_1952 M N
93
15
4
11
11
External sec 5 f 73 3d ser 1957 A 0 11 Sale 1012
4
363 _ __ a3618
a3618
13
17
6312
11 a64 09018 Greek Governments f ser 7s_1961 NI N
88
8834
0 87
Antwerp (City) external 5s_1958
1968 F A
28 Sale a27
2814
48
12
12
Sinking fund sec Os
3418 81
42
59
A 0 555 567 5718
8
8
Argentine Govt Pub Wks 6s_1960
7512 12
1952 A 0 7512 Sale 74
52
7512
Haiti (Republic) s f 65
Argentine Nation (Govt of)8
4314
455
8 56
1614 45
1946 A 0 425 45
6712 Hamburg (State) 68
35
5912 116
Sink funds 6s of June 1925-19592 D 5618 Sale 5618
4478
5
8
20
447
8
477 4478
Heidelberg(German)extl 7 Ns'50 J J 43
3118 67
5912 76
5618
1959 A 0 5614 Sale
Esti a t 65 of Oct 1925
____ 65
34 06814
06814 23
Helsingtors (City) ext 634s_ _1960 A 0 67
8
345 68
71
59
External 8163 series A_. 1957 NI 5 56 Sale 56
8
20
11
1018 2512
Hungarian Munic Loan 7 Sis 1945 J J 20 Sale 197
344 67
584 36
1958 1 0 555, Sale 5512
External 6s aeries B.
16
20
8
95 25
2112
1
2112
External s f 724_ _ _Sept 1 1946 1 J
8
343 67
5938 34
8
8
1960 M N 555 Sale 555
Ertl s t 6s of May 1926
26
50
35
17 2.10
1
35
Hungarian Land M lost 7 As 61 M N
3418 68
5914 133
External,t 135 (State RY)_1960 NI 5 5512 Sale 5512
28
30
234 Sept'32 _ _
4
143 35
1961 M N
Sinking fund 73-4,ser B
3418 6712
5834 38
F A 5614 Sale 5614
_ _1961
Extl 65 Sanitary
4
42
383 45
42
1812 55
3418 67
1
8
Hungary (hingd of) 3 f 750_194 1 F A
5518 567 6612
8
57
WorksExtl 6s pub wks May 1927 1061 M N
4
773 ____ 80
8C
80
1 a69
4
8
305 593 Irish Free State esti 81 58_ _ _ 1980 NI N
114
8
53
Public Works extl 53-4s..1962 F A 5058 Sale 505
8
9838 389 082
985
Italy (Kingdom of) mai 75.1951 J D 9712 Sale 954
67
41
14
59
4
Argentine Treasury 58 £_.l945 M s 59 Sale 583
954
96
8014 100
13
464 1.834 Italian ('red Consortium 78 A '37 M S 954 96
8658 585
8
Australia 30-yr 5s_ _ July 15 1955 J 1 847 Sale 83
7012 91
15
94
External sec s f 788er B__ _1947 M S 93 Sale 92
4612 8914
8654 342
1957 NI S 85 Sale 83
External Is of 1927...Sept
90
55
90
81
82', Italian Public Utility extl 7s_1952 1 J 8918 Sale 8812
41
78 Sale 77
7912 528
External g 41.0 of 1928_1956 MN
4
623 Sale 6212
5212 84
64
260
Japanese Govt 30-yr 816;0_1951 F A
624 98
8
9212 98
1943 1 D 915 Sale a91
Austrian (Govt) of 7s
5234 Sale 5234
434 7314
5514 221
Exti sinking fund 53-45_1965 M N
55
20
5112 46
1957 J J 4812 Sale 48
Internal a 1 7s
Jugoslavia (State Mtge Bank)
2714
29
4312
59
1957 A 0 27 Sale 2514
52
Secured s f g 78
22
49 Sale 49
1945 F A
4 34
513
Bavaria (Free State) 6345
3
1612 46
48
45
4514
46
1947 F A
Lelpzig (Germany)s 17s_
83 102
48
101
1949 M 5 101 Sale 10018
Belgium 25-yr exti 6;0
50
5
32
4514
4
993 116
80 10018 Lower Austrla (Prov) 750_1950 J 0 44 Sale 44
1955 J J 9914 Sale 99
External s rho
9834 105
1044 14
-year (N 1934 M N 104 Sale 104
Lyons (City of) 15
914 107
64
106
1955 .1 D al0514 Sale 10514
External 30
-years f 7s.
914 103
4
1956 NI N 105 Sale 105
1053 170
Stabilization loan 7s
1043
8
98542'1054
11
Marseilles (City of) 15-yr 66_1934 NI N 101 Sale 104
Bergen (Norway)1812
7
3
124
Medellin (Colombia) 63-4e.....1954 J 0 12 Sale 12
70
55
69 Aug'32 ---Extl sink funds 58.._ Oct 15 1949 A 0 7518 86
24 34
74
Mexican Irrig Asstng 4 Sis-1943 MN --------254 Sept'32
46
7312 Sept'32 --__
External sinking fund 53_1960 NI S 7518 78
512 26
3
Apr'30
8
8
155 435 Mexico (US) ext1 55 of 1899£ '45 Q i
8
435 124
at 6;0-1950 A 0 43 Sale 4112
Berlin (Germany)
-14
6
--- 6 Sept'32 ____
2
1945 ---- -Assenting Ss 01 1899
40
15
63
40
8
Externals f 6s_ _June 15 1958 J D 355 Sale 3712
112 6
112 May'32 ____
---4
53 ---Assenting 55 large
4
63 a22
3
1612
1945 A 0 1513 1612 1512
Bogota (City) extis f 8s
____
312 514 4 Sept'32 ____
114 5
Assenting 48 of 1904
314 10
16
8
714 Sale
714
Bolivia (Republic of) extl8s_1947 M N
____
312
712 478 Sept'32 __2
8
18 47
Assenting 45 of 1910
24 94
74 12
8
612
67 Sale
External secured 75 (flat)_1958 J J
_ 4
5
2
4
in
Assenting 45 of 1910 large__ _. ---- -- _ 812
2
618
30
7
63 Sale
4
1960 M S
Externals t 7s (flat)
or
512 4
_-3
---14 5
412 40
4s of 1910 small_ _
Assenting
4-1054
983
8 10
1043
B deaux (City of) 15-yr 65_1934 SIN 104 Sale 104
8
8 47
25
5
44
Tress 63 of'13 assent (large)'33 1 .1 ____ ___ - 418
5 Sept'32 ___
214 5
Small
16
3115
2312 55
Brazil(US of) external 85_1941 J D 21 Sale 21
87
Sale 84
298
574 87
-Is
1312 r2512 Milan (City, Italy) exti 63 1952 I-6 -8612
1912 58
External,f 634001 1926 I957 A 0 1712 Sale 1714
8
253 Minas Geraes (State) Brazil
52 a14
20
External, f 6;is of 1927 1957 A 0 19 Sale 18
164
8
124 31
1959 M S 1112 Sale 1112
16 sale 16
External a i 634s
1218 25
174 12
1952 J D
722 (Central Ry)
4
123 124
812 17
13
1959 M 5 11
3
Extl sec 63-48 series A
6512 86
73-I8 (Coffee occur) £ Wat)_1952 A 0 ____ ____ 7278 Sept'32
614 2814
1952 J D 24 Sale 23
2412 78
5678 Montevideo (City of) 7s
26
27
564 -8
4 Sale 545
1935 M S 0513
Bremen (State of) extl 7s
8
235 Sale 234
614 25
25
42
External s f Os series A....1959 SIN
3318 78
90
78
8
1957 M S 753 Sale 73
Brisbane (City) s 1 5s
8214 Sale 8012
8412 150
304 84
8 New So Wales (State) extl 55 1957 F A
8 19
74
1958 F A
7612 73
787
Sinking fund gold 50
/ 8 A 0 82 Sale
294 873
4
175
84
8578
External 5 f 55
37
8 39
857
1950 J D 8314 Sale 83
-years f 65.
20
90
70
887
8 35
-year extl 65 Apr 1 943 F A 8814 Sale 8712
1112 3012 Norway 20
36
28
Budapest (City) extl 51 6o 1962 2 D 20 Sale 20
873 Sale 8718
4
7118 895
8
887
8 23
1944 P A
29
-year external 68
6812
33
12
514
4
Buenos Aires (City) 63-0 2 B 1955 J 1 513 Sale 504
90
70
1952 A 0 8812 Sale 8718
8912 45
51
-year external 63
30
31
10
494
8
1960 A 0 455 Sale 4712
External a f 65 ser C-2
644 8515
8518 51
1965 2 D 84 Sale 814
40-years 1 53Ss
65
28
I
4555
8
455
1960 A 0 46
48
External all,ser C-3
8
4
6314 847
8 30
847
3714
External e f 5s..--Mar 15 1963 M S 8218 833 83
21
48
34
Buenos Aires (Prov) extl 65_1961 M S 3112 Sale 3112
7812
5
8
697 7812
Municipal Bank extl, t 58.1967 1 D 77i8 1_ 7812
2118 37
32 Sale 32
3312 47
1961 F A
External a f 63-4s.
4
643 80
7718 6 77 Sept'32 __
Municipal Bank extl s f 53_1970 1 D
34
10
227 23 Sept'32 --__
at 75_1987 J J 20
8
Bulgaria (Kingdom)
4138
15
41
9
11:4
8 a1412 414 Nuremburg (City) ext163_11152 F A 384 40
254 27
2512
26
StablYn 51 7;is__Nov 15 196851 N
534 71
1953 M 8 05114 Sale 05114
8
365 72
Oriental Bevel guar (Ss
48
35
48
1958 NI N 47 Salo 4614
684
22
Extl deb 53-4s
8
2
1514
15
16
16
Caldas Deptof(Colombia)7;0'46 J J
60
7
854
88
8512
8514 88
1955 m N
-year sf6s
8
875 Oslo (City) 30
71
8 77
875
Canada(Dom'n of) 30-yr 45_1966 A 0 8718 Sale 8612
87 10158
1952 M N 1013 Sale 9934
8
8 75
1015
55
85 100
9812
4
9812
8
(Rep) extl 5SO_ _1953 1 D 985 100
Panama
86 100
56
100
1936 F A 100 Sale 994
4345
724
45
8 22)
15
565
Extls f 5sser A _ _May - 1963 M N 056 Sale 504
90
61
5
4
80
1954 -1 J 793 Sale 7934
Carlsbad (City) s 1 85
6 Sale
7
98
3
54
3
712 21
518 1912 Pernambuco (State of) esti 7s '47 M 8
-is
19
Cauca Val (Dept) Colom 73 '46 A 0 124 Sale 10
13
13
M S 1012 13
13
3
35, 14%
Peru (Rep of) external 7s.__1959
Central Agric Bank (Germany)612 Sale
10
3
65
8
67
8 63
Nat Loan extl s f 65 1st ser 1960 J D
8 77 02518 614
613
Farm Loan a 1 78....Sept 15 1950 M S 60 Sale 5912
614 Sale
6
212 912
612 26
Nat loan ext1 s t 83 22) ser-1981 A 0
109
2114 51
54
Farm Loan 8 tOs_July 15 1960 J J 52 sale 51
6014
44
30
51
1940 A 0 54 Sale 5212
Poland (Rep of) gold 68
189 812118 51
54
Farm Loans t 68...Oct 15 1960 A 0 52 Sale 05034
3912 584
5212 102
54
Stabilization loan s t 75_1947 A 0 53 Sale 5112
23
101
1938 A 0 57 Sale 5612
58
Farm Loan 138 ser A ADC 15
4312 65
59 Sale 573
36
4
85_1950 Jr J
69
External sink fund g
3 912 818
83
413 19
1942 NI N
47
Chile (Rep)-Ext1 at 7s
10
814 16
6
1012
12
19111 .1 0 1038 12
Porto Alegre (City of) 8s
318 15
818
818 Sale
94 51
External sinking fund 68 1960 A 0
11 Sale 10
11
54 114
2
4
143
Extl guar sink fund 714s 1966 1 1
912 36
3
814 Sale
Ext sinking fund 6s__Feb 1961 F A
8
50
17
157
50
Prussia (Free State) extl 6348 '51 M S 4712 Sale a4014
8
85 Sale
312 15
8i8
Jan 1961 1 J
Ry ref extol Os
94 24
1512 197
838
5
1952 A 0 47 Sale a4418
494 211
8
85 sale
External,f 68
1514
4
Sept 1961 NI 5
sink fund 65
Ext
914 17
751941 A 0 993 Sale 99
6014 101
4
10014 213
8
33 1412 Queensland (State)extl s f
6
818 Sale
External sinking fund 63._1962 M S
818
10
9612
47
9612 108
1947 F A 95 Sale 89
25
-year external 6s
8
33 144
26
814 97
is
External sinking fund 6s__1963 M N
8 813
8
545
24
65
1950 NI 5 554 61
8 50
585
Rhine
-Main-Danube 78 A
20
4
858 912 810
84 21
Chile Mtge Ilk 634a June 30 1957 .1 D
21
8
4
153
Rio Grande do Sul extl s f 821_1946 A 0 1113 16
1612 10
8
55 r32
1212 26
S 1 63C 5 of 1928__June 30 1961 .1 D
74 Sale 1212
412 rI3
10 Sale 10
23
External sinking fund 65_1968 .1 D
11
1512
4
Apr 30 1961 A 0
14
s f 65
75
8
5 83
Guar
4 74
1414
6
1960 NI N
8
105 Sale 1012
11
1114
1524
External s f 721 of 1926
3
1962 M N
10 Sale
32
9
10
Guar 8 1 65
13
5
918 11
812 Sept'32 __
Externals I 73 tannic loan _ 1967 1 D
1160181 5
24 13
7 Sale
712 10
7
Chilean Cons Munic 78
18
7
8
1214
12
11
Rio de Janeiro 25
-year et 88_1946 A 0 11
13
J D 123 Sale 123
7
4
I
1254
4
Chinese (Hukuang Ry) 55_ _1051
14
5
8 912 94
87
1953 F A
81
912 20
External s 1 8 JO
63
90
81 Sept'32 ____
Christiania (Oslo) 20-yr s 1 65 '54 M S 80
91
02
346
91
1952 A 0 00 Sale 864
Rome (City) mai 83-15
4
843 101
12
100
6s__ _1964 MN 100 Sale 99
Rotterdam (City) extl
16
44
10
4
413
43
8
Cologne(City)Germany6101950 M S 405 43
41,
3818 Sale a37
285 56
Roumania (Monopolies) 75_1950 F A
8
3912 21
137 40
Jan 1061 .1 2 3213 Sale 33
15
Colombia (Rep) Os
39
64
65
39 -,L 6
64
Saarbruecken (City) Is
1953 J 2 62
1
64
1312 40
3918 45
Ext 8 f 68 of 1928_ _Oct 1961 A 0 3212 Sale 3212
23
7
Sao Paulo(City)81 88_ _Mar 1952 MN
1514 Sale 14
4
15
1811 30
-45
Colombia Mtge Bank6SO of 1947 A 0 30 sale 27
30
8
6 r17
Externals f 6SO of 192b_1957 M 18
1018 1312 94
30
18
12
14
Sinking fund 7a of 1926_1946 MN 27 Sale 2618
2718
50
20
2514 25
8
307 San Paulo (State) extl s 1 88_1938 J J 214 Salo 2018
19
30 Sale 27
25
30
Shaking fund 7501 1927_1947 F A
25
8
9
19502 J
External sec 5 f 85
19
2014 21
20
1952 1 D 7818 Sale 7818
554 84
7918 99
Copenhagen (City) 58
18
10
External a f 7s Water L'n_1956 NI S 1612
_ 15
77
8 13
163
7418 Sale 7418
46
1953 MN
6
76
-year g 43-45
25
17
7
10683 J
External sr 8s
1212 39
1018 1212 1 112
15 Sale
818 31
1514 36
Cordoba (City) eat' e 1 75.__1957 F A
9.1
4512 65
58
1940 A 0 5612 Sale 56
Secured 0 1 73
MN
1512 46
1618 2312 22 Sept'32 ____
External 81 73___Nov 5 1937
8
163 454
Santa Fe (Prov Arg Rep) 70_1942 NI 5 2518 Sale 244
42
2514 22
20
4
30
3012
Cordoba (Pros') Argentina 7s 1942 J J 3014 33
58
16
91
Saxon Pub Wks(Germany) 7e '41 F A 557 Sale 523
58
8
8
2412 r45
27
2
2712 27
27
Costa Rica (Repub) mai 75 1951 NI N
55
13
63
Gen ref guar 8342
55
1
1951 M N 52 Sale 5112
8
783 r96
of 1904..1914 M 8 89 Sale 89
50
9012
Cuba (Republic)50
714
25
29
1945 J 0 70 Sale 67
70
9212 Saxon State Mtge that 7s
90 Sale 90
83
8
92
External 55 of 1914 ser A 1949 F A
2112 5914
13
8
5914
694 577
Sinking fund g 8 tis__Dec 10462 D 58
81
52
78 Sale 78
1949 F A
7912 71
External loan 4345
50
25
130
20
29 Sale 25
8218 Serbs Croats & Slovenes 8s I962 M N
J 763 Sale 763
4
88
20
4
7814
Sinking fund 530 Jan 15 1953 1
2312 47
8 55
287
287 Sale 2312
1962 M N
8
48
External sec 7s eer B
33
8 75
425
-Is
Public wks 53 June 39 10152 D 4118 Sale 4118
r Cash sale.
a Deferred delivery,
• At the exchange rate of 34.8683 to the 2 Sterling.
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
Price
Friday
Oct. 7.
Bid
Foreign Govt. & Municipals.
Silesia (Prov of) mai 7s
1958 J D 4114
Silesian Landowners Assn 65_1947 TA
3612
SOIS901/8 (City of) extl 6s
1936 MN 105
Styria (Prov) external 7s
1946 FA 404
9312
Sweden external loan 510_1954 M N
Switzerland Govt extl 53s._1946 AG 10414
755
Sydney (City) s f 5143
8
1955 TA
Taiwan Elec Pow a t 510_1971 J J
Tokyo City 5s loan of 1912_1952 51 5
External e I 514s guar
1961 AO
Tolima (Dept of) extl 7s
1947 M N
Trondhjem (City) 1st 5145.1957 M
Upper Austria (Prov) 7s
1945 J D
External 51 614s_June 15 1957 in
Uruguay (Republic) esti 85 1946 FA
External s 165
1960 MN
External at 65
May 1 1964 M
Venetian Prov Mtge Bank is '52 AO
Vienna (City of) extl at 65__1952 • N
Warsaw (City) external 7s__1958 FA
Yokohama (City) esti Os_ ..1961 J O
Railroad
Ala Gt Sou 1st cons A 5s____1943 J O
1st cons 4s ser 13
1943 J O
Alb & Sum let guar 3145_1946 AO
Alieg & West lot g gu 4s
1998 AO
Aura Val gen guar g 45
1942 MS
Ann Arbor 1st g 4s_ __ _July 1995 Q J
Atch Top & 8 Fe—Gen g 4s_1995 AO
Registered
AO
Adjustment gold 45__July 1095 Nov
Stamped
July 19115 MN
Registered
MN
Cony gold 4s of 1909____1955 1 I)
Cony 48 01 1805
1955 II)
Cone g 48 issue of 1910
1960 • D
Cone deb 4145
1948 • D
Rocky Mtn Dly 1st 4s
1965• J
Traps
-Con Short I. let 48_1958 J J
Cal-Aria let & ref 414a A.1962 MS
Atl Knoxy & Nor let g 58_1946 J
Atl & Charl A 1.1st 414s A 1944 ii
1st 30
-year be series 13
1944 J J
Atlantic City 1st cons 4s_ _ _1951 J J
All Coast Line 1st eons 4s July '52 MS
General unified 414a A_ _1964 J D
L & N coil gold 45.., Oct 1952 M
Atl & Dan 1st g 4s
1948
2(14s
1
1948
All & Yad 1st guar 4s
1949 AO
Austin & N W let gu g 5s 1941 J J
Balt & Ohio let g 4/9._ _July 1948 AO
Regletered
July 1948 Q J
20
-year cony 410
1933 MS
Refund & gen 53 aeries A_1995 J O
1st gold 5s
July 1948 AO
Ref dr gen 6s series C____1905 J D
PLE&W Vs Sys ref 4e_ _1941
N
Southw Div 1st 55
1950 J J
Tol & CM Div let ref 4s A_1959 ii
Ref & gen 56 series D
2000 MS
Cony 414s
1960 TA
13angor & Aroostook 1st ba 1943 J J
Coil ref 4s.
1951 J J
Battle Crk & Stur 1st gu 3s_1989 J O
Beech Creek let gu g 4s_
1936 J
2d guar g bs
1930 J /
Beech Crk ext lfit g 310_1951 AG
Belvidere Del cons gu 310_1943 J J
Big Sandy 1st 4s guar
1944 in
Boston & Maine lot ba A C.1957 NI
1st 51 .5s series II
1955 MN
1st g 4 he ser JJ
1961 AO
Boston & NY Air Line 1st 481955 F A
Bruns & West 1st gu 11 4s_1938 J J
Butt Roeh & Pitts gen g 5s_ _1937 M
Consol 4143
1957 MN
Burl C It & Nor let & coil 55_1934 AO
Canada Sou cons gu 5s A. 1962 AO
Canadian Nat 414s Sept lb 1954 M
30
-year gold 4.1413
1957 J J
Gold 4145
1968 J O
Guaranteed g bs____Bily 1960 J J
Guaranteed g 5s____ Oct 1969 AO
Guaranteed g be
1970 F A
Guar gold 41126...._June 15 1955 J
Guar g 4145
1956 FA
Guar g 4Ss
Sept 1951 M
Canadian North deb s f 7s...1940 JO
25-year at deb 0Se
1916 J J
10-yr gold 414e_ _ _Feb 15 1935 IA
Canadian Pac Ity 4% deb stock
J J
Coll tr 414a
1946 NI
Os equip tr etre
1944 J J
Coll tr g Os
Dec 1 1954 1
Collateral trust 41413
1960 J
Car Cent 1st cons g 4s
1949 J J
Caro Clinch &0 let 30-yr 15s 1938 J I)
let & cons g 6s ser A_Dec 15'52 J O
Cart & Ad 1st Ku g 4a
1981 J O
Cent Branch U P 1st g 45_1948
Central of Ga 1st g bs_Nov 1945 PA
Consol gold 59
1915 MN
Ref & gen 514s series 11._.1959 At)
Ref & gen Os series C
1959 AG
Chatt Div our money g 45_1951 J 11
Mac & Nor Div let g 5s_1046 ii
Mid Ga & Atl Dly pur m 58'47 J J
Mobile Div let g 5s
1946 J J
Ask Low
Sale 4114
3912
Sale 1043
4
Sale 4014
Sale 9312
Sale 10414
Sale 7512
464
38%
483
4
1012
72
4613
47%
3912
Sale
14%
Sale
____
47
14
3612
36
97
5514
403
4
5113
Sale
Sale
Sale
Sale
Sale
41
Sale
4614
477
8
40
40
474
493
4
11
11
72
73
45 Sept'32
40 Sept'32
45
4714
3612
3812
36
3814
943
4
9913
55
5514
40
407
8
5112
5312
a Deferred delivery.
12
1
26
1
4
_
14
94
12
22
8
16
29
713 89
4
643 78
4
803 83
4
68-91
93 4
_3
36
42
935 Sale
8
105 Sept'31
8012 Feb'32
82
82
1
6612 Sept'32
_
9214
9213
6
39
39
5
93
9414 133
8712 Aug'32
7818 95
8312 Sept'32
8412 855 8412
8
85% 20
80 Aug'32
7612 86
8014 84
84 Sept'32
8014 83
80
80
3
80 Sept'32
9112
92
7
93 4
3
81
8212 79 Sept'32
91 Sept'32
9013
931, 9214 94
92
13
80%
10313 Feb'31
75 - 96 71
71
1
81
85
82
82
1
78 Sept'32
77
803 7712
4
81
59
70 Sale 70
73
2
54
57
56
58
31
22
287 244
8
27
8
16
25 Sept'32
25
36
40 Sept'32
40
70
90 104 Mar'31
843 Sale
8
7712 80
5912 Sale
4734 Sale
9012 Sale
4912 Sale
7612 Sale
75 Sale
59 Sale
4758 Sale
3312 Sale
9012 100
7314 74%
_
8412 88
71
74
813
8
70
72
6518
54
Sale
Sale
0812.
70
88
56
60
Sale
Sale
68
73
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
s
t
;?.
"a.
High No. Low
2518
43
29
41
23
1312
10514
6
97
22
4312 20
9418 95
75
10412 16 101
34
79
80
8318
85 8 13
3
7654 Aug'32
5912
6312 185
47
5212 90
90
9178 26
4913
55
41
7612
77
9
74
75
61
59
6018 22
475
8
507
8 17
3312
40
378
93 Sept'32
744
7418
1
61
Feb'31
8812 Sept'32
100
Jan'30
88 Mar'31
853 Jan'32
4
70
7314
71
7412
6822
6812
60 Sept'32
90 Sept'32
88
88
56
573
4
75
75
35
23
1
4
11
6
87
14 83
89
8913
4
887 8933 89
8
/
8912
4
r3934 Bale 89
897
56
887 893 887
8
4
8
8914
9
9518 Sale 954
96
52
9514 Sale 9518
9612 51
9512 11
9514 9614 947
914 92
0112
9218 27
8914 Sale a89
893
4 16
897 Sale 893
8
8
893
4 32
1(1414 Sale 10314
1047
8 81
10478 Sale 10414
105
26
9878 Sale 9812
983
4 34
713 Sale 707
4
713 132
4
8312 847 a835
8
8414
6
9214 923 92
4
923
4 16
86 Sale 86
8714 25
787 80
8
783
4
7914
11
17
70
17 July'32
8612 943 88 Sept'32
8
75
8312 8512 Sept'32 __ _ _
61
6912 75 Aug'32 __ -25
40
5312 Sept'32
76
80
40
42
12
41 Sale 27
27
3
2612 Sale 25
27
20
25 Sale 25
25
1
35
75
75 Sept'31 ___ _
26
75
9314 June'31 _.= = __
_
---- -- -- 10212 Nov'30
404 03
40 Aug 32
1961 J J 6512 685 6812 Sept'32
Cent New Rag let gu 4s
8
7
._
eon 5 193 MN 40
Cent RR & Ilkg or
48
4313
46
Central of NJ gen old 5s_ .1987 J J 9412 1003 9414
4
9414
Registered
Q J 89
91
91 Sept'32
General 4s
1987 J 1 7613 Sale 75
7612
1949 FA 8312 847 83
Cent Pac 1st ref gu g 4s
8
80
Registered
P A
9914 July'31
Through Short L 1st gu 40_1954 AO 78
82
80 Sept'32
Guaranteed g Os
1960 P A 67 Sale 67
70
Charleston & Say'll 1st 7s_1936 • J 98
____ Ill June'31
Ohlo let
1930 MN 104 Sale 10312
g 55
Chas &
104
Registered
1989 MN 99
____ 100 Sept'32
General gold 414e
1992 MS 955n Sale 95%
973
4
Registered
86
M
____ 93 Sept'32
1993 AO 84 Sale 84
Ref & impt 410
8612
impt 4145 ser B
1995 J J 85 Sale 85
Ref &
87
Craig Valley let bs_May 1940 J J 86
97
9954 Feb'32
Potts Creek Branch let 48_1946 J
62
847 945 Aug'3I
8
8
It de A Div 1st con g 48.....1989 J J 853 89
4
853
4
8714
24 consol gold 45
1989 J J
8114 84
80%
805
8
Warm Spring V let g 55_11)41 MS 92
92
975 92
Chlc & Alton RR ref g 3s_1949 AO 45
47
45 8
3
4618
1960 J J
Railway first lien 314s
7912 793 7918 June'32
4
r C/1,11 2111126.
Range
Since
Jan, 1,
Week's
Range or
Sale.
Lag
___ _
11
2
2
__ __
_ _ -44
7
7
29
18
__ -____
12
4
10
11
____
2467
Price
Friday
Oct. 7.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
High
Bid
Ask Low
High
47
Chic Burl & Q—Ill Div 310_1949 J
8712 89
8812
90
41
Registered
J J
8114 Aug'32
10612
Winois Division 45
1949 J J 95 Sale 95
965
8
44
General 45
1958 MS 89 Sale 89
92
97
lat & ref 414s ser B
87 Sale 85
1977 FA
88
10512
1st & ref 5s ser A
1971 FA
96 Sale 95
9018
79
Chicago & East III 1st 6s
1934 AO 6114 74
70 Aug'32
1018 Sale 1018
C & E Ill Ry (new co) gen 59_1951 MN
1518
3618 673 Chicago & Erie 1st gold 55 1982
4
N
90
9454 92 Sept'32
29
4512 Chicago Great West 1st 45..1959 M
48 Sale 48
5212
36
70
Chic Ind & L011911, ref 6s__1947 J J
364 Sale 3614
3614
512 18
Refunding gold 56
1947 J J 3412 985 50 Aug'32
8
4114 73
Refunding 45 series C
1947 J J
5112 Sept'32
16
95
25 Sale 25
1st dc gen 5s series A
1966 MN
34
15 4 39
5
27 Sale 25
1st & gen 6s series B_May 1966 J J
30
29
50
Chic Ind & Sou 50
-year 45 19543 ▪ J
62 Sept'32
2018 393 Chic L S & East 1st 4 14s
4
1969 in 93% 94
94 Sept'32
22
39
CM NI & St P gen 45 ser A 1989 J J 60 Sale 60
62
8012 9912
Gen g 314s ser 13._-MaY 1989 J J 61
65
61 Sept'32
31
643
4
May 1989 J J 65 Sale 65
Gen 4145 ser C
67
24% 4514
May 1989 J J 65
Gen 43.48 ser E
6813 6712
6713
40
75
May 1989 J J 6618 5912 66 Sept'32
Gen 412s ser F
26 Sale 26
Chic Mllw St P & Par 5s____1975 FA
32
Jar 1 2000 AO
Cony sal 55
8 Sale
8
1012
Chic ei No West gen g 310_1987 MN 4812 52
54
5514
78 13
4
Registered
O F 40
54
41% Aug'32
,3
6712 9
General 48
1987 MN
54
54
65
71
Stpd 43 non-9 Fe‘l Inc tax '87 MN 40
60 Sept'32
70
78
95
Gen 411s stpd Fed ire tax.1987 MN ---- 7514 70 Sept'32
1312 39
7 Sept'32
Ger 5s stpd Fed Inc tax
1987 SIN 62
7218 73
‘174q 9412
Slaking fund deb Os
1933 MN 65
68
63
6512
77
8712
MN 65
Registered
80
61
65
70
89
15-year secured g 614s___1936 MS 76% Sale 755
8
7634
63
855
8
May 2037 in 263 Sale 263
4
1st ref g 55
4
34
72
85
May 2037 J D 2514 Sale 25
1st & ref 414a
31
60
84
1st & ref 414s ser C_.May 2(137 J I) 26 Sale 25
31
60
8314
2018 Sale 193
Cony 4%eseries A
1919 MN
4
2612
74
80
611 a94
Chic R I & Icy gen4s
1988 ii 66 Sale 66
69
75
82
J J 60
Registered
73
6412 Sept'32
773 91
4
Refunding gold 45
1934 AG 36 Sale 353
4
43
994
80
AO
Registered
9614 Apr'31
3213 Sale 3212
Secured 414,series A
361,
1952 M
6114 85
2113 Sale 2112
Cony g 4141
1960 MN
29
60
90
Ch St L & NO Ss_June 15 1951 ID 723 767 7114 Aug'32
4
8
78
78
ID 61
Registered
95% 6412 May'32
6014 8,518
Gold 314e
June 15 1931 'ID 454
8512 May'31
4412 82
Memphis Div 1st g 4s...1951 J O
6412 65 Sept'32
25
65
Ch St I. & P 1st cons g 55_ __1932 AO
_ 997 July'32
15
40
AO
Registered
97 June'32
9
30
Chic T II & So East let 5s_1960 JO 30
517 50
8
5
414
7
40
Ire gu 53
Dec 1 1960 MS 39 Sale 39
401..
Chic Un Stan 1st gu 414s A.1961 J J
9612 Sale 95
9614
let 5s series B
4
1963 J J 1023 Sale 1023
4 10312
58
8613
Guaranteed g 5s
4
1944 JO 1003 101 1 , 10014
10114
55
81
1st guar 610 series C
1963 ii 113 Sale 11114
113
31
87
Chic & West Ind con 45
1952 J J 6814 71
71
6814
2434 714
lot ref 5141 series A
82 Sale 82
1962 191
8414
6312 96 2 Choc Okla & Gulf core 5.9
,
70
1952 MN 65
70 Sept'32
2,12 793 CIa 14 & D 24 gold 4 SO— _1937 J J
4
90 May'32
045
80
ClStL&C1stg4s..Aug21936 Q
92
9612 95 Sept'32
4018 8212
Aug 2 1036 Q F
Registered
85 Sept'32
3154 6318 Cln Leb & Nor 1st con gu 4s_1942
N
71
77 May'32
25
71
Cln Union Term 1st 41413_2021 J J 9312 94
9312 Sept'32
15
59
1st mtge 5s series B
2020 J J 100 Sale 993
4
10015
70
96
Mat) 1st gu 5s 1943• J
Clearfield &
75 Sept'32
48
79
Cleve Ch) CM & St L gen 45_1993 ID 7712 79% 7712
7712
General 55 series 13
1993• D --__ 9412 97 Nov'31
Ref & Impt 69 ser C
1941 1J 70
75
67 Sept'32
Ref & 'mot 53 ser fl
5512 60
1963 J J
62
62
Ret & impt 4149 ser E
50 Sale 50
1977 J J
53
Cairo Div let gold 45
1939 J J
86 Sept'32
Cin W & M Div 1st g 43_1991 J 1 66
7012 60 Aug'32
St L Div 1st coll tr g 4s
1990 MN
73 Sept'32
45
50
Spr & Col Div let g 4s... _1940 NI S 81
85
80
80
46
7513
W W Val Div 1st g 4s
1940 J J
106
5618 Aug'32
511e 75
8313 90
CCC&I gen cons g 6s___1934 J J 9714 100 102 Aug'32
70 r93
Clev Lor & W con let g 5e__1933 AO 95
95 Sept'32
97
26 s 624
,
Cleveland & Mahon Val g 5s 1938 J J
714 90 101 Sept'31
40
8334 Clev & Mar let gu g 4 3.4s---1935 MN
90
95 Sept'32
Clev & P gen gu 414s ser B__1942 AO 917
194
8
_ 91 June'32
72
9018
A0 8318
Series 13 33-45
97 Nlar'29
723 5912
8
Series A 43.45
1942 m• _ 91%
98 Dec'30
734 89%
Series C 314s
1948
77
764 June'32
7234 8914
1050A F 76
Series D 3143
8618 Apr'30
80
96
1977F A
Ger 4)4s ger A
80 Sept'32
8018 9612 Cleve Sho Line 1st gu 4 10_1961 A 0 81
83
82 Sept'32
0793 9512 Cleve Union Term 1st 5145-1972 A 0 80
4
85 Sale 85
8612
75
921,
151Sf Os aeries B
1973 A 0 77 Sale 77
805
8
73
8934
1st sf guar 414).) series C 1977 A 0 7014 Sale 7014
73
75
5954 Coal River Ry 1st gu 4/3_ _1945 J
8118
85 Sept'32
90 8 1047 Colo & South ref & ext 410_1935
5
8
M N
8112 Sale 8112
835
8
915 105
5
General mtge 4145 ser A 1980 111 N 60 Sale 60
6212
83
9e54 Col & II V 1st ext g 43
194S' 0 7718
75 Feb'32
a4714 74
8314 - -g 80
Col & Tol 1st ext 4s
1955
8
Apr'32
64
8612 Conn & Paasum RBI 1st 4s 1943 I A
A 0 66
76
90 Dee'30
68
1123 Consol Its non-cony deb 4s 1954 J
4
46
45 Aug'32
50
6112 8714
Non-cony deb 45
1955 J
46
50
56 Aug'32
66
81
Non-cony deb 4s
46
50
4612 Sept'32
17
21
Non-cony deb 4s
19 6
5
5
46
664 45 Dec'31
75
93
Cuba Nor By let 514s
1936
942
243 30
4
2812
2914
53
94
343 3512 3018
4
35%
79% 75. Cuba RR let 50 year 5s g 1952 J J
1st ref 710 series A
303 4018 44 Sept'32
4
3014 55
let lien & ref 63 ser B
1936 ./ D 26 10012 4012 Sept'32
55 r81
16
65
Del & Hudson let & ref 413_1943 111 N
84 Sale 84
87
12% 41
9312 Sale 9313
9312
1112 38
G
5sold 5Sis
1935A 0 954 Sale 95
9 . N
37 M _
9518
RR & Bridge 1st gu g 4s 1936 " 9212
I
92 Sept'32
Den & It G 1st Cons g 413
1936
93
42 Sale 42
47
Consol gold 414s
4414 4612 4712
4712
40 ,761; Den & R Weet ger 5a Aug 1955
17 Sale 17
213
4
Ref & lmpt 5s ser B__Apr 1978 A (4 24 Sale 24
29
4913 75
Des 51 & Ft D 1st gu 4s
1935 J
24 10
8 Feb'32
3312 55
J J
Certificates of deposit
2
4
212 Sept'32
75
98
Deg Plaines Val lst gen 4348_1947 111 8
45 Aug'32
71 r94
Det & Mac 1st lien g 4s
30
34
27 Sept'32
65
82
Second gold 4s
_
25
34
34
a4712 88
Detroit River Tunnel 410_199555
19961
gg
85 Sept'32
Dul 5lissabe & Nor gen 63_1941
J
100 July'32
-io 80 Dul & Iron Range 1st 55
1937 A 0 10018
995
5
100
30
79
Dul Sou Shore & All g 5s
1937
J
22
25
25
25
East By 'Minh Nor Div 1st 48'48 A
82 Sept'32
85
90
61 16i- East T Vs dr Ga Div let 51_1956 M 0 85 95 85 Sept'32
_ N
077 10014 Elgin Joliet & East letg 65_1941
2
N
9214 Sale 9214
9214
7012 977 El Paso & S W let 53
4
1965 A 0 60
98 Sept'31
75
83
93
Erie 1st cony g 45 prlor
1990 J J 754 Sale 754
763
8
60 2 87
,
1996 I J
5712 June'32
60
88
lst egisolgd lien g 4s
Reonstere en
1096 I J
5154
50 Sale 4912
9 1 991
94
4
Registered
1996
50 Aug'32
Penn coil trust gold 45
1951 F A
99's 99
72 17 4
-1- 50-year Cony 48 13211C8 A-1963A 0 99 Sale 3714 99
A 0 39
953. _
3914
64
84
Series 13
4114
4114 Sale 4114
92
92
Gen cony 4s Belles D
196 M ° ___ 42
1057 A N
3
5712 Aug'31
33% 50
Ref & Impt 53
3413
-30 Sale 2912
76
7914
Ref impt 5s of 1930.-1975 A 0 30 Sale 30
.
3412
Erie & Jersey let St 6s
1955 J
86 Sept'32
87
82
Genesee River 1st s I 138_1957 J
87
8512 90
8912
No Low
25
73
78
41
76
21
74
11
74
10
68
4112
6
35
_
79%
24
86
5
32
35
4
7
12
6
4
253
371
4
5
6
4
3
3
22
50
460
20
126
88
271
9
16
41
6
21
5
25
21
41
2
1
23
3
17
18
62
58
41)
4314
57
52
57
13%
2%
4012
41%
36
4614
50
50
51
60
6212
17
154
10
84
4313
46
SO
94
71
62
72
72
76
42
15%
61
41%
70
70
73
83
85
75
87
57
46%
46313
39
53
62
19
80
88
73
10
50
46
78
6413 6412
451
(5
9914 10014
97
97
59
30
1212 49
83
97
90 101
92 10114
100 113
55
79
55
873
4
60
70
90
90
70
95
85
85
75
77
8314 95
93% 1003
4
75
75
63
7712
48
40
2314
75
5912
65
64%
564
94
90
99
84
713
4
86
70
7413
80
58
102
97
-5- - 8 6g91
52
13
19
43
14
91
763
4
/83-4
7934
80
63
53%
55
82
60
35
76
77
S9'
8718
1034
93
84 2
,
8812
93
707
2
75
80
45 1640
5714
4613 4612
10
17
-ia18
25
24
96
2
5
____
)
DN
I
High
90
81 14
9055
93
8814
9912
7012
25
92
564
60
65
38
2
99
34
2
5
1
20
45
45
42
63
8714
8212 94
7412 97
92
92
29
69
314 70
8
38
84 493
4
8
8
212 5
45
51
24
30
20
34
71
89
98 100
94 10014
17
3212
70
82
65
87
80
95
21
00
77's
52
412812
39
99
20
22
6314
58
99%
5112
191s
133
1314
67
75
49'z
49
93
91
1
10
4
92
78
2
5712 8812
New York Bond Record-Continued--Page 3
2468
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
1
Price
Friday
Oct. 7.
Week's
Range or
Last Sale.
4
Ask Low
High NO, Low
8612 Aug'32
83
8712
8612 Aug'32
8612
15
40 Aug'32
37
30
4312 68
5
44
43
43
4% Sept'32
3
4% 53
4
312 6
4 Sept'32
2%
2
7
812 10
7,
5
3
8 8 712 Sept'32
6
54
9612 Aug'32
9612
90
93 Sept'32
99
81
2
77 Sale 77
77
77
Bid
Erie dr Pitts g gu 3325 ser B 1940J J
1940 J J
Berton C 3325
Fla Cent & Pen let cons g 55 1943 J J
Florida East Coast 1st 430_1959 J D
1974 M S
1st & ref 55 series A
Certificates of deposit
Fonda Johns & Glov lst 432s 1952 MN
(Amended) let cons 4345__1982 MN
Fort St U D Co lst g 4145_1941 J J
Ft W & Den C 1st g 5%5_1981 J D
Frem Elk & Mo Val let 6s_1933 A 0
Galv Hous & fiend 1st 55_1933 A 0
Ga & Ala Ry 1st cons 55 Oct 1945.3 J
Ga Caro & Nor 1st gu g 55 1929
Extended at 6% to July 1 1934.3 J
Georgia Midland 1st 35____1946 A 0
Gouy & Oswegatchle 1st 5s__1942 J D
Or R & I ext 1st gu g 4$2s__1941 J .1
Grand Trunk of Can deb 75_1940 A 0
-year 165
15
1936 M S
Grays Point Term lstls...._1947J D
.1
Great Northern gen 75 ser A.1938
J .1
Registered
1st & ref 43Es series A___1981 J J
General 5%4 series B____1952 J J
1973 J J
General Es series C
General 4325 series D
1976 J J
General 4345 series E
1977 J J
Feb
Green Bay & West deb ctLs A.
Feb
Debentures Ws B
Greenbrier Ry 1st gu 45____1940 M N
Gulf Mob elt Nor 1st 5328B 1960 A 0
1st mtge 55 series C
1950 A 0
Gulf & S I 1st ref & ter 5sFeb1952
.1
Hocking Val 1st cons g 4325_1999 J .1
Registered
1999 J J
Housatonic Ry cons g 55
1937 MN
&'P C 1st g 5s int guar
1937 J J
Houston Belt & Term 1st 58.1937.3 J
Houston E & W Tex 1st g 55_1933 MN
1st guar 5s
1933 M N
Hud & Manbat 1st 55 ser A.1957 F A
AdjustmentIncome 55 Feb 1957 A 0
Illinois Central 1st gold 45 1951 .1 J
1st gold 3325
1951 .1 J
J J
Registered
Extended 1st gold 332s___1951 A 0
1st gold 39 sterling
1951 M S
Collateral trust old 4s
1952 A 0
Refunding 45
1955 M N
1952.3 J
Purchased lines 332s
Collateral trust gold 4s
1953 M N
1955 M N
Refunding 55
-year secured 13325 g
15
1936 J J
Aug I 1986 F A
-year 4315
40
1950.3 D
Cairo Bridge gold 45
Litchfield Div 1st gold 35_1951 J J
Loulav Div di Term g 3325 19.53.3 .1
Omaha Div 1st gold 35_1951 F A
Si Louts Div & Term g 38_1951 J .1
Gold 332s
1951.3 J
Springfield Div lst g 3325_1951 J J
Western Lines 1st g 4s_1951 F A
F A
Registered
III Cent and Chic St L & N 0
Joint 1st ref 55 series A___1963 J D
1st & ref 4345 series C____1933 J D
Ind Bloom & West 1st ext 4s1940 A 0
1950.3
Ind Ill & Iowa 1st g 48
Ind & Louisville 1st gu 45
J
1956
Ind Union Ry gen 58 ser A-1965 .1 .1
Gen dr ref 55 series B
1985 J J
lot & Grt Not 1st 65 ser A 1952 J J
Adjustment 13s ser A_July 1952 A 0
1956.3 J
1st Es series B
1st g 55 series C
1956.3 J
tot Rys Cent Amer 1st 55B 1972 M N
1st Coll trust 6% g notes_1941 MN
1947 F A
let lien & ref 6325
1938 J D
Iowa Central 1st gold 55
D
Certificates of deposit
1951M S
lst & ref g 49
James Frank & Clear 1st 45 1959 J
1938 J
Kal A &0 R 1st gu g 5s
M lst gu g 4s
1990 A
KIM
K C Ft & M Ry ref g 49_1938 A
Kan City Sou 1st gold 35_1950 A
Ref dr inapt 55
Apr 1950.3
Kansas City Term 1st 45_1980 J
Kentucky Central gold 45_1987 J
Kentucky & Ind Term 4%5_1981 J
Stamped
1961 J
Plain
1961 J
1934.3 J
Mahon Coal RR lit 55
Manila RR (South Lines) 45 1939 M N
1959 M N
let eat 45
Manitoba SW Coloalza'n 55 1934 .1 D
B & N V7 1st 3%5_1941 J .1
Man
r Cash sale. a Deferred delivery.
1/472=h.-
62
73
70
11
70
Aug'32
2
High
88
8612
4212
60
8
7
17
94
9612
9418
98
3212 75
814 18
20 Aug'32
15
2018
Sale 35
gi-35
4
293 63
Jan'31
100
-7414 ,T1683
83
90 83
10412 62
8
1035 Sale 10258
8
923 10412
10134 Sale 101
4
4 19
1013
8712 1013
41
96 Nov'30
7812 125 "4512 983
4
72 Sale 71
9712 Oct'31
87
7
-81T8
8418
61
86% 10
64 Sale 84
28
70
3812 85
8212 Sale 6212
6712 17
43% 7812
8
737
.56 Sale 56
40
4 15
623
62
56 Sale 56
12
7412
38
5712 Apr'31
712 Aug'32
712
2
3% 5
90
90
8018
90 Aug'32
50
20
38
48 Aug'32
43
52
41
3912 Sale 3912
13
20
40
22
22 May'32
91
94
66
2
90 Sale 90
10012 Apr'31
88
88
88
75
87 100 90 Sept'32
48012 90
4
833 Aug'32
85
83% 89
82
95
92%
95 Sept'32
90
93 Aug'32
93 696
95
89
873
60
8512 Sale 8512
4 40
64
5712 56
27
54 Sale 54
7314 July'32
16" 75 Sept'32
8614 June'31
75 Sept'32
72
73 Mar'30
65
25
64
80 Sale 60
6214
58 Sale 58
74 68
54
66
50
48 Sale 48
73
6714 Sept'32
60
6714 Sale 6714
6914
4278
3812 Sale 38
61
50 June'32
5014
70 Sept'32
61 Aug'32
55 Sept'32
51
73
45 June'32
.56
73
50 May'32
5612 78% 7812 Aug'32
5812 84% 68 Aug'32
90 July'31
76
72
7
53
1
4
4
92
45
5018 110
4214
11
48
80 Dec'31
7514 8114 81 Sept'32
39
40 Sept'32
44
9014 Sept'32
8714 94
8714
91 Sept'32
27 Sale 27
5
28
18
6
618 8
8
1514 24
24 Sept'32
1512 2534 2518 Sept'32
42
50
6
43
421
42 Sale 4112
43
3212 39
2
4
343
4
341
4
512 Aug'32
5
3
8 514
28 107
54
5
,8 July'32
9
72
103
70
5014
58
49
8714
77
84
8914
89
Sept'32
Mar'31
Sept'32
4
513
62
55
90
Sept'32
Aug'
31
July'31
Apr'30
81
4
823
964
63
63
68
65
47 Aug'32
79
Sale 78
72
75 Sept'32
83
9012 Mar'32
Sale 80
83
Sale 47
51
33 Aug'32
53
Sale 5112
60
5414
5414
90 84
Aug'32
9514 Aug'31
88
75 Aug'32
9112 May'31
993 9518 Sept'32
925
86
9214
93
8
857
95
89
100
95
Sale
63
51
4
783
69
36
8014
47
5112
544
80
92%
4
943
88 Sept'32
92 Aug'32
93
93
8
883
85
997 Sept'32
34 Sale 34
3612
76
72
75
70
9514 Sept'32
87 Sale 87
8
877
814 85
80 May'32
73
64
72
67
851 Sale 6511
68
58
62
6014 60
91 Sept'32
91 100
5818 70 68 Aug'32
4
513 47 Sept'32
47
84 Aug'32
5018 48 Sept'32
45
75
75
78
95% 101
60
56
55
52
95
54
51
80
87%
Sept'32
Sept'32
Aug'32
Aug'32
Aug'31
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
:43
.14
34
33
39
49
1
25
15
30
7
1
5
9
26
2
54
5
12
69
10
Price
Friday
Oct. 7.
Week's
Range OT
Last Sale.
Y1
Range
Since
Jan. 1.
Ask Low
Bid
High No. Low
Mex Internat 1st 45 asstd___1977 M S
2 Sept'32
2
Michigan Central Detroit & Bay
City Air Line 45
98 Aug'31
1940.3 .7 80
Jack Laos & Sag 3325
79 May'28
1951 M S
1st gold 334s
85 Sept'32
_
1952 MN 84
7018
Ref & impt 432s ser C
45
1979 J .1 67 11 60 July'32
Mid of N J 1st ext 5s
5112
83
40
3
4
523
1940 A 0 51
Mil & Nor 1st ext 4325(1880)1934 J D 70
8312 87 June'32
75
Cons ext 4345 (1884)
8
6912 737 Sept'32
1934 J D
50
Mil Spar & N W 1st gu 4s 1947 M S 49
8
54
5014
53
40
Aillw & State Line let 330_1941 J J
90 Apr'28
Minn de St Louis 1st cons 55_1934 M N --i3 -1- 33 Sept'32
8
.
4
3
28
34
37 11
Ctfs of deposit
3
3%
8
37
1934 M N
314
1st & refunding gold 4s
212
2%
3
1949 M 5
212 Sale
8
7
Ref & ext 50-yr 59 ser A 1962 Q F
8
37 Sept'32
3%
8 8
7
Certificates of deposit
5 Aug'32
Q F
5
M St P & SS M con g 48 int gu'38 J .1 49 Sale 49
36
50
35
1stcons Es
7
3812
1938 J J 37
37
40
13
let cons 5s gu as to int
5534 14
1938 J J 5014 557 5012
35
1st & ref 85 series A
10
24
1946 J .1 223 Sale 2234
14
4
4
-year 5345
25
23
1949 M S 16
20
12
4
183
1st ref 532s ser B
2
72
1978.3 J 71
71
72
40
let Chicago Term 5 f 45 1941 M N 80 ____ 95% Deo'30
Mississippi Central 1st 55_1949 J J ---- 85
85 Aug'32
1959 .1 J 244 Sale 244
Mo-Ill RR 1st 55 ser A
30
Mo Kan & Tex 1st gold 45_1990 .1 D 773 Sale 7712
4
7812
Mo-K-T RR pr lien 55 ser A_1982 .1 J 771 Sale 70 4
3
7712
40
1962 1 J 6018 62 63
-year 45 series B
6314
Prior lien 4325 ser 13
1978 J J
65
69 Sept'32
Cum adjust 55 ser A_Jan 1987 A 0 37 Sale 37
42
1985 F A 30
34
Mo Pac lst & ref 5s ser A
31
32
General 48
1975 M S 165 Sale 16
8
2134
4
lst & ref 5s series F
1977 M 13 263 Sale 2512
3134
1978 M N 263 Sale 285
4
let & ref 55 ser 0
31
1812 Sale 16
1949 M N
Cony gold 532s
21
1980 A 0 27 Sale 27
lst ref g 55 series H
3114
F A
M N 2812 Sale 2614
1st & ref 5s ser I
3112
69 Sept'32
9
Mo Pac 3d 75 ext at 4% July 1193581
95 95 Aug'31
Mob & Bir prior lien g 55-1945 J J
J J
97 Sept'31
Small
00
_
J J
1st M gold 45
1945 .; j
53 Aug'32
_---_ 147- 81 July'31
8
20 July'32
92
ilmai
MobSe drlOhlo gen gold 45..1938 M S 14
_ 357 6512 Sept'31
Montgomery Div 1st g 55_1947 F A
61
1977 M S
Ref Sr !mot 4)45
8 Sept'32
7
72 a88
7
6518 75
Sec 5% notes
4 8
73
8
S
Mob & Mal 1st gu gold 45_1998 M S 58
7434 70 Aug'32
193 1
1937 J J 93
"[Os Vi" Mont C 1st gu 69
4
963 95 Sept'32
8812 95 a88 Sept'32
let guar gold 55
1000 3 .1
78
Morris & Essex 1st gig 3325_2937 1 0 76 Sale 78
70
29
87
88 Feb'32
Constr IQ 5s ser A
68
35
5
9 55 M
119 5 M N 80 Sale 76
Comas M 4325 ser B
4912 50
80
8
557
25
7214 71 Sept'32
71
ICliatt etSt t 5
Nas
N F a s idr gu g45 5er A 1978 F A
68
8
37
8
657 89
83 Sept'32
4
823
35
18 July'28
5
97J J
Nat Ry of Mex pr ilen 4325 19371 A
5312
19
J J
183 July'28
July 1914 coupon on
56
50
184 23
212
212
Assent cash war rct No.400
6
123 July'31
Guar 413 Apr'14 coupon___1977 1"Io- 11'4
13 _ _
2 Sept'32
Assent cash war rct No. Son
55
42
13
4
28
- 7 3512 July'28
Nat RR Me: pr lien 4349 Oct'28
45 45
238
2%
Assent cash war rct No.4 on
57
50
A (
22 Apr'28
1951 --- 5
let consol 45
7812 7812
2 Sept'32
4
13
12
2
Assent cash war rct No. 4 on „--_,
484 88
5212 June'32
72
Naugatuck IWt let g 45-195 m 14 62
4
_ 100 Sept'31
New England RR cons 55_1945 J .1 68
8912 90 Sept'31
61
Consol guar 48
2314 59
92 Nov'30
90
8
198 F
NJ Junction RR guar 1st 45..1945 3 43 60
2212 56
53
GO Aug'32
NO dr NE let ref & impt 4325 A'52 1 .1 38
08
68
88
1953 J J 65
eh
" - If New ()limns Term 1st 4s
3012
35
34
56
40
N 0 Tex & Me: n-c Inc 59-1935 A 0 22
1954 A 0 30 Sale 30
92
3812
let 55 aeries B
79
34% 28
3212
1958 F A
91
1st 55 series C
91
30
28 Sale 24
1st 432s series D
1514 60
35 Sale 35
38
30
2
let 5349 series A
92
89% Aug'32
19945 A .1
N & C Bdge gen guar 4325..1954 6 JF 0A 70
1312 50
95 92
92
1312 4812 N Y B & 11 13 lst con g 55.-1935 A 0 92
24% 64
70
23
5014 NY Cent RR cony deb 65_1935 M N 6114 Sale 60
7318
F A
A 0 73 Sale 7118
35
Consol 49 series
18
0314
49 Sale 4914
A99
Ref &impt 4328 series A 210I38
2% 54
2013 A 0 5212 Sale 5214
C
61
8 514
25
Ref & impt 55 series
4
1 763 Sale 76
12 112 N Y Cent & Hud RivM 3%91997
7814
75% 73 Sept'32
1 70
1997
Registered
73
7812 71
8
787
85
72
Debenture gold 45
81
75
42
94 J J
193 M N 73
75
-year debenture 45
30
4912 Sale 4912
76
54%
2013
Ref & inapt 4345 ser A
67
A 6812 Sale 6813
.
72
70
Lake Shore coil gold 330_1998 F 34
F A 62% 69
59 May'32
3514 70
73
72
70
73
28% 714
Registered9
Mich Cent coll gold 3325._1199988
A A
_ 82% Mar'31
RegisteredF 0
90
78
76
7914 75
80
85
N Y Chic &'St L lst g 4s-1993973
54
934 Mar'30
Registered
3312 Sale 33
3812
3512
Ce oltfic otescd deposit..........__ ------ AA3 32 Bale 32
5% grtd nates
2012 Sale 19%
2312
Refunding 6354
8
23
4
7
1 98
8312
Ref 4345 series ries A-197 M S 19 Sale 183
50
_ 89
4
89
69
Y guarect lsries 4329 A.1953 F A 883
N 1stConn u set gu0
32
9014 6'6' 9018 Sept'32
79
66
84 Dee'31
75
5
19 3 F A
N Y & Erie 1st ext gold 49..1947 M N 82%
67
1933 M 8 9514 foci 100 Sept'31
9012
83
3z1 ext gold 4325
84
55
753 40 June'32
4
N Y & Greenw gu g 55____1946 MN 61
2712 60
8112 Sept'32
33
N Y & Harlem gold 3329-2000 MN 8014
33
78 July'32
63
NY Lack & W ref 432s B___1973 MN 7712
35
8414 Dee'31
35% 67% NY & Long Branch gen 413_1941 M S
9512 July'29
NY &NE Bost Term 413___1939 A0
90
80
62 Sept'32
70
NYNH& n-c deb 4s____1947 MS 42
51
57
ApP32
Non-cony debenture 3%5_1947 MS 43
7914
61
8514 50 July'32
Non-cony debenture 33.45_1954 A0 43
63
8178
Non-cony debenture 45_1955 J J 8218 90
"0- Rif"
6312 61 Sept'32
Non-cony debenture 45_1956 MN 57
553 58 Aug'32
4
Cony debenture 3345----1956 J J 43
8214 9414
82
1948• J 75 Sale 74
Cony debenture 65
4
7014 851
J J
75 Aug'32
95
80
Registered
7
4
1940 A0 "761 I21- 81%
4
813
Collateral trust 135
80% 93
5312 52
5312
1957 MN 50
1714
Debenture 45
70
69
99 10014
let de ret 4329 ser of 1927..1967 JO 65 Sale 65
84% 82 Sept'32
1518 50
Harlem R & Pt Cites 1st 431954 MN 78
76
55
NY O&W ref g 45 June___1992 M $ 5012 Sale 5012
54%
8512 96
1955 .1 D 4312 47
4312
4712
89
General 45
66
_
98 Mar'31
7612 8212 NY Proytdence & Boston 481942 A 0 81
80
70 Aug'32
N Y & Putnam 1st con gu 49-1993 A 0 72 84
50
3812 36
NY Susq & West Ist ref 55_1937 J .1 22
78
45
36
33
1937 F A 21
75 Mar'30
2d gold 4325
40
7518
35
30
1940 F A
95
30
91
31
General gold 59
1943 M N 60
90 9212 June'32
8012
68
Terminal 1st gold 58
514
N Y W Uses & 13 lst ser I 4%5'48 .1 J 4912 Sale 4912
8
447 58
84
81
Nord Ry ext'l sink fund 6125 1950 A 0 105% Sale 10412 10548
7
5
5912 Norfolk South let & ref A 55_1961 F A
5
20
8
67
30
28 Sept'32
81
Norfolk & South 1st gold 55_1941 M N 26
70
10312 Sept'32
Norf & West RR imptArext 84'34 F A 1012
95
95
NA W Ry let cons g 49-1998 A 0 9714 Sale 96
9714
94
1996 A 0
86 May'32
84
50
Registered
00
65
9514 9412
Dirt lit lien 5, gen g 49_1944 J J 95
51
1941J D 93
924 Sept'32
80 80
Pocah C dr C joint 4s
111
4514 Sale
4214 Sale
D 721 74
J
0 -io- 75
0 5014 Sale
0 58 Sale
J 49 Sale
4
J 883 Sale
8412
.1 77
80
.3
80
J
Lake Erie & West 1st g 5s 1937 J J
1941 J J
26 gold Es
Lake Oh di Mich So g 3343_1997 J D
Registered
1997 .1 D
Leh Val Harbor Term gu 55 1954 F A
.1
Leh Val N Y 1st gu g 4325._1940
Lehigh Val (Pa) cons g 411_2003 M N
M N
Registered
2003 M N
General cons 4345
2003 M N
General cons 55
Leh V Term Ry lst gu g 5s 1941 A 0
1945 M S
Lehigh & N Y lst gu g 45
Leg dz East 1st 60-yr 55 gu_1985 A 0
Little Miami gen 45 seres A_1982 MN
1935 A 0
Long Dock consol 565
Long Island
1938 J 13
General gold 45
1949 M S
Unified gold 4s
1934 .1 D
Debenture gold 55
1937 M N
-year p m deb 55
20
1949 M 8
Guar ref gold 45
Nor Sh B 1st con gu 5s Oct 1932 Q .1
LOU18111.08 dr Ark let 55 ser A.1969 J J
Louis & Jeff Bdge Co gd g 481945 M S
1937 P.1 N
Louisville & Nashville 55
1940.3 .1
Unified gold 45
J J
Registered
let refund 5325 series A__2003 A 0
2003 A 0
& ref 55 series B
let
2003 A 0
1st & ref 4325 series C
1941 A 0
Gold 55
Paducah & Mem Div 45_1946 F A
St Louts Div 2d gold 35_1980 M S
Mob & Montg 1st g 430_1945 M $
South Ry joint Monon 45_1952 J J
AU Knoxv & CID Div 44-1955 M N
Range
Since
Jan, 1.
30
49
6
49
14
312
281
25
574
42
207
72
1412
5514
38
3118
36
412
2212
7
21
22
05
22
2112
53
High
2
86
60
55
87
7412
694
812
6
314
8
5
8
507
5014
60
37
31
72
85
42
80
79
68
3
70 4
60
6312
4112
60
60
464
60
60
69
25
10
8
6
5
"
16
112
2
67
88
82
62
86
65
2312
28
753
4
95
90
78
86
80
46
68
5
57
20
7112
83
lts
22
- -1-
Si
-jilt --
1
3
5212 5212
2
6
9
6
14
6
1
19
19
73
134
29
24
1
137
28
1
20
29
50
20
1612
8
185
18
19
80
92
7012
45
45
45
4418
5014
8912
95
3518
58
32
3311
40712
6712
51
63
31
00
59
61
92
807
8
72
78%
79
73
9212
8212
72
79
8814
73
581k
O31s 82
324
2212
48 633
54
1414
133
1212
5
75
4
673
5
747
38
4612
40
89
93
40
40
6814 8112
75 r82
17
9
1
3
10
54
14
2
4
25
32
37
54
16
66
51
34
40
40
3712
49%
4
612
55
30
42
68
09
r137
61
66%
68
58%
95
92
94
59
77
83
4
383 60
34
4912
70
18
WI;
54
15
92
28
4
903
4
1214
100
4
783
8018
4
863
479
921s
62
1063e
2018
50
10412
9714
86
9612
8
423
393
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
11
it.
`a
,... p,
Price
7$58y
Oct. 7.
Week's
Range or
Last sate.
4
ILI
Cri,
Q
Range
Since
Jan. 1.
High No. Low
Bid
Ask Low
High
87 Aug'32 ---North Cent gen & ref 55 A__1974 M kJ ____ 102
87
991
4
1974 M 13 8012 9912 85 Aug'32 ---Gen & ret 4315 ser A
85 85
4912 45
45
North Ohio let gear g 5s1945 A 0 40
1
35
50
Sale 8312
853
North Pacific prior lien 45-1997 @ J 8312
4 81
65
86
Q J --------76 Aug'32 -___
Registered
533 7812
4
624 47
/
1
Gen lien ry & Id g as_Jan 2047 @ F 6512 Bale a61
48
85
1
54
50
Registered
56
Jan 2047 @ F 54 Sale 54
67 67
68
17
Ref & lmpt 4115 series A__2047 J J 65
38
77
8214 128
Ref & impt 65 series B____2047 J J 80 Sale 80
45
9012
73
Ref & impt 55 sent.. C__2047 J .1 7214 82
I
73
48
82
4
Ref &!mot 55 series D____2047 J .1 723 Sale 7212
4
724
4812 82
Nor Pao Term Co 1st g 65___1933 J J 97 103 10012 June'32 --__ 10012 10012
Nor Ry of Calif guar g 55 -1938 A 0 --------9514 Oct'31 --- ____ ____
/
1
Og & L Cham 1st gu g 45-1948 J J 484 57
____
Ohio Connecting Ry 1st 4s__1943 M S 87
__
1936 J D 80
Ohio River RR 1st g 55
80
General gold 5s
1937 A 0 7814 8
Oregon RR & Nay cons g 45_1946 J 13 895 92
Ore Short Line let eons g 55.1946 J J 10012 ___
8
1946 J J 1025 Sale
Guar stpd cons 5s
Oregon-Wash 1st & ref 45-1961 J J 8112 Sale
4712
473
4
6
97 Mar'31 ____
87 June'32 ---80 Sept'32 _--_
893
8
90
2
10014
10012 10
1024 1025
8 10
81
83% 72
28
54
____
_
86 --90
70
80
77
90
88 1004
8812 1024
6012 84
12 30
27 Sept'32 --Pacific Coast Co 1st g 55_1546 J D 27
Pao RR of Mo 1st ext g 45-.1938 F A 8314 87
85 Sept'32 ____
14 88
1938 5 J 83
2d extended gold 5e.
82 Sept'32 --Paducah & Ills 1st s t g 4315_1955 J J 87
87 Sept'32 ......
95
Paris-Orleans RR ext 5315...1968 M 13 100 102 1002 10218 14
aulista Ry 1st & ref of 75_ _1942 M B 30
12
30
40
46
Pa Ohio & Del let & ref 430 A'77 A 0 801s Bale 8018
8018 13
Pennsylvania RR cons g 45_1943 M N 9511_._. 94
96
10
Consol gold 45
1948 Si N 9414 95
94
/
1
4
8
96
45 sterl aptd dollar May 1 1948 M N 94
95
95
2
9512
Consol shaking fund 4315_1960 F A 97 Bale 96
987
8 21
General 4315 series A
S558 77
1965 J D 81 Bale 81
General 55 series B
/
4
1968 J D 911 Sale 9118
935
42
15
-year secured 630
1936 F A 101. Sale 101
95
102
F A --------833 Mar'31 -__
Registered
4
40
-year secured gold 55___1964 MN 86 Bale 86
88
29
Deb g 4315
1970 A 0 6518 Sale 6618
69
55
General 4315 ser D
1981 A 0 7714 Sale 7714
80
34
51
Peoria & Eastern let cons 45_1940 A u 44/2 50
52
5
44 Sept'32 ____
3
4
Income 4s
April 1990 Apr
70
Peoria & Pekin Un 1st 5315._1974 F A
80
70 Aug'32 --_
59
60
Pere Marquette 1st ser A 55_1956 J J 55
61
20
lot 45 series B
51 r55 Sept'32 ____
1956 J 5 47
1st g 431s series C
1980 M B 55 Sale 55
55
8
9612 95 Sept'32 _-__
Milts Bait & Wash 1st g 4s 1943 AI N 93
90
General 55 series B
80 Aug'32 _
1974 F A 86
Gen'l g 4315 ser C
1977 J J 81 Sale 81
81
2
Philippine Ry 1st 30-yr a f 45'37 J J
2212 Sale 2212
25
27
171 30
4
72
90
74
93
87
9518
8812010412
30
85
60
8114
88
93
8514 967
85
96
867 987
s
8
5014 8712
2'5412 94
754 10218
____
___
53 90
324 7434
/
1
47
81
28
55
258 10
65
79
30
71
3112 57
26
60
86
95
80 84
77
8312
167 26
s
Pine Creek reg let 65
1932 J D --------100 Sept'32 ____
P C C & St L gu 4315 A____1940 A 0 9412 9812 97 Sept'32 ____
Series B 431s guar
98 9612
1942 A 0 95
9612
1
Series C 4315 guar
1942 MN 95 ____ 93% Aug'32 ____
Series D 45 guar
1945 M N 88
____ 86 June'32 ____
Series E 4315 guar gold
/
1
4
1949 F A 79 --- 95 Mar'30 ____
Series F 4s guar gold
1953 J D 83 ____ 98 SepP31 ____
Series 0 4s guar
1957 M N 8312 ____ 8114 May'32 ____
Series H cons guar 4s
____ 80 Apr'32 ___
1960 F A 81
____ 9034 Sept'32 ____
Series I cons guar 4315„ 1963 F A 92
Series J cons guar 4315_1964 MN 90%_ 88 June'32 ____
General M 55 series A._1970 J D 89 -- 73 90 Sept'32 __
9 01
Gen mtge guar 55 ser B__1975 A 0 89
91
91
91
1
Gen 4315 series C
8
1977 J .1 797 Bale 797
8
82
7
Pitts McK de Y 2d gu 65
____ 9912 May'32 _ __
1934 J J 98
Pitts Si, & L E 1st g 55
/ ____ 954 Sept'32 _
1
4
1940 A 0 97
lot consol gold 55
____ 10014 Aug'28 ____
1943 J J 94
Pitts Va & Char 1st 4s
____ 73 June'32 ____
1943 NI N 76
Pitts & NV Valet 445 ser A_1958 J 0 4942.41
4118
2
1st M 430 series B
44 Sept'32 ____
1958 A 0 .-. 44
1st M 431s series C
42
1960 A 0 40
4018
43
8
Pitts Y & Ash 1st 45 ser A._1948 1 D 8512 Sale 8512
8512
5
1st gen 55 series B
90
____ 90 July'32 ___
1962 F A
Providence Seeur deb 45
1957 M N ---- ---- 714 July'31 ___Providence Term 1st 45......1956 Si 5 76
___ 75 June'32 ____
100 100
09212 97
914 9712
90
94
88
go
____ ____
____
___
8114 8314
80
80
8414 903
4
87
93
5212 6212
55
9412
58
8518
09 100
9518 9518
-.
__
73
__-.
73
38
56
36
55
32
561
4
8512 8512
8812 90
--._
__
744 -/ 75
1
--
Reading Co Jersey Cen coil 45'51 A 0
Gen & ref 4315 series A
1997 5 J
Gee & ref 4315 series 13_1997 J J
Rensselaer & Saratoga 65._.194I M N
Rich & Merch 1st g 4s
1048 M N
Richm Term Ry 1st gu 5.8_1952 J J
Rio Grande June 1st gu 55_1939
D
Rio Gmode Sou 1st gold 45..1949 J J
Guar 45 (Jan 1922 coupon)'40
J
Rio Grande West 1st gold 45_1939
5
let eon & coil trust 4s A...1949 A 0
It I Ark & Louis 1st 4315-1934 Si S
Rut
-Canada 1st as g 411
1949 5 J
Rutland 1st con 4315
1941 J J
734 Sale 73
/
1
4
73
/
1
4
3
5714 79
83 Sale 83
854 17
57
8814
8412
8412 10
84
87
554 8512
--------113
Oct'30
.,..
_
-___ 7434 40 Sept'32 ____-32 - -____
40
8914 95
964 Apr'32 ____
93
9612
55
85 Sept'31 __-- --- -___
85
____ ____
24 June'31 ____ .--- -___
_--- 7 APr'28 ---/
1
4
,-681s --- 68
69
6814 16 -,:-4
5
75
45 Bale 45
4712
6
30% 56
38 Sale 38
43
6
20
70
60 Aug'32
---- 50
30
60
50 Aug'32 ____
____ 58
35
80
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
.6.44
Ua
.
t.'
''".0..
Seaboard All Fla 1st gu 65 A 1935 F A
Certificates of deposit__ ____
Series 13
1935 -FA
Certificates of deposit --__ ---Seaboard dr Roan let 55 extd1931 J J
So & No Ala cons gu g 55_1936 F A
Gen cons guar 50
-year 55_1963 A 0
So Pat coil 45(Cent Pat coil)k '49 J D
1st 4315 (Oregon Lines) A 1977 M S
-year cony 55
20
1934 J D
Gold 430
1968 M B
Gold 4315 with warrants 1969 M N
Gold 4345
1981 MN
San Fran Term 1st _
I950 A 0
So Par of Cal 1st con gu g55 1937 MN
45So pac Coast 1st gu g 4.13
1937
J
So Par RR let ref 45
1955, J
Registered
Stamped (Federal tax)-1955 J J
Southern Ry 1st cons g 55_1994 J J
Registered
5 i
Devel & gen 45 series A___1956 A 0
Devel 44 gen es
1956 A 0
1956 A 0
Devel & gen 6315
Mem Div 1st g 5s
19965 J
1951 5 J
St Louis Div lst g 48
East Tenn reorg lien g 55_1938 M S
Mobile & Ohio cell tr 45 1938 M S
Spokane Internat 1st g 55 1955 J J
Staten Island Ry 1st 4315_1943 J D
Sunbury & Lewiston 1st 45-1936 5 5
Price
Friday
Ott. 7.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
•n"
F.,
di
Bid
Ask Low
High No. Low
High
212 Sale
64
212
1
212 12
14 2
112
13
7
4
114 6
2
5 Aug'32 ---5
Pa 5
212 212
15
8 44 212 Feb 32 ___
_
.
20
60
9012 Aug'31 ---- ---- --894 96
874 Sept'32 ---75 - 1
87 2
8012 8512 85 Aug'32 -___
85 85
50 Sale 47
29
74
37
57
68
6912 69
4812 84 4
3
707
8 38
8112 12
77
/ 797 77
1
4
8
58
97
50 Sale 50
56
32
31
7312
a50 Sale 50
29
74
74
57
5012 Sale 50
564 .91
2811 7912
597 85
8312 85
83 Sept'32 ___
1004 ____ 10012 Sept'32 --98 10012
80 ___ 96
Jan'30 --- __-- -79 Sale 79
8278 41
50 8612
--__ ___ 92 May'30--/
1
4
7212 Sale 7212
7512 13
--------75 Aug'32 --26 Bale 26
57
32
33 Sale 34
40
80
35 Bale 3514
/
1
4
43
58
55
/ 70
1
4
48 July'32 -__
45
60 60 Sept'32 __75
90 101 Sept'30-32 Sale 32
a
33
P
33
36
32
1
32
--------60 May'32 --.
8712 ---- 9714 Nov'31 ---
_--- -597 s 8612
75
75
12
54
1512 67
18
72
48
55
4.5
674
_
il; 15
19
40
60
60
-------
I947 A 0 26 Sale 25
Tenn Cent 1st 65 A or B
51
/
1
4
11
3
26
Term Awn of St List g 4315 1939 A 0 9612 9814 9714 Sept'32 --_
88 4 9712
3
1944 F A 9712 ---- 96 Sept'32 ___
85
97t2
1st cons gold 55
7913.. 7912 Sept'32 ---_
1953 J J
Gen refund 5 f g 45
70
8012
Texarkana & Ft S 1st 5315 A 1950 F A 69 .
7212 73
73
513 78
4
1
19435 J 70
Tex & N 0 con gold 55
8912 70 Aug'32 -_
70
70
9018 Bale 901
9212
Texas & Pat 1st gold 55...„2000 J D
75
/
4
30
91
2c1 Inc 5s(Mar'28 cp on)Dec2000 Mar --------95 Mar'29 -- _ _
_ - --4
1977 A 0 513 Sale 51-2
Gen & ref 55 series B
56
28 39
70
1979 A 0 52 Sale 52
Gen & ref 55 series C
55
25
36
7012
1980 J D 50 Sale 50
Gen & ref Sc series D
543
28
7012
4 20
Tex Par-Mo Pat Ter 5345 A 1964 M S 6212 Sale 6014
40
7
6212
8912
87 Sept'32 ---90
55-1935 J J 81
Tol & Ohio Cent Mt gu
70
953
4
___ 75 Aug'32 ____
Western Dly 1st g 55----1935 A 0
75
96
77
85
19355 D 7975 Sept'32 ____
General gold 55
75
75
55 A '2 ____
61
Tot St L & W 50
-year g 45-1950 A 0 50
55
60
/
1
4
Tol W V &0gu 43155er B-1933 J J 97 ---- 10018 Oct'30 --__ ..- -- ---194255 S 86
___ 9618 Apr'31 ____ ____ _-___
1st guar 45 series C
____ 88 Dec'31 ____ ___ Toronto Ham & Buff ling 401946 5 D 63
_
-
Ulster & Delaware 1st 55_1928
Ctfs deli stpd as to Dec 1930
lot and $570 ret of prin____ ,--- 20
Union Par 1st RR & Id gr 45 19473 J 97
J .5 9218
Registered
1st lien & ret 45
June 2008 M S 85
1967 J J 86
Gold 4315
June 2008 M S 101
1st lien & ref 55
1968 J D 81
40
-year gold 45
1944 M 9 9514
UN J RR & Can gen 45
1933J J 98
Utah & Nor 1st ext 45
Vardalla cons g 45 series A...1955 F A
1957 MN
Cons s f 45 series B
Vera Cruz & P asst 4315.......1933 J 5
1936 M N
Virginia Midland gen 55
Va & Southwest 1st gu 5s 2003 .1 J
1958 A 0
1st eons 55
Virgln1an Ry 1st 55 series A.I962 M N
1st mtge 4315 series B
1962 Si N
1939 M N
Wabash RR let gold 55
1939 F A
261 gold 5s
Deb 65 series 13 registered 1939 J J
-year g term 40_1954. J
1
1st lien 50
Del & Chic ext 1st 55_1941 J J
Des Moines Div 1st g 45_1939 J 5
1941 A 0
Omaha Div 1st g 3315
Toledo &Chic Div g 45_1941.1121 B
Wabash Ry ref & gen 5315 A 1975 Si 8
Ref &gen 55(Feb'39 coup)B '76 F A
Ref & gen 4315 series C._ A978 A 0
1980 A 0
Ref & gen 55 series D
2000 F A
Warren 1st ref gii g 3 As_
Washington Cent let gold-45 1948 Q 91
Wash Term 1W gu 3315_1945 F A
1945 F A
1st 4 -year guar 45
Western Maryland 1st 45--1952 A 0
1977 J 5
1st Sz ref 5318 series A
1937 J J
West NY & Pa 1st g 55
1943 A 0
General gold 4s
194651 5
Western Pat 1st 5s ser A
1
2361. J
West Shore 1st 45 guar
2361 5 J
Registered
Wheel & L E ref 4315 ser A_1966 M 9
1966 M 3
Refunding 55 series B
RR 1st consol 48
1949 M S
wijk & East 1st gu g 55
1942 .1 0
1938. 0
1
Win & S F 1st gold 55
Winston-Salem S B 1st 45-1960 J 5
Win Cent 50-yr 1st gen 45_1949 J J
Sup & Dui div & term 1st 45'36 M N
Won & Conn East 1st 431s 1943 J J
St Jos ac Grand 151 1st 45___1947 1 .1 8412 87
72 July'32 ____
61
84
St Laws & Adr lot g Ss
52
1996 J J
81
95 Apr'3I..__
,2d gold 65
1998 A 0 5412 Sale 5412
5412
2
5112 - 8
897
St Louis Iron Mt & Southern1933 M N 493 Sale 4934
Riv &0 Div 1st g 45
4
52
28
35 4 83
1
1
St L-San Fran pr lien 45 A 1950 J 1 14 Sale 14
15
61
9
34
Certificates of deposit
---- 1312 1434 13 8
5
135
8
13
1
1612
Prior lien 55 series 11
1950 J J
14 Sale 14
9
4 42
17
16
Certificates of deposit
8
---- 125 ____ 1358
1358
5
135 16
8
Con M 431e series A
1972s Si IS 11 Sale 11
1234 125
8
9614
Certificates of deposit
---- 1012 ____ 124
1214
9
5
15
Centre of deposit stamped ____ ____
__ 124 Sept'32-11
1212
60 64 Aug'32 ____
St 14 Peor dr N W 1st gu 65_1948 J 5 ____ .e3
64
8
St L SW 1st g 45 bond etts_1989 M N 663 71
6614
6614
47
/ 71
1
4
3
INDUSTRIALS.
25g 48 Inc bond Ws Nov.-1989 J 1 43
45
43
45
5
37
65
Abitibi Power & Paper let 55 1953 5 0
1st terminal & unifying 55_1952 5 J 43 Sale 43
4712
9
15
55
Abraham & Straus deb 5315_1943
19905 J 29 Sale 29
Gen & Ref g 55 ser A
2912
7
15
A 0
433
4
With warrants
Si Paul & K C Sh L 1st 4315_1941 F A 40 Sale 40
48
8
241 60
4
Adams Express coil tr g 45._1948 M 5
St P & Duluth 1st con g 45-1968 5 D --------73 Mar'32 ____
73
73
Adriatic Eiec Co exti 75._ _1952 A 0
Paul E Or Trk 1st 4315_1947 J J 54__. 69 Sept'32 ____
Si
62
39
Ajax Rubber 1st I5-yr s t 85_1936 .1 0
0612 9522
9512 10
St Paul Minn & Map COO 45_1933 s 2 94
90
98
Albany Perfor Wrap Pap 68_1948 A 0
1933 s 5 98
994 99 Sept'32 ____
1st consol g 65
92 10014 Allegany Corp coll In 55_1944 F A
1933 J J 965
1 9512
68 reduced to gold 431s
97
16
85
9814
Coll c cony 55
1949 5 D
8972l
J D
Registered
_ 100 Apr'31 ____ .. .
1950 A 0
__
Coll & cony 55
1937 J D 93-- - 884 Sept'32 ____
85
Mont ext let gold 45
89
7912 - 92
Allis-Chalmers Mfg deb 55-1937 Si N
87
Pacific ext gu 45 (sterling).1940 .1 J 78
76 Aug'32 _ _
68
81
Alpine-Morstan Steel 1st 75_1955 1 8
8
Si Paul Un Dep 1st & ref 55_1972 .11 .5 99 Sale 98
9912 11
87
9912
Amer Beet Sug cony deb 65-1935 F A
S A a, At pass 1st gu g 45_1943 .1 J 6718 Sale 674
44
9
693
4
8012 American Chain deb a f 65_1933 A 0
Santa Fe Pres & Phen let 55_1942 NI S 94
98 97
97
2
80
1942 A 0
97
Amer Cyanamid deb 55
____ 95 Aug'32 ____
Say Fla dc West let g 69._ 1934 A 0 06
94 100
Am & Foreign Pow deb 55..2030 Si B
1934 A 0 90. _ 101
let gold 55
Oct'31 ____ --_--...... Amerlcan Ice 5 f deb 55_ -1953. 0
1
96 8412 Aug'32 ____
N E let gu 48_ 1989 NI N 86 Scioto V &
701286
Amer 10 Chem cony 530_1949 M N
11
23
Seaboard Air Line 1st g 45..1950 A 0 11
11
1
10 r25
Am Internal Corp cony 5315 1949 5 J
1950 A 0
812 124 10
Gold 48 stamped
10
10
43 193 Amer Mach & Fdy of 65_1939 A 0
5
4
A0
6
Certificates of deposit
14
44 Sept'32 ___
412 14
7
Amer Metal 531, notes__ _1934 A 0
Oct 1949 F A
Adjustment 55
I
112 I
112 20
.
12 112 Am Srn & R 1st 34.1-yr 5s ser A1947 A 0
1959 A 0
45
Refunding
314 Sale
34
4
8
Amer Sugar Ref 5-year 65_1937 .1 J
11 6
/
4
Certificates of deposit
--212 5
4 Sept'32 ---114
7
Am Telep & Teleg cony 45..1936 M 13
4
4 Sale
5
2
27
let dr cons 65 series A....1945 M S
77a
30
-year coil tr 55
1946 .3 0
34 412 3
.
Certificates of deposit _____ ___
4
14
Ds 7
35
1960 .1 J
-years f deb 5s
15 Sept'3215
_
All& Birm 30 yr 1st g 45.41933 55 S 11
81 20
/
4
-year 5 f 51121
1943 M N
20
Cony deb 4315
1939 5 5
Debenture 5.8
1965 F A
r Cloth sale. 8 Due May. t Due Aug. a Deferred delivers.
2469
8312
8312
13
4
823
4
64
4912
9412
86
151s 7712
6
20
Sale 20
4
983 126 08412 983
8
Sale 96
86
954
9514 Sept'32 ____
95
8714 8714
873
4 22
70
8/
81
4
Sale '86
8712 18 a5712 8812
843 103
4
___ 102 Sept'32 __
Sale 81
56% 844
8212 121
89
96
8
/
1
4
9534
Sale 95
____ 100 July'31 --._ ---- -.-_
_
- 8
27_
- -372 4
Sale
Sale
89
80
80
80 June'32 ____
9312 Sept'31 -----------4 Sept'32_
14 4
75
95
824 Aug'32 ____
/
1
55
80
65 Sept'32 ____
23
60
4912
50 4 22
3
8
7014 957
9412
9538 47
70
85
83 Aug'32 ____
5214 79
70 68
6912 20
21
59
4911 33
Sale 48
__ 984 May'99 --__
/
1
------47
35
15 45 Sept'32 __
52
73
75 67 Sept'32 __
28
46
40
71 Sept'32 ____
40
79 May'31 -----------50
60
56
5712 Aug'32 __
21 19
4
1012 14
7
/
1
4
712 Sale
312 19
8 Sale
8
914 18
2
/ 1612
1
4
812 14
7 Sale
7
9
1112 10 Sept'32 --__
24 me
5538 56
_ __ _ __ 55 8
2
3
56
56
56
60
6
6
56 Mar'32 ___
85
774 8812
91
84 Sept'32 ____
8312 90
88
___ 90 Aug'32 ____
5934 Sale 57
3712 6612
607
8 26
63 Sale 6212
2
8% 693
4
32
64
9918
10012 28 08918 10012
994 100
____ ___ 8512 Sept'32 ___7212 0112
37
15
217 4912
*
33 Sale 33
75 Sale 75
65
7814
7714 20
74
62
72
683 74
8
4
72
50
69
62
6518 69 Aug'32 ____
60
__97 Aug'31 -----------12
56
69 8 69
-72
a
69 4
3
2918 3114 30
3212
8
11
3511
80___ 913 Oct'31 ____ --- - ,.-8
68 80
78 8912 68 June'32 ____
44 Sale 4318
251s 474
45
29
____ 293 30
30
4
IS
38
2
881 Sept'31 ____ ---- ---65
4814
25
____
67
33
27
21
Sale
1414 41
217
8
92
8812
39
00
Sale 61
6114
Sale 89
9012
10
218 June'32
30 Sept'32
35
3114
Sale a2212
Sale 17
2214
Sale 143
4
18
Bale 86
8612
4934
Sale 48
9
3
28
__
___ 125
121
164
9
14
6812
4714
6612
214
24
8
513
a312
88
2 0
13
89
70
9012
6
4612
4112
40
33
91
514
26 Sale 2518
39
64
55
62 60
7312 78
743
8
7412
394
3212 Sale 3212
69
693 69
4
70
a795 Sale 7814
8
79
791s Sale 7918
80
8
1034 --__ 1025 Sept'32
69 Sale 69
72
1
9322 sale 932
95
10414
1033 104 1033
4
4
1024
102 Sale 102
105
1047 Sale a104
8
10213 Sale 10212
1033
4
10718 Sale 107
10712
10512 Sale 10512 1063
4
s
10312
103 Sale 1023
11
7
2
219
16
40
62
154
60
%
344
634
1024
•
72
99
9412
9758
913
4
99
9518
9112
47
874
80
51
7
,1
.
11
814
10312
L
011
99
105
11.021
/
4
105
1033
4
1074
10712
10312
8812
6114
9012
4
30
02212
17
a16
86
48
1712
5
30
39
__
ai
54
26
9
88
157
221
72
176
New York Bond Record-Continued-Page 5
2470
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
Pride
Friday
Oct. 7.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
Rid
Ask Low
High
Hfah No. Low
Am Type Found deb 6s____1940 A 0 5714 58
68 Sept'32 -4
48% 973
Am Wat Wks ec El coll Sr 58_1934 A 0 92 Bale 92
93
95
66
24
1975 M N
Deb g 6s series A
7312
844
48
4
733
5
Am Writing Paper let g 88_1947 J J 4412 Sale 43
46
46
12
33
1945 MN
Anglo-Chilean Nitrate 7s
714 72 Sept'32
2
18
1
Ark di Mem Bridge & Ter 68_1864 M 8
_
78 Aug'32
80
75
574 81
Armour & Co(10) lst 430_1939 J D 7912 Sale 7714
4
793 152
.1 J 76 Sale 7212
Armour & Cool Del 5Hs_ _1943
76
45
76
855
Armstrong Cork cony deb 58.1940 J D 73 Sale 73
73
744
50
1
Associated 011 6% g notes_ 1935 M
4
1023 Sale 1025
103
944 103
2
1947 .1 D 9514 ____ 95 June'32
Atlanta Gas L 1st 58
9514
95
Atl Gulf& W I SS L coil tr 5s 1959 .1 J 36% Sale 385
44
29
40
24
1937 J .1 100 Sale 100
Atlantic Refining deb 58
102
8518 102
36
Baldwin Loco Works 1st 5s 1940 M N
Baragua (Comp Azoc) 71.48_1937 J J
Batavian Pete guar deb 4)48_1942 J J
1936 J J
Belding-Hemlnway 6s
I
Bell Telep of Pa 5s series B 1948
1980 A 0
lat & ref 50 series C
Beneficial Indus Loan deb 68 1948 M 13
Berlin City Elec Co deb 634s 1951 J D
Deb sinking fund 6348_..1959 F A
1955 A 0
Debenture (is
Berlin Elec El& Underg6He 1956 A 0
Beth Steel ist & ref 58 guar A '42 M N
6a_1938 J J
-year p m & impt
30
1950M S
Bing & Bing deb Hs
Botany Cons Mille 834e-1934 A 0
Bowman-hit Hotels let 78.. A934 M
B'wey & 7th Ave 1st cons 68.1943 J D
Certificates of deposit
J J
Brooklyn City RR 1st
Bklyn Edison Inc gen 58 A__1949 1 J
1952J J
Gen mtge 58 series E
Bklyn-Manh It T sec 6s_ __ _1988 J J
Bklyn Qu Co & Sub con gtd Is'41 MN
1941 J J
1st 58 stamped
Brooklyn It 'Fr 1st Cony g 48_2002 J J
Bkiyn Union El 1st g 5s
1950 F A
Bklyn Un Gas 1st cons g fa 1945 M N
let lien & ref 6s series A._1947 M N
Cony deb g 534s
19365 J
Debenture gold 58
1950 J D
1st lien & ref 58 series B
1957 M N
Buff Gen El 4 Hs series B
1981 F A
Bush Ti rmlnal let 4s
1952 A 0
Conscl5a
19555 J
Bush Term Bides 5s go taxes '30 A 0
By-Prod Coke 1st 5348 A..1945 MN
89 10112
3
5
16
_
52 07012 9212
90
78
2
8
98 1091s
28
4
083 103
52
85
64
18
zgie 5478
39
204 51
31
1913 51
44
36
4
2312 493
97
69
91
92
17
7214 98
9612
9712 31
30
13
184
1812
2
19
6
104
124
5
41
50
80
41
1
7
212
114 4
234
3
us
1
112 Aug'32
71
50
70
85
3
70 4 Sept'32 _
9714 106
10534 Sale 105
108
28
9912 108
10514 Sale 1043
4 10512 57
9114
68
86 Sale 86
874 132
68
61
30
51 Sept'32
60
55%
50
50 Aug'32 _ _
9212 June'29 _ _
6 !W
76 Sale 75
794 50 -- - 4
107 Sale 107
107
17 100 107
1125 11514 113
113
5 103 113
158 ____ 158 Sept'32
_ 147 160
7
8912 102
1014 102 10184 102
1033 Sale 1023
5
4
104
4
37 10018 104%
91 102%
10118 Sale 101
102
41
80
64
734 ____ 754
80
5
71
26
r574 Sale 58
4 11
573
354 90
75
1
774 73 8
75
4
12
ag% Bale 3912
3412 80
47
9
98
99
Sale
88
Sale
Sale
Sale
Sale
Sale
Sale
50
3
90 4 92
97 Sale
2412
16
1018 Sale
39
212 312
Olin
834
1083
8
10718
81
513
4
5214
5(5491:
98
9818
15 Aug'32
9138
924
8212
8
824
l06i8
10814
107
108
80
82
5112
547
51%
54
49
49
5124
Cal & E Corp unf & ref 58_1937 MN
1940 J J
Cal Pack cony deb 58
Cal Petroleum cony deb e f 58 '39 F A
1938 M N
Cony deb a f g 5346
1942 A 0
Camaguey Sug let a 1 78
Canada SS L Ist & geo 88_ _1941 A 0
Cent Dist Tel let 30-yr 58.._1943 J D
Cent Fouodry 1st t 6s_May 1911 F A
Cent Hudson Ci & E 55_Jan 1957 M 8
Cent III Elec & Gas 1st 58_1951 F A
Central Steel 1st g s 1 8s___ _1941 M N
Certaln-teed Prod 5Hs A__ _1948 M
Cespedes Sugar Co 1st s f 7 Hs'39 M
M
Stamped
Champ Corp cony 58 May 15 '47 M N
Chic City & Con Rys 58.Jan 1927 A 0
Ch G I. & Coke 1st gu g 58__1937 J J
Chicago Rye 1st 54 stpd rcts 15%
F A
principal and Aug 1931 int
1943 A 0
ChIlds Co deb Ss
Chile Copper Co deb 56
1947 J J
1968 A 0
(In0drEls8M4sA
Clearfield Bit Coal 1st 46_1940 J J
1938 J J
Colon Oil cony deb (is
Colo Fuel & Ir Co gen s 68_1943 F A
1934 F A
Col Indus lst & coll 5a gu
Columbia U & E deb 5s May 1952 M N
Apr 15 1952 A 0
Debenture 58
Jan 15 1961 J J
Debenture 58
Columbus Ry P & List 4).s 1957 J J
1942 A 0
Secured cony g 5Hs
4
1033 104 10384 10412
8
a7312 Sale a72i4 a75
28
945 Sale 9434
98
44
096 Sale 96
97
28
3 Sept'32
214 4
4112 Sale 4014
42% 12
4
105
43
10 4 105 10411
75
98 99 June'32 _ _ _ _
10312 104 10312 104 4 20
3
73 Sale 73
7312 12
85
8712 85
2
85
4214 Sale 4214
43
52
51
4
1
/ 618
8
818
1
8 Aug'32 _ _ _ _
;85.14 gale- /163 4
3
69
322
Commercial Credit s tes A 1934 MN
19355 .1
Coll Wet5H% notes
Comm1 Invest 'Fr deb 550_1949 F A
Computing-Tab-flee s f 138_1941 J J
J
Conn Ry & L 1st &ref g 4 Hs1951
Stamped guar 4 He
1951 J J
Consolidated Hydro-Elec Works
of Upper Wuertemberg 78_1958 J J
D
Cons Coal of Md 1st & ref 56_1950
Consol Gaa(N Y)deb 5)0_1945 F A
Debenture 4 34s
1951 .1 D
Debenture 5s
1957 J J
Consumers Gas of Chic go 5819365 D
Consumers Power 1st 58 C 1952 M N
Container Corp 1st 6s
1946 J D
-year deb 58 with warr 1943 J D
16
Copenhagen Telep 58_ Feb 15 1954 F A
Corn Prod Refg 1st 25-yr f 56'34 MN
Crown Cork & Seal f 68___ _1947 J D
Crown Willamette Paper 88_1951 J J
Crown Zellerhach deb 58w w 1940 M
Cuban Cane Prod deb 68.....19505 J
Cuban Dom Sugar let 7348_1994 M N
Stpd wito purch warr attached -Cita of dep atpd and unstPd--Cumb T & 1 Ist & gen 5s__ _1937
99
98
94
1084
87
3
54 4 Sale 54
4
1
/ 15
54
1114
1114 Sale 11
3
5
105 Sale 10512 107
63
977 144
977 Sale 9812
10114 Sale 1004
278
102
10118 102 1024 10212
1
10312 Sale 1031
2
104
40
31
40
40
1
23 Sale 23
2412
8
4
783 793 7812
4
7
784
10312 Sale 10312 104
12
87
88
1
se
86
8812 Sale 6812
71
20
a55 Sale a55
10
a59
234 3
24
3
35
g Dec.31
412 ___
5 Sept'32
4
40
4
2
4
10434 Sale 10411
10518 10
Del Power & Light 1st 4345_1971 J .1
1st & ref 4411
19695 J
1st mortgage 434s
1969 J J
Den Gas & El L lat & ref et&'51 MN
Stamped as to Penna. tax_1951 M N
Detroit Edison 1st coll ti 58.1933 J J
1949A 0
Gen & ref 58 series A
19555 D
Gen & ref 5s series B
1982 F A
Gen 4, ref 58 series C
1961 F A
Gen & ref 4348 series D
Dodge Bros cony deb 88-.1940 M N
Dold (Jacob) Pack let 88_1942 M N
1942 J J
Donner Steel let ref 7s
Duke-Price Pow ist fis ser A.1966 MN
Duquesne Light 1st 4 Hs A _1967 A 0
1957 M S
1st M g 4Hs series B
96 Sale 96
2
98
89
93
90 Sept'32
9718 ____ 92 Sept'32
8
91
9034 Sale 90%
9034 1033 9014
4
9
91
1007 Sale 10034
8
32
101
10118 Sale 101
122
102
10112 Sale 1014
1013
4 13
100% Sale 10034
15
10214
3
95 4 Sale 947
8
958 98
4
863 Sale 8814
68
87
69 Sale 89
16
70
78
80
78
80
3
57 Sale 5812
83
95
10214 Sale 102
103
94
103 Sale 103
10312 27
3
104 4 Sale 1043914 A90 3295
2 1.
5
48
5112
30 Sale
42 Sale
937 Sale
52
384
84
84
83
8812
10018
gide63
38
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
99
9812
96
95%
96
94
106
1087
s
94% 9012 Aug'32
95
95
M
East Cuba Sug 15-yr s 1 g 7442
4
/
91 912
Ed El III Bklyn let cone 48...1939 J J 100 Sale
Ed Elec(NY) let cons g 56_1995
110 Sale
Pow Corp (Germany) 634s '50 M 13 51% Sale
El
1953 A 0 5112 Sale
1st sinking ItInd 6142
Ernesto Breda Co 1st M 78..1954
purchase warrants. F A 6214 Sale
With Hock
Federal Light & IT tat 58.-- 1942 M 8 74
94
74
77%
let lien s f Sc stamped... 1942 M
1942 M S 75% 79%
let lien (is stamped
70
30-year deb 13s series B___ _1954 J D 60
r Cash sale. a Deferred delivery.
48
48
30
35
41
44
9618
9334
77 Dec'30
55
474
54
584
3818
3818
84
87
84
88
83
86
884
3
90 4
10018
101
2
18
25
58
_
15
7
1
42
68
99
21
27
9
5
42
2
10
10
100
110
5312
65
6
5
1
28
25
61
3
82 4
76 Sept'32
77
7514
75%
75%
62
82
49
914
00
10
51%
5112
7
1
1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
Fri e
Oct. 7.
Bid
Ask
87
1939 5 D 75
Federated Metals if 7s
Flat deb s f g TS
19463 5 9114 Sale
4
1941 M S 533 Sale
Flak Rubber lst f 8s
Framerican Ind Dev 20-yr7Hs'42 J J 102% Sale
30
18
Francisco Sug let ci 734s...1942 MN
Week'.,
Wee
Range or
Last Sale.
Range
41
Sin"
Jan 1.
.
Low
High No, Low
90 Sept'32 ____
55
8912
4
/
911
6
50
5514 58
3
53 4
16
10212 86
10134
8134
19 Sept'32 .._
15
High
90
0114
564
10278
20
2
774
Gannett Co deb (is ser A_ --.1943 F A 77 Sale 77
981a June'32
Gag & El of Berg Co eons g 531949 J D
62
57
Gelsenkirchen Mining 89__ -1934 M 5 5512 Sale a55
3
81
3
Ger Amer Investors deb 58 A1952 F A 81 Sale 80 4
8 55
987
1940 A 0 98 Sale 98
Gen Baking deb s f 534s
29
65
Gen ('able 1st if 5348 A_ _ _1947 J J 644 Sale 6414
9712
5
1942 F A 9712 Sale 954
Gee Electric deb g 3348
5234
5134
7
52
Gen Eiee (Germany) 78 Jan 15'45 J J 50
4
4 23
453
4
8f deb 6 Hs
I940 J D 443 Sale 443
3
43 4 20
20
-year f deb 68
1948 M N 434 sale 4134
1027 134
8
8
1937 F A 1024 Sale 10234
Gen Mot Accept deb 68
9
1940 F A 10212 Sale 10212 105
Gen! Petrol let s I 58
85
85
86
2
1939 J .1 85
Gen Pub Serv deb 534s
I
70
Gen Steel Cast 534s with warr '49 J J 64
8618 218818
34 Sale a312
414 27
Gen Theatres Equip deb 88._1940 A 0
318 513 44
1
418
Certificates of deposit
8 32
487
Good Hope Steel & Ir sec 78_1945 A 0 48 Sale 46
5
8212
Goodrich(B F)Co 18t6348_.1947 J J 80 Sale 80
5512 98
1945 J D 544 Sale 544
Cony deb 88
8312 72
Goodyear Tire & Rub 1st 53_1957 M N 81 Sale 81
884 25
Gotham Silk Hosiery deb 135.1936 J D 8612 8814 87
1014 1814 12 Sept'32
1940 F A
Gould Coupler 1st a f138
4812
6
Gt Cons El Pow (Japan)79_1944 F A 484 Sale 48
44
1950 J J 43 Sale 43
27
let & gen 8 f 6348
8
49
15
Gulf States Steel deb 5Hs_ _ _1942 S D 48 Sale 457
78
69
9818 9818
254 57
82
67
1
/
894 984
25
67
9811
93
2634 523
4
49
28
2234 4514
975 103
3
95 105
724 8514
74
38
71
1
112 6
1218 4
8%
80
8912
4
/
341 62
8112 88
8812
72
254
9
334 gg
80
30
21
5712
J 9012
9212 Sept'32
Hackensack Water 1st 48_ -1952
39
3718
40
35
Hansa SS Lines 6s with warr_1939 A 0 37
Harpen Mining 68 with stk purch
5214 26
war for com stock of Am sha'49 I J 5214 Sale 5134
1952 F A 2014 2312 23 Sept'32
Havana flee copse'g 5s
4
4
5
5 Sale
Deb 534s series of 1926_1951 M 5
Hoe(R)& Co 1st 634s ser A_1934 A 0 134 1813 30 Sept'32 ____
2
194
1912 Sale 18
Holland-Amer Line 68 (flat)_1947 M N
5818 24
Houston 011 sink fund 5Hs-1940 M N 57 Sale 57
43
25
Hudson Coal let sf58 ser A-1982 J D 41 Sale 41
7
1949 MN 104 Sale 10312 104
Hudson Co Gas lst g 58
10234 18
1937 A 0 10218 Sale 102
Humble Oil & Refining 5s
7814 9214
39
11
s
183 5214
144 26
8
3
618 30
13
21
44
7014
2814 504
98 10414
94 103
9612 106
34
1058
Illinois Bell Telephone 5a_-_1958 S D 10514 Sale 10514
4
4
903 1013
1940 A 0 101 Sale 10012 1013
4 29
Illinois Steel deb 434s
3
15 8 454
4514 42
Ibieder Steel Corp mtge Os_ _1948 F A 444 Sale 44
19
5
19
12
17 Sale 17
Indiana Limestone lets I 63.1941 M N
96
90
Ind Nat Gas & Oil ref 513-1938 M N --------95 Sept'32
81
81
88
14
1978 A 0 81 Sale 804
Inland Steel 1st 4 Ha
59
3
83 4
82
19
1981 F A 81 Sale 80
1st Mel 434e ser B
9914 10112
a4912 78
3114 59
49
711
Interboro Rap Tram let Si.. _1966 J J 4712 Sale 48
8113 98
10% 44%
18
52
1932 A 0 16 Sale 16
10
97
-Year tia
84
18
23
16
1934 16
16
1
10
Certificates of deposit----------16
8
79
.
0
5
60
8134 59 44
4218
14
9
-year cony 7% notes_ _1952 ii-6 59 Sale 68
10
584 83
5
Certificates of deposit ______5
% 9
9 4 0
83 19
4412 43
30
5
43
80
1951 M N 40
Interlake Iron lit 58 B
4
983 105 Int Agile Corp let & coll tr 55-54%
32
5
52
77
54
Stamped extended to 1942..._ M N 52 Sale 52
42
74
6812 25
97 Int Cement cony deb 58......1948 M N 6812 Sale 8512
60
60
19
3
50 4 143
2318 48
Internet Hydro El deb 85_1944 A 0 4812 Sale 48
2
8 Sale
4
73
8212
934 Internet Match 51 deb 5a_._1947 MN
6
11
81
8
92
13
4 84
8
11
8
1941 1 J a74 Sale a73
8
Cony deb 58
347
43
50
30
54%
Inter Mere Marine 8 f 86-1941 A 0 42
3412 78
50% 111
Si'
28
612 912 Internet Paper 55 ser A & B.1947 .1 J 49 Sale 47
11
1812 238
48
1955 M 8 18 Sale 1712
3812
97 10534
Ref 8 1 813 series A
74
14% 51
98
41
Int Telep & Teleg deb g 4Hs 1952 J .1 35 Sale 35
4
17, 59
1939 J J 3912 Sale 39
31
8
54 4
Cony deb 454s
44
18
3712 Sale 3712
544
1955 F A
48
14
Deb 58
277
87
55
12
82
20
12
83
Ss A-.1947 J D 81 Sale 80
Investors Equity deb
3
86 8
55
1
8112
4
3
82 4 953
Deb 58 ser 13 with warr__ _1948 A 0 8112 Sale 8112
8312
8312 8312 Sept'32
86
1948 A 0 77
Without warrants
s 111
a i - 90 102
67
38
K C Pow & Lt lst 4 HIIser B _1967 J .1 101 Sale 10034
10112 26
4
102
9012 10213
1981 F A 10014 Sale 993
13
let M 434e
86
79
7 89
3
724 92
4
1
/ 90 4 9012
92
Kansas Gas & Electric 454s_1980 .1 D 89
59
20
32
32
12
28% Sale 2434
12 Karstadt (Rudolph) 1st 8s-1943 M N
83
60
225
1946 M 8 41
4112 407
24
83
4112 12
8712 Keith(B F) Corp let 68
58
4
6
136
41
0
05
79 91
18_
Kendall Co 5 He with warn. _1948 M S a60 Sale 0 12 A08 32 .
87 Sept'32
984 101
Keystone Telep Co 1st 56__ .1935 J ./ 8712 70
584 70
__ _ _
984 ION
Kings County El LA P 58-1937 A 0 104
6 1164 132
130
1997 A 0 129 13112 30
,
99 4
88
Purchase money 68
57
75
76
834 9112 Kings County Elev 1st g 48_ _I949 F A 8812 Sale 68
16
92 101
96
79
Kings Co Lighting 1st 5e..._1954 1 J 9812 105 101 Sept'32
1954J 1 11118 125 111 Sept'32
108 111
104 1087
First and ref 654s
s
814
8 025
88
99
8612 9012 Kinney (GR)& Co 734 %notes'36 S D ____ 82
7114
40
73
12
Kresge Found'n coil IT Os__ .1936 5 D 7114 73
9112
98
89
M S
8
1612
8
10
2712 121
Kreuger & Toe sec o f 58.....1959 58 8 16811: 8
5912
10
Sale
19
6
22
4
5%
Certlfleates of deposit
6
2214
93
91
53
90
0
9114 2
,
a99 107
5
4
Lackawanna Steel let 58 A__1950 M 8 90
98
71
987 Laclede G-L ref & ext 512.-__1934 A 0 88 Sale 88
87
135 Sale 6312
45
68
78
98 10214
Coll & ref 534s series C___1953 F A
25
0
0
83 Sale 63
443 75%
4
9012 103
Coll & ref 534a series D.- _1960 F A
9l
818 Sa2e
9612110714 Lautaro Nitrate Co Ltd Bs...1954 J J
14 104
81
Lehigh C & Nay a f 4 Hs A...1954 J J
60
20
6
02
6 4
9 7 22
9014
81
r35
88 Sept'32
Cow sink fund 4348 set C_1954 J J "45E4 101
8014 90
48
5054 5 Lehigh Valley Coal let g 5e. _1953 11 J 71
4
93
_971 1001a De'1 :
.2 94
5
7
e5
73
10014
1st 40-yr KU int red to 4%
a
100% 1047
3
19 3 F 3 5
-1934 3 A 1014
0
-Ws 1.
15t & ref 8 f 58
88
62
0 12
-0
81
60
1944 F A
35
40 Sept'32 ___ _
48
1st & ref 8 1 68
8
397 44
4414 89
1954 F A
4 A y 3
8 3
387 24 jirg 32 ...._____
30
u :2
let & ref s f 58
43
18
24
let & ref s f 56
4 6
3
43
.,
F A
1.A 8 32332
F 0 1001: 4012 3614 Aug'32
19
illst & ref a f Se
30
41
_
4
--i- -1- -111gett & Myers Tobacco 74_19674
9
9 44
Sale 118%
119 4 10 116 120
3
1951
Sale 1057
68
96% 106%
lls 54
10834 37
1941 A 0 85 4 Sale 858 14
3
974 105% Locw's Inc deb et Os
12
64
17 2 1,1
1
90,4
1
82 Sale 79
Lombard Elec 75 ser A
53% 83
13
A 8
5 0 92
, 11612 Sale110102
51
944
92
195
10014 78 101% 11314
Lorillard (P)Co deb is
6
9
85
81 14 1013
4
4
4
6
75 8 94
8 7 9312 Lotsyllle Gas & El(KY)58.1952 MN 1033 Sale 10334
91 1033
4
1033
4 16
9211 Lower Austria Hydro El Pow
76
1944 F A 40
7978 93
1st s t 8 He
4
403 40%
20
46
0s
4 3
2
: 13
19°1 11 McCrory Stores Corp deb 5348'41 J D
9510 2
94 r104
McKesson dr Robbins deb 6)49'50 M N
96 10234 Manati Sugar let s t 714s-1942 A 0
gugggeg Oct 1931 coupon 1942 A 0
ha r ny(N y) de::i
i
9
5 2
87, manCet tifleates ofco ggi
8
5
87
48
3- __
5034
50% 75
9 13 .1 6
2099 ;3-D
2d 48
8812
BO
37l 8112 Manila Elee RR & LI s f 6a-1953 M S
9314 10312 Mfrs Tr Co ctf8 of Partici In
A I Namm & Son lat 8s__ _1943 1 0
4
98 1033
Marion Steam Shovel s f 68._1947 A 0
16
Market Stay 79 ser A.A aril 1940 Q .1
8
Mead Corp let 89 with warr.1945 M N
94 100
4
1044 1113 MericlIonale Elee let 75 A _ _ .1957 A 0
968 .1 J
5312 Metr Ed 1st & ref 5s ser C.. _ 1 953 84 8
20
let g 4 Hs series D
3
18 4 55
Metrop Wet Sew & Dr 648.1950 A 0
35
4
623 Met West Side El(Chic)48..1938 F A
Miag Mill Mach 1st a t 7o.. _19513 J 0
76
63
Midvale St & 0 coil tr s f 59 1938 M S
534 78
82
48
613
41
5 13ale
3
7412 8 le
4
5
4
3
7
9
121
6
8
43
4 81
Sale
1212 29
83 10111
75
5_
3812 189
10 Sept'32
812
612
1
5 Sept'32..
2012
2511:O
..
..!
25 Aug'32
85
85
1
62
254
3
2
4%
17
124
70
91
60
10
10
4
1
/
7
434
Ms
86
88
42
7712
45
94
Sale
50
Sale
Sale
Sale
7
69
88
42% gegt.37
8114 287
12
77
44
45
10
9/
85
4
1
5
9534 43
97
2
971 8
8552
78
17
42
98
e
Sale
Bale
20%
Sale
Sale
(M2
8 30
883
75
79
54
1912 Sept'32 ..._
42
9534
6
4
9214 30
2
60
21
8512
25
68
75
67
334
1514
14
754
83
55
92
60
95%
100
9018
79
3 4
713
42
97
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
1t' 3
2_
4Z:
Price
Friday
Oct. 7.
Week's
Range or
Last Sate.
"
v
,..m:-'
4
eZ,
Range
Since
Jan. 1.
BONDS
.
N. Y STOCK EXCHANGE
Week Ended Oct. 7.
V,
tr.
..../1,
4
2471
Price
Friday
Oct. 7,
Week's
Range or
Last Sale.
..,als
eTE Q
Range
Price
Jan, 1.
High
Bid
Ask Low
High No. Low
High No. Low. High.
10314
1
90 10312
844
46
7312 9411 ROch G & El gen MS 548 ser C'48 M 5 10314 Sale 10314
97/2
75
1
9712
____ 9712
843
4 24
Gen mtge 4340 series D___1977 M 5 96
72
95
__90
59
60
9512 Koch de Pitts C & I pm 55._1946 M N --------04 Dec'30 -- - - ____
65 364
8
857
8 62
715
8 28
54
8224 Royal Dutch 45 with warr_1945 A 0 853 Sale 08514
45
27
17
45
Ruhr Chemical s I (is
1948 A 0 4413 Sale 43
9414 10
9414
67
66
95
904 Sale 904
91
35
8912
5
7514 8912 St Joseph Lead deb 5 Xs_ _ _1941 M N
70
90
8314 Sale 8314
85
9
1
Aug'32 ___
6758 74
St Jos fly Lt Ht & Pr lit 55_1937 15 N
5
344 42
35
35
Aug'32 _-__
6314 6314 St L Rocky Mt & P 5s stpd_1955 J -1 3218 38
61
50
60 60 Sept'32 _-__
Feb. _-__
32
St Paul City Cable cons 55...1937 .1 J 50
60 60
69
50 June'29 ____
40
53
50
Sept'32 __
Guaranteed 58
77
77
1937 1 J
93
70
80
196
61
8011 San Antonio Pub Serv 1st 68_1952 1 1 90
98
89
4
90
1
2514 25
25
25
5012
Sept'32 ____
19465 J 25
4014 5014 Schulco Co guar 634s
45
46
2
45
82
90
Guar St 63.4s series B. _ _ _1946 A 0 45
Sept'32 --__
68
9512
23
45
41 Sale 4213
42
8
Aug'32 ____
9012 100 Sharon Steel Hoop if 5348_ _1948 F A
7918 52
5678 8612
7754 Sale 76
Aug'32 ____
86
Shell Pipe Line it deb 5s__ _1952 M N
86
7718 114
7438 Sale 7213
47
844
Shell Unlon Oil 5 f deb 5s_ 1947 M N
47
55
7718 169
Deb Cs with warrants.., .,1949 A 0 a7418 Sale 74
32
594
39
7
3014 54
3812
51 Sale 51
53
39
Shlnyetsu El Pow 1st 6 Xs_ _1952 J D 3714 40
54 July'32 ___ _
Shubert Theatre 65_June 15 1942 1 D
112 3 8 3
5
3 14
3
114 6
5514 80
54
60
8818 Sale 88
903 395
4
7112 954
30
12
42
85
Siemens & Halske 5 t 78_ _ _1935 1 .1 80 Sale a77
80
7912 Sale 7912
60
8112 73
67
71
27
73
10112 ____ 99 Aug'32 --_Debenture e t 830
1951 M 5 6618 Sale 6412
95 100
953 9712 96
4
883
5
80
971/
8714 Sale 87
4 40
77
958 Sierra & San Fran Power 55_1949 F A
9714
43 Sale 43
431/
53.2 83
7
10
793 813 80 Sept'32 ____
Silesia Elec Corp s t 6 Xs___ _1946 F A
4314
4
4
3212
9
20
414
303 Sale 303
8
8
1063 107 106
4
8
8
9712 1027 Silesian-Am Corp coil tr 75_ _1941 P A
/
1067
58
725 99
8
96
102 1023 10134
8
4
91 10271 Sinclair Cons 011 15-yr 7s_ _ _1937 M 5 943 Sale 944
10212 25
925
8 46
68
977
8
65
695 67
8
6854
4
4612 82
1st lien 6;45 series B
1938 1 13 9214 Sale 92
664 Sale 6614
68
15
8 39
914 103
4514 8051 Sinclair Crude Oil 5Xs ser A..1938 1 .1 10212 Sale 10212 1027
8918 1011:
61
10112 25
6414 65 Sept'32 _
Sinclair Pipe Line St 55
1942 A 0 101 Sale 101
45
70
781
:
6212 36
43
42 Sale 42
Skelly Oil deb 5Xs
1939 M 5 62 Sale 614
46
6
30
54
112 Sale 111
101
77
.
9512 1018
11214 36 10612 1123 Smith (A 0)Corp 1st 6549_1933 MN 10012 Sale 1004
1055 Sale 10518
8
88
32
66
891
:
1055
8 25
9712 10611 Solvay Am Invest 55 ser A._1942 M 5 8718 Sale 86
8
1053 Sale 105
8
105
43
106
South Bell Tel & Tel 1st 8 f 5s'41 1 J 1045 Sale 10418
974 10512
46 100 103
8
10512 15
8
108 Sale 10718
9612 MI:
108
9 10014 108
S'west Bell Tel 1st & ref 58-1954 F A 1047 10512 1047
81 Sale 81
81
9714 9812 9712
99
62
Southern Cob Power 68 A19471 J
64
934
8718 I1/0
7
A 10313 Sale 10313
---_ 90
80 June'32 ____
1037 110
8
Stand OH of NJ deb 5s Dec 15'46 F
984 104'4
80
80
8
977
8 81
82
977/
-- -- 100 100 June'31
Stand Oil of N Y deb 4548_1951 J 0 9712 Sale 973
114
134 112
112 16
18 Sale 18
193
4 10
10
28
28 ill Stevens Hotel 1st 6s series A..1945 J 1
4 Sept'32 ____
3914 4012 3914
14 4
3914
.2 8
1
28
Sugar Estates (Oriente) 7s_ _1942 M 5
50
M 5
114 4
1 Sept'32 __-38
1
974
9812
97
2
8514 98
Certificates of deposit
:
2
4 51 Syracuse Ltg Co 1st g 521-1951 1 D 10114 105 10314 Sept'32 - - -15
8 312 112
112
4
9814 1031/
31,
158 412 5 July'32 ____
1
5
1
93 10112
218 412 3 Sept'32 _-__
2
7 , Tenn Coal Iron & RR gen 55_1951 1 - 102 105 10114 Sept'32 - _ __
2 _ __
518 Aug'32 ____
6214
8
39
66
6314
2
bl, Tenn Copp & Chem deb 6s B 1944 M S 6113 62
10014 33
108 Sale 108
855 102
8
108
1947 i D 100 Sale 100
9912 10412 Tenn Elec Pow lit 6s
2
7112 911
234
91
10118 Sale 10014
10118 33
904 1011, Texas Corp cony deb 55._ _1944 A 0 88 Sale 88
4714 59
10012 Sale 993
33
4
10012 50
1960 J J 46 Sale 4514
5'
88 10112 Third Ave Ry lit ref 45
18/8 398.
2512 95
4
4
10318 Sale 10258
1033
8 45
Ad)Inc 5s tax-ex N Y_Jan 1960 A 0 211 Sale 213
9518 1035
90
91
66 Sale 65
1937 1 1 84
91
3
84
673
4 28
9014
Third Ave RR 1st g 55
38
70
9612 147
7534 961:
100 Sale 9912 100
15
8618 101
Tobacco Prods(NJ)6;i9_ _2022 MN 9618 Sale 96
55
68 Sale 68
69
60
3912 68
11
39
9
721 Toho Else Power lit 78 1955 M S 53
55
47 Sale 44
473
4 99
164 473 Tokyo Elec Light Co Ltd
59535 D 38 Sale 38
26
62
394 76
25
29
29
30
11
1112 37
1st 68 dollar series
____ 10014 Sept'32 ---=
82 Sale 8414
99 1001/
8512 74
Trenton G dr El let g 58_ _1949 M S 102
53
89
8 a30
30
3
87 Sale 83
8
87
7
65 r9112 Truax-Tmer Coal cony 6 Xs_1943 MN a295 Sale 2914
38
8611
6412 24
8712 12
94
Trumbull Steel 1st s f 68__.._1940 MN 63 Sale 63
60
864 Sale 85
10
10
827 Sale 82
8
84
Twenty-thIrd St Ry ref 5& _1962 1 J -------- 10 Feb'32 --- 42
57
89
45
4514
3
25
53
44
50
10184 Sale 10012 1014 18
90 4 101a Tyrol Hydro-Elec Pow 7Xs_1955 M N
1
45
7
22
51
8
1007 Sale 100
1952 F A 43 Sale 43
10118 27
89 182
Guar sec s f 78
105 Sale 1043
4 105
111 100 105
7
424 71
5212
4
5212
92
53
82
84 Sept'32 ____
UJigawa Elec Powers f 78_ 1945 M 5 51
80
971
99 1021
4
1012
4
1
8
71 Sale 697
8
717
8 56
Union Elec Lt & Pr(Mo)58-1933 MN 1015 1014 1013
411s 7
3
10312 43
984 1035
Un EL & P (III) lit g 534s A 1945 1 J 10312 Sale 102
1714 48
19
17
___ _ 1712
10212 Sale 101
(Chic) Ss- _ _1954 A 0 17
1023
4
7
73 1061 Union Elev Ry
10112 11
9212 102
9812 9912 109
100
1
71 1041 Union 011 30-yr Os A__May 1942 E A 1014 Sale 101
1312 18
9854
6 /90
9511
17 Sept'32 __ __
6
25
1st lien 8 f 55 ser C__ _Feb 1935 A 0 9812 9834 98
851
15
66
892
100
8312
____ 99 Sept'32 ____
99'
__Apr 1945 1 D 8312 86
83
Deb bs with
854 991
711 United Biscuit of Amdeb/38_1942 MN 95
1
715 Sale 685
8
warr_9714 954
9518
8
713
4 43
21
6734 128
624 93
94 100
95 Sept'32 ____
80 100
United Drug Co (Del) 55_1953 M S 6412 Sale 6414
40
34 Aug'32 - - - 40
7812 Sale a75
1934 J 1 32
22
a75
4
5014 75
United Rys St L 1st g 4s
28
621
55
35 Sale 35
39
1
56
41
15
50
U 5 Rubber 1st & ref 58 ser A 1947 1 . 52 Sale 51
____ 81
72
841
81
6
9512 96
-year
I937 M N 82
955
8
96
5
90
91
United SS Co 15
13ss 431
71
42
65_Un Steel Works Corp6X8A-1951 1 D 41 Sale 4012
1478 4312
4118 49
1033 Sale 1024
4
1951 1 D 4012 Sale 4012
104
44
9414 104
Sec s f 13;4s series C
1018 4312
8 81
__ _ 974 9714
9714
5
78
94
Sink fund deb 6Xs ser A 1947 J 1 4114 Sale 3912 a412
10414 Sale 10414
10514 38 a97 10514
10512 Sale 105
10614 20
964 10614 United Steel Wks of Burbach9712 31
63
9:1
97
98
1912 24
2114
2114
Esch-Dudelange 51 78 .1951 A 0 97
5
712 371 4
1912 23
19
2314
5
1814 20 Dec'31 ----------4
4
31
Universal Pipe & Rad deb 65 1936 1 13
224 5
4
10
51 Sale 4912
4
50
51
3
34
82
Unterelbe Power & Light 69_1953 A 0 473 Sale 463
26 Sale 26
72
3
5514 82
2912 22
13
601 Utah Lt & Trac 1st & ref 55_1944 A 0 67 Sale 67
2314 Sale 22
24
6o 911
33
3
7958 3
1012 55
Utah Power & Light 1st 55.1944 F A 75 Sale 75
25
22
97
20
22
97
3
Jarl'32 ---1
10
26
Utica Elec L & P 1st 8 I g 55_1950 1 . 10158 -- _ _ 97
9812 105
20
_ __ 10 Sept'32 ____
10
17
Utica Gas & Elec ref & ext 581957 J J 10112 ____ 10312 Sept'32 --- 1947 1 D 3314 Sale 3314
38
40
1212 518
13
17
135
8
15
20
2
2312 URI Power de Light 5 Xs
35
89
10
48
303 Sale 3014
4
10214 Sale 10218
10214
2
994 1021
Deb Cs with warrants---1959 F A
F A ____ ____ ____
____ ---- ____ ___
69
70
6918
70
18
Without warrants
49
8012
753 ____ 87 Nov'31
4
75
30
32
7114 ____ 807 Aug'32 __-_
52
8
807 If
8
Vanadium Corp of Am conv 55'41 A 0 47 Sale 47
4
4
1
25
8 4
1
10
6012 ____ 855 Jan'32 ____
8
854 85: Vertientes Sugar lit ref 78..1942 J 13
70
____ 78
,--25
8 5
5 Sept'32 - --17
8 55
4
76
801
Certificates of deposit
78
14
9 Sept'32 - -- 9
9
14
7314
663 Sept'32 ____
8
6518 78
1953 J 1
Victor Fuel 1st it 58
8214 Sale 823
101
36
89 101
4
85
43
.554 85
Va Elm & Pow cony 55421-1942 M 5 101 Sale 100
50 Sale 50
50
50
5
5
40
691
24
60
Va iron Coal & Coke lit g 55 1949 M 5 50 Sale 50
93
9212 Sale 9118
126
10112 17
9618 102
73
93
Va Ry & Pow lit & ref Cs. _1934 J J 10118 Sale 1014
1084 112 107
10718
5 100 107:
104 Sale 1024
104
36
20 Sept'32 ____
10
22
29
86 104
6W with wart'35 A 0 15
Walworth deb
A 0 28
--------96
Apr'32 _ _
29 29 Sept'32 - --96
1012 311
96
Without warranta
89
3014
14
95
2714
8814 Sale 88
30
68
90
1014 37
lit sinking fund Cs ser A__1945 A 0 28
305
8 12
91, 44)
0
10214 Sale 10112
10212 14
9212 103
30 30
Warner Bros Pict deb (is_ __1939 M. _S 27
9414 Sale 9414
96
66
83
9114 Warner CO 1st 65 with warr..1944
36
66
40
36
0 36
30
1
A 0 36
65
6
52
warrants
54 Aug'32 - -- 53 Sale 53
701
63
534 67
Without
5112 Sale 5114
57
111
29
61
22
4 554
3,-,
8 2114 Sale 2114
Warner-Quinlan Co deb 65....1639 M _
68 Sale 6714
68
363
45
1
9712 1051
Warner Sugar Actin lit 781941 J, u 1043 106 105
105
78
4
99 Sale 99
100
32
90 101
212 77
8 712 May'32 - - -Warner Sugar Corp lit 79__1939 a J
74 7'
96 1052 99
4
100
13
78 100
1
212 6
212
Stamped July 1931 coup on '39 J 1
212 5
212
50
20
21
54
Warren Bros Co deb 6s
1941 M 5 45 Sale 45
62 Sale 62
62
1
62
89
9558 105
105
5
Wash Water Power s f 55_1939 1 J 105 Slie 105
50
74
6312
6312
3
497 80
8
2 100 10. i
Westchester Ltg bs etpd gtd_1950 1 0 I', 10612 10612 10612
63
67 63 Aug'32 - - - 14
964 105
5
West Penn Power ser A 513_1946 _M' 1047 Sale 1043
4
105
012 113
8
56 Sale 55
6012 88
38
6814
1963 m S' 104 Sale 104
10438
8
lit 59 series E
944 104:
9514 96
95
954
3
837 98 4
8
,
10412 16
96 105
lit sec bs series0
1956 1 D 10418 Sale 10312
323 Sale 321
4
4
35
10
144 421 2 Western Electric deb 5s__1944A 0 1004 Sale 1004
101
89 89 101
3214 Sale 32
36
130
14
42
861
23
50
Western Union coil trust 59_1938 a J 82 Sale 80
82
55 Sale 55
79
584
8
40
Funding & real est g 4545_1950 M N 66 Sale 6514
25
49
80
67
1024 Sale 1013
4
103
23
914 103
50
97
15-year 654s
1936 F A 85 Sale 85
8614 29
102 10212 102
1024 23
91 1021
6512 52
36
75
25-year gold Ss
1951 / 0 6512 Sale 6318
9512 Sale 9512
9614 40
721
83
96'
35
6612 43
30
-year 55
1960 M 8 6612 Sale 6412
76 Sale 76
80
22
6012 87
4018 58
Westphalia Un El Power 65_1953 J / 36 Sale 38
11% 40
'
71 Sale 71
5912 85
7412 34
70 Sale 6812
708
4 17
51
79
Wheeling Steel Corp 1st 550 1948 J. J 70 Sale 70
40
77
7112 23
series B
1st & ref43.4*"
1953 0 6212 Sale 62
21
30
65
63
48 Low
,
81t3
MIlw El Ry & Lt let Si B___1961 J D 8215 Sale 824
83
8112 83
1971 .1 J
let mtge Is
1943 J J 884 Sale 8814
Montana Power let 58 A
1962 J D 7112 Sale 7112
Deb 55 series A
Montecatinl Min & Agric92
8
Deb g 7s.....193 J J 925 94
4
4
Montreal Tram 1st & ref 58..1941 J J 883 Sale 883
Gen & ref s f 58 series A 1955 A 0 ---- 7818 74
Gen & ref 5158 ser B_ _1955 A 0 --------6314
- 60
Gee & ref 8 f 4 Xs ser C_ A955 A 0 691
77
4-Gen & ref s f 5s ser D..
1955 A 0 -,-- 85
1939 J J 7912 Sale 7512
Morris & Co 1st 814 Xs
504
mortgage-110m (.0 488er 2 1966 A 0 4012 70
82
773
4
Murray Body 1st 6 Xs
1934 J D 75
8
Mutual Fuel Gas ist gu g 58_1947 M N 985 10212 98
86
97
Mut Un Tel gtd 6sext at5% 1941 MN 83
Namm (A 1) & Son_ _See Mtrs Tr
Nassau Elec gu g 4s stpd__ A951 J J
1942 J D
Net Acme Mt s f 65
1948 F A
Nat Dairy Prod deb 55s
Nat Steel 1st coll 58
1956 A 0
Newark Consol Gas cons 55_1948 J D
NJ Pow & Light lit 4 Xs_ _1960 A 0
Newberry (1 J) Co 5 X% notes'40 A 0
New Eng Tel & Tel Si A
1952 J D
1961 M N
1st g 4 Xs series B
New On Pub Serv 18t bs A_ _1952 A 0
1955 J D
First & ref Si series B
1951 F A
N Y Dock 1st gold 48
nu A 0
Serial 5% notes
NY Edison 1st & n3f 61is A_I941 A 0
1st lien & ref 5s series B
1944 A 0
ist lien & ref 5s series C-1951 A 0
N Y Gas El Lt 11 & Pow g Si 1948 J I)
Purchase money gold 48_1949 F A
N Y I. E & W Coal & RR 534s'42 M N
N V L E & W Dock & Imp 58'43 J 1
N Y Rya Corp Inc 6s, ,Jan 1965 Apr
1965 J J
Prior lien &series A
NY de Ilichm Gas 1st 65 A 1951 M N
NY State Rys 1st cons 4340A '62 M N
54 N
Certificates of deposit
50-yr 1st cons 8540 ser 11_1962 15 N
1
Certificates of deposit._
N
N Y Steam 65 ser A
1947 li1951 M N
1st mortgage bs
1956 Si N
1st M 58
N Y "l'elep 1st & gen s f 4548-19311 M N
N Y 'map Rock 1st 6s
1941 I D
mag Luck 5,0 pow ist 5 A_1955 A 0
8
Niagara Share deb 5 Xs
19511 MN
Norddeutsche Lloyd 20-yr 5[6847 AI N
Nor Amer Cem deb 6 34s A _ _1941 M S
North Amer Co deb 55
1961 F A
No Am Edison deb Ss ser A- _1957 VI 5
Deb 534s ser B.
-Aug 15 196: I' A
Deb bs series C_ _ _ Nov 15 1961 vI N
Nor Ohio I'm & Light 69_ _ _1947 M 5
Nor States Pow 25-yr Si A_1941 A 0
lit & ref 5-yr 6s ser B
1941 A 0
North W T 1st fd g 4 Xs gtd.193 1 J
Norweg Hydro-El Nit bXs 1957 M N
Ohio Public Service 7348 A_ 194(
lit & ref 75 series B
1947
Old Ben Coal lit 6s
194Ontario Power N F lit 5s
194:
Ontario Power Serv 1st 5548.1954
Ontario Transmission let 55_1941
Oslo Gas & El Wks extl 58..._196:
Otis Steel 1st 51 68 ser A
1941
Owens-III Glass s I g Ss
1931
A 0
F A
F A
F A
1 J
vi N
AI 5
Al 5
1 J
Pacific Gas & El gen & ref 5s A '42 1 J
['ac Pub Serv 5% notes
1931 M 5
Pacific Tel de Tel 1st 55
1937 1 J
Ref mtge 55 series A
195; NI N
Pan-Am PetCo(oliCal)conv 65 '41 1 D
.___
Certificates of deposit
Paramount-Irway lit 5340195l 1 J
Paramount-Fam's-Lasky 65_1947 1 D
Paramount Publix Corp 550-1951 E A
Park-Lox 1st leasehold 650_195; 1 J
_
Certificates of
Parmelee Trans deb 6s
deposit1944 A0
Pat & Passaic0& El eons 58 1941 M 5
Pathe Exch deb 7s with warr 193; M N
l'a Co gu 3 Xs coil tr A reg 1937 M S
Guar 354s coil trust ser 13.1941 F A
Guar 3540 trust ctfa C__ _ _1941 1 0
Guar 3340 trust Ma D._ -1944 I 0
Guar 4s ser E trust Ws--1951 M N
Secured gold 45
.40
196: 51 N
Penn-Dixie Cement 1st Cs A _1941 NI 5
Pennsylvania I' de L Mt 410_198 A 0
Poop Gas I.& C 1st cons 6s_191. A 0
Refunding gold 53
1947 M 5
At S
Registered
Phlia Co sec Cs series A
1987 1 0
Phila. Elec Co 1st & ref 4549_1967 s.1 N
1st & ref 48
1971 F A
Phila & Reading C & I ref 55_1973 / 1
Cony deb 69
1941 AI 8
Phillips Petrol deb 5 XS
1931 1 D
Pillsbury F1'r Mills 20-yr 68_1943 A 0
Pirelli Co(Italy) cony 723_ _ _1952 M N
.
Pocali Con Collieries 1st 8 t 58 '57 1 J
Port Arthur Can & Dk 68 A_1953 F A
1st SI (Ss series 11
1953 F A
Port Gen Elec 1st 4 Xs ser C-1966 AI 5
Portland Gen Elec 1st 55._ _1935 J J
Porto moan Ara l0 a0a /is 1942 1 J
0 ,
Postal Teleg & Cable coll 58_1953 1 1
Pressed Steel Car cony g 5.3...1933 1 J
Pub Serv El &0 1st & ref 4548'67 J D
1st & ref 4545
1970 F A
1971 A 0
1st & ref 48
Pure 0118 f 554% notes
1937 E A
9 f 554% notes
1940 M 8
Purity Bakeries 8 t deb bs-- _1948 1 J
s
Radlo-Keith-Orpheum part pald
Ws for deb 65 de corn stk1937 SIN 75
90
Remington Arms lit 5 f 69_1937 NI N ____ 6478
Rem Rand deb 53.4s with war '47 M N 63 Sale
Repub I & 9 10-30-yr 585 t 1940 A 0 8218 8312
1953 1 J
Ref & gen 5545 series A
51
5712
Revere Cop & Brass 6s ser A.1948 M 5 6414 Sale
1946 1 J 46 Sale
Itheinelbe Union s f 7s
Rhine-Ruhr Water series 6_.1953 J 1 41 Sale
Ithine-Westphalla El Pr 74.1960 M N 567 Sale
8
1952 M N 505 Sale
8
Direct mtge 65
1953 F A 52 Sale
Cons M (is of 1928
Con NI lis of 1930 with wa/ 1955 A 0 5034 Sale
1944 M N
2012 Sale
Richfield 01102 Calif 65
M N
20 Sale
Certificates of deposit
-__ 10KAIF A
000. 0...10
Cash sale
a Deterred dellverv
88
884
1
78 Sept'32 ____
63
65
65
82
8218
6
56
58
13
6414
6512
2
45 4
3
474 58
3912
4212 54
5518
5814 24
5012
52
35
5014
52
103
5112 48
5012
191
4
2312 43
20
a2014
3
001.
101.
0
SO
40
2814
45
29
44
1418
12
28
21
184
182
8
54
5
Oa
10412
8534
7112
85
65
75
44
42
6812
52
52
511
31
27
An
White Eagle Oil & Ref deb 5345'37 _
With stock parch warrant,.._ _ m 8 103
White Sew Mach Os with wart'36 J 1 2114
J J 2012
Without warrants
Panic 8 t deb 68
1940 M N
20
Wickwire Spencer St'l 1st 75_1935 1 1
4
Ett dep Chase Nat Bank_
2
--75(Nov 1927 COLD on) Jan 1935 NI N
2
CU dcp Chase Nat Bank__ M N
218
Wn1511-Overland 8 t 6 Xs_ _1933 NI 5 6814
,
_
Wilson & Co 1st 9 t (is A__ 1941 A u '87
Youngstown Sheet & Tube Ss '78 / J
1970 A 0
1st nnge 5 t 55 ser B
mnlen 011 Cssprlee C 1935 sold on Jan. 5.11.000 at 73"flPferrd dpilvery "
Sale 1024
103
2512 1714 Aug'32
2012
21
35
24
20 Sept'32
__
312 Feb'32
_7
118 June'32
5
412 Sept'32
5
34
34
Sale 6814
70
88
Sale 87
68 Sale
6814 Sale
68
68
6912
6912
7
____
6
__-____
____
_.__
1
2
28
52
25
9612
812
714
Sis
312
its
212
a,
614
644
44
45
10314
21
21
40
31
II
5
61
92
58
75
74,
2472
Financial Chronicle
Oct. 8 1932
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Oct. 1 to Oct. 7, both in-
clusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. in92V. High. Shares.
Railroad
Boston & Albany
100
Boston Elevated
100
Boston & Maine
Common
1st pref cl A stpd----100
lot pref cl B stpd___100
1st pref el C stpd_ _100
lot pref cl D stpd_ _100
Prior pref stpd
Chicago June. fly. & Un.
Stockyard pfd.
100
Eastern Mass St fly CoComnion
100
Adjustment
100
lot preferred
Maine Central
N Y N H & Hartford__100
Old Colony
100
Pennsylvania RR
50
95
99
6534 66%
Low.
High.
Jan
Jan
8%
12
24
33
15%
85
277
50% July 130
59 June 7634
83
%
15
24
15%
20
38
8
48
20
90
9
124
6
3
5
3
5%
12
July
July
June
June
June
June
17% Sept
Jan
26
Jan
24
Jan
32
Jan
50
62
Jan
83% 83;5
66%
33
72
June
92
50c
500
1% 1%
2
3
9;5 9%
153.5 2035
85
85
1434 19%
9
50
70
80
432
30
1,084
400
900
1%
93.4
6
45
634
1
May
1%
Mar
6
July
July 14
June 3134
June 100
June 2334
971
300
4,725
175
150
135
50
100
144
%
7034
1%
6
535
2
1
9% Sept
Apr
Feb
134 Oct
July 135% Feb
Aug
7
May
Feb
June 22
July
123-4 Feb
934 Jan
June
Apr
234 Jan
8%
10
21
1235
20
33
Miscellaneous
Amer Continental Corp
5
534
American Pneumatic corn_
1%
1
Amer Tel & Tel
100 10434 10434 11334
Amoskeag Mfg Co
435
4
Bigelow Sanford Carpet-. 12
12
13
Boston Personal Prop Tr
______
9;5 10
Brown Co ptd
6% 634
East Boston Land
10
1
134
East Gas & Fuel Assn
Common
•
734 835
434% prior pref
100 65
64
65
6% emu pref
100 68
60
68
Eastern S SLinea Inc corn •
6
6%
6
Preferred
30
30
Edison Elec Ilium
100 180
180 191%
Employers Group Assn.__.
534 5%
53.4
General Capital Corp
16
16
17
Georgia Corp Inc pfdcl A 20
234 235
Gilchrist Corp
235 2%
Gillette Safety Raror----•
17% 21%
Internal Hydro Elec Co-63-4 7%
Mass Utilities Assoc v t c_•
235
2% 2%
Mergenthaler Linotype 100
23
23
National Leather
10
'A
%
50c
National Service Co
50c
50c
New Eng Tel dr Tel__-_100 100
98 100%
Pacific Mills
10
100
9
9
Reece Buttonhole Mach100
634 6%
Shawrnut Assn tr Ws_
•
634 6%
Stone & Webster
10% 13
•
Swift & Co new
•
8% 934
8%
Torrington Co
36
* 36
36%
United Founders corn
•
1% 2%
2
U Shoe Mach Corp
25 36% 36% 3934
Preferred
25
29% 30
U S Elec Pow Corp
1%
13-4
Warren Bros Co new____•
5% 6
534
Mining
Arcadian Cons Mln Co.
.25
Calumet & 'recta
25
Copper Range
25
Mohawk Mining
25
North Butte
Quincy Mining
Utah Apex Mining
5
Utah Metal & Tunnel__ -- 1
BondsAlleghany Corp 5s__1944
Amoskeag Mfg Co 6s_1948
Chic Jet fly & Union Stk
1940
Yds 5s
Eastern Mass St fly
1948
Series A 444s
1948
Series B 5s
Kreuger & Toll 5s____1959
1949
Mo Pacific 534s
Range Since Jan. I.
99c
3%
11
134
35c
910
1
3% 535
335 3%
11
13%
400
45c
131
134
31
%
40c
[350
234
176
260 35
208 28
340
5
110 18
381 119
230
3
558 10
2
20
234
45
493 10%
2%
95
1%
895
5 19%
54
5c
200 30c
305 65%
211
3
4
26
115
354
1,075
4%
457
7
107 22
625
34
1,654 2235
27 23%
34
25
714
134
4.000
64
340
1,150
1,200
245
600
600
37c
1%
1%
9
150
15
40o
200
Feb
Sept
Jan
Feb
Jan
Mar
Jan
Sept
Feb
Jan
Mar
Mar
Aug
Jan
Sept
Jan
Jan
Aug
Jan
Sept
Aug
Apr
Aug
Aug
Mar
Feb
Sept
Sept
1
8
4%
18%
750
3
13-4
65e
Oct
Sept
Sept
Feb
Sept
Sept
Sept
Aug
Sept
May
Apr
May
June
May
Apr
June
28% Oct
June
40
9534 9534
81
20%
21
18%
17
4,000
22% 14,000
1.900
22
18% 25,000
25,000
17
Jan
Jan
Jan
Sept
Jan
Jan
Jan
10
May
June 67
June 70
May
10
June 36%
June 205
June 11
June 21
835
Apr
545
Oct
Jan 24%
June 10%
June
3%
July 53
%
Jan
1
May
July 116
143-4
May
June
934
8
June
15%
July
June 20
June 38
33-4
July
June 40%
June 32
Apr
2%
May
834
28% 28% $25,000
56
56
3,200
22
Mar
June
Jan
Jan
Oct
Oct
17%
20
18%
17
28% Oct
65% Mar
9534
Oct
31% 'Mar
31% Mar
184 :on
17
'Oct
•No par value. a Ex-dividend.
Chicago Stock Exchange.-Racord of transactions at
Chicago Stock Exchange, Oct. 1 to Oct. 7, both inelusive, compiled from official sales lists:
Stocks-
Friday
Awes
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Abbott Laboratories, corn'
Acme Steel Co
25
Amer Pub Serv pref___100
Amer-Yvette Co Corn...."
Assoc Tel dr Tel cl A____*
Assoc Tel Util common_ •
86 cony prof A
•
$7 cum preferred
•
Automat Washer cony pfd.
Bend's Aviation com-..•
Blnks Mfg el A cony pfd_ _•
Borg-Warner Corp eom_10
100
7% preferred
Brown Fence & Wire cl A_.
•
Class B
Bruce Co (EL) coin
•
Bucyrus-Monlgan class A •
Butler Brothers
20
Canal Const cony prof...'
Cent Illinois See Co
Convertible preferred •
Central III PS pref
•
Cent Pub Serv class A__ ..•
•
Central Public Util A_
1
V t c common
Cent SW Util corn new..'
•
Preferred
prior lien preferred_ •
•
Cherry-Burrell corn
Chic City Ar Con fly pr yid.
Certificates of deposit__
•
Chicago Elec Mfg A
Chicago Inventors corn_ _ _•
Convertible preferred_ •
Chi & N W fly corn-__100
Cities Service Co corn__- -•
Commonwealth Edison 100
5
Consumers Co corn
Continental Chicago Corp
•
Common
•
A
10%
334
834
635
5
2%
334
333-4
134
334
234
7
331
7434
2
171e
22
15%
9%
11
734
2
7%
9
1
10%
334
834
75
694
23.4
5
6
234
2%
21
100
50
15%
10
20
.100
11
10
734
235
250
7%
60
9
20
1
30
14% 24,450
520
3%
11% 24,200
75
50
50
6%
50
23-4
200
5%
10
6
500
23.4
200
3%
635 635
3334 3734
% 1
% 13-4
%
%
1%
1
10% 10%
19% 20
5
5
50
330
150
250
200
1,250
30
1
33-4
234
16%
10
434
7634
35
100
200
2,650
50
5,800
6,750
1,550
100
1
394
23.4
16%
6% •
334
7333
94
leo
10
1% 2% 15.550
intz 15184 9 256
Range Since Jan. 1.
Low.
1834
9
4%
A
734
1
4
7
1
435
191
3%
50%
545
1
2
6
1
35
June
May
July
Sept
Oct
June
June
Aug
Oct
May
July
May
May
June
July
June
Oct
May
Apr
31
934
6%
1%
48%
%
Jan
lb
6934
3%
2%
2
634
44
55
10
Jan
Sept
Sept
Feb
Jan
2
Jan
4
Jan
June
235
July 20
Oct1434
6%
May
June 122
Oct%
Jan
Mar
Sept
Sept
Aug
Jan
Jan
Jan
5 June
May
15
% May
li Oct
Iiill Oct
31 May
4 May
8 June
5
July
1
2
High.
3134 Jan
1834 Sept
Jan
50
Mar
1
5434 Jan
12% Jan
Feb
35
Jan
43
Oct
1
18% Jan
5% Jan
14% Sept
Aug
85
834 Sept
2% Sept
Jan
14
Jan
16
Aug
4
335 Oct
55 June
74 June
Jan
Jan
Feb
334 Sept
2534 Sent
Friday
Sales
Last Veek's Range for
Sale
ofPrices.
Veek.
Stocks (Concluded) Par.
Low. High. Shares.
Cord Corp
Crane Co common
25
Preferred
100
Dexter Co (The) corn.
...5
Elec Househ'd Util Corp 10
Fits Sim &Con (D&D)com.
Gardner-Denver corn____.
Godchaux Sugars cl B..'
Goldblatt Bros Inc com__.
Great Lakes Aircraft A..*
Great Lakes D & D
Grigsby Grunow Co corn.*
Hall Printing Co com-__10
Houdaille-Hershey Corp
Class A
Class B
•
Illinois Brick Co
25
Invest Co of Amer corn...
Iron FiremaniMfgro v t c•
Jefferson Electric corn._ _ .*
Kellogg Switchboard com10
Preferred
100
Kentucky Util Jr cum pf 50
Libby McN & Libby comb0
Lincoln Printing corn....'
LindsayLight common..10
Lynch Corp common____.
Manhattan-Dearborrecom.
Marshall Field common...
McGraw Electric corn--•
McQuay-Norris Mfg. corn.
Meadow Mfg corn
•
Mere & Mfrs Sec A corn..'
Metrop Ind Co allot Otis
Mickelberry's Food Prod_l
Middle West ULU new----•
$6 cony pref A
•
Midland United common..
Convertible preferred *
Midland Util 6% pr lien100
7% prior lien
100
Mo-Kan Pipe Line com__5
Modine Mfg com
Monroe Chemical
Preferred w w
•
Morgan Lithograph corn...
Muncie Gear Co class A__•
Muskegon Motor Spec A
Nati Elm Pow cl A corn_ •
Natl Republic Invest Trust
Cum cony preferred...'
Nat Secur Inv Co com....1
National Standard COM...
Noblitt-Sparks Ind com--•
North American Car eern-•
North Amer G & E el A_ •
No Amer Lt & Pow corn..'
Northwest Bancorp corn.50
No West Util 7% pref.100
100
7% prior lien
Ontario Mfg Co com____*
Oshkosh Overall cony pfd •
Peabody Coal el B
Penn Gas & Elm A corn_
Perfect Circle (The) corn."
Pines Winterfront corn. f
Public Service of Nor III
Common
•
Common
100
7% preferred
100
Quaker Oats Co
Common
•
Preferred
100
Railroad Shares common.'
Roth Packing corn
10
Raytheon Mfg corn
Reliance Intel A corn....'
Reliance Mfg Co corn..100
Rollins Hos Mills cony pt'
Ryerson & Son Inc corn..'
Seaboard UM Shares
•
Signode Steel Strap pref_30
So Coto Pow Elec A com_25
Southern Union Gas corn.'
Standard Dredging corn..'
Cony preferred
Studebkr Mail Order cl A
Swift International
15
Swift & Co
25
Thompson (J RI corn...25
Union Carbide & Carbon_
U 8 Gypsum
20
Preferred
100
U S Radio & Telev corn..'
Utah Radio Prod corn_
•
Util & Ind Corp corn----•
Convertible preferred...*
Vortex Cup
Common
Class A
•
Wahl Co (The) corn
*
Walgreen Co common.._.•
Ward (Monts) &'Co CIA.'
Western Con Util Cl A...'
Wisconsin Bank She corn 10
Zenith Radio common...'
Bonds
Butler Bros 5s
1944
Chic City Rys 58_
1927
Chicago Rys 1st 55.__11127
Certificates of dep.-1927
Conant Elec & Gas Os 1937
Insull Util by 6s
1940
4%
6
3
53.4
12%
3-4
834
1%
5
6%
2%
234
1015
2%
8%
43.4
34
5%
34
134
34
Range Since Jan. 1.
Low.
High.
4% 5% 10,600
6
50
6
20
39
35
90
3
3
5%
5
150
100
7
7
30
9
9
1%
1
150
12% 1235
100
200
3-41
900
811 10
1% 1% 7.000
250
5%
5
2
2%
15
2
2%
7
8%
1
9
34
June
June
June
Apr
May
Aug
June
Aug
Aug
July
634 June
% Apr
335 July
8%
13
64
5
8
16
15
2;5
19
2%
1334
2%
11%
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Sept
Jan
Jan
Jan
Sept
Jan
6%
2%
4
I%
535
5
2%
28
23
2
1%
2
10%
235
8
4%
28
34
1%
12
53.4
31
1;5
1
2
7%
7%
%
7
3% July
1
May
3% Aug
1% Jan
2% May
3% Aug
;5 Apr
Apr
25
14 June
% May
1% Oct
1% July
10
Aug
2
July
3
July
2% June
20% June
% Jan
194 May
10% July
3
July
35 Apr
Aug
1
;5 July
1
Aug
2 [May
Apr
3
35 Apr
4% June
1134
4%
6
2
7
12
5
40
48
4%
14
10%
18%
435
13%
535
35
%
6
16
7
7
54
634
15%
45
50
2
12
Mar
Sent
Aug
Feb
Aug
Jan
Aug
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Sept
Jan
Feb
Sept
Jan
Jan
Sept
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
18%
%
%
3%
32% Feb
1% Jan
2
Feb
10
Feb
150
7
2%
350
4
100
1%
70
534
400
5
100
3
150
28
50
23
10
245 1,050
235
930
2
120
10%
650
2%
200
11
16,650
5%
150
28
50
100
%
2
450
12
10
50
531
% 29,000
2
100
1
50
2
100
8
20
10
7%
1,200
.%
8%
150
26% 26%
35
34
135
1%
3% 3%
200
100
50
30
May
June
Mar
Oct
34
11
10
5
3
43
41%
35
50
134
3-4
134
%
10
15%
3%
1%
131
6% 6%
11
11
50
150
150
500
50
100
5
5
33
%
7%
10
2;5
35
4%
9
Sept
July
June
Mar
Apr
Aug
Apr
July
Jan
4
Jan
2
2044 Jan
2034 Sept
Jan
6
5% Jan
Jan
24
21% Jan
1334 13%
5
5
10
10
34
34
731
734
19
19
3
335
1
12
10
5
10
10
15
8%
445
10
11
434
13
1
May
May
Oct
Oct
June
June
May
60
6%
16
2%
734
27%
644
1,35
95
1
22
27
55
July 125
July 115
July 114
1,23
100
100
10
2,35
5
20
106
5
100
5
10
80
100
15
10
3.500
6,000
100
1,150
1,050
80
2,200
350
1,150
1,45
50% June 163
95 June 10735
I5 June
1%
13
June 17%
435
Si Apr
% June
2%
5 June
bib
Aug
6
8
5% May
Ii
1%
It May
4% May
8
3;5 Apr 16
245
94 May
1%
3.4 May
1
Apr
4
35 Aug
34
9% May 25%
7
19
May
8% July
16%
2034 Aug 32
10% June 20%
85 June 114
5
Mar 16
34 June
1%
2%
33 Jan
2
11%
July
11
1134
43
47
41% 43
73% 73%
81
86
104 106
%
%
15% 15%
2% 4%
335
2% 2%
9
9
8
8
835 8%
83.4
%
34
5
5
5
4% 4%
4%
35
34
%
1
1
2,35 2%
235
.%
/4
17
19
17
8% 9%
834
losi 12%
10%
24% 24% 28%
21% 25
22
100 102
7% 10
7%
1
1
1% 2%
1%
4
5
43.4
82
6%
17%
12%
3
134
46
48%
48
34
2
34 July
Jan
12
Feb
Apr
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Mar
Mar
Aug
Feb
Oct
Sept
AUR
Feb
Sept
Jan
Jan
Jan
Mar
Aug
Sept
Oct
Mar
Mar
Aug
Jan
Sept
Feb
Sept
Jan
Aug
Feb
634 7
100
17% 18
10
5
33
h
12;5 14% 11,15
58% 61
32
1
1
20
2% 3
65
1% I%
700
5%
14
%
8%
22
44
2
June
June
Aug
Apr
July
July
Apr
May
14% Jan
23% Jan
1% Jan
19
Aug
73
Jan
6
Jan
4
Jan
2% Sept
41
82,000
46
2.000
48;5 5.000
48
2,000
34
10,000
234 29,000
40
34%
35
35
34
94
Oct
Apr
Apr
Apr
Sept
May
Oct
41
46
Oct
54
Aug
51% Sept
38
SePt
38% Jan
40
46
48%
48
34
131
• No Dar value. x Ex-dividend. V Ex-rights
Cleveland Stock Exchange.
-Oct.1 to Oct. 7, inclusive.
Stocks
-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
1% 1%
Allen Industries corn•
•
12
12
City Ice & Fuel
Clark Fred G corn
10
%
103% 104%
Cleve Elec 111 8% prof.100 104
41% 41%
Cleve fly efts deposit__100
34 4%
Cleve Worsted Mills com •
434
634 634
635
Cleve dr Sandusky Brew100
5% 5%
100
Preferred
53.4
Cliffs Corp v t C
8
•
8
Dow Chemical common •
Elec Control & Mfg corn.•
Fed KM% Mills com
•
36
35% 38
20
20
25
25
Range Since Jan. 1.
Low.
50
23
50
222
49
100
10
20
27
1%
12
%
91%
35
3
2%
3
4
205
50
50
2145 July
14% July
18% June
High.
2% Aug
Aug
Oct 28
Feb
Oct
2
Jan
Apr 104% Oct
Apr 45
Aug
May
6
Sept
Jan
7% Aug
Jan
7
Aug
15
July
Sent
40
28
28
Sent
Jan
Aug
1
Financial Chronicle
Volume 135
may
OUtC4
Last Week's Range for
Sale
ofPrices.
Week.
Stocks(Concluded) Par. Price. Low. High. Shares.
r
Range Since Jan. 1.
Low.
High.
Ferry Cap & Set Screw_ •
Firestone T&R 6% p50100 59
*
9
Foote-Burtcommon
General Tire & Rub com_25
6% preferred series A 100
Geometric Stamping
•
Glidden prior preferred 100 69
Goodyear T & R corn....'
Halle Bros Co
10
Preferred
100
India Tire & Rub com •
Interlake Steamship corn •
Kaynee common
10
Kelley Island L & Tr com • 1054
134
59
834
35
40
1
69
18
634
49
5
20
6
10
1%
6154
934
35
40
1
69
23
634
50
5
2054
6
1054
150
300
455
10
16
150
50
1,070
30
110
150
201
50
314
134
45
534
18
30
1
38
534
4
49
134
934
454
8
June
July
Jan
July
July
Aug
July
May
May
Oct
July
May
July
May
234
6134
934
4934
60
334
78
2834
7
52
8
26
15
15
Sept
Oct
Oct
Jan
Jan
Mar
Aug
Aug
Jan
Sept
Sept
Jan
Feb
Jan
Medusa Cement
•
MillerWholesale Drug corn*
Mohawk Rubber com---•
National Acme corn
•
3
National Refining com__25
Nestie-LeMur class A__ •
Nineteen Hund Corp cl A • 22
•
7
Ohio Brass B
Preferred
100
Ohio Seamless Tube corn-*
3
634 634
554
5
3
3
3
334
434 434
%
51
22
22
7
7
40
40
3
3
50
50
122
200
65
122
40
80
16
20
5
4
1
134
334
54
1851
534
3534
3
June
Sept
Jan
July
July
Aug
Aug
July
Sept
Oct
1254
534
4
534
854
1
2454
13
60
3
Feb
Oct
Sept
Sept
Feb
Jan
Mar
Jan
Aug
Oct
Paragon v t c 3d pay end-•
Richman Bros corn
• 2554
Selberling Rubber corn..'
3
Sherwin-Williams com__25 25
AA preferred
100 85
Stouffer class A
•
Thompson Aeron'l CorP--*
Trumbull-Cliffs Fur pfd1.1131 6254
Van Dorn Iron Works com•
•
8
Weinberger Drug
Youngstown S ds T pfd 100 25
•No par value.
12
2534
3
25
85
15
8
6234
134
754
25
20
504
215
541
90
25
10
100
50
42
43
934
14
1
1934
75
13
4
41
134
5
14
1754
31
434
July 35
July 10054
Sept 25
June
834
May 6254
Oct334
July 10
June 47
Jan
Feb
Jan
Jan
Jan
Jan
Aug
Oct
Jan
Jan
Feb
12
27
334
26
8534
15
8
6234
154
8
25
July
July
may
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, Oct. 1 to Oct. 7, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Arkansas Nat. Gas Corp_ _•
Preferred
10
Armstrong Cork Co
•
Blaw-Knox Co
•
Clark (DL)Candy Co. •
Columbia Gas & Electric_*
Devonian Oil
10
Hachmeister Lind.COrP.._•
Jones & Laug'n Steel p1100
Koppers Gas & Coke pf 100
•
Lone Star Gas
Mesta Machine
5
Phoenix Oil
25
Pittsburgh Brewing pref_50
Pittsburgh Forging
•
Pittsburgh Plate Glass.
.25
Pgh Screw dr Bolt Corp...*
Plymouth 011 Co
5
Shamrock Oil& Gas
•
United Engine dr Fdy_
•
Westinghouse Air Brake._•
Westinghouse Elec & Mfg50
Unlisted—
General Motors Corp_ _10
Lone Star Gas6% Pref-100
Pennsylvania RR
50
Pennroad Corp vtc
•
Standard 011(N J)
25
United States Steel— _100
Western Pub Serv vte___•
.• No par value.
4
654
634
14
2
5534
7
10
1034
33.4
2
1434
2934
70
654
Range Since Jan. 1.
Low.
High.
254
4
634
654
734
14
8
2
64
5534
7
10
254
454
634
734
734
1734
854
2
643.4
57
8
11
50
492
75
838
320
1,362
330
100
45
100
7,289
55
1
2
3
354
534
434
4
2
37
30
334
6
May
July
June
June
Apr
June
Mar
Sept
July
June
June
May
354
554
10
10
854
21
9
14
80
69
11
1934
Sept
Feb
Jan
Aug
Mar
Sept
Aug
Jan
Jan
Aug
Sept
Mar
10c
1034
3
1734
334
1154
2
1434
1454
2934
100
1054
3
1734
334
1154
2
1454
1654
37
1,700
100
200
10
100
345
25
10
850
1,978
Sc
6
2
1234
234
6
1
12
934
16
Aug
Feb
July
June
June
Apr
Mar
May
Jan
Jan
10c
1154
334
2054
554
13
234
2334
1754
4354
Sept
Aug
Jan
Sept
Aug
Sept
Sept
Jan
Sept
Sept
1454
70
1634
234
2934
3734
63.4
1754
72
1934
254
3154
4234
751
963
108
285
186
293
1,716
1,470
734
42
654
54
2254
2134
234
July
July
June
June
June
July
June
20
82
2354
454
3754
5254
954
Aug
Sept
June
Sept
Sept
Sept
Sept
2473
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exchange, Oct. 1 to Oct. 7,
both inclusive, compiled from official sales lists:
Stocks—
FrIclay
Sates
Last Week's Range for
Sale
ofPrices
Week.
Par. Price. Low. High. Shares.
Alaska Juneau Gold Min__
934
Anglo Calif Natl Bk of SF
Assoc Ins Fund Inc
•
Atlas Imp Diesel Eng A.__
Bank of California N A_
Bond & Share Co Ltd_ _ _ _
Byron Jackson Co
Calamba Sugar corn
California Copper
Calif Cotton Mills corn.....
Calif Packing Corp
12
Calif West Sts Life Ins cap 3534
Voting plan
35
Caterpillar Tractor
9
Clorox Chemical Co
Coast Cos G&E 6% 1st pfd 83
Cons Chem Indus A
Crown Zellerbach v t c
134
Preferred A
10%
Preferred B
1054
Douglas Aircraft Corp
______
Eldorado 011 Works
Fageol Motors corn
Fireman's Fund Insurance_ 40
Food Mach Corp corn
654
Golden State Co Ltd
4%
Hawaiian Pineapple
454
Home F & M Ins Co
21
Honolulu Oil Corp Ltd__ _ _ ______
Langendorf United Bak A.
Leslie Calif Salt Co
10
LA G & E Corp pfd
Lyons Magnus Inc A
Magnavox Co Ltd
54
Noth Amer 011 Cons
4
No Amer Inv 554% pfd
______
Occidental Ins Co
1034
Pacific G & E com
2754
6% 1st preferred
2354
5%% preferred
2134
Pacific Lighting Corp Corn. 39
6% preferred
90
Pacific PS non-vot corn _ .
Non-voting preferred_ _ _
1054
Pacific Tel & Tel corn ____
7854
6% preferred
10354
Parafine Cos corn
Ry Equip & Realty 1st pref
Series 1
Series 2
Richfield 011 7% Pref
El J L & P 7% prior pref.. 98
6% prior preferred
Schiessinger & Sons(BF)pfd
Shell Union 011 coin
Sherman Clay&Co pr pfd_
Southern Pacific Co
is%
Bo Pat Golden Gate B.....
454
Spring Valley Water Co..6
Standard 011 Co of Calif
24
Tide Water Assd Oil nom
3
6% preferred
43
Transamerica Corp
5
Union 011 Associates
1034
Union 011 Coot California_
1034
Wells Fargo Bank & U T ______
Wootton. Pt..,.4. Stool CM _ _
0
954 10
23
23
154 134
354 354
156 160
3
3
154 134
13
13
34
51
2
2
12
1334
3534 3634
35
3534
854 1154
16
16
83
85
1454 1454
154 2
1054 12
1054 1134
11% 1234
1034 1054
54
54
40
4334
654
634
434 534
.
434 5
21
2254
954 1034
754 754
10
1034
9154 9254
5
5
54 1
4
434
14
14
1054 11
2714 31
2354 24
2154 2134
39
4334
90
9054
1% 134
1034 1154
7854 86
10354 104
11
11
7
7
254 254
134 154
54
54
98
98
83
83
3
a
534 654
61
61
1954 2854
454 454
6
854
2334 2554
3
354
43
4554
5
6
1054 11
1054 12
198 200
II
10
Range Since Jan. 1.
Low.
High.
350
8 June 1634 Jan
100 1534 Aug 2434 Sept
500
1
Apr
234 Feb
100
154 June
534 Aug
15 99 May 162
Jan
200
1 June
4
Aug
345
34 June
334 Aug
25
6 June 15
Sept
700
34 Jan
34 Sept
20
1
Apr
.iyi Aug
590
434 June 1834 Sept
272 30
July 3654 Oct
10 30
July 3554 Sept
6,448
434 May 15
Jan
155 1134 June 20
Aug
24 70 June 96
Jan
154
854 May 1734 Feb
905
1 June
274 Aug
372
854 May 19
Aug
250
8 June 19
Aug
200 1134 Oct 1834 -Sept
100
954 June 1354 Aug
400
54 Feb
34 JOE
291 18 June 50 Sept
235
4 May 11
Feb
627
334 June
854 Feb
713
354 July
934 Jar
38 13 May 28
Sept
455
4% May 14
Aug
252
Apr 11
6
Aug
550
634 Jan 1134 Sept
105 65 May 100
Jar
200
6
Sept
234 Jan
9,78
54 Jan
154 Feb
280
254 June
554 Aug
50
5 June 19
Sept
58
554 May 1354 Aug
4.247 1634 June 3654 Feb
2.970 1954 June 2654 Jar
1.427 1754 June 2454 Jar
1,756 2154 May 4654 Aug
45 6354 May 95
Jar
291
34 May
334 Mai
708
5 June 1434 Mal
80 5854 June 104
Mai
165 85 May 112
Jar
337
5 May 2534 Jar
100
354 July 1154 Jar
20
1
July
5 Jum
200
July
1
654 Jar
200
54 Jan
1
Jul,
21 63 June 107
Jar
11 58 June 96
Jar
598
1
May 11
Pet
672
254 Apr
854 Sept
20 40
Apr 61
Sept
4,420
634 June 3754 Jar
497
3 May 10% Mai
65
534 Sept7
Jai
5,570 15% June 3154 Sepi
342
2
554 Sept
Apr
185 20
Feb60 Sep,
42.747
254 Jan
7 Sep,
1,954
7
July 14
Sep,
1,459
754 July 1554 Sep,
25 139 May 210
Sep
545
7
July 20
Fel
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, Oct. 1 to Oct. 7,
both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Barker Bros pref
100 12
12
12
10 12
Oct 12
Oct
Milwaukee Grain 8c Stock Exchange.—Following is Bolas Chita Oil A
10
234
234 1,200
154 Apr
534 Sept
Byron Jackson
•
154 1%
200
2
34 June
Mar
the record of transactions at the Milwaukee Grain & Stock California Bank
25
51
51
100 3654 July 61
Mar
Exchange, Oct. 1 to Oct. 7, both inclusive, compiled Chrysler Corp
•
18
1854
200
6 May 2054 Sept
Citizens Natl Bank__ _20
4434 4434
50 35 June 55
Jan
from official sales lists:
Claude Neon Elec Prod..'
854
854 8%
100
334 JUDO 1014 Mar
Cows Oil Corp
654
900
6% Oct
654 Oct
634 634
Friday
Sales
Douglas Aircraft Co Inc_ •
12
1254
300
5% June 1854 Sept
Last Week's Range for
Range Since Jan. 1.
Farm & March Natl Bk 100
295 300
62 210 May 300
Oct
Sale
ofPrices.
Week.
Gilmore 011 Co Ltd
•
10
10
150 10
Oct 14
Stocks—
Jan
Par. Price. Low. High. Shares.
Low.
Goodyear T & R pref__100
High.
4354 4354
10 21
July 5734 Mar
•
8
Hancock 011com A
8
854
300
434 May 1054 Sept
Bucyrus Erie
10
5% 53-4
50
154 June
5% Oct Internatl Re-insur Corp.10
9
9
100
July 25
8
Mar
Carnation Co.
•
11
11
25
July 19
9
Jan Los Angeles G & E pref 100 92
92
9234
52 66 May 100
Jan
Firemens Ins
5
8
8
170
4% July 1154 Jan Los Angeles Invest Co._10
3
3
100
3
Aug
Feb
7
Hecla Mining
250
3% 354
300
2
July
5
Jan Monolith Portld Cem com•
1
1
1
100
34 Apr
154 Mar
Insurance Secnrities..__ _10
154
1% 154
250
34 May
Preferred
10
254 Jan
154
154 134
200
134 June
334 Mar
Moreland Motors pref 10
1
1
200
Oct
1
Old Line Life Ins
54 Mar
10
13% 13%
125 1034 July 20
Mar Pacific Fin Corp corn.. _10
7
7
100
334 June
Outboard Motors A
8
Aug
1%
•
1% 1%
100
1% July
254 Jan
Preferred C
10
854 854
100
654 Jan
Outboard Motors B
854 Sept
•
150
54
54
54 July
1
Pacific Gas & Elec com_25
Jan
2834 3054
500 17 June 37
Feb
Wis Bankshares
354
10
3
334
800
2 June
4
Jan Pacific Mut Life Insur_10 32
32
32
200 25 May 39
Mar
Wig Investment A
*
2% 254
100
1 June
254 Oct Pacific Pub Serv n v corn.*
1% 1%
100
1
May
234 Mar
Wig Investment B
154 154
•
350
1
34 July
let preferred
Jan
•
1154 1154
100
Mar
554 June 13
Wls Pub svc pfd 654 %.100
77
77
10 71
Aug 77
Oct Pacific Western Oil Corp.'
65'
654 7
700
3 June
Sept
8
• No par value.
Republic Pet Co Ltd___10
1%
134 1% 1,000
54 Jan
154 Aug
St. Louis Stock Exchange.—Record of transactions at Richfield Oil Co com_ •
%
54
300
134 July
54 June
Preferred
25
54
54
200
54 June
34 Mar
St. Louis Stock Exchange, Oct. 1 to Oct. 7, both in- Rio Grande 011 com____* 254 234 234
300
154 May
354 Aug
13 J L & P7% pr pref._100 9654 9654 101
clusive, compiled from official sales lists:
Jan
80 64 June 108
Seaboard Natl Bank. __25
2954 2934
Mar
50 25 June 38
Sec First Natl Bk L A..25 5254 5254 5454
Friday
Sales
700 3634 June 65
Mar
Signal Oil & Gas A
Last Week's Range for
•
2
2
Range Since Jan. 1.
100
154 Apr
554 Mar
So Calf Edison Ltd com_25 2634
Sale
ofPrices.
Week.
2634 28
800 1654 June 3234 Feb
Stocks—
Original preferred_ _25
Par. Price. Low. High. Shares.
38
Low.
38
10 31 June 43
Jan
High.
7% preferred A
25 26
2534 2834
600 2154 May 2734 Jan
6% preferred D
Brown Shoe corn
•
25 2234 2254 2354 1,100 1834 May 25
31
31
20 24
July 36% Mar
Mar
Century Electric Co--.100 30
554% Preferred C....25 2054 2034 2054
30
30
10 25 May
700 1754 June 23
Jan
May
* 11
Corno Mills corn
11
11
75 11
8.5
85
Oct 1654 Mar So Counties Gas6% pfd100
July 92
10 75
Feb
Southern
Co-__100
Ely & Walk Dry Gdscom25
8% 8%
22
6
30
Aug 10
2774
654 June 37
800
Jan
Ana Standard PacificCalif....'
International Shoe corn..• 27
011 of
27
2354
27
2374 25% 4,200 1554 June 3154 Sept
25 20% July 4354 Jan
iii
5
Transamerica
Preferred
100
101 101%
5
6
64 9951 July 105
9,700
254 Jan
7 Sept
Mar Union Bank & Corp
Johnson-S-S Shoe com___•
Trust Co
18
325 325
18
so 1254 July 18 Oct Union 011 Associates_ 100
Jan 325
67 325
Jan
_ _.25 1034 1034 1054 3.100
July 1354 Sept
7
Union 011 of Califonlia._25 1034
20 11
Laclede Steel corn
11
11
810
1034 12
6 June 1551 Mar
2.000
754 July 1554 Sept
McQuay-Norris corn
•
28
29
125 21
Aug 35
• No par value.
Feb
7
Mo Portland Cem tom_ _25
7
7
109
July 15
5
Feb
•
654
Nat Candy corn
6% 6%
350
3% May
9
Mar
100
1st Preferred
86
Toronto Stock Exchange.—See page 2451.
15 86
86
Oct 95
Mar
Rice-Stix Dry Goodscom.•
5% 554
2
100
July
6
seat
100
2nd preferred
60
60
5 50 May 60
Toronto Curb Exchange.—See page 2451.
Oct
•
454 434
Scullin Steel Pref
1% Aug
15
454 Oct
Southwest Boll Tel pfd_100 10954 109 110
161 100 June 115
Mar
Philadelphia Stock Exchange.—See page 2450.
Wagner Electric corn....15
634
634 754
270
454 July
9% Feb
• No par value.
Baltimore Stock Exchange
.—See page 2450.
Financial Chronicle
2474
Cincinnati Stock Exchange.-Rocord of transactions
at Cincinnati Stock Exchange, Oct. 1 to Oct. 7, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
Aluminum Industries.___•
Amer Laundry Mach. _20
Amer Products corn
Amer Products pref
Amer Rolling Mill corn...25
Cincinnati Adv Products.
Cln Gas& Elec pret____100
50
Cin Street Ry
50
On & Sub Bell Tel
City Ice & Fuel
•
100
Fret
Range Since Jan. 1.
Low.
High.
1034
174
134
531
17%
15
0034
17%
67
28
63
Jan
Sept
Oct
Sept
Sept
June
Jan
Jan
Jan
Mar
Mar
6
124
134
5
114
15
84
8
64
12
5334
134
114
84
8
64
13
Eagle-Picher Lead ------20
Kroger corn
• 1434
Lazarus pref
100
Procter & Gamble new___• 3134
100 100
5.7 pref
100 58
Pure 011 6% pref
Randall A
Richardson cam
10 134
US Playing Card
50
U S Print & Llth pref
6
1334
134
5
15
15
844
8%
64%
13
5335
85
275
100
10
233
10
241
314
352
61
1
34
8%
134
4
314
14
62
4
49
12
5334
July
Mar
Oct
Aug
May
Sept
July
July
Jan
July
Oct
4
1454
84
3131
99
58
431
4
I254
634
4
17
84
34
100
60
434
454
134
631
8
515
12
213
45
33
8
220
25
25
3
10
80
20
90
40
434
4
10
4
AUg
June
May 184 Sept
Mar
June 86
June 42% Jan
May 1024 Jan
May 604 Sept
Oct 1134 Mar
Jan
June
7
Jan
June 24
Jan
10
July
•No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Oct. 1 to Oct. 7,
both inclusive, compiled from sales lists:
Stocks-
Oct. 8 1932
oozes
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Admiralty Alaska Gold_l
Amer Home Prod rts w 1....
Andes Petroleum
5
234
Bancamerica-Blair
1
Continental Shares
•
Corp Trust Shares A A....
1
Fads Radio
33,4
134
Fuel Oil Motors
10
General Electronics
•
2
Golden Cycle
9
10
H Rubinstein pre(
•
Hendrick Ranch Royal..'
131
Internatl Rustless Iron__1 22c
Ironrite Ironer
•
Kildun Mining
1
1
17c
Maca.ssa Mines
Macfadden Publications' 334
•
Prior
North Amer Trust...19531.90
North Amer Trust...1955
Petroleum Conversion...5
Railways
*
Rhodesian Bele° Tr__ 5 eh
•
Rio Grande 011
234
Shortwave & Television_l
1
1
SIscoe Gold
1.62
1
Treadwell Yukon
Trustee Standard 011A_
•
Van Sweringen
1
4
Western Television
154
Zenda Gold Mines
1
Bonds
Radio Keith Orph 6s wi '41
Range Since Amyl.
Low.
High.
7c
231
31
1.86
3
31
174
9
5
14
22c
34
2.15
17c
331
13
1.90
1.97
134
3
131
231
4
70c
1.62
3.50
4
4
15c
2,000
lie
500
i‘•
2,500
7c
100
234
200
54
100
1.86
4
9,000
131 6,700
4,100
2
300
954
200
5
1.200
154
1,000
22c
%
100
400
2.45
17c 85,000
100
334
45
13
1.90
100
2.16
200
2
500
431
200
154
100
24
500
131 23.200
70c
1,000
1.62
100
3.50
100
4
400
X
600
18c
1,500
6c July
•‘• Oct
3c
Jan
34 June
31 Oct
1.80 Mar
2
Aug
34 June
134 Sept
8 June
3 June
34 Jan
15c June
54 Mar
1.30 July
12c May
134 July
12
July
1.32 July
1.55 May
1
June
2 June
31 May
234 Oct
31c Sept
50e May
1.00 June
3.50 Oct
10c Mar
34 Oct
5c Feb
23c
•‘•
12c
234
1
1.86
454
4
2
114
1034
154
42c
154
3.40
37e
5
30
2.60
2.45
334
834
134
234
2
70c
2.50
3.50
34
234
25c
Feb
Oct
Sept
Sept
Sept
Oct
Sept
Feb
Oct
Jan
Mar
Sept
Feb
Aug
Aug
Mar
Feb
Feb
Jan
Jan
Feb
Apr
Sept
Sept
Jan
Mar
Mar
Oct
Sept
Jan
Sept
19
1934 $2,000
19
194
Oct
10c
5111
Oct
• No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Oct. 11932) and ending the present Friday (Oct. 7 1932). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in
which any dealings occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended Oct. 7.
Stocks-
Indus. & Miscellaneous.
•
Acetol Products A
Air Investors corn
10
Ainsworth Mfg corn
•
Allieii Mills, Inc_
Aluminum co common. •
l00
6% preferred
55
• 1934
Aluminum Ltd corn
6% preferred
100
Class C warrants
Class D warrants
7
'Aluminum Goods
831
Amer Arch corn
Amer Beverage Corp
8
Amer Capital Corp-Common cl A
$3 preferred
735
£534 prior pref
• 344
American Corporation__ •
Amer Cyanamid corn 13_•
434
Amer Dept Stores Corp..'
34
Amer Electric Securities
New part pref
1
3%
Amer Equities Co
•
131
Amer Founiers Corp
Amer Investors corn
1
1234
Amer Laundry Mach
Amer Mfg Co corn
100
Amer Maize Products_ _
Amer Pneumatic Service.*
Amer Salarnandra
50
Amer Util & Gen el B vie •
$3 preferred
•
Anchor Post Fence cora •
Anglo Chilean Nitrate_
•
Armstrong Cork
•
Assoc Elec Industries
Amer dep rcts ord shs £1
Atlantic Coast Fisheries. •
Atlas Plywood
•
234
Atlas Utilities Corp com_.•
64
• 36
$3 preferred A
Warrants
2%
Auto Voting Mach com_ •
Aviation Securities
•
Axton-Fisher Tobacco-_10 48
Babcock & Wilcox
100 3335
Belianca Aircraft
•
Beneficial industrial Loan' 12
Corp
Blue Ridge
Common
24
•
6% out cony pre(
50 2931
Blumenthal (Sid) dr Co. •
Bridgeport Mach
•
British Celanese, Ltd.
Amer dep rcts ord reg.
Burma Corp.
234
Amer dep rcts reg shs-Carnation Co common__• 10
Carrier Corp common...'
Celanese Corp 7% or pf 100
7% panic pref
100 37
Celluloid Corp 1st pref..*
•
7% div preferred
254
Centrifugal Pipe Carp_ •
Childs Co. pref.
160 1331
34
Cities Service common _ _•
23
Preferred
19
Preferred B B
(laude Neon lights
74
Claude Neon El Prod....'
Cleveland Tractor
Colombia Syndicate
ii•
1
Columbia Mills coro---100
Consol Automatic
Merchandising v t _ •
*
Consol Retail Stores
Continental Chicago corn.'
Continental Shares lot
134
Converted preferred.100
131
100
Preferred B
44
5
Cord i:orti
£1.
Courtaulds Ltd
534
Am dep rcts ord stk reg..
CraneCo preferred..._.100
100
5
5
100
31
100
44 4%
300
374 371
57,150
5434 70
5531 5934 3,000
1934 264
3434 36
64 6%
7
7
83.4
8
104 10%
74 8
1,300
1,000
1,200
54
200
100
4,000
500
2
2
200
734 734
200
3434 3534
400
34
34
431 534 56,200
100
34
34
431
331
134
24
12%
10
18
534
8‘•
14
131
31
634
5
331
131
2%
1231
10%
18
5%
34
134
2
X
634
400
300
6,200
500
50
425
100
100
200
1,000
100
600
200
150
34 3,200
3
100
1
1
400
24
2
631 84 24,100
1,100
36
3855
231 3% 7,000
100
2% 234
100
3
3
1,000
474 50
3335 35
111
114 12
100
100
1,000
4,000
2% 3
304 17,600
29
200
4
4
100
134
154
10
6
56
37
30
15
274
134
034
23
19
4
9
1%
'le
50
Low.
634
134
634
5
90
66
Jan
Sept
Jan
Sept
Sept
Aug
8% June
June
23
Aug
134 Apr
Oct
8
731 Apr
24 Jan
42
39
10
11
03‘
1034
8
Sept
Sept
Sept
Sept
Aug
Sept
Oct
34
234
27
34
1%
34
3
834
51%
34
854
54
Sept
Mar
Feb
Jan
Sept
Mar
Jan
May
July
Mar
June
Jan
431 Oct
131 June
34 June
134 June
834 May
531 Jan
Apr
9
34 Oct
3 June
Ile Mar
1
Aug
Feb
1
54 June
3 May
254
Si
1
4%
32
1
134
6
30
May
June
July
Jan
June
June
May
Oct
July
July
20
31 May
July
8
54
164
134
34
May
July
May
Aug
300
X June
154 Aug
634 June
234 June
July
17
July
8
Jan
20
Oct
15
13-4 July
July
5
134 May
10 May
July
9
31 June
Apr
7
14 June
1‘5 Jan
50
Oct
34
31
2
2
100
400
800
••• Feb
34 Feb
14 Feb
134
131
431
200
131
100
14
54 10,600
34 July
34 July
2
May
100
25
434 June
1934 July
31
31
534 534
41
41
High.
July
Jan
July
Apr
Mos
.
July
4
54
3
234
22
334
700
234
10
1,000
7
600
125
59
125
45
100
30
25
15
3
600
100
1434
431 36,500
600
25
20
20
1,000
1
100
9
400
2
1.000
It
25
50
1%
Sales
Friday
Last Weeks. Range for
Week.
Sate
ofPrices.
Price. Low. High Shares.
Range Since Jan. 1.
Stocks (Continued)
Crocker Wheeler Elec ' 5
Crown Cork Internal A •
24
Cuneo Press common_
•
Curtis-Wright Airport_ •
Davenport Hosiery Mills..
Deere & Company
• 11
De Forest Radio cum
"
34
Detroit Aircraft Corp- -•
34
Dixon (Jos) Crucible...100 35
Doehler Die-Casting
•
Douglass Shoe 7% pref.100
Dow Chemical corn
•
Draper Corporation
Driver-Harris Co
10
Dubiler Condenser new...1
Duval Texas Sulphur- -*
24 3
124 1234
131
134
831 9
1034 154
34
31
71e
34
35
35
2
2
8
8
3734 3735
26
26
6
6
91
34
X
71
1,900
1,600
100
200
400
15,100
8,700
2,500
2,000
200
25
100
50
100
100
600
Ranee Since Jan. 1.
Low.
134 June
14 Jan
12
July
34 Mar
54 July
334 June
4 Jun,
a,. Aug
22
July
1
July
8
Oct
2131 July
1831 Feb
134 Jan
Si July
31 may
300
134
Eastern Util Invest el A-•
134
•‘• July
300
Easy Wash Mach el B_ •
2
234
Aug
2
Elder Electric Corp
131 24 2,900
4 June
2
Elect Power Assoc eom_ •
300
24 June
64 7
Class A
800
635 7
254 June
634
•
Electric Shareholding
300
531 531
131 May
Sept
Common
5
700 19
4531
45
Mar
$6 pre with warrants.•
354 Aug
100
334 331
231 Aug
234 Aug Ex-Cell-0 Aircraft
•
100
94 June
25
28
334 Aug Fajardo Sugar'Co
100
Jan Federated Capital Corp
18
300
1
Aug
34 Feb
Common
13
•
400
124
934 Apr
12
6% cum preferred_ _25
20% Sent
400
154
4 June
• 1454 14
34 Oct Federated Metals
100
5
8% 834
854
May
Mar Fiat Amer Del) Ms
7
234 331 2,200
231 Sept
254
54 Aug Fisk Rubber new w 1
24
264
Pref new w 1
300 1931 Sept
14 Sept
100
434 Sent Ford Motor Co LtdA mer dep rcts ord rog.Ll
234 Ma3
331 44 9.900
334
34 Aug
.5
May
831 6,100
7
734
931 Sept Ford Motor of Can cl A...•
•
100
834 June
Claris 13
1531 15%
Mar Ford Motor (France)
4
400
334 June
Amer deposit receipts
431 431
431
1% Mar
500
34 June
434 431
334 Sept Foundation Co
601)
234
234
1131 Sent Franklin (H H)Mfg
• -23;
31 July
34 Jan
134 14 1,600
•
134
Aug General Alloys Co
40
131 June
234 334 10,600
431 Sept General Aviation Corp...'
3
34 Sept Gen Elea Co (01 Britain)
400
Am dep rcts and reg.
531 June
7
731
10% Sept
-----Sept Gen Theatres Equipment
52
10
•
31 June
_
$3 cony preferred
34
100
21 231
2
Aug
Mar Gilbert (A C) Co
45
•
• 1334
1,700
6
15
Julie
13
134 Sent Glen Alden Coal
200
334 34
3 Jun
3%
Aug Globe Underwriters Exch.2
12
1
Jun
354
Goldman-Sachs Trading..'
334 371 11,200
hi
34 Jul
35 3,300
4% Aug Gold Seal Elea
34
1
334 Sept Gorham Inc.
50
64 634
33 pref with warrants..•
Jan
31i July
6
100 1034 June
•--1354
1331 134
174 Feb Graymur Corp
20 n24
75 20
May
Gray Teiep Pay Station...*
231 Sent Gt Atl & Pao Tea
250 10334 May
Non sot coin stock....' 13634 136 146
us% 11731
100 108
June
7% 1st preferred
2% Sept
IN 117
• __1,100
1
1
8
Jan Greif(1)& Brothers
Aug
18
1234 Aug
600
Oct Happiness Candy Stores--•
31
%
31 may
59
34
500
Sept Helena Rubenstein
34 Apr
46
100
54 50,
34 Feb
54
31% Sept Born (A C)7% 1st pref_ _
25
600 1531 May
24
Oct Horn & Hardart
15
100 2031 Oct
2034 204
471 Feb Huyier's of Del 7% pref 100
6% 03%
600
Jan Ilydro Elec Securities.---•
434 June
6%
30
% Feb HYgrade Food Products. •
335 334 6,400
131 June
1,600 1834 May
34
3631
53ria Mar Insurance Co of No Am10 34
131
134
700
Mar Insurance Securities ....I0
34 May
45
200
34 Jan
154 Jan Internatl Hold & Invest..' ---134 134 131
1
200
1
Oct Internat Products
34 June
9
•
Aug Interstate Equities corp.*.
16
600
54
5535 Apr
4
34
144 154
000
31 Sept
5 June
$3 cony preferred
•
5
631 1,400
5
2 June
Oct Irving Air Chute
•
50
300
Iig Jun
Warrants
54
34
•
1,200
31 Aug
94 n1
•
%
X Sept Jonas de Naumbunt
274 334
2
234 Aug
1,000
Mar Kelly-Spring Tire new...
2
New preferred
100 1351 Oct
1335 1331
334 Sept
•
•
44 434
100
334 Apr
Kleinert Rubber Co
2
31 May
100
2
434 Aug Lakey Foundry & Mach-'
1,
7
4
131
1
300
334 Aug Letcourt Realty Corp_
May
•
•
July
574 574
5
54
900
Preferred
84 Sept
10
10
534 MoY
100
Lehigh Coal & Nay
•
•
July
3
2
331
300
634 Sept Lemur Stores Corti
Aug
350 12
174 18
Jan
634% Pre( with warr.100 18
53
•
High.
10% Aug
34 Sept
1934 Mar
134 Oct
14
Jan
1734 Sept
1% Jan
% Feb
Jan
66
331 Feb
8
Oct
39 Sent
26
Oct
1134 Sept
i54 Sept
1
Sept
2
3
3
9
9
Aug
Aug
Sept
Aug
Aug
834 Sept
54% Aug
331 Oct
5134 Sept
3
144
1631
831
334
27%
Jan
Jan
Sept
Oct
Sept
Sept
64 Jan
15
Mar
Mar
25
634
531
3
3
11%
Mar
Aug
Sept
Apr
Sept
831 Mar
131
631
2334
5
5
34
Jan
Jan
Sept
Sept
Aug
July
9
17
40
Jan
Mar
Jan
113S
Sept
July
120
9% Jan
34
34
531
29
3334
1131
431
40
234
134
134
134
164
8
34
134
434
1431
234
6
1834
14%
731
18
Sept
Sept
June
Jan
Feb
mar
Sent
Mar
Sept
Sept
Feb
Feb
Aug
Sept
Feb
Sept
Aug
Sept
Aug
Aug
Feb
Feb
Sept
Feb
Oct
Volume 135
Sales
Friday
Last Week's Range for
Week.
Sate
ofPrices.
Stocks (Continued) Par. Price. Low. High. Shares.
Financial Chronicle
Range Since Jan. 1.
Low.
High.
1
1% 1,600
234 Sept
14 Mar
Louisiana Land de Beni_ __•
1
•
2654
200 25 June 43
25
Feb
Mapes Consul Mfg
4
4
200
34 July
14 Aug
Mavis Bottling CIA com- •
100 20 June 30
28
28
Aug
Mayflower
40
700 29% July 61
Assoc* 40
Mar
*
Mead Johnson & Co
4334
100 65
65
Oct
65
Oct 65
Mercantile Strs 7% pref100
Midland Steel Prod200
1% May • 834 Feb
3% 3%
334
$2 non-cum dlv shs____•
Moody's Investors Service
•
17% 17%
100
5% Jan 17% Oct
Part preferred
%
%
300
4 Aug
National Amer Co
334 July
•
5
631 1,900
5
254 Jan
651 Sept
National Aviation
I% 234 18,300
154 Sept
251 Sept
1
2
Nati Bellas Hess com
Sept
1,000 18 June 30
25% 28
Nat Bond & Share Corp • 26
100 80% July 101
99 100
Apr
Nat Dairy Prod pref A_14111
34
34
100
11 Jan
•
34 Sept
Nat Food Prod Cl B
1% 134
100
34 Apr
111 Sept
Class A with warrants_ *
1 June
3
3% 1,500
434 Sept
1
Nat Investors eon)
154 14
100
51 June
Warrants
234 Sept
100
34 Jan
34
%
% Sept
National Service Cos
•
I
1%
900
1
4,. July
1% Jan
Nat Steel Corp warrant_
2454 2434
100 110 June 25% Aug
National Sugar Refining- *
31 1
200
51 May
114 Sept
New Mex & Arizona Land 1
34
7
7%
400
4 June 12% Aug
Niagara Share of Ma c113.5
Nitrate Corp of Chilehe May
'le
*se
300
Ctfa for ord B shares_
34 Jan
4
4
4
631 Jan
300
Northwest Engineering•
234 May
•
32
July 36
32
Jan
100 22
Novadel Agene, corn
24
Sept
400 1334 July 30
2634
Pan Amer Airways ----10 24
Jan
600 1111 Apr 19
Parke, Davis & Co_ _ _ ___• 16% 164 1734
30
3534
800 14
Parker Rust-Pmorcom __.• 30
Aug 55
Mar
50 1334 July 22
22
22
Oct
Pender (D) Grocery cl A_•
434 Sept
Pennroad Corp com v t a._•
234
24 3
8,300
June
1
34
100 34
Pennsylvania Salt Mfg....50
34
Oct 37
Jan
Pepperell Mfg Co
100 35% 3514 3934
120 1734 July 39% Oct
75
Oct 90
75
Feb
100
10 75
Pet Milk pref
Philip Morris Inc
414 Mar
10
2%
2 June
234 2% 2,600
Phoenix SecuritiesCommon
134 Sept
500
1
14
7i4 July
141$
14
10 104 1011 10%
July 12
400
$3 pref ser A
8
Aug
134 231 2,000
Pilot Radio & Tube class A•
1%
4 June
34 Jan
Pitney-Bowes Postage
Meter.
4
•
4
14 June
5% Sept
434 1,400
Pittsburgh Plate Glass 25
400 1234 June 1934 Sept
1634 1731
200
Propper McCallum H08_ 4
1
May
3
Oct
234 3
454 5
•
Prudential Investors
200
2
July
711 Sept
$6 preferred
100 52 May 6654 Oct
* 6634 6634 6634
Pub Util Holding comWithout warrants
1% Sept
9,500
•
5.4
14 July
14 1
Warrants
134 Aug
11
4,t 5,100
,
'In Apr
100
•
I% June
434 411
33 cum preferred
434
834 Sent
Quaker OatsCommon
300 55 June 102
83
84
* 83
Mar
20 99
106 107
100
6% Preferred
July 107
Ott
•
Railroad Shares com_
100
14 May
1
1
14 Aug
Rainbow Lumin Prod CIA •
300
'h Apr
71 1
234 Sept
1,100
Class B
31 June
51
he
134 Sept
•
%
Raytheon Mfg v t c
•
4%
3
431
500
4 Apr
431 Oct
Reliance Internat corn A •
234
4 June
234 234 1,800
234 Oct
Reliance Mfg Corp
•
14 1%
100
I% Sept
2 Sept
Republic Gas Co
100
31 Apr
14 Jan
•
54
34
10
Reyborn Co Inc
234 Sept
300
51 Jan
134 111
Reynolds Investing
•
1
'It Jan
Sept
600
51
/1
Roosevelt Field Inc
5
1,200
54 Oct
135 Sept
34 I
•
Rossia Internat Corp
61
1/
300
34 Apr
134 Aug
gaiety Car Heat & Lt--100 3274 3234 38
250 124 June 40
Sept
Hi Regis Paper corn....A(
834 Sept
4
54 22,800
4
134 June
7% pref
100
220 1434 July 50
31
3534
Apr
Schiff Company
200
9
9
811 Sept 1634 Jan
*
Schulte Real Estate
%
14
14
300
11 Apr
14 Jan
Seaboard URI Shares__ ..•
%
%
54
100
4 May
154 Aug
Securities Allied Corp. •
Aug
434 June 10
7% 934 3,400
834
Securities Corn general_ •
200 z214 Aug 11
531
54 64
Aug
Segal Lock & Hardware •
14
14 1,100
51 June
2
Jan
Selected Industries InoCommon
1
14 14 4,400
h June
3
134
Aug
Allotment Ms ...---- 46
..
800 28 June 57
46
Sept
4734
Sentry Safety Control.. •
4
4
100
m July
1
Jan
*
Beton Leather
2% 234
100
151 July
3
Feb
Shenandoah CorpCommon
•
334
34 334 2,300
la June
434 Sept
6% cony pref
50 1934 1951 2034 1,600
451 June 2451 Sept
Sherwin-Williams com..-26 25
2554
25
125 20
July 3434 Jan
•
Silica Gel Corp v t c
51
a%
34 4,400
11 Apr
3 Sept
Singer Manufacturing_ _100 98
98 1084
400 75
May 138
Sept
Smith(L Q&CoronaType•
3% 364
134 July
100
6
Sept
Smith (A (5) Corp
• 2134 2114 27
600 11
July 59
Jan
Southern Corp com
•
131
134 111
400
1
Mar
2% Sept
Spanish ,k General CorpAmer dep rcts pr ord bear
14
34
200
34 Feb
14 Jan
Standard Investing1034 1034
-•
100
$534 cum cony pref
3 June 1534 Sept
Starrett Corporation
•
%
Common
61
11 1,000
34 Mar
114 Aug
50
6% preferred
1
500
4 Mar
1%
14 Sept
100
•
5
5
Stein(A)corn
5
Apr
834 Jan
• 12
Stutz Motor Oar
9
900
1334
834-June 24
Sept
*
211
300
234 234
Sun Investing coin
1
May
3% Sent
25
854 914 8,000
Swift & Co
831
7 May 22
Mar
.
17
1854 1,600 10 May
Swift Internacional_ ..._15 17
28
Mar
•
2
2
2
100
Taggart Corp corn
1
May
4
Feb
•
Technicolor Inc cum.....
314 314 2,400
334
34 June
634 Aug
Si,
IA,
300
1
Tobacco Prod of Del
11 May
34 Sept
Tremont Air Trans. •
354 3% 1,300
454 Sept
14 June
Trans Lux Daylight
Picture Screen com......•
2
2
234 1,800
54 June
334 Sept
Tri-Continental Corp
Warrants
134 151
100
11 May
314 Sept
Triplex Safety Glass47% Jan
7% 734
200
,
Am der rots for ord regEl
731 Jan
Trunz Pork Stores
100
•
9 May 11
934 951
Aug
700
TUblze ChatIllon cam._ _ _1
5
6
5
11 June 14
Aug
14
31
100
•
he Jan
Union Tobacco
'01 Jan
United Founders 0001...._•
5,e May
154 2% 18,900
334 Aug
13.4
54
14 1
700
54 Apr
United Profit-Sharing__ •
2
Aug
350 2154 June 4
United Shoe Mach
37
38
25 37
034 Mar
United Stores Corp v t e_ •
400
34 June
11
1,8
% Jan
•
100
1 June
534 Sept
US Finishing Co
234 234
•
434 454
500
214 Apr
U 8 Foil class B
534 Sept
US & Intl SecuritiesCommon
•
1% Sept
34 Jan
400
%
54
. 25% 2531 2734 1.200
04 June 3234 Sept
1st pref with %MIT
ty p playing Card
10 15
25 10 June 23
15
15
Jan
100 13
13
13
Oct 13
us Radiator 7% pref_.100
Oct
•
100
I
Oct
1
1
1
US Stores Corp coin
Oct
•
14
14 154
100
1 June
Utility & Indus com
3% Feb
•
Preferred
100
594 Oct
511 Oct
551 511
•
700
Utility Equities 6om
2%
.14 July
231 234
454 Aug
•
31
14 June
14
14 1,100
2
Jan
Van Camp Pack com
700
25
64
4 May
4 1
7% preferred
214 Jan
336 May
600
4%
44 5
Vick Financial Corp.....5
53-4 Sept
•
10
10
Want & Bond cl A
100
9 May 1134 Jan
• 1214 1254 1434
500
834 Apr 1834 Aug
Walgreen Co com
Walker (II) Gooderbam &
•
200
Worts common
534 534
234 May
834 Aug
31 June
600
•
44 Jan
4
Watson (J W)Co
14
451 June 1234 Oct
200
Western Air Express.-- -10 1134 1234
25 4114 July 5454 Oct
Western Cartridge 6% Pf-• 544 544 544
•
211 234
200
14 June
2% Jan
Wll-low Cafeterias
Woolworth (F W) Ltd700
931
734 Jan 104 Aug
954 9%
Amer den *eta tar mit Os
Rights-
2475
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Amer Home Prod rts
31
31
h
0,500
Range Since Jan. 1.
Low.
g Seri
Public Utilities-Alabama Power 27 pref... •
73
50 51% July
75
Am Cities Pow & LtNew Cony class A...__ _25 31% 31% z3134
300 19% July
New class B
1
464
434 534 6,600
134 July
Amer Com'wealth PowerClass A common
•
34
4
4
800
54 May
•
Class B common
%
%
500
51 Mar
Amer. 534
& Foreign Pow warr.
534 734 4,200
131 Apr
Amer Gas & Elea com____• 28% 27% 35% 27,600 14% June
Preferred
•
87
89
400 60
July
Amer L & Tr cam
.25 19% 19% 22
1,700 10 May
4
Am Sts Pub Serv A_ __ _*
4
4
100
234 Feb
Am Superpower Corp com •
5%
5
634 78,200
131 June
First preferred
•
60
60
400 2834 June
• 37
$6 eumul pref.
37
37
800
9 June
ArkansasP de L 37 pref. *
76
77
20 50
July
Assoc Gas & Elec cora. •
251 334
300
34 June
Class A
•
211
1
254 27.4 5,800
July
• 1534 14
$5 preferred
470
6
Aug
1634
Warrants
114
he
600
In Mar
•
2
2
Assoc Tel Utilities
2
100
1
July
Bell Telep of Can
100 90
90
9031
125 68% July
Brazilian Tr L & P ord__.•
934
954 10% 7,300
7
May
Buff Niag & East Pr pf...25 2151 21% 224
700 154 May
Cables & Wireless Ltd
Am dep rcts A ord 868_31
1
1
300
he June
Am dep rcts B ord shs_ 31
4
34
200
,e May
Canadian Marconi--See M arconi Wireless Tel egraph of America.
Cent Hud G & E corn v t c•
1334 1334
100 12 June
Cent Ills Pub Serv $13 pref•
35
35
10 35
Oct
•
Cent Pub Serv corn
1
1
100
34 Feb
•
1
Class A
% 1
1,000
V July
111 114
Cent Ac So-west UM com_•
400
41 June
1831 1834
•
$7 prior lien pref
20 14
July
•
3% 4
13,500
Cent State* Else coca....
ag May
334
2134 2134
6% pref with warr_ _100
10 13
Aug
1234 1234
8% pref without warr 100
75
34 Aug
Cent Vermont Pub Serv•
82
834
50 4334 July
$6 preferred
26
26
Cities Serv P & L $7 pref_*
50 11
May
•
22
150 14 June
23
$6 preferred
•
28
2834
300 19 June
Cleve El Ilium com
20 92% Apr
100
6% preferred
10334 10331
Columbia Gas & Mee
100 9034 9034 99
575 40
May
Cony 5% pref
Commonwealth EdLson_100 73
73
7531 1,100 4934 July
Common & SouthernCorpWarrants
VII June
% "9 39,200
51
600
Community Water Serv_ •
31 May
% I
1,200 37% June
Como! E L&P Bait com• 64
0
67
64
Duke Power Co
10
East Gas & Fuel Assoc..•
100
6% preferred
East States Pow com B._•
East OW Associates com •
•
Cony stock
Elec Bond &Sharenew com 5
$5 cumul pref
•
•
$6 preferred
Elec Pow & Lt 2d pt A__ •
Warrants
Empire Gas de rue/
6% preferred
100
100
7% preferred
8% preferred
100
European Elec cl A
10
Option warrants
4
Gen (.1 & E $6 pref EL...4
Gen Pub Serv $6 pref..,....'
Georgia Pow $6 pref
•
Hamilton Gas com vi e....1
IllinoisP & L $6 pref
•
Internet Superpower
1
New com stock
Internet URI cl A
•
Class B
•
Warrants
Italian Superpower A•
Warrants
Long Island LtgCommon
100
7% Preferred
6% pref series B_.__100
Marconi Internati Marine
Commun Am dep rcts 31
Marconi Wirel T of Can...1
Maas URI Assoccom v t a.*
50
5% cony pref
Met Edison $6 pref
•
Middle West URI
._ •
Mohawk dr Hud Pow 2d pf*
camMtn States Pow 7% Pf- 100
National P & L $6 pfd......•
New England Pow Assn
6% preferred
_100
N Y Pow le Lt 7% pref_100
te Y Telep 614% pref...10u
Niagara Bud Pow
New com w I --------15
Cl A opt warr new
cl B Opt warr new
Class C warr new
*
Ohlo Edison 56 pre:
Pacific G & E 8% 1st pf 25
25
534% 1st pref
Pacific Ltg $6 pref
•
Pac Pub Sery 1st pref __ _ _•
Pa Gas & Eiec class A_ __.•
Pa Pow & Lt $7 pref
•
pa Water & Power CO__ .•
•
Pub Serv of Nor III
Pueet Sound P Ac L $5 pt. •
•
$6 preferred
*
Ry & Lt Secur com
Shawinigan Water & Pwr_•
Sierra Pac El8% pref__100
Sou Calif Edison25
6% Pref series B
54% pref class C.._25
Southern Nat Gas corn. •
So'west G & E 7% pref..100
Standard Pow & Lt
Common
•
Preferred
•
Tampa Electric corn.....*
Union Gas of Can
•
United Coro warrant&_ .__
United Elec Serv Am she_
United Gas Corp com__•
•
Pref non-voting
Option warrants
United Lt & Pow corn A•
•
$6 cony 1st pref
1J S Elec Pow with warr_ _•
Utli Pow & 1.t com
•
West Mass Cos
.•
High.
4 Sept
93
Jan
3934 Aug
831 Sept
51
%
10
41%
91%
24%
431
10%
724
48
8734
7
534
59
he
114
100
13%
2311
Jan
Jan
Sept
Sept
Aug
Aug
Sept
Aug
Aug
Aug
Jan
Feb
Aug
Jan
Aug
Jan
Mar
Mar
Aug
1
Oct
% Sept
16
65%
4
334
434
55
64
25
23
Jan
Mar
Jan
Jan
Jan
Jan
Sept
Aug
Aug
8334 Oct
56
Jan
50
Jan
35
Aug
10334 Oct
10834 Sept
122
Jan
225
5954
200
8
50
60
434 2,100
100
2634
514 1,400
35% 302,500
5034 1,700
60
2,400
24
175
500
534
31
234
3031
51
1434
14
6
1634
19
634
134
July
June
June
June
June
May
June
July
May
June
May
1
Aug
2% Aug
694 Sept
••
.
7334 Mar
854 Mar
68
Jan
6 Sept
27 Sept
554 Oct
4/1
Aug
5934 Aug
67
Aug
45
Mar
734 Anil
2054
22
23
2%
14
1634
417
%
69
h
24134
50
150
50
200
2,400
300
20
25
300
50
8
6
7
I
11
331
1034
47
34
21
Jane
May
May
May
Apr
July
May
May
May
June
38
4634
5234
4%
%
25
50
82
1
6334
Jan
Jan
Mar
Sept
Aug
Jan
Feb
Jan
Jan
Mar
14
734
234
14
1554
754 754
234 2%
51
31
174 234
31 1
7,300
100
1,600
200
1,000
200
414
234
34
he
11
u
July
May
July
May
June
July
1554
1014
334
14
44
134
Sept
Aug
Aug
Sept
Aug
Aug
1334
1334 1361
8334 8334
7234 7234
1,000
10
75
13
50
45
534
14
24
24%
65
31
80
46%
100
3,800
1 11
25
150
4.300
50
10
44 June
5%
14 May
234
354
134 May
144 June 28
35 June 80
11 APr
7
48 June 86
46% Oct484
75
1,000
35
Jung
4834 53
98
98
114 114
690
25
75
12
66
98
June 5914 Jan
May 100
Jan
June 11534 Sept
731
4
194
34
6031
1934
18
8134
7
434
65
35
27
31
2934
4
614
60
July 20
June
134
July
5
July
151
Oct 85
July 263-4
June 23
June 9334
May 1354
June
8
June 9934
June 583-4
July 120
July 5534
Sept 54
Jul) 20
May 2034
June 80
Aug
Aug
Aug
Aug
Mar
Jan
Jan
Mar
Mar
Sept
Jan
Sept
Jan
Apr
Feb
Jan
Sept
Feb
1754
1734
1,e
2734
June
June
June
June
25
2251
54
70
Jan
Jan
Sept
Jan
6
Apr
20 June
18 June
134 June
914 June
234 Mar
% May
854 June
sit, May
14 May
854 June
',.June
4 May
19
July
20
70
32
8
6
334
454
55
14
954
5354
231
44
35%
Jan
Aug
Jan
Sent
Sept
Feb
Aug
Jan
Aug
Aug
Jan
Aug
Sept
Sept
55
234
2534
46
50
55
734
60
27
%
2634
4%
2434
46
50
214
5
17
19
23
234
11
1351 1351
3254 3214
69
34
e4134 z40
536
14
234
24% 24%
58
58
11
51
80
.80
4634
134
73
4814
114
1534
34
334
34
24
2134
1034
734
5234
44
28
1031
1234
2331
49
2711
454
234
32
31
4%
2064
1
24
33
15
if
314
34
6034
24
2134
8934
1034
734
96
5234
44
45
2731
1034
1234
74
1734 12,700
14 4,400
3%
200
34
400
6034
100
24
500
2134
200
25
8934
1031
100
734
100
9634
100
5354
400
44
50
45
10
28
20
1034
2.
700
1534
74
20
23
2334
2054 2054
14
34
60
60
1034
49
2711
434
4
254
2%
32
%
434
2036
1
234
33
800
100
500
20
100
1034
55
900
2831
700
400
434
434 2,000
100
234
334 20,500
4054 2,400
131 1,900
634 15,700
2854 4.100
134 2,000
3
7,000
35
175
July 2034 Sept
July 101
Mar
Mar
July 86
Jan
Sept
Sept
Aug
Aug
Jan
Aug
Oct
8034 Sept
Friday
Sates
Last Week's Range for
Sate
Former Standard Oil
of Prices.
Week.
Subsidiaries
Par. Price. Low. High. Shares
25
Borne Scrymser Co
50
Buckeye Pipe Line
25
Chesebrough Mfg
100
Eureka Pipe Line
Humble Oil & RefInIng_25
Imperial 011 (Can) coup--•
*
Registered
National Transit__ .12.50
10
Northern Pipe Line
25
Penn Mexico Fuel
25
South Penn 011
Standard 011 (Indiana)25
10
Standard 011(KY)
Standard 011(Ohio) corn 25
79
2731
8
434
314
1334
2031
12
Other 00 StocksAmer Maracaibo Co
1
•
Arkansas Nat Gas com
Com class A
•
234
Preferred
100
434
25c
51
Carib Syndicate
8
Columbia Oil & Gas vs 0.
134
Consol Royalty 011 Co_ _10
Cosden Oil Co Cert of del,*
134
Creole Petroleum Corp__ ..*
215
Crown Cent Petroleum..•
14
Darby Petroleum com_ •
Derby 011 6: Ref.corn_ _ _ _•
154
Gulf Oil Corp of Penna_425 2934
Indian Terr Ilium OilNon vot class A
*
334
Class B stock
*
334
International Petroleum •
934
•
Kirby Petroleum
Leonard 011Develop_ _25
34
Lone Star Gas Corp
•
731
Michigan Gas & Oil
*
Middle States Petrol
Class A vie*
ClassByte
44
•
Mo-Kansas Pipe Line ._.6
%
Mountain Prod ucers___ _10
384
National Fuel Gas..._ __
11%
New Bradford 011 Co_ _ _ _ ______
Nor Cent Tex 011 Co_ _5
Pacific Western 011
•
631
Pantepec 011 of Venez_ •
Producers Royalty Corp__ ______
Pure 011 Co 6% pref._ _10C
Keller Foster Oil
•
Richfield 011 Co pref__ _25
Root Refining Prior pref.
Salt Creek Consul 011_ _19
Salt Creek Prod AMM__1(
534
Southland Royalty new -5
•
7
Texon Oil& Land_
"Y" 011 & Gas Co
Its
•
Mining StocksBunker Hill & Sullivan__10
Comstock Tun &Draln__1
Consol Copper MInes-_5
Cresson ConsolG M & M_1
Cosi Mexican Mining-50e
Goldfield Consol Mines.10
Hollinger Consol G M.. _5
Hud Bay Mln & Smelt
Lake Shore Mines Ltd_
Mining Corp of Can
•
Newmont Mining Corp. 10
New Jersey Zinc Co _____25
Nil:158111g Mines
5
Ohio Copper Co
1
Pioneer Gold Mines Ltd _ _ I
Premier Gold Mining_ _ _ _I
Roan Antelope CopperAmerican shares
St Anthony Gold.
_1
Shattuck Denn Mining_.
So Amer Gold & Plat__ _5
Standard Silver Lead_ _1
Teck Hughes Mines ...... 1
United Verde Extension 10c
Wenden Copper MinIng__1
Wright Hargreaves Ltd__*
11
11
%
g
334
134
1434
31
374
11
2
334
234
251
7
25
79
2714
39
754
815
744
411
354
1334
20
1134
24
5
0
7
2534
200
100
79
100
2714
43
1,100
6.300
9
834
700
400
834
100
434
800
634
600
1334
2134 18,100
1234 1,800
24
50
Range Since Jan. 1.
High.
Low.
6
Jan
1734 July
53 June
18 June
3544 June
654 June
634 May
June
6
331 May
311 Oct
9% Jan
1334 Apr
834 June
1515 Apr
7
35
90
35
55
1031
1016
1014
5
10
1634
2534
1534
3034
Aug
Jan
Mar
Mar
Sept
Sept
Sept
Feb
Sept
Sept
Aug
Sept
Mar
Aug
7,s
iii
234 234
234 234
414 4%
g
g
134 154
114 134
134 131
214
234
%
34
354 431
134 134
29
33
1,300
700
7,000
1,700
400
1,600
500
100
3,500
2,700
300
300
4,700
3.4
%
14
111
1.1
11
1
h
114
%
154
1
23
Jan
May
May
July
Jan
May
Jan
May
Jan
Apr
Jan
June
June
li
344
314
554
Si
211
2
254
334
54
734
3
4434
Apr
Aug
Sept
Aug
July
Aug
Aug
Sept
Aug
July
Aug
Aug
Sept
384 334
334 334
934 1034
Si
51
%
%
634 8
131 131
100
100
7,300
300
100
2,000
400
11
215
8
44
11
334
31
June
May
June
Jan
May
Apr
Jan
5
434
1234
1
%
11
2
Sept
Jan
Sept
Aug
July
Aug
Jan
%
7,1
54
44
11
8,,,
384 374
1134 12%
%
11
111 134
634 7
11
44
8,4
8,4
5834 5834
Si
14
15
11
6
6
14
34
511 554
4
4
734
7
'is
3.5
100
200
1,000
1,000
2,200
200
100
200
300
100
40
100
500
100
200
1,400
300
800
300
14 Apr
11 Jan
% Apr
211 Apr
8
June
41 Jan
% Jan
3 June
4,, June
8,4 June
40
July
1,4 June
% June
134 Apr
14 Jan
231 Jum
33,4 June
434 May
15 Feb
134
51
214
434
1434
Si
134
8
54
44
6054
34
1
715
%
53,4
6
10
%
Aug
Aug
Jan
Sept
Aug
Aug
Aug
Sept
Aug
Jan
Sept
Jan
Feb
Sept
Aug
Sept
July
Sept
June
22
20
Tr
8,4
SS
1
3n,
31
g
g
125
2,500
300
000
100
'is 3,400
81.1
431 4%
500
334 315 3,500
400
2634 27
400
131 134
14
19
4,100
500
31
32
200
1
1
g 18,800
ais
7,000
334 4
8,4 5,000
15
6%
,,,
2
134
Ile
231
234
34
241
7
,,,
231
134
1,4
334
341
34
234
500
1,900
1,000
800
9,100
6,200
400
1.
500
300
15
July
% Aug
41 June
11 Jan
11 June
4,, Jan
354 June
44 May
2154 June
Apr
434 May
1434 Apr
71, June
1,, Jan
234 Apr
% May
354
1,4
41
7,4
1,4
211
134
5,,
171
may
Jan
June
June
Mar
May
Apr
Jan
Apr
3211
11
134
Si
34
11
5
5
2736
13.4
283.4
3544
13.4
11
4
Si
Aug
Jan
Aug
July
Aug
Aug
Jan
Sept
Sept
Aug
Sept
Sept
Sept
Sept
Mar
Aug
834
3,4
3
131
%
411
441
34
231
Aug
Jan
Sept
Oct
Jan
Jan
Jan
Jan
Sept
I
BondsAdvance Bag & Pa 6s A '42
Oct 52% Oct
52
5211 40,000 52
Alabama rower Co
ln & ref 55
June 994 Jan
96% 9714 12,000 84
1946 97
1st & ref 5s
June 9514 Mar
9311 9334 3,0
1951
00 75
1st dr ref 55
June 9631 Jan
8.000 78
9141 92
1958
1st & ref 434s
May 8411 Jan
1967 83
8234 8334 26,000 70
Jan
lot Ar ref 5e
may 91
8814 11,000 75
1969 8834 88
Ala Water Sem 5s A..1957
Aug
,
July 75
1,000 53
69
69
Aluminum Cost deb 5s 1952 97
may 9934 Aug
9834 61,000 81
97
Sept
Aluminum Ltd deb 55_194/4
July 75
7034 7215 9,000 45
Jan
11
4 mar Com'ith Pr 65..1940
17,000
334 4
154 may
334
Sept
9
54 Apr
4
Debenture 511s____1953
23/ 3,000
2
234
km & Continental 541_1943
70 Sept
1,000 47
Jan
58
58
Jan
19
Amer Comm Pow 51.15 1953
841 16,000
8
23,4 May
46
Aug
Am El Pow Corp deb 65..57 34
33
3634 32,000 18
July
Amer 0 gr El deb 554.2028 8451 8411 8634 79,000 6211 May 8811 Mar
Aug
Am Gaa & Pow deb 65_1939 38
40
20,000 1334 Jub
38
47
Secured deb Ss
1953 3434 3374 34% 34,000 1134 July 3734 Jan
km Pow & Lt deb 6E4_2016 65
May 8211 Jan
_6431 6911 105.000 38
Sept
Am. Radlat deb. 4%51047 96
July 96
2,000 79
1.9514 96
Mar
Amer Roll Mill deb Rs.19414 5634 5634 58
July 67
23,000 30
Mar
Apr 76
434% notes_ 4 _Nov 1933 6934 693-1 7011 62,000 46
NW
Amer Seating cony 65.1936
July 47
11,000 17
3354 35
Appalachian 10 Pr 54 Inv
9135 9415 23,000 7234 May 9134 Oct
Jeri
Appalachian (la.. 6.. . 104
1(1
July
2
634
514 614 35.000
13% Jan
Cony den 64 It ......j,
a514
614 32,000
34 Apr
654
Appalachian Paw 5*.. 1941 10334 10284 10331 19.000 na 34 Apr 10351 Oct
Debenture 6s
Sept
a80
2024
83% 3.000 54 June 90
Arkansas Pr & Lt 55_41956 8711 87
May 9134 Sept
8834 67,000 67
Associated Elec 4348..1953 4214 4234 4645 56,000 17
Aug
June 67
Associated Oss & Elea CoAug
Con v deb 5 Hs
1938 22% 22
25% 50.000
July 45
9
Sept
Registered
2034 2034 2034 1,000 1214 July 27
Cony deb 4115
Aug
27
45
1948 27
3011 4.000
911 July
Cony deb 4,4s
Aug
1831 24 202,000
1949 19
July 43
9
Aug
Cony deb .59
49
1950 2334 2231 27 182,000 510
July
Aug
Deb 5s
1963 2131 2131 2831 184,000
46
11 0.4 July
Registered25
Feb
25
1,000 1335 July 35
Aug
Cony orb 5115
30
51
1977 313
3534 25,000
98i July
Assoc. Rayon deb. 514 1950
44
4415 15,000 19 June 4614 Sept
Assoc Simmons HardwareMar
15
15
July 37
1,000 10
615% gold notes_ _1933
Jan
Assoc. Tel. Ltd 5s_ __ _1965
8431 8414 2,000 7414 June 88
Feb
53,000 1454 July 72
Assoc T & T deb 5%s A '55 35
3434 38
Jan
2511 69.000 12
July 54
Weft 17111 5540.1944 22
Assoc
2134
43
1933
48
g% notes
8,000 25 June 7614 Feb
Oct
Aug 38
38
2,000 29
38
Atlas Plywood 5315..1943 38
Aug
78
7834 16,000 4.5
July 93
Baldwin Loco Wks 546.'33
Bell Telep of Canada9854 9934 107,000 84
1955 99
Jan 9934 Oct
1st NI 5s ser A
1957 9854 9815 9915 36,000 8314 Jan 9934 Oct
lot M 58 ser B
1960 9914 9914 9934 6,000 8311 Jan 9934 Oct
1st M 5s ser C
79
80
12,000 65 June 8111 Mar
Birmingham El 4345_1968 80
53
64
21,000 3934 July 75 14 Jan
Birmingham Gas as . 1959 55
Oct. 8
Financial Chronicle
2476
I
Bonds (Continued)
Birming Wat Wks 5145 '54
Blackstone Valley GI & E55 series A
1951
5s series B
1952
Boston Consol Gas 55-1947
Boston & Main RR 65_1933
Buffalo Gen Elec 55_1939
Burmeister .44 Waln Ltd
15
-year t3s
1940
Cal Oregon Pow 6s B_1942
Canada Nat Ry eq 7s41938
Canada Nor Power 56.1953
Can Pacific Ry 6s. _ _1942
Carolina Pr & Lt 554_ 1958
Caterpillar Tractor 55_1935
Cedar Rapids M & P 551953
Cent Arizona L & P 55_1960
Central German PowerPart ctfs 6s
1934
Cent Ill Light 58
1943
Central III Pub Service
lot mtge 5s ser E_ _1958
1st & ref 431s ser F.1967
1st mtge 55 ser 04_1968
Cent Me Pow 5s ser D_1955
434s series E
1957
Cent Ohlo I.& P 5s__ _1950
Central Pow 53ser D__1957
Cent Pow & 1.1 let 53.1956
Cent Pub Serv 5145.-1949
With warrants
Without warrants
Cent States Elth 58-.1948
Deb 5146 Sept 15, 1954
wIth warrants
Cent States P & L 5345 53
Cent Vt Pub Sem 5s__1959
,
Chic Dist Elec Gen 4 1111 '70
Deb 5345 Oct. 1. 1935
Chic Pneumat Tool 510'41
Chic Ity9 CLI5 of deps.1927
Cigar Stores Realty Holdi ng
Deb 5145 series A _ __1949
Cincinnati El Ry 51is A '52
Cis series B
1955
Cities Service 59
1966
1950
Cony deb 5a
Cities Service ties 5115 '42
Cities Seek Gas Pipe L '43
,
Cities Ben' P & L 514s '52
511a
1949
Cleve Elect Ill 1st lis- -1939
5s series A
1954
Commerz um]PrivetBank 5545
1937
Commonwealth Edison
let M 5s series A._ _1953
1st M 55 series B..1954
1st 411s series C. 1958
1st M 434s series b_1957
434s series E
1960
1st M 4s series F_-_1981
514s series 0
1982
Com'wealth Subsid 5115'48
Community Pr &i.t be 1957
Connecticut Light & Power
1st & ref 7s
1951
1056
411s series C
1962
Ss series D
Conn River Pow 5s A_ _'52
Consol Gas Co (Bali CIty)
Gen mtge 414,3
1954
5s
1939
Consol G E L & P 4146 1935
Consol Clas El Lt & P(BaltI
1st ref s f 4s
1981
1st & ref. 534s ser E 1952
1970
43.4s series H
Consol Gas 17511 Co
1st & coil S,ser A_ _1943
Deb 11316 with warr 1943
Consumers Pow 434s-1958
1956
let & ref 53
105),
Cont'l CI Ar El 55
Continental Oil 5345_1937
Cont Roll & Steel 68 A4'40
Cont Securities 5s A_ _ 1942
Crane Co 594_ -Aug 1 1940
Crucible Steel 1940
5s
Cuban Telephone 7%51941
Cudahy PACK deb 5Hs 1937
Sinking fund be
_1946
Dallas Pow & Lt 65_1949
5s series C
1952
Dayton Pow dr Lt 53_1941
Delaware Elea Pow 5%5'59
Denver Gas & El 55..... 1949
Denver & Salt Lk Ry 6560
Derby Gas & Elea 55.1948
Det City Gas 65 sex A 1947
65 let series B
1950
Detroit & Internet Bridge75 ctts of deo
1952
Dixie Gulf Gas 6g8 -1937
With warrant.
,s....1967
Duke Po.Duquesne u .. .us
1945
East 17tIllttc• .7.4.5st54 with warran•k. _ .1954
12(11.on Elec III (Boston)...
105
V', notes
1934
2 year 58
1935
5% notes
El Paso Electric
1950
Elea Power & Light 55.2030
Emplre Mat El 55. _41952
Empire 011 & Reta A1461942
Ercole Marelli Elec Mfg
611s with warrants_1953
1967
Erie Lighting 5s
European Elec CI 30_1965
Without warrants
European Mtge Inv 75 C'87
Fairbanks Morse deb 5s.'42
Federal Water fiery 5545'54
Finland Residential Mtge
1961
Banks 65
Firestone Cot MIlis 56.'48
Firestone T & Rub 55 1942
Fisk Rubber 5145._ _ .1931
Certificates of deposit..
Foltis Fisher 6118...A939
Fla Power Corp 634s1979
Florlda Power & Lt 55.1954
Gary El & Gas baser A 1934
Gatineau Power 1st 651956
Deb gold 08 June 15 1941
Deb 65 ser B------194'
Gen Bronze Corn 65_1940
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sate
$
Price. Low. High.
9054 9041
9954
10234
10034
10434
6,000
Oct
Oct
Sept
Sept
Sept
Oct
5934
90
94
54
9634
86
7914
9634
74
July 7534
June 103
Apr 10234
July r7531
Oct 9834
July 8634
May 92
Oct 97
June 94
Oct
Oct
Sept
Sept
Sept
Aug
Sept
Oct
Aug
9,000
1,000
25,000
10,000
433,000
51,000
3,000
4,000
1,000
54
5,000
10234 10,000
54
102
75
65
a74
9411
8831
65
73
73
6534 6534
67
a74
7915
7,000
70
49,000
7615 8,000
95
2,000
8911 16,000
65
1,000
74
9,000
6931 79,000
a741 1034 179,000
634 9
14,000
48
46
71,000
4034
4034
5541
6374
45
4531
104%
10534
5311
78%
81
42
48
80%
81
4511
4844
2134
55
6154
a3944
a3934
5411
6134
4454
4434
10434
105
22
56
6114
42
42
57
6376
48
4611
105
106
Oct
3034 June 54
9834 June 10234 Aug
6211
53
57
74
74
54
5134
42
July
June
July
May
May
July
May
June
8234
79
85
05
8941
78
76
76
Sept
Aug
Jan
Oct
Oct
Sept
Aug
Aug
14 June
111 July
17
June
2734 Jan
Aug
20
5611 Aug
18
20
80
May
July
July
57
Aug
Feb
59
9011 Oct
5434
42
1811
34
Apr8411
July 8511
July 5034
Apr 5334
Sept
Aug
Jan
Aug
47,000 1034
7,000 3934
1.000 4334
49,000 16
730,000 417
118,000 33
28,000 4934
118.000 2634
75,000 4434
22.000 9934
10,000 99
June 40
June 62
June 67
May 4934
May
5234
May 6234
May
68
July
5834
Oct 51
Jan 106
Feb 10634
Mar
Mar
Mar
Aug
Jan
Aug
Aug
Jan
Sept
Sept
Sept
4614 a46
4931 92,000
86,000
4334 4334 49
9011 9031 9034 2,000
2154
56
High.
May e10014
Apr 100
June 103 h
June 10034
Mar 105
54
102
42
48
Low.
8511 Aug
10034 10034 2,000 9434
9914 9934 1,000 92
10234 10334 8,000 9134
10034 10034 11,000 80
12,000 101
10434 105
7531
103
10134
73
9834
7615
a9114
97
92
79%
Range Since Jan. 1.
9034
7534
103
10031
7214
97
9611
70
6911
a9111 9134
9634
92
9
834
4634
1932
31,000
22,000
15,000
15,000
5334 5511 68,000 52914 June
101
10034 10211 114.000
101 10234 17,000
101
94
92,006
9344 93
9211 9411 19,000
93
93
9434 13,000
8634 8534 87 229,000
103
10254 10434 285,000
7631 7611 7934 147,000
55
33,000
5334 56
86
8214
78
78
78
6931
94
40
38
57
Aug
June 10211 Oct
June 10231 Oct
June 9444 Aug
June 95
Aug
May 59414 Aug
May 89
Aug
Aug 10434 Sept
May 83
Aug
June 69
Aug
1,000 10836 July 11134 Oct
11134 11131
9954 9954 101
29,000 90
July el()l
Oct
74.000 9534 July 10434 Sept
10334 10254 104
9534 9534 9731 952,000 9534 Oct 9734 Oct
102
10111 10331
10454 10414
103 1033.4
96
10834
102
28,000 82
9511 96
107% 10834 7,000 102
102 10311 13,000 94
25
25
1634
1534
10054 9934
10411 104
5936 5934
91
91
4054
45
45
_4- 7331
6014 6034
80
8534
9914
104% 10454
100%
10214 102
74
9831 98
35
74
8834 8634
8011 80
131
2811
1851
10044
10411
6234
9434
40%
46
77
6034
80
8641
99%
6,000 9631 Aug 10334 Oct
1,000 10234 Aug 10434 Oct
10,000 10034 Aug 10336 Oct
28.000 1644 May 40
25,000
4
May 29
90,000 8734 Feb 10054
47,000 10034 Mar 10444
164,000 35
Ma) 63
04
20,000 8
034 Apr 9554
2,000 40
Sept 4051
26,000 32
July 52
10,000 51% July 39
3,000 39 June 77
1.000 55 June 83
13,000 59
June 97
7,000 95 June 100
10554 8,000
10131 3,000
10354 268.000
74
1,000
99
13,000
35
5,000
75
4.000
90
48,000
82
70,000
134
1,000
84
8111 8534 37,000
9754 9734 2.000
5
5
3,000
15
1441 23
173,000
10036 10031 101
24,000
10234 10234 10241 40.000
102% 10211 10254 71.000
85
86
86
2.000
5034 50
5434 243,000
5034 49% 52% 58.00
493.6 4854 4911 39,000
94
2534
4034
5311
4434
1411
6034
7356
68
7334
6834
6734
Jan 96
June 110
Feb 104
97
90
98
55
92
24
53
7054
6454
1
Feb
48
June
85 June
311 May
134
8
July
Jan
July
May
July
June
Judy
May
42
90
June 70
June 100
60
253-4
57
40
6031 6,000
2744 47.000
58
1.000
4534 52,000
38
Apr
1941 Apr
34
July
21
July
5211
79
8434
4434
44
12
603.4
723,4
60
7234
68
6734
47
54
80%
8614
45
4444
1434
65
7311
7044
7344
6941
69
48
26
62
68
1031
8
634
43
50
49
5434
3714
37
20
Oct
853.4 Oct
9834 Sept
1374 Sept
9834
9954
98
61
29
36
26
70
95
11,000
30,000
28,000
44,000
18,000
3,000
26,000
83.000
66,000
69.000
51,000
25,000
8,000
Aug
Aug
Sept
Oct
Aug
Aug
Oct
Aug
Jan
Mar
Jan
Mar
Sept
June 10634 Sept
July 10114 Oct
Jan 10334 Sept
June 8034 Aug
Apr 99
Oct
Apr 433.4 Mar
June 75
Sept
May 9734 Feb
Sept
May 91
63
94
15,000
4,000
Oct
Sept
Sept
35
10214
111754
103
87
6711
6534
5934
Aug
May
Oct
Sept
Beet
Aug
Jan
Aug
Oct
Aug
6034 Oct
35
Jan
68
Aug
58
Aug
Jan 5411
Jan
SI
July 8611
Apr 48
Apr 473.4
Sept 1434
July I 68
May 78
July 85
Mar 75
Jun• 7354
Jun* 7011
June 60
Sept
Aug
Sept
Sept
Beet
Oct
Aug
Feb
Feb
Aug
Sept
SePt
Alla
Financial Chronicle
Volume 135
Bond.(Continued)Gen Motors Accept Coro
5% serial notes_ _ _ _ 1933
5% serial notes
1934
5% serial notes__ 1935
5% serial notes
1936
Gen Pub Util 6345 A .1956
649
1933
Gen Refractories 5s. 1933
Gen \Vat Wks & El 55 1943
65 series B
1944
Ga.Carolina Pow 5s
1952
Georgia Power ref 55..1967
Georgia Pow de Lt 55.1978
Gesture] deb 6s
1953
Without warrants _____
Gillette Safety Razor 5s '40
Glen Alden Coal 45......1965
Glidden Co 5.358
1935
Gobel (Adolph) 645_1935
With warrants
Godchaux Sugars 734s..'41
Grand Trunk Ry 645.1030
Grand Trunk West 45.1950
Great Nor Power 5s_ _1935
Great Western Pow 55 1946
Green Mt Pow 5s____1948
Greenwich Wt & G 5s_1952
Ground Gripper Shoe 6s'44
Guantanamo West 65_1958
Guardian Invest 55.__1948
With warrants
Gulf Oil of Pa 51
1937
Sinking fund deb 55_1947
Gulf States Util 55__ _ _1956
1st & ref 4555 ser 11.1961
Hall Printing 5555._ _ _1947
Hamburg Elec 7s
1935
Hamburg El & Cud 535s'38
Stood Rubber 10-yr 5555'36
7s
1936
Houston Gulf Gas6451943
With warrants
1st tntge & coil 65....1943
[Ions L & P 1st 4345 K.1981
1st & ref 455s sor D_1978
1st Ss series A
1953
Hudson Bay NI & 965_1935
Hungarian Ital Bk 7345-'63
Hydraulle Power 011agaxa
lot ref 5s
1950
Ref &(min 5s
1951
Ilygrade Food 65 ser A 1949
Series 13
1949
Idaho Power 5s
1947
Illinois Central RR 445'34
III Nor Utilities 55_1957
Illinois Power 5s
1933
III Pow & L 1st 6s ser A '53
1st & ref 54s ser 13.1954
1st & ref 5s ser C_ _ _1950
S f 5th 54s.May 1957
Independent0&065_1939
Indiana Electric Corp
65 series A
1947
635s series B
1953
55 series C
1957
Inland Pow & Lt 65..1957
Indiana Gen Service 551948
Indiana Ilydro Elee 55 1958
Indiana & Mich Elec1st & ref 5s
1955
5s
1957
Indiana Service 55._._1963
1st & ref 5s
1950
Indianapolis Gas be A.1952
Ind'polis P & L 55 ser A '57
Indianapolis Water 448'40
Insull Ut II Invest 65_ _1940
With warrants ser B-- -Deb 55 series A
1949
Internal Pow See 64511 '54
Secured 6
ser C.1956
75 series D
1936
75 serles E
1957
75 series F
1952
International Salt 55_ _1951
Internet Securities 55_1947
Interstate Power 55_. _1957
Debenture 13s
1952
Interstate Public Service
6555 series 13
1949
5s serl es D
1956
445 series F
1958
Interstate Telep 55. _ _1961
Iowa-Nab L & P 5s...-1957
1st & ref 55 series B 1961
Iowa Pow & Lt 446_1958
Iowa Pub Service 55 1957
lot mtge 534s
1959
Iowa Ry & Lt 534s...1945
1st & ref 555s
PH
,
Isarco Ilydro-Elec 75.1952
Notts Fraschini 7s___1942
Without warrants
Italian Superpower of Del
Gobs Os without war '63
Jacksonville Gas 5s_ _ _ 1942
Jamaica Water 53-45.195)3
Jer C P & L 1st 5s B_ _ 1947
1st 435s series C___1961
Janes&Laughl'n Steel 5539
Kansas Elec Pow 6s A1937
Kansas Power & Light
1st mtge 65 ser A..1055
1st 'Mae 55 ser B._ _ 1957
Kelly Springfield Tire 6542
Kentucky Utilities Co
1st 51 55
1961
1st rn 654s ser D._1948
554s series F
1955
1969
5s series I
Keystone Public Ser Ss '78
Keystone Telephone535s'55
Koppers 0 & C deb 55 1947
Sink fund deb 535s 1950
Kresge (86) Co 5s. _1945
Ctfs of deposit
Laclede Gas Light 5345.'35
Larutan Gas Corp 64s 1935
Lehigh Pow Secur 6s_2026
Leonard Vete 755s___1946
Vexington Utilities 55_1952
Libby Mehl & Libby be '42
1942
Lone Star Gas 5s
Long Island Ltg 65_ -1945
Deb 5545 series A___1952
Los Angeles Gas & Elec1939
55
1st & general 55....1961
Gen & ref 534s ser I 1949
Louisville G & E 4355.1961
1037
fis series A
Prides
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
101
101
10134 101%
1014
1014 10035
24
25
38
50
4651 4435
1134 au%
84%
8534 85%
6434 644
53
96
52
68
90
100
644
101
10255 102
85
8355
7354
234
254
29.55 29%
63
56
41
50
4231
42
9134
9955
4834
9935
43
9355
7755
70
674
20
100
384
3
934
8035
94
77
62
54
2,000
2,000
8,000
4,000
34,000
6,000
4,000
48,000
77,000
1,000
177,000
16,000
98
9635
91
9355
19
24
-29
224
2655
7
6331
4555
Jan
Jon
Mai
Jan
May
June
July
May
June
July
May
June
10155
102
192
1014
44
52
70
484
24
86
90
4183-4
Aug
Sept
Oct
Sept
Aug
Aug
Jan
Aug
Aug
Mar
Jan
Oct
41,000
27,000
64,000
18,000
23
77
4255
62
June
May
July
May
58
98
0034
8855
Sept
Sept
Aug
Sept
69
2,000
90
1,000
100
3,000
6455 3.005
101
1,000
103
25,000
85
7,000
7334 3,000
254
1,000
29% 5,000
58
58
87
45
9055
914
75
53
1
13
May 7654
June 90
Jan 101
Jun
69
July 101
Feb 103
Jun
85
July 734
Aug
6
34
AD
Sept
Oct
Aug
Star
Sept
Oct
Apr
Oct
Jan
Aug
43%
100
9855
82
7534
67%
72
59%
4155
53
42%
42
90%
89%
9855
73
3634
43
3,000
48
28,000
91% 22,000
9255 22,000
100
7,000
73% 6,00
3655
1,000
103 104
1024 102%
46
484
47
47
9955 100
43
47
a9251 9355
100% 100%
7755 80
70
7434
67
68%
61
6155
85
85
5,000 24
Jun
44
Aug
30,000 90 Jun 10054 Aug
27,00
83 Jun
984 Aug
34,000 56
July 85
Sept
1,000 5555 July r78
Sept
11,500 66
Sept 6734 Oct
31,000 34
May 8034 Aug
20,000 223% May 65
Sept
78,000 33
Sept 60
Aug
37,000 4055 Sept 71
Aug
11,000
5,000
20,000
1,000
31,00
18,00
5,00
4,00
47,000
11,000
100,00
8,000
2,00
1755
21
73
75
8554
55%
26
June 50
May 5935
May 91 54
May 9255
June 100
May
7955
Mar 4834
Jan
Aug
Aug
Oct
Oct
Aug
Feb
983.4
9535
21%
2555
884
424
724
96
56
50
4835
3055
64
Feb
Feb
May
June
Feb
Sept
Apr
Apr
June
June
June
June
Jan
104
103
4934
47
100
61
934
1004
9135
88
83
7434
88
Oct
Aug
Jan
Oct
Oct
Aug
Oct
Oct
Jan
Jan
Jan
Feb
Aug
Mar
Mar
Mar
Jan
Oct
Sept
7755
84
73
20
100
75
2,00
78
84
1,00
23,00
77
20
2.00
100
5,00
78% 23,001
63
75
55
10
91
57
Juno 00
July 95
Jan 79
May
3634
Jun 100
June 00
96
101
384
39
8034
94
94
9655 2,00
10114 6,00
40
14,00
4155 18,000
804 1,000
954 57,000
LOCO
94
82
91
16
164
71
72
88%
June 9
734 Sept
May 10154 Oct
July 62
Feb
July 63
Feb
July 86
May
May 96
Jan
Feb 04
Aug
274
24
104%
90
9934
9254
83
80
5155
67
48
198,000
8,000
7,000
15,000
46,000
18,000
28,000
44,000
15,000
65,000
45,000
54
55
77
52
80
62
5255
5735
36
46%
19
May 38% Jan
May 27
Jan
Jun 101% Sept
Jun
1:0
Oct
Jun
9951 Oct
Jun
924 Oct
Jan 83
Oct
Jun
80
Oct
Jul
60
Aug
July 26954 Mar
May 52
Aug
2,000
92
9,000
72
8,000
69
9,000
63
4,000
80
a8055 3,000
8455 8,000
7855 6,000
79
1,000
1,000
95
93
3,000
7255 73,000
77
57
5155
424
644
66
75
61
76
7055
704
48
Jun 1034 Aug
Jul
80
Aug
Apr 75
Feb
Jun
65
Jan
Jun
82
Aug
Jun a8055 Oct
Jun
86
Sept
May 82% Jan
Aug 84
Feb
Aug 95
Oct
Aug 93
Sept
June 7255 Oct
25
June
2155
40
90
794
7455
9255
75
may 55
July 66
May 97
May 99%
May 93%
June el01
May 91 55
90
72
66
62
80
77
83
77
79
95
9035
69
62
62
1,000
97
9734
91
534 55
74,000
6355 65
10,000
97
97
4,000
974 9855 7,000
91
9355 92,000
100 100
1,000
9154 9134 3,00
83
4614
92
92
1,000
824 6354 15,000
4651 5354 9,000
724
88
7231 78
844 90
804 8054
78
75
79
79
79
55
.524 55
774 7955
854 85
8655
91
90
854 86
63% 63%
45
45
45
82
814 824
51
5255
704 7055 71
58
56
61
88
88
100 101
81
81
102%
97
10334 10335
100
100% 1004
Hogs.
101
101%
102
101%
27%
39
54
464
n1234
84%
58
684
434
9955
9734
80
75%
63
65
54%
38
50
2
155
255
2
1044 104%
85
99
91
90
82
8055
7855 78
4935
6535 6535
47
47
66
Low,
53
96%
5655
864
5055
96
52
86
68
9755
80
Range Since Jan. 1.
80% July
6355 July
40
Aug
62
95
84
56
Sept
Oct
Feb
Oct
Sept
Oct
Mar
Oct
Jan
Jan
Sept
3,000
10,000
14,000
13,000
8,00
6,00
27,000
107,00
3,00
7,00
1,00
1,00
71,00
5,00
2,00
25,00
10,000
27,000
2,000
60
66%
62
584
68
3755
46
52
80
704
38
32
4855
28
5434
424
76
7334
68
June 82
June 96%
June 84
June 82
June 83
June 56
June 88
June 904
May 95
July 95
June 77
Feb 50
June 874
June 55
June 78
May 81
June 934
Jun 101
July
85
Jan
Jan
Jan
Jan
Sept
Mar
Mar
Mar
Jan
Jan
Aug
Aug
Aug
Aug
Jan
Mar
Mar
Oct
Mar
102% 2,000
97
2,000
10355 6,000
100
1,000
1004 18,000
9955
82
93
90
95
May
Jun
Jun
Ma
Au
Oct
Sept
Oct
Oct
Oct
102%
1004
103%
100
100%
Bonds (Continued)
-
2477
r 'taut,
Hales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High
Range St fee Jan. I.
Mph.
Louisiana Pow de Lt 5s 1957 8955 89% 90% 42,000 68
Mar
May 93
Manitoba Power 5545_1951 55
55
594 7,000 36% June 67% Sept
Market St El Pass 4s_ 1955
70% 7034
1,000 70% Oct 72
Sept
Niass Gas Co 5358_1946 90
90
22,000 65
93
June 9755 Jan
Sink fund deb 55.-1955 8655 8634 87% 29,000 64
June 9155 Sept
Mass UtIl Assoc 55 A.1949 8334i 83
8355
3,000 65
Jan
June 90
Massey Harris 55...A947 63
63
63
1,000 4855 June 63
Oct
Melbourne El Sup 755s '46
90
90
1,000 • 60
Feb 90
Sept
Memphis Pow & Lt 55_ _'48
100 10055 13,000 91% May 100% Sept
435s series C
1978
86% 88
3,000 8654 Sept 89% Apr
Metropolitan Edison 4s '71 80
7,000 65
June 80
Jan
55 series F
1962
94% 97% 117,000 85
855 Sept
Aug
Middle States Pet 6345.'45 33
33
2,000 24
33
Apr 3934 Aug
Middle West Utilities
Cony 5% notes
_1932
8
n9
4,000
154 May 8954 Jan
Cony 5% notes....1933
7% 8% 43,000
755
2
Jan
May 69
Cony 5% notes_ _ _ _1934
8
734 8% 21,000 z2
Jan
May 65
Cony 5% notes_ _ _ _ 1935
8
8% 10,000 z2
8
May 62% Jan
Milw Gas Lt 4555_ __ 1967 9834 97% 98% 13,000 88
June 100
Sept
Minneap Gas IS 4555_1950 84% 844 8455 31,000 62
June 89
Aug
Nfinn General El 55_1934
10155 10134 2,000 100
May 102% Apr
N11nn P & L 1st 5s_ _1955 88
88
90
7,000 70
June 91
Sept
1st & ref 44s
1978 824 824 84
15,000 67
June 84
Oct
Mississippi Power 5s_ _ 1955
75
25,000 5035 July 774 Mar
76
Miss Power & Light 5s '57 75% 7551 77
45,000 50% May 84
Aug
Miss River Fuel 6s_ _ _1944
•
With warrants
8455 85
29,000 62
Mar
July 90
Without warrants
83
83
3,000 61
June 84
Mar
Miss My Power 1st 58 1951 10255 102 10354 6,000 865 June 1034 Oct
,
1
Missouri Pr & Lt 545_1955
9154 92
6,000 68
July 92
Aug
hfissouri Public Serv 55 '47
60
62
3,000 50
July 6034 Aug
Monon West Penn Pub Ser
1st Ilen & ref 54s 13 1953 75
7434 75
12,000 5454 May 8054 Star
Montreal L H & P Con
1st & ref 5s ser A....1951 9655 9634 96% 23,000 82% Feb 97
Sept
55 series B
1970 95
95
9534 37,000 8155 Feb 95% Sept
Morris Plan Shares 65_1947 46
46
3,000 41
46
Aug 65
NIar
Munson S S Lines 6355 '37
With warrants
94 11
21,000
435 June 24
Sept
Narragansett Elec 58 A '57 99
984 99% 42,000 89% June 100
Sept
Ss series II
1957 98% 9855 99% 69,000 96k') Aug 9955 Sept
Nat'l Elec Power 5s...1978
455 7
634
75,000
34 June 4655 Jan
Nat Pow & IS 65 A...2026 80
80
83% 19,000 5255 June 90
Sept
Bob 55 series B
'2030 664 65
69
25,000 4054 June 80
Jan
Nat Public Service 55 1978 23
20% 2454 544,000
531 June 45
Jan
Certificates of deposit__
1955 2255 28,000 17
Aug
2434 Sept
Nat Transcont Ry 4%51955
90
90
7,000 75
May
90
Oct
Nebraska Power 455s_ 1981
98% 99% 92,000 88
Feb 9911 Oct
Deb Os series A
2022
97
13,000 75
99
May 99
Oct
Nevada-Calif Elec 55_1956 6634 6534 6915 35,000 5534 June 77
Jan
New Amsterdam Gas 5s '48 974 9735 973-4
1,000 90
July 9754 Sept
N E Gas & El Assn 55_1947 59
584 59% 56,000 4051 Apr 7051 Aug
Cony deb 5s
1948 Si
57
5935 15,000 40
A nil 70
Aug
Cony deb 55
1950 5855 58
5955 67,000 41
Apr' 72
Aug
New Eng Pow Assn 5s_1948 66
6555 6654 126,000 29% June 674 Jan
Bob 555s
1954 68
6954 117,003 30
67
June 7554 Aug
New Engl Pow 5s
1951 99% 99% 100
12,000 93
July 100
Sept
New On Pub Serv 455a '35 70
70
7,000 36
72
June 77
Aug
Income 65 ser A _ _ _.1949 55
55
5754 11,000 35% July 80% Jan
N Y Central El 534s 1050
8055 5,000 75
80
July 88
May
NY Chi & St Louis 68 '35 31
2755 32% 226,000 2055 Sept 3254 Oct
N Y & Foreign Invest
555s with warrants_1948
74
74
1,000 38 June 75
Sept
NYP&L Corp 1st 445'67 9235 92% 9355 206,000 73
May
93% Oct
N Y State G & E 4355.1980 87% 8655 8835 124,000 6651 June 90
Sept
Registered
86
86
1,000 85
86
Sept SS
Sept
545
1962
98
3,000 84
99
Aug 100
Aug
N Y & Westch Ltg 45_2004
9135 9155 3,000 7855 Apr 91% Oct
Niagara Falls Pow 65_1950 107
1064 107
6,000 101% Mar 107
Oct
Nippon El Pow 6154-1953 3955 3955 41
31,000 30 Jun
Feb
59
No American Lt & Pow
5% notes
1933 97
9655 97
23,000 8754 May 97
Aug
5% notes.'1934 88% 87
8855 18,000 6055 Feb 92
Aug
5% notes
1935 79% 7955 8035 26,000 55
July 85
Aug
5% notes
1936 79
78
79% 10,000 47% July 864 Aug
555s series A
1956 3954 35
4454 145,000 35
Oct 54
Sept
Nor Cunt Mil 548....1948
Nor Indiana G & E 68.1952
Northern Indiana P 8
let & ref 5s ser C....1960
55 series D
1969
44s series E
1970
Nor N Y Utilities 5s_ _1955
Nor Ohio Pr Lt 55411 1951
Nor Ohio Tree & Lt 5s 1956
No Rates Pr 534 %notes'40
Ref 454s
1961
Nortbern Texas Utilities
7s without warrants...'35
N-western Pow Its A._1960
N-western Pub Ser 55_ _'57
Ohio Edison 1st
Ohio Power 1st 65 B__1952
1st & ref 435sser D.1956
Debenture 65
2024
Ohio Public Service Co
-1st & ref M 65 ser C 1953
1st & ref 5s ser D._ _1954
1st & ref 535s ser E.1961
Okla Gas & Elec Is. _1950
65 deb series A
1940
Okla P & Wat 59 aer A _190
Oswego Falls 65
1941
Pae Gas & El Co
1st 6s genes B
1941
1st & ref Ss sec C...1952
5s series D
1955
1st & ret 434s E_ _ _1957
1st & ref 434s F
1960
Pacific Inves 55
1948
Pacific Light & Pow 55__'42
Pac Pow & Light 5s. _ _1955
Pacific Western 0116%6'43
with warrants
Palmer Corp La) 6s_ _1938
Penn Cent L & P 4346_1977
Penn Eke 40 ser F__ _ _1971
Penn Ohio Ed 55511 B.1950
Deb Os series A_ _ _ _1950
Penn-Ohio P & L 5451954
Penn Power 58
1958
Penn Pub Serv 65 C 1947
Penn Telco 55 C
1960
Penn Wat & Pow
455s series 13
1968
1st mortgage Ss.. 1940
Peoples Gas Lt & Coke
454% serial notes 1935
% serial notes...1936
68 series C
1957
Peoples Lt & Pow 55.-1979
Phila Electric Co to. .1966
Finn( Elec Pow F 55s_ _ 1972
Phila Rapid Trans 6s.1962
Piedmont IIydro El Co
1st & ref 6555 el A__1960
Piedmont & Nor Ry 551954
Pittsburgh Coal 6s...1040
Pittsburgh Steel 6s _ _1945
Poor & Co 6s
1939
Potomac Edison 5s E_1956
36
3855 15,000
9754 99
2,000
21
May
9034 July
82
8255
74
81
9755
94
85%
91
8254 7,000
1,000
82%
3,000
75
1,000
81
25,000
99
9454 2,000
90% 5,000
9334 86,000
62
64%
6254
77
85
79
75
79
Jun
Jun
May
Au
Jun
Jan
May
Apr
874
88
8255
86
39
97
9335
9354
Jan
Jan
Aug
July
Oct
Sept
Aug
Oct
8434
19
76%
9655 9535
102
102
9.515 9434
,
91%
84% 6,000
2,000
20
9,000
78
9655 31,000
10234 42,000
95% 54,000
915g
,
1,000
54
76%
80
83
74
70
Jun aS6
Slay 43%
Sept 78
May 9655
June 102%
June 95%
July 914
Sept
Mar
Oct
Sept
Oct
Oct
Oct
91
8154
85%
86%
0,000
95
8354 7,000
8655 14,000
8755 58,000
11,000
81
2,000
63
59% 3,000
70
65
70
67
60
43
35
June
June
June
Slay
June
June
June
95
884
874
90
83
69%
63
Oct
Jan
Aug
Sept
Aug
Aug
Sept
107% 108% 22,000 100
105
104% 105% 55,00
9434
102
10155 1024 60,000 91
954 95% 964 72,00
8255
9534 95% 9655 49,00
82
714 7155 714 9,00
63%
106 106
4,00 100
71
71
72% 24,00
5034
June
June
May
May
May
Aug
June
June
10834
10555
1024
9655
9651
7155
106
85
Sept
Oct
Oct
Sept
Sept
Sept
Oct
May
6355 a63
6455
734 78
76
7554 794
7355 74%
7335 73% 75
80
80
100
9955 100
9855 08% 9955
9055 91
95
95
95
June 7134 Mar
Sept 78
Oct
July 85
Aug
July 7734 Sept
May 8335 Apr
June 844 Nfar
May 10051 Mat
June 994 Oct
June 100
Aug
July 95
Aug
98%
9451
85%
91
20
95
8135
,
8655
7834
60
63
58
42,00 z47
16,00
73
10,00
614
32,00
6434
14,00
41
1,00
55
54,000 84
36,000 81%
4,000 86
3,000 8434
9854 97
98% 37,000 85
10335 10354 105% 6,000 100
4935 Sept
99
Oct
July 984 Oct
Apr 10555 Oct
994 9934 9955 5,000 76
July 100
9855 99
6,000 7555' July 99
1014 101
10255 377,000 9755 Aug 1024
2
254 16,000
1
June
654
107 107% 7,000 10154 Apr 107%
106
10534 1064 35,000 98
June 10634
50
50
1,000 38
Aug 684
65
6155 65 110,000 3434 May 65
65
14,000 50
68
Slay 7055
7754 7735
1,000 68
June 90
66
65
66
4,000 55
July 85
0234 6355 9,000 40
May 70
8634 86
86% 23,000 70
July 90
Sept
Oct
Sept
Aug
Oct
Oct
Jan
Sept
Aug
Sept
Jan
Mar
Mar
Financial Chronicle
2478
Bonds (Corainuea)-
Sales
Prtaa
Last Veers Range !or
Sale
of Prices.
Week.
High.
Price. Low
Range Since Jan. 1
Low.
High.
6,000 1014 July 104
Potomac Elec Pow 58 1936 1033/ 103% 104
1,000 1044 June 10654
1953
1064 1064
65 series B
584 59
3,000 37 June 65
Power Corp(Can)448 B'59
i•0
1,000 4234 July
74
74
Power Corp(N Y) 5555.45
June 98
1,000 67
95
1942
95
654E/series A
1.000 7055 Oct 7055
Security 65_ _ _ _1949 704 70;4 704
Power
7
Procter & Gamble 4558 '47 1033 103 1034 12,000 96% Feb 10 t55
32,000 154 June 68
53% 58
Prussian Elec deb 65 1954 54
2,000 10055 Apr ri124
111 112
Ws_
Pub Serv of N J
91
5,000 7055 July 91
91
Pub Serv of N H 455s B '57
Pub Serv of Nor Illinois
1st & ref 58
1956 8955 894 9134 22,000 7034 June e9131
23,000 70 June 90%
8755 89
1986 88
lot & ref 55 ser C
42
July
814 3,000 60
81
1st & ref 434s ser D_1978
62,000 60 June 84
81
79
lot & ref 4548 ser E_1980 79
78
July 83%
79
804 89,000 58
1st & ref 4545 ser 5.198
Aug 102
1937 90% 9955 10135 719,000 98
(155s series G
,
Pub Seri of Oklahoma
May 77
7355 77
3,000 56
7355
55 series C
196
22,000 5535 May 804
774 78
65 genes D
1957 78
June 7i
66
694 29,000 38
Pub Farr Sub 5555 A _1949 67
76% 32,000 56% June 62
73
Puget Sound P I.f 55s '49 73
7754
694 7055 17,000 53% July
1st & ref 55 ser C_ 1950
15t & ref 455s ser D.1950 65% 65
6755 4,000 52% June 73
80
82
1968
Quebec Power 58
Radio- Kelth-Orpheum
8555 92
65 full paid
194
87
88
Remington Arms545 1933
Republic Gas 65 June 15'45 1754 (116
184
14
Ctrs of deP
14
14
4434 4455 47
Rochester Cent Pow 55195:
994 10155
Rochester C. & E 58 E_1962 100
10255 10454
Rochester Sty & Lt 55_1954
42
47
Ruhr Gas Corp 6558..195:
42
39
41
Ruhr Housing R yis A.1958 41
72
Ryerson (Jos T) 5s___1943
70
8,000
4,000
2,000
20,000
1,000
47,000
54,000
15,000
51,000
11,000
9,000
70.34 July
40
53
7
7
1314
9454
92
13
15
5855
82
May 106
95
May
May 2535
June 24
June
Aug 10136
Aug 10135
May 47
May 41
June 8434
Oct
Oct
Aug
Aug
Aug
Oct
May
Oct
Aug
Oct
Sept
Sept
Aug
Jan
Aug
Sept
Oct
Aug
Aug
Aug
Mar
Mar
Oct
Jan
Sept
Aug
Aug
Aug
Oct
Oct
Oct
Sept
Jan
16
St. Louts U & Coke 65.1947 17
18
Safe Harbor Wat Pr 4 48'79 9754 973( 9855
San Antonio Pub Serv
1st m & ret 58 ser B.1958 804 8035 8154
San Diego Cons Gas & Elee
545series 13
10055 1014
1960 101
San Joaquin L dr Pow93
93
5sserles D
1957
Saucla Falls 58 ser A1955 10055 100 10155
6555 67
Saxon Pub Works 5s 1932
62
59
1937 59
68
Schulte Real Estate 65;35
13
11
11
Without warrants
624 66
Scripps(E W)Co 55551943 66
5955 6035
Seattle Lighting 55_ _1949
67% 7135
Shawinigan 3% a, P 445 '67 68
71
70
1st 455s series B_ _1963 70
1st 55 series C
1970 734 7355 78
71)4
67
1st 4545 series B...197b 67
70
7455
Sheffield Steel 5355_ _1948 70
29
29
Sheridan Wyo Cos 65 '47
Sine. Gel Corp 654'32
46
44
44
with we. rants
914 914
Sioux City G & E 68_ _1949
13,000
193,000
May
6
874 June
2554 Sept
9154 Oct
14,000
614 Aug
135
6855
4,000
7834
76
101% 1024
101% 102%
1014 102%
10455 1054
South Carolina Pow 55.'57
Southeast P & L Os__ _2025
Without warrants
Sou Calif Edison 5s___1961
1952
Refunding 55
Refundiag 55 June 1 1954
_1939
(ten & ref 55._
Southern Calif Gas Co
1957
1st & ref 58
1952
5555 series 13
1961
ref 445
1st &
Sou Calif (lam con)5.5_193:
Southern Gas Co 655s- 1935
Without warrants
Sou Indiana 0& E 5555'57
Sou Jersey G&E&Tr 53.53
Southern Natural Gas 654.
With privilege
-west Assoc Tel 58___1961
8
S'wedern DairPrd 655s'38
With warrants
Southwest0 & E 5s A.1957
1st mtge. 5s ser B___1957
Fou'west It & Pow 55_1937
So'west Nat Gas (55._ 1915
So'west Pow& Lt 65..2022
S'west Pub Serv 6s___1945
Springfield G & E 5s__1957
Staley (A E) Mfg 65._1942
Stand Gas & Elec 138_ .1935
Cony as
1935
1951
Debenture 65
Debenture 65.Dec 1 1966
Stand Invest 5155__ _ _1939
55 without warrants 1937
Stand Pow & Lt 8. _1957
.
Stand Telephone 555s 1943
Stinnes (Hugo) Corp
78 without wart Oct 1 1936
_1946
78 without ware
Studerbaker Corp 6s_ _1942
_1939
Sun 011 deb 5
Super Pow of 111 4548. '68
1970
1st M 445._
Swift & Co 1st m a f 58 1944
1940
0% notes
Syracuse Lt 55 ser B 1957
tat & ref M 545._ 1954
Oct 10154
Apr
Oct
2,000
15,000
25,000
50,000
8155 July 9354 Sept
844 May 10155 Oct
Sent
25% Jon 69
3755 July 6354 Sept
2,000
7,000
7,000
37,000
15,000
29,000
20,000
6,000
1,000
10
52(4
54
55
65
61
5'2
48
13%
40,000
3,000
June
24
8955 Sept
July 42
June 7035
1'655
Aug
Aug 76
Aug e76
Aug 86
June 75
Aug 75
July 3735
Feb
Mar
Aug
Mar
Mar
Mai
Mar
Aug
Aug
Sept
(5
9154 Oct
70
Mar
47
June
13,000
49,000
38,000
49,000
17,000
44
94
9355
93
9835
June 8655 Aug
Feb 1)1255 Aug
Feb 102% Oct
Feb 10254 Sent
Feb 10555 Sept
101
9354 6,000
1,000
101
8854 14,000
8854 6.000
82
86
70
7155
July 934 Sept
Feb 10134 Sept
May 8855 Oct
June 8855 Oct
100
8.000
844 86
100 101% 06,000
1,000
10135 10135
684
76
1024
10255
10235
10434
68
934
101
88
8855 8751
47
4951 35,000
46
1,000
5735 574
62 June z93
9334 Aug 102
July 103
95
254 July
June
30
Aug
Sept
Aug
5034 Aug
Jan
60
Oct
Sept
4
58
73%
474
114
3555
60
724
45
324
35
30
30
5055
50
26
27
May
Apr
Aug
June
May
June
Aug
July
July
June
June
June
May
May
June
June
Niar
735
8155
79
79
39
81
72%
82
7255
8355
83
7754
73
71
75
70
51
Aug
Aug
.15,1
Sept
Oct
Oct
Aug
Aug
Aug
Aug
Oct
Sept
Aug
Jan
73,000 22
41
n46
40
4255 85,000 174
52
55% 238,000 52
99% 100% 13,000 86
75
7655 41,000 5454
7635 25,000 52
7554 75
4
,
10155 1014 10134 28,000 921
99,000 67
9135 94
93
19,000 84
10354 103% 104
1054 1054 1,000 100
Mar
June
Oct
Jan
July
Apr
June
May
Apr
June
47
46
604
1004
80
70
103
95
104%
10554
Sept
Sept
Sept
Oct
Aug
Aug
Aug
Mar
Sept
Oct
78
67
42
3255
63
8
67
90
704
46
81
35
244
June 924
July 8635
2
May
June 58%
May 814y$
Apr 25
June 92%
June 103
July 94
July 6835
July 101
AM' 234
May 41
Mar
Sept
Oct
Aug
Aug
Aug
Feb
Sent
Mar
Sent
Oct
Jan
Aug
31,000 10
79,000 94
13,000 90
93.000 84
4,000 z81
6,000 914
14,000 32
11,000 1455
12,000 19
22,000 30
20,000 52
14,000 31
40,000 324
11,000 5955
5,000 34
2
7,000
June 37
Aug 103
Feb 101%
May 99
Aug 924
June 91)
June 75
63
May
5255
Stay
70
May
July 85
June 713-4
June 6855
July 88
July 88
29
AD
Aug
Sept
Oct
Oct
Oct
Sept
Oct
Oct
Oct
Aug
Jan
Aug
Jan
Mar
Aug
Jan
77
764
64
31
71
59)4
58
50
50
49
755
7635
76
64
30
664
71
82
71
5934
58
49
50
71
71
484
36
755
784
774
7035
32
6854
71
82
72%
65
66
5755
55
71
71
55
3855
5,000
26,000
6,000
7,003
28,000
14,000
1.000
1,000
6,000
32,000
16,000
64,000
61,000
1.000
3,000
89,000
13,000
4134
40
53
1004
Tenn Elec Power 55_1956
1970 85
Tenn Pub Serv 55
Terni Hydro Elec 65551953 70%
TeX118 Cities Gas 55...1948 50
Texas Elec Service 55.1960 87
Texas Gas UM Os... _1(45
Texas Power & Lt 55 1956 90
1937 102
Si
2022
Deb 62
Power 55 1970 68
Tide Water
1977
Toledo Edison 5s
Tri-Utilitles deb 55 .._1979
Twin City Rap Tr 555s '52 35
92
85
69;5
50
864
18
90
102
90
67
9955
55
34
92
86
72
524
88
1955
9154
10255
90
68
101
4
37
24
22
1944 22
Ulen Co deb Os
Union El L & P. Mo)5e 1957 1004 10055 102%
1967 1004 1004 10135
5s series II
99
Un Gulf Corp Sc July 1 '50 984 984 924
92
Union Term (Dallas) 55 '42
9755 9755
Elec(NJ)48..1949
United
8724 75
United Elec Service 75 1956 75
53
50
United Industrial 6545 1941
5255
51
1945 51
1st 68
56
United Lt & Pow 6s._ _1075 544 54
7655
75
545.___April 1 1959 75
Jet
61
57
1974 57
Deb ft 6 45
59
56
1952 56
1.1 & RY 5545
Un
1952 8355 834 844
65 series A
56
54
1973 54
65 series A
94 104
Serv 65_ _1942
United l'ub
9,000 10054
4,000
11,000
45,000
8,000
76,000
12,000
43,000
17,000
5,000
17,000
36,000
5,000
38,000
sept
Oct. 8 1932
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
3
Bonds (Concluded) Par. Price. Low. High.
U 8 Rubber
9355
3
92
-year 6% notes_ ___1933 93
63.4% serial notes ___1933 9935 99% 99%
564 58%
64% serial notes_ .1935
55
53
61.4% serial notes___1936 53
5454 54%
655% serial notes__1938
53
53
655% serial notes__1939
655% serial notes. _1940
53
53
Utah Pow & I.t 655erA 2022 6934 69% 70%
Utica Gas & Elec 55_1952 100% 99 100%
65
65
Valvoline Oil 7s
1937
Van Camp Pack 65___1948 12% 1254 18
Va Elec & I'ower 55_ _ 195.5 9655 96
965.5
.
Va Power 55
97% 97%
1942
Va Public Sery 555s A 1946 70
7255
70
1st ret 55 ser Et
69
66
1950 66
20 year deb Os
1946
,
034 6155
6
Waldorf-Astoria Corp
1st 75 with
__1954
754 114
9
Ctts with warrants
warr_9
8
Ward Baking Co 65_ _1937
sag sox
Wash Sty & El 45
1951 8635 8635 8655
Wash Water Power 55.1960 9734 9755 98
West Penn Elec 55___ _2030 6435 6234 67
West Penn Pow 4s ser It '61
9455 96
West Texas Uti I 55 A _ _ 1957 52
52
574
%Western Newspaper Union
Cony deb Os
1944 30
82931 31
Western United Gas & Elec
let 5558 ser A
1955 8.54 8555 89
Westvaco Chlorine Prod
1024 103
_Slar 11037
Deb 5
100 100
45._Wheeling Electric 58_ _1941
854
Wine-Minn Lt & Pow 58 '44 8554 85
92
90
Wis"Pow & I.t 5s F ._1958
1st & ref 58 ser E.._1956
8855 89
Wisconsin Public Service
94
95
TA
1942
9354 95
65 Series A
1952 95
9354
VadkIn My Pow 58_1942 88
88
85
85
York Itys Co 55
1937
Foreign Government
And MunIcin StiesAgrl Mtge Bk (Colombla)75
1946
75
1947
Baden (Consol) . _1951
Buenos Aires(Prov) 7345'47
75_Ext 78
April 1952
Cauca Valley 75
1948
Cent Ilk of German State &
Pray Banks 68 B
1951
Os series A
1952
Danzig Port & Waterways
63.4s July 1 1952
German Cons MUIlle 75.'47
Secured 65
1947
lianover(CIty)7s _1939
(
Ifanover Prov)6355..1049
Indus Mtge Bk (Finland)
let mtge roll 8 f 75..1944
Maranhao (State) 78.1058
1951
:Medellin is ser E
alendoza (Prov) Argentina
External 745 s f g__1951
Mortgage Bank of Bogota75(Issue of May '27) 1947
Mortgage Ilk of Chile 65'31
Parana (State) 75____1958
Russian Govt
1921
545
5545 certificates _ 1921
Rio de Janeiro 648_1950
Saar Basin Counties 751935
1945
Santa Fe ext. 75
]
Santiago (Chile) 75 ..1940
Range Since Jan, 1.
Low.
High.
94,000
6,000
27,000
4,000
1,000
2,000
8,000
000
7,
36,000
2.000
27,000
5,000
2,000
34,000
16,000
10,000
594
66
2755
2555
24
21
224
46
88
60
124
79
904
5255
50
3455
Jan 944
Jan 100
may 70
July 6555
Apr 62
Apr 62
Apr 62
June 76
June 10034
Sept 85
Oct 4034
97
July
July 9735
July 80
Jul) 76
June 704
Sept
Sept
A ug
Sept
Sept
Aug
Sept
Aug
Aug
Feb
Apr
Jan
Oct
Aug
Aug
Feb
9,000
7,000
5,000
4,000
47,000
53,000
18,000
54,000
355
4
73
834
83
3534
84
25
May
July
June
Sept
July
May
June
July
Jan
Sept
Sept
Oct
Sept
Aug
Oct
Feb
2034
12
113
8655
1
9. 55
043-4
96
65
8,000
144 Apr
35
Aug
25,000
624 May
90
Sept
11,000
1.000
11,000
3,000
3.000
99
95
76
6934
7155
Feb 10355 Sept
Oct
June c100
July 854 Oct
Oct
Julie 92
June 8055 Sept
2.000
2,000
23,000
1,000
94
75
78
72
Oct
May
June
July
Sept
Jan 39
June e3935 Sept
May
Sept
-;3
Sept
June 46
June 4355 Jan
May
15% Jan
Oct
95
Apr
95
944 Sept
8834 Aug
374
39
42
4434
37%
9
6,000
38
1,000
39
31,000
43
30,00)
46
6,000
39
104 12,000
22
21
1634
264
244
3
57
55
40
61% 54,000
6,000
12
23
May
1155 May
c134
42
43
4655
45
41
3935
42
46
45
41
39
43
52
49
4255
4154
15,000
50,000
107,000
10,000
30,000
2154 June
15
May
134 May
164 Julie
14
June
4454 Jan
Oct
52
Oct
49
-13 5 Sept
74
7455
74
631 6%
15
15
6,000
000
1,
1,000
49 June
44 July
931 May
75
10
19
Sent
Feb
Sept
27
224 29
21,000
2034 May
41
Apr
10
74
28
10
7
5,000
28
11,000
10
734 7,000
2954 Jan
9 June
33.4 June
Jan
3.7
Feb
in
1134 Jan
84
9855
2055
654
155 1% 20,000
155 15,000
135
000
855 955 9.
9855 9855 5,000
2054 21
6,000
654 64 1.000
42
4434
374
10
Oct
Oct
-1134 Oct
314 Au i
May
July
ra
Aug
Jan
June e16
,
Jan ,i, 4 Aug
Aug 3834 Mar
so. 13
Fe,
Deferred Delivery" males afteeti ig us I1488e
34
.%
3
83
13%
4
z See alphabetical list below for
for the year.
American Capital Corp. common class 11, June 14. 700 at 54
American Solvents tit Chemical 6345. w. w.. 1936, March 17. 31.000 at 1434.
Associated Gas & Electric 64, 1950, July 14. 33.000 at 8.
Bell Telephone of Canada 55, 1957. March 7. 39.000 at 9454.
Central German Power 6s 1934, Sept. 12. 53.000 at 51.
Central States Electric common. June 1, 100 at Si.
Cities Service deb. 5.4. 1950, May 28, $1.000 at 1634.
Coninierz-and-Privat Bank 545, 1937, May 28, 31.000 at 29.
Commonwealth-Edison 4555, series E. 1960, Sept. 1, 84.000 at 95.
Commonwealth dr Southern warrants, June 15. 500 at 55.
Continental G118 tit Electric 7% prior pref.. July 22, 25 at 42
Employers Reinsurance Corp., June 28. 100 at 14.
General Water Works & Elec. 65, Bede) B, 1044, June 6. 310.900 at 6.
Hamburg Elev.. Underground & St fly. 5545. 1938, May 25. $5.000 at 234.
Interstate Power 58, 1957, March 10. 35,000 at 70.
Interstate Equities Corp., May 21. 200 at St
Iowa Public Service 5555, 1959. Feb. 1, $1,000 at 84.
Middle Wed Utilities 55. 1934, May 28, 31,000 at 134.
Middle West Utilities 55, 1935, May 28, 95,000 at 135.
New Bradford OIL Feb. 8, 500 at 34.
Pacific Western Oil 6548, w. w.. 1943, June 7. $1.000 at 4654.
Public Service of Northern Illinois 7% pref.. April 5, 75 at 68.
Securities Corp. General. April 9. 300 at '2
Southern Gas Cu., 6558. 1935. Aug. 30, 81,000 61 64uper Power Co. its, 1961, June 7. 31,000 at 77.
Tri-UtIllties Corp. deb. 65, 1979. Feb. 1, 12,00081 34.
Union Terminal (Dallas) 53, 1942, June 14. $2.000 at 75.
• No par value. us Deferred delivery. I Correction. n Sold under the rule.
r Sold for cash. ta When Issued. X Ex-dividend. c-o-d Certificates of deposit.
corn Cumulative. cons Consolidated. vto Voting trust Certificates, eony convertible w, w, with warrants. m Mortgage.
See alphabetical list below for "Under the 1tule" Balm affecting the range for
e
the year.
Agricultural SItg Bk (Columbia) 78, 1947. Sept. 28, 31,000 at 44.
Blackstone Valley Gas & Elec. Is, 1939. May 19. 31.000 at 1024.
Blackstone Valley Gas & Elec. 55. 1931, Sept 21. 23.000 at 10634.
Cities service. rret. B. Jan. 11. 10 at 5.
Connecticut Light & Power 4558, series C, 1956, Aug. 30. 33,000 at 105.
Interstate Telephone fe. series A, 196m. Stay 9. 32,000 at 68.
Jones & Laughlin Steel 65, 1939. March 31. 33.000 at 10355.
Kansas City Gas 6e, 1942, March 1, 34,000 at 98.
NiplasIng Mines. March 23. 100 at 134.
PuhlIc Service Co. of No. Illinois 445. 1978. Feb 8. $1 000 at 85.
Public Service Co. of No. 11110018 5s, 1956, Aug. 24, 31.000 at 02.
Rio de Janeiro 6555. 1959, Jan. 18. $12.000 at 164.
Shawin.gan Water & Power 4545. serlem 11, 1968. March 10. 12,000 at 78.
at 102.
Sun 011 5s, 1934. Sept. 7. 31.000
,
sylvanite Gold Mince. Jan. 2, 100 at 34.
Edison 55. 1947. Apr 26. $1.000 at 94.
Toledo
United Light & Rye deb. 65, 1973, March 9. 32.000 at 6534
Universal Pictures. common, Sept. 28, 100 at 655,
)Welch Grape Juice common, Jan 27. 25 at 3754
Wheeling Electric 16. 1941, May 18. $1.000 at 101.
2479
Financial Chronicle
Volume 135
Quotations for Unlisted Securities
Public Utility Bonds.
Industrial Stocks.
Par
Alpha Portl Cement p1.
.100
Amer S P S 534s 1948..M&N
American Book $7
100
Atlanta G L 55 1947 __J&D
Bliss(E W)1st pref
50
Cen G & E 530 1933_ _F&A
lid preferred B
10
let lien coil tr 534s'46J&D
Bohn Refrigerator 8% p1100
1st lien coil tr (is '46.11A&S
Bon Aml Coil corn
Fed P S 1st 6s 1947_ _J&D
Brunsw-Baike-Col pref
•
Federated UM!5 Ms'57 IO&S
Burden Iron pref
III Wat Ser 1st 59 1952-1&J
Canadian Celanese corn....
Iowa So Util 5;48 1950..J&J
Preferred
100
Carnation Co $1.50 pref _100
Chestnut Smith corn
Preferred
Public Utility Stocks.
Color Pictures Inc
Columbia Baking corn.___*
Ask
Par Bid
Ask
Par Bid
1st preferred
35
Kansas City Pub Serv pref •
1
212
2d preferred
Arizona Power 7% pref_100
14
Kentucky Sec Corp com_100 _. .
:00
Congoleum-Nairn $7 p1_100
Assoc Gas & El orig pref._• I 0
16
6% preferred
• 13
100 10
35
86.50 preferred
Crosse & Blackwell corn....
19
Metro Edison $7 met B__
•_
• 13
75
Crowell Pub Co $1 corn new
$7 preferred
..
59
62
Atlantic City Elec $6 pref... 9612 ___ Mississippi P & L $6 pref.• $7 preferred
De Forest Phonofilm Corp
Bangor Hydro-El 7% p1.100 101 103 Miss River Power pref 100 85
ii- Doehler Die Cast Pref--•-•
Broad River Pow 7% pt_100 30Mo Public Serv 7% pref.100 14
_ s - Nassau & Suffolk Ltg pref._
C70
75
Dry-Ice Holding Corp
Cent Ark Pub Serv pret_100
74
Nat Pub Serv 7% pref A 100
2
4
Cent Maine Pow 6% pf _100 - - 83
ELsemann Magneto corn....
212 6
90
100 87
Newark Consol Gas_
Preferred
Cent Pub Serv Corp pret *
100
77
New Jersey Pow & Lt $6 pf • 02
80
Consumers Pow 5% pref..* 75
Gen Fireproofing $7 pf_.11.10
100 1012 9112 NY & Queens EL & P 0100 96
•
6% preferred
Graton 63 Knight corn
95 Pacific Northwest Pub Serv
100 3l3
10
6.60% preferred
Preferred
100
15
Dallas Pow & Lt 7% pref 100 9412 ___
6% preferred
Herring-Hall-Mary Safe_100
.
16
Prior preferred
2 Derby Gas & Elec Si pref._• 4o12 __
6
Howe Scale
Essex-Ilildson Gas
Philadelphia Co $5 pref..
100 135
57
Preferred
100
79
Foreign Lt 63 Pow units__
36
___ Somerset Un kid Lt____100 72
Industrial Accept com____•
100 911
95 South Jersey Gas & Elec_100 140 145
Gas Sr Elec of Bergen
Preferred
100
__ Tenn Elec Pow 6% pref _100 s 5
Hudson County Gas __i00 135
Locomotive Firebox Co__ _•
75
United G & E(N J) pref 100 48
Idaho Power 6% pref
Mactadden Publiens com_5
212
United Public Service pref
7% preferred
100 85
•
$6 preferred
Inland Pow & Lt 7% p1.100
3
6
Wash Sty & Elec com___100 300 400
52
Jamaica Water Supply pf _50 49
5% preferred
100 99
92
Bid
58
9
2812
431
4712
21
4912
76
65
Bid
Ask
Ask
6112 Louis Light 1st 5s 1953 _A&C) 99 103
Newp N & Ham 5s '44..J&J
1912 12
NY Wat Sec 58 14151_5I&N
33
81
71
73
463 Old Dom Pow 5s_May 15'51
4
Parr Shoals P 5s 1952_ _A&O 7312 7712
51
39
24 Peoples L & P 5145 1941 J&J 37
Ia12 Roanoke W W 5s 1950.J&J 6814 71
United Wat Gas & E 55 1941
80
74
76"
.
6712 Western PS 534s 1960 _F&A
Wichita Sty & L 5s 1932____
8412
Bid
00
61
Par
Merck Corp $8 pref
100
National Licorice com
100
National Paper & Type Co_
New Haven Clock pref 100
New Jersey Worsted pref...
Ohio Leather
1st preferred
2d preferred
Okonite Co $7 pref
100
Petroleum Derivatives
Publication Corp $3.20 corn.
$7 1st preferred
100
Riverside Silk Mills
•
Rockwood & Co
Preferred
100
Rolls-Royce of America...
Rosy Theatres unit
Common
Preferred A
Rubel Corp corn
Preferred
Solid Carbonic Ltd
Split:dart Beth Elec
Standard Textile Pro___100
5
Class A
100
45
Class B
100
90
50 Stetson (J B) Co $2 pref .25
14
1 1., Taylor Wharton Ir&St corn •
2
e
Preferred
100
13
19 Tenn Products Corp pref _50
3
6 TubizeChatillon 7% cu p1100
10
15 Walker Dishwasher com___•
White Rock Min Spring
4
27
$7 1st preferred
30
100
312 5
$10 2d pref
100
212 3, Woodward Iron
100
2
1212 1412
Ask
85
64
20
712
_
55
.29
-12 3112
25
25
ig
7
9
59 .65
ell
I.:5
2
4
10
3
4 2
res
1
212
14 114
98 101
2
22
18
85
95
11
, 1114
812
Bid
70
18
Ask
74
24
20
30
Sc
12
/0
55
_
1
9
x75
812
5
35
15
90
70
40
4
15
1012
45
1
212
12
2
75
4
1
63
4
23
1
1
4
10
15
10
4(4
3
512
5
10
x:33 14 96
214 CI
85
75
2
5
Chain Store Stocks.
Investment Trusts.
Par
Amer Bank Stock Corp_
_•
Amer Composite Tr Shares_
Amer & Continental CorpAmer dr General Sec cons A.
6% preferred
Amer lnsuranstocks
Assoc Standard 011 Shares
Ati & Pac !Merl Corp units
Common with warrants_
Preferred with warrants_
BancamerIca-131air Corp..._
Bankers Nat Invest's Corp •
Bancsicilla Corp
Basic Industry Shares
British Type Invest A ___ -•
Bullock
Central Nat Corp class A..
Class Ii
Century Trust Shares
Chartered Investors corn._
Preferred
Chelsea Exchange Corp A.
.
Class 13
Consolidated Equities Inc.
Continental Securities pref
Corporate Trust Shares
Series AA
Accumulative series....
Crum & Foster Ins Shares
Common 13
16
7% preferred
109
Crum & Foster Ins com____
8% preferred
Cumulative Trust Shares
Deposited Bank Shs ser N
Deposited Bank Shs ser A.
Deposited Insur Shs A
Diversified Trustee Shs A
13
Bid Ask
Par
178
218 Mass Investors Trust
•
4
8
Mohawk Investment Corp__
258 318 Mutual Invest Trust class A
4
7
Mutual Management conz.•
5
10
Nat Industries Shares A....
30
40
National Re-investing Corp_
1 4 21 1 National Shawmut Bank
1
338 37 National Trust Shares
8
di 21,, -- Nation Wide Securities Co_
Voting trust certificates
lz
12N Y Bank Trust Shares
234 314 No Amer Trust Shares
1011 1412
Series 1955
3
312
Series 1956
2
011 Shares Inc units
60c 80c Old Colony Inv Trust coin.
115 1238 Old Colony Trust Assoc Sh •
8
17
21
Petrol & Trad'g Corp el A 25
Si
3 Public Service Trust Shares
1612 1614 Representative Trust Shares
dill 212 Royalties Management_ _
50
53 Second Internet Sec Corp A
I
414
6% preferred
11-if 3-ts Securities Corp Gen $6 pre(
8
Is 17 Selected American Shares
5
10 Selected Cumulative Shs
1.75
Selected Income Shares
I 61 1.85 Selected Man Trustees She.
I 61 1,e5 Shawmut Association corn
Shawmut 13k Inv Trust
•
8
1012 Spencer Trask Fund
711
73 Standard All Amer Corp_
9
12 Standard Amer Trust Shares
78
82 Standard Collet Trust Shs_
2.70
Standard Invest 534% Pt-3 00
Standard Oil Trust Shares A
2714 114
Class B
23
4 318 State Street Inv Corp
714 -- Super Corp of Am Tr Shs A
512
AA
2 111 2.35
B
BB
35
8 4
Dividend Shares
1.09 1.17
C
Equity Corp cons stamped
dl
Equity Trust Shares A
2.10 2 35 Trust Shares of America
Five-year Fixed Tr Sh.tres...
Trustee Stand Investment C
23
4
Fixed Trust Shares A
614
D
•
5Trustee Standard 011 Shs A
Fundamental Tr Shares A..
3
Y8
3
Shares B
338 Trustee Amer Bank Shares_
3
Guardian Invest pref w war
Series A
4
.....
Trusteed NY City Bk Shs..
Gude-Winmill Trad Corp..
30
Huron Holding Corp
5
8
78 20th Century orig series...
Incorporated Investors_ _ __• 1258 1314
Series B
2
.... Two-year Trust Shares
Incorporated Invest Equity.
IndependenceTrust Shares. 1.70 2 00 Trust Fund Shares
Internet Security Corp(Am)
United Bank Trust
694% preferred
13
22 United Fixed Shares ser Y__
6% preferred
13
22 United Ins Trust
Investment Cool America._
284
2
U
& British International
7% preferred
Preferred
Investment Fund of N J.._
U S Elec Lt & Pow Shares A
Investment Trust of N Y
338 37
8
B
Investors Trustee ShareS
33
8
Voting trust Ws
Leaders of Industry A
212
Un NY Bank Trust C 3...
1,96 2.02 Un Ins Tr Shs ser F
2.08 2 14 US Shares ser H
Low Priced Shares
212
Un Com Tr Shs A 2
Major Shares Corp
di% 214 Universal Trust Shares.._.
Amer Brit & Coat $6 pret
Telephone and Telegraph Stocks.
Par Bid
Ask
Par
Cuban Telephone
7% preferred
Empire & Bay State Tel.101)
Franklin Teleg $2.50._ __lop
Int Ocean Teleg 6% _ ---100
Lincoln Tel & Tel 8%
New York Mutual Tel__ 100
_
V311
23
51
90
15
40
46
00
65
20
Bid
Ask
l37 .538
8
28
29
33
4 43
4
234
200 .
112
3012 3i47
8 558
2.50 2.63
918 95
8
33
4 414
1.75 ..
1.84 2.0
1.84 200
4
4,
212 3 4
,
11
6
fr
2.65
63, 6.75
is
112
18
531
180
5
25
8
3.80
63
4
4
1018
3.05
2.80
38
5
13
312
514
4112
2.60
1 55
2.70
.55
4 45
4.15
2,4
1.60
1.55
31 4
318
338
278
33
4
1.80
1 96
83
8
278
412
2
414
190
552
3
4.30
7
1118
43g
17
..32
4
4312
_
1 70
1.10
4.95
4.65
2s
8
185
1.80
312
1
14
414
2.70
97
8
318
412
4
334
2.04
Ask
/05
166.
ri•
105
Sugar Stocks.
Pal Bid
Ask
Elaytian Corp Amer
Ask
15
30
35
8
.
49
60
Federal Land Bank Bonds.
1115
13
83
85
85
85
93
10014
4s 1957 optional 1937_M&N
4s 1958 optional 1938_NI&N
434s 1956 opt 1936___J&J
J&J
494s 1957 opt '37
434s 1958 opt 1938___M&N
5s 1941 op,Ional 1931_ M&N
J&D
0413 1933 opt 1932
Ask
85
84
81
83
85
94
11.103
4
Bid
8?
87
8612
8612
8 '12
87
87
Ask
88
88
8712
8712
8712
88
£8
Par Bid
Manhattan Company____20 3414
Merchants
100
Nat Bronx Bank
50
National Exchange
36
16
g
Nat Safety Bank & Tr___25
4
Penn Exchange
25
Peoples National
100
Public Nat Bank & Tr ___25 28
Sterling Nat Bank & Tr__25
Textile Bank
34
10
w e 0io
100 2712
Tildh ffligt n:
Nat Bank 100
Yorkville(Nat Bank of)
.100 25
Ask
30
7614
494s
454s
454s
434s
430
4345
434s
1942
1943
1953
1955
1956
1953
1954
opt 1932_ _NI&N
opt 1933.___J&J
opt 1933____J&J
opt 1935___J&I
opt 1936____J&J
opt 1933____J&J
opt 1934____J&J
Pal Bid lAsk
11Sugar Estates Oriente pt 100 ____
New York Bank Stocks.
Par Bid
103
Bank of Yorktown
20 3PS
Chase
20 .1s
City (National)
Comm'l Nat Bank & Tr _100 160
Avenue
100 1175
Fifth
First National of N Y_100 1 555
Flatbush National
100
100
Grace National Bank
25
Harbor State Bank
Harriman Not Bk & Tr _100
KIngsboro Nat Bank __ _100 16.
95
Lafayette National
7
Ask
:55
3814
4;,
170
1275
1595
80
500
50
_
59 10
21
45
8
200
30
3
18
3
5
2
3
35
Trust Companies.
Par
Banat Comm Italians 17100
Bank of Sicily Trust____20
Bank of New York & Tr_100
10
Bankers
Bronx County
20
Brooklyn
100
Central Ilanover
20
Chemical Bank & Trust_ _10
100
Clinton Trust
Colonial Trust
100
Cent Bk & Trust
10
Corn Exch Bk & Trust. 20
County
25
Bid
Ask
146 151 1
17
15
300 320
6312 ( 512
15 ( 0
182 197
136 1140
3 02' 3312
24 I 3:
2412 2812
1 3 i 20
;
69
';2
20 I 22
Par Bid
Ask
Empire
20 253 273
4
4
Fulton
100 260 290
Guaranty
100 301 306
Irving Trust
10 2334 25 4
3
Kings County
100201(I) 2100
Lawyers Title & Guar 100 56
61
Manufacturers (new)____25 2;12 3012
Mercantile Bank & Tr WI __
314 514
New York
25 94 97
Title Guarantee & Trust_20 43
46
Trust Cool N s.
100
. 75
Underwriters Touit
8
10
20
United States_
100 1500 1600
Industrial and Railroad Bonds.
Bid
Adams Express 4s '47_J&D 57
American Meter 13.1 1946._
78
Amer Tobacco 4s 1951 F&A 93
Am Type Fdrs 6s 1937 M&N 67
/1&N 66
Debenture 13s 1939_11
Am Wire Fab 75 '42__M&S 95
Bear Mountain-Hudson
River Bridge 7s 1953 A&O 7512
Chicago Stock Yds 55 1961 62
1
Consol Coal 414s 1934 M&N
Consol Mach Tool is 1942 48
Consol Tobacco 4s 1951____ 90
59
Equit Office Bldg 52 I952__
e 7
Ilaytian Corp 841 1938
Journal of Comm 694* 1937 48
gans City Pub Serv 641 1951 26
Loew's New Brd Prop
J&D 751z
Os 1945
Ask
f669
50
7912
82
53
2712
7944
Merchants Rettig 6s 1937..
N 0 Cr No RR 5s '55..F&A
NY & Bob Ferry 55'46 J&D
N Y Shipbldg 5s 1940 _M&N
Pierce Butler & P 834s 1942
Prudence Co, Guar Coll
534s, 1961
•
Realty Assoc See 6s '37 _J&J
Securities Co of N Y 45_ _ _
61 Broadway 594s
So Indiana Sty 9s 1951 _F&A
Stand Text Pr 6345 '42 Ni&S
Struthers Wells Titusville
6;is 1943
Tol Term RR 434s '57 M&N
US Steel 5s 1951
Witherbee Sherman 68 1944
Woodward Iron 5s 1952 _Jduf
Bid
Ask
8512
ici
e17
6414
65
15
10
4612 48
43
40
50
61
60
2
49
22
44
77
114
7
40
82
ii
4312
Chicago Bank Stocks.
Par, Bld
Ask
100'
Central Republic
214 3
Continental Ill Bk & Tr-100 108 -110
100i 198 1201
First National
2
• No par value. d Last reported market. e Defaulted.
Ask
Par Bid
2 Miller (I) & Sons pref_ 115
_
7 MockJucLs& Voehringerpt10( 20
48
Murphy (S C) 8% pref. up
Nat Shirt Shops Del. at 100 ---35
20 N Y Merchandise 1st 151.11)0 75
16 Piggly-Wiggly Corp
•
4
90 Reeves (Daniel) pref._ _ _100 100
15 Rogers Peet Co corn.... 100
105 Schiff Co pref
100 45
MO
80
se
3
28
10
15
1514 1534
2.60 2.70
9
912
Bid
Northw Bell Tel p1694% 100 1,2
Pac & Ati Teleg US l%..25 10
Porto Rico Telephone
Roch Teiep $6.50 1st p1.100 109
So & Ati Teleg $1.25
25
• oo
Tri States Tel & Tel $6.
Wisconsin Telep 7% pref 100 102
Par Bid
Butler (James) common___
100
Preferred
40
Diamond Shoe pref
Edison Bros Storm' pref _100
Fan Farmer Candy Sh pf__• 16
Fishman (H M)Stores corn.
•
Preferred
Kobacker Stores pref___100
100
Lord & Taylor
100 55
1st preferred 6%
100 60
Sec preferred 8%
x Es-stock dividend. a Ez-dividend. y Ex-riabta.
Par
Harris Trust & Savings- _100
Northern Trust Co
100
Peop'es Tr & Say Bank_ _100'
Strauss Nat Bank & Tr 1001
Ask
715
3'S
Bid
300
375
_
85
95
1
2480
Financial Chronicle
Oct. 8 1932
Quotations for Unlisted Securities-Concluded
Prices on Paris Bourse.
Insurance Companies.
Quotations of representative stocks on the Paris Bourso
as received by cable each day of the past week have been
as follows:
Par
Aetna Casualty & Surety_10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Colony
10
American Constitution__ _20
American Equitable (new)_5
American Home
20
American of Newark__...2 14
American Re-insurance 10
American Reserve
10
American Surety
25
Automobile
10
BaltimoreAmerInsurance2 54
Bankers & Shippers
25
Boston
100
Carolina
10
City of New York
100
Colonial States Fire
10
Connecticut General Life_10
Consolidated Indemnity.--5
Constitution
10
Continental Casualty_ ....i0
Cosmopolitan Insurance. _10
Eagle
5
Excess Insurance
5
Federal Insurance
10
Fidelity & Deposit of Md..20
Franklin Fire
5
General Alliance
•
Glens Falls Fire
10
Glob.? & Republic
10
Globe & Rutgers Fire new..
Great American
10
Great Amer Indemnity____5
Halifax Insurance
10
Hamilton Fire
50
Hanover
10
Harmonla
10
Hartford Fire
10
Hart/ St'm Boller Ins&Ins 10
Home
5
Home Fire Security
Homestead
10
Ask
Bid
Ask
Par Bid
32
35
Hudson Insurance
17
10
2812 3012 Importers & Exp of N Y..25 10
1578 177 Independence Indemnity.10
8
41
21 1 - ;
3710 45 Knickerbocker (new)
4
7
5
1034 13 4 Lincoln Fire (new)
5
,
3
5
9 Lloyds Casualty
5
3
2
5
7
9
Voting trust certifs
3
2
5
9
6
Majestic Fire
5
2
5
9 Mass Bonding & Ins
7
25 2912 3412
734 9,, Merchants Fire Assur comb0 25
29
612
26
Merch & Mfrs Fire Newark 5
30
4
10
13 Missouri States Life
10
9
10
17
15
National Casualty
a 8
10
16
14
National Fire
37
10 35
27
8 378 National Liberty
338 478
2
35 National Union Fire
25
44
5 35
3411 365 New Brunswick
12
10 10
123 1438 New England Fire
8
13
8
le
90 IC() New Hampshire Fire
36
10 33
•8
6
New Jersey
14
12
20
37
34
New York Fire corn
10
7
10
3
412 North River
4
93 113
4
5
612
9 Northern
39
25 32
9 Northwestern National_ _25
7
90
12 Pacific Fire
35
25 25
5 Phoenix
4
10 401, 4212
5
6 Preferred Accident
9
7
5
45
50 Providence-Washington _10 1510 1712
40
45
Public Fire
312
5
1318 1518 Public Indemnity (formerly
21
Hudson Casualty)
1
32
30
Reliance Insur of Phila. _10
412 712
6
9 Rhode Island
43
4 634
10
107 127 Rochester American
30
25
z123 137 St Paul Fire dr Marine_ _25 101 1)16
8
8
6
Security New Haven
26
10 23
1012 1212 Springfield Fire & Marine 25 00
70
80 Standard Accident
45
50 15
2238 243 Stuyvesant
12
8
25
8
91 1 111 1 Sun Life Assurance
100 275 325
3434 3631 Travelers Fire
100 364 379
7
38,2 41,2 U S Fidelity & Guar Co__..2 5
1412 16
U
Fire
10 1712 1910
15
8 23 Westchester Fire new....
8
_10 1210 1412
812 10
Realty, Surety and Mortgage Companies.
Par
Bond & Mortgage Guar.
.20
Empire Title & Guar_...100
Guaranty Title dr Mortgage_
Home Title insurance... _25
Ask
Bid
2612 2912
40
'50
IS
14
Par
International Germanic Ltd
Lawyers Mortgage
20
National Title Guaranty 100
State Title Mtge(new) -100
Bid
15
10,,
712
15
Ask
20
121 1
1012
20
Bid
2
Ask
40
1
4
112
1,
2
Ask
Bid
3, 1,1
3
1
5
2
2
55
1 18
Kinner Airplane & Mot_
Sky Specialties
Southern Air Transport___ _
Swallow Airplane
Warner Aircraft Engine....
Whittelsey Manufacturing_ -
Short Term Securities.
Bid
8612
715a
92
A Sk
HUI
Ask
8714 Mag Pet 454s Feb 15 '30-35 100,1
Union 011 5s 1935____F&A
72
98, t.‘ 4
2
73921 1 United Drug deb Is '33 A&O
100 2
,
Water Bonds.
Bid
Alton Water 5s 1956__A&O 75
Ark Wat 1st Is A 1956_A&O 86
Ashtabula NV W 55 '58.A.40 76
Atlantic Co Wat 55'58_M&S 77
Birm W W181 5;49A'54A&O 90
Ist m 5s 1954 ser B__J&D 85
1st Os 1957 series C__F&A 84
Butler Water 55 1957__A&O 70
City of Newcastle Wat 5s'41 88
City W (Chat) 5s B '54 J&I) 87
1st Is 1957 series C_M&N
87
Commonwealth Water
1st Is 1956 B
F&A 85
1st m Is 1957 ser C F&A 85
Davenport W Is 1961 J&J 80
E S L & Int W 58'42
J&J
45
1St m 6s 1942 ser B J&J 90
1st Is 1960 ser D
F&A
76
Ask
88
80
75
89
83
80
Flunt'ton W let Os '54.M&S
1st m 5s 1954 ser B__M&S
Ss 1962
Joplin NV NV 5s '57 ser AMISS
Kokomo NV W 5s 1958.J&D
Monm Con W 1st 5s'56 J&D
Monon Val W 554s '50_J&J
['Odin) W NV 1st 5s '57.1VI&N
St Joseph Wat Is 1941.A&O
South Pitts Water Co
1st 55 1955
F&A
lat & ref 5s '60 ser A_ J&J
1st & ref 5,9 '60 ser it _J&J
Terre ll'te WW Os'49A J&D
1st m Ss 1956 ser 11_.J&D
Texarkana W lot 5s '58 F&A
Wichita Wat 1st Os '49 M&S
1st m 55 '56 ser
_F&A
1st m Is 1960 ser C.M&N
Ask
Bid
93
2
8612 813174
76
82
80
75
93
93
90
86
90
80
75
92
81
81
76
80
84,2
95
88
80
85
85
Railroad Equipments.
Atlantic Coast Line 69
Equipment 6145
Baltimore dr Ohio Os
Equipment 4545 de 5s..
Buff Roch & Pitts equip 6s_
Canadian Pacific 4 SO & 6s
Central RR of N J Os
Chesapeake & Ohio 65
Equipment 6145
Equipment Is
Chicago & North West 6s
Equipment 6345
Chic RI & Pac 4145 &
Equipment Os
Colorado AG Southern Os
Delaware dr Hudson Os._._
Erie 4349 Is
Equipment 6s
Great Northern 6s
Equipment Is
Hocking Valley Is
Equipment 6s
Illinois Central 434s & Is..
Equipment Os
Equipment 7s &
Bid
6 00
600
7.75
1.75
7.00
700
5.50
5.50
6.00
5.5
8.50
85
9 00
90
6.50
6.5
9 50
9.50
6.25
6.20
6 0(
6.00
8.5
8.50
5
Ask
5.50
5.50
6 25
6 23
6.50
6 00
4.75
4.75
5.00
4.75
7 5C
7 50
8 00
8 00
5.50
5.50
8.50
50
6 00
6 00
5.0
5 00
7 50
7 50
7 5';
Kanawha & Michigan Os_
Kansas City Southern 5345.
Louisville& Nashville O.
-Equipment 614s
Minn St P & SS M 434s & 5s
Equipment 634s & 7s _ _ Missouri Pacific 6545
Equipment Os
Mobile & Ohio Ss
New York Central 4345 kr 5s
Equipment Os
Equipment 7s
Norfolk dr Western 4 14s....
Northern Pacific 7s
Pacific Fruit Express 75_ Pennsylvania RR equip 5s.._
Pittsburgh & Lake Erie 6345
Reading Co 4 34s & 55
St Louis & San Fran 5s
Southern Pacific Co 4 As_ _ _
Equipment 7s
Southern Ry 4 Sis dr 56
Equipment(is
Toledo & Ohio Central Os...
Union Pacific 7s
Bid
7.25
9.00
6 25
6.50
10 00
10.00
10.00
10 00
10.00
7.00
7.00
7.00
4.75
6.50
5 00
5.25
7.50
5.25
9.140
675
6.50
9.50
9 50
7.00
4.75
Ask
13.00
7.50
5.50
6.25
8 50
8 50
S 50
8.50
8.1,0
5 50
5.50
5.50
4.00
5.75
4.00
4.75
6.75
4.75
8.50
5.75
5.50
8 50
8.50
6 00
4.25
• No par value. a And dividend. d Last reported market. e Flat price.
z Ex-dividend. y Ex-rights.
Credit
'162 110 1 :8gg 11:22 TM'
:5 ,115 431
445
449
437
-56
424
430
433
403
Illg
2,180
72
(
11:1%
2,140
71
Ing
2,150
71
12:Ug
2,140
69
---2:i2(
7
.1
1,1g11
200
1,12
200
1,Vg
190
1, J
F,
1
1-,14
N4
4,530
2,010
2,180
2,290
654
991
72
____
-4- 8
7
760
370
460
1,460
1,011
1,140
99
1,200
82.40
122.20
97.20
100.80
101.80
1,610
1,800
1,251
480
116
186
2,290
610
14,400
154
840
--ifi
gr 4:665
3 --
AMg
l 4,690
4,550
2,070
2,210
2,300
660
999
71
88
790
470
780
370
460
1,470
998
1,100
98
1,260
82.20
122.60
96.90
100.80
101.80
1,600
1.795
1,260
500
110
187
2,305
608
14,600
160
840
--.i'A
4,460
:igg
2
2,070
2,150
2,330
655
1,007
72
88
2
2,g0
2
991
69
89
-, ho '
T
,
Flo
790
370
470
1,470
1,011
1,100
102
1,280
82.60
123.50
96.60
100.80
100.90
1,640
1,765
1,265
510
110
101
2,330
610
14,700
166
850
,1 ?
1 )
2,250
--ai
----
-466
780
760
360
360
460
450
1,470
1,470
002
1,050
1,666
99
1.190
1-ii(5
81.90
18.70
123.00 122.80
96.30 96.20
100.90 100.80
101.90 101.90
1,560
1,510
1.795
1,260
490
-486
115
116
187
183
2.300
_
610
14,600 14:666
153
-iiiii
840
--ii
--78
____
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. Oct. Oct. On. Oct. Oct.
1.
Other Over-the-Counter Securities
Allis-Chal Mfg 5s May 1937
Amer Metal 510 1934 A&O
Amer Wat Wks Is 1931 A&O
Bank of)"- re.,
BanquedePariset Pays BasBanque d'Union Parislenne_
Canadiaa l'aelfle
Canal d • Suez
Cle Distr d'Electricite
Cie Generale d'E ectricite
Cie Generale Transatlantique...
Citroen B
Comptoir Nationale d'Escompte
COtY Inc
Courrleres
Commercial de France_
Credit Fonder de France
Credit Lyonnais
Distribution d'Electricite la Par
Eaux Lyonnais
Energie Electrique du Nord
Energie Electrique du Littoral
French Line
Galeries 1.afayette
HOLIGas Le Bon
DAY.
Kuhlmann
L'Air Liquide
Mines de Courrieres
Mines des Lens
Nord fly
Orleans Ry
Paris, France
Pathe Capital
Pechiney
Rentes 3%
Rentes 5% 1920
Rentes 4% 1917
Rentes 5% 1915
Rentes 6% 1920
Royal Dutch
Saint Cobain C. & C
Schneider & Cie
Societe Andre Citroen
Societe Francaise Ford
Societe Generale Fonclere
Societe Lyonnatse
Societe Marseillaise
Suez
Tubize Artificial Silk, pref
Union d'Electricite
Union des Mines
Wagon-Lit:
The Berlin Stock Exchange.
Aeronautical Stocks.
Alexander Indus 8% pref...
American Airports Corp....
Central Airport
Cessna Aircraft common...
Curtiss Reid Aircraft corn..
Oct. 1
Oct. 3 Oct. 4 Oct. 5 Oct. 6 Oct. 7
1932.
1932.
1932.
1932.
1932.
1932.
Francs. Francs. Francs. Francs. Francs. Francs.
Reichsbank (12%)
Berliner Handels-Gesellschaft (4%)
Cornmerz-und-Privat Bank A. G.(0%) -I)eutsche Bank und Disconto-Ges.(0%)--Dresdner Bank (0%)
Allgemeine ElektrIzitaets Ges.(AEG) (0%)
Gesfuerel (4%)
HonSiemens dr Halske(0%)
day
I. G. Farbenindustde (7%)
Salzdetfurth(9%)
Rheinische Bratinkohle (10%)
Deutsche Enloe'(4%)
Mannesmann Roehren (0%)
Hapag (0%)
North German Lloyd (0%,
Dessau Gas 7%
Berliner Kraft u. Licht 10%
Hamburg. Elektr.-Werke 855%
3.
125
90
53
75
62
31
71
115
96
168
173
71
52
17
17
4.
5.
6.
Per Cent of Par
125
125
124
91
92
90
53
53
53
75
75
75
62
62
62
32
32
32
70
69
69
117
118
114
95
94
93
167
166
164
170
170
169
73
73
72
52
52
51
17
16
17
18
17
18
7.
123
91
53
75
62
32
69
115
93
164
168
72
51
17
18
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
October 7 1932.
Bid
Anhalt 79 to 1946
37
Argentine 5%, 1945, $100pieces
55
Antioquia 8%, 1946
17
Bank of Colombia, 7%,'47 27
Bank of Colombia, 7%.'48 27
Bavaria 6148 to 1945
48
Bavarian Palatinate Cons.
Cit. 7% to 1945
38
Bogota (Colombia) 634,'47 j16
Bolivia 6%, 1940
Brandenburg Elec. 65 1953 5212
.
Brazil Funding 5%,'31-51 30
British Ilungarlan Bank
754s, 1962
130
Brown Coal Ind. Corp.
004s, 1953
50
Call (Colombia) 7%, 1947_
18
Callao (Peru) ni%, 1944_
17
Ceara (Brazil) 8%, 1947.. 1212
CitySavings Bank, Budapest, 75, 1953
f25
Dortmund Mun. Util 6s,'48 38
Duisberg 7%to 1945
37
Dusseldorf 75 to 1945
37
East Prussian Pr. 65, 1953_
44
European Mortgage & Investment 734s, 1966-- - 133
French Govt. 534s, i937. 104
FrenchNat. Mail SS.6s,'52 10410
37
Frankfurt 7s to 1945
German AU. Cable 7s, 1945 58
German Building & Landbank 634s%, 1948
46
Hamb-Am Line 6 34s to '40 4912
Hanover Harz Water Wks.
38
6%, 1957
Rousting & Real Imp 78.'46 46
Hungarian Cent Mut 75.37 132
Hungarian Discount & Exchange Bank is, 1963... /
25
Flat price.
Ask
42
Hungarian Ital Ilk 73-(s,'32
Koholyt 6348, 1943
60 Land M Ilk, Warsaw 8s,'41
20 Leipzig Oland Pr 6
'46
29 Leipzig Trade Fair 7s, 1953
29 Luneberg Power, Light dr
50
Water 7%, 1948
Mannheim & Palat is. 1941
42 Munich 7s to 1945
18 Muni° Bk,!loosen, 7s to'45
Municipal Gas dr Elec Corp
Recklinghausen, 75, 1947
5312
34 Nassau Landbank 6348, '38
Nat Central Savings Ilk of
33
Hungary 734s, 1962_
National Hungarian & Ind.
52
Mtge. 7%, 1948
Oberpfalz Elm 7%, 1946_ _
Ogdenburg-Free State 7%
to 1945
Pomerania Elec 6%, 1953_
30 Porto Alegre 7%, 1968....
42 Protestant Church (Ger42
many) 7s, 1946
42 Prey Ilk Westphalia Os, '33
46 Rhine Westph Elec 7s, 1936
Rom Cath Church 634s,'46
3412
C Church 1Velfare 76,'46
106 Saarbruecken M Ilk (is, '47
10510 Salvador 7%, 1957
42 Santa Catharine (Brazil)
8%, 1947
60
Santander (Colom) 7s, 1948
48 Sao Paulo (Brazil) (is, 1047
3212 Saxon State Mtge 6s, 1947_
Stem & IIalske deb Os, 2930
43 South Amer Rys6%, 1933_
49 Stettin Pub Util 7s, 1946
35 Tucuman City 75, 1951.
Vamma Water 510, 1957- _
27
Vesten Elec fly is. 1047.._
Wurtenberg 7s to 1945_ - -
Bid
Ask
17312
4412 4817
5112 5412
51
5312
37
38
40
48
47
37
46
53
51
42
38
62
43
65
138
40
12612
44
28
49
37
45
16
43
47
10
41
55
6112
62
47
6312
flb
4212
58
5412
6312
49
6612
17
14
5
113
16
Is'' 1014
58
55
305
335
49
48
47
50
16
20
67
3412 3712
52
50
Current eariung5
Iliouthtp,
uartertp anb IOW
pearl?.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES
.
Below will be found all returns of earnings, income and profits for current periods, whether
monthly, quar-yearly,that have appeared the present week. It covers all classes of corporat
terly or half
e entities, whether railroads, public utilities,industrial concerns or any other class and character of enterprise
or undertaking. It is all
Inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to
hand the present week.
It includes also those given in our issue of Oct. 1 and some of those given in our issue
of Sept. 24. The object
of this index is to supplement the information contained in our "Monthly Earnings
Record", which has been
enlarged so as to embrace quarterly and semi-annual statements as well as monthly
reports. The "Monthly
Earnings Record" was absolutely complete up to the date of issue, Sept. 23, embracin
g every monthly semiannual and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval
since then. The figures in most cases are merely for a month later, but there are also not a few instances of
additions to the list, representing companies which had not yet made up their returns when the Sept. number
of the "Monthly Earnings
Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishi
ng a reference to every
return that has appeared since the last preceding number of the "Monthly Earnings
Record." The latter is
complete in and by itself, and for most persons will answer all purposes. But to
those persons who are desirous
of seeing the record brought down to date every week, this further and supplementary
index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle"index in conjunction with the
"Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and
income,furnishing a cumulative record brought down to date each and every week-an absolutely unique
service. A further valuable feature
is that at the end of every return,both in the"Chronicle" and the "Monthly Earnings
Record," there is a reference
line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report
of the company was published.
Issue Of Chronicle
Name of CompanyVhen Published. Page.
Akron Canton & Youngstown
Oct. 1_2323
Alabama great Southern
Oct. 1-2326
Alabama Power Co
Oct. 1-.2330
Alaska Juneau Gold Mining Co
Oct. 8..2434
Alberta Pacific Grain Co., Ltd
Sept. 24._2177
Alton RR
Oct. 1..2323
Alton & Southern
Sept. 24__2164
American Fruit Growers, Inc
Oct. 1..2340
American Piano Corp
Oct. L..2341
American Ship Building Co
Sept. 24__2I78
American Smelting & Refining Co._ _Oct. 8_ _24.3
American States Public Service Co._Oct. 8..2484
American Sumatra Tobacco Co
Sept. 24-2178
American Water W'ks & El. Co., Inc.Oct. 8_ _2483
Amoskeag Co
Oct. 8._2497
Ann Arbor
Oct. 1..2323
A. P. W. Paper Co., Inc
Sept. 24-.2178
A P. W. Pulp & Power Co.. Ltd
Sept. 24-2178
Associated Gas & Electric Co_ _. __ _Oct. 8__2434
Atchison Topeka & Santa Fe Ry. Sys_Oct. 1..2327
Atlanta Birmingham & Coast
Oct. 8..2452
Atlanta & West Point
Oct. 1..2323
Atlantic City RR
Oct. 1._2323
Atlantic Coast Line
Oct. 1..2323
Atlantic Gulf & West Ind. SS.Lines_Oct. 1-2329
Auburn Automobile Co
Oct. 1__2329
Baltimore & Ohio
Oct. 1..2321
Baltimore & Ohio Chicago Terminal.Oct. 1..2323
Bangor & Aroostook RR Co
Oct. I..2327
Bangor-Hydro-Electric Co
Oct. 8_.2414
Barcelona Trac., Lt. & Pr. Co
Oct. 8__2184
Baton Rouge Electric Co
Oct. 8_ _2434
Beatrice Creamery Co
Oct. 1..2330
Beaumont Sour Lake & Western..._Oct. 1 .2325
Belt fly of Chicago
Oct. 8..2482
Bessemer & Lake Erie RR
Oct. 1..2323
Boston Elevated Ry
Sept. 24_2165
Boston & Maine RR
Oct. '..2327
Boston Personal Property Trust_...Oct. '.2330
Brazilian Trac., L. & P. Co., Ltd.__.Oct. 8__2414
British Columbia Power Co
Oct. 8__2439
British Type Investors Inc
Oct. 1.2330_
Brooklyn Eastern District Terminal _Oct. 1..2323
Brooklyn-Manhattan Transit Sys...Sept. 4_ 165
.
Brooklyn & Queens Transit System_Sept. 24._: 165
Brown Fence & Wire Co
Oct. 1..2342
Bunker 11111 & Sullivan M.& C.Co.--Oct. I...2330
Burlington & Rock Island
Oct. 5..2482
Cambria & Indiana
Oct. 1..2323
Canada Bread Co.
Oct. 1..2342
Canada Packers Ltd
Oct. I-2312
Canadian National Rye
Oct. 1_2327
Canadian Nat. Lines in New Eng.. Oct. 1..2321
Canadian Pacific Lines in Maine_ _ _Oct. 8..2482
Canadian Pacific Lines in VermontOct. 8_2432
Canadian Pacific Ry
Oct. 1-.2328
Central of Georgia
Oct. 1_ -2323
Central Illinois Light Co
Oct. 8..24,
14
Central RR. of New Jersey
Oct. 1..2323
Central Vermont
Sept. 4- 164
Charleston & Western Carolina-- Oct. 1_2:423
Chesapeake & Ohio Ry
Sept. ^4..2164
Chicago Burlington & Quincy
Oct. I..2323
Chicago & Eastern Illinois
Oct. 1..2323
Chicago & Erie
Oct. l..2324
Chicago Great Western
_Oct. 1. _2323
Chicago & Illinois Midland
Oct. 8..2482
Chicago Indianapolis & Louisville. _Oct. 1..2324
Chicago Mil. St. Paul & Pacific_ -.Oct. 1..2321
chicago & North Western
Oct. 1..2324
chicago River & Indiana
Oct. 8._2482
Chicago Rock Island & Pacific Sys_ _Oct. 1-2323
Chicago Rock Island & Gulf
1.2321
Oct
Chicago St. Paul Minn. & Omaha_Oct. 1_7324
Cinc. New Orleans & Texas Pacific_Oct. 1_2326
Clinchfield RR. Co
Oct. 1__2324
Cities Service Co
Sept.24-7146
Citizens Water Co
Oct. 8..2490
Colorado & Southern
Oct. 1..2321
Columbia Pictures Corp
Oct. I .2313
C.otumbus & Greenville
Oct. 1_2324
(The) Com'nwealth & South. Corp_Oet. 1..2330
Community Power & Light Co
Oct. 8..2484
Community Water Service Co
Oct. 8__2490
Compania Cubans
Sept. 24 .2168
Conemaugh & Black Lick
Sept. 24..2164
Connecticut Electric Service Co
Sept. 24_2166
Cons. Gas. Elec. L.& P. Co. of Balt Oct. l..2330
Consolidated Laundries Corp
Oct. 1_2330
Consumers Power Co_..
Oct. 1_2330
Continental Baking Corp
Oct. 8_ _2484
Counselors Securities Trust
Oct. 8__2484
Oct. 1..2343
Crown Central Petroleum Corp
ISM!Of Chronicle
Name of CompanyWhen Published. Pape.
Cuba Co
Sept. 24..2169
Delaware & Hudson RR. Corp
Oct. 1__2324
Delaware Lackawanna & Western Oct. 11_2324
(The)Den. & Rio Cr. West. RR.Co_ Oct. 1..2327
Denver & Salt Lake Ry
Oct. 8_ _2482
Detroit & Mackinac Ft,y
Oct. 1-2324
Detroit Street Rye
Sept. 24-2166
Detroit Terminal
Oct. 8-.2432
Detroit Toledo & Ironton
Oct. 1-.2324
Detsolt & Toledo Shore Line
Oct. 1..2324
Douglas Aircraft Co., Inc
Oct. l..2380
Dubiller Condenser Corp
Oct. 1..2344
Duluth Missabe & Northern
Oct. 8- _2432
Duluth South Shore & Atlantic__ _Oct. 1..2324
Duluth Winnipeg & Pacific
Oct. 1__2324
Dwight Mfg. Co_ _ _ ...
Oct. 1..2344
East. Massachusetts Street Ry. Co Oct.
1-2330
Eastern Steamship Lines Inc
Oct. 8 .2444
Eastern Texas Electric Co
Oct. 8__2484
Edmonton Radial fly
Sept. 24.-2166
Elgin Joliet & Eastern
Oct. I_ _2324
El Paso Electric Co. (Del.)
Oct. 8..2454
Emerson Bmmo Seltzer. Inc
Sept. 24..2166
Engineer's Public Service Co
Oct. 1..2330
Erie Railroad System
Oct. 1..2328
Erie RR
Oct. I-2324
Federal Grain Ltd
Oct. 8__2499
Federal Light & Traction Co
Oct. 1..2336
Federated Business Publishers Inc.Oct. 8..2500
Florida East Coast
Oct. I _ _2324
Fonda Johnst'n & Gloverle RR.Co_Oct. 1..2328
Fort Smith & Western
Oct. 8.-2442
Ft. Worth & Denver City Ry
Oct. 1_.2324
Ft. Worth & Rio Grande Ry
Oct. I. _2326
Fourth National Investors Corp._ Oct. 8_ _2485
Galveston Electric Co
Sept. 24-.2166
Galveston-Houston Electric Ry. Co.Sept. 24._2166
Galveston Wharf
Sept. 24_ -2164
Gamewell Co
..Oct. 1_2330
General Electric Co.. Ltd
Sept. 24_2180
Georgia RR
Oct. 1_2324
Georgia Power Co
Oct. 1_.2330
Georgia & Florida
Oct. 1.-2328
Georgia Southern & Florida Ry
Oct. i..2326
Gilchrist Company
Sept. 24-2181
Globe Grain & Milling Co
Oct. 8_ _2501
Grand Trunk Western
Oct. 1..2324
Great Lakes Utilities Corp
Oct. 8_ 2491
Great Northern Ry
Oct. 1..2324
Green Bay & Western
Oct. 8_ _2492
Greenwich Water & Gas System _Oct. 8..2491
Gulf Coast Lines .
Oct. 1..2328
Gulf Colorado & Santa Fe
Oct. 1..2323
Gulf Mobile & Northern
Oct. 1_ _2324
Gulf Power Co
Oct. 8_.2484
Gulf & Ship Island
Oct. 8__2442
Gulf States Utilities
Oct. 8_ _2445
Honolulu Rapid Transit Co.,Ltd_ _Oct. 1..2310
Houston Electric Co
Sept. 24..2167
Humberstone Shoe Co.. Ltd
Oct. 1..2345
Hudson & Manhattan RR. Co
Sept. 24..2167
Illinois Bell Telephone Co
Oct. 8_ _2485
Illinois Central System
Oct. 1_2325
Illinois Central RR
Oct. l..325
Illinois Power Co
Oct. 8..24,
35
Illinois Terminal
Oct. 8__2492
Indiana Harbor Belt
Oct. 8__2483
Int. Rya. of Central America
Oct. 1..2378
International Great Northern
Oct. 1..2323
Jamaica 'Aster Supply Co
Oct. 8..2492
Kansas City Power & Light
Co.... Oct. 1..7331
Kansas City Southern
Oct. I..232'
Kansas Oklahoma & Gulf
Oct. 8_.2432
(Rudolph) Karstadt
Sept. 24..2152
Key West Electric Co
Oct. 8_ _2415
Kresge Department Stores,
Inc
Oct. 8_ _2415
Lake Shore Mines. Ltd
Oct. 8_ _2502
Lake Superior & Ishpeming
Oct. 8_ _2412
Lake Terminal
Oct. l..2325
Lehigh & Hudson RR
Oct. 1..2325
Lehigh & New England
Oct. 1..232
I ehigh Valley RR
Oct. 1..2325
Leslie-California Salt Co
Oct. 8..2502
Lever Bros.. Ltd
Sept. 24_ _2182
Lexington Water Co
Oct. 8_ _2492
Long Island RR
Oct. 1_2325
Los Angeles & Salt Lake
Oct. I _.2323
Louisiana & Arkansas
Oct. 8..2482
Louisiana Arkansas & Texas
Oct. 8_.2482
Louisville & Nashville
Oct. 1..2325
Maine Central RR
Oct.
Market Street Ry. Co
Sept. 24.-2167
Mexican Light & Power Co
Oct. L _2331
Mexico Tramways Co
Oct. I_ _2331
Issue of Chronicle
Name of CompanyVhen Published. Page.
Midland Valley
Oct. 8._2483
Minneapolis & St. Louis RR
Oct. 1..2325
Minn. St. Paul & S. S. Marie
Oct. 1_2325
Mississippi Central
Oct. I_ _2325
Mississippi Power Co
Oct. 8_.2485
Missouri Illinois
Oct. 8..2483
Missouri-Kansas
-Texas Lines
Oct. l..2328
Missouri & North Arkansas
Oct. 1-.2325
Missouri Pacific
(3cC. 1_ 3 5
(Robert) Mitchell Co., Ltd
Oct. 8..2503
Mobile & Ohio
Oct. 1..2325
Monarch Knitting Co., Ltd
Oct. 8__2503
Monongahela Connecting
Sept. 24__2164
Monongahela RR
Oct. 1..2325
Moore Corp., Ltd
Oct. 8__2503
Nash., Chatt. & St. Louis
Oct. 1..2325
National Baking Co
Sept.24-.2183
National Breweries, Ltd
Oct. 8__2504
Nat. Com. Title & Mtg. Guar. Co....Sept. 24.-2184
Neild Manufacturing Co
Sept. 24_.2184
(The) Nevada-Calif. Electric Corp _Oct. 1-2331
Nevada Northern
Oct. 8__2483
New Brunswick Power Co
Oct. 1..2331
New Orleans & Northeastern
Oct. 1..2326
New Orleans Terminal
Oct. 1__2326
New Orleans Texas & Mexico
Oct. 1..3325
New Jersey & New York
Oct. 1-.2324
New Jersey Water Co.
Oct. 8__2493
New Orleans Great Northern
Oct. 8__2483
New Rochelle Water Co
Oct. 8__2493
New York Central
Oct. 1-2325
New York Chicago & St. Louis RR ..Oct. 1..2325
New York Connecting
Oct. 1-.2325
New York Investors. Inc
Oct. 1__2331
New York New Haven & Hart. RR Oct. 1-2328
New York Ontario & Western Ry _Oct. 1_2328
New York Railways Corp
Oct. 8__2485
New York State Railways
Oct. 8__2485
New York Susquehanna & Western _Oct. 1_ _ 2326
New York Telephone Co
Oct. I._2331
N. Y. Westchester & Boston Ry Co_.0ct. 1 __ 2331
Newburgh & South Shore Ry
Oct. I.._2325
Norfolk Southern
Oct. I_ _2326
Norfolk & Western
Oct. 1._2328
North American Co
Oct. I ...2328
North American Creameries. Inc.-- _Sept. 24__2184
North American Oil Consolidated-Oct. 8__2504
Northern Alabama
Oct
I_ _2326
Northern Pacific Ry
Oct. I. _2326
Northwestern Pacific
Oct. 8..2483
Ohio Edison Co
Oct. 1..2331
Oklahoma City-Ada-Atok
Oct. 8__2483
(The) Orange & Rockland Elec. Co Oct. I_.2331
Oregon Short Line
Oct. 1_.2327
Oregon-Washington RR.& Nay. Co.Oct. 1..2327
Oppenheim Collins & Co.. Inc
Sept. 24..2184
Pan American Petrol. & Trans. Co Sept. 24_2167
Panhandle & Santa Fe
Oct. I_.2323
Peerless Motor Car Corp
Oct. 1_1331
Pennsylvania RR. Regional System_Oct. 1..2329
Pennsylvania RR
Oct. I..2326
Pennsylvania Salt Mfg Co
Oct. 8_ _2504
Pennsylvania State Water Co
Oct. 8_.2494
Peoria & Pekin Union
Oct. 8_ _2483
Peoria Water Works Co
Oct. 8__2494
Pere Marquette
Oct. I. 2326
Phoenix Securities Co
Oct. 1__2348
Philippine Ry
Oct. 8__2483
Pittsburgh & Lake Erie
Oct. I_ .2325
Pittsburgh & Shawmut
Oct. l..2326
Pittsburgh Shawmut & Northern ._Oct. I.
.
Pittsburgh Steel Co
Sept. 24._2169
Pittsburgh & West Virginia
Oct. 1..2325
Plymouth Oil Co
Oct. l..232
Ponce Electric Co
Oct. 8__2485
Provincial Pacer, Ltd
Oct. 8__2505
Public Serv. Corp. of New Jersey .Sept. 24..2168
Puget Sound Power & Light Co
Oct. 5..2455
Railway Express Agency
Oct. 1..2311
Railway & Utilities Inv Corp
Sept. 24 2184
Rand Mines. Ltd
Sept. 24__21115
Reading Co
Oct. 1__2326
Reliance Grain Co.. Ltd
Sept. 24_2185
Reynolds Spring Co
Oct. 1..2312
Richfield Oil Co
Oct. 8..2455
Richmond Fredericksburg at Poto Oct. 1-.2326
Rio Tinto Co.. Ltd
Sept. 24_2185
Rochester Telephone Corp
Oct. l..2332
RutlandRR
Oct. 1.-2326
San Antonio Uvalde & Gulf
Oct. 1..2326
St. Joseph & Grand Island
Oct.
St. Louis Brownsville & Mexico - _Oct. 8_ _2483
1_2325
St. Louis-San Francisco Ry System_ _Oct.
1_ ..'329
Issue of Chronicle
When Publitted. Page.
Name of Company-.
St. Louis San Francisco Ry. Co__ __Oct. 1..2326
St. Louis San Francisco &Texas Ry _Oct. 1..2326
St. Louis Southwestern Ry. Lines_ _Oct. 1__2329
Oct. 8..2483
San Diego & Arizona
San Diego Cons. Gas & Elec. Co.___Oct. 8..24i5
Savannah Electric & Power Co-----Oct. 8__2186
Oct. 1_2326
Seaboard Air Line
Second National Investors Corp.-- _Oct. 8__2435
Oct. l..2350
Seeman Bros., Inc
Oct. 8__2486
Selected Industries Corp
Selfridge Provincial Stores. Ltd__ - _Oct. 1__2350
Singer (Sewing Machine) Mfg. Co.. Sept. 24..2186
Oct. 8_ _2506
(A. O. Smith Corp.
Oct. 8__2436
South Carolina Power Co
Sept. 24_2168
Southern California Edison Co
Sept. 24..2168
Southern Diaries. Inc
Indiana Gas & Elec. Co.Oct. 8_2456
Southern
Oct. 1__2326
Southern Ry
Oct. 1..2326
Southern Pacific Co
Sept. 24..2165
Southern Pacific Lines
Southern Pacific Steamship LinesOct. 8__2433
Previous Inc. (+) or
Current
Dec.(-).
Year.
Year.
Period
Covered.
Name
3d week September 3.578,030 3,832.248 -254,218
Canadian National
4th week September 4,760,000 3.825.000 -908,000
Canadian Pacific
-7,575
21,950
14,375
3d week September
Georgia & Florida
-23,648
202.230
178,582
Minneapolis& St. Louis 4th week September
2,576,340 3,001,201 -424,861
4th week September
Southern
468,994 -94,594
374,400
St. Louis Southwestern 4th week September
-38,946
356,340
317,394
4th week September
Western Maryland
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.
Length of Road.
Gross Earnings.
Month.
Inc. (4.) or
Dec.(-1.
1931.
1932.
365,522,091
336.182,295
375.617.147
369.123.100
366,417,100
369.133.884
376.314.314
274,976.249
266,892.520
289,633.741
267.473,938
42,711
25),3,
245,860.615
237.462.789
-90.545.842
-69,289.775
-85.983,406
101,649,162
-Wm:M.479
123.273.269
-138.851.525
Net Earnings.
Month.
January
February
March
Aprli
May
June
July
1932.
1931.
$
45,940,685
57.375.537
67,670,702
56.263.320
47.429.2111
47.008,035
46.125.932
$
72.023.230
66.078.525
84.706,410
79,185.676
qims2,518
89,688.856
96 983,455
1932.
1931.
Miles.
244,243
242.312
241.996
251.876
241.99:,
242.179
242,228
Miles.
242,365
240.943
241.974
241.992
242.163
242.527
242,221
Inc.(+) Or Dec.(-)•
Per Cent.
Amount.
$
26,082.545
-8.702,988
-17,035,708
-22.922.358
-33,r23.278
-42,680.821
-50.857.523
-36.21
13.17
-20.11
28.04
41.4S
--47.58
--52.43
Net Earnings Monthly to Latest Dates.
Atlanta Birmingham & Coast
1929.
1930.
1931.
1932.
August$426,321
$366,468
$283.896
$176.159
Gross from railway_ _ _
26,700
11.843
19.859
Net from railway_ _ _ _ -59.978
367
-21,539
50,866
74,888
Net after rents
From Jan. !Gross from railway_ _ _ 1,653.498 2,366,863 2,801,822 3,204,881
108.219
158,232
-340.169 Net from railway.... -418,815 -622,996 -425.925 -130,193
-623,155 Net after rents
Belt Ry. of Chicago1929.
1930.
1931.
1932.
August$766,076
$578.301
$464,192
Gross from railway... $328,669
296.140
205.982
137.399
103,015
Net from railway __ _ _
152.053
150,879
92.580
153,920
Net after rents
From Jan. 1
_ _ 2,562,758, 3.629,828 4.657,680 5.503,541
Gross from railway_
1,717.440
1,373.305
1,214.137
741,766
Net from railway....
1,214.434
1.221.494
925,526
778.245
Net after rents
Burlington-Rock Island1929.
1930.
1931.
1932.
August$201,507
$201,744
$77,098
$56,943
Gross from railway- _ _
-28.480
8.491
-13.773
-5,860
Net from railway_ _ _ _
-95,524
-30,641
-35,649
-19.796
Net after rents
From Jan 1
1,704.795
1,353,060
933,304
599,994
Gross from railway_ _ _
200,884
478,294
58.703 Net from railway.... -17,888
767,880 -108.938
-161.787 -176.371 Net after rests
Canadian Pacific Lines in Maine1929.
1930.
1931.
1932.
August$153.630
$144,291
$112,963
$85,499
Gross from railway...
-6,944
-21,569
-99,383
Net from railway _ __ _ -40,065
-29.787
-52,249
-67,308 -124,336
Net after rents
From Jan 1
2,059.475
1,773,121
railway... 1,236,532 1.496.778
Gross from
191,931
95,947
-85.675
47.945
Net from railway_ _ _ _
4 -110,553
,
-203,589 -338,684 -179,32
Net after rents
Canadian Pacific Lines in Vermont1929.
1930.
1931.
1932.
August$188.776
8194.785
$120,006
887,280
Gross from railway_ _ _
41.325
61,206
2,510
• Net from railway_ __. -2.992
297
26,714
-26,151
-28,618
Net after rents
From Jan 1
1,442,717
946.259 1,267.012
721.596
from railway_ _ _
Gross
91,433
40,018
-78,088
Net from railway_ _ _ _ -105.244
-314,995 -323,081 -237.816 -211,439
Net after rents
Chicago & Illinois Midland1929.
1930.
1932.
1931.
August$268.353
$259.971
$156,374
$231.003
Gross from railway_ _ _
63.025
69.234
54,655
29.907
Net from railway.
49,654
56,669
6.868
47.715
Net after rents
From Jan 1
1,944.727
1,995,204
1.805,640
from railway... 1,326,943
Gross
375.815
403.619
226,094
305,559
Net from railway_ _ _ _
300.320
300,340
83.612
202,205
Net after rents
Chicago River & Indiana1929.
1930.
1931.
1932.
August$623,482
$512,872
8437.203
Gross from railway... $347,419
300.311
242.089
186,637
203,131
Net from railway....
330,666
283,777
224,713
221.933
Net after rents
From Jan 1
from railway... 2.847.555 3,665,226 4.146,480 4,670,333
Gross
1,762,429 2,045.832
1,633,032
1.406.523
Net from railway_ _
1,857.340 2,062,916 2,378.408
1,615.189
Net after rents
1932
„issue of Chronicle
Issue of Chronicle
When Published. Page.
Name of CompoteName of COMDang-When Published. Page'
Oct. 1_2327
Oct. l..2350 Union RR
Sparks-WithIngton Co
Oct. 1_2329
Oct. 8._2483 Union Pacific System
Spokane International
Oct. 1-2327
Union Pacific RR
Seattle
Oct. 8__2483
Spokane Portland &
Oct. 8._2487
Oct. 1_ _2327 United Light & Power Co
Staten Island Rapid Transit
Oct. 1_2331 U. S. Smelt. Mining & Refining Co_Sept. 24_1168
Sutherland Paper Co
Sept. 24_2187
Oct. 8._2486 Universal Leaf Tobacco Co
Sweets Co. of America Inc
Oct. 1-.2327
Oct. 1..2339 Utah RR
Taiwan Electric Power Co.. Ltd_
Share Co
8..2486 Virginia Carolina Chemical Corp-Oct. 1..2352
Oct.
Telephone Bond &
Oct. 8..2486
Oct. 1__2327 Virginia Electric 8c Power Co
Tennessee Central Ry
Oct. 1..2327
(The)Tennessee Electric Power Co Oct. 1_2332 Virginia RR
Oct. 1..2327
Terminal RR. Assn. of St. Louis.....Oct. 1_2327 Wabash Iti
Sept.24-2168
Oct. 1__2325 Western Auto Supply Co
Texarkana & Ft. Smith
Oct. 8__2508
Oct. l..2327 Western Grain Co., Ltd
Texas Mexican Ry
Oct. 1_.2327
Oct. 8__2453 Western Maryland Ry
Texas & New Orleans
Oct. 8__2483
Oct. 1..232) Western Ry. of Alabama
Texas & Pacific Ry
Oct. 8_.2483
Oct. 8__2487 Western Pacific
Third Ave. Ry. Co
Oct. 8..2487
Oct. 8__2486 Western Public Service Co
Third National Investors Corp
Oct. 8..2495
Oct. 8..2483 Westmoreland Water Co
& Western
Toledo Peoria
Oct. 1_.2327
Oct. 8__2483 Wheeling & Lake Erie
Toledo Terminal
Oct. 8..2483
Oct. 8__2486 Wichita Falls & Southern
Tri Continental Corp
Oct. 8..2482
Oct. 8._2486 Yazoo & Mississippi Valley
Union Oil Co. of Calif
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
January
February
M arch
April
May
June
July
Oct. 8
Financial Chronicle
2482
Denver & Salt LakeAugust
Gross from railway.._
Net from railway_ _ _ _
Net after rents
From Jan 1
Gross from railway__ Net from railway_ _ _ _
Net after rents
1932.
$143,871
61,420
50.397
1931.
3269,709
162.886
148,094
1930.
8277.525
73,066
60,057
1929.
$342,073
171,675
160,195
1,069,507
405,525
312.120
1,316.340
438,287
353,706
1,864,862
453.528
393.823
2,297,700
796,439
770.590
Detroit Terminal1929.
1930.
1931.
1932.
August$218,610
8112.083
$57,739
$28,917
Gross from railway_ _
72,952
25,914
8.134
-8.531
railway....
Net from
54,226
12,145
-9,614
-23.668
Net after rents
From Jan 1
1,887,691
1,010,102
658,834
429,324
Gross from railway..
698,198
218,449
134,460
52,810
Net from railway._..
535,637
102.182
-28,583
-90,602
Net after rents
& NorthernDuluth Missabe
1929.
1930.
1931.
,
1932.
AugustGross from railway__ - $475.757 $2,080,370 $3,494,679 $4,618,966
1,237,130 2,342,098 3,317,458
98,385
Net from railway_
1,141,620 2,113,633 3.148,516
71,232
Net after rents
From Jan 1
Gross from railway_ _ - 1,391.408 7,862,667 15,152,395 19,518.817
1,422,246 7,256,868 11,386,439
Net from railway_ _ _ _-1,889,293
826,744 5,773,428 9,580,408
-1,954,034
Net after rents
Fort Smith & Western1929.
1930.
1931.
1932.
August
$118,079
$97,016
$61,010
Gross from railway_ _ $47,702
14.130
13,368
-4,218
Net from railway__
-969
100
623
-17,095
-10,094
Net after rents
From Jan 1
933,580
858,957
514.225
Gross from railway_ _ _
399.820
128,596
109,479
-9,857
-29,815
Net from railway_ _ _
16,471
-13,931
Net after rents
-91,752 -110,172
Green Bay & W
1929.
1930.
1931.
1932.
August
$174,185
$139,742
$124,404
893.224
Gross from railway_ _ 48,058
21,968
33,758
8,449
Net from railway_ _ _ _
32,036
9,296
26,510
214
Net after rents
From Jan 1
1,312,527
1,177,334
959,588
768.503
Gross from railway_ _ 316,155
286,691
145,006
86,447
Net from railway....
201,332
71,089
171,945
16,146
Net after rents
Gulf & Ship Island1929.
1930.
1931.
1932.
August$285,937
8130,459
$205,279
$76,195
Gross from railway--52,717
34,346
737
987
Net from railway....
3.664
-35,196
-14,477
-25,584
Net after rents
From Jan 1
1,834,522 2,177,508
1,172,222
686,024
Gross from railway...
331,775
297.652
9,157
-41.285
Net from railway_ _ _ _
-48,610
-70,032
-204,844 -379,988
Net after rents
Illinois Central System
Yazoo & Mississippi Valley1929.
1930.
1931.
1932.
AugustGross from railway_ _ _ $875,567 $1,515,813 31.678.473 $2,269,615
464,392
247,994
366,832
216,264
Net from railway_ __ _
234,255
123.572
37,052
-8,796
Net after rents
From Jan 1
Gross from railway... 7,518,000 11,398,635 15,674,332 16,794,107
Net from railway.... 1,573,312 1,514.783 3,290,259 2,729,045
800.151
-210.543 -782.843 1.109.007
Net after rents
Illinois Terminal Co1931.
1929.
1932.
1930.
August
$597,050
$716,269
$661,520
Gross from railway_ _ _ $350,318
225.953
208,751
93,801
229.270
Not from railway__ _ _
156,779
136,270
50,278
152,827
Net after rents
From Jan 1
Gross from railway..- 2,982,562 4,435,355 5,024,689 5,474,869
1,674,464
757,359 1.519,143
1,510,013
Net from railway_
1,040,139
344,521
11,06,207
932,973
Net after rents
Kansas Oklahoma & Gulf
1930.
1931.
1932.
1929.
August$240,278
$314,926
$248,838
Grossfrom railway..- $124,669
113.709
48,083
175,153
113.790
Net from railway_ _ _ 71,411
23,980
128,681
70,688
Net after rents
From Jan 11,773.734
2,055,029 2,413,815
Gross from railway_ _ _ 1,161,696
746,548
448,734
1,186.988
897,680
Net from railway_ _ -439,192
849,773
216,369
564,955
Net after rents
Lake Superior & Ishpeming1931.
1932.
1929.
1930.
August$402,826
$171,709
$47,748
8343,836
Gross from railway_ _ -2,621
78.602
248,500
213,918
Net from railway_ _ _ _
54,622
205,960
-19,144
172,068
Net after rents
From Jan 1
2,141,654
885,057
221,836
1,640,546
Gross from railway_ _ _
1.114,172
177,314
720,012
Net from railway _ _ _ _ -190,245
863,959
22,073
-316,194
446,407
Net after rents
Louisiana & Arkansas1932.
AugustGross from railway_ -- $332,466
106.570
railway_ _ _ _
Net from
70,612
Net after rents
From Jan 1
Grossfrom railway_ _ _ 2,690,557
749,059
Not from railway_ __ _
419,618
Net after rents
Louisiana Arkansas & TexasAugust
$58,920
Gross from railway..8,786
Net from railway_
-4,289
Net after rents
From Jan 1
385,403
Gross from railway__ 10,108
Net from railway_ _ -61.149
Net after rents
1931.
$566,372
250.851
168.874
1930.
$555,389
155,111
80,402
1929.
$729,750
258,049
143,627
3.865,377
1.412,011
879,372
4,836,900
1,481,940
774,591
5,091,861
1.551,810
784,017
1931.
$60,276
4,414
-3,673
1930.
$64,935
-99
-14,528
1929.
$88,235
-834
-18.813
485,837
10,853
-71,677
608,006
-46,349
-171,772
665.995
-6.609
-161,979
Midland ValleyAugust
Gross from railway_ _
Net from railway__ _
Net after rents
From Jan 1
Grossfrom railway_ _ _
Net from railway _ _ _
Net after rents
2483
Financial Chronicle
Volume 135
1932.
2116,801
53,046
40,792
1931.
2194,417
90,651
65,351
1930.
$276,631
123,329
89,834
1929.
2324,722
152.477
113,331
974,691
365,490
226.194
1,388,391
496,185
306.450
1.993,346
801,334
556.993
2,308,566
944,157
646.386
1931.
$136,335
48,427
30,070
1930.
$175,008
57,811
37.633
1929.
$212,434
86,742
65,265
915,660
221.766
105,823
1,251,842
342,566
213.265
1,511.325
551,824
369,365
1931.
232,776
972
-5,111
1930.
$62,351
28,280
21,856
1929.
$101.074
59,188
42,389
340.535
73,815
-225,986
534,635
227,548
162,350
930.838
590.029
451,532
1931.
$203,926
81.381
44.204
1930.
$246,124
79,263
37,958
1929.
$289,282
90,013
45,394
1,574,612
553,798
297.796
1.9.47,054
569.942
206.476
2,154,207
630,023
289,443
Missouri Illinois1932.
August
$70,159
Grossfrom railway_ _ _
10,610
Net from railway_ _
-352
Net after rents
From Jan 1
585.360
Gross from railway.. _ _
108,735
Net from railway_ _ _
12,249
Net after rents
Nevada Northern1932.
August$23,619
Grossfrom railway_
-1.002
Netfrom railway
-4,308
Net after rents
From Jan 1
220,597
Grossfrom railway-- _
$3,582
Netfrom railway
-24,194
Net after rents
New Orleans Great Northern1932.
AugustGrossfrom railway..-- $125,850
34,332
Netfrom railway
3,724
Net after rents
From Jan 1
1.090,798
Grossfrom railway
303,610
Netfrom railway
32.629
Net after rents
York Central System
New
Indiana Harbor BeltAugust1932.
Grossfrom railway_ __ $563,318
223,716
Netfrom railway
Net after rents
117,777
From Jan 1
Grossfrom railway - 4,779,094
1,595,725
Netfrom railway
849,414
Net after rents
Northwestern PacificAugust1932.
Grossfrom railway..-- $306.913
62.464
Net from railway_ _ _ _
27,425
Net after rents
From Jan. 1
Grossfrom railway_ -- 2,130.234
18,857
Net from railway_
Net after rents
-309,696
Oklahoma City-Ada-Atoka
August1932.
$26,158
Grossfrom railway_ -2.276
Net from railway
Net after rents
-7.850
From Jan 1
Grossfrom railway_ _ _
265.707
Netfrom railway
63,741
Net after rents
-31,155
Peoria & Pekin UnionAugust1932.
Gross from railway- -$68,328
Net from railway
9,224
Net after rents
20,274
From Jan 1
Gressfrom railway_ _
555,275
Netfrom railway
80,698
Net after rents
143,543
San Diego & ArizonaAugust1932.
Gross from railway- - $42,806
Net from railway....._
1.619
Net after rents
131
From Jan. 1
Grossfrom railway_ _ _
283,007
Net from railway _ -190,878
Net from rents
-223,345
Southern Pacific System
Texas & New OrleansAugust1932:
Gross fom railway
$2,460,151
Netfrom railway
321,941
Net after rents
-98.536
From Jan 1
Gross from railway _ _ 20,969,662
Netfrom railway
2,288,589
Net after rents
-1,465,468
Southern Pacific SS LinesAugust1932.
Gross from railway_ _ _
$341,133
Netfrom railway
-69,503
Net after rents
-70,337
From Jan 1
Grossfrom railway.. _
2.947,090
Net from railway
-711,370
Net after rents
-752,064
Spokane InternationalAugust1932.
Gross from railway__ $50,269
Net from railway_ _ _ _
-2,416
Net after rents
-9,707
From Jan 1
Gross from railway.. _ _
358,388
Net from railway_ _ _ _
-51,563
Net after rents
-110,696
Spokane Portland & SeattleAugust1932.
Gross from railway.. _ _ $475,834
Net from railway_ _ _
159,449
Net after rents
62.181
From Jan 1
Gross from railway_ _ _ 3,221,112
862,104
Net from railway..._
Net after rents
164.586
Toledo Peoria & WesternAugust
-1932.
$146.446
Grossfrom railway_
24.356
Net from railway_ _ _ _
9,299
Net after rents
From Jan 1
937,834
Gross from railway_ _ _
143.108
• Net from railway_ _ _ _
48,130
Net after rents
Toledo Terminal1932.
August
$52.264
Grass from railway.. _
3,396
Net from railway_ _ _ _
5,056
Net after rents
From Jan 1
504,039
Gross from railway_ _ _
84.213
Net from rail.% ay_
105,199
Net after rents
1931.
2747,397
241,138
117,380
6,240,462
1,762,856
1,035,134
1931.
$464,342
126,274
82,947
2,859,665
84,231
-278,570
1929.
1930.
$894,079 $1.150,374
507,422
300,988
362,779
208.674
7,316,260
2,333,468
1,677,978
8.543,762
3,090.800
2,182,199
1930.
1929.
5638,476 4 $720,813
246,641
258.821
201.973
210.115
3,805,872
481,242
135,092
4,049,904
505,904
179,325
1931.
245,252
8,633
-9,650
1930.
$61,359
13,054
-2,166
1929.
$124,041
33,077
10,421
473,521
150,010
13,699
610,928
102.347
-38,528
1,018,274
184.213
3,894
1931.
$86,967
7.486
12,851
1930.
$138,035
27,154
38,580
1929.
$165,749
55.670
56,130
754,984
78,002
148,684
1.106,090
194.575
228,761
1,192.459
325,943
334,777
1931.
$46,102
-8,456
-10,854
1930.
$68,986
3,390
-462
1929.
$83,950
9,165
4,739
788,283'
207.350
170,032
917,971
289,109
244.237
591,079
93,037
64,429
1930.
1929.
1931.
$4.061.764 $5,449,659 $6,467,514
1.746,591 2.091,106
1,142,991
1,123,787
1.451,970
659.131
32,022,630 41,366.203 48,915,456
6,058,132 8,755.827 12,101,516
1,919.868 4,038,525 6.979.733
1931.
$514.079
-55,728
-56,262
1930.
5679.646
31.936
30,648
1929.
$924,709
-80.131
-77.671
4.311,525
-655,791
-667.421
5.397,412
-355,795
-346,846
7.386,555
-22.367
-18,771
1931.
271.217
9,356
-602
1930.
$102,407
39,913
25.403
1929.
5133.485
56,642
46,189
533.872
82,804
10,515
636,645
128.315
44,302
836,114
249,554
157,692
1931.
$598.928
241,892
139,982
1930.
$777,073
284,138
177,654
1929.
$9913,426
465.847
342,946
4,215,844
1,463.356
709.925
5.296,608
1,617,960
803.832
6.194,508
2,294,435
1,486,655
1931.
$157.694
33,337
18.257
1930.
$195,488
77.107
56,720
1929.
$248,011
85.567
57,935
1,112,115
215,860
118,105
1.335,949
281,029
156,100
1,565,874
501,301
349.191
1931.
$75,891
14.140
20,817
1930.
$91,395
21,802
28,429
1929.
$147,818
43.923
47.533
697,705
139,712
221,382
755,495
122,980
179.580
1.096.422
364,275
418.175
Union Pacific System
St Joseph & Grand Island
1929.
1930.
August1931.
1932.
$372,408
$342,210
Grossfrom railway- -- $180.835
$265,370
142,993
136.573
84.228
Net from railway_ _ _ _
50,615
8.5,382
85.910
Net after rents
16,780
41,385
From Jan 1Gross from railway-- - 1,436,952
2,282,243 2,500,214
2,116,744
742.734
695,470
Net from railway__ _ _
525,060
417,519
424,076
377,976
181,602
Net after rents
169,022
Western Pacific1929.
1930.
August1932.
1931.
Gross from railway_ -- $962,218 $1,194,856 $1,628,578 $1,723,669
364,969
505,227
Net from railway_ _ _ 188.031
276,784
281,504
367,144
Net after rents
178,702
96,439
From Jan 1
Gross from railway--- 6,559,266 8,306,992 9.862.124 11,098,814
1.584,296
331,052
344,929
698.695
Net from railway__ - ..
1,184,258
-420,994 -333,033
30,957
Net after rents
Western Ry of Alabama1929.
August1932.
1931.
1930.
$241,766
$93,423
$171.881
$142.290
Gross from railway.-47.065
1,740
Net from railway_ _ - -14.053
8,533
41,814
256
-20,941
9.269
Net after rents
From Jan 1
828,1)20
1,726.214
1,984,073
1,319.882
Gross from railway_ _ _
307,998
99,366
292,109
Net from railway_ _ _ -110,194
220,810
57,419
-155,411
200,151
Net after rents
Wichita Falls & Southern1932.
1931,
1930.
1929.
August$47,582
$75,758
$109,288
568.285
Gross from railway...12,872
33.129
42.577
17,082
Net from railway......
5,251
24,331
26,765
7,083
Net after rents
From Jan 1
378,340
460,159
637.614
710,889
Gross from railway.....
112.508
176,550
236.804
Net from railway......91,785
30,150
43,920
154,890
86,760
Net after rents
-In the for
Other Monthly Steam Railroad Reports.
lowing 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.
(The) Philippine Ry., Inc.
Month of JulyGross operating revenue
Operating expenses & taxes
1932.
$27,840
31,986
1931.
$32,886
33.518
1930.
$36.850
40.159
Net revenue
Deductions from income:
Interest on funded debt
def$4,146
def$632
$3.309
28.497
28,497
28,496
def$32,643 def$29,129
Net income
Income appropriated for investment
in physical property
$31,805
$32,643
$29,129
$31.805
5587.460
418,414
$623,939
457.205
2761,337
550,751
$169,045
$166.734
$210,586
341,960
341,960
341,960
def$172,915 def$175.226
Net income
Income approp. for investment in
24,954
53,687
physical property
$131,373
-Dr
Balance
12 Mos. End., July 31
Gross operating revenue
Operating expenses & taxes
Net revenue
Deductions from income:
Interest on funded debt
58,699
$190.073
$197,868
$228,914
-Dr
Balance
rarLast complete annual report in Financial Chronicle April 23'32, p.3092
INDUSTRIAL AND MISCELLANEOUS, COS.
American Smelting & Refining Co.
(And Subsidiaries)
Consolidated biome Account Six Months Ended June 30.
1930.
1929.
1931.
1932.
$227,084 $5,265,571 $11,198,541 $16,750,709
Total net earnings_
Interest, rents, diva.,
780,320
948.029
711,909
402,533
commisions, &c
$629,617 55.977.480 512,146,569 $17,531.029
Gross income
803,050
883.948
784.915
692.500
Gen'l & admin. expenses
193,084
172,431
141,993
65,019
Research & examin. exp.
Corporate taxes(incl eat.
U. 8. & foreign inc.
398,408
1,462.976
14,662
108,917
taxes)
943,782
900,216
919,364
880,307
Int. on 1st mtge.5s
Deprec. & obsol. & ore
2,419.177 2.758.130 2,872.323 3,219,422
depletion
Net income
1st pref. diva
2d pref. diva
Common dividends
def$3,442.048 $1,265,174 $6,879,442 $10.947,501
1,750.000
1,750.000
1,750,000
875,000
113,151
500,000
600,000
3,659.880
2.744,910 3,659,880
Balance,surplus,for 6
def$4,817,048def$3,829.736 21,356,411 $5,537,621
months a
Total profit & loss,sur _ _ 16.550.619 33,710.882 45,637.578 40,820,205
Shares common stock
1,815.669
1,823.136
standing (no par)-1,828,644
1,826.886
$5.03
Nil
$2.74
Earnings per share
$0.22
a Before taking into account appropriation for metal stock reserve
amounting to $1,981.500.
IgrLast complete annual report in Financial Chronicle Mar. 5 '32. p. 1751
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of August- 8 Mos. End. Aug. 311931.
1932.
1931.
1932.
Gross earnings
$3,486472 24,122,067 245,698.181 $51.642,491
Oper. exps., maint. &
1.772.051
2,182,648 22.709.650 26,700.200
taxes
51.714.420 21,939,419 $22,988,531 $24.942,290
Gross income
Less-Int. St amortiz. of disct. ofsubs
$8,721.245 58.709.656
Preferred dividends ofsubsidiaries
5,641,265 5.635.704
Int.& amortiz. of disct. of American Water Works
1,307.836
1,317,755
& Electric Co.,Inc
Reserved for renewals,retirements & depletion-- _
2,665.393 3.322.795
Net income
Preferred dividends
$4.642,870 $5.966.297
1.200.000
1.200.000
Available for common stock
Non-recurring income
$3,442.870 $4,766,297
294.972
23,737,842
Total availal le for common stock
1.750.8.88
1.750.888
Sham es of corml•m.stock outstanding
$2.72
-:
harnInss per . .a*e
$2.14
r .1,ast complete annual report In Financial Chronicle Mar. 12 '22, p. 1942
2484
Financial Chronicle
Alaska Juneau Gold Mining Co.
Oct. 8 1932
Community Power & Light
-Month-1931.
1932-9 Mos.-1931.
Period End. Sept.30- 1932
$233,000
$315,000 $2,357,500 $2,929,000
Gross income
Net prof. after oper.exp.
& devel. chgs. but be•
fore deple., deprec. &
1,263.850
845,200
85,700
139,000
Federal taxes
10
-Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2340
American States Public Service Co.
1931.
1932.
12 Months Ended Aug. 31$1,834,563 $1,934,391
Gross revenue
Net profit after operating expenses ($852,802 in
1932) and int. charges ($427,350 in 1932 on 1st
572,585
554,411
lien 5%s
10
-Last complete annual report in Financial Chronicle June 25'32, p.4666
Associated Gas & Electric System.
Co.
(And Controlled Companies)
-Month of August- 12 Mos. End. Aug. 311932.
1931.
1932.
1931.
Consol.gross revenue_ _ _
$358,165
1103.310 $4,162.372 $4,501,398
Oper. exps. incl. taxes_ 197.095
232.812 2,393,995 2,622,367
Bal. avail, for int.,
amort.,deprec. Fed.
inc. taxes, dive. &
surplus
$161.070
$170,498 31,768,376 31,879,031
Ia"Last complete annual report in Financial Chronicle July 90 '92, p. 817
Continental Baking Corp.
(And Subsidiaries)
13 Wks.End 12 Wks End.
38 Wks.End.37 Wks.End.
PeriodSept. 1732. Sept. 1231. Sept. 17'32. Sept. 12'31.
Net income from oper $1.272,780 $1,786,767 53,736,863 $5,183,240
Other income
45,154
102,289
414,211
383,001
Total income
$1,317,934 $1,889,056 $4,151,074 35,567,241
Int. and amortization
32,992
66,719
97,738
210,176
Depreciation
517,670
586,216
1,581,995
1,845,730
Federal taxes
104,400
148,400
322,500
421,100
Minority interest
5,028
6,939
16,256
21,407
Consolidated Statement of Earnings and Expenses of Properties
Since Dates of Acquisition (Actual) Decrease
eo
Amount.
1931.
1932.
12 Mos. Ended Aug.31$75,810,627 $78,029,444 $2,218,817
Electric
9
,
Gas
877,056 21
3,221,962 4,099,018
Ice
122,934 6
1,991,649
1,868,715
Transportation
• 186,838 11
1,517,048 1,703,886
Heating
175,924 12
1,447,803
1,271,879
Water
Net income
Preferred dividends
Total gross oper. revenues_ _$100,723,3853105,895,628 $5,172,243 5
202.288
Oper. exp., maint., all taxes, &c 56,360,788 56,563,076
1,847,561x
Prov. for retirements (deprec.)_ 9,851,673 8,004,112
$34,510,924 $41,328,440 $6,817,516 16
Operating income
x increase.
-The above figures include the results of operations of substantially
Note.
the same properties in both period.
10
-Last complete annual report in Financial Chronicle July 9 '32, p. 285
9 Months EndedSept. 20'32. Sept.21 '31.
Net income after expenses
$20,111
322,281
Dividends declared
19,602
29.441
la
-Last complete annual report in Financial Chronicle Feb. 13 '32, p. 120/
-Month of August- -12 Mos. End. Aug.311931.
1932.
1931.
1932.
$201,598 $2,115,660 $2,268,687
Gross earnings- - _ _____ $166,705
998,875
932,808
85,143
75,749
Oper.expenses & taxes_ _
$116.455 $1,182,852 $1,259,812
$90,956
Gross income
274,456
300,877
26,190
25,671
Interest, &c
$995,356
$881,975
$90,265
$65,285
Net income_
295,846
306,787
Preferred stock dividend
138,576
138,627
Depreciation
$436,561
434,430
$560,934
431,830
$129,104
$2,131
Balance
1369
lerEast complete annual report in Financial Chronicle Feb. 20 '32, p.
Barcelona
Traction Light & Power Co., Ltd.
-Month of August--8 Mos,End. Aug.311931.
1931.
1932.
1932.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
earns.from oper_ _ 8,302,902 8,180,615 72,855,971 71,246,774
Gross
2,976,348 2,894,295 24,321,799 24,407.554
Operating expenses
5,326,554 5,286,320 48,534,172 46,839,220
Net earnings
.-The-above-figuresThave been approxims==s cloTely as possilil66iif
will be subject to final adjustment in the annual accounts. They are also
subject to provision for depreciation, bond interest, amortization and other
financial charges of the operating companies.
Baton Rouge Electric Co.
-Month of August--12 Mos.End. Aug.311931.
1932.
1931.
1932.
$108,208 $1,426,265 $1,410,535
$105,174
735,883
710,056
51,724
56,169
56,433
60,722
4,818
5,917
139,400
139,282
12,247
13,866
Gross earnings
Operation
Maintenance
Taxes
Net oper. revenue_ _
Inc.from other sources x
$29,221
14,528
$39,418
13,781
$516,204
$484,818
10,126
Balance
Interest & amortization
$14,693
$25,637
$516,204
170,927
$494,944
166,097
Balance
Reserve for retirements(accrued)
$345,276
115,000
$328,847
115,000
Balance
Dividends on pref.stock
$230,276
37.276
$213,847
31,288
$182,558
0115193,000
'
Balance for common stock divs.& surplus
x Interest on funds for construction purposes.
During the last 25 years, the company has expended for maintenance a
total of 6.93% of the entire gross earnings over this period, and in addition during this period has set aside for reserves, or retained as surplus
a total of 14.24% of these gross earnings. •
'Last complete annual report in Financial Chronicle Feb. 6'32. p. 1021
Brazilian Traction, Light & Power Co., Ltd.
-Month of August- -8 Mos. End. Aug 311932.
1931.
1932.
1931.
Gross earns.from oper- - $2,330,367 $2,817,714 $20,449,266 $24,660,072
1,024,378
Operating expenses
1,102,328 8.601,540
9,750,313
81,305,989 $1,715,386 $11,847.726 314,909,759
Net earnings
The operating results as shown in dollars are taken at average rates o
exchange. They have been approximated as closely as possible, but will
be subject to final adjustment when the annual accounts are made up.
The above figures are also subject to provision for depreciation and amortization. Owing to exchange and remittance difficulties the rate of exchange
adopted for the month is necessarily arbitrary although less than the
official rate which is nominal only. The existing conditions in Brazil are
reflected in the reduction in earnings.
Fa` Last complete annual report in Financial Chronicle June 25 '32, p. 4653
-
Central Illinois Light Co.
(The Commonwealth & Southern Corp. System.)
-Month of August- -12 Mos. End. Aug. 311932.
1931.
1932.
1931.
$325,051
$359,905 54,648,242 35,084,616
Gross earnings
Oper. exps., incl. taxes
188,764
maintenance
197.919 2,501,131 2,728,192
and
Gross income
Fixed charges
$137,287
Net income
Provision for retirement reserve
Dividends on preferred stock
$161,985 32,147,111 32,356,424
361,395
356,502
31,785.715 31,999,921
339,600
339,600
430,974
416,654
$1,015,141 $1,243,666
Balance
p. 2148
Last complete annual report in Financial Chronicle Mar. 18
Of
Counselors Securities Trust.
Eastern Steamship Lines, Inc.
Bangor Hydro-Electric Co.
Balance
Common stock dividend
3657,844 31,080,782 $2,132,585 33,067,825
937,589
2,890,901
Surplus
$657,844
$143,193 $2,132,585
$176,927
Fa"Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1018
Operating revenue
Operating expense
Operating income
Other income
Other expense
-Month of August
--3Mos.End. Aug.311932.
1931.
1932.
1931.
$1,330,737 $1,515,786 36,637,308 $7,664,754
788,663
874,297 5,672.074 6.220,427
542.074
641,489
965,234
1,444,327
9,465
2,977
60,936
40,776
73,790
55,117
532,854
450,661
Net income
8477.749
$589,349
3493,316 81,034,442
Last complete annual report in Financial Chronicle Apr. 30 '32, p. 3281
Eastern Texas Electric Co. (Del.).
(And Constituent Companies)
-Month of August--12 Mos.End. Aug.311932.
1931.
1931.
Gross earnings
$728.928
$845,949 $8,181,886 39.604,103
Operation
326,125
327,050 3,960,374 4,707,794
Maintenance
26,827
28,724
373,883
429,139
Taxes
54,950
62,398
569,550
727,009
Net oper. revenue_ __ _ $321,025
$427,775 33,27,,977 33,740.159
Inc.from other sources x
529
4,992
6,576
Balance
$321,025
8428,305 $3,282,969 $3,746,735
Int. & amort.-public.._
124,224
119,076
1,481.751
1,339,635
Balance
$196,800
$309,228 31.801,217 32,407,099
Int. (Engineers Public
Service Co.)
y32,770
34,849
410,634
429,009
Balance
$164,030
$274,379 $1,390,583 $1,978,090
Reserve for retirements (accrued)
733,000
732,829
Balance
$
657,
583 $1,245,260
Divs. on Prof. stock of constituent companies_ _
579,053
574,179
Balance
$78,530
$671,080
Divs.on pref.stk. of Eastern Texas Elec. Co.
(Del.)
42,448
Balance for common stock, divs. & surplus_ _ _ _
$78,530
$628,632
x Interest on funds for construction purposes. y After
interest requirements on 56,780,000 face amount of 6% giving effect to
income demand
notes.
The company and its predecessor companies have expended for
maintenance a total of 6.50% of its entire gross earnings and in
set aside for reserves or retained as surplus 10.01% of these addition have
This applies to the major portion of the property for thegross earnings.
last 20 years
and on new properties since their acquisition.
Last complete annual report in Financial Chronicle Feb. 6 '32, p.
1022.
El Paso Electric Co. (Del.).
(And Constituent Companies)
-Month of August- -12 Mos End Aug
.311932.
1931.
1932.
1931.
Gross earnings
3216.750
$270,905 32,964,011 33,561330
Operation
90,710
114,229
1,254,655
1,449,401
Maintenance
11,071
14,775
162,394
195,260
Taxes
27,954
26,427
317,819
301,272
Net oper. revenue_ _$87,014
$115,472 $1,229,142 51,615,394
Inc. from oth. sources_x
37,637
37,187
-----1,314
Balance
$49,376
$78,285 $1,229,142 $1,616,708
Interest & amortization
447,549
449,458
Balance
$781.592 31,167,250
Reserve for retirements (accrued)
230,000
264,000
Balance
$551,592
$903,250
Divs. on pref. stock of constituent co
46,
819
42,655
Balance
$504,772
$860,594
Divs, on pref. stock of El Paso Elec. Co.(Del.).. _
194,881
194,648
Balance for com,stock divs. & surplus
$309,891
8665.946
x Interest on funds for construction purposes.
During the last 30 years the company and its predecessor
companies
have expended for maintenance a total of6.96% of the
over this period, and in addition during this periodentire gross earnings
have set
reserves or retained as surplus a total of 10.40% of these gross aside for
earnings.
FarLast complete annual report in Financial Chronicle Feb. 6 '92, p. 1022
Gulf Power Co.
(The Commonwealth & Southern Corp. System.)
-Month of August-- -12 Mos. End.
Aug.11932.
1931.
1932.
161.
Gross earnings
$72,251
$88,493
$943,928 $1,028,663
Oper. exps., incl. taxes
and maintenance
43,181
51,603
551,289
665,160
Gress income
$29,069
$336,889
$392,639
$363,503
Fixed Chirges
169,038
155,202
Net income_
$223.601
$208,301
Profision for retirement reserve
30.000
30,645Dividends on first preferred stock
67,393
67,670
Balance
$126,207
$109,985
"Last complete annual report in Financial Chronicle May 21 '32, p. 3824.
Fourth National Investors Corp.
1931.
$69,024
524,210
.1930.
$73,644
601,537
286,666
6,674
$542,443
69,321
$593,234
107,446
$968,521
141,077
22,528
3,696
15,338
15,024
30.654
48.959
20,396
9 Mos. Ended Sept. 30
Interest on call loans, &c
Cash dividends
xProfit realized on sale of securities_ _
Interest on bonds
1932.
$75,170
467,273
Total income
Management fee
Transfer agents', registrars' and custodian's fees
Miscellaneous corporate expenses:.- _
Provision for N. Y. State tax
ii
s
Net income
$446,898
$424,771
$758,088
x Loss realized on sale of securities based on average cost amounted to
$4,412,099 in 1932 and $135,551 in 1931.
Excess of cost over market value of invest. Dec. 31 1931_ _
$11,627,234
Excess of cost over market value of investment Sept. 30 1932 7,661.798
Decrease in unrealized loss
$3,965,436
Change in Net Assets 9 Months Ended Sept. 30 1932.
Total.
Per Share.
Net assets, at market, Dec. 31 1931
$13,412,306 $26.82
Net income
446,898
0.89
Loss realized on sale of securities
4,412,100
8.82
Decrease in unrealized loss
3,965.436
7.93
Dividends on common stock
300.000
0.6
Net assets, at market, Sept. 30 1932
13,112,500
26.22
TO
-Last complete annual report in Financial Chronicle Jan. 9 '32, p. 333
Gulf States Utilities Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of August- -12 Mos.End.Aug.311932.
1931.
1932.
1931.
$533,131
$573,141 $5,613,748 $6,598,491
218,966
181,534
2,558,921
3,059,075
15,389
14,839
215,045
236,701
40,207
44,956
408.227
536,909
Net oper. revenue.. _
Inc. from 0th. sourcesx
$258,568
$331,810 $2,431,553 $2,765,805
3,935
y170
7,039
Balance
Int. & amortiz.(public)_
$258,568
90,878
$335,746 $2,431,383 $2,772,844
90.920
1,091.319
1,001,268
Balance
$167,689
$244,826 $1,340,064 $1,771,575
Interest (Eastern Texas Electric Co., Del.)
59,282
Balance
$1,340,064 $1,712,293
Reserve for retirements (accrued)
458,000
455,333
Balance
$882.064 $1.256.960
Dividends on preferred stock
567,148
565,890
Balance for common stock divs. & surplus_ _ _ _
$314,915
$691,069
x Charge. y Principally interest on funds for construction purposes.
itZrLast complete annual report in Financial Chronicle Feb. 6 '32,
P. 1022
-Month of August--8 Mos. End. Aug. 311932.
1931.
1932.
1931.
Telep. oper. revenues_ __ $6,232,219 $7.163.754 $53,626,676 $60,068,364
Telep. oper.expenses_ - _ 4,554,341
4.990,589 38,061,992 41.309.049
Net telep.oper.revenues_ $1,677,878 $2,173,165 $15,564,684 $18,759,315
Uncollect. oper. revenues
52.864
41,202
530,251
388,092
Taxes assign, to oper_ __
629,350
753,902
6,585,780
7.315,712
Operating income__ - $995.664 $1,378,061 $8,448,653 $11,055,511
rZFEast complete annual report in Financial Chronicle Feb. 13 '32, p. 1194
Illinois Power Co.
(The Commonwealth & Southern Corp. System.)
-Month of August- -12 Mos. End. Aug. 311932.
1931.
1932.
1931.
Gross earnings
$170,181
$200,713 $2,586,801 $2,883,150
Oper. exps., incl. taxes
and maintenance
108,591
118,288
1,532,056
1.673.810
Gross income
Fixed charges
$61.589
$82,425 $1,054.744 $1,209,339
352,443
354,278
Net income
Provision for retirement reserve
Dividends on preferred stock
$702,301
150,000
261,271
$855,061
150,000
257,019
$921,029
Balance
$448,042
(The) Key West Electric Co.
-Month of August- -12 Mos.End.Aug.311931.
$16,o57
$194,g87
$14,i38
$215,999
6.138
6,478
80.659
87,425
20,094
1.625
1,398
16,622
1.672
2,035
18,985
20,914
Net oper. revenue_ _ _ _
Interest & amortization
$4,802
2,264
$6,744
2,307
$75,148
27,487
$91,037
28,017
Balance
$2,538
Reserve for retirements (accrued)
$4,437
$47,660
13.333
$63,020
10,000
$34,327
24,500
$53,020
24.500
Balance
Dividends on preferred stock
Balance for common stock divs. & surplus
$9,827
$28,520
During the last 25 years the company has expended for maintenance
a total of 9.25% of the entire gross earnings over this period, and in addition during this period has set aside for reserves or retained as surplus
a total of 15.81% of these gross earnings.
WLast complete annual report in Financial Chronicle Feb. 6 '32, p. 1022
Kresge Department Stores, Inc.
(And Wholly Owned Subsidiary Companies)
(The Palais Royal, Inc., and Royal Stores Corporation.)
Earnings for Six Months Ended July 31 1932.
Net sales (including sales of leased departments)
$1,896,572
Cost of sales and operating expenses
1,931,838
Provision for depreciation
27.013
Loss before miscellaneous income
Miscellaneous income, interest received, &c
$62.279
53,154
Loss
$9.125
MrLast complete annual report in Financial Chronicle May? '32, p. 3469
New York Railways Corp.
-Month of August- -8 Mos. End. Aug. 311932.
1932.
1931.
1931.
Gross
$409,901
$459,294 $3,268,907 $33,600,830
Balance after taxes
393,462
68,951
66,125
452,994
*Surplus after charges
def91.285 def.49,994
4,344
9,379
• These figures include bond interest and sinking fund requirement of
controlled companies (for which New York Railways Corp. states
certain
it has no liability) which are in default, and exclude interest on income
bonds which has not been declared.
arLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1761
,
Mississippi Power Co.
(The Commonwealth & Southern Corp. System)
-Month of August- -12 Mos.End. Aug.311932.
1931.
1931.
1932.
Gross earnings
$244,236
$267,566 $3,143,218 83,436.780
Oper. exp., inCI. taxes &
maintenance
2,200,470
173.252
182,218
2.068,547
Gross income
Fixed charges
$70,983
$85.348 $1,074.670 $1,236,309
709.543
756,560
Net income
Provision for retirement reserve
Dividends on first preferred stock
$318,110
73,200
274.022
def.$29,112
Balance
$326,766
72,600
266,551
$187,614
New York State Rys.
[As filed with New York P. S. Commission.]
Period End. June 30- 1932-3 Mos.-1931.
1932-6 Mos.-1931.
Net loss after taxes and
charges
$384.955
$623.405
$372.523
$699,063
Ponce Electric Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of August- -12 Mos.End.Aug.311932.
1931.
826.169
$24,145
$328;i29
$3376,1 55
.
11.156 11.066
125,645
165,008
1.227
1.158
22,422
19.605
3,505
2,322
41,784
36,985
Net operating revenue
Interest charges
$10.278
75
$9,597
76
$146,493
1.027
$146.940
918
Balance
$10,203
Reserve for retirements (accrued)
$9,521
$145,465
40.000
$146,022
40.000
$105,465
26.163
$106,022
26,409
Balance
Dividends on preferred stock
Balance for common stock divs. & surplus
$79,612
$79.301
During the last 30 years. the company and its predecessor companies
have expended for maintenance a total of 7.76% of the entire gross earnings
over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 10.32% of these gross earnings.
10
-Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1023
Puget Found Power & Light Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-Month of August- -12 Mos. End. Aug.311932.
1932.
1931.
1931.
$1,066,286 $1,299,011 $14,237,778 $16,318,818
7,014,373
526,004
5,630,921
409,293
75,973
737.377
1.005,915
57,201
1,035,923
958,105
96,394
84,211
Net operating revenue
Inc.from other sources_ _
Illinois Bell Telephone Co.
Gross earnings
Operation
Maintenance
Taxes
2485
Financial Chronicle
Volume 135
$503,397
110,193
$612,822 $6,833,555 $7,340,423
1.300,655
890.671
94,126
Balance
Interest & amortization_
$613,590
341,040
8706.949 88,134,211 $8.231,095
3,954.315.
339,201
4,080,679
Balance
$272.550
Reserve for retirments (accrued)
Balance
Dividends on preferred stock
$367,748 $4,053,531 $4.276,779
1,315,154
1,270.782
82.782.749 $2,961,625
2,274,799
x2,126,339
Balance for common stock dive. & surplus
$686,825
$656,410
x Includes cumulative dividends not declared of $131,997.
the last 32 years, the company and its predecessor companies
During
have expended for maintenance a total of 10.12% of the entire gross earnings over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 7.10% of these gross earnings.
109
-Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1023
Richfield Oil Co. of California.
Earnings for Six Months Ended June 30 1932.
$1,748.249
Operating profit
Depletion and depreciation on proven developed properties
1.300.635
based on appraised values
Depreciation on pipe lines, marketing facilities, marine equip1,290,519
ment, &c
344.239
Loss on oper. ofsubs.& from sale or abandonment of properties_
$1,187,144
Deficit
WLast complete annual report in Financial Chronicle Aug. 6 32, p. 1004
San Diego Consolidated Gas & Electric Co.
Gross earnings
Net earnings
Other income
-Month of August- -12 Mos. End. Aug.311932.
1932.
1931.
1931.
$561,829
$563,160 $7,702,374 $7,405,776
279,425
273,763
3,944.204
3,763,735
5,364
466
78
4.387
Net earnings incl. other
income
$274,230 $3:949,569 $3,768,123
$279,503
Balance after interest
3,156,611
2.998.991
1Z'Last complete annual report in Financial Chronicle May 7 '32, p. 3459
Second National Investors Corp.
9 Months Ended Sept. 301930.
1932.
1931.
Interest on call loans, notes, &c
$25,235
$28,363
$30,688
Cash dividends
268.489
232.645
199.788
Profit realized on sale of securities_ _ _
203,115
x
Interest on bonds
5,404
Total income
8502,243
$261,007
$230,476
Management fee
62,306
45.499
28,928
Transfer agents', registrars' and custodian's fees
13,221
7,730
Miscellaneous corporate expenses_ _ _
38,515
1,999
10,958
Provision for taxes
30.339
15,258
Net income
$186,328
$181,561
$371.082
x Net loss on sale of securities amounted $2,136,569 in 1932 and $161.109
In 1931.
Security Profits Account 9 Months Ended Sept. 30 1932.
Loss realized on sale of securities, based on average cost
32,136,569
Excess of cost over market value of investments, Sept. 31 1931_ 5.124,791
Excess of cost over market value of investments, Sept. 30 1932 3,159,360
Decrease in unrealized loss
$1,965,431
Chanirin NerAssetTekotitlis Ertim.301.9327
.
Per Share
Pref. Stock.
Total.
Net assets, market value, Dec. 31 1931
85.587.768
$55.88
Increase for period before dividends:
Net income
1.$6
186.328
Net loss on sale of securities
21.36
2.136,569
Decrease in unrealized loss
19.65
1.965,431
Dividends on preferred stock
Decrease for period after dividends
315,189
125.000
3.15
1.25
3109.810
31.10
Net assets, market value, Sept. 30 1932_ _
$54.78
$5,477,958
ril
-Last complete annual report in Financial Chronicle Jan. 9 '32, p. 337
Financial Chronicle
2486
Savannah Electric & Power Co.
-Month of August- -12 Mos.End. Aug.311932.
1931.
1931.
1932.
Gross earnings
$147,895
$168,523 $1.978,918 $2,108,452
Operation
56.466
667.908
757.400
57,158
Maintenance
9,900
124,595
10,259
118.094
214,270
Taxes
17.331
214,427
17,443
Net operating revenue
Interest & amortization_
$83,662
34,863
Balance
$30.297
Reserves for retirements (accrued)
Balance
Dividends on preferred & debenture stock
$566,467
100,000
$587,513
83,333
$466,467
208,921
$504,179
206,332
Balance for common stock divs. & surplus
$297,847
$257,545
During the last 30 years the company and its predecessor companies have
expended for maintenance, a total of 8.51% of the entire gross earnings
over this period, and in addition during this period have set aside for reserves or retained as surplus a total of 7.78% of these gross earnings.
10
-Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1024
Selected Industries, Inc.
9 Months Ended Sept. 301932.
Interest income
$228,443
Divs.(excl. diva. on corporation's own stock held)_ 1,356,662
Miscellaneous income
61,480
1931.
$282,009
1,444,751
20,391
Total income
General expenses
Service fee
Taxes
$1,646,585 $1,747,151
258,780
93,904
86,529
107,067
10,832
6,207
Net income
Statement of Surplus Sept 30
Capital surplus Dec. 31 1930
Earned surplus Dec. 31 1930
$1,439,408 $1,391,009
1931.
1932.
$13,155,255
405.551
Balance Dec. 31
$18,887,078 $13,560,803
Add-Arising from final payments on capital stock
1,115.357
Arising from returement of $5.50 div. prior stock
790,011
and allotment certificates
Arising from cony, of cony. stk. into corn, stock
214
Arising from reduction in stated value of cap.stk_ 13,788,601 29,716,714
421,937
Adjustment-Divs. declared in 1930, recd. in '31
Total
232,675,893 $45,604.823
2,787,979
Deduct
-Organization expense
Adjustment of investments to lower of cost or
market on March 31 1931 pursuant to stock18,377,086
holders' vote
2,326.149
2,449,081
Loss on sale of securities
Balance
Net income for 9 months (as above)
$30,226,811 $22,113,607
1,391,009
1.439,408
$31,666,219 $23,504,617
Total surplus
1,659,364 x2,240,536
Divs. declared-55.50 div. prior stock
587,049
Divs. on cony.stk. for 15 mos. ended Dec. 31 1930
Balance surplus, Sept. 30
• 530,006,856 820.677,031
s For 12 months.
IZI Last complete annual report in Financial Chronicle Jan. 23 '32, p. 689
-
South Carolina Power Co.
(The Commonwealth & Southern Corp. System)
1.
-Month of August- -12 Mos. End. AU( 311931.
1932.
1931.
1932.
Gross earnings
$167,461
$198,330 $2,231,216 $2,499,695
Oper. exp., incl. taxes &
1,309,492
1,188,047
maintenance
94,184
110,693
Gross income
Fixed charges
573,277
Net income
Provision for retirement reserve
Dividends on first preferred stock
$87,636 $1,043,169 $1,190,203
685.585
720.073
$3323,095
120,000
153,653
$504,618
123,000
133,814
5247,803
Balance
$49,442
CN-Last complete annual report in Financial Chronicle April 30'32, p.3275
Southern Indiana Gas & Electric Co.
(The Commonwealth & Southern Corp. System)
-Month of August- -12 Mos. End. Aug.311931.
1932.
1931.
1932.
Gross earnings
1224,376
$256,617 $3,076,526 $3,318,831
Oper. exp., incl. taxes &
1,774,070
maintenance
1,642,751
128,914
138,490
Gross income
Fixed charges
$95,462
Net income
Provision for retirement reserve
Dividends on preferred stock
5118,128 51,433,774 $1,544,781
346,946
322.436
51,111.338 $1,197,815
277,700
277,700
483.987
513,579
Balance
$436.128
$3320,059
1:N'Last complete annual report in Financial Chronicle April 30'32, p. 3275
Telephone Bond & Share Co.
(And Subsidiary Companies)
Earnings for the 6 Months Ended June 30 1932.
$33,420,302
Operating revenues
Dividends from investments in stocks of affiliated companies56.057
53,731
Other revenues
Total gross earnings
Operation & maintenance
State, local & Federal income taxes
Provision for depreciation
Interest & ottkr deductions
Total surplus
$1,310,577
Dividends of Telephone Bond & Share Co. 1st preferred 7% (for
122,500
the 334 months ended Apr. 15 1932)
$3 1st pref. (for the period March 10 1932 to Apr. 15 1932)
291
Participating preferred (regular dividends for the 356 months
,
ended Apr. 15 1932 and extra dividend of 50c. per share
paid Apr. 15 1932)
7,000
Class A common-paid by issue of 2948.6 shares of Class A
73,715
common stock (for the 334 months ended Apr. 15 1932). _
Class B common (for the 334 months ended Apr. 15 1932)73,715
Appropriations by subsidiary companies Jan. 1 1932 for establishment of Plan for Employees' Pensions, Disability Ben58,175
fits and Death Benefits
28,126
Sundry direct items (net)
8947.053
Consolidated surplus balance June 30 1932
-Cumulative dividends on • the preferred stocks for the period
Note.
Apr. 15 1932 to June 30 1932 have not been accrued or paid as follows:
1st preferred 7%,$85.312; $3 1st preferred, $625; participating preferred,
2,766; total, $88.703.
WLast complete annual report in Financial Chronicle Apr. 16 '32, p. 2910
Third National Investors Corp.
9 Months Ended Sept. 30Interest on call loans, notes, &c
Cash dividends
Profits realized on sale of securities
Interest on bonds
Total income
Management fee
Transfer agents', registrars' and custodian's fees
Miscellaneous corporate expenses__ _
Provision for taxes
1932.
524.788
178,463
x
1931.
$19,386
224.697
x
1930.
$12,683
258,999
223,880
1,324
$203,250
24,594
5244,082
40,302
$496.887
55,308
11,689
1,224
6,026
9,479
1,736
21,890
22,206
Net income
5186.539
8.197,482
$165,744
x Net loss on sale of securities amounted to $2,134,191 in 1932 and
$178,447 in 1931.
Security Profits Account 9 Months Ended Sept. 30 1932.
Loss realized on sale of securities, based on average cost
$2,134,191
Excess of cost over market value of investments, Dec. 31 1931
5,323.432
Excess of cost over market value of investments, Sept. 30 1932 3,301.191
Decrease in unrealized loss
$2,022,241
Change in Net Assets 9 Months Ended Sept. 30 1932.
Total. Per Share.
Net assets, market value, Dec. 31 1931
$21.65
$4,762,451
Increase for period before dividends:
Net income
165,744
.75
Net loss on sale of securities
9.70
2.134,191
Decrease in unrealized loss
9.19
2,002,241
Deduct
-Dividends on common stock
$53,794
110.000
5.24
.50
Decrease for period after dividends
$56,206
$2.6
Net assets, market value, Sept. 30 1932
$4,706,245 $21.39
10
-Last complete annual report in Financial Chronicle Jan. 9 '32, p. 339
Tr -Continental Corp.
9 Months Ended Sept.30--931.
$341,922
Interest earned
$477,666
Dividends received
1,043,910
1,41)6,925
263
Profit on syndicate participations_ _ -29,737
See x
Profit on sale ofsecurities
See x
132,967
Management and service fees
99,220
45,292
Miscellaneous income
85,098
1930.
$835.631
1,622,460
132,853
3,040,857
15,931
$1.564,355 $2,098,646 $5,647,732
Total income
16,359
Taxes
49,274
179,055
297.078
Expenses
369.874
336,074
18.104
Prior year's expenses under-accrued-113,944
Interest on 5% gold debentures
51.118.869 51.679,497 $5,132,604
Net profit
1,235,814
Preferred dividend
1,471,070
1,951,425
x See surplus account below.
Surplus Sept. 30.
Statement of
1932.
1931.
Surplus Dec. 31
546.088,422 $19,989,151
Surplus arising from retirement of preferred stock..
756,336
Surplus arising from common stock issued
1
Surplus arising from repurchase of Investors'
735
Equity Co.5% debentures
61,088
Previous undistributed net income
Net income
1,118.869
1,679,497
1 $122,522
Profit on sale of securities-Based on aver. cost...1
I
Based on cost of individual purchases
121,818
I
1 $244,341
Loss on sale ofsecurities-Based on aver.cost.._ _ _ a6.671,4891 8,048,287
Based on cost of individual purchases
I
533,188
1 $8,581,475
1 8,337.134
I 8.337,134
Net loss on sale of securities
Less: Amount transferred from general reserve_ ;
840.695,655 522,424,984
1,235,814 1,785,000
Preferred dividends declared
Less: Divs, on corporation's own pref. stk. held..
313.931
Surplus Sept. 30
539,459,840 $20,953,915
a Loss on sale of securities.
The unrealized depreciation on investments and U. S. Government
securities on Sept. 30 1932 was $6,891,173. less than on Dec. 31 1931.
ParLast complete annual report in Financial Chronicle Jan. 23 '32, p. 691
Union Oil Co. of California.
1931.
1932.
1930.
9 Mos.End.Sept.301929.
$443,850,000 848,300.000 $67,400.000 $87,750,000
Sales
Profit after Fed, taxes.
8.100.000 8,600.000 16,500,000 23,100,000
int., &c
Deprec.. deplet., &c.--- 5,350.000 5.400,000 8,500,000 11,100,000
$2,750,000 5.3,200.000 $8,000,000 812,000,000
Net profit
Shares common stock
outstanding(par $25)- 4,386.070 4 386 070 4 345.120 4,082,000
$0.63
50.7A
51.84
Earnings per share
32.94
OrEast complete annual report in Financial Chronicle Feb. 27 '32, p. 1570
$3,530.090
$1,572,725
360.334
884,988
625,112
Balance available for div. of Telephone Bond & Share Co. $286,950
Consolidated Surplus Balance Jan. 1 1932
$1,023,626
1932
Sweets Co. of America, Inc.
8 Months Ended Aug. 311932.
1931.
Net loss after taxes, depreciation, &c
$20,228 prof$93,052
August net profit was $2,082 after taxes, depreciation, &c., against a
net profit of $27 in July.
110"East complete annual report in Financial Chronicle Mar. 12 '32, p. 1976
$978,488 $1,012,186
424,673
412,020
$48,799
$64,198
33,900
Oct. 8
Virginia Electric 8r Power Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-Month of August--12 Mos.End. Aug.311932.
1931.
1932.
1931.
$1,205,341 51,361,445 $15,993,245 $17,100,781
464,932
528,672 5.955,266 6,601,495
106,291
79,964
1,108,948
1,219,280
131,950
125,224
1,498,832
1,412,620
Net oper. revenue..-- Inc.from other sources x
$528,493
2,867
$801,257 57,430,198 $i,867.386
3.130
34,785
64,512
Balance
Interest & amortization_
$531,361
161,811
$604,387 87,464.983 $7,931,898
152,658
1,914,239
1,810,838
Balance
$369,549
Reserve for retirements (accrued)
$451,729 85,550,744 56,121,067
1.900.000 2,100,000
Balance
Dividends on preferred stock
$3,650,744 $4,021,067
1,169,184
1,171,359
Balance for common stock, dive. St surplus.. _ _ $2,479,384 $2,851,883
x Interest on funds for construction purposes.
During the last 22 years. the company has expended for maintenance a
total of 10.85% of the entire gross earnings over this period, and in addition during this same period has set aside for reserves or retained as surplus
a total of 13.17% of these gross earnings.
p. 1025
ra"Last complete annual report in Financial Chronicle Feb. 6
United Light & Power Co.
(And Subsidiaries)
1931.
1932.
12 Months Ended Aug. 31Consol. net income after deprec. int, taxes, subs.,
$5,850,935 $8,596,549
diva, &c
Pref.
3.472,337
3.473,923
Average amt. class A & B shs. outstanding
$1.44
$0.65
Earns, per share
"Last complete annual report in Financial Chronicle Apr. 16 '32, p. 2900
(The) Western Public Service Co.
Gross earnings
Operation
Maintenance
Taxes
2487
Financial Chronicle
Volume 135
(And Subsidiary Companies) •
-Month of August--12 Mos.End. Aug.311931.
1932.
$239.26 $2,232,372 $2,494,670
3176.037
1,326.884
1,163,267
122.275
89,359
100.495
7,635
88.588
6,788
138.998
13,444
117,536
11,845
Net oper. revenue_ _
Inc.from other sources x
$68,044
$95,971
529
$862.979
5,162
$928,291
7,366
Balance
Int. & amort. (public).-
$68,044
24,051
$96,501
23.831
$868,141
287,650
$935.657
286,124
Balance
Interest (Eastern Texas
Electric Co., Del.)-- -
$43.992
$72,670
$580,491
$649,533
19,740
18,545
233,185
189,944
$24,252
Balance
Reserve for retirement (accrued)
$54,124
$347.306
220,000
3459.589
219,714
$127,306
59.198
$239.874
60,001
Balance
Dividends on preferred stock
$68,107
$179.873
Balance for common stock, diva. & surplus.-x Interest on funds for construction Purposes.
a"Last complete annual report in Financial Chronicle May 7 '32, p. 3460
FINANCIAL REPORTS
Third Avenue Railway Co.
-Year Ended June 30 1932.)
(Annual Report
S. W. Huff, President, Oct. 1, wrote in part:
Comparing the fiscal year ending June 30 1932 with the previous fiscal
year, it will be seen that the total operating revenue of the railway lines and
the bus lines of the system for the fiscal year ending June 30 1932 was
$15,816,699. a decrease of $1,059,428. or 6.28% under the previous year.
The total operating expenses for the same period were $11,729,538, a
decrease of $1,137,757, or 8.84%. From this it will be seen that with the
decrease in receipts of over a million dollars, for the System as a whole, as
compared with the previous year, we were able to decrease operating expenses approximately $75,000 more than the million dollar decrease in
receipts. It was, therefore, possible to continue the rate of interest we have
paid upon the 5% adjustment mortgage income bonds for the last eight
years of 2 % and at the same time, maintain our cash position which
your directors felt was very important and very necessary during a period
of uncertain business conditions and of continued decreasing revenue.
A substantial amount of this saving in operating expenses was due to the
substitution of one-man for two-man cars, as was the case during the
previous fiscal year. This saving from the introduction of one-man cars,
however, was only a part of the reduction in operating expenses effected.
There have been general reductions and economies throughout all departments and classes of work. There have been reductions In rates of pay,
reductions in hours and in individuals. As during the previous year. we
have endeavored to effect these savings without adding to the snious
unemployment situation existing throughout the country. Every effort
has been made to effect economies without working a hardship upon our
employees who have so we'l deserved our best efforts in their behalf and
who have co-operated so fully in the efforts to effect economies.
Considering the results of operation of the railway lines as separated
from the bus lines, the revenue from these railway lines for the fiscal year
ending June 30 1932, as compared with the fiscal year ending June 30 1931,
was $12,826.854, a decrease of $1,258,888 or 8.94%; while the operating
expense for the railway lines was $9,066,222, a decrease of $1,327,377, or
12.77%. From this it will be noted that we were able to reduce operating
expenses on the railway lines by a very much larger percent than the decrease in operating revenue. This decrease in revenue from the railway
lines of over one million dollars during the last fiscal year did not occur
uniformity throughout the year. The heaviest losses in receipts occurred
during the latter part of the year and this heavy rate of loss of receipts has
continued up to the date of this report. It is felt that this loss of receipts
has followed fairly closely the condition of industrial depression and that
with the revival of industry revenue will return.
The steady increase in the use of one-man cars which has helped very
greatly in effecting savings in operating expenses is indicated by the following figures showing the number of one-man car miles operated during the
last five fiscal years. ending June 30 1932, together with the ratio of this
one-man car mileage to the total mileage operated by the System. This
table shows that for the fiscal year ending June 30 1932, the percentage of
one-man operation was 96.17%. At the time of this report, however, there
are no two-man passenger cars operating on the System and we therefore
have 100% one-man operation.
1928- 7,403.428 one-man car miles 27.50V of the total car miles operated.
1929- 7,781,237 one-man car miles 28.69 of the total car miles operated.
/
1930-11,361,151 one-man car miles 42.67° of the total car miles operated.
1931-18.925,655 one-man car miles 74.35% of the total car miles operated.
°
1932-22,825,452 one-man car miles 96.17% of the total car miles operated.
The bus income statement shows that for the fiscal year ending June 30
1932, the operating; revenue for the bus lines of the System was $2,989,845,
an increase of $199,459, or 7.15%, as compared with the fiscal year ending
P
14i.
Total operating rev -$15,816,700 $16,876,128 $17.618,580 $17,882,851
Operating Expenses
$9.066,223 $10,393.600 $11,560,729 $11,973,458
Railway
2.481.309
2.473,696
2.663.316
2.535,738
Bus
,
Total open expenses_.$11,729,539 $12,867,296 $1',096,467 $14,454,768
Net Operating Revenue$3,760.632 $33,692,142 $33,558.019 $3.659,824
Railway
316.689
326,529
def35.906 def231.741
Bus
Total net oper. rev--- $4,087,161 $4,008,832 $3,522,112 $33,428,082
Taxes
1996.066 31,053,680 $1,074,891 31,085.296
Railway
80,549
88,834
69.501
94.620
Bus
Total taxes
Operating Income
Railway
Bus
$1,090,686
31,142,514 $1,155,440 $1.184.797
32,764.566 32,638,462 12.483.127 32,574,527
227,855 def116,455 def301.242
231,909
Total oper. income... $2,996,475 32,866,318 32.366,672 32.273,285
Non-Operating Income
$269,123
$289,256
3280.762
$303,559
Railway
7.776
9,580
10,294
10.066
Bus
Total non-oper.
Gross Income
Railway
Bus
$313.625
$291,056
8298,837
1276,900
$33,068,125 32,919.225 82.772.384 $2.843.651
238,149 def106,874 def293,466
241,975
Total gross income__ $3,310,100 $3,157,374 32.665,509 12,550,185
Deductions
$2.645,907 $2,654,146 32.663,986 32,682.992
Railway
154,262
197,541
213,848
204.055
Bus
Total deductions
Net Income Or loss
Railway
Bus
$2.849,962 $2,867,995 $2,861,528 $2,837,254
$422,218
37,920
8108,397
1265,078
24,300 def304.416
5160,659
def447,729
Total combined net
income or loss
railway and bus__
$289.379 def$196,016 def$287,069
$460,138
CONSOLIDATED BALANCE SHEET JUNE 30.
1931.
1932.
1932.
1931.
Assets
Railroad & equip_84,208,370 84,478,721 Third Av. Ry.stk.16,590,000 16,590,000
213,200
407,343 Control. co.'s stk. 208,200
Sinking funds_ _ -- 441,628
Fund.debt(bds.)Dep. for matured
3d Av. Ry. Co.x49,526,500 49,526.500
652,101
coupon interest- 635,396
242.525
Controlled cos__ 6,078,200 6,244,200
Misc, special deps. 371,111
823,485
Deprec. & coining. 2,331,687 2,331,687 Accts.& wages pay 783,185
Interest matured &
Depos. with State
635,396
652,101
unpaid
490,637
Indust. Comm'r 602,202
226.621
298,085
1,546,805 1,147,708 Interest accrued
Cash
1,015,327 1.005,982
688,585 Tax liability
587,114
Accts.receivable
848.656 Int. on adjustment
Materials & BUDD- 799,883
9,284,440 8,721,040
mtge. bonds_
Miscell investml_ 368,630
4,000 Reserve for deprec.
U.S. Lib. Ln. bds
other reserves_ _10,176,281 9,734,134
107,800
Unexp. ins. prem_ 264,595
976,080 Excess of book val.
Unamort. debt dis. 924,139
over cost of contr
237,192
276.080
Miscellaneous- _ _ _
cos. sec. owned_ 2,050,503 1,981,818
3,327,362 3,067,157
Deficit
96,646,116 95,719,081
Total
96.646,116 95,719,081
Total
x Includes 1st mtge. 5% bonds, $5,000,000; 1st ref. mtge. 4% bond.
821.990.550; adj. mtge. bonds,822.536,000.-V. 135. p. 1655.
enerat Corporate anb 3ningtment gnus.
STEAM RAILROADS.
Rail Rates to Ohio Cut on Pennsylvania Coal.--Following an order made lowering Pittsburgh & West Virginia RR. coal rates from western Pennsylvania to Ohio points, the 1.-S. C. Conunission postponed until Nov. 9 a
hearing on the justification of the lowered rates. N. Y."Times" Oct. 4.
p. 31.
New Freight Depot Placed in Service -The new union inland.freight terminal of the Port of New York Authority at 8th Ave. and West 15th St. was
opered without ceremony to shippers and consigrees of freight in the port
district. Equipped to handle about 250 trucks at orce, the terminal was
used by only 40 trucks and it functioned well. N.Y."Times" Oct.4. p.45.
-S. C.Com.-A reopening of the I.
New Hearing Asked on Newsprint Rates
mission's investigation into the reasonableness of newsprint freight rates
with
in the East for further consideration was urged in a joint petition filed New
that body by the American Newspaper Publishers' Association of
York. N. Y."Times" Oct. 2, p. 9.
Locomotives in Need of Repairs Increase.-Class I railroads of this country
on Sept. 1 had 8,396 locomotives in need of classified repairs, or 16.2%
of the number on line, according to reports just filed by the carriers with
Association. This was
the car service division of the American Railway need of
such repairs on
an increase of 105 compared with the number in
Aug. 1. at which time there were 8,291 locomotives, or 16%. Class I
Sept. 1 had 11,429 serviceable locomotives in storage, comrailroads on
pared with 11,637 on Aug. 1.
Matters Covered in the "Chronicle" of Oct. 1.-(a) F. R. Dick sees system
of railroad regulatior broken down;finds rail revenues confiscated; declares
-S. C. Commission nullified Transportation Act, p. 2225. (b) Gov.
I.
Franklin D. Roosevelt, Democratic nominee for President, re-states his
prosals in behalf of railroads; party platforms compared. p. 2268.
c)work loan for Central RR.Co.of New Jersey; Chicago & North Western
June 30 1931; while the bus operating expense was $2,663,315, an increase of
$189,619 or 7.67%. The bus receipts held up fairly well during the earlier
portion of the fiscal year but during the latter part of the year,corresponding
with the greater decrease in receipts from electric lines, bus receipts began
showing a decrease which has continued up to the date of this report. The
cost of bus operation, however, is being steadily reduced, although taxes on
bus operation have increased. As a result of increased taxes on gasoline,
oil and license fees, the total tax on bus operation will require approximately
10% of the gross receipts for the next fiscal year. With the decreased receipts and the decreased service required, buses are being utilized to a very
considerable extent for charter service and such service is oeing advertised
with the hope of extending this class of service in order to compensate to
some extent for the decreasing receipts from regular service.
The Third Avenue Railway has for a number of years advanced money to
the Dry Dock East Broadway & Battery RR. for its operating expenses.
The Third Avenue Ry. owns all of the stock, all of the "A" bonds and half
of the"C" bonds of that company. There are outstanding, however, underlying bonds to the amount of $950,000 due on Dec. 1 1932, the interest on
which has been paid largely by advances from the Third Avenue Ry. On
Dec. 1 1931. the Third Avenue Ry. declined to advance money for the
payment of this interest and the interest was defaulted.
A bondholders' committee was formed which has secured an order for the
sale of the property. After the Third Avenue Ry. discontinued advances
to the Dry Dock company, and while the bondholders were moving for the
sale of the property, the Dry Dock company was able by the use of rentals
from its real estate to continue operation on some of its lines. The operation
of the line over the Williamsburg Bridge was discontinued when substantial
expenditures were necessary for the repair of the track structure on the
bridge in order to provide safe operation. The Avenue B storage battery
line was discontinued when it became necessary to buy new batteries at a
cost of approximately $20,000. Upon the bondholders' committee securing
the appointment of a receiver to take over the rentals from the real estate.
the operation of the Grand Street Crosstown line was discontinued, so that
at the date of this report, there is no operation by the Dry Dock company.
-YEARS END JUNE 30.
CONSOLIDATED STATEMENT OF INCOME
1929.
1932.
1930.
1931.
Operating Revenue$12,826.855 $14,045,742 $15,118,748 $15.633.283
Railway
2,249,567
2,499.832
2,989.845
2,790,385
Bus
By.receives additional loan of$12,461,350; two other small loans approved;
Nickel Plate loan conditions modified; two roads withdraw applications
for loans; small road denied loan; additional applications filed, p. 2273.
(d) President Hoover asks halt in rail wage talk until first of year; heads of
roads and unions are requested to defer pay cut discussion: President
expects economic situation will be much clearer by January; labor leaders
pleased. p. 2276. (e) Roads responsive to Hoover plan pay; but want
present reduction of 10% to remain in force beyond Feb. 10; hope labor will
accede; Averse to political discussion, p. 2276. (1) Rail labor backs Hoover
proposal: but men want talk of wage cut put off indefinitely, p. 2277.
(g) Calvin Coolidge and Alfred E. Smith accept appointment as members
of committee to examine into country's railroad problems: other members
B. M.Baruch, Clark Howell, Sr. and Alexander Legge. p. 2277. (h) Canadian railroads take on more workers, p.2278. (i) Canadian Railroad Commission urges elimination of "wasteful competition"; other features of the
report. p. 2279.
Akron Canton & Youngstown Ry.-Note.-
-S. C. Commission on Sept. 28 authorized the company to issue
The I.
a promissory note for $24,500 payable to the Railroad Credit Corporation
or order to evidence a proposed loan therefrom.
The report of the Commission says in part:
Because of a severe decrease in traffic and earnings the applicant was
unable to meet its fixed charges for the year 1931 from earnings. On
Feb. 26 1932 it made application to the Railroad Credit Corporation
for a loan of $324,000 under the "Marshalling and Distributing Plan.
1931- to meet such charges, and on March 25 1932 was granted a loan
of $162,000 to meet bond interest due April 11932. The board of directors
of the Credit Corporation has authorized a further loan of not to exceed
$75,000 to assist the applicant in meeting its bond interest of $162.000
due Oct. 1 1932.
2488
Financial Chronicle
Under our orders of March 21 1931 and Feb. 26
has authority, not yet exercised, to issue short-term1932 the applicant
promissory
in the respective amounts of $12,500 and $38,000. Pursuant to the notes
foregoing authorizations it proposes to issue $50,500 of notes to the Credit
Corporation, but to enable it to issue notes to the full amount of the loan
additional authority will be required to issue a note for $24,500.
The proposed note is to bear interest at a rate not in excess of
6%
annum, and is to be payable to the Credit Corporation or its order Per
on
demand, but in any event not later than two years from the date of issue
thereof.—V. 134, p. 2141.
Alleghany Corp.—Pays Oct. 1 Interest.—
Funds were available for the payment of the semi-annual interest due
Oct. ion the 58 of 1950.—V. 135,P.813.
Belt RR. & Stock Yards of
Regular Dividends—Correction.—
Indianapolis.—Declares
The company on Oct. 1 paid to holders of record Sept.20 regular quarterly
dividends of 75 cents per share on the common and 6% cum. pref. stock
both of $50 par value. Similar distributions have been made on the respective issues since and incl. April 11931.
In June 1932 it was erroneously reported that the company had reduced
the quarterly dividend on the common stock to 50 cents per share.—V.
134,
p. 4654.
Chicago Great Western RR.—To Purchase Equipment.—
Because of the improvement in carloadings which has
taking
each week, President Patrick H. Joyce stated on Oct. 4 been he feelsplace
that
that
business is definitely on the upgrade and that he has such confidence in
the future that the company will purchase 300 box cars and 200 gondolas.
with the possibility of buying 10 passenger locomotives. "Advantage
might be taken of the opportunity to finance the purchase of
ment through the Railway Equipment Finance Corporation," this equipMr. Joyce
said.
"Chicago Great Western carloadings for September as compared Iwth
ast year were 8% better than August," he added.—V. 135, p. 1651.
Chicago Rock Island & Pacific Ry.—Branch Line
Abandonment.—
The I.
-S. C. Commission on Sept. 26 Issued a certificate permitting the
company to abandon a branch line of railroad extending from Trosky
westerly to Jasper, approximately 8.73 miles. in Pipestone and Rock
Counties, Minn.—V. 135, p. 981, 122.
Cleveland Cincinnati Chicago & St. Louis Ry.—
Tenders.—
The Central Hanover Bank & Trust Co.. trustee, is prepared to receive
tenders for the sale to it of Cincinnati Indianapolis St. Louis & Chicago Ry.
gen. 1st mtge. 4% bonds dated Aug. 2 1886 at a rate not to exceed 102%
%
and int., the total offer not to consume more than $53,530. Proposals
will be opened at the office of the trust company at 10 a. m. on Oct. 27.
—V. 134, p. 3452.
Cleveland & Pittsburgh RR.—Bonds Authorized.—
The 1.-S. C. Commission on Sept. 29 authorized the company to issue
$471,000 gen. & ref, mtge. gold bonds, series B. the bonds to be delivered
at par to the Pennsylvania RR. in payment of indebtedness to that company for capital expenditures. Authority was granted to the Pennsylvania
RR. to assume obligation and liability, as lessee and guarantor, in respect
of the bonds.—V. 135, p. 290.
Columbus & Greenville Ry.
—Notes Authorized.—
The I.
-S. C. Commission on Sept. 30 authorized the company to issue
not exceeding $60,000 first-lien 6% rolling-stock trust notes, which are to
be pledged with the Reconstruction Finance Corporation as collateral
security for a loan. On Sept. 21 the Commission approved a loan of
*60,000 by the Finance Corporation to the company for a period of not
exceeding three years.—V. 129. P. 275.
Denver &
Rio
Grande
Trackage Rights.—
Western
RR.—Applies
for
The road applied, Oct. 4. to the I.
-S. C. Commission
authority to
operate under trackage rights over 126 miles of the Denver for
Lake Ry.
&
between Utah Junction, near Denver, and Orestod. Colo., Salt
including the
Moffat Tunnel through the Continental Divide, and to operate over the
so-called Dotsero cut-off when constructed by the Denver & Salt Lake
Western Ry.
The Dotsero cut-off extends for 42 miles between Orestod and Dotsero,
Colo., connecting the lines of the Denver & Rio Grande Western with those
of the Denver & Salt Lake Ry., the latter road to be acquired by the Rio
Grande by Commission permission.
Construction of the cut-off by the Rio Grande through the newly incorporated Denver & Salt Lake Western was a condition attached by the
Commission to its approval of the acquisition of the D. & S. L. by the
Rio Grande.
Recently the Commission approved a loan to the Rio Grande from the
Reconstruction Finance Corporation for the purpose of constructing the
aut-off and acquisition of the D. & S. L. W.—V. 135, p. 1483, 1991.
Great Northern Ry.—Merger Negotiations Denied.—
There is no foundation for the recurrent rumor that merger negotiations
between the Great Northern and the Northern Pacific again have been
resumed or are likely at this time, according to W. P. Kenny, President of
the former.—V. 135, p. 123.
Long Island RR.—Rental in Terminal Upheld—Special
Court Refuses to Bar Asserted $1,000,000 Increase in the
Pennsylvania's Fee.—
The special statutory court which was organized early this year to pass
upon a petition of the Transit Commission for an injunction to prevent the
Pennsylvania RR.from charging the Long Island RR.an additional $1,000,000 a year rent handed down a decision Oct. 3 denying both temporary and
permanent restraining orders.
•
George H. Stover, attorney for the Transit Commission, who
contended that the planned rise in rental was devised In a scheme to has
increase
commutation rates, announced after learning of the decision that he would
appeal his case to the U. S. Supreme Court.
The opinion, written by Judge Augustus N. Hand of the U. S.
Court of Appeals, and concurred in by Judges William Bondy and Circuit
Robert
P. Patterson of the District Court, upholds the authority of the I.
-S. C.
Commission as applied in this case.
An order of the Commission, signed on Feb. 7 1932 as a certificate of
convenience and necessity, authorized the Pennsylvnala RR. to collect and
the Long Island to pay 20% of the operating expenses of the Pennsylvania
Terminal, in addition to 4i%% of the cost of the Terminal, exclusive of a
$15,000,000 value above the trackage level.
The two railroads entered into an agreement under the terms of which
the Long Island was to pay to the Pennsylvania almost $4.000,000 a year
for the privilege of using the Pennsylvania's trackage facilities in the operation of trains from Sunnyside yards in Long Island City to Manhattan.
Tabulations filed with the court by Mr. Stove showed that in 1911 the
Long Island RR. paid $519,178 to the Pennsylvania, and that annual
payments were increased until, in 1930,the payment was $2,918,197.
* No figures for 1932 were submitted, but Mr. Stover, in an affidavit
supporting his motion for injunctions, said the effect of the I.
-S. C. Commission's order would be to increase the rental to be Paid by the Long
Island by more than $1,000,000 a year.
Pays Off Maturing Bonds.—
The company on Oct. 1 paid off a maturing issue amounting to $1,425,000
ofits North Shore Construction 5% bonds.—V. 135, p. 2332.
Minneapolis & St. Louis RR. Receivers' Certificates.—
—
-S. C. Commission for authority to issue
The receivers have asked the I.
$615,000 receivers' certificates in renewal of a like amount of such certificates now outstanding.—V. 134, p. 4320.
Missouri Pacific RR.—Car Loadings Increase.—
Revenue freight traffic handled by this company during the
of September established a new high record for 1932. and was
than any month since November 1931. 64.588 cars of revenue
were loaded locally and 29,077 cars received from connections, or
month
greater
freight
a total
Oct. 8 1932
of 93,665 cars loaded and received from connections during the month.
This is an increase over previous month. August. of 9,333 cars in local
loading and 2,348 cars in receipts from connections, a total increase of
11,681 cars, notwithstanding the fact that there were two less loading
days in September than in the previous month.
The trend of Missouri Pacific traffic is clearly indicated by the fact
that September shows an increase over August of over 14% in total cars
loaded and received from connections, while in September last year there
was a decrease of nearly 10% in total cars handled, compared with the
previous month, August 1931.
Extends Short-Term Notes One Year—
Notes aggregating $5,850,000 wnich were due Oct. 1 to the Reconstruction Finance Corporation,and a similar amount due to private bankers,
have been extended one year. The loan granted oy the Reconstruction
Finance Corporation was originally used to pay off
the bank
loans which matured April 1, the bankers agreeing one-half of the other
to extend
half. Both arrangements were for six months.—V. 135, p. 2333.
New York Chicago & St. Louis RR.—Receivership Asked.
An effort to have a receiver appointed for the road, which defaulted on
principal and interest of the $20,000,000 6% notes which fell due Oct. 1
was filed Oct. 3 in U. S. District Court at Chicago before Judge James H.
Wilkerson. Samuel Caplan of Detroit, through
attorney, Leo S. Samuels of Chicago, brought the receivership suit. his
Mr. Caplan is holder of
three $1,000 6% gold notes.
Time for Deposits of Notes Extended—Deposits Over 75%.—
Notes deposited or promised for deposit last night under the refunding
plan to meet their maturity totaled $15,041,000 or over 75% ofthe $20,000,000 outstanding. Of this amount, $14,200,000 were actually received for
deposit with the Guaranty Trust Co. and $841,000 were pledged for
deposit.
Under the plan, if consummated, the company will obtain from the
Reconstruction Finance Corporation the loan needed
interest on the notes and 257' of the principal in cash. to pay the current
The company states that 'it will continue to receive
under the plan until further notice, but reserves the right deposits of notes
pay interest
from Oct. 1 on the $250 cash payment, to be made onnot to $1,000 note
each
if the plan is consummated, on notes deposited after Oct. 15 1932. The
announcement emphasizes again the importance of prompt deposit of notes
with the Guaranty Trust Co. of New York, depositary.
The.
company considers the response oy noteholders to date "quite gratifying,' and attributes the fact that the required amount of notes has not
yet been received to the shortness of time afforded for reaching noteholders,
to delays on account of necessary formalities in the preparation of proper
instruments of transfer in some cases, and to inability to get In complete
touch with numerous scattered noteholders. The I.
-S. C. Commission
and the Reconstruction Finance Corporation anticipated this situation
last week, and amended the condition previously
loan of $6,800,000 so that $1,200,000 necessary toattached to the entire
pay underlying mortgage bond interest due Oct. 1 and certain taxes was made available to the
company regardless of the consummation of the plan. But the remaining
$5,600,000 needed to pay interest on the notes and 25% of the principal
in cash will not be forthcoming unless and until the holders of substantially
all of the notes agree to the plan.
Three-Year 6% Cold Notes to Be Dealt in "Flat."—
Notice having been received that the principal and interest
due Oct. 1
1932, on the $20,000,000 3
-year 6% gold notes. due 1932, and certificates
of deposit therefor, are not being paid, the Committee on Securities of
the New York Stock Exchange rules that beginning Oct. 1 1932,and until
further notice the notes and certificates of deposit therefor shall be
dealt
in "flat" and to be a delivery the notes must carry the Oct. 1 1932 coupon.
The Committee further rules that in settlement of all contracts in the
notes and certificates of deposit therefor made heretofore on which interest
ordinarily would be computed until after Oct. 1 1932, interest shall be
computed for six months only.
Authorized to Issue $23,000,000 Promissory Notes.--
The L-S. C. Commission on Sept. 29 authorized the company
not exceeding $20,000,000 of new or extended promissory notes to issue
in
ment of or exchange for an equal face amount of maturing notes. payThe report of the Commission says in part:
The applicant has outstanding $20,000.000 6% gold notes maturing
Oct. 1 1932, which were issued under the authorization granted by our
order of Nov. 6 1929. It made application for an additional loan of $22,400,000 from the Reconstruction Finance Corporation, $20,000,000 to be
used to pay the principal of the maturing notes, $1,800,000 to pay fixed
charges and interest, and $600,000 for additions and betterments,
on Sept. 10 1932. we approved an additional loan of $6,800,000 by and
the
Finance Corporation to the applicant for not exceeding three
funds to be used to pay fixed charges and taxes amounting to years, the
$1,800,000,
and for paying one-quarter, or $5.000,000 of the principal of the maturing
notes. Included in the $1,800,000 is $600,000 approved
Interest due Oct. 1 1932, on the maturing notes. One offcir payment of
the conditions,
subject to which our approval was given, provides, as modified by our
fifth supplemental report and amendatory order of Sept. 24 1932, that,
before any advance be made on the loan of $5,600,000 required to pay
cipal and interest of the maturing notes, the applicant should deposit printhe Finance Corporation satisfactory evidence that the holders of with
substantially all the notes wil- extend 75% of the principal to a maturity
date not earlier than the maturity date of the loan.
Under date of Sept. 13 1932, the applicant sent to the noteholders letters
setting forth a plan under which it proposes to pay to each holder of the notes
25% of the principal, with interest due Oct. 1 1932, and to issue to the
noteholders new three-year 6% notes in satisfaction of the remaining 75%,
subject, however. to the conditions that before Oct. 1 1932, or such further
date as may be fixed oy the applicant, substantially all the note holders
indicate their agreement to the plan by depositing their notes with a specified
depositary and that the plan is declared operative. It would appear that
the amount of notes which may be so extended will not be known until
after the applicant shall have received replies from the avriotis holders
indicating their attitude in the matter. The applicant desires authority
to issue not exceeding $20,000,000 of the new or extended notes
in a position to proceed with whatever plans may be necessary as so to be
for paying
the maturing notes and thereby avoiding default. Our order will contain
a condition that none of the notes shall be issued except in satisfaction
of a
like amount of indebtedness represented by the maturing notes.
The proposed notes are to be dated Oct. 1 1932, are to bear interest at
a rate not exceeding 6% per annum, and are to mature three years
after
date. They will be redeemable as a whole or in part at any time before
maturity at par plus accrued interest.
Preferred Stockholders Entitled to Three Places on Board
as Fourth Dividend Passes.—
Under the road's charter the preferred stockholders are entitled
three directors to the board at the next annual meeting in May. to elect
The preferred stockholders are entitled to representation under a provision which gives them this privilege in the event that the 6% cumulative
preferred stock is in arrears for four quarterly dividend periods. This
condition exists because the road has paid no preferred dividends since
July 11931. and is now In its fifth quarterly period of arrears.
Control of the Nickel Plate Is now held by the Alleghany Corp. through
ownership of or option on 57% of its voting stock. Ownership of the
preferred shares is believed to be scattered, the records showing that the
Van Sweringen interest, which control the Alleghany Corp., hold only
nominal amounts.—V. 135, p. 2334.
Northern Pacific Ry.—Soo Line Contract Modified.—
The 1.-S. C. Commission in a supplemental report has approved a
cation in the agreement of April 15 1929, under which the Northern modifiPacific
Ry. and the Minneapolis St. Paul & Sault Ste. Marie Ity, operate jointly
certain tracks and facilities moving ore and coal tonnage from the and to
Cayuga Range in Minneapolis. Most of the changes are minor in character and have no effect upon the terms of the pooling contract.—V.
135,
p.2334.
Oregon Trunk Line RR. Final Valuation.—
—
The I.
-S. C. Commission has placed a final valuation of
On the properties of the company, as of June 30 1916.—V. 115,$14.824,088
P. 1838.
Pennsylvania RR.—Court Upholds Commission in Long
Island Rental Case.—See Long Island RR. above.
Financial Chronicle
Volume 135
•
Pays Off Maturing Debts, &c.
The company on Oct. 1 paid off an issue of$1,050,000 gen. equip, trust
certificates, series C. also 21,223,000 of its Chicago St. Louis & Pittsburgh
RR. construction mtge. 5% bonds, and $1,000,000 of its Philadelphia
Wilmington & Baltimore RR.4% debenture bonds.
Judge C. B. Heiserman, Vice-President and General Counsel of the
Pennsylvania RR,retired from that office on Oct. 1 after a period of almost
10 years as head of the road's legal department.
-V.135, p. 2334.
Pittsburgh Cincinnati Chicago & St. Louis RR.
Bonds Paid Off.
The $1,223,000 5% bonds of the Chicago & St. Louis & Pittsburgh RR.
due Oct. 1 1932 are being paid off at office of Treasurer, Room 1846.
Broad Street Station Building, Philadelphia, Pa.
-V. 135, P. 1820.
Puget Sound & Cascade Ry.-Acquisition.The I.
-S. C. Commission on Sept. 24 issued a certificate authorizing the
company to acquire and operate the following lines of railroad in Skagit
County, Wash. (1) From a connection with the applicant's line at
Talc easterly to -'Potts, 1.83 miles; (2) from Potts easterly to Finney Creek
Junction, 10.766 miles, and (3) from Burlington southerly to Mount
Vernon. 4.84 miles.
Rahway Valley RR.
-Obituary.
President Roger A.Clark died on Oct.fat Union, N.J.
-V.90. p.699.
2489
Judge Guy L. Fake, who suggested that Mr. Farr might want to withdraw, appointed in his place Edward E. Grosscup of Atlantic City, and
made the receivership permanent. The other receiver is Thomas A.
Mathis, Secretary of State of New Jersey. (New York "Times").
V. 135, p. 1327.
American States Public Service Co.
-Announces
-Proceeds to Pay Off
Financing Through Sale of 5M% Bonds
All Bank Loans.
The company has sold in private sale the remaining 2223,000 of its first
lien 5M % bonds. The proceeds will be used to pay off all outstanding
bank loans of the company. The bonds, which were held in the treasury,
were the remainder of an issue of 27,770,000 authorized in May, 1928.
In making this announcement the management states also that it is the
Intention of the company to continue the regular dividends on its $6 cumulative preferred stock. The regular quarterly dividend on this stock, due
Oct. 1, was paid on that date.
In its announcement of this financing the company states that it has arranged an open line of credit with Baltimore and Philadelphia banks to
take care of any seasonal requirements which may arise in connection with
interest dates or other maturing obligations.
The company's balance sheet as of Sept. 30 1932, after giving effect to
the sale of the bonds, shows current assets of 2479,512, including cash of
$71,272 and current liabilities of $389,707, with no bank loans.
Earnings.
-
Reading Co.
-Makes Official Changes.
For income statement for 12 months ended Aug. 31 see "Earnings DeP. S. Lewis, Superintendent of the New York division, has been ap-V. 135, p. 627.
partment" on a preceding page.
pointed Assistant to the Vice-President in charge of operation and maintenance; C. E. Chamberlain, Superintendent of the Harrisburg division, has
Appalachian Gas Corp.
-Reorganization is Sought.
\
been named Superintendent of the New York division. and Agnew T. Dice,
Protective committees and bankers are working on a plan to reorganize
Jr.. Superintendent of the Wilmington and Columbia division, has been
the corporation, and their work is understood to be nearing completion.
appointed Superintendent of the Harrisburg division. The changes beThe receivership of the company occurred on May 2 and was followed
came effective on Oct. 1.
Immediately by the formation of security holder protective committees.
E. W. Scheer. Vice-President in charge of operation and maintenance,
The debenture holders' committee, headed by John C. Adams as Chairman
announced that the Wilmington and Columbia division, of which Mr. Dice
and representing holders of the convertible 6s of 1945 initial series and also
was Superintendent, has been abolished, this line being combined with the
series B. due the same time, has received deposits*of a substantial amount
Reading, Harrisburg and Shamokin divisions as follows: Wilmington and
of these securities outstanding. At present $12.635.500 of the debentures
Northern and Schuylkill and Lehigh branches will become a part of the
are outstanding.
Reading division; Reading & Columbia RR., Harrisburg division; SchuylThe debenture holders' committee, in addition to Mr. Adams, consists
kill and Susquehanna branch, Auburn to Rockville, Harrisburg division:
of John B. Stetson, Jr., of Stetson & Blackman,of Philadelphia; Charles B.
that ,portion of the Lebanon and Tremont branch, Lebanon to Pine Grove,
Roberts,3d,of the Pennsylvania Co.for Ins. on Lives & Granting Annuities:
Harrisburg division; Little Schuylkill branch, Shamokin division; SchuylC. T. Williams, of 0. T. Williams & Co., of Baltimore, and Walter Logan,
kill Valley branch, Tamaqua to Mill Creek Junction, Shamokin division.
- of Johnson, Logan & Co. In a letter mailed to debenture holders recently,
V. 135, p. 1652.
the committee stated that "it is endeavoring to fully inform itself as to all
phases o the corporation's affairs in full co-operation with the receivers
St. Clair & Western RR.
-Abandonment.
(Elwyn Evans. Arthur B. Koontz and 0. H. Simonds), to the end that a
The I.
-S. C. Commission on Sept. 23 issued a certificate permitting
plan of reorganization may be formulated and suomitted to security holders
(a) the company to abandon, as to inter-State and foreign commerce,
for their approval at the earliest practicable date."
Its entire line of railroad, which extends from St. Clair I a general westerly
The letter further stated that "the committee has been in close touch
direction, to a point in the village of Richmond, 14.888 miles, all in St.
with the operations of the corporation and has had several meetings to
Clair and Macomb counties, Mich., and (b) the Canada Southern Ry.,
consider with their counsel and others interested matters arising under the
the Michigan Central RR, and the New York Central RR. to abandon
receivership affecting the debenture holders. The committee is investigatoperation of the line.
ing the present status oi the corporation and its prospects, particularly
accruing to debenture holders and
with
St. Louis & O'Fallon Ry.-To Argue Excess Earnings otherrespect to the values and earnings of a sound plan of reorganization."
data necessary for the formulation
Report Nov. 18.
-V. 135. p. 1652.
The I.
-S. C. Commission has assigned for oral argument at Washington
-Earnings.
Associated Gas & Electric Co.
Nov. 18 the findings of its tentative report fixing excess net railway
operFor income statement for 12 months ended Aug. 31, see"Earnings
ating income of the company in the reopened proceedings subsequent to
on a preceding page.
Department"
the litigation which featured its original findings in this case.
-N. 135,
p. 1484.
Output Continues Favorable.
St. Louis-San Francisco Ry.-Directors Sued-Stockholder Charges Waste, Bad Faith and Fraud.
A stockholder's suit against the directors of the Company, charging
them with "gross waste, mismanagement, gross negligence, bad faith and
fraud.'was disclosed in the Supreme Court Sept. 29 when the defendants
got an extension of time until Oct. 19 to answer the suit. The action was
brought by Charles E. Mitchell, owner of 100 common shares, on behalf of
himself and other stockholders.
The plaintiff asks that the Court set aside the attempted purchase of
25,000 shares of the common stock of the Gulf, Mobile & Northern RR.;
that the defendant directors be compelled to pay the Frisco line
that the directors be removed, and that a temporary receiver of the$965.340;
property
of the railroad in New York be appointed to hold it pending the suit.
-V.
135, p. 2334.
Southern Ry.-Abandonment.-
The I.
-S. C. Commission on Sept. 22 issued a certificate permitting
the Virginia & Southwestern Ry. to abandon, and the Southern By.,
lessee, to abandon operation of the so-called Buladeen Branch, extending
from Rexford in a general northeasterly direction to Buladeon. approximately 10.59 miles, all in Carter County, Tenn.
-V. 135, P. 1992.
Spokane Portland & Seattle Ry.-Final Valuation.
-
The I.
-S. 0. Commission has placed a final valuation of $58,300,000 on
the owned and used properties of the company, $113,698 on the owned
but not used properties and 21.483.033 on the used but not owned properties,
as of June 30 1916.-V. 134, p. 844.
Texas South-Eastern RR.
-Bonds Authorized.
-
The I.
-S. C. Commission on Sept. 22 authorized the company to procure
the authentication and delivery of not exceeding 230,000 of first mortgage
6%p_ _gold bonds, which it proposes to pledge as collateral security for a loan
of $30,000 from the Reconstruction Finance Corporation.
-V.125, p. 1834.
Wabash Ry.-Receivers' Certificates.
-
The 1.-S.C. Commission on Sept.28 authorized the issuance of 24.575,000
receivers' certificates, series B, in settlement of an equal amount of outstanding indebtedness.
The report of the Commission says in part:
The certificates are to be issued to pay in part the indebtedness due nine
banking and financial institutions. Their issue, together with $4,575,000
of series A certificates to be issued direct to the Reconstruction Finance
Corporation in connection with the loan approved by the supplemental
certificate, was authorized on Sept. 21 1932, by order of the court having
primary jurisdiction in the receivership proceedings.
The proposed series B certificates will be dated Aug. 1 1932. and will
bear interest at the rate of 5% per annum, payable semi-annually on Feb. 1
and Aug. 1. They will be payable Aug. 1 1935, to or upon the order of the
several financial concerns and in the respective amounts shown in the
application, which are the same as those shown in our loan report except
the First Wayne National Bank, Detroit, Mich., which appears in the
application in place of the First National Bank, Detroit. Mich. The
certificates will be redeemable at the option of the receivers at any time
on 30 days' notice to the holders at par and accrued interest plus a premium
of ti of 1%-V. 135, p. 2335.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Oct. 1.--(a) Production of electricity
off 10.2% during week ended Sept. 24. P. 2234. (b) At Los Angeles Gov,
Franklin D. Roosevelt indicates ideas as to development by Government
of hydro-electric and water power, p. 2268. (c) Sub-committee of International Radio-Telegraph Conference votes to abolish ten-letter code words;
proposed five-letter code, p. 2279.
-- -American Rys.-Co-Receiver Replaced.
Frederick L. Farr of Elizabeth withdrew Sept. 30 as co-receiver for
the company after Nathaniel Bllder, counsel for the bondholders of the
Scranton Ry. and the Altoona & Logan Valley Electric Co. had urged his
withdrawal because of his association with R.P. Stevens,formerly President
of the American Rys. and of the American Electric Power Corp., which
owns all the stock in American Rya.
At the hearing in Fe,;eral Court, which was on a motion to make the
receivership permanent. Mr. finder declared the case "smelled to high
heaven, was comparable to the Instill crash, and that the public was
"milked." He said the receivers should sue the American Electric Power
Corp. to recover 211,000.000 alleged to have been withdrawn by the
corporation from the American Railways. The receivers were appointed
Aug. 15 on application of the American Electric Power Corp.
For the week ended Sept. 24, the Associated System reports electric output, excluding sales to other utilities, of 49,750,616 units (kwh.). This is
1.8% higher than the net output for last week and is the highest net output
since the week of March 5 1932.
Gas output for the week totaled 318.186,900 cubic feet, which is slightly
better than the corresponding week of 1931.-V. 135. p. 2335.
-Output (Cubic Feet).Boston Consolidated Gas Co.
1931.
(000 omitted)
(0OO omitted) 1932.
1,226,027 1,346,934 June
January
1,200,837 1,176,509 July
February
1,243,212 1,215,763 August
March
1.093,065 1,120,406 September
via
April
1,071,704 1,129,938
135, 13. 1993, 1652.
1932.
1931.
970,455 1.015.059
900,157
873,949
853,179
901,669
967,502 1,006,424
-British Columbia Power Corp., Ltd.-Earnings.
1929.
1930.
1931.
Years End. June 301932.
Gross revenue
$14,356,842 $15,119,945 $15,434,341 $14,681.263
Operating expenses,incl.
municipal taxes
6,642,903 7,779,964 8.871,058 7,825,626
1,877,030
1,825,468
1,870,965
Prov.for depr. & renew_ 1,869,805
413,773
446,458
396,347
1,324,295
Prov.for income taxes
Int.on bond. dt. & dive.
1,983,415
2.101.713
2,585,742
on pf.stks. of sub.cos. 2,510,499
Net income
Divs,on class A shares
22,009,339 $2,436,816 $2,188,194 $2,632,980
2.000,000
2,000.000
2,000,000
2,000,000
$188,194
$436.816
$632,980
29,339
Consolidated Balance Sheet June 30.
1930.
1932.
1931.
1929.
$
$
$
$
Assets2,316,416
3,151,931
7,306,638
2.131,627
Cash
•
551,425 3.701,976
Dom.of Can.bonds,&c.
y1,469,196
1,308.723
Investments
343,448
355,862
Bond discount balance_ _
1,487,100
1,892,420
Accounts receivable_ __ _ 1,538,296
1,536.199
Insurance unexpired &
prepaid items
157,466
102,728
126.986
118,368
Empl. housing loans, &c.
588,698
715,481
590.314
555,873
Stores, mat'ls & supplies 1,891.331
2,124.357
2,501,160
2,592,009
Sinking fund
361,326
338,401
313,911
290,391
Plants & equip., &c.._ -136,562,072 134,840,486 129,824,517 120,445,466
Balance
Total
145,228,251
Liabilities
Accts. payable, incl. res.
for income taxes
2,269,144
Deben.& bond int. accr.
507.743
Dividends declared
749.600
Bonded debt
39,004,716
Capitalstocks ofsubside.
held by public:
Brit.Col.El. Ry.,Ltd.,
5% perpetual pref
6,984,000
Brit. Col.El. Pr.& Gas
Co., Ltd.,6% pref- 5,000.000
Minor.sh'h'l'rs of sub.
3,446
Res. for depr.& renewals 22,421,200
Gen.& accident reserves 1,450,523
Capital stk.& surpluses-x66.837.878
144,425,070 143.107.372 131,371,912
2,927,559
2,975,294
2,469,083
501,691
504.455
687,521
749.703
749,740
749.600
39.065,150 38,799,883 28,804,749
6.984,000
6,984,000
6,984,000
5.000,000
5,000,000 5,000.000
98,776
109,826
158.074
21,220,423 19,733,995 18.194,524
1,800.450
1,504,942
1.723,127
66,828,538 66,391,722 66,203,528
Total
145,228.251 144,425,070 143.107,372 131,371.912
x Represented by 1,000.000 class A shares and 1,000000 class B shares.
part of an authorized issue of 1,500,000 class A shares and 1,500.000 class B
shares, both classes without par value. y Market value June 30 1932,
2.954,485.-V. 133, p. 2103.
Brooklyn-Manhattan Transit Corp.
-Collateral Released Through Bond Retirement.
-
Notice has been received by the New York Stock Exchange from the
trustee of the Rapid Transit Security 6% gold bonds, series A. due July 1
1968. and also from the company to the effect that $728,000 principal
amount of the above captioned bonds were retired in the operation of the
July 1 1932 installment of the sinking fund,and that the following described
collateral was released: $552,000 principal amount of New York Rapid
Transit Corp. ref. mtge. 5% sinking fund gold bonds series A due July 1
1968: and $109,000 principal amount of Willlamsburgh Power Plant Corp.
gen. mtge. 5% sinking fund gold bonds series A due July 1 1968.-V. 135.
p. 2172.
Financial Chronicle
2490
Oct. 8 1932
•
---"-Buffalo & Erie Ry.-Foreclosure Sale.
-
Clarion River Power Co.
-Sale Being Investigated.
-
The foreclosure sale scheduled for Sept. 22 has been postponed until
-mile trolley line between Buffalo,
Oct. 20. The company operates a 90
N. Y., and Erie, Pa., with a branch line between Dunkirk and Fredonia.
N. Y.
-V. 134, p. 4321.
Central Maine Power Co.
-Earnings, &c.
The company reports for the 12 months ended Aug. 31 1932, net earnings
of 71,953,654 after all charges. After pref. stock dividends of 71,295.56.
a balance of 7658,094 remained for the common stock, which is owned by
the New England Public Service Co.
President Walter 8. Wyman states that this company is not involved in
the failure of the Insull companies in Chicago. It advanced no money to
them and the companies in receivership owe no money to the Central Maine
Power Co. "We expect the company will close 1932 with no bank debt,
having paid a large part of the bank loan which it had at the beginning of
the year from earnings and from reduction in inventories, accounts receivable
&c.," says Mr. Wyman. He adds that the company is in a sound position
and has a large amount of surplus power developed which will be so d
gradually as business improves.
Concerning business activity in the territory served, Pres. Wyman says:
"The first two months of the third quarter of 1932 were the worst of any in
the business depression. During September, however, things have become
decidedly better. With the exception of one city where labor troubles
-down. shoe factories have been operating praccaused a temporary shut
tically at capacity. Many of the larger textile mills are running 24 hours
a day. The Foxcroft Mill of the American Woolen Co. is about to re-open
-down of five years. That company's Skowhegan mill has reafter a shut
opened after having been closed since May. Two of the larger paper mills
report orders in hand for October substantially larger than the same customer's orders for September. Many of the cotton mills are operating 80
or 90% of capacity."
-V.135, p.2172.
Central West Public
Effect.
-
Service
Co.
-Note Conversion in
The note-conversion plan has been declared operative. Checks for interest due on Aug. 1 on the notes were mailed Oct. 6. Holders of the company's 71.416.5006% debentures were notified that they may present their
coupons for interest due on May 1 for payment.
The conversion plan provides that holders of the 71,000,000 of 7%
notes which fell due on Aug. 1 accept an equal amount of new 7% notes to
run three years. A $200,000 demand note against the company also has
been converted into new 7% notes. Thus the note issue that will mature
on Aug. 1 1935 will amount to $1,200,000. The company's bankers agreed
to advance interest funds when the conversion was declared operative.
The interest arrearage on notes and debentures amounts to $77,495. On
Sept. 1 the company paid 7281,000 in back-due interest on its first mortgage collateral bonds.
A receivership suit against the company is pending in the Chancery
Court at Wilmington, Del. The company has until Oct. 18 to answer the
bill. It is expected that the completion of the conversion plan will remove
the possibility of receivership -V. 135, p. 2336.
----Chester & Philadelphia Ry.-Omits Common Dividend.
The directors have decided to omit the quarterly dividend normally
payable about Oct. 15 on the common stock, par 750. A payment of 30
cents per share was made on July 15 last, as against 37A cents per share
-V. 135, p. 125.
in each of the four previous quarters.
-Receivership.
--..Chicago North Shore & Milwaukee RR.
In connection with the appointment by U. S. District Judge James H.
Wilkerson of Britton I. Budd, President, and Col. A. A.Sprague, Commissioner of Public Works of Chicago as receivers. The following statement
was issued by the company:
"In view of the serious and continued loss of business which can be rectified only by a change in general business conditions, the directors of the
company decided not to oppose the filing of the creditor's bill.
"The continued increase in unemployment and the general industrial
situation have resulted in greatly lessened passenger and freight traffic
and seriously affected the revenues of the company. Illustrating the effects
of the depression, passengers carried in the eight months of this year to
Aug.31 totaled only 5,237,840, as compared with 9,361,344 in the comparstive period three years ago, a decrease of 44%,and passenger revenues were
52
.
.8% lower. Freight revenues were 61.1%, less for the period compared.
'In the first eight months of this year, in spite of rigid economies and
reduction in pay of all officers and employees, the railroad failed to earn
operating expenses, before taxes, by $20,043. Taxes for the period amount,ed to 7265,285.
"On Oct. 1 the company has due and payable interest and taxes amounting
to approximately $285,000, which it will be unable to meet. By Jan. 1
additional taxes, interest and other obligations which will be due amount
to approximately $615,000.
"The directors believe that under the protection of the Court the properties
can be continued in their high condition of operating efficiency, the rights
of the owners of securities preserved and the service maintained for the
benefit of the public.
"
Large numbers ofinhabitants of the region contiguous to the lines of the
railroad are dependent upon it for transportation and the public generally
greatly inconvenienced if the business should be suspended or
would be .
impaired,' the petition stated in asking for an injunction against creditors
taking other action until the receivership proceedings are adjudicated.
-V. 135, p. 2336.
----Ch•cago Rapid Transit Co. 04.-1 194eresnra Puir:
)R.
The interest due Oct. 1 1932 on the $3,802,000 Union Elevated ..
Chicago) 1st mtge. 5% gold bonds, due 1945, was not being paid V. 135. p. 1653.
Cities Service Co.
-Stockholders Increase.
From Dec. 15 1931 to Aug.31 1932, common stockholders increased more
than 32,000, bringing the total number to 544.557. In 1920, the company's
common stockholders numbered 4,098.-V. 135. p. 2173.
Citizens Water Co.
-Earnings.
Earnings for 12 Months Ended June 30 1932.
Operating revenues
Operation expense
Maintenance
Taxes (other than Federal income)
$334,707
105,793
9,523
9,571
Net earnings from operation
Other income
$209.820.
9,399
Gross income
Interest on funded debt
Other Interest
Interest charged to construction
Provision for retirements
Provision for Federal income tax
Amortization of debt discount and expense and miscell. deduc'ns
7219,219
107,750
604
Cr.2,419
20,601
5,735
12,924
Net income
Preferred stock dividends
$74,024
42,688
Balance
$31,336
Balance Sheet June 301932.
Liabilities
- Assets
Progeny. Plant & equipment.$3,394,464 Common stock
4150,000
3.371 Preferred stock
Special deposits
609,600
72,415 First mtge. gold bonds
Cash
38,501
514% series A,due July 1 '51 1,450,000
Accounts receivable
26,736 .5% series B,due July 1 1951 560,000
Materials and supplies
10 Accounts payable
9.145
Int. and divs. receivable
60,435 Consumers' service deposits
Duefrom affiliated companies_
15,237
Prepayments & def'd charges.. 260,680 Service billed in advance
893
Other current liabilities
1,482
Accrued liabilities
87.004
Consumers' extension deposits
1,631
Res. for retirement of prop
510,199
Res. for =collectible accounts
1,082
Surplus
460,338
Total
$3,856,611
Total
-V. 124, p. 1508.
s Represented by 10,000 no par shares.
$3,856,611
The sale of the company to the Pennsylvania Electric Co. now being
studied by the Federal Power Commission and the Pennsylvania Public
Service Commission, entered the Federal Trade Commission's utility
inquiry Oct. 4.
The amount realized from the sale of the Clarion company, which was
made to satisfy a mortgage, was insufficient to cover holders of $908,710
of participating capital stock, according to Charles Nodder, Commission
examiner. This was, he said,in addition to the common stock and 73.544,290 of participating capital stock held within the Associated Gas & Electric
System.
Detailed account of the sale was given which, according to Mr. Nodder.
was a transaction within the Associated Gas System.
The Clarion River Power Co. is a Government license porject, and the
Federal Power Commission is now co-operating with Pennsylvania State
regulatory officials in making a thorough study of the transactions. The
company claims an actual legitimate cost for the project of approximately
$11,000,000 but the Commission allowed an amount between 74,500,000
and 75,000,000. ("Wall Street Journal.")
-V. 135, p. 2336.
Columbia Gas & Electric Corp.
-Common Dividend
Payable in Preference Stock.
The directors on Oct. 6 announced a quarterly dividend of 25c. a share
on the common stock, payable Nov. 15 in convertible 5% preference stock
at par, to holders of record Oct. 20. A similar payment was made on
May 15 and on Aug. 15 last. A distribution of 3735c. a share in preference
,
stock was made on Feb. 15 1932, while on Nov. 15 1931 a cash dividend
of 373'c. per share was paid on the common stock, as compared with 50c.
per share in cash previously each quarter.
Rate Increase Granted.
The Ohio P. U. Commission on Oct.3 approved a gas rate of 55 cents per
thousand cubic feet for the City of Columbus, 0., as against a present
rate of 48 cents per thousand cubic feet. This case had been before the
Commission for more than two years and is considered a most important
gas rate controversy in its history. Commissioners E. J. Hopple of Cleveland, Chairman, and Frank W. Geiger of Springfield signed the majority
report, while John W. Bricker returned a minority report which set a rate
of 47.95 cents.
It was intimated that some of the allowances made in the majority report
will be contested and the case may be taken to the Ohio Supreme Court.
The majority report granted certain allowances on depreciation, delayed
rentals on reserve acreage and working capital and also allowed the gas
companies to charge as an expense the cost of fighting the rate case.
Pending further developments in the decision of the case the present rate
of 48 cents per thousand cubic feet will continue. The Commission's
order fixed no effective date, but under the law the new rates automatically
go into effect at the end of a 30
-day period.
Three subsidiaries of the Columbia Gas & Electric Corp. were involved
In the above action, viz.: The Columbia Gas & Fuel Co., the United Fuel
Gas Co. and the Ohio Fuel Gas Co.
-V. 135, p. 1328.
Community Water Service Co.(& Subs.).
-Earnings.
Earnings for 12 Months Ended June 30 1932.
Operating revenues
Oper. exp., maint. & taxes (other than Federal income)
77,526,696
3,388,997
Net earnings
Other Income
$4,137,699
78,665
Gross income
$
Fixed charges of subsidiary companies-Int. on funded debt_ _ _ 2,106,3
4 218 961
Dividends on preferred stock
681,633
Minority interest
11,152
Retirement expense
449,024
Provision for Federal income tax
Amortization of debt discount and exp. dz other deductions.-236, 85
2
7214 7
Interest on Community Water Service Co. debentures
393,000
Balance
$263,889
Consolidated Balance Sheet June 30 1932.
Liabilities
Assets
Property, plant and equip__$76,639,166 6% debentures
$3,470,000
36,259 5t4% debentures
3,360,000
Investments
Funded debt of sub. cos
Special deposits held by
40,332,500
238,745 Accounts and notes payable_ _
trustees,sinking funds, &c_
284,401
654,840 Consumers' service deposits.
Cash and working funds
144,456
Other current liabilities
Cash on deposit for interest
48,583
and dividend PaYments276,359 Taxes (including Fed. tax)._
425,832
150,141 Int. on bonds & dive. on preU. S. Treasury certificates
Acc'ts receivable-Consumers 1,179,032 ferred stock
920,869
250,457 Other accrued liabilities
Unbilled
47,011
88,919 Deferred credits
Miscellaneous
210.822
413,889 Consumers'extension deposits
Materials and supplies
708,646
46,133 Reserves
Other current assets
8,376,704
676,426 Sub. cos.' preferred stock
Collateral note receivable....
10,355,042
Minority int. In corn, stock
Debt disct. & exp. In process
& surplus of subsid. cos.__
of amort., prepayments dr
299,118
4.099,592 Preferred stock
other deferred charges_
4,620,972
Common stock
y1,122,297
Capital surplus
z10,105,996
Earned surplus
916,707
$84,749,956
Total
Total
784,749,956
x Represented by 39.078 no par shares. y Represented by 1.125,405
no par shares. z Representing prim pally appraisal surplus and contributions for extensions, less reserve for collateral note receivable.
-V. 134,
D. 3821.
-Bonds Called.
Connecticut Light & Power Co.
-
Certain outstanding 1st and pref. mtge. 7% sinking fund gold bonds,
series A, dated May 1 1921, aggregating about $105.000, have been called
for redemption Nov. 1 at 10934 and interest. Payment will be made at
the Bankers Trust Co.,trustee, 16 Wall St., N.Y. City.
-V.135, p.628.
Connecticut River Power Co.
-Bonds Offered.
-A syndicate consisting of Chaz3 Harris Forbes Corp.; First of
Boston Corp.; Bankers Trust Co.; Baker, Young & Co.;
Lee Higginson Corp.; Paine, Webber & Co.; Bodell & Co.;
Stone & Webster and Blodget, Inc.; Hornblower & Weeks:
Otis & Co., Inc., and the N. W. Harris Co., Inc., on Oct.
offered at 94 and int., yielding about 532%, $18,000,000,
1st mtge. gold bonds, series A, sinking fund, 5%.
a
Dated Oct. 11932; due Oct. 11952. Interest(A. dc 0.) payable at Harris
Forbes Trust Co., Boston, or at Chase National Bank, New York, or at
Harris Trust & Savings Bank, Chicago. Red. all or part on any int. date
on 30 days' notice at 103 through April 1 1941; thereafter reduced by g of
1% for each year or fraction thereof to 10034 if called on Oct. 11961, and
thereafter at 100 to maturity in each case with accrued int. Denom. c*
$1,000 and $500 and r* 71,000 or authorized multiples. Old Colony Trust
Co., Boston, trustee.
-A sinking fund, equal to 2% of the maximum amount of
Sinking Fund.
this series at any time outstanding, will be deposited annually with the
trustee, beginning Oct. 1 1937, for the call or purchase of bonds of thia
series at not exceeding the then redemption price.
-Interest payable without deduction for any normal
Tax Provisions.
Federal income tax not exceeding 2% of such interest. Company will
agree to refund, as provided in the indenture, upon propor and timely
application, Penn. and Conn. personal property taxes at a rate not exceeding four mills per annum. Maryland securities tax at a rate not exceeding
43'6 mills per annum, New Hampshire income tax at a rate not exceeding
5% of such interest to holders resident In those states, and Maas, income
tax at a rate not exceeding 6% ofsuch interest to individual holders resident
in that State.
-Bonds in opinion of counsel, will meet the present
Legal Investments.
requirements for legal investment by Savings Banks in New York and
Massachusetts.
-Approved by the P. S. Commission of New Hampshire and
Issuance.
subject to approval in part by the P. S. Commission of Vermont.
Data from Letter of Frank D. Comerford, Pres. of Company.
Company.-Organized in New Hampshire as Grafton Power Co. Is
controlled through ownership of all its common stock by New England
Power Association. Company owns two modern hydro-electric generating
stations, and upon completion of the present financing will have acquired a
third plant from Connecticut River Power Co. of New Hampshire. These
three stations, all located on the Connecticut River, have a total capacity
of 273.200 h.p. They are known respectively as the "Fifteen Mile Falls
Development," "McIndoes Falls" and the "Vernon Plant." Undeveloped
properties now owned at Fifteen Mile Falls permit the construction of a
fourth dam and generating station with a storage lake about 12 miles long.
to be known as the "Upper Development" with a capacity of about
145.000 h.p.
Capitalization.
-The capitalization of the company is subject to the
approval of the Public Service Commissions of New Hampshire and
Vermont. Upon completion of this financing, the retirement of the belowmentioned bonds of Connecticut River Power Co. of New Hampshire and
the issue of stocks for which application has been made to said commissions,
It is expected that the capitalization will be as follows:
$18,000.000
1st mtge. gold bonds,series A,sink.fund 5% (this issue)
1,200,000
• Preferred stock 6% ($100 par)
15,000,000
Common stock ($25 par)
-Proceeds will be used by the company to discharge, in part, its
Purpose.
indebtedness to New England Power Association incurred for the acquisition and construction of its power properties.
Earnings -Company's earnings and expenses, adjusted to give effect to
the acquisition of assets of the Connecticut River Power Co. of New
Hampshire, are as follows for the 12 months ended Aug. 31 1932:
*$3,938,159
Gross earnings and other income
Operating expenses maintenance and taxes (except Federal
940.646
Income taxes)
Net earnings before interest, depreciation, dividends. &c---- 82,997,513
Annual interest requirements OD this issue of bonds
900,000
* Does not include $194,150 of interest during construction and interest
on investment in undeveloped properties.
-The entire output of the plants at Fifteen Mile Falls,
Power Contracts.
McIndoes Falls and Vernon is sold under contracts to New England Power
Co. except for local load requirements as will be defined in the contracts.
The Vernon contract runs until 1966 at an annual payment of 8480,000 and
the Fifteen Mile Falls and McIndoes contract runs until 1971 at an annual
payment of $2,700,000, both subject to adjustment for future changes in
conditions as more fully outlined in the within letter. These contracts will
be pledged under the indenture securing these bonds as within provided.
Of the many contracts which New England Power system has for the
sale of power, the most important is between New England Power Co. and
Edison Electric Illuminating Co. of Boston, under which the latter has
agreed to buy a large block of primary power, to be supplied from the power
resources of the system and to pay therefore $2,025,000 per year. This
contract runs to 1950. subject to adjustment and termination as more fully
outlined in the within letter. The right to receive the payments from the
Edison company under this contract will be pledged so that in the event of
default by New England Power Co. under its above mentioned contracts,
subsequent payments under this contract will be available to the trustee
under the indenture securing these bonds.
Security.-Upon completion of the present financing and the redemption
of the $1,269,000 first mtge. 5% bonds of Connecticut River Power CO..
New Hampshire, this issue of first mortgage gold bonds, series A, sinking
fund, 5% will be secured in the opinion of counsel by a first mortgage on
the entire fixed property of the company including that to be acquired from
Connecticut River Power Co. of New Hampshire. Company also covenants
to subject to the lien of this mortgage all fixed property hereafter acquired.
Additional bonds of other series may be issued under the conservative restrictions of the indenture, but no additional bonds may be issued with respect
to the properties now owned or presently to be acquired from Connecticut
River Power Co. of New Hampshire.
Balance Sheet as at Aug. 31 1932.
[Giving effect as of that date to subesquent acquisition of assets and this
Issue of first mortgage bonds and of preferred and common stocks with
application of the proceeds to reduction of indebtedness.)
Assets
Liabilities
Plant and properties
$42,000,049 Funded debt
$18,000,000
Construction work orders in
Notes and accounts payable
progress
215,041 -affiliated companies (inCash
24,993 cluding construe. advances) 8,347,103
Accounts recelv.-cu-tomers_
59,153 Other accounts payable and
Accounts rinelv.-affil. cos-..
accruals
229,318
329,693
Other accounts and notes rec.
4,401 Reserve for depreciation
1,452,750
Materials and supplies
18,154 Other reserves and suspense
Prepaid expenses
credits
2,987
25,160
Unamortized debt discount &
Preferred stock
1,200,000
other unadjusted debits
1,954,257 Common stock
15,000,000
Surplus earned
153,651
Total
-V. 135. p. 1994,
2491
Financial Chronicle
Volume 135
$44,508,359
Total
844.508,359
-Merger.
Connectiver River Power Co. of N. H.
See Connecticut River Power Co. above.
-V. 135, p. 1994.
Consumers Power Co. (Me.).-Bonds Called.
All of the outstanding 1st lien s. f.6%% gold bonds, series A, have been
called for payment Nov. 1 at 105 and int. at the Continental National
Bank & Trust Co., 231 South La Salle St., Chicago, Ill.
-V.135, p. 294.
Danville (Va.) Traction & Power Co.-Int. Payment.
The Maryland Trust Co.,trustee, Calvert and Redwood Sta., Baltimore.
Md., announces that it is now in receipt of funds to pay the July 1 1932
Interest coupons from the 1st mtge. 30
-year 5% gold bonds due July 1
1941 and said coupons will be paid upon presentation at its office.
-135, p.
1487.
Detroit Edison Co.
-A banking group
--Bonds Offered.
beaded by Coffin & Burr, Inc., and including Chase Harris
Forbes Corp., Spencer Trask & Co., Bankers Trust Co. and
First Detroit Co., Inc., is offering at 993. and int., yielding
over 5%, $15,000,000 gen. & ref. mtge. 5% gold bonds,
series E. Bonds are dated Oct. 1 1924 and mature Oct.
1 1952.
Listing.-Application will be made to list these bonds on the New York
Stock Exchange.
Legal Investments.
-All outstanding gen. & ref. mtge. bonds have been
listed by the State Banking Departments of New York. Mass. and Conn.
as securities considered legal investments for savings banks in those States,
and the company will make application to have these bonds so listed.
Data from Letter of Alex Dow, President of the Company.
-Does entire commercial electric lighting and power business
Company.
the City of Detroit, and in an extensive adjacent territory in the State
in
of Michigan, having a total population conservatively estimated at 2,268,000. Company also conducts a steam heating business in the central area
of the City of Detroit and a gas business in four cities and seven villages.
The property of the company includes four large modern steam power
plants with an aggregate rated capacity of 837.000 kw.
capitaitzatton Aug. 31 1932 (After Giving Effect to this Financing).
Authorized.
Outstanding.
$150,000,000 $127,226,000
Stock
$26,000,000
Gen. & Ref. Mrge. series A.5%.due 1949--5%. due 1955
23,000,000
Series B,
,
Series C. 5%,due 1962
20000.000
Series D.4%,due 1961
50,000,000
series E,5%, due 1952 (this issue)
15,000,000
Closed
10.000.000
jet mtge. 5%,due Jan. 1 1933
x Limited only by the restrictions of indenture.
company has been financed in large part through the issue of capital
The
stock. The $144,000,000 mtge. bonds to be outstanding upon completion
underlying bonds which
of this financing (including the $10,000,000 ofthan
$127,000.000 stock.
mature Jan. 1 1933) will be followed by more
Company has paid dividends on its stock regularly since 1909. The
rate from January 1916 through July 15 1932 was $8 per share;
annual
the dividend payable Oct. 15 1932 was declared at the quarterly rate
of $1.50 per share.
Consolidated Earnings, 12 Months Ended Aug. 31 1932.
$45,676,084
Gross earnings
31,492,206
Oper. exps., taxes & retirement reserve (depreciation)
$14,183,878
Net earnings
Annual interest on mortgage bonds (to be outstanding upon the
x6,950.000
completion of this financing)
$7.233,878
Balance
x Includes $500,000 of interest on the $10,000,000 1st mtge. 5% bonds
which mature Jan. 1 1933.
-These bonds are being issued to reimburse the company in
Purpose.
part for expenditures made for improvements, additions and extensions
-V. 135, p. 1994.
to its plants and systems.
-Rate Reduction.
Duquesne Light Co.
Following six months of negotiation between the city of Pittsburgh and
this company, new electric rates, providing savings of from 5 cents to 20
cents a month to the average domestic consumer, have been agreed upon,
effective Oct. I. The aggregate reduction amounts to approximately
$750,000 a year. This rate represents a saving of from 4 to 12 % for the
-V. 135, p. 1994.
average small user.
-Deposit Time Extended.
Empire Public Service Corp.
The time for deposit of securities under the reorganization plan has been
extended from Sept. 30 to Nov. 30. (Compare plan in V. 134, p. 3822).V. 135, p. 464.
-Buses to Replace Rail Lines.
Georgia Power Co.
The company and the city of Columbus. Ga., have reached an
agreement under which the former will replace with buses all rail lines
except the North Highlands route. The city is to receive $14,726 to cover
the expense of removing the tracks. The Georgia P. 8. Commission has
-V. 135. p. 294.
approved the agreement. ("Transit Journal").
-Name Changed, &c.
Grafton Power Co.
-V. 135. p. 1994•
See Connecticut River Power Co. above.
-Earnings.
Great Lakes Utilities Corp.(& Subs.).
Years EndedGas revenues
Merchandise and jobbing
Sundry, interest, rentals, &c
Dec. 31 '31. June 30'32.
$563.619
$591,195
63
6,470
14,859
13,178
Total revenues
Operating charge
Maintenance
Uncollectible accounts
Taxes
Funded debt
Unfunded debt
Amortization debt discount and expenses
Provision for depreciation
Loss of subsidiary companies from Jan. 1 1931 to
date of acquisition
$578,341
327.749
40,956
3.265
39.949
194.949
14,615
9
17,195
$610,843
347,459
37,514
3.216
41,974
196,258
18,485
32
23,915
5,749
$60.347
$52,259
• Net loss
Comparative Condensed Consolidated Ballcne Sheet.
Dec. 31'31. June 30'32. Liabilities- Dec. 31'31. June 30'32.
AssetsPlant &tranchises_14,723,393 84,716,269 $7 1st pref. stock_ $768,246 $768,246
164,500
43,673
15,036 $7 2d pref. stock- 164,500
Cash
58,445
58,445
246,574 Common stock_
Total curr. assets_ 233,484
63,800 MM.stkhldrs' int.
deposits 122,361
Spec, cash
100
125
in sub. cos
Due under contr.
1st lien coll. trust
sales of Citizens
10,000
30,170 54% bonds.... 2,130,000 2,130,000
Gas Co
825
825 Cony. debentures_ 1,284,000 1,284,000
Sundry invests
477.329
17,377
20,747 Current liabilities_ 471,482
Deferred charges_
49,543
28,076
533,329 Deferred liabilities
507,107
Deficit
265,274
284,615
Reserves
Exc. of book vats.
of net assets of
sub, cos. at date
of acquis. over
Par. co.'s earry'g
414,278
value of invests_ 425,059
$5,614,548 $5,611,715
Total
Total
-V. 133, p. 2104; V. 132, p. 4409, 2580.
85,614,548 15.611.715
-Earnings.-Greenwich Water & Gas System, Inc.
Consolidated Earnings for 12 Months Ended June 30 1932.
$1,670,259
Operating revenues
595,291
Operation expenses
65,012
Maintenance
147.349
Taxes (other than Federal income)
Net earnings from operation
Other income
$862.608
31,909
Gross income
Fixed charges-Subsidiary companies:
Interest on funded debt
Other interest
Interest charged to construction
Minority interest
Interest on funded debt
Other interest
Provision for retirements
Provision for Federal income tax
Amortization of debt disct. & expense & miscell. deductions....
$894,516
Balance
Preferred stock dividends
$285,622
177,066
141,660
1.827
Cr983
10,851
295,224
1.764
114,092
6,058
38,402
$108.558
Balance
Consolidated Balance Sheet June 30 1932.
Liabilities
Assets
Property, plant and equipl__S19,597,186 Common stock
150 Preferred stock
Investments
50,796 Minority int. in corn. stock &
Special deposits
293,113 surplus of subsidiary cos
Cash
50,047 Greenwich Water & Gas Sys.,
U. S. Treasury certificates
Inc.5% coll, trust bonds
331,699
Accounts receivable
98,178 Subsidiary company bonds
Materials and supplies
Ili:Milled revenue
79,008 Accounts payable
587 Mortgage notes payable
Other current assets
158,622 Consumers'service deposits..
Due from affiliated cos
Service billed in advance...
Prepayments and deferred
849,834 Other current liabilities
charges
Accrued liabilities
Consumers' extension depos.
Reserves
Miscellaneous deferred credits
Surplus
Total
821,509,221
Total
x Represented by 100,000 no par shares.
-V. 133, p. 2433.
x$500,000
2,951,100
293,478
5,929,000
2,810,000
32,619
98.26$
20.334
149,024
3,509
264,674
248.576
1,850,613
4,421
6,353,610
621,509,221
4=1...Houston Gas & Fuel Co.-Receivership.For alleged default upon the original refunding and improvement mort-year 5% gold bonds, the company, oldest gas distributing company
gage 20
in the city of Houston, was placed in the hands of a receiver Sept. 24 by
Federal Judge Randolph Bryant.
It. B. Creager of Brownsville was named temporary receiver.
The receivership petition was filed in behalf of Fidelity-Philadelphia
Trust Co.of Pennsylvania, holder of the first lien on the mortgaged property.
In addition to the appointment of Mr. Creager, the firm of Baker, Botts,
Andrews & Wharton of Houston, attorneys for the Houston Gas & Fuel
Co., was named as temporary attorneys for the receiver.
In seeking the appointment of a receiver and foreclosure of the extensive
properties of the gas company, the petition alleged that the gas company
2492
Financial Chronicle
had defaulted upon the original refunding and improvement mortgage
-year 5% gold -bonds. an issue authorized at 26,000,000, which matured
20
Sept. 1, and upon March 1 and Sept. 1 payments of interest.
In a brief answer filed by their attorneys, the company admitted allegations in the bill directed against it, and agreed to the receivership.
In the petition it was alleged that the present outstanding bonds, held
by numerous bondholders, were believed to aggregate a par value of $4.587,000.
Aside from asking that a receiver be appointed to administer affairs of
the firm, the petition requested that an accounting be made of all properties
subject to the lien; that a sale of the properties be ordered; that all officers.
directors, employees of the company be restrained from interfering with
or disposing of the mortgaged property; that all creditors and stockholders
be restrained from instituting or prosecuting any actions against the company: that any bondholders or committee of bondholders may bid for
purchase of the property, and any "further relief in the premises as the
nature and circumstances of this case may require." See also V.135, p.2336.
"
-----Interborough Rapid Transit Co.
-Lower Court Asked
to End Writ-Manhattan By. Stockholders Assail Granting
of Receiverships as Invalid.
-
The following is taken from the New York "Times" Oct. 7:
Describing the receiverships created by Judge Martin T. Manton of
the Circuit Court of Appeals as "just so many pieces of paper," Charles
Franklin, attorney for Benjamin F. Johnson. a stockholder, charged
Oct. 6 that collusion had played a part inapplication‘for these orders
in behalf of the I. R. T.and the Manhattan Railway.
Mr. Johnson, who asked Judge John M. Woolsey of the District/Court
to set aside Judge Manton's orders as not$conforming with the rules of
the lower court, said the two actions were brought as the result of an
!
,
"understanding or conspiracy."
Judge Woolsey, after hearing argument by all Interested/parties. made
it plain that he thought Judge Manton had nottacted within the laws and
the rules of the U. S. District Court when
designatedthimself to sit as
a judge of that court to hear the petition forhe I. R. T. receivership.
an
He added that in his opinion this was the only question to be decided
in considering the motion of Mr. Juhnson, Kentuay stockholder$of the
Manhattan Railway, who said that holders of about $15,000.000,worth
of Manhattan securities had joined in his action.
The lower court reserved decision, giving attorneys for all interested
parties until Oct. 8 to file supplementary briefs at his chambers in the
Woolworth Building.
Head of fanhattan Accused.
The charge of conspiracy was contained in a supplemental petition filed
12y Mr. Franklin in behalf of Louis Boehm. also attorney for Mr. Johnson.
That petition alleged that William Roberts President of the Manhattan
and now its receiver, had exhausted the entire cash in the treasury of the
company by accepting payment of a bill for $60,000 he rendered last April
for_professional services. Mr. Roberts also was counsel for the Manhattan.
The petition also alleged that last April and May, "although it was
known to Roberts from the official financial reports of the Interborough
Rapid Transit Co. that the said company had cash on hand far in excess
of its cash of the previous year, nevertheless instructions were issued by
the firm of J. P. Morgan & Co., the bankers of the Interborough that
there should be no payment made of some $860,000 due to the City of
New York for real estate and franchise taxes on the Manhattan Railway,
the said taxes being due in May 1932."
"During his entire tenure of office," the petition continued, "Roberts
has done virtually nothing to promote the interests and welfare of Manhattan Railway." During this time,it is alleged, he was under the domination of interests representing the Brooklyn Manhattan Transit Co. and
the I. R. T.
The petition also charged that Thomas L. Chadbourne of counsel for
the Interborough receivers appointed by Judge Manton had been for years
and was up to the time of the filing of the petition special counsel for the
B. M. T. and that a few days before the
attended
a session of the Transit Commission as afiling of the petition heB. M. T.
representative of the
and subsidiaries in negotiations on unification.
Mr. Franklin and Mr. Boelun, commenting on this charge, told Judge
Woolsey that after the Interborough had been placed in receivership
Mr. Chadbourne was reported to have said the receivership probably
would make it necessary for his associate and partner, Victor J. Dowling.
to sever connections with the firm.
Mr. Dowling was appointed receiver on Aug. 26 while in Europe. When
he returned to America on Sept. 7, the lawyers said, he wast,quoted as
having said he was not sure whether or not he would have to resign from
the law firm.
At this point Judge Woolsey said all he wanted to hear was argument
on the question of whether Judge Manton's appointment of himself as
a district judge to sit in the case had oeen valld.-V. 135, p. 2337.
Jamaica Water Supply Co.
-Earnings.
Earnings for Year Ended June 30 1932.
Operating revnue
General and operating expenses
Maintenance
Uncollectible bills
Taxes, State and local
$1,637,488
560.724
43.448
8.924
146,259
Operating income
Miscellaneous rent revenues
Miscellaneous interest revenues-
$878,133
503
2,812
Total revenue
Non-operating revenue deductions (rent revenues)
Interest on long term debt
Amortized debt discount and expense
Miscellaneous deductions from gross corporate income
Miscellaneous interest deductions
Retirement reserve including depreciation
Federal income taxes
$881,248
1,191
326,622
15,053
3,563
7.566
103,000
46,613
Net income transferred to surplus
$375,640
Balance Sheet June 30 1932.
Assets
Liabilities
Plant & property
$12,599,517 Common stock
$1,715,941
Cash
397,990 7ti% pref. stock
1,000,000
Notes receivable
2,403 $6 Pref. stock
1,000,000
Accounts receivable
525,513 Unified mtge. bonds 5% due
Interest receivable
July 1 1954
2,084
12,000
Material 4: supplies
122,220 1st mtge. 30
-year 514% gold
Prepayments
5,975,800
bonds series A
23,109
Miscell. special funds
6,000
350 Mortgage on real estate
Special deposits
500,000
42,317 Notes payable
Unamort. debt disc. & exp.._
60,349
336,116 Accounts payable
Jobbing accounts
75,817
3,847 Advance payments consumers
Miscellaneous expense
53,623
9,480 Taxes accrued
Reacquired securities
90
11.900 Interest accrued
388,555
Consum. rev. (billed in adv.)
29,968
Miscell, unadjusted credits
1,673,391
Retire. res., incl. deprec
7.500
Res. for taxes, previous year.
72,632
Contributed surplus
1,505,182
Earned surplus
Total
$14,076,847
614,076,847 Total
Note.
-Value of water rights, franchises, &c. appraised by Stone &
Webster at in excees of $6,000,000 are not included in the above assets.
-V. 134. p. 136.
".Louisiana Ice & Utilities, Inc.
-Oct. 1 Interest Defaulted.
The holders of first mortgage gold bonds, convertible 6% series A, due
April 1 1946, are advised by the protective committee (Carroll E. Gray.
.Jr. Chairman)that the interest requirements due and payable Oct. 1 on
'
the bonds cannot be met and a default has occurred. The committee further states:
"The time for filing claims by bondholders in the general equity receivership expires on Nov. 8 1932. It is self-evident that the committee can file
claims only for those bonds in its possession. Unless a claim is filed on your
bonds it appears that you may suffer a substantial loss. It is therefore
essential that all bonds be deposited with the committee.
"In order that the committee may have sufficient time In which to prepare a claim covering deposited bonds. it is necessary that your bonds
be deposited on or before the close of business on Oct. 31 1932. The
Oct. 8 1932
committee will assume no responsibility for filing claims on bonds received
for deposit after that date."
Frank C. Landers, one of the receivers of the company, reports the following earnings. The earnings shown for the year ending Dec. 31 1932
include actual earnings for the six months' period ending June 30 1932,
and the receivers' estimate of the earnings for the six months' period from
June 30 1932 to Dec. 31 1932:
12 vfonths Ended Dec. 311931.
1932.
Gross earnings
$1,423.180 $1,105,326
Operating expenses, maintenance and taxes
1,184,822
1.020,218
Net earnings available for fixed charges
Interest requirements on first mortgage bonds
-V. 135, P. 126.
$238.358
140.010
285,108
140,010
Lexington Water Co.
-Earnings.
Earnings for 12 Months Ended June 30 1932.
Operating revenues
Operation expense
Maintenance
Taxes (other than Federal income)
Net earnings from operation
Other income
Gross income
Interest on funded debt
Other interest
Provision for retirements
Provision for Federal income tax
Amortization of debt disct. & expense & miscell. deductions_ _ _ _
Net income
Preferred stock dividends
$318,895
105,594
12,994
38,306 •
$162,001
10,579
$172,581
110,157
2,577
15,707
1,096
10,446
$32,598
28,000
Balance
$4,598
Balance Sheet June 30 1932.
Assets
Liabilities-Property, plant and equIpl__$4.653.900 Common stock
443,800
Special deposits
1,291 Preferred stock
400,000
Cash
10,846 First mtge.5% gold bonds_
743,200
Notes receivable
10,930 Ref. mtge. 514% gold bonds 1,322,000
Accounts receivable
29,551 Accounts Payable
10,089
Materials and supplies
18,209 Consumers'service deposits_ _ _
1,270
Treasury warrants
-State of
Other current liabilities
7,510
Kentucky
2,617 Due to affiliated companies_ __
40,732
Prepayments and deferred
Accrued liabilities
60,499
charges
106,877 Consumers' extension deposits
73,783
Reserves
668,192
Surplus
1,463,146
Total
$44,834,220
Total
$4,834,220
Note.
-This balance sheet gives effect to appraisal ofproperty, plant and
equipment made by an independent engineer, Jan. 1 1926.
x Represented by 16,000 no par shares.
-V. 133, p. 480.
Manhattan Ry.-Stockholders Assail Receivership as Illegal.
-See Interborough Rapid Transit Co. above.
Bondholders' Protective Committee Discusses Potential Developments Affecting the Properties-Interest on Bonds Ordered
Paid-Ruling by New York Stock Exchanges.
The protective committee representing the consolidated
gold bonds, due April 1 1990, has mailed to bondholders amortgage 4%
special letter
outlining potential developments which may result from the hearings
now
being held, having an important bearing on the future of the properties.
The statement issued by the committee, which is signed by Van S. Merle
Smith, Walter H. Bennett, Philip A. Benson, Frederic J. Fuller ard
James
Lee Loomis, comprising the committee, follows:
so,
"On the joint request of the protective committee, the receiver for
the
Manhattan properties and the trustee under the consolidated
Judge Manton, at the close of a hearing held Oct. 3, decided thatmortgage,
the interest on the Manhattan consolidated bonds, which was
should be paid immediately. It is expected that an defaulted on Oct. 1.
order to this effect
will be entered in a few days,such order to reserve for future determination
the question of what funds or earnings such payment should be
charged
against. Judge Manton also decided that the taxes on the Manhattan
properties previously in default should be paid if after examination it
appear that sufficient funds were presently available. [Interest should
onIthe
bonds had not been paid on Oct. 7, the court order having not been signed.)
"Statements made at the hearing by counsel opposed to the payment
such interest and taxes indicate that the Interborough interests intend of
to
take prompt steps to reject the Manhattan lease, influenced
possibly by
the fact that earnings of the subway lines and the Manhattan division are
presently at a low ebb due to depressed conditions and the competition of
the Eighth Avenue subway.
"Various problems must be faced in the near future either in relation
litigation concerning the lease, or plans for independent operation, or to
in
connection with negotiations looking toward a new plan for joint operation
of the subway and elevated lines, or a general unification plan. Such
problems can only effectively be met by the action of the bondholders as a unit.
"The committee is highly gratified by the substantial and rapid
to its first request for deposits sent to bondholders on Sept. 23. response
If bondholders continue to expedite the deposit of their bonds so that within the
near future well over a majority of the bonds are on deposit, the effectivenese of the committee will be greatly increased. Accordingly, bondholders
who have not yet deposited are urged to act promptly."
Notice having been received that the interest due Oct. 1
the
consolidated mortgage 4% gold bonds, due 1990, le not being1932 on The
Committee on Securities of the New York Stock Exchange paid: that
rules
beginning Oct. 1 1932 and until further notice the bonds shall be dealt
in "flat' and to be a delivery must carry the Oct. 1 1932 and subsequent
coupons. The committee further rules that in settlement of all contracts
in said bonds made heretofore on which interest ordinarily would be computed until after Oct. 1 1932 interest shall be computed for six months only.
-v. 135, p. 2337.
Maryland Electric Rys. Co.
-Interest Payment.
-
Coupon interest on Lie 1st mtge. extended 6% bonds coupon No. 52 due
Oct. 1 1932, will be paid at the banking house of Alexander Brown & Sons.
Baltimore, Md.-V. 135, p. 2337.
Middle West Utilities Co.-Insulls Indicted-Extradition
for Larceny Asked.
Samuel Insull.sr. and his brother, Martin J. Insult, were Oct. 4 indicted
by the Cook County Grand Jury on charges of embezzlement, larceny and
larceny by bailee. After listening to six witnesses introduced by State's
Attorney Swanson, three indictments, all naming Martin Insull as a defendant and two of them naming Samuel Insull, sr.,were voted by the grand
Jur/.
All of the counts set forth were based on stock market manipulations of
Martin with money taken from the Insull concerns, some of its withdrawn
by Samuel Insull's authorization.
'Fraudulent and felonious conversions of more than half a million dollars
for these stock deals were charged against the brothers.
All three indictments were returned in open court before Chief Justice
John Prystalski of the Criminal Court, and caplases for the arrest of the
Insult brothers were issued immediately. Bond for Samuel Insult was set
at $50,000, and for Martin at $75,000.
Assistant State's Attorney Euclid Taylor promptly began extradition
proceedings. lie announced that he would request Governor Emmerson to
"requisition" Secretary of State Stimson for the return of the Instills.
According to Mr. Taylor, the normal procedure will be for Secretary
Stinuion, in handling the Samuel Insult case, to notify Ambassador Edge in
France, who would then request the President of the French Republic to
arrest Inset'. Martin Insull, who is a British subject, is residing in Canada.
Unlike his brother, he was never naturalized in the United States.
See also additional details under "Current Events" of this issue.
-V.
135, p. 2337.
Minneapolis Gas Light Co.
-Income Payment.
-
This company, by direction of Its directors, has deposited with the Minnesota Loan & Trust Co., as depositary, the funds necessary to pay the
Volume 135
Financial Chronicle
quarterly 57 income payment on its participation units accruing Sept. 30
1932. The books were closed for transfer Sept. 20 1932 and holders of
certificates for participation units of record on that date will receive checks
for their quarterly income payment Oct. 1 1932. All income payments wil
be made by the First Minneapolis Trust Co., as paying agent.
An initial quarterly distribution of
% was made on these units on
-V. 134, p. 4323.
July 1 last.
New England Power Association.
-Upward Trend of
Electric Power Production Continues.
The New England Power Association, a division of the International
Hydro-Electric System, reports that the upward trend of electric power
production in its area, first noted several weeks ago, is continuing in early
October. In the week ended Oct. 1 the Associations' total primary power
production, which includes only electric energy produced for sale under
contract/Or to commercial and industrial consumers. was 35,972.000 kwh.,
an increase:of 1.9% over the corresponding week of 1931. This is the best
gain.in annweek since January.
Primary power production of New England Power Association for the
monthtof September was 146,827.000 kwh., or 99.6% of the figure for September of last year. This is the most satisfactory showing since February
wheMproduction was 103.7% of that of February. 1931.-V. 135, O.2337.
New Hampshire Gas 8c Electric Co.
-Associated Units
Win Court Verdict in New Hampshire.-An important victory was won by the New Hampshire Gas & Electric
Co. of Portsmouth,and the Derry Electric Co., units of the Associated Gas
& Electric System, when on Oct. 4 the New Hampshire Supreme Court
handed downta unanimous decision sustaining the companies' appeals from
orders of the Public Service Commission issued on June 30 1931.
JudgelLeslie P. Snow, who wrote the opinion, held that although the
evidence, findings, and arguments covered a wide range, the issues of law
presented involved the single question of the extent of powers invested in the
Commission. The Court sustained the appeals on the ground that the
orders were void for want of authority, because none of them pertained
directlyitorregulation of rates or services.
The orders from which the companies appealed attempted, among other
things, tolenjoin the payment of compensation for management services,
the]payment of interest on advances from stockholders, and the borrowing
of any further sums from stockholders without the consent of the Commission.
The Court stated, in discussing the jurisdiction of the Public Service
Commission, that the Legislature, "would have used more explicit terms
if it had intended to grant a general jurisdiction to make enjoining orders
tolaltribunal which has a roving Commission to institute procedures,formulate the prosecution, and hear and decide the issues, and which may provide its own mode and manner of hearings in disregard of the usual rules
of evidence."
Mahe Court's explanation that it had given consideration to the "suggested
construction" and rejected it, was interpreted to mean that the Court
found the Commission in error in its method of procedure in attempting
to enforce its own conclusions in the form of orders of its own.
New Jersey Water Co.
-Earnings.
Earnings for 12 Months Ended June 30 1932.
Operating revenges
Operation expense
Maintenance
Taxes (other than Federal Income)
$365,925
109,916
9,033
58,372
esNet earnings from operation
Other income
8188,604
780
PeiGross income
Interest on funded debt
Other interest
ProvisionroTstirements
o
Provisionro Federal income tax
Amortization of debt disot, and expense & miscell. deductions...
$189.394
77,149
13,464
27,559
4,150
9.492
.
41Net income
Preferred stock dividends
$57.579
21,046
Balance
$36.533
Balance Sheet June 30 1932.
P. Assets
Liabilities
Property, plant and esuipl.-$2,763,728 Common stock
$402,200
Special deposits
783 Preferred stock
300,550
Cash
16,820 Funded debt
1,543,000
Notes receivable
920 Accounts payable
8,359
Accounts receivable
71.492 Consumers'service deposits__
1,948
Unbilled revenue
14,220 Service billed in advance
138
Materials andpupplies
12,457 Due to affiliated companies_
223,167
Prepayments and deferred
Interest
32,175
charges
189,934 Taxes
4,999
Dividends on preferred stock
5,260
Other accrued liabilities
1,269
Consumers' extension deposits 123,258
Reserves
195,784
Surplus
228,248
Total
$3,070,354
Total
$3.070,354
-v.133, P. 2603.
New Rochelle Water Co.
-Earnings.
Earnings for 12 Months Ended June 30 1932.
Operating revenues
Operation expense
Maintenance
Taxes(other than Federalincome)
Net earningsfrom operation
Other income
trGross income debt
Interest on funded
$1,242,247
$519,566
53,708
77,549
8591,423
29,463
Other interest
Interest charged to construction
Provision for retirements
Provision for Federal income tax
Amortization of debt discount & expense & miscell. deductions_ _ _
$620,886
316,880
1,531
Cr40
58,094
29,201
30,795
Net income
Preferred stock dividends
$184,425
136,500
Balance
$47.925
Balance Sheet June 30 1932.
Assets
LtabilUtesproperty, Plant & equipment- 89,303.432 Common stock
41,000,000
Special deposits
' 168,371 Preferred stock
1,950,000
63,295 Funded debt
Cash
5,891,000
100.094 Accounts payable
U. S. treasury certificates....
55,555
receivable
Accounts
149,266 Consumers'service deposits..
32,549
437 Other current liabilities
Interest & diva. receivable_
432
Materials and,supplies
93,380 Interest accrued
54,757
UnbIlled revenue
96,908 Taxes accrued
37,891
252.669 Dividends on pref. stock
Due frornIaffil. companies
11,375
prepayments & def. charges.
695,734 Other accrued liabilities
5,829
Consumers' exten. deposits
199,886
Reserve for retire. of Prop
702.156
Res. for uncollectible
5,238
Surplus
976,919
$10,923,587
Total
Total
-V.133, P. 1615.
x Represented by 50,000 no par shares.
$10,923,587
New York & Queens County Ry.-Distribution to
Bondholders.
The propertylinfthapossession of Lincoln 0. Andrews, receiver in foreclosure proceedings, wasesold pursuant to court order, on July 8, the real
estate beirimpurchasectiby the bondholders' committee. The total proceeds
ofthis sale was$271,200. Tbesalkwas confirmed by the NewjYork 'Supreme
2493
Court. County of Queens,on July 291932,and title passed to the purchasers
on Aug. 12 1932. Proceeds of the sale amounted to $188.46 per $1,000
bonds (of which $1.300,000 were outstanding) and funds are available for
this payment on undeposited bonds. Deposited bonds have been stamped
as paid.
Operaton of the street railway lines by the receiver ceased at 12:01 a. m.
Aug. 13 1932, at which time operations were taken over by New York &
Queens Transit Corp. The latter company acquired from the purchasers
at the foreclosure sale the property necessary for continuing operation.
Tentative Balance Sheet (New York & Queens Transit Corp.) As at Commencement of Operations Aug. 12 1932.
Assets
LtabllUtesCash in bank
a820,000 Due vendors of fixed capital:
Real estate, right of way,rails,
Payable forthwith
812,500
dee.,rolling stock.sub-station
Payable $5,000 on Nov. 1
machinery & other fixed cap.
1932, Feb. 1 1933, and
(to be hereafter distributed
May 1 1933
15,000
to appropriate accts. on basis
Estimated organization exp.,
of appraised values in accordeferred In date of payment_
15,000
dance with requirements of
First mtge.6% bonds,secured
Transit Commission)
bI50,000
by all property except private
Organization expenses, such as
right of way. due Aug. 1937 100,000
recording, appraisal, legal &
Purchase money 6% mtge.,
accounting fees, &c.
-estisecured by private right of
mated maximum
15,000
way, due Aug. 1 1933
22,500
Common stock (2,000 she., no
par) authorized & issued_
20,000
Total
8185,000
Total
8185,000
a The verified cash balance on deposit in Bank of Manhattan Trust Co.
at Sept. 16 1932 was $34.475.
b The appraised value of this property exclusive of real.estate as determined by Fisk & Roberts, Consulting Engineers, as of July 31 1932 was
$559.340.
The 1932 assessed tax valuations of the real estate (land only) included
herein amounted to $102,715.-V. 135, P. 986.
New York & Queens Transit Corp.
-Organized-Tenta-See New York & Queens County Ry.
tive Balance Sheet.
above.
New York State Rys.-Earnings.For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 135, p. 818.
New York Telephone Co.
-I.
-S. C. Commission Rules
Contribution to Emergency Relief Is Chargeable to Profit and
Loss Account and not to Operating Expenses.
-
-S. C. Commission has found that a contribution by the company
The I.
of $75,000 to the emergency unemployment relief fund of N. Y. City is
not chargeable to operating expenses but to the profit and loss account.
The ruling sustains the rposition taken by the P. S. Commission of New
York in requiring revision of the company's books.by charging such contributions from 1929 to 1932, inclusive, to its surplus account.
In its ruling the Commission stated that, while its finding is confined
toithe particular item in question, it follows that only such contributions
for charitable,social or community welfare purposes are properly chargeable
to operatingfexpenses as can be shown to have a direst or intimate relation
to the protection of the property of the company or the development of its
business or the welfare of its employees. The respondent and other telephone companies will be expected for the future to maintain their accounts
accordingly, the Commission stated, but added that there was no pressing
need for requiring an actual correction of the books of past accounting
In this respect.
"Upon analysis it is quite evident that the contribution in issue had
only the most indirect and remote relation to the welfare of respondent and
of its property, business and employees, and only such relation as might
be traced in the case of most contributions for general charitable or social
welfare purposes,' the Commission pointed out. The further statement
was made that the respondent did not have the responsibility of an "individual citizen" with reference to general community welfare.
liVontinuing, it was stated that the'corporation in law has the status of
an artificial person, but its powers and duties are confined to those conferred or imposed upon it by its charter, and these do not include the fostering of theageneral welfare of the community. "When respondent makes
contribution for this general purpose and ckarges them to the expense of
its telephone operations, it is in effect exacting, or attempting to exact,
these contributions from the usersiof its telephone service. It is their right,
and not the right of respondent, to decide what contributions of this character they shall make. Nor has respondent any powers of taxation. If
contributions in sufficient amount are not made voluntarily and there must
be resort to taxation, it is through established agencies of government
that the taxation should be imposed, and not through telephone companies
or other public utilities in the guise of expense for service furnished."
Tenders.
-
The City Bank Farmers Trust Co., trustee, 22 William St., N. Y. City,
has notified holders of 1st & gen. mtge. sinking fund bonds that sealed
proposals will be received until noon on Nov. 1 1932,at a price not to exceed
par and accrued interest to Nov. 1, of a sufficient number of bonds to invest
$750.000 in the sinking fund.
-V. 135. p. 2338.
North Boston Lighting Properties.
-Notes Offered:
Public offering of $9,000,000 five-year 53% secured gold
notes at par, was announced Oct. 7 by a banking group
headed by Chase Harris Forbes Corp. and including the
First of Boston Corp.; Bankers Trust Co.; Baker, Young
'
& Co.; Lee Higginson Corp.; F. S. Moseley & Co.; Paine,
Webber & Co.; Bodell & Co.; Stone & Webster and Blodget,
Inc.; Hornblower & Weeks; Otis & Co.; Inc.; Tenney &
Co.; Edward M. Bradley & Co., Inc.; H. P. *ood & Co.,
and the N. W. Harris Co., Inc.
Dated
Oct. 15 1932: due Oct. 15 1937. Interest (A. & 0.) payable at
Harris Forbes Trust Co., Boston, or at Chase National Bank, New York,
or at Harris Trust & Savings Bank, Chicago. Red. all or part at any time
on 30 days' notice at 102 through Oct. 15 1933,thereafter at 101 Si through
Oct. 15 1934, thereafter at 101 through Oct. 15 1935, thereafter at 100
through Oct. 15 1936, thereafter at 100 through maturity in each case with
accrued interest to redemption date. Denoms. $1.000, $5,000. $10,000
and $25,000.c5 Old Colony Trust Co., Boston, trustee.
Security -As security for these secured goldfnotes
over 91% of the common stock of Malden Electric there will be pledged
over
common stock of Malden & Melrose Gas Light Co., Co., 90% 95% of the
of
mon stock of Salem Electric Lighting Co., and overover of the the comcommon
95%
stock of Suburban Gas & Electric Co.,being all the shares of these companies
now owned by North Boston Lighting Properties.
Data from Letter of Frank D. Comerford, President of Company.
It-.^History & Business.
-Company is a Massachusetts voluntary
established by agreement and declaration of trust dated Feb. association
providing that liability shall be confined to the trust assests.1 1911. and
controls through stock ownership nine operating companies all Company
regulation of the Massachusetts Department of Public Utilities, under the
supplying
gas and (or) electricity directly or indirectly for light, heat and
Power
purposes in a concentrated and highly industrialized territory north of
Boston,including Beverly. Danvers. Essex, Everett.
Gloucester,
Haverhill, Malden. Manchester, Medford, Melrose, Newbury, Hamilton,
Newburyport, Peabody Reading, Revere. Rockport, Salem, Stoneham, Topsfield,
Wakefield, Wenham, Winthrop and West Newbury, Mass. These communities have a population of about 500,000.
Capitalization of Company & Subsidiaries Outstanding As of
Aug. 31 19ST.
North Boston Lighting Properties*
5
-year 5 % secured gold notes(this issue)
59.000.000
Preferred shares 6% cumulative ($50 par)
228.080 shit.
Common shares (no par)
433,354 shs.
Subsidiary Companies:
Funded debt (incl. $1,025.000 maturing in 1933)
$2.015,000
Short-term notes
2.350.000
Common stocks
*4.434.693
* Taken at par, plus paid in premiums and surplus of $1.816.193 applicable thereto.
2494
Financial Chronicle
Oct. 8
1932
Consolidated Earnings of North Boston Lighting Properties and Subsidiaries
and Annual Interest Charges on Above Funded Debt and Notes.
12 .lonths EndedDec.31 '31. Aug.31 '32.
Gross earnings. Incl. other income
$11.521,854 $11,258,233
Operating expenses, maintenance, and taxes (except Federal taxes) and minority common stock
interest in subsidiaries'earnings
7.124.209 6.809,671
Peoria Water Works Co.-Earnings.
Earnings for 12 Months Ended June 30 1932.
Operating revenues
Operation expense
Maintenance
Taxes (other than Federal income)
$702,150
185,414
33,165
94,050
Consolidated net earnings
$4,397.645 $4.448,562
Annual int, charges on subs,funded debt & short-term notes__
221.250
Annual int. charges on North Boston Lighting Properties
notes (this Issue)
495,000
Net earnings from operation
Other income
$389.521
8,049
Gross Income
Interest on funded debt
Other interest
Provision for retirements
Provision for Federal income tax
Amortiz.ofdebt disct.& exp. dr miscell. deductions
$397,571
187,302
34
42,647
20,831
13,001
Net income
Preferred stock dividends
$133,755
17,500
Consolidated balance for deprec., diva., &c
83,732,312
Such consolidated net earnings for the 12 months ended Aug. 31 1932,
after deducting depreciation of $768,581, were $3.679,981, or over 5.13
times the above aggregate Interest charges. The total of maintenance
and depreciation charges during this period amounted to 14.8% of gross
operating revenue.
The dividends paid in the 12 months ended Aug. 31 1932 by Malden
Elec. Co., Malden & Melrose Gas Light Co. Salem Electric Lighting Co.,
and Suburban Gas & Elec. Co. on the stocks to be pledged, amounted to
'
$2,092,991 or over 4.22 times the annual interest requirements on this issue
of notes. The annual net Income for the past five fiscal years available
for dividends on the outstanding stocks of the four above-mentioned companies has averaged 31,921,107, against which the aggregate annual amount
of dividends paid on these stocks has averaged $1,729.257.
Dividends on the common shares of North Boston Lighting Properties
are currently being paid at the annual rate of $4 per share.
Purpose.
-Proceeds wit be used to retire $7,500,000 53.6% secured gold
notes due Dec. 1 1932. and for temporary loans to subsidiaries to reduce
current bank indebtedness and for other company purposes.
-V. 135.
IL 1491.
Ontario Power Service Corp., Ltd.
-Time for Deposits
Extended.- •
The offer of the Hydro-Electric Power Commission of Ontario, dated
Aug. 5 1932, to acquire, subject to all the terms thereof, the outstanding
bonds of Ontario Power Service Corp., Ltd., consisting of bonds of the face
value of $20.000.000 by exchanging for the same 20
-year debentures of
the Commission (payment of which will be guaranteed by the Province of
Ontario) on the basis of $90 of such debentures for each $100 of bonds of
Ontario Power Service Corp., Ltd. contained a provision that the Commission might from time to time extend the time for deposit of bonds of
Ontario Power Service Corp., Ltd. Pusruant to such provision the time
for deposit of bonds has been extended by the Commission up to and including Oct. 15 1932.
It is reported that approximately 75% of the bonds have been deposited
for exchange.
-V. 135. p. 1995.
-Pacific Telephone & Telegraph Co.-11ond Exchange.
Holders of Home Telephone & Telegraph Co. first mortgage 5% bonds
maturing Jan. 1 1933 may exchange their holdings par for par prior to the
maturity date for first & refunding mortgage 5% bonds, due 1947, of the
Southern California Telephone Co.
-V. 134, p. 3273.
Balance
$116,255
Balance Sheet June 30 1932.
AssetsLiabilities
Property, plant & equIpment.$5,056,488 Common stock
450,000
Investments
3,000 Preferred stock
250.000
Special deposits
2,810 Funded debt
4,001,300
Cash
59,342 Accounts payable
14,859
Accounts receivable
151,411 Service billed in advance
24,442
Materials and supplies
41.357 Other current liabilities
1.500
Other current assets
4.078 Due to affiliated companies--72,480
Prepayments & def. charges
210,888 Accrued liabilities
124,061
Consumers' extension deps117
Reserves
829.819
Surplus
160,995
Total
$5.529.373
Total
$5,529,373
x Represented by 5,000 no par shares.
-V.130. p. 974.
Pomerania Electric Co.(Ueverlandzentrale Pommern,
A. G.), Germany.
-To Reduce Capital.
-
The company has decided to reduce its capital through the issuance of
one new share for each two now outstanding. The shareholders will vote
Oct. 14 on approving this proposal.
The capital, which Is now 72,200,000 reichsrnarks, will be reduced to
35.700,000 reichamarks, through retirement of 800,000 reichamarks of
preferred shares In the hands of the company and the reduction operation
which will follow through excnange of stock.
The company will utilize the surplus resulting from the capital reduction
for the reduction in the value of the plants, to bring book values down in
proportion to the deflation of raw material and building costs. Also special
write-offs will be arranged.
-V. 134. p. 3097.
Postal Telegraph & Cable Corp.-Receipts Increase. -For the first time since April 1931 there has been an upward trend in
telegraph and cable receipts for as long a period as 11 weeks, according
to General George S. Gibbs, President of the corporation. The nation's
business, insofar as it is reflected in the receipts of the company, has shown
a consistent although not a spectacular upward movement since early in
July, Mr. Gibbs stated.
"This improvement has been fairly general, but it has been most pronounced, if that is not too strong a word," said General Gibbs "In the
section which embraces the Mississippi Valley and extends to the Rockies.
In the Southwest, and in the New York Metropolitan area," he said.
"The improvement in the Metropolitan area is gratifying, because it
is here that sentiment has been supposed to be most bearish. Of perhaps
equal importance, however, is the comparable improvement, as reflected
n our figures, in the Mississippi Valley and the Southwest,
that they
show that the improvement is nationwide and diversified. in
"With regard to international business, as it finds reflection in our
reports of cable traffic. It appears that New York, the South and the
Pacific Coast are leading."
-V. 135, P. 1995.
-Earnings Off.
Pacific Telephone & Telegraph Co.
Indicated net earnings for the first eight months of this year were about
$4.17 a share on 1,805,000 shares of common stock on the basis of a report
by President H. D. Pillsbury to the stockholders in connection with the
payment of the current dividend. Mr. Pillsbury reported gross for the
eight months ended with August of $64,255,558 and deficit, after dividends,
of $881.286. Gross was $6,464,216 less than in the corresponding period
in 1931, a reduction of about 10%.
"During the first eight months of this year we experienced a net loss of
122,426 telephones,"said Mr.Pillsbury. "The loss of telephones in September has slowed up somewhat, due in part to seasonal conditions. Toll and
long distance business continues considerably below the levels of last year.
All of our employees are exerting special sales effort to sell new business, to
save disconnects and to increase the use of toll and long distance service.
"The company is co-operating closely in the movement to avoid layoffs
and increase employment through 'job sharing,' recently started under the
leadership of the Industrial and Banking Committee of the 12th Federal "
-.
"Public Utilities Consolidated Corp.
-Proposed ReorReserve District. Our force retention plan, placed in effect In December
ganization Plan.
1930, and applying to all employees from the President down, has made it
possible through spread-of
-work to retain some 5.200 employees more than
Joseph Chapman. receiver, has prepared and submitted to the Court
-V.134,
would be requfred on the basis of the volume of business handled."
a plan of reorganization of the corporation and its subsidiaries. This
D. 3273.
plan has been prepared primarily for the purpose of bringing to the attention of the Court and the parties interested in the receivership estate
-Earnings. the status of this estate as it now appears to the receiver at the close of
Pennsylvania State Water Corp.
(& Subs.).
slightly less than three years of his administration of such estate as receiver,
Earnings for 12 Months Ended June 30 1932.
and for the further purpose of submitting the receiver's conclusions as to
$1,181,112
Operating revenues
what would be a fair and equitable readjustment of the rights of the owners
418,936
Operation expense
of the present indebtedness and securities of PUCC. Up to this time the
34.106
Maintenance
submission of a plan of reorganization has been impossible due to litigation.
29,244
Taxes (other than Federal income)
Digest of Plan Submitted to Court by Joseph Chapman as Receiver.
$698,825
Net earnings from operation
-The plan contemplates the organization of a new comNew Company.
4,900
Other income
pany, under such name and under the laws of such State as shall be approved by the U. S. District Court, District of Minnesota, which company
$703,725
Gross income
will acquire the properties of PUCC together with all the capital stocks and
282
Minority stockholders'int,in net income ofsub.companies
first mortgage bonds its subsidiaries, subject to the present first
358,835
mortgage
Interest on funded debt
bonds of PUCC,series of 1948, and the first mortgage
20
-year 5,% gold bon
17,482
Other interest
collateral 0
5
-year 63 % convertible gold bonds of PUCC, United States
,
Cr2,069
Interest charged to construction
Territorial and Foreign Series of 1948, and provides for the issuance of
72,547
Provision for retirements
new securities by the new company in exchange for certain present securi21,404
Provision for Federal income tax
ties of PUCC.
10,934
Amortiz.ofdebt discount & expense & miscell.deductions
Present Outstanding Securities of PUCC.
$224,310
Net income
-year 534% gold bonds,series of 1948
F'rat mtge.20
133,714
Preferred stock dividends
First mtge. coll. 20-yr. 635% cony, gold bonds, United States $5.259,500
$90.596
Balance
10-year
series of 1938_ _ _ _
'903,00
746 50
3
Public Utilities Kansas Corp. bonds(Brewster,Kan.,property)
Consolidated Balance Sheet June 30 1932.
21.509
7% cumulative preferred stock
Bahlutl:
Liabilities
Assets
Class A common stock
149;9 7 s.
8 52
8
9
z$950,000
Property, plant & equipment $14,225,605 Common stock
Class B common stock (less company owned. 363.195 shares - 340,250 s.
1,896,680
5.103 Preferred stock
Investments
In addition to the above capitalization4,021 Minority ml. In corn. stk. &
Special deposits
Unsecured adjudicated creditors' claims amount to
3.799
Cash
95,968
surpl. of sub. companies
Proposed Capitalization of New Company.
6,525,000
Accounts receivable
273,879 Long-term debt
-year 5 % gold bonds of PUCC,series of 1918_
*First mtge.20
7,500
52,484 Mortgage notes payable
Materials and supplies
First mtge. coll. 20
-year 635%_conv. gold bonds of PUCC, $5172599,350010
23,725
7.411 Accounts payable
Unbilled revenue
United States Territorial and Foreign Series of 1948
17.590
585 Consumers' serv. deposits- -Other current assets
1.743 500
*Public Utilities Kansas Corp. bonds (Brewster, Kan., prop. _
13,157
141,241 Service billed in advance_
Prepayments & def. charges_
21.500
Preferred stock ($50 par.3%-6% series
278
Other current liabilities
706 shs
51,
Common stock (no par value)
Due to affiliated companies261,253
48,:353 she.
* These bonds are to remain undisturbed and will be assumed by new co.
122,169
Interest accrued
64,691
Taxes accrued
Basis of Exchange of New for Old Securities.
11,148
Dividends on pref. stook-Year 6% Secured Convertible Gold Bands of PUCC, Series of
(1) 113
6,141
Other accrued liabilities
Holders of each 11.000 will receive (a) $10 in•caah: (5) $1,000 par 1938.
9,440
value
Consumers' extension delisof preferred stock; and (c) 10 shares of common stock.
36
Deferred credits
Holders of bonds In $500 denomination will be issued securities in iden1,619,851
Reserves
tical ratio to holders of $1,000 in such bonds.
3,273,846
Surplus
(2LUnsecured Creditors Whose Claims Have Been Duly Allowed by the Court.
Hach $100 of indebtedness that has been officially adjudicated and al$14.806,297
$14,806,297
Total
Total
lowed by the Court will receive (a) $20 in cash; (b) $100 par value of prex Represented by 60,000 no par shares.-V.133, p. 954.
ferred stock; and (c) 1 share of common stock.
No fractional part of the "unit" will be Issued. The holder
adjuPeoples Gas Light & Coke Co.
-To Redeem $2,000,000 cated claim who would on the above basis receive a fractional of anof the
part
above mentioned "unit" will receive, in lieu thereof,for each $1 of unsecured
Notes.
in $100 of indebtedness an "unsecured credcreditors' claims not contained
The executive committee has authorized the calling for redemption on
itor's warrant" representing his fractional right. A bolder of 100 such
Nov. 10 1932. the $2,000,000 principal amount of serial gold notes, dated
"unsecured creditor's warrants" will be entitled to the same rights as the
Dec. 11930. and maturing Feb. 11933. After redemption of these notes the
f thr company
e er e
holder of each $1 700(4 Cumulativeindebtne
)
(3
company will have no security issues maturing until Feb. 1 1934, when
Preferred Stockholders,
another $2,000,000 principal amount of the serial gold notes is due.
Each five shares of PUCC 7% cumulative preferred stock now held
p.1163.
V.135.
will receive, upon the payment to the company of $50 in cash,
& Brockton Street Ry.-Readjustment Plan. "unit." consisting of (a) $50 par value first mortgage 53' % the following
bond certificate; (5) 1 share of preferred stock (par $50). and (c) 5 shares of common
It is understood that a plan is now under way which should result in
stock.
part payment in cash to the bondholders, with subsequent issuance of
No fractional part of the above mentioned "unit" will be issued. As
bonds for part of the balance. There are outstanding $130,000 1st
new
holder of PUCCI 7% cumulative preferred stock who would on the above
mtge. 6s and $130.000 income bonds, both Issues due July 1. 1932.-V. 118,
basis be entitled to receive a fractional part of the above mentioned "unit"
p. 3078.
Volume
Financial Chronicle
13.5
will receive, in lieu thereof, to'each 1 share of PUCC 7% cumulative pref.
stock held and not so used to purchase such "unit," a "preferred stockholders' warrant" representing his fractional right. A holder of 5 such
"preferred stockholders' warrants" will be entitled to the same rights as
the holder of 5 shares of PUCC 7% cumulative pref. stock.
(4) Class A Common Stockholders.
Each 25 shares of PUCC class A common stock now held will receive,
payment to the company of $50 In cash, the following "unit," conupon
sisting of (a) 1 $50 par value first mortgage 5 % bond certificate: (b) 1
share of pref. stock (par $50); and (c) 5 shares of common stock.
No fractional part ofthe above mentioned "unit" will be issued. A holder
of PUCC class A common stock who would on the above basis be entitled
to receive a fractional part of the above mentioned "unit" will receive. In
lieu thereof, for each 1 share of PUCC class A common stock not so used
to purchase such "unit," a "class A stockholders' warrant" representing
his fractional right. A holder of 25 such "class A stockholders' warrants'
will be entitled to the same rights as the holder of25 shares of PUCC class A
common stock.
(5) Class B Common Stockholders.
Each 100 shares of PUCC class B common stock now held will receive,
upon the payment to the company of $50 in cash, the following "unit."
consisting of (a) 1 $50 par value first mortgage 51i% bond certificate; (b)
1 share of preferred stock (par $50): and (c) 5 shares of common stock.
No fractional part of the above mentioned "unit" will be issued. A
holder of PUCO class B common stock who would, on the above basis,
be entitled to receive a fractional part of the above mentioned "unit,"
will receive, in lieu thereof,for each 1. share of PUCC class B common stock
not so used to purchase such "unit," a "class B stockholders' warrant"
representing his fractional right. A holder of 100 such "class B stockholders warrants" will be entitled to the same rights as the holder of 100 shares
of PUCC class B common stock.
Description of First Mortgage 534% Bond Certificate.
The receiver of W. B. Foshay Co. holds $243,500 first motrgage 20
-year
514% gold bonds of PUCC,series of 1948. By the terms of a settlement of
controversies between the W. B. Foshay Co. estate and the PUCC estate
the receiver of PUCC has the right to reacquire title and possession of said
bonds by paying the receiver of the W. B. Foshay Co. estate the sum of
$53,900, less certain payments made heretofore. This reorganization
plan contemplates that the balance of said obligations be paid, thus placing
the receiver of PUCC in possession of said bonds. The plan is conditioned
upon sufficient "units" being sold to absorb all of said $243,500 of bonds.
In the event "units" are sold in excess of such amount, it is planned that
the new company will be obligated to secure sufficient additional first
mortgage bonds to meet all the requirements for all "units" sold and that
all of such bonds will be placed in trust and a 850 par value first mortgage
5 4% bond certificate will be issued to the purchaser of a "unit", evidencing
his proportionate interest in all of such bonds, the method of liquidating
gU h interests being a detail which will be worked out in any formal plan
which is submitted.
Description of New Stock.
(1) The preferred stock of the new company will be entitled to $50 a
share in liquidation or dissolution, whether voluntary or Involuntary,
before any distribution can be made to common stockholders. Preferred
stock will be non-cumulative during 1933 and will be cumulative thereafter
at the rate of 3% annually during 1934, 4% annually during 1935, 5%
annually during 1936, and 6% annually thereafter. Preferred stock will
be non-voting except upon a default, after the expiration of the period of
the common stock voting trust agreement, in the cumulative dividends
and after such default shall have continued for 12 consecutive months, in
which event such stock will vote, share and share alike, with the common
stock.
(2) The common stock will be fully paid and non-assessable. In order
to insure continuance of satisfactory management and protection to security
holders of the new company, the plan provides that the common stock of
the new company will be deposited under a voting trust agreement which
will be in full force and effect for a period of five years from the date the
reorganization is declared operative. Such agreement will give the hereinafter mentioned voting trustees the usual powers and will place them in
actual control of the corporation's affairs.
There will be the following seven voting trustees: (a) One member representing the trustees named in the indenture securing the first mortgage
-year 5;4% gold bonds of PUCC,series of 1948. (b) One member rep20
resenting the trustees named in the indenture securing the first mortgage
collateral 20
-year 6 % convertible gold bonds of PUCC, United States
Territorial and Foreign Series of 1948. (c) Two members representing the
present 10
-year 6% secured convertible gold bonds of PUCC, series of
1938. (d) One member representing the present unsecured creditors.
(e) One member representing the present 7% cumulative preferred stockholders of PUCC. (f) One member representing the Court.
Any vacancies are to be filled by a majority vote of the remaining trustees,
New Company and Subsidiaries Pro Forma Consolidated Income Account.
12 Mos.End.
Est. ore
July 31 '32. *Normal Yr.
Gross revenues
12,043.305 *2,204.300
Operating expenses
1.253.412
1,272,230
Net operating income
$789,893
$932.070
Depreciation expense
198.510
212,800
Balance
$591.383
$719.270
Interest on first mortgage and "foreign" bonds
(includes 2% normal Fed. inc. tax and personal
property tax refunded)
415.604
415,604
Balance
$175,779
$303,666
Dividends on new preferred stock at 6%
155,118
155,118
Available for common stock dividends & surplus
$20.661
$148,548
* Prepared by Loeb & Shaw, Inc., New York City.
A normal year has been considered as one in which conditions in the
territory served would approximate the average level of commodity prices
and industrial activity experienced generally during the years 1929 and 1930.
Pro Forma Combined Balance Sheet as of July 31 1932.
[Giving effect to the receiver's proposed reorganization plan.;
LiabIlitiesNet fixed capital
$9,168,968 New preferred stock
82,585,300
Cash and U.S. Govt. securs157,418 New common stock
241,765
Working capital
150,000 Long-term debt
7,024,500
Mole receivable (customers)
Deferred liabilities
138,389
(less reserve)
300,485 Non-refundable contributions
Material and supplies
189,161
for capital extensions
24.338
Other current assets
44,828 Reserve for audit expense
27,315
Inv. In stock of Northland
Res've for undetermined Ilab_
283,235
Transportation Co
150,000
Other assets
182,185
Total
-v. 135. P. 2338.
810,322,842
Total
$10,322,842
Radio Corp. of America.-Anti-Trust Suit Postponed.
The trial of the anti-trust suit of the U.
S. Government against
corporation and 13 other defendants which was scheduled to open the
at
Wilmington, Del., Oct. 10 in U. S. District Court, was continued by
Judge Melds for two or three weeks at the most. New trial date will be
-V. 135, p. 986.
fixed next week.
Salina (Kan.) Street Ry.-Bus Franchise Declared
Forfeited.
Because It failed to operate Its system two days in August, the franchise
of this company has been declared forfeited by the Board of Commissioners
of Salina, an. City officials declared that buses substituted for the street
ears were objectionable. ("Transit Journal").
NAP"South Texas Gas Co.
-To Dissolve.
-
The property and assets of the company, a subsidiary of the United
Gas Public Service Co., are to be sold and the company is to be dissolved,
according to a notice sent to holders of warrants to purchase the common
shares of the company. The close of business on Oct. 21 has been fixed as
the date as of which stockholders of record shall be entitled to receive their
distributive shares in dissolution.
-V. 132, p. 3527.
2495
Telephone Bond & Share Co.(Del.).
-New Officers.
The following new officers will be elected: A. F. Adams, Chairman of
the board; H. L. Gary, Vice-Chairman; E. C. Blomeyer, President; G. E.
Gann, Executive Vice-President; J. G. Crane, Vice-President and General
Manager; Martin Lindsay, Vice-President. Ranford Dunlap and V. E.
Chaney have been re-elected Secretary and Vice-President and Treasurer.
respectively.
Earnings.
For income statement for 6 months ended June 30 1932 see "Earnings
Department" on a preceding page.
June 30'32 Dec.31'31
June 30'32 Dec. 31'31
a
Assets-I Liabilitiesa
$
8
Plant. prop.. rights
7% 1st pref.stock_ 5,850,000 6,000,000
franchisee. &o_37,711,292 37,638,939 Partic. pref. (no
Investm'ts dc advs. 4,345,138 3,089,497
188,290
Par)
238,270
Pref. stk. commis83 1st pref. stk_ _ _
38.000
sloes St exp. in
Class A corn. stock
process of amort.
103,503 (no par)
90.153
4,684,673 5,201,223
Debt disc. & exp.
Class B corn,stock
In process of
(no par)
4,500,000 4,500.000
amortization.. 2,094,337 2,176,058 Accrd. dive. pay.
in Cl. corn, stock - 15.930
Prepaid Accts. &
66.165
291,757
253,125 Pref.stk.ofsubs.in
def. digs
Due from anti. cos. 3,131,753 3,167,666
hands of public_ 3,681,725 3.662,775
Cash & work.funds 535,163
983,155 Min. int. In corn.
Accts. & notes rec. 216,086
353,422 stock & surplus
259,201
278,468
of subs
Unbilled toll
2,136.732 1,921,752
Materials & suppls 940,368
881,931 Funded debt__ _ _15.534,300 15,701:270
30
3
0
Deferred liabilities
3,502
Due to affil. cos_
45,941
107,824
Bank loans
4,750,000 3,310.000
Liab. on acct, of
employ. benefit
funds
Accounts payable_ 253188
68 13
459.939
Accrued taxes_ _
523,905
567,757
Accrd. int. & dirs. 166.750
311,898
Servicee
van e billed in ad47,891
43.367
Reserves
6,032,921 5.660.965
surptus surplus
Capil al
145,631
145.631
947,054 1,023,628
49.615,249 48,925,764
Total
-V.135, P. 467.
Total
49,615,249 48,925.784
Turners Falls Power & Electric Co.
-Asks Authority
to Make Loan to Subsidiary.
The company has petitioned the Massachusetts Department of Public
Utilities for authority to loan approximately $70,000 to the Quinnehtuk Co.
for the purpose of making certain permanent improvements.
In its petition the Turners Falls company, which is controlled by Western
Massachusetts Companies,says it has caused to be organized the Quinnehtuk
Co. for the purpose, among other things, of acquiring rights-of
-way,
riparian rights, water power and other property.
Since organization the Quinnehtuk Co. is reported to have acquired a
considerable amount of property. The Quinnehtuk Co. owes the petitioner
$773.740 for loans for the purchase of property.
The balance sheet of Quinnehtuk Co. as of Aug. 31 1932 shows total
assets of $1,292,582. of which property accounts for $788,949, current
assets $25.898; investments $471,219, including 5,192 shares of Western
Massachusetts Companies carried at $271,717 and 2,280 New England
Power Association preferred carried at $182,400. Capital stack amounts
to 3,500 $100 par shares. For the eight months ended Aug. 31 1932
the company reports net income of $18,415.
The income account of the Turners Falls company,filed with the petition,
shows that for the eight months ended Aug. 31 1932, it had a total income
of $2,317,262; eumnses, $1,148.648: interest. $109.162. and net income
of 81.059,452. Dividends paid amounted to $762,666, leaving balance
of $296,786. The balance sheet as of Aug. 31 1932 shows total assets of
$19,471,517 of which plant and equipment accounted for $16.971.724 and
current assets $2,228,837. Capital stock consists of 110,000 $100 par
shares. Premium on capital stock totaled $501,624; bonds, $3,000,000;
notes payable. $605,000; investments, $2,017,183, and surplus, $1,412.108.
-V. 126, p. 1200.
Union Traction Co. of Philadelphia.
-To Discuss
Rentals.
The executive committee of this company has asked officials of the
Philadelphia Rapid Transit Co. to confer with them on the problem of
reduction in rentals paid by the latter to the Union Traction Co. The
request follows the Mayor's conference last week, attended by Union
Traction officials who promised then to give the question of rental reductions their early consideration.
-V. 129, p. 2228.
United Light & Power Co.
-Earnings.
For income statement for 12 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V.135. p. 1996.
Westmoreland Water Co.(Pa.)(& Subs.).-Earnings.
-Earnings for 12 Months Ended June 30 1932.
Operating revenues
Operation expense
Maintenance
Taxes (other than Federal income)
8469.734
202,217
16.118
16,584
Net earnings from operation
Other income
$234,815
988
Gross income
Interest on funded debt
Other interest
Interest charged to construction
Provision for retirements
Provision for Federal income tax
Amortiz. of debt discount & expense & miscell. deductions
1235.803
125,000
8,114
Cr269
29.660
2,862
10,852
Net income
Preferred stock dividends
159.584
38,989
Balance
$20,591
Consolidated Balance Sheet June 30 1932.
Assets
Liabilities
Property, plant de equipment_64,945,158 Common stock
x$649.841
Investments
300 Preferred stock
649.300
Special deposits
3,073 Funded debt
2,500.000
Cash
19.498 Accounts payable
21.699
Accounts receivable
58.516 Consumers'service deposits__ _
43.382
Materials and supplies
27.387 Service billed in advance
8,829
Unbilled water service
7,993 Other current liabilities
819
Prepayments & del. charges
201,998 Taxes accrued
38,596
Interest accrued
10,417
Dividends on pref. stock
9.739
Other accrued liabilities
2,036
Consumers' extension deps___
2,616
Due to affiliated companted_ 157.853
Reserves
522,335
Surplus
646.459
Total
$5,261,922
Total
x Represented by 14,984 no pas shares and 21 shares of $50 par value.9
" ue .V. 133. p. 122.
Western Massachusetts Companies.
-Notes Offered.
A banking group headed by the First of Boston Corp. of
Massachusetts, and including White, Weld & Co.; F. S.
Moseley & Co.; Kidder, Peabody & Co.; Tifft Brothers,
and Arthur W. Wood Co., is making public offering of
.
$2,500,000 five-year 5% coupon gold notes at 999 and mt.
2496
Financial Chronicle
Dated Oct. 15 1932; due Oct. 15 1937. Interest payable A. & 0. at
Old Colony Trust Co., Boston. Redeemable as a whole at any time on
30 daYs' Prior notice by publication in two Boston newspapers and by written notice to registered holders, on and after Oct. 15 1933 and to and incl.
Oct. 15 1934 at 102; thereafter and to and incl. Oct. 15 1935 at i013%;
thereafter and to and incl. Oct. 15 1936 at 101%;thereafter and to maturity
at 100% %. plus int. in each case. Denom. $1,000 and $25,000 c*. Old
Colony Trust Co., registrar.
-A voluntary association organized under a
History and Business.
Declaration of Trust dated Jan. 15 1927. Controls, through stock ownership. 8 operating companies supplying electric power to one of the most
prosperous sections in Massachusetts, and 2 operating companies supplying
gas In the towns of Amherst and Easthampton. The territory served
includes Springfield, Agawam, Greenfield. Pittsfield, Ludlow, Amherst,
Easthampton, Lee, Northfield, Southampton, Pelham, Westhampton,
Hadley, 'Deerfield. Dalton, Southwick and Shelburne. The population
served direct is estimated at over 317.000 and in addition a population of
about 95.000, including Norohampton. Westfield and Chicopee, is served
by power purchased from one or more of the constituent companies.
Capitalization.
$5,000,000
3
-year 4%% coupon gold notes due Sept. 15 1934
2,500,000
5
-year 5%% coupon gold notes (this issue)
Capital shares (no par)
978,525 shs.
The subsidiary companies have outstanding $3,625,000 in funded debt
and $445.825 of preferred stock, mainly held by customers.
Consolidated Earnings of Western Massachusetts Companies and its Constituent
Companies.
*Aug. 31 '32. Dec. 31 '31. Dec. 31 '30. Dec. 31 '29.
12 Mos. EndedOperating revenue
$8,247,865 18,512,556 $8,998.331 $9,260,527
4,060,238
Operating expense
3,228.043
3.714,718 3,798.003
1.311.421
Taxes
1,599,617
1.348.164
1.424.663
Operating profit
$3,420,205 $3,373,175 $3,852,164 $3,888,868
217.091
232.763
Other income
247,163
242.650
Total earnings
13,652.968 $3,620,338 $4,094,814 $4.105.959
Div. on pref. and min.
stk. of constituent
•
48,030
cos.
35,197
36,772
45,959
Bal. avail,for int._ _ $3.617,771 $3,583,566 $4,048,855 $4,057,929
Int. paid and accrued_
299.179
503,685
373,057
412,330
Bal. avail, for retire.
res., div. and sur.__ $3,114,086 $3,171.236 $3,675,798 $3.758.750
Div. on cap. stk. (Western Mass. Cos.)
2,433,157
2,545,205
2,449,077
2,675,756
Retirement reserve
948,413
x270,79I
782.738
*Subject Co final audit. xThe net increase in retirement reserves for the
12 months ended Dec. 31 1931 was $1,617,265.
Protective Provisions.
-Notes are direct obligations of company. Trustees
covenant and agree with the holders hereof that they will not so long as
these notes remain outstanding hypothecate, pledge or create any other
lien upon any of the assets and property now owned by the trustees unless
(a) all the outstanding notes of the issue herein referred to are secured by
such hypothecation, pledge or lien on equal terms with all other indebtedness thereby secured, or (b) the payment of said notes is duly and sufficiently provided for at the time of such hypothecation, pledge or lien, and
they further covenant and agree that in case of any breach of this provision
these notes shall at the option of the holder become immediately due and
payable either at 101% of the principal amount hereof and interest or at
the then current redemption 'mice hereof whichever is lower.
Purpose.
-Funds derived from the sale of these coupon gold notes are
-V.134, p. 2722.
to be used to retire bank loans to the extent of proceeds.
Wsiconsin (Bell),elephone Co.
-Rate Case Hearing.
p The Wisconsin P. 8. Commission has set Oct. 25 as the date of a hearing
on the reduction of the Wisconsin Telephone Co.'s rates in 37 cities where
the Commission charges increases were secured by misrepresentation.
los The Increasewere based upon a studyllof depreciation expense which
President WillMm McGovern presented before a railroad commission hearing in 1924. The Public Service Commission charged that subsequent rate
increases in a wide spread of cities were based upon hisStestimony, which
the Commission claims has been shown to be misleading in a recent
investigation.
Under the testimony annual increases in rates authorized have totaled
over $1,800,000.
The Wisconsin Telephone Co. and other utilities nave objected to a
tentative set of rules by which the Commission proposes to standardize
procedure to be followed by utilities in assuring payment for service rendered
and discontinuirrgpervice to delinquent patrons.
-V. 135, p. 1165.
INDUSTRIALIAND MISCELLANEOUS.
'Price of Refined Sugar Reduced.-Godehaux, Savannah, Pennsylvania,
American, National and Revere Sugar Refineries have reduced the price
of refined sugar 10 points to 4.15 cents a pound. Philadelphia "Financial
Journal" Oct. 3. p. 32.
-The American Smelting & Refining Co.advanced
Price ofLead Advanced.
the price of lead 15 points to 3.25 cents a pound New York. In St. Louis
the price was advanced 10 points to 3.10 cents a pound. N. Y. "Times"
Oct. 5. P. 38.
-Prices on the larger sizes of anthracite
Price of Anthracite Coal Up.
have been increased 20 cents a ton. The prices of stove, egg and chestnut
were marked up 20 cents a ton, while the price of pea went up 10 cents
a ton. Prices for other sizes remain unchanged. "Wall Street Journal"
Oct. I. P. 1.
-There will be no wage reduction
Coal Miners Block Move For Pay Cuts.
in the anthracite industry, it was indicated by developments when committees of the anthracite operators and the United Mine Workers of America
resumed the parleys interrupted Sept. 26. The conference became deadlocked after 3 hours when the miners remained adamant to the operators'
plea for a wage cut and then was adjourned. N. Y."Times" Oct. 5, p. 23.
-A new wage contract for freight checkers on
Pier Wage Scale Accepted.
the piers of deep-sea ship lines which was rejected in part at a meeting of
the workers was accepted by a committee of the men, clearing the way
for signing a contract for all pier workers on the Atlantic seaboard.
Matters Covers(' in the "Chronicle" of Oct. 1.-(a) Decrease of about
HI%% reported in August sales of chain stores by New York Federal
Reserve Bank as compared with year ago, p. 2232; (b) European unemployment at record level, according to reports to Department of Commerce-Figures from League of Nations and other sources, p. 2235;(c) Survey of five-day week by National Industrial conference board, p. 2235:
(d) Increase in price a rough paper-Unit of International Paper Co.
adds $2.50 a ton on Kraft liner board, p.2238; (e) Settlement of British
cotton mill strike-Lancashire mills resume, p. 2241; (f) British spinners
trim wage demand to match concessions to weavers, p. 2241; (g) wages
cut in Italian sulphur and cotton Industries, p. 2241: (h) Strike settled at
cotton mill in North Carolina-Workers and management of Amazon
cotton mill reach agreement, p. 2242; (i) Weavers and spinners of Beaver
-Due to wage reductions of 57%%
Brook Mills in Dracut, Mass., strike
during past 18 months, p. 2242; (j) Spinners in Rhode Island strike over
wage reduction, p. 2242; (k) Reynolds Spring Co. recalls 800 workers at
plants in Michigan, p. 2242; (I) Buick Motor Co. adds additional men at
plant in Flint. Alich., p. 2242; (m) Office workers of General Motors Co.
.
go on five-day week, 13 2242; (n) Adjustments in wages made by Ford
'
-Copper steady
Motor Co., p. 2212;(o) Lead reduced sharply in dull market
change in zinc, p. 2244; (P) Conference for lower wage scales In
-Little
anthracite industry adjourned until Oct. 3, p. 2246;(q) Notice of reduction
of 17% in wages of job printers in New York issued by employers--Prlority
rules to be abolished, p. 2246; (r) President Whitney of New York Stock
Exchange answers criticisms of pools-Says those operating In orderly
manner do not exert improper influence on prices-Indicates intention to
prohibit activities by specialists in pools which might unfairly influence
the specialist, p. 2259;(s) List of matured bonds issued by New York Stock
Exchange--Will be removed by committee on stock list under new ruling,
p. 2261;(t) Second report of Reconstruction Finance Corporation submitted
to Clerk of House-Publication deferred pending study of ruling by counsel
of Corporation holding disclosure illegal, p. 227241
bitibi Power & Paper Co., Ltd.-Stoek-Off-List,-- The common and 65, cum. pref. stock of this company iEe stricken
New York Stock
ue to the
fro the list of the transfer offices. Exchange on Sept. 2
The company is in
eivership.
failure to maintain
Toronto Stock Exchange is permitting trading in common and
The
-V. 135.
preferred sharer of this company despite winding-up proceedings.
p. 2339.
Oct. 8 1932
-Acker, Merrall & Condit Co.
-Bankrupt .-
te company, wholesale grocers and dealers in I
.filed a petition
in
nkruptcy in U. S. District Court Sept. 30 hrough its President,
Thomas B. Fisher.'The company had already gone into equity receivership on Aug. 31. on a petition by Austin, Nichols & Co. No list of assets
and liabilities was included In the nankruptcy petition.
-V.135, P. 1655.
-Exchange Offer.
Administrative & Research Corp.
First returns from the offer to exchange without cost to a modified form
of Corporate Trust Shares for shares outstanding indicate that at least
76% of the holders will accept the option. Shares are exchangeable through
the trustee, the Chase National Bank of the City of New York.
Col. Benjamin F. Castle. President of the American Women's Realty
Corp., New York, and recently resigned Chairman of the board of Great
Lakes Aircraft Corp. Cleveland, has been elected Vice-President of the
Administrative & Research Corp., New York.
-V. 135, P. 2339.
Alaska Juneau Gold Mining Co.
-Earnings.
--
For income statement for month and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V. 135, p. 2340.
Allis-Chalmers Mfg. Co.
-Contract.
-Unfilled Orders.
As ofSept.30'32. Aug.31 '32. Sept.30'31.
Unfilled orders
$6.914.000 $6,929,000 $7.991.000
The company has received an order for more than $500.000 from the New
York City Board of Transportation for electrical control equipment for the
Eighth Avenue subway in New York City. The contract covers mercury
arc rectifier equipment and transformers for converting the alternating
current from the supply system to direct current for feeding the third rail
system.
New Director.
C. L. Bardo, President of the New York Shipbuilding Co. has been
elected a director to fill a vacancy.
-V.135, p. 2340.
Allied Kid Co.
-Subsidiary Moves.
-
The Allied Specialty Leather Co., a subsidiary, Is moving from Peabody
to Wilmington, it is announced.
-V. 135, p. 988.
Amerada Corp.
-Chairman Retires.
The corporation announces the retirement of its Chairman,
Golyer, as of Oct. 31.-V. 135. p. 988.
De
American Bankstocks Corp.
-Chairman Elected.
-
Lewis L. Clarke has been elected Chairman ofthe board.
-V.135.P.1656.
1332.
American Business Shares, Inc.
-Stock Offered.
-Lord,
Westerfield & Co., New York, are offering (at market),
shares of this trust, described as of the "restricted management" type.
Dividends payable Q
-M. Dividends exempt from present normal Federal
income tax. Guaranty Trust Co., New York, registrar. Manufacturers
Trust Co., New York, transfer agent.
Company.
-Organized in Delaware to provide a medium for diversified
Investment in a carefully supervised fund operated under sound and timetested principles. The shares are designed to provide the investor with
one simple, understandable security representing a fully diversified investment in a cross section of American industry, plus full-time and able
Investment management.
Capitalization.
-Initial authorized capital consists of 500,000 shares, all
of one class. All shares authorized or issued are of the same class and have
identical rights as to voting power and dividends. There are no options
on any unissued stock or special privileges of any nature that would tend
to dilute the actual value of the company's shares. Company has no
funded indebtedness of any kind and no bank loans.
Supervision.-Company is under the management of the following board
of directors: Leon Abbett, Pres. American Business Shares, Inc.; Julian
B. Beaty, Reeves, Todd, Ely. Price and Beaty: Philip DeRonde, Pres.
Colonial Trust Co.. New York; Andrew J. Lord, Pres, Lord, Westerfield
& Co., Inc.; Allen N. Terbell. banker.
The boards acts in accordance with the following policies as provided in
the company's charter:
(1) Company's investments shall be confined to securities of companies
incorporated and operating In the United States of America.
(2) Not more than 5% of the total assets shall be invested in the securities of any one company (except U. S. Government securities),
(3) Company's investments shall be confined to the securities set forth
below with the exception that not more than 10% of the total assets may
be invested in securities not included on this list.
(4) Complete reports about the operation of the company and its investments shall be sent semi-annually to shareholders. Current Information
will be furnished to shareholders on request.
(5) A continuous market for the shares shall be maintained based upon
the current net asset value.
Under the charter of the company, no change In investment policy from
that outlined above shall be made without 30 days' previous notice In writing
to the shareholders, outlining the reasons for the suggested changes, thus
giving toe shareholder the opportunity to withdraw his investment if the
suggested change does not meet with his approval.
Portfolio.-The approved list embraces the common shares of the following
corporations:
Common Stocks.
Industrials.
RaUroads-Conlinued
Air Reductions Co., Inc.
Norfolk & Western sty. Co.
Allied Chemical & Dye Corp.
Pennsylvania RR. Co. (The)
American Can Co.
Union Pacific RR,Co.
Amer. Radiator St Stand. Sanitary Corp.
Utilities
American Gas & Electric Co.
American Tobacco Co. (The) "B."
American Telephone dc Telegraph Co.
Borden Co.(The).
Coca-Cola Co. (The)
Columbia Gas & Electric
Corn Products Refining Co.
Commonwealth Edison Co.
Consol. Gas Elec. Lt. de Pow.Co.of Balt.
Drug, Inc.
du Pont (E. 1.) de Nemours & Co.
Consolidated Gas Co. of New York
Detroit Edison Co. (The)
Eastman Kodak Co.
General Electric Co.
Electric Bond & Share Co.
General Foods Corp.
Electric Power & Light Corp.
North American Co. (The)
General Motors Corp.
Great Atlantic & Pacific Tea Co. of Pacific Gas & Electric Co.
America (The)
Public Service Corp. of New Jersey.
Southern California Edison Co., Ltd.
International Harvester Co.
Liggett & Myers Tobacco Co. "B"
United Gas Improvement Co. (The)
National Biscuit Co.
Banks (New York
Procter & Gamble Co.(The)
Bank of Manhattan Trust Co.
Reynolds (R. J.) Tobacco Co."B"
Bankers Trust Co.
Sears. Roebuck and Co.
Central Hanover Bank & Trust Co.
Standard Brands, Inc.
Chase National Bank.
Standard Oil Co. of California
Corn Exchange Bank Trust Co.
Standard Oil Co.(New Jersey)
First National Bank,
Union Carbide & Carbon Corp.
Guaranty Trust Co.
Westinghouse Air Brake Co.
Irving Trust Co.
Woolworth (F. W.) Co.
RailroadsManufacturers Trust Co.
Atch. Top. & Santa Fe sty. Co.(The)
National City Bank
New York Trust Co
New York Central RR. Co.(The)
-Although It Is anticipated tnat American Business Shares
Reserve List.
will maintain a substantial percentage of Its assets In dividend paying
common stocks, the approved portfolio contain.; the following reserve list
of high grade bonds and preferred stocks, so that the most conservative
investments will be available for the fund when such a policy seems wise to
the management:
Bonds-Continued
U. S. Government Securities
All direct obligations of the United States Buffalo General Electric Co., gen. and
Preferred Stocks
refunding mtge. 434s, ger. B, due 1981
Consolidated Gas of New York 55
Consolidated Gas Co. of New York.
Duquesne Light Co., lit 5%
41.1% debentures, due 1951
du Pont (E. 1.) de Nemours & Co.6%
Pennsylvania Power & Light Co., first
Kansas City Power & Light. 15t B 86
mtge. 41-is, due 1981
Pacific Teton. & Teleg. Co. (The) 6%
Southwestern Bell Telephone Co., first
Union Pacific RR. Co. 4%
and refunding Is. series A, due 1954
United Gas Improvement Co. (The) 85 Standard Oil Co.of New York, debenture
Bonds
4.4s, due 1951
Atchison Topeaka & Santa Fe 11,v. Co. Union Pacific RR.Co.. first 45, due 1947
General mtge. 4s, due 1995
Volume 135
Financial Chronicle
Dioldends.-All of the earnings of the company are available for distribution after the deduction of expenses, and it is the policy to provide shareholders with a stability of dis Wend payments by declaring quarterly,
beginning March 1 1933, such dividends as can reasonably be maintained
and increased. Profits and losses realized in the sale of securities will not
be taken into income account but will be transferred directly to earned
surplus account for the benefit of the shareholders. American Business
Shares are registered in the investor's name, and dividends for the amount
declared are mailed by the transfer agent to shareholders quarterly.
darketability.-The offering price of American Business Shares, Inc is
based upon the net liquidating value per share at the time of purchase.
plus a total distributing cost not to exceed 9ti
The bid price is maintained at the liquidating value, less a handling %.
charge of 1%. The shares
thus command an instant market, and are quoted in the daiLy newspapers
under investment trusts.
lower, except that metals sold under firm contracts for delivery after June 30
are valued at sales contract price. x Cash on deposit with Central Hanover
Bank & Trust Co., trustee, for retirement of series 13 6% 1st mtge. bonds,
1947, called for payment (see contra). y Represented by 1,828,644 shares
of no par value, and 432 shares of $100 par value not surrendered in exchange for no par value shares.
-V.135, P. 1996: V. 134. p.4663.
American Sumatra Tobacco Corp.
-Reduces Capital.
-
Samuel C. Dobbs, Chairman, in his remarks to stockholders says:
During the year ended July 31 1932 there have been purchased 10.813
shares additional of the capital stock of the corporation at an average cost
of $6 per share, making a total of 23.195 shares in the treasury. Directors
will recommend to the stockholders at the coming annual meeting that this
amount of stock be retired, thereby reducing the outstanding issue of stock
to 193,105 shares.
Consolidated Balance Sheet July 31.
Assets1932.
1931.
Liabilities1931.
1932.
Plants& oth. prop.
Common stock__:$2,884.000 $2,884,000
Inc.Ilvest'k & eq$4,980,408 $4,794,718 Accounts payable_
3,334
3,138
Cash In banks and
Kea. pay., State
on hand
525,677
385.303
taxes. &c
15,253
23,013
Mtge.receivable_
275,000 Res, for self-insurNotes & accts. rec. 319,334
519,235
ance
37,558
39.855
Tobacco on hand
Initial surplus
2,132.565 2,132,565
and in process of
Capital surplus
2,462.515 2,498,489
harvesting
1,274,230 1,578,383 Earned surplus...
57,063
418,723
Supplies
58,971
76,20(1
Hogs and cattle
12,292
inventory
Unexp. basur, and
42,542
prepaid taxes_ _
32,738
Invest.In corn,stk.
317,399
of corporation_ _ 382,312
Employ. subsc, to
11.191
6,127
cap.stk.of corp.
-Warrants Extended etc.
(The) American Corp.
-
g. he Committee on Securities of the New York Curb Exchange has ruled
that hereafter deliveries against transactions in the corporations common
stock purchase warrants must be in the form of "stamped" certificates
indicating that the expiration date of the warrants has been extended to
Oct. 1 1933,and that the subscription price at which common stock may be
purchased through exercise of the warrants has Peen reduced from $10 to
$5 a share.
Notes payable of the corporation as of Sept. 28 were $18,200 against
$20,157 on Dec. 31 1931, and are secured by collateral, it was stated.
President Frank T. Huiswitt announced that the corporation had filed a
claim against the receivers of American Commonwealths Power Corp. in
the amount of $4,777,977 for financial services rendered before the receivership which occurred the last day of 1931. The receivers have filed excep-V. 134, p. 329.
tions to this claim.
American Depositor Corp.
-Modification of Trust.
Approximately 76% of the holders of Corporate Trust Shares will agree
to the modification of the trust recently proposed to them,it was announced
on Oct. 1 by Cedric H. Smith, Vice-President of the American Depositor
Corp. It is proposed to give the trust more latitude in the elimination from
-V.133, p.2437
the portfolio of stocks on which dividends have been passed.
American Home Products Corp.
-Rights.
--At the regular meeting of the board, held Sept. 23 1932, the directors
resolved to offer for subscription to stockholders, pro rata, for cash, at
$37.50 per share. 61,100 shares of heretofore authorized but unissued
common capital stock without nominal par value, such offer to be made
to stockholders of record Oct. 11 1932 on the basis of one new share for
each ten shares held.
is The proceeds will be utilized in the payment of $1,500,000 of notes
payable, originally incurred in connection with the acquisition for cash
In 1931 of the business of John Wyeth and Brother, Inc., of Philadelphia.
and the balance for general corporate purposes.
Subscriptions shall be payable on or before Oct. 31 1932 at Central
Hanover Bank & Trust Co . of New York, 70 Broadway, N. Y. City.
The offering has been underwritten for a commission by Hornblower &
Weeks of New York City and their associates, of which firms two members
are members of the board of directors of American Home Products Corp.
V. 135, p. 1656.
American Locomotive Co.
-Subsidiary Acquires Gasoline
- Process.
The Alco Products, Inc. a division of the American Locomotive Co., has
'
entered into an agreement with the Gyro Process Co. of Detroit, for the
exclusive licensing, sales, engineering and manufacturing rights for the
Gyro vapor-phase cracking process for manufacturing anti-knock gasoline.
This arrangement becomes effective at once throughout the world with the
exception of Canada.
-V. 135. P. 1166.
/ American Service Corp.
1
4
-Receivership Suit Dismissed.
Receivership proceedings brought against the corporation, with headquarters In Kansas City, were dismissed Oct. 5. by Judge Charles F. Stein
after a hearing in Circuit Court at Baltimore, Md. The suit was filed by a
security holder, who asked for appointment of a receiver because of alleged
insolvency and mismanagement.
-V. 134. p. 1374.
American Smelting & Refining Co.
-Semi
-Ann. Report.
Simon Guggenheim. President, says:
Not only was a heavy book loss sustained on the excess stocks of the company, but the normal stocks which are portected against extreme lows by
our metal reserve, were similarly affected. As a consequence, the metal
reserve of the company proved to be insufficient to meet the further writedown. and to make it adequate, based on new low prices, a further sum of
$1,981,500 was taken from surplus and placed to the credit of the metal
stock reserve account. This reserve account showed a credit balance of
$2.504.180 at the end of 1931. The decline in metal prices during the six
months' period not only absorbed the entire amount carried In the reserve
but also a portion of the $1,981,500 credited to the reserve at the end of
June. leaving a balance in the account at June 30 1932. of 31.533,500.
Owing to the increased prices of metals since June 30. the metal reserve. If
normal stocks were re-valued at prices prevailing on Sept. 26, would be
Increased by $1,467,124 to a total of $3,000.624.
The re-valuation of metal storke in excess of normal, involving a charge
against profits of $3,112,501. may oc regarded as a book loss,since the metals
are still on hand, and market prices have shown such improvement since
June 30 that if the metals were re-valued at the quotations prevailing on
Sept. 26. the loss would be reduced to $1,395,178. In other words, approx1
imately 553 of the amount written off In June had been regained by
Sept. 26 and the balance may be regained at no distant date. All that
will be required is a return to the prices of Dec. 31 1931. which were abnormally low (copper 7.025 cents per lb., lead 3.75 cents per lb., sine
3.14 cents per lb.).
Total current and miscellaneous assets amount to $61,945.028, more
than 6.326 times total current and miscellaneous liabilities of $9,791,131.
At the end of the period, we had on hand, in cash and U. S Government
securities, $17.388.272. There is no indebtedness to banks.
The six months'period under review was less satisfactory than any similar
period in the present general business depression. The prices of copper,
lead and zinc all reached their lowest point. This caused a still further
diminution of production of mines, including those of the company itself,
and consequent further curtailment of operations of the company's smelters
and refineries.
Metal prices have recovered. since June 30, a substantial part of the decline at that date, and the prospect of an Increase In consumption of all
three metals-copper, lead and zinc-Is somewhat brighter. We have
reason for hoping that the lowest stage of the depression is past. Certainly
some improvement is discernible. Whether it is temporary In Its nature,
• whether It will continue to increase slowly or will increase rapidly, depends
on factors entirely beyond the control of the company.
For income statement for 6 months ended June 30 see
"Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30 (including Subsidiaries). 1931.
1932.
1931.
1932.
$
$
$
3
Assets
property acct-112.079,277 119.937,058 7% let pref.stk. 60.000.000 60.000.000
Investments -__ 30,480,573 31,263,679 6% 2d pref. stk. 20.000.000 2
0.000.000
Common stocky 60,998,000 60,998.000
prepaid taxes &
insurance.... 1,995,628 2,091,284 Bondsoutstand 34,908,300 35.852 30
11:85
0
3
Due holders of
Inter-Plant ao30,246
16.650
bonds(contra)
counts In tran.
4,710,046 4,642,225 Accts., &c.. pay. 4,720,951 6,881.663
Csall
Int. on bends._476.624 2,997.191
Invest. of cos.
4 5 67
6. 3
Divs. payable__
2d 6% cum.
464,713
Unclaimed diva
pref. cap. et k69,787
Cashondepoaltx1.853 A ecue laxes not
d r red. tax
.
H. S. Governestimated).-- 3,191,393 8,358953
mentsecur's__ 12,678,226 16,084,440
Res.for obsoles.,
Accts. and notes
87,166 11,779.180
coming.,&c._ 10,180.745 10.156.059
receivable.---10.3
Mats. & supples 4.364.285 4.963.227 Res for metal stk 1,533.600 2,477,980
Metal stocks...527,328,324 37,898,165 Mine & new bus.
Investigations
542,583
887.638
Misc, suspense,
credit accts._ 1.342.396 1,403,858
16.550.619 33.710,882
Surplus
204.504.879 228 191.956
204.504.879 228,191.956
Total
Total
a Metal stocks (not including metals treated on toll basis) less unearned
Inventories are taken at coat or market, whichever is
treatment charges.
2497
Total
$7,592,091 $7,999,978
Total
$7,592,091 $7,999,978
x Represented by 216,300 shares of no par value.
Our usual comparative income statement for the year ended July 31
1932 was published in V. 135. p. 2178.
American Trustee Share Corp.
-Div.on Series D Shares.
The corporation announces a distribution of $124.78 per unit of 1,
shares of Diversified Trustee Shares. Series D, for the six months end
Sept. 30. equal to 12.478 cents per share, payable Oct. 15 1932. Shareholders are given the right to Nov. 1 1932 to reinvest their distribution in
additional Series D shares at the offering price less a discount of 5%.
Six months ago a distribution of 18.685 cents per Series D share was made,
compared with 19.811 cents per share on Oct. 15 1931.-V. 135, p. 2341.
-Earnings.
Amoskeag Co.
Years Ended June 30Int. from Liberty bonds
and other sources__ -Dividends
1932.
1931.
1930.
1929.
$271,744
454,358
$382,011
540.581
$545.081
364.483
$791.223
312,129
Total income
Interest & other expenses
Income taxes
$726.102
45.781
12,727
3922.592
50.442
19,346
8909,564 $1,103,352
51.838
332.084
6.619
54,225
Net profit
Preferred dividends_ _ _ _
Common dividends
$667.594
360,000
225,453
$852.863
382,500
270,543
8851.107
382.500
270.543
3717.043
416,250
280,395
Balance to surplus--
$82,141
$199.760
$198,064
320.393
Balance Sheet June 30.
1932.
1932.
1931.
1931.
Liabilities$
Assets$
Amoskeag Mfg.Co.
Res. for saareh'ds_15,285.779 15.285.779
3,607,300 3.607.300 Profit and loas..... 1.315.676 1,233,535
6% bonds
Other securttles..:11,791.128 11,925.595 Investment reserve
15,707
298,560
Cash & receivables 1,218.735 1,284,980
16.617,163 16,817.874
Total
Total
16.617,163 16,817,874
x Market value Sept. 30, $5,023,202, which with cash and receivables
balance_totals $6.264,420.-V. 134, p. 678.
Apex Electrical Mfg. Co., Cleveland.
-Purchases Jordan
Plant.
The companrhas purchased the Jordan Motor Car Co.'s plant in Cleveland, Ohio. at a reported price of $150.000. excluding machinery, payable
350.000 In cash and the remainder secured by a first mortgage, payable
in annual instalments of $20.000. The first payment will go toward
delinquent taxes of $62 000 and It is estimated by the receivers that Jordon
creditors will receive about 15 cents on the collar. Claims total around
3500.000.-V. 133. p. 2765.
Appalachian Coals, Inc.
-Derision. The United States Circuit Court of Appeals at Richmond, Va., has
-page opinion that while Appalachian Coals, Inc...did
handed down a 90
not constitute a monopoly, it was in unlawful restraint of trade. Judges
constituting the Court are John J. Parker, North Carolina; Elliot Northcott,
West Virginia, and Morris Soper, Baltimore.
The Court stated that in view of opinions of U. S. Supreme Court on
appeals in cases involving the Sherman anti-trust law it had no alternative
but to find as it did -V. 135. p. 1333.
-Reacquires Control of Yuban.Arbuckle Brothers.
The company has acquired full control of the marketing and sale of
Yuban coffee, which hitherto has been handled by the Grocery Store
Products Sales Co.. it was announced on Oct. 5. Arbuckle Brothers have
thus regained control of the brand they originated in I913.
-V.71. p. 914
-Dividend Deferred.
`--Arrowhead Bridge Co.
The directors recently decided to defer the quarterly dividend due Oct.1
on the 7% cum. 1st pref. stock, Par $100. The last regular quarterly'
payment of 15i% was made on this issue on July 1.-V. 123, p. 1509.
Arundel Corp.
-Receives Two Contracts.- .
The corporation has been awarded two contracts by the U. 8. Government. involving approximately 81.300.000. One calls for 3625,000 yards
or dredging of the intercoastal waterways, from Jacksonville to Miami.
Fla.. at a cost of about $1,000,000. and the other for the Craighill cut-off
In Baltimore to the extent of 2,500,000 yards at 3300,000.-V. 135, P. 2178.
Atlanta (Ga.) Biltmore Hotel Co.
-Co-Receivers Act to
Avoid Bankruptcy.•
The creditors have petitioned the Federal Court to adjudge the company
bankrupt. The co-receivers denied insolvency and later the creditors
indicated a desire to withdraw their petition. Having obtained through
court order, the lists of bondholder., held by the protective committee, the
receivers are attempting to communicate with the holders to avoid foreclosure, which,the receivers believe will entail considerable loss to the bondholders. There were originally $3.000.000 of the bomb Issued.
-Dividend Reduced.
- ----Atlantic Ice Mfg. Co.
•
The directors have declared an annual dividend of $1 per share on the
common stock. payable Oct. 15 1932 to holders of record Oct 1. A year
-V. 134. P. 1376.
ago, an annual distribution of $2 per share was paid.
-25-Cent Prior A Dividend.
Austin, Nichols & Co., Inc.
The directors have declared a dividend of 25 rents per share on the
prior A stock no par value. payable Nov. 1 to holders oC record Oct 14.
.A like amount was paid on Aug. I last. Distributions of 374 cents per share
were made on this issue on Feb. 1 and May 1 1932 as compared with
quarterly payments or 75 cents per share made from Aug 1 1930 to and
ind Nov. 1 1931. The prior A stock Is entitled to dividends of $5 per share
-V. 134. o. 4497. 4663.
per annum, cumulative from 1934 on.
-To Reduce Par Value, tlYer-.......(The) Baldwin Co.
A special meeting of the stockholders has been called for Oct. 27 to vote
on a proposal to reduce the par,value of the common stock, to reduce the
Financial Chronicle
2498
stated capital of the company, and to change the date of the annual meeting
from the fourth Tuesday in January to the first Monday in April.
According to the proposal par value of the common would be reduced
from $20 to $8, the difference being deducted from the stated capital of
the company and transferred to surplus. The amount added to surplus by
-V. 134, p. 1376.
this change would be $1,605,439, it was announced.
-New President, &c.
Bancamerica-Blair Corp.
John M. Grant, President of the Transamerica Corp., has been elected
President of the Bancamerica Blair Corp., succeeding George N. Armsby.
who previously acted both as President and Chairman. Mr. Armsby
retains the latter office and H.It. Coulter has been elected a Vice-President.
The directors have been increased to 11 from 7. by the election to the
board of Horace Gear, New York representative of Associated American
Distributors, Inc.; Eugene Crowell, New York capitalist; L. M. Giannini,
Senior Executive Vice-President of Bank of America Nat. T. & S. A., and
-V. 134, P. 4664.
Mr. Coulter.
aragua Sugar Co. Benrctreff-Iriat.
7
he 1st mtge. 734% s. f. gold bonds. due July 15 17 were stricken
from the llst of the New York Stock Exchange on Sept. 28. See also V. 133.
P. 958. 1457.
-Bondholders'
-Bayway Terminal (New York Harbor).
--Committee Advises Against Deposits.
The committee for the first mortgage 634% sinking fund gold bonds,
series A. due July 1 1946 (Harry E. Henneman, Chairman) states in a
letter to the bondholders:
You have no doubt received a copy of the so-called plan of reorganization
proposed by the committee of which Lawyers Trust Co. of New York is
depositary, together with a letter asking for the deposit with said depository
of bonds and certificates of deposit issued by the depositaries of this committee.
This committee thoroughly disapproves of this procedure for the principal reason that, according to the letter of transmittal, the proposed plan
has not been underwitten;that is new money has not been assured for carrying out that plan.
This committee has been and is now negotiating for the necessary new
money in order to provide for a reorganization and expects to shortly have
a firm commitment in hand, but it has felt that it is unwise to present a
plan of reorganization before it has secured the necessary funds to carry
out the reorganization. Bondholders' interests could be seriously
jeopardized by going into foreclosure without adequate money assured
to prevent the property being sold at bankruptcy prices to outside interests.
Holders of certificates issued by the depositaries of this committee, viz.:
City Bank Farmers Trust Co. and Baltimore Trust Co. are strongly advised
not to deposit their certificates with any other committee's depositary.
Such a course would only entail the subjecting of their bends to double
expense, and to considerable unnecessary risk.
Bondholders who have not yet deposited their bonds with any committee
are advised that precipitate action on their part is unncessary and that
they will have ample time, after receipt of definite advices from this committee, in which to decide upon their course of action.
No depositing bondholder should have any concern as to delay, inasmuch
as the legal formalities necessary to carry through foreclosure a the mortgage are now being conducted by the receiver in foreclosure under orders
of the New Jersey Court and, under such orders, the income of the property
Is being held for the benefit of bondholders and, before such foreclosure
proceedings are terminated, bondholders will receive from this committee
definite and concrete advices of a plan of reorganization and that the
necessary money to finance such reorganization will have been assured to
-V. 134, p. 3985.
this committee theretofore.
Beardsley-Wolcott Mfg. Co.-New President, &c.
James R. Sheldon has been elected President, filling the vacnacy caused
by the resignation of R. W. Reid. Mr. Sheldon was Vice-President and
General Manager and recently was elected President of Waterbury Clock
Co. under the reorganization plan. He is also President of James B. Sheldon Co., Inc.
;
-V.134 p.3985
T.A.D.Jones of New Haven has been elected a director.
-To Change Par Value.
"""••• Bendix Aviation Corp.
The corporation proposes to change the par value of the common stock
from no par to $5, each present share to be exchangeable for one new share.
-V. 135. p. 1166.
-Proposed Expansion.
Bethlehem Steel Corp.
The directors of the Seneca Iron & Steel Co. of Blasdell, N. Y.,have
approved the transfer of the latter's assets to the Bethlehem Steel Corp.,
Alex Paterson, Treasurer of the Seneca company announced on Sept. 30.
The deal will be completed by transfers of stock. Mr. Paterson said. The
basis was not disclosed because Seneca's stock is closely held.
The stockholders of the Seneca company will meet soon to act on the
directors' proposal. This is expected to be only a formality, as the major
portion of the stock is held by executives.
The Seneca company, one of the largest manufacturers of sheet steel
in the eastern part of the United States, has 18 mills at Blasdell and an
annual capacity of 120.000 tons. It manufactures black steel sheets as
well as a variety of finished steels used in the production of automobiles
and metal furniture. It has been one of the best customers of Bethlehem's
Larkawanna plant, from which semi-finished steel was shipped to Bla,sdell
for conversion into sheets.
Acquisition of the Seneca Iron & Steel Co. by Bethlehem will round out
-V. 135.
the latter company's production in the Great Lakes region.
p. 1333.
-September Sales.
Bickford's, Inc.
-1931.
-Sept.
1932
8548.684
19%647.2'188
V.
- 135, p,
Decrease.] 1932-9 Mos.-1931.
393.504 1$5,239,112 $5,847,315
Decrease.
3608,203
-Regular Preference Stock Dividend.
Blue Ridge Corp.
The directors have declared the 13th regular quarterly dividend on
the optional $3 cony, preference stock, payable Dec. 1 to holders of record
Nov. 5 at the rate of 1-32nd of a share of common stock or at the option
of such holders, provided written notice is received by Nov. 15, at the rate
-V. 135, p. 1658.
of 75 cents a share in cash.
-September Sales Lower.
(H. C.) Bohack Co., Inc.
-1931.
-1931. 1932-35 Wks.
1932-4 Wks.
Period End.0c1.1$2,357,087 $2,789,680 $21,855,938 $23,782.978
Sales
ended Oct. 1 1932. tonnage decreased 1.2% from
During the four weeks
the 1931 period, while for the 35 weeks there was an increase in tonnage
-V. 135, p. 199g.
of 5.3% over the 35 weeks of last year.
-Complaint Dismissed.
Borg-Warner Corp.
The Federal Trade Commission has dismissed a complaint previously
of two comIssued against the company and owner of the capital stock automobiles.
panies which manufacture clutches and traosmLssion gears for acquisition
concerning
The matter involves the section of the Clayton Act
-V. 135. p. 2179.
of capital stock in a competing company.
-Sale.
Canadian National Fire Insurance Co.
London,Eng-
Sale of this company to the Sun Insurance Office, Ltd.,of
land, was approved by the directors of the Canadian company on Sept. 30.
The directors passed a resolution recommending appointment ofthe National
Trust Co. as liquidator. It is expected the Court will issue a winding-up
order within a day or so and distribution of the company's assets will follow.
The tentative agreement with the Sun company provides that it accept
securities now held by the National Trust Co. at par. It will pay the National certain expenses and indemnifies it against some possible nobilities.
-Tenders.
Canterbury Gardens Co., Detroit.
The Union Guardian Trust
trustee. Detroit. Mich., will until
Co..
11 a.m. on Oct. 23 receive bids for the sale colt of 1st mtge. 6% gold bonds
to an amount sufficient to exhaust $20,590 at the lowest prices obtainable.
Of the $235,000 of bonds originally issues $141,200 have already been
-V. 128. p. 116.
retired, leaving $93,800 outstanding.
"•-•Cassidy's, Ltd.
-Larger Preferred Dividend.
----
The directors recently declared a dividend of 75 cents per share on the 7%
cum. pref. stock, par $100, payable Sept. 30 to holders of record Sept. 21.
A distribution of $1 per share was made on this issue on June 30 last. 75
cents per share on March 31 1932 and $1.75 per share previously each
-V. 135. p. 131.
quarter.
Oct. 8 1932
-Sales Gain.
Chevrolet Motor Co.
-day period of SepSales of Chevrolet cars and trucks in the second 10
tember were 8.573 against 8,529 in the first 10 days of the month, it was
announced on Sept. 30 by H. J. Klinger, Vice-President and General Sales
Manager. A total of 17,102 cars were sold in the first 20 days of the month
and the total for the month is likely to exceed the projected quota by several
thousand cars.
v
T - .l35 for 2178
gainhe report , p t11 second 10
.
-day period showed the fourth consecutive
-To Change Par Value.
Chrysler Corp.
The stockholders will vote Oct. 28 on changing the par value of the
common stock from no par to $5 per share.
Shipments Py De Soto Increased in September.
The be Soto Motor Corp. shipped 1,336 De Soto cars in September, an
increase of 27% over August and a gain of 13% over September of last year.
September shipments compare with 1,053 cars in August and 1,183 cars in
September, last year.
-V. 135, p. 2342.
Consolidated Laundries Corp.
-Change Stock'Option.An application of this corporation to the New York Stock Exchange.
dated March 12 1931. recited that 25,000 shares of common capital stock
were under option to individuals identified with the management at $18.27
per share, such stock to be paid for out of special compensation to such
individuals as defined in the application, and out of dividends on stock
actually purchased under the agreement.
Notice has been received by the Exchange of a reduction in the price
of stock under such option from 318.27 per share to $10.00 per share, and
of a corresponding reduction in special compensation payable.
The total number of shares issued or transferred under such agreement
until Sept. 24 1932 amounts to 10,219.-V. 135, p. 2343.
Consolidated Mining & Smelting Co. of Canada, Ltd.
-Output.Quarter Ended Sept. 30Lead (short tons)
Zinc (short tons)
Copper (short tons)
Gold (ounces)
Silver(ounces)
-V. 134, p. 3280.
1932.
:7
1586 2
29 2 7
1931.
30,962
5
6
0052
2364.,9 9
8,837
1 263.068
04
1,721.5143
-Not to Pay Interest.
Consolidation Coal Co.
-
The Federal Court in Baltimore on Oct. 4 1932, directed the receivers
not to pay the interest installment due Nov. 1 1932, on the company's
.-V. 134. p. 4162.
434% refunding bonds
Consolidated Oil Corp.
-Acquires Control of Penn Mex
Fuel Co.
-See South Penn Oil Co. below.
-V.135, p. 1334.
Continental Baking Corp. (& Subs.).
-Earnings.
For income statement for 13 and 38 weeks ended Sept. 17 see "Earnings
-V. 135, P. 1998.
Department" on a preceding page.
Conveyancers Title Ins. & Mtge. Co.-Readjustment
Plan Effective-Fixed Charges Reduced $150,000 Annually.
The directors have declared operat ve the plan of readjustment providing
-year extension of maturities; 1% reduction in interest rates and
for a 5
elimination of provision for payment of unmatured securities upon death
of the holder.
With 316,000.000 in securities outstanding, less than $500,000, or 3%,
have not yet assented to the plan. There Is no provision for non-assenters.
The new setup will reduce fixed charges of the company by $150,000 a
year and will allow the orderly sale of undesirable real estate holdings, thus
preserving the investment of security holders which would not have been
possible in the event that the company was forced into receivership with
its resulting quick sale of assets to realize cash, irrespective of values.
-V. 135, p. 992.
-Contract.
Continental Motors Corp.
The corporation has contracted with the Dominion Motors. Ltd., of
Canada to manufacture and sell the Continental-De Vans car in Canada.
The line will be produced under the name of Frontenac. The Dominion
company has a Canadian organization of 375 dealers. Production capacity
-V.135. P. 1998.
is about 1,500 cars a month.
-Declared Bankrupt.
Corporation Securities Co.
-
Federal Judge Walter C. Lindley on Sept. 23 last adjudged the Corporation Securities Co., of Chicago, bankrupt, but granted a stay until Oct.
14 to permit filing of an answer to the petition.
A second Insull company, Basun Utility Investments, Inc., was also
declared bankrupt, to become effective at once.
Both companies have been operating under equity receiverships since
Apr. 16.
,
Ar order continuing in full force the restraining order against New York
-the Central Hanover Bank & Trost Co., Guaranty Trust and the
banks
Chase National Bank-prohibiting them from selling the collateral pledged
by the two bankrupt corporations on loans, was also entered by the court.
The judge's memoranda said. in part:
"Shortly after equity proceedings were instituted against the corporation
I became of the opinion that the proper form of administration of the
estate was in the Bankruptcy Court. Information which since has come
to me from the receivers and from reports and audits have confirmed
this opinion.
"There is no chance of a reorganization and there are no assets other
than such, if any, as may be recovered by proper litigation instituted by
the trustee.
"Apparently tnere is no possibility that assets of sufficient character or
amount as to bring the stockholders any return whatsoever will be realized."
The New York "Evening Post," Sept. 23, had the following:
Receivers for Corporation Securities Co. filed their report in which
they held that the investment trust was "hopelessly insolvent." The
assets of the once $140.000,000 concern were so meager, the recievers
reported. that, they were urable to meet the expense of having and inventory made.
There were bales and bales of worhtlesa stock certificates in the treasury
when we took possession April 16." they reported. "They only assets
convertible into cash were $30,000 in tax anticipation warrants."
Through the maze of statistics contained in the report could be traced
the last desperate efforts of Samuel Insull to save the tottering company,
The statement of liabilities indicated he had obtained succor from banks,
from affiliated comparies and from manufacturers with whom his companies did business. Then, with other sources exhausted and the market
value of the company's securities steadily declining he had 'pledged his
own credit in a last vain attempt to stave off disaster.
-V. 135, p. 472.
Counselers Securities Trust.
-Earnings.
For income statement for period from Dec. 31 to Sept. 20 see "Earnings
-V. 134, p. 1201.
Department- on a preceding page.
-Co-agent.
Cudahy Packing Co., Inc.
-
The Bankers Trust Co. has been appointed co-agent with the Continental Illinois Bank & Trust Co., Chicago, Ill., for the payment of the
-V.134, p. 4163.
1st mtge. 5% bond coupons.
Curtiss-Wright Corp.
-Subsidiary to Amend Voting Trust
A greement.
Curtiss-Wright A irports Corp., a subsidiary, has called a meeting of
voting trust certificate holders for Oct. 17 for the purpose of amending
the voting trust agreement to eliminate the provision that any successor
to the depositary, sub-depositary, or any registrar be a bank or trust
company in the same city as the depositary, sub-depositary or registrar
-V. 135, p. 2343.
whose place it is taking.
-September Shipments.Cutler-Hammer, Inc.
Period End. Sept. 30
Shipments
-V. 135, p.824.
1932-3 Mos.-1931, 1932-9 Mos.-1931.
$700,914 81,422,000 82,309,786 $4,774.471
--Tenders.
Davison Realty Co.
The Baltimore Trust Co., trustee, Baltimore. Md.. will until 2 P. m..
Oct. 27, receive bids for the sale to it of 10
-year 69 s. f. gold notes, due
Oct. 1 1940. to an amount sufficient to exhaust $25,286 now in the sinking
-V. 135, p. 472.
fund.
Volume 135
Financial Chronicle
Dayton Scale Co.
-New Product.
-
This company, one of the four divisions of the Internati
Machines Corp., has introduced a new type retail store onal Business
the "Customeread," having two charts so that the customer scale known as
and storekeeper
can each read at the same time the price and weight of the article being
weighed. This is the first computing scale to have this feature, which
has long been advocated by weights and measures officials.
-V.114, p.2019.
Discount Corp. of N. Y.-Comparative Balance Sheet.
Sept. 3032. Dec. 31'31.
$
__ 29,570,700 147,548,908
Acceptances_U. S. bonds,
Treas. notes
and certifs. of
indebtedness _118,367,840 80,554,918
Dep. with N.Y.
State Banking
Department_
985
Int. rec. accrued
925,677
199,097
Int.& exps. paid
In advance_
123,215
Cash
3,085,821 4,750,377
Sundry debits
14,313
Sept. 3032. Dec. 31'31.
Assets-
Total
151,964,351 233,177,502
-v. 135. P. 472.
Dome
Capital stock_-- 5,000,000
Surplus
4,000,000
Undivided pref_ 1,939,350
Unearned dlsct_
118,698
Reserves
120,234
Loans payable 92,181,328
U.S. Govt. dep.
account
Due to banks &
customers_
Dividends pay__
125,000
Re-pur.agreem't
on accept.sold
Accept. re-disct.
and sold with
endorsement _ 18,874,518
U.S. Govt.secs.
bought under
re-sale & sold
under re-pur.
agreements __ 29,590,000
Sundry credits__
15,221
Total
5,000,000
4,000,000
1,555,736
440,527
150,365
42,875,000
28,813,200
832
175,000
48,649,775
80,499,637
21,017,430
151,964,351 233,177.502
Ltd.-Value of Production.-
Period End. Sept. 30- 1962-MorUh--1931 1932-9
Mines,
Mos.-1931
Output (value of)
1341.610
8286,340 $3,078.432 $2,644.679
135, p. 1999, 1828.
Domestic Capital Corp.
-Debentures Offered.
-Lyon,
Pruyn & Co., New York, are offering 6% income debentures
due Sept. 1 1942, endorsed with certificates evidencing pro
rata interest in entire capital stock of the corporation.
(Price on application.)
The offering price of the debentures varies with
liquidating value of the assets of the corporation, and is based upon the
plus
able M. & S. at rate of not exceeding 6% per annum,8%. Interest paybut only out of net
earnings of the corporation. Redeemable upon
15 days' notice
any
time at the option of the registered holder at an amount equal toat proa
portionate share of the liquidating value
(as defined in the indenture) of
assets of the corporation less 1% thereof.
the
Registered debentures in
denominations of $1,000. $500, $100 a d
Co. of New York, trustee and registrar. $50. Continental Bank & Trust
Business.
-Corporation was organized in New York
on Sept. 6 1932.
Its sole business will be to invest in
obligations of corporations organized bonds, notes. debentures and other
under the laws
United States and(or) the United States Governme of any State of the
nt in accordance with
the provisions of an indenture dated
Sept 1
tion and Continental Bank & Trustas of of New 1932, between the corporaCo.
York, as trustee.
Each investment will be selected on
the basis of an individual analysis
and investigation.
This corporation has been formed for the purpose
of selecting such securities, and investing its funds in a diversified list
of those bonds which will
comply with the most exacting investigat
ion
and possible appreciation in market values. from a standpoint of safety
Interest and Dividends.
-Interest upon the
annually on March land Sept. 1 at the rate debentures will be paid semiof not exceeding
but only out of the net earnings of the corporation (determin 6% per annum,
ed in accordance
with the indenture) for the six months next preceding.
Such interest shall
be non-cumulative.
After providing for payment of interest, any surplus
shall be applicable
to pro rate distribution to debenture holders
through their interest in the
common stock of the corporation, as evidenced
by certificates endorsed
on the debentures. Dividends shall be payable only when
and as declared
by the board of directors.
Provisions of the Indenture.
-The following summary
indenture is subject to the more complete provisions of provisions of the
thereof:
Issue of Debentures.
-Debentures may be issued at any time or
to time against the receipt by the corporation of an amount from time
equal to a
proportionate share of the liquidating value
(as defined in
the assets of the corporation. The aggregate principal the indenture) of
amount of debentures which may be issued is unlimited.
Restrictions on Investment.
-Not more than 10% of the total assets of
the corporation at market value
be
any one corporation, obligations ofmay U. invested in the obligations of
the
S. Government excepted. The
corporation at no time while any of the debenture
s shall be outstanding
may purchase any stocks whatsoever or any securities
of any foreign governmental authority or of any corporation
not organized under the laws of
any State of the United States or doing business therein.
No purchase or
sale of any of the investments of the corporation may
be made from or to
any officer or director of the corporation
said officer or director may represent. or any firm or organization which
Officers of the corporation will
receive no compensation for their services,
by the corporation shall be deposited for as such. All securities owned
corporation with a bank or trust company.safekeeping for account of the
A statement of the securities
balance sheet will be furnished owned by the corporation together with a
to
after each interest payment date. the debenture holders within 15 days
Liquidating Value of the Assets
e
the basis of the net market valueof the Corporation shall be determined on
calculated as providedin the indenture)
of the assets of the corporation.
equent
corporation will be made by the corporatio valuations of the assets of the
auditors.
corporation will be audited semi-annually n's independe The books of the
by
nt certified public
accountants.
Redemption.
-At the option of the registered holder of any
debenture,
upon 15 days' written notice directed to the corporati
on at the office of
the trustee, accompanied by the surrender of the debenture to
the trustee,
the corporationwill redeem at the office of the trustee, at any
time, such
debenture (Including the certificate endorsed thereon
of interest
of the capital stock of the corporation) at an amount equal to a in shares
proportionate share of the liquidating value (as defined in the indenture
and computed as of the close of business on the third
New York Stock Exchange holidays excepted, succeeding business day,
after the
trustee of such notice accompaned by the surrender of the receipt by the
trustee) of the assets of the corporation, less 1% thereof. debenture to the
At the option of the corporati
redeemed at any time upon not on, the debentures as an entirety may be
less than 30 days' written notice at the
liquidating value of the assets of the corporation,as defined
in the
but at not less than the principal amount thereof; provided indenture,
that upon
such redemption the corporation shall be dissolved and
liquidated and its
entire capital stock surrendered.
Amendment of Indenture.
-Indenture may be amended by
consent of the trustee and of 75% of the aggregate principalthe vote or
amount of
the debentures outstanding, provided that no such amendment
shall
permit the extension of the maturity of any debenture or modify
the terms
of payment of the principal of any debenture, without the
consent of the
holder thereof.
Restrictions Upon Other Obligations.
-Corporation will
obligations having any lien or priority over the debentures.issue no other
Management.
-Corporation has entered into a management
contract for
the term of the debentures under the terms of which Domestic Management Corp. will receive a monthly fee equal to 1-12 of 1% of the liquidatin
g
value of the assets of the corporation which will constitute the
pensation to be paid for supervision and executive managemesole cornit. The
boards of directors of both corporations are identical and consist of W. W.
Colpitts, Stuart G. Lyon, Henry P. Du Bois, James C. Stephens
and
Robert D. Pruyn, all of New York.
Capital Stock.
-All of the capital stock of the corporation now or hereafter
authorized is, and at all times while any of the debentures shall
be outstanding, will be held by W. W. Colpitts, James C.Stephens and Stuart
G.
Lyon,as trustees, with power to designate their successors,in trust,for the
2499
registered holders of the debentures in proportion to
of debentures held, under a trust agreement dated the principal amount
as of Sept. 1 1932.
The debentureholders, as the holders of certificat
es
shall be entitled to receive all dividends or other of interest in such stock,
respect to such stock, but shall be entitled to no distributions made with
voting rights.
Drake Hotel Co.
-Sale of Blacksto
ne Hotel.'-.
The Metropolitan Life Insurance Co.,
Court at Chicago, Oct. 5, asking that.thefiled suit in the U. S. District
Blackstone Hotel be sold on foclosure to satisfy a claim of $1,659,412.
The
made by the insurance company in June 1927, suit, growing out of a loan
is directed against the Drake
Hotel Co., as operators of the Blackstone Hotel,
Paul G. Evans, as receivers for the hotel company.and Tracy C. Drake and
are the Chicago Title & Trust Co., the Continent Named as co-defendants
al Illinois Bank & Trust
Co., and the Miller Supply Co.
The petition sets forth that the Drake Hotel Co.
June 17 1927, and defaulted on a payment due borrowed $1,700,000 on
company debtor to the insurance company for Aug. 1 1932, leaving the
$1,616,000 plus interest the
suit charges.
-V. 135, p. 473.
NEgry Register Co.
"
-Resumes Class A Dividend.
A quarterly dividend of 50 cents
per share was
$2 cum. class A common stock, par $25, payaole recently declared on the
Oct.
Sept. 15. A similar payment was made each quarter1 to holders of record
from Oct. 1 1928 to
and including Jan. 2 1932.-V. 134, p. 2347.
Elgin Sweeper Co.
-Dividend Correcti
on.
A quarterly dividend of 25 cents per share
in last week's "Chronicle") has been declared (not 50 cents, as reported
coy, prior pref. stcck, no par value, payable on the $2 cum & Partic.
Oct. 1
Sept. 20. Three months ago a similar payment was to holders of record
made, prior to which
the stock was or a regular $2 annual dividend basis.
-V. 135, p. 825.
Empire State, Inc.
-$4,000,000
Trust Loan.
The Manufacturers Trust Co. as trustee, has taken
a new trust mortfrom Empire State, Inc.onthe Empire
StateS.nte
Tge Atfgue,
f 4r0
tssisanuesr7go u ri ir
t
which will mature on Sept. 1 1947. This will
be subordinate to a first
mortgage for $27,500,000 held by the Metropoli
69' which matures March 1 1950. The new bondstan Life Insurance Co. at
will be issued in denominations of $500 and $1,000.
A mortgage given to the Chatham Pnenix National
as trustee, now merged with the Manufacturers Trust Bank & Trust Co.,
to secure an issue of 7% sinking fund gold debenture Co.,on March 1 1930.
cipal amount of 313.500,000. has been subordinated s in the aggregate printo the
gage of $4,000,000, the debentures having been reduced new trust mortby the surrender
and cancellation of $4,000.000 principal amount.
remaining 89,500,000 debentures,the Loma Corp. of The holders of the
Del.,
Treasurer, and the Regent Corp., Pierre S. du Pont, Young Kaufman,
President, and
du Pont Individually consented to the mortgag, and suoordina Mr.
tion.V. 132, P. 136.
Eureka Secret Canyon Mines, Inc.
-Receiver
Hyman
Serkowick of Washington, D.C. and Harry J.
Joslyn eLflllmington were appointed receivers Sept. 29 for the company in
Chancery Court
at Wilmington, Del. A receivership suit, filed recently by
James L.
Stafford of Alexandria, Va., owner of 640 shares
stock, alledged that the corporation was unable to of the concern's common
meet maturing liabilities.'
The company consented to the appointment of receivers.
Farr Alpaca Co.
-Adds Looms-Orders
Increase.
Treasurer F. H. Metcalf in a letter to the stockholders,
"At our last annual meeting the stockholders requested states:
for this year a
quarterly statement expressing as closely as pracicable
the situation of the
corporation.
'Without an inventory, such a statement must be general.
To take an
inventory now would be costly and excessively burdenso
force at present engaged upon increased orders requiring me to our office
prompt filling.
There is this, however, to say:
"During June, July and the first half of August, business
same very depressed condition as that which preceded the was in the the
annual meeting,
but beginning with the middle of August, orders improved
putting in operation about 1,000 more looms and have hopes so that we are
soon to be running more.
"The low production for the three months ended
involved a manufacturing loss because of the fixed Aug. 31 last, necessarily
charges upon idle plant.
machinery, &c., but the present increase in the value
of raw
hand will, in the opinion of the management offset any such materials on
loss.
"It is too early yet to say definitely whether the present increase
in orders
is due to a delayed seasonal advance, or represents a
Improvement. but there is much to indicate the latter. permanent business
-V.135, p. 304.
Federal Grain, Ltd.
-Earnings.
-
12 Months Ended July 31Operating profit
Bond interest
1932.
$765,192
279,946
1931.
$789,399
249,540
Balance
Depreciation
Wrecking and rebuilding elevators,&c
Property original expense written-oft.
Dominion income tax paid
$485,246
432,709
55,388
8,953
4,177
$539,859 def$188,556
221,381
87,878
16,954
df.$15,982
$213,646 def$188,556
97,500
195,000
Balance
Preferred dividends
1930.
$66.444
255,000
Balance
Previous surplus
df$15,982
$116,146 def$383.556
482,590
366.444
750,000
Profit and loss balance
4466,607 $4482,590
$366,444
x Subject to income tax.
Comparative Balance Sheet July 31.
1932.
1931.
1932.
1931.
Assets$
$
Liabilities
$
$
Cash.
32,918
39,463 Bank loans & overAccts. receivable_
93,988
173,220
drafts (secured)_ 1,419,540 2,783.683
Loans & advances_
48,651
76,944 Sundry credit- _
830,690
519,523
Inventories
2.385,922 2,943,500 6% 1st mtge. bds_ 4,059,000
4,159.000
Accrued earnings_
111,702
220,850 Bond red. reserve_
15,928
6,382
Prepaid expenses_
24,992
29,357 6ti%,pref. stock_ 3,000,000 3,000,000
Stocks and bonds_ 246,479
213,124 *Common stock-- 1,250,000 1,250,000
Memberships
85,400
110,400 Surplus
466,607
482,590
Mortgage's
6,994
Prop.,less depr _ _ 7,960,851 8,319,511
.
Deterred charges-50,861
67.815
Total
11,041,765 12,201,178
Total
11,041,765 12,201.178
* 100,000 shares class A and 40,000 shares class
B.
In view of the fact that the company
quarterly dividend instalments upon the 6has failed to pay six consecutive
% cum. red, preference shares,
the holders of the preference shares have
the
of class B common shares, at the general right to vote with the holders
meeting of the company to be
held on Oct. 27 in respect of all matters that
may lawfully be brought before
it.
-V. 133, p. 2273.
Financial Investing Co., of New York,
-Plan
Not Workable-Trustee to Liquidate Ccllateral.- Ltd.
The committe
e for the 5% convertible gold
bonds due Oct. 1 in a lstter
states in part:
This committee, under date of Aug.
19
the collateral securing these bonds, or a 1932, proposed a plan whereby
retained for the benefit of the depositin substantial part thereof could be
there might be an appreciation in value g bondholders, with the hope that
Since announcing the proposed plan of such collateral after Oct. 11932.
imately 4% of the outstanding bondsadditional bonds aggregating approxhave been deposited with the committee, so that the committee now
outstanding. In the opinion of the holds approximately 40% of the bonds
committee this is not a sufficient number of bonds to make the plan
to inform you that the plan willworkable. The committee, therefore, begs
not be made operative and that the trustee
will proceed, after Oct. 1, to liquidate
the collateral securing the bonds,
and distribute the proceeds less expenses,
to the bondholders.
This committee is ready to advise
of the collateral and in the distributi with the trustee in the liquidation
on of the proceeds thereof and hopes
to be able to inform you shortly after Oct.
1 the amount which you will.
Oct. 8 190
Financial Chronicle
2500
receive on your bonds and the steps necessary to be taken by you to secure
-V. 135. P. 1500.
your portion of the proceeds.
-Earnings.
Federated Business Publications, Inc.
Years End. June 30-Income ftom sales
Publication prod. cost
Editorial sales and circulation expense
General expense
New York State tax__ _ _
Deprec.-furn. & equip_
1932.
8515.190
210.170
1929.
1930.
1931.
$799,115 $1,034,816 31,024.557
327,099
354.685
303.969
303.414
59.962
3.235
1,953
410,073
75,495
3,368
1,940
440,371
94.788
6.860
1,949
394.278
89,175
7.251
1,800
Profit from operations def$63.544
1.717
Other income
34.260
9.587
3136.163
9.918
$204,954
10,429
der361.826
57.116
813,847
61.774
$146,081
59.260
$215,383
32,515
1064118,942 1ee5847,926
Netincome
15,626
A6$ pref. dividends
ad preferred dividends
Common stock
for Fed, income tax
386,821
62.502
22,800
---___
9.775
3182.868
62.500
21.993
46,118
20,207
Total income
Aber charges
• Balance, deficit
revious surplus
urplus res. for divs_
in
tist of reserve for tax
ents
-Adj
$118,942
47.767
363,552
60,479
Cr62,500
$8,256 sur&32.050
27,742
80,407
1.751
Fulton Market Cold Storage Cot- --Initial Dividend.
An initial quarterly dividend of 2% has been declared on the 8% cum.
pref. stock, par 8100 payable Oct.8.-V. 111, p. 1475.
-Stock at Auction.
Garland Steamship Corp.
At an auction sale of securities by Adrian H. Miller & Son at the Exchange
salesroom, 18 Vesey St., 44,644 shares of common stock brought 81,000V. 129, p. 3489.
General Itviotion Corp.-Go-ncent
Marvtaird-Ptantapitalization Reduced.
ea-Activities-.in
This corporation for the past year has been ctThcentrating all its manua
facturing activities to one plant at Dundalk. Md., which has resulted inC.
considerable reduction in overhead costs, according to Treasurer John
Felli.
It was recently voted to change the authorized common stock from
5,000,000 to 1,000.000 shares, of which 980.000 shares of no par value
-V. 134, p. 4165.
are currently outstanding.
"••
General Cigar Co. Te-Retire-Notee.reke-. of the $2,800,000
company has called for retirement on Dec. 1. all
miya which would mature $700,000 on Dec. 1 of each of the next
four years)
$1
The d ectors have declared the regular quarterly dividends ofOct.per
17
share on the common stock, payable Nov. 1 to holders of record record
and $1.75 per share on the pref. stock, payable Dec. 1 to holders of
Nov. 23.-V. 135. P. 004•
-Subsidiary Reduces Prices.
General Motors Corp.
Dr11,660
859.792
$73,902
347.767
Profit and loss surplus def371,175
Balance Sheet June 30.
1932.
LialfltUiesAsses$40,947 Accts.& comm.pay $33,470
$7,061
--ash & dePOSits-134,971 Notes pay., sec'd- 250.000
ACet8.44 notes ree- a100,028
41,776
11,242
17,337 Other notes pay_Inventories
28.558
313,045 Accruals
lays.in assoc. cos_ 327,854
12,800
Publications, &c 1,996,325 1,994,613 Reserve for taxes23,816 Adv. on advert'g
28,650
Furnit.& equip
contracts
ngrav., photos.,
16,000 Othernotespayable
16,000
cuts. library, &c
98,000
24,686 (not currency)-14,247
Prepaid expenses_
1,450
26,023 Other liabilities
25.270
Organiz. expenses_
Other accts. Day_
b750.000
lstpref. Stock _
383.100
2d pref. stock_ _ _ _
Common stock_ _ c998.698
def71,175
Surplus
1931.
$51,655
250,000
17,313
8,110
9,500
366
72.500
4,637
800
750,000
380.000
998,699
47,767
announced
Prices from 13 to 16% under those of preceding models were sized units
on Oct. I by Frigidaire Corp., a subsidiary, on three popular
make
in its higher priced household line. New principles of construction
Manager,
the lower prices possible, E. G. Biechler;President and General
said.
Co. Resumes Operations.
Buick Motor
according to
The Buick Motor Co. resumed operations on Oct. 3 and, Operations
by Oct. 17.
President!. J. Reuter, will have au plants operatingReuter said the schedule
-day week schedule. Mr.
day,5
-hour
will boon a 9
at least most of
is
will remain in force as long as possible and forassured for
continues, he said.
all
the winter. If the slump in public demand reduce carsschedule to a 4
-day
the
months to
It may be necessary after several
active men on the payroll
week. The company hopes to reemploy all of the1932 models.
-V. 135. P.
production on the
at the time of discontinuing
2345.
-To Change Par of
General Realty & Utilities Corp.
Common Stock.
has been called for Oct. 28
$2,526.678 32.591,438
Total
Total
$2,526,678 $2,591,438
no par
a After reserve of 812,310. b Represented by 25.000 shares of 2935.
-V.133, p.
no par value.
value. c Represented by 93.754 shares of
A special meeting of common stockholders
amended
te consider the proposal that the certificate of incorporation be shares of
by changing the common stock from shares without par value to business
the par value of $1 each. Stockholders of record at the close of
-V.135. p. 636, 1664.
Oct. 17 will be entitled to vote.
Increase.
817,947
Genesee Brewing Co., Inc., Rochester, N. Y.
Bonds Offered.
---September Sales.
(M. H.) Fishman Co., Inc. 1932-9 Mos.-1931.
-1931.
-Sept.
1932
$212,167
$218,611
-V. 135, p. 1828.
Increased
S6.444131.744,679
$1,726,732
-Time for Deposits Extended.
Fisk Rubber Co.
the reorganization committee,
has anOrrin G. Wood. Chairman of
which deposits of bonds
nounced an extension to Oct. 21 in the time during
29 last. More than
Aug.
and notes will be received under the pIan dated 20
1st mtge. -year 8% sinking fund
68% in the aggregate of the company's
-more than
-year 5% sinking fund gold notes
Sold bonds and of the 5
n deposited. Mr. Wood said.
a majority of each-already have City of New York is depositary for the
Bank of the
The Chase National
Trust Co. acts as its agent
1st mtge. bonds in New York and Old Colony
Bank & Trust Co.
In Boston. For the 534% gold notes Central Hanover
Boston. are depositary and sub-depositary,
and National Shawmut Bank.
deposited before
respectively. Claims, or assignments thereof, may be dr Trust Co.
Bank
the close of business Oct. 21 with Central Hanover Include Karl H. Behr,
committee
Other members of the readjustment
Janisch, Theodore G.
Carl P. Dennett, William E. Gilbert, Harold P.
John N. Willys.
Smith, William 13. Stratton, John O. Traphagen and
-V. 135,
committee.
Thomas F. Troxell, 65 Cedar St., is Secretary of the
p. 2344.
!-ak
e Tire Fabric Co.-Prireetr 6%% sinking fund gold bonds
-year
c
property securing the 1st mle.10
Oct. 26 t the auction rooms of the Boston Real
o sold at foreclosure
-V.134. p. 4221.
Estate Exchange, 7 Water St., B ton.
-Commercial Sales.
Ford Motor Co., Detroit.
'l
first eight months of
The company sold 45.857 commercial units in the
of all makes registered in
0
1932. or 35.27 of the total sales of 130,376 units in sales of commercial
the company In the lead
that period. This places
States, although deliveries of the new
oars and trucks throughout the United volume until June.thesompany says.
Ford commercial units did not begin in
-V.135...305.
-Earnings.
.Fourth National Investors Corp. Sept. 30 see "Earnings
nine months ended
For income statement for
Department" on a preceding page
Portfolios of Three Investment Trusts
three affiliated investment
The complete common stock portfolios of the
trust as of Sept. 30. last, comprised the following'
Fourth
Third
Second
Total
National National National
Shares.
Shares.
Shares.
Shares.
Company-8.500
4.500
2,000
2,000
American Gas & Electric
17,000
10.000
3,200
3.800
American Tel. & Tel
19.600
10.600
4.500
4,500
American Tobacco B
28.500
15,500
5.500
7,500
Borden
5.0005,000
Chesapeake & Ohio
18,100
.1
-;
9. 66
4,400
4,400
Consolidated Gas of N.Y
32.200
20.000
5.000
7,200
Continental Can
9.000
5.000
2,000
2.000
Detroit Edison
12,700
7.500
2.000
3,200
Dreg
9,700
6,200
1,400
2.100
du Pont
19.700
11,500
3,000
5.200
First National Stores
20.300
11.300
4.000
5.000
Foods
General
5.100
2.700
1.200
International Business Machines- 1.200
10.000
6.000
1.700
2.300
Kresge
15,900
6.900
4,000
5.000
Otis Elevator
30.700
17.000
6.000
7.700
Pacific Gas & Electric
25.600
12.400
5.500
5,700
Penney. J.0
12,300
6,800
2.500
3.000
Proctor & Gamble
23,200
12,600
4.800
5,800
Safeway Stores
16.200
8,200
4.500
3,500
Bears Roebuck
31.300
17.000
6.600
7,700
Southern California Edison
12,000
6.000
3.000
3,000
Underwood Elliott Fisher
16,600
10,000
2.600
4,000
United Biscuit_
6,600
3,600
1,500
1.500
United States Gypsum
Shed Sept. 30.
Balance
1931.
1932.
1931.
1933.
$
$
Lfatflufes-•
$
...saris-5,844
Unearned interest_
owned.
securities
300
,113.17S Accrued expenses.
x16,672,293!,20
P at exit
1,200,000 Prey sloe for Y.Y.
8.978
Call loans
500
State taxes
489,380 1.072.204
Cash
500.000
300.000 Common stock_ _ _ y500.000
Time deposits
150,000 1,600.000 Capital surplUS.-x28.444.757 28.444,757
notes__
Short-term
(earned) 8,170,419 1,321,935
rj,s. Liberty bonds 3,383,480 1,255.774 Deficit
{26.874
Interest receivable' 79,985
59,812
Divs. receivable--f
20.775,138 25.637.644
Total
20.775.138 25.637.644
Tots
y RE prosontel by 500.000 SI par shares.
x Market value. 38.985,975.
exam or paid-in capital over the par value of capital
-Representing the
organization expenses -V. 135. p• 635;'
...flock, after deducting
-Debenture Holders Approve Plan.
Ltd.
Fraser Cos.,
cornolny were approval at a meeting of the
Plans for reorrInizin; the
1ers,held;01.0et. 3.-V. 13.5. p.2180.
i% debonture,hol
J;
The company with offices at 1140 Lincoln-Alliance Bank Bldg., Rochester.
-year 6% cony. mtge. gold bonds at 100
N. Y., is offering $350,000 10
stock).
each $1,000 bond will carry as a bonus 25 shares class A common Central
1932: due Aug..1 1942. Prin. and int. payable at $100.
Dated Aug. 1
8500 and
Trust Co. Rochester, N. Y., trustee. Denom. 31,000,
Red.on al int. date as a whole or in part at option of company on 30 days
deduction for norti
noce at 1 5 and int. Interest payable F. & A. without convertible at any
mal Federal income tax up to 2%. Each $1,000 bond is
time prior to the date of maturity or redemption into 20 shame class 11
procommon stock. Bonds of smaller denominations convertible in like
portions.
To Be
Authorized. Outstanding,
Capitalization$350.000
3350.000
-year 6% convertible mtge.gold bonds
10
25,000
25.000
par)
Class A common stock (no
x10 000
Class B common stock (no par)
stock and class B common stock are identical except
Class A common
Class A common stock only carries voting rights.
x 7,000 shares reserved against conversion of bonds. Balance reserved
against purchase °Moons.
Data from Letter of Louis A. Wehle, President of the Company.
Business and Proauct.-Company incorp. In 1932 has acquired the real
estate and buildings formerly owned by the Genesee Brewing Co., located
at Rochester. Company is preparing to again make and market Liebotschaner beer, under all the formulae, charts. &c., formerly used in manufacturing this product.
The buildings were originally designed and constructed for brewery
purposes and so used until 1919.
A modern bottle house will be constructed,and so arranged that additional
floors can be readily added. Inasmuch as It is anticipated that the major
this
portion of beer hereafter sold will be delivered in bottles, its company will
the result
modern bottle
be placed in an advantageous position as installed as of
promptly as possible.
in which every scientific device will be
shop,
The capacity of the equipment will be 250.000 bottles every 24 hours.
A 350-barrel copper kettle will increase the former Capacity of the brewery
by 100 barrels every 12 hours.
The latest type of refrigerating machines will be installed.
Glass-lined tanks having a capacity of 15.000 barrels have already been
Purchased. These glass-lined tanks are now recignized as the most sanitary
equipment that can be used for fermentation and stroage purposes. of mer-The brewery will adopt the same system
Merchandising Plan.
chandising to the homes as is now used by Wehle Bakeries, The Wehle
Bakeries have 22,000 custimers in the Rochester area, 12,000 in Syracuse.
and 10.000 in Youngstown. Ohio.
-Bonds will be secured by a mortgage on the real estate and
Security.
buildings, subject to a let mtge. now outstanding of 320.500 due, $1,000
semi-annually. In addition the company will obtain $200.000 insurance
upon the life of Louis A. Wehle for the protection of itself and the bondholders.
No dividends are to be paid on any common stock of the company until
such time as a sinking fund of $100,000 has been set up for the protection
of these bonds. Neither the trustee of the mortgage securing these bonds
nor any bondholder shall have the right to foreclose for non-payment of
Interest prior to Aug. 11935.
The mortgage will provide for annual sinking fund payments of at least
820.000, commencing Aug. 1 1937.
-Approximately 75% of the former brewing capacity
Earnings and Assets.
of the country has been destroyed. Conservative estimates indicate that
t will take at least four or five years to rebuild and equip sufficient brewit is
eries to meet the normal demands of the country, and for this reason,least
capacity for at
believed that the Genesee Brewery will operate at full 8% of the indicated
should manufacture only
five years. If the company
consumption in the territory to be served, the plant will be up to capacity.
It is estimated tha an annual output of 100.000 barrels should show a profit
of 3275,000, while capacity operation should greatly increase that amount.
Balance Sheet As of Aug. 11932.
[After giving effect as of that date to, the proposed sale of 3350.000 bonds,
and application of proemial thereof, to purchase and improvement of
properties and liquidation of current indebtedness.]
LtaatItttesAssets920,500
$100.000 Real estate mtge.(6%)
Cash
290.860 10-year 8% cony. mtge. bonds.- 350,000
Real estate and buildings
25.000
290.000 Class A stock
& equipment
Machinery
307,360
22,000 Capital surplus
Deferred charges to operations_
Total
$702,860
Total
3702.860
Goodyear Tire & Rubber Co. of Canada, Ltd.
Dividends Earned.
0. H. Oar] ode. President and General Manager, Oct. 1 states: dividends
As at the dome of the third quarter of the company's fiscal year, providing
have been earned on both the preferred and common stocks, after
Income taxes.
the usual reserves for depreciation, obsolescence and accrued
ago, shows
The rubber induotry as compared with same period of a year
material
a decrease in unit sales of about 30% and we do not foresee any
in the industry during the fourth quarter of the year.
improvement
Financial Chronicle
Volume 135
The profits for the year's business will be affected by the price of crude
materials as at Dec. 31. As in the past, inventories will be taken at market
or cost,whichever is the lower,and we do not anticipate a materialshrinkage,
if any, in the inventories.
A normal advance in cotton and rubber markets would put the company
In a strong competitive position and would likely show you a material
Increase in earning power, as the company has made heavy purchases in
both these commodities at the low level of the market.
Canada in 1933 should show an improved business condition as compared
with 1932. We are completing the harvesting of a very excellent crop,
both as to volume and quality. Our gold production has materially increased.
We anticipate increased business activity as a result of the recent Empire
Conference. One of our greatest problems has been and is, the operating
and financing of our railroads. Our Government has already taken steps
whereby this problem will be solved, resulting in a great saving to the
country.
General conditions throughout the world show some improvement. It
will require considerable time to bring about stability of governments.
stabilization of exchange and more equitable regulations governing trade.
Export business very largely depends upon these conditions.
On the revival of general business, the tire industries should show a
marked improvement, as many people are taking the last mile out of their
tires, reducing the number of spare tires carried, and they are purchasing
low priced tires, which necessarily give low mileage.
The company is economizing wherever possible, and is maintaining its
-V. 135, p. 307.
full share of available trade.
Incorporated Investors.
-Increases Holdings.
-
.""Gilbert Clock Co. Winsted, Conn.
-Receivership.
--
The company was placed In equity receivership in United States-District
Court at Hartford, Conn., Oct. 6. by Judge Carroll C. Hinks. Norman
Thompson. President of the company, and Walter Perry of New Haven
were appointed co-receiver.
Globe Grain & Milling Co., Los Angeles.
-Earnings.
-
Years End.June 301932.
1931.
Net income for year (before loss on invest. __Ioss$400.789 loss$171,354
1st preferred dividends_
45.365
80.167
16,000
16.000
2d preferred dividends.. _
Common dividends
420.000
Spec. res. for prof. losses
on notes & accts. rec_
75,000
Loss on prop, due to forfeit for taxes
1,500
Balance,deficit
Previous su.plus
Adjustments
5538.655
1,943,317
5687.520
2.633,201
Dr2,363
1930.
1929.
$238.937
97,536
16.000
480.000
$618,585
112,000
16,000
480,000
$354,599 sur$10,585
2,987,800 2,961,849
Cr15,364
Surplus June 30
51,404.663 51.943.317 52,633.201 $2,987,799
Comparative Balance Sheet June 30.
1932.
1931.
1932.
1931
Assets$
$
Liabilities
Plant & equirct._x4,906,540 5,160,675 First pref. stock_
946,525
271,330 1,047,108 Second pref. stock 200.000
Cash
200,000
Accounts & notes
Common stock__ 6,000,000 6,000,000
receivable
y883,768 1.001,801 Notes payable__
1,000,000
on purch.,
Adv.
Sundry deposits__
5,304
contracts, &c
33,379
151,449 6% sinking fund
Inventories
1,128.241 1,563,224
debentures
1,000,000
Prepaid expenses_
88,203
96,452 Accts. payable &
Deposit on grain &
accrued dab....
91,727
85,444
cotton margins36,132
Dep. rec. on sales
Advance to cotton
contracts
10,782
growers
22.114
Dividends payable
12,299
83,260
Deterred accts. rec
20,874
Pref,stock redeemEmpl. & sundry_ _
able July 1
154,050
•
notes & accts.rec
10,660
37,064 Surplus
1,404,663 1,943,317
Investments
1,046,626 1,057,034
G'dwill & tr. mks. 100,000
100,000
Unamoniz. stock
issue expense__
13,711
Adv. to & Incest.
in subsld. cos
186,123
194,807
Total_
8,713,993 10,423,329
Total
8,713,993 10,423,329
After deducting reserve for depreciation amounting to $3,465.692.
y After deducting $154,604 reserve for bad debts.
-V. 135. P. 473.
(W. T.) Grant Co (Del.).
-September Sales.
-
1932
-Sept.
-1931.
$5,662,094 55,569,783
-V. 135, p. 1829.
Increase I 1932-9 Mos.-1931.
592.3111548,649,724'549,276,840
Decrease.
$627,116
"""Harbison-Walker Refractories Co.
-7'o Reduce Capital.
The stockholders will vote Dec. 19 on reducing capital represented by
common stock from $25 per share to $15 per share.
-V. 135. p. 2345.
Hotels Stotler Co., Inc.
-Again Decreases Dividend.
A quarterly dividend of 25 cents per share was recently declared on the
capital stock, payable Sept. 30 1932 to holders of record Sept. 15. Distributions of 50 cents each were made on March 31 and June 30 last, compared
with $1.25 per share previously each quarter.
-V. 134. p. 2532.
Hotel Waldorf Astoria Corp.
-Answers Suit.
-
In an answer filed by the corporation in the New York Supreme Court
Oct. 4 to the receivership application of Bernard Breslauer, as owner of
7% leasehold bonds of the company on which the interest was unpaid on
Sept. 1, it was said that under the terms of the leasehold the owner, a subsidiary of the New York Central RR.• had the right to declare the lease
terminated if such receivership was sought.
The answer also denied that the hotel was in default on any charges
urder the lease or in its current accounts from hotel operation, and also
denied that the interest was due Sept. 1. The answer asserts that 82%
of the bondholders agreed to extend the time of payment. The hotel
alleged that under a modification of the lease on Jan. 1 the hotel was required to pay only its net income until Dec. 31 1933, any deficit in rent
being payable with interest on or before Dec. 1 1956.
The hotel company also denied the plaintiff's allegation that the owner
threatened to take possession of the property. The agreement between
the hotel company and the owner also provides that no payment of principal
or interest on the bonds is to be made until the rentals are paid in full.
135. p. 2181. 1667.
International Match Corp.
-Court Upholds Irving Trust
as Trustee.
The U. S. Circuit Court of Appeals has affirmed the decision of Federal
Judge Julian E. Mack upholding a ruling Federal Referee Oscar W. Ehr.
horn made last June to proceed with the election of Irving Trust Co. as
trustee in bankruptcy for the corporation.
The decision of the Court of Appeals was made Oct. 3 and was reported
Oct. 5 to Referee Ehrhorn by George K. Hourwich, counsel for Irving Trust
Co. Objection to the election of Irving Trust was made by an independent
debenture holders' protective committee, whose advisory counsel was
Samuel Untermyer. After the ruling of the referee the Untermyer group
appealed to Judge Mack. and after his decision upholding the referee they
carried the appeal to the higher court
Irving Trust Co. was elected trustee on June 1. Mr.Untermyer and other
counsel contended that the election should be delayed because all creditors
were not represented and further contended that more than one trustee
should be appointed. He was opposed at that time by James N. Rosenberg,
of counsel for the Irving Trust Co.
Court Removes Bank as Trustee of Bonds.
The City Bank Farmers Trust Co. was removed Sept. 30 as trustee of
International Match Corp. bonds by Supreme Court Justice John E.
McGeehan, who ruled in favor of bondholders opposed to the bank because
it is connected with the National City Bank, member of the syndicate
which issued the bonds.
The contention of opposing bondholders was that the bank had other
interests which conflicted with its duties as trustee as defined in the trust
indenture under which the bonds were issued. The trusteeship of the
bank, however, was recently approved in the Federal Courts. The new
trustees named by Justice McGeehan are the Manufacturers Trust Co.,
Edward Ward McMahon and Harry M. Durning.
2501
Former Governor George S. Saxer, of New?Jersey, headed the group Of
protesting bondholders in his capacity as chairman of a bondholders' protective committee. In the proceedings it was disclosed that Stewart 0.
Pratt, a Vice-President of the City Bank Fanners.Trust, wrote a letter On
Sept. 23 to the International Match Corp.,stating the bank's willingness to
withdraw as trustee to avoid the appearance of any conflict of interests.
The letter denied that any such conflict had occurred thus far,and expressed
hesitancy at resigning because the bank believed itself responsible to bondholders other than those asking its removal as trustee.
George W. Wickersham, as counsel for anotheraprotective committee,
Intervened in the proceedings and asked that:his.committee be consulted
relative to any substitution of trustee on the ground that the committee's
members are holders of $22,500,000 of bonds. The court gave him permission to intervene.
-Y. 135. p. 2345.
The management added substantially to the portfolio of Incorporated
Investors during the past quarter. Four new companies were added to the
list.
Shares.Shares.
Monsanto Chemical Works_ -_ 2,0001Union Pacific Rail cad Co_ ---10.
National Steel Corporation_ _10,000 U. S. Gypsum Co
6,
Union Pacific is the first rail stock appearing in the portfolio of Incorported Investors since the second quarter of 1929.
During the past quarter Incorporated Investors increased its holding
in the companies already owned as follows:
Shares.
Shares.
Air Reduction Co.. Inc
2,5001Guaranty Trust Co. of N.Y.,. 500
American Tobacco Co."B" 2.000 Inter. Business Machines-- 1.000
Coca-Cola Company
1,500 Loew's Inc
5.000
E.I. duPont de Nemours & Co 1.400
Through elimination of American Gas & Electric and the reduction in
Public Service of New Jersey and 'United Gas Improvement, Incorporated
Investors materially cut its commitment in the utility industry. The
following stocks were sold during the past quarter:
Shares.
Shares.
American Gas & Electric Co_15,300 United Gas Improvement 00_12.500
Public Service Corp. of N. J__ 1,500
The complete changes made in the portfolio of Incorporated Investors
during the quarter ended Sept. 30 1932, are as follows:
No. of Shares No,ofShares,(Increase+
CompanyJune 30 1932. Sept.30 1932.Decrease -)
Air Reduction Co., Inc
10,000
12.500
+2,500
American Can Co
4,000
4,000
American Gas & Electric Co
15,300
-15,300
Amer. Tel. & Tel. Co
2,500
2,500
American Tobacco Co."B"
6.000
8,000
+2,000
Bankers Trust Co. of New York
10.000
10,000
Bethlehem Steel Corporation
15.000
15,000
Coca-Cola Company
3.500
5,000
+1,500
Consolidated Gas O. of New York
10.000
10.000
Continental Can Co.,Inc
4.000
4,000
Corn Products Refining Co
15,000
15,000
Drug Inc
12,000
12,000
E.I. duPont de Nemours & Co....
13,600
15,000
+1.400
First National Stores
12,000
12,000
General Electric Co
20,000
20,000
General Foods Corporation
15,000
15.000
General Motors Corporation
29.000
29,000
.
Gillette Safety Razor Co
20,000
20.000
W. T. Grant Company
10,000
10,000
Guaranty Trust Co. of New York_
1.500
2,000
+500
Inter. Business Machines Corp
5,000
6.000
+1,000
Loew's Inc
10,000
15,000
+5,000
Monsanto Chemical Works
2,000
+2.000.
National Dairy Products Corp_
30,000
30,000
National Steel Corporation
10.000
+10.000
Pacific Gas & Electric Co
14,000
14.000
Public Service Corp. of New Jersey
9,000
7.500
-1,500
Sears, Roebuck & Co
15,000
15.000
Union Carbide & Carbon Corp
25,000
25,000
Union Pacific Railroad Co
10.000
+10.000
United Gas Improvement Co
32,500
20,000
-12.500
U. S. Gypsum Company
6,000
+6.000
-V.135, p. 2181.
'..."'" Insull Utility Investments, Inc.
-Declared Bankrupt.
See Corporation Securities Co. above.
Ancillary Receiver Appointed.
Calvin Fentress, who was appointed receiver in bankruptcy last month
for the company in an action begun in the Northern District of Illinois,
was named ancillary receiver in New York Oct. 5 by Federal Judge John
M. Woolsey for the same corporation.
At the same time Judge Woolsey, acting on a petition filed by Mr.
Fentress through counsel, granted a blanker injunction restraining_ all
persons and corporations, including sheriffs, marshals and five New York
City banks from interfering with securities or other chattels covered by
the receivership.
The banks are identified in the petition as the Central Hanover Bank
& Trust Co., the Guaranty Trust Co. of New York, the Commercial
National Bank & Trust Co., the Irving Trust Co. and the Bankers Trust
Co., all of which are said to have received seourity from the bankrupt
for large loans.
The bankrupt, the petition asserts, is still the owner of the collateral
securities or the equity of the redemption therein, but the banks have
demanded payments of amounts borrowed from them and have advertised
the collateral for sale.
-V. 135. p. 2182.
International Salt Co.
-Tenders.
The Chemical Bank & Trust Co.,successor trustee, will until noon Oct. 17
receive bids for the sale to it of tat and consol. collateral trust mtge. bonds
dated Oct. 1 1901, to an amount sufficient to exhaust $84,813 at prices
not exceeding 105 and interest.
-V. 135. P. 639.
Interstate Department Stores, Inc.-September Sales.
-1931.
-Sept.
1932
$1.386,795 51.403.989
-V. 135, p. 2182.
Decreasel
Decrease.' 1932-9 Mos.-1931.
517,194 f 512,756.947 515,142,606 $2,385,659
,
Investors Trustee Foundation of United States, Inc.
-To Terminate Trust Agreement.
The corporation has notified the Chase National Bank, trustee under a
trust agreement dated April 1 1927, that it will terminate this agreement '
on Nov. 1. The Chase National Bank has called for the surrender of
Investors Trust Certificates, series A in order to liquidate the underlying
securities and distribute the proceeds on a pro rata basis.
4
Prior to Feb. 1 1933, holders ofsuch certificates aggregating 500 Investors
Trustee shares or multiples thereof will be entitled to the rights of exchange
specified in the certificates, according to a published notice of the Trustee-V. 135. P. 966.
Jordan Motor Car Co., Inc -Sale of Plant.
-
See Apex Electrical Mfg. Co. above.
-V. 135, p. 2182.
(Rudolph) Karstadt, Inc. (audolph-lcaerstatit-Airtiort•gesellsc
t);
D.fer0-8irririnr-lattnd
Daleing Reorganization Sought.
The company on Oct. 3 made the fofl6ting announcement:
"By the terms of our indenture with the Bank of Manhattan Trust Co.
dated Nov. 1 1928, under which were issued 515,000,000 1st mtge. coll.
6 sinking fund bonds, an installment of the sinking fund is payable on
%
Nov. 1 through Dillon, Read & Co. as fiscal agents. Dillon, Read & Co.
would ordinarily hold a thawing on Sept. 30 to choose the bonds redeemable
by the sinking fund on Nov. 1.
"In view of the apparent necessity for a reorganization of our company
as revealed in our last annual report we have felt that though the money
Is at hand to take care of the Nov. 1 installment of the sinking fund it
would be unfair to the great body of our bondholders if the bonds of a smelt
minority of them were redeemed in full at this time. Accordingly we have
Instructed Dillon, Read & Co. not to hold the drawing for the bonds to
be redeemed. Instead of remitting the amount of the sinking fund of'
$193,870 we shall establish a trust fund with a depositary in New York City'
Financial Chronicle
2502
in the same amount, namely $193,870, such trust hind to be held for the
benefit of bondholders pending the formulation ofa plan ofreorganization.
"The exact terms of the proposed trust covering the amount equal to the
sinking fund are being worked out by our attorneys at the present time.
'It Is our hope that the fund instead of being used for the benefit of a small
minority at this time will ultimately be used for the benefit of all bond-V.135, p.2182.
holders as a part of a constructive reorganization plan."
-September Sales.
(S. S.) Kresge Co.
-September-1931. Decrease.
Decrease.
1932
1932-9 Mos.-1931.
110,956,810 $1,5k6,5581$86,023,029 $99,893,423 $13.870,394
$9,430,252
At the end of September the company was operating 680 American
and 42 Canadian stores.
-V.135. P. 997, 1833.
Kresge Department Stores, Inc.
-Earnings.
For income statement for six months ended July 31 see "Earnings Depart
relent" on a preceding page.
-V. 134. p. 3469.
-September Sales.
(S. H.) Kress & Co.
-1931.
1932
-Sept.
$4.914,392 $5.294,860
-V. 135, p. 2346.
Decrease. 1 1932-9 Mos.-1931
Decrease.
$380,4681$43,444,486 $46,527,653 13,083,167
"Take Shore Mines, Ltd.
-Earnings.Years Ended June 301932.
1931.
1929.
1930.
Bullion production
$12,356,759 $9,152,935 $6,576,780 $5,504,859
Exchange on bullion sales 1,441,369
612
14,280
32,948
Intert
es
95 794
46, 119
32,811
38,418
Total income
113,893,923 $9,199,666 $6,648,146 $5,551,950
Operating expenses_
2,281,728
x4,314,583
3,567,049
2,690,372
Administrative expenses
46,127
43,815
46,573
38,320
Prov.for depr.on bldgs.,
297,200
structure & equipment
750,126
510,469
607,700
Prov.for exhaus.of mine
52,758
Provision for taxes
224,648
986,075
271,746
480,995
Kirkland Lake Rink acct.
111,642
written off
Profit for period
Div. and bonuses
$7.797,011
6,000,000
$4,505,600 $3,128,985 $2,540,159
2,600,000 2,000,000
3,600,000
Balance, surplus
$540,159
$1.797,011
1528,985
$905,600
Earnings per share on
1.332.203 shs. of cap.
$1.91
stk. (par $1.) out:it'd);
$3.37
$5.58
$2.35
x Includes development, mining, maintenance, general expenses and
provisions for taxes, after deducting sundry revenue.
Balance Sheet June 30.
1931.
Liabilities1932.
Assets1932.
1931.
Capital stock
$1,332,203 $1,332,203
Bldgs.,structure de
equipment. _ __x$2,098,857 $1,860,965 Accts. pay., incl
prov. for Dom
Mining prop., dev.
774,080
1,167,865
1
Govt. tax
1
and organiz.exp.
97,375
85,662
Cash and bank bal. 2,575,248 2,034,651 Salaries and wages
311,930
Insurance reserve_ 371,772
Loans, secured_ _ _ 1,011,412
6,535
Employ. ben. res.
952
Bullion product, on
547,428 Profit and loss---. 4,529,509 2,732,498
hand or in trans_ 531,200
12,447
2,599
Accts.receivable__
239,126
Supplies on hand__ 337,657
467.413
218,176
Bonds
311,930
Insur. reserve fund 371.772
952
6,535
Employ. belL fund
Sundry assets and
90,856
23,362
prepaid expenses
Total
$7.487,963 $5,254,619
Total
$7,487,963 $5,254,619
x After deducting $2,901,982 reserve for depreciation.
-V.134, p.3832.
-Net Asset Value 862,70.
Lehman Corp.
-
The net asset value of the capital stock as of Sept. 30 1932, valuing
assets at market, or in absence of market, at a fair value,after deducting
amount of the dividend paid Oct. 4 amounted to approximately $62.70
a share on 686,100 shares outstanding on that date.
-Y. 135, p. 2346.
Leslie-California Salt Co.
-Earnings.
Years End. June 30
Net inc. for year after
deducting depreciation
i3ond interest
Other int. & misc. exp_
Minority interest
Deduct from inc.(net)_ _
Provision for conting__ _
Net profit for year..Dividends paid
1932.
1931.
$229,094
1130,864
$212,196
39,031
25,593
$91,833
y116,500
$186,603
y256,014
1930.
1929.
$389,277
x69,527
14.268
8,941
6,385
25,000
1197,709
93,216
1296,541
222,238
$74,303
1104,493 def324,667 def$69,411
. Balance
Earns per sh. on 116,520
$2.54
$1.69
$1.60
$0.79
shs. cap. stk (no par)_
x Includes 130,625 bond interest, non-recurrent. y Estimated by
Editor, report does not show amounts paid.
Comparative Balance Sheet June 30.
1931.
1931.
1932.
Assets1932.
Liabilities-Cash
$40,370
$46,357 Notes& accts. Day. $176,199 $289,134
Accts.& notes rec. 169.809
162,541 Res. for leasehold
148,056
Inventories
229,614
137,398
183,012
rentals
Misted. assets_ _
58,463
20,097 Prov. for conting..
25,000
12,804
Purchase obliga'ns
8,636
Invest. in & adv.
to affiliated cos_ 163,436
169,726 Cap. stock (116,
Real estate
1,802,340 1,800,528
520 shs. no Dar) 2,000,000 3,471,538
Bldgs., mach.& eq 750,151
749.690 Capital surplus_ __ 684,241 x787,296
55,790 Earned surplus.__ 197,176
102,741
Prepaid expenses_
58,433
Pats.& leaseholds_
2,635
2,635
$3,228,651 $3,236,977
Total
x Loss.
-V. 133, p. 2773.
Total
$3,228,651 53,236,977
Lever Brothers, Ltd.
-Exchange offer.
-
The company has called for redemption on Jan. 2 £3,268,780 of its 5%
1St mtge. debentures, a London dispatch states. Holders will be offered
new 4% debentures, maturing in 1943-58, at 98 in exchange up to 70% of
their holdings, the balance of £1,000,000 to be met out of the company's
-V. 135, p. 2182.
cash resources.
Lockheed Aircraft Corp. (Del.).
-Organized.
This corporation has been organized in Delaware to acquire all the
outstanding common stock of the Lockheed Aircraft Corp., a California
company located at Burbank. Calif., which builds Lockheed airplanes.
An authorized issue of 500,000 shares of no par common stock, of which
120,000 are to be outstanding, has been proposed.
-V. 135, p. 141.
Ludlum Steel Co.
-To Change Par 'Value.
The stockholders will vote Oct. 31 on approving a proposal to change the
par value of the common stock from no par value to $1 per share, each
present share to be exchangeable for one new share.
-V. 135, 13• 1339.
MacAndrews & Forbes Co.
-Reduction in Capital, etc.-The stockholders will vote Oct. 25 on decreasing the capital stock of the
company In the manner following:
(a) By retiring 7,615 shares of pref.stock, par $100 per share, now owned
by the company, the same to be retired on the basis that the par value
thereof shall be charged against and retired out of the capital of the corporation: with the result that the authorized pref. stock will be decreased
from 40.000 shares to 32,385 shares, of the par value of $100 each, and the
issued pref. stock will be decreased from 28,156 shares to 20,541 shares:
(b) By retiring 63,896 shares of com. stock, without par value, now
owned by the company, the same to be retired on the basis that the sum of
,F5,691, being the amount received for said shares upon their issuance,
a be chargedagainst and retired out of the capital of the corporation,
t the result that the authorized corn.stock will be decreased from 600,000
shares to 536.104 shares, and that the issued corn, stock will be decreased
from 383,539 shares to 319.643 shares:
E
Oct. 8 1932
(c) By converting each share of corn, stock now without par value,into a
share of com,stock par $10 per share, and by transferring to capital surplus
account $4,936,173, being the difference between the capital liability,
to wit: 18,132.603, now attaching to the 319,643 shares of common stock
that will remain outstanding after the proposed retirement of com,stock as
aforesaid, and $3,196,430, which will represent the capital liability attaching
to said shares upon their conversion to a $10 par value vasis.
President W. L. Geddes Sept. 30 states in part:
The further reduction by transfer from capital account to capital surplus,
incident to the conversion of the no par stock to a $10 par value basis, is to
provide a fund as an offset to assets of doubtful value. It is therefore not
planned that any part of the amount thus transferred to capital surplus
will be distributed to stockholders.
In connection with the item of assets of doubtful value, it may be mentioned that the company is carrying on its books at cost certain investments
in subsidiary businesses that, largely as a result of the general business
depression, have not proved profitable, and have therefore deteriorated
In value to such an extent that the directors consider it advisable to reduce
the book values thereof,so that the company's statements will more clearly
reflect the actual conditions. This reduction in book values in no wise
changes the actual value of the common stock. The retention of these
investments in subsidiary businesses, however, on the company's balance
sheet at cost would tend to have a misleading effect, which is a position that
the directors feel is at variance with sound business administration and not
compatible with its long and honorable history.
The doubtful assets relate exclusively to the subsidiary interests of the
company, and in no wise affect the business of the parent company.
With the end in view of having the management interested financially
In the company, and thereby stimulating their interest therein, paragraph 8
of Article Fourth of the Certificate of Incorporation, brought into the
charter of the company by amendment of December 1925, authorized the
board to sell stock or offer stock for subscription to employees and those
actively engaged in the conduct of the business, and aid them, by loans or
otherwise, in payment therefor. Pursuant to that authorization, and as a
result of appropriate action by the board since 1925, more than 75 of those
actively engaged in the conduct of the business, including directors, have
subscribed for 32,212 shares of stock, at $30 per share. Of this amount the
employee subscribers have paid for 20.000 shares, and there remain under
such subscriptions 12,212 shares which have not been paid for. As the stock
is now selling for only about $10 per share, and as the employee subscribers.
pursuant to the plan, have already invested a very large amount, to-wit:
approximately 1600.000 in the stock of the company at $30 per share, which
is in addition to very considerable holdings by them independently of the
plan, it would seem that to continue in force their subscriptions as to the
remaining 12,212 shares at $30 per share would work an undue hardship,
and would, at the same time, tend to defeat the very purpose of the plan.
Had the present situation been foreseen, there would undoubtedly have
been incorporated into paragraph 8 as originally adopted, a provision
authorizing the board, in its discretion, to cancel subscriptions or purchases
the enforcement of which would tend to defeat the object of the plan. Under
the circumstances, it is felt that it would be a wise policy to so amend that
provision of the charter as to permit the board, both with respect to shares
already sold or subscribed for, and with respect to shares that may hereafter
be sold or subscribed for, in its discretion to cancel the agreement in whole
or in part.
-V.135.P.2346.
McCrory Stores Corp.
-September Sales.
-
1932
-Sept.-1931.
Decrease.1 1932-9 Mos.-1931.
Decrease.
12,825,286 $3,259,627
1434,341(127,236,818 129,062,678 11,825,860
The company now has 241 stores in operation as against 243 a year ago.
-V. 135, p. 1834, 1172.
McLellan Stores Co.
-September Sales.
1932
-Sept.
-1931.
11,491,543 $1,693,119
V. 135, p. 1834. •
Decrease.I 1932-9 Mos.-1931.
Decrease.
$201,5761$13,265.959 114,489,285 11,223,326
Magnavox Co., Ltd.
-New Director.
Gerard M. Ungaro has been elected to the board,succeeding J. E. Hahn,
resigned -V. 135, p. 1339.
Massachusetts Investors Trust.
-Securities Valued at
$12,943,267.
The company on Sept. 15 last had outstanding 923,466 (no par) shared
of beneficial interest, owned by 15,822 shareholders. On Dec. 31 last,
there were 865,044 shares and 13,641 shareholders. The market value a
securities as of Sept. 15 was $12,943,267 and in addition cash and certificates of deposit totaled 1637,383. The cost of securities was $20633,160.
During the three months from June 15 to Sept. IS, the following portfolio changes were made:
a Purchases.
Shs.
Company.
Shs.
Company.
5,000 Gold Dust
1,500 Amer Gas & Electric
100 Great Northern By
3,000 Amer. Mach. S: FdrY.
& Tel.
205 Guaranty Tr. Co., New York
100 Amer
500 International Business Mach.
1,000 American Tobacco B.
,
1,500 Liggett ar Myer B
50 Atch. Top. & S. Fe. By.
2,100 Macy (R. H.) & Ca., Inc.
100 Baltimore & Ohio.
150 Montgomery Ward.
1,000 Borden.
500 National Biscuit
10 Cent. Hanover Bk. & Tr.
1,000 Norfolk & Western,
248 Chesapeake & Ohio.
1,000 North American.
300 16-100 Comml Solvents.
5,000 Owens-Illinois Glass.
1,000 Commonwealth Edison.
25 Philadelphia Natl. Bank.
2,500 Consol. Gas of New York
3,000 Public Service Corp. of N. J.
500 Con. G. E. L. & P., Balt.
250 Quaker Oats.
500 Detroit Edison.
4,000 Standard Brands.
1,000 Drug, Inc.
900 Standard Oil of California.
100 du Pont (E. I.) de Nem.
2,000 Standard 011 of Indiana.
500 Eastern Utilities Associates.
3,000 Standard 011, Inc., N. J.
480 Edison El. Ill. Co., Boston.
3,000 Swift & Co.
100 Fist Natl Bank, Boston.
1,000 Union Carbide & Carbon.
50 First Natl. Bank, N. Y.
100 Union Pacific.
1,500 Natl. Stores, Inc.
100 United Corp.
100 General Electric.
200 United Shoe Machinery.
200 General Motors.
3,100 Woolworth (F. W.)
4,000 Gillette Safety Razor.
a Includes stocks taken into portfo io on acquisition of Atlantic Investments, Inc.
b Sales.
Shs.
Company.
Company,
Shs.
100 Great Northern,
1,000 American Type Fdrs.
5 Guaranty Trust ,New York.
100 Baltimore & Ohio.
2,800 International Harvester.
400 Boston Woven Hoe. & Rub.
1,900 Midland Steel Prod. ($2 pref.)
3,000 Burroughs Adding Mach.
10 Cent. Hanover Bank Sr Trust I 150 Montgomer Ward.
25 Philadelphia Natl. Bank.
248 Chesapeake & Ohio.
3,051 Sears-Roebuck,
4,000 Columbia Gas & Electric.
3,000 Shattuck_(Frank G.)
1,000 Electric Storage Battery.
2,000 Stone & Webster.
1,525 Employers Group Assoc.
4,100 United Corp.
2,000 Engineers Public Service.
2,600 United Fruit.
7,100 General Electric.
1,300 Westinghouse Air Brake.
9,200 General Motors.
b Includes stocks acquired from Atlantic Investments, Inc., which were
sold.
-V. 135, p. 2002.
-September Sales.
Melville Shoe Corp.
-1931
1932-Sept
$1,605,048 $2,096,930
-V. 135, P. 1835
.
Decrease.I 1932-9 Mos.-1931
Decrease.
$490,982 1 $15,214,905 119,866,957 $4,652,052
Metropolitan Industries Co.
-25c. Div. on Certificates.
-
The directors have declared a quarterly dividend of 25 cents on the 50%
paid allotment certificates of $6 preferred stock, payable Nov. 1 to holders
of record Oct. 20. A similar dividend was paid in the preceding quarter.
prior to which allotment certificates were on a regular 75
-cent quarterly
rate.
-V.135, p. 998.
Midcontinent Iron 8c Steel Corp.
-Stocks Offered.
-
The company, with offices at Southland Life Building, Dallas, Tex.,
is offering 12.500 shares of $7 cumul. pref. stock ($100 par) and 50,000
shares of common stock ($5 par) in units of one share of preferred and
two shares of common at 1110 per unit. A circular issued by the company
affords the following:
-It Is contemplated that a corporation is to be organized
Organization.
in Texas under the above name with an initially authorized capital stock
Volume 135
Financial Chronicle
consisting of 12,500 shares of 7% cumulative ($100) preferred stock and
.50,000 shares of common stock (Par $5)•
Dividends.
-Dividends on pref. stock shall be cumulative beginning
with first day of first month after plant to be established by new corporation shall have begun operations Each year, after the 7% dividend
for that year shall have been paid or set apart for payment, and all accumulated dividends, if any, in arrears, shall have been paid, remaining
profits or net surplus applicable to payment of dividends may be distributed among holders of common stock, proportionately, as board of
directors from time to time may determine.
Distribution of Assets.
-In event of dissolution of corporaton or distribution of its assets among holders other than by payment of dividends
out of net earnings or surplus, there shall be paid to holders of pref. stock
the sum of $100 for each share so held, plus pro rata part of the 7% dividends for that year, plus all accumulated dividends, if any, in arrears,
before there shall be any payment or distribution among the holders of
the common stock; thereafter the remaining assets of corporation shall
be distributed to holders of common stock.
Organization Committee and Trustees.
-Clarence E. Linz, Chairman,
1st Vice-Pres., Southland Life Insurance Co.; D. R. Knapp, Consulting
Engineer; 0. E. Schow, Pres.. Texas Hardware Mutual Life Insurance
Co.; Col. W. E. Talbot, Dir. of Agencies, Southland Life Insurance Co.;
Carl B. Callaway, Attorney.
Partial Ten alive List of Officers and Directors.
-C. A. Alexander, Philadelphia, Pa.; Col. W. I. Talbot, Dallas, Tex.; E. F. McCrossin, New
York City; Clarence E. Linz, Dallas, Tex.; A. L. Reed, Dallas, Tex.;
0.E.Schow Dallas, Tex.; H. A. PerlsteLn. Beaumont, Tex.; D. R. Knapp,
New York City; James I. Perkins, Rusk, Tex.; J. H. Brillhart, Fort Worth'
Tex.; R. 0. Shaffer, Fort Worth, Tex.; Carl B. Callaway.
Mid-Continent Petroleum Corp.
-New Director.
-
Maurice Newton of Hallgarten & Co. has been elected a director to
succeed the late Casimir I.Straiem,also of Hallgarten & Co.
-V.135, p.998.
Midwest Refining Co.
-Sale of Properties Planned for
Economy Reasons.
The sale of the assets of the company to the Stanolind Oil & Gas Co.
and Standard 011 Co. of Indiana. which will be voted upon by the stockholders on Oct. 27. has been planned by Standard of Indiana for economy
reasons which the times make pressing and as part of its general program
of simplification of its corporate set-up. Standard of Indiana owns 99 96%
of the Midwest stock and has controlled its operations for many years.
The call to stockholders asks approval of three moves to carry out the
plan. The first is sale of Midwest's field division properties, including
producing and undeveloped leaseholds on oil lands in Colorado, Wyoming,
Montana, Kansas and New Mexico, together with pipelines, gasoline plants
and other properties connected with the producing branch, to the Stant
-A[7)d
011 & Gas Co., the principal producing subsidiary of Standard of Indiana,
in exchange for Stanolind Oil & Gas Co. stock.
The second step is sale of all the Midwest assets, including refineries at
Casper. Greybull and Laramie Wyo., and all stocks, securities and other
properties to the Standard 011 Co. for cash.
The third step is declaration of a liquidating dividend to all stockholders.
Administrative Changes.
T. A. Dines, Chairman of the board of Midwest, is scheduled to become
a Vice-President of Standard of Indiana following completion of the transaction and to be the comipany's principal representative in the Rocky
Mountain States. He will maintain an office in Denver. Mr. Dines
will also retain his position as President of the Utah Oil & Refining Co.,
which has been under control of Midwest and will pass to direct control
by Standard of Indiana. Standard of Indiana through the change will
hold directly stock in other well-known western companies, among which
are Salt Creek Producers and Mountain Producers.
Stanolind Oil & Gas Co. will maintain a district land and geological
department office in Denver and an operating office in Casper. In so far
as feasible. Midwest personnel will be taken over by Stanolind Oil & Gas
Co. and Standard of Indiana.
Practically no change will result from transfer of the ownership of the
refineries as these have been operated for many years by Standard of Indiana
on contract. Standard Oil Co.'s own marketing division offices in Denver
and at other points throughout the Rocky Mountain States will be unaffected by this transaction.
Part of Simplification Program.
As Midwest has long been a subsidiary and its activities under control
of Standard of Indiana, the contemplated change will be more in name
and method of operation than in ownership. It will
the simplification ofcorporate structure which Standard carry a step further
of Indiana has been
working out in the last few years. About two years ago the Stanolind 011
& Gas Company was formed as the principal producing subsidiary of the
Indiana company, and it has since taken over the activities of all other
producing subsidiaries except Midwest. Midwest's sales organization was
made part of the Standard of Indiana marketing department in 1930.
Through this policy of bringing together related activities formerly
handled by separate companies, Standard of Indiana has eliminated unnecessary overhead expense and facilitated more direct and efficient control
of operations.
Midwest History.
Although the Midwest Refining Co. was not organized until 1914 its
history goes back to formation of the Midwest Oil Co. in 1911 to take over
oil properties which had been acquired in the then new. Salt Creek field of
Wyoming by the Reed Investment Co. of Colorado Springs. This company built the first pipe line from the field to Casper. French and Dutch
interests which has drilled successful wells in Salt Creek organized the
Wyoming 011 Fields corporation for field work and the Natrona Pipe
& Refining Co. to operate a pipe line and a small refinery at Casper. Line
In 1914 these three early companies were consolidated. The
Refining Co. was at the same time separately incorporated inMidwest
Maine,
with Oliver H. Shoup, who later was Governor of Colorado, as its first
President. Midwest Refining Co. acquired the pipe lines and refineries
of the earlier companies and made a contract for operation of their oil lands.
The other companies were eventually reorganized into the Salt Creek
Producers and Mountain Producers companies, but Midwest continued
to operate their properties.
Midwest Refining became outstanding not only in the remarkable development of the Salt Creek field, but also in finding and developing oil
lands in the Grass Creek, Elk Basin, Little Buffalo Basin, Big Muddy,
Notches, Frannie, Hudson, Maverick Springs, Durron Creek and Mahoney
Dome fields of Wyoming. Montana's first oil discovery was made by Midwest in the Cat Creek field. It later acquired interests in the Kevin-Sunburst, Pondera and Bowes fields. In Colorado, Midwest erloration revealed the Iles field. The extensive Hogback and Hobbs fields of New
Mexico were first located by Midwest, and the company has participated
in development also of the Jel and Ute fields in that State. Gorham and
Iludson and Ellenwood fields of Kansas were discovered by Midwest.
In 1920 Standard of Indiana began to acquire Midwest stock and by
1922 held practically complete control. The company's operations were
directed thereafter by the Indiana company.
While the Salt Creek field and other fields were in the early stages of
large production, while extensive exploration was being carried on, an
while Midwest refineries were operating at or near capacity, continuation
of the Midwest organization as a subsidiary, was practicable and satisfactory. With development of oversupply of oil in other and newer fields,
and with restrictions on refining forced by declining consumption, more
direct operation of the properties has become necessary for economy reasons.
To Pay Bonus to Employees.
The company has worked out a scale of bonuses to employees who will
be released as a result of the transfer of the assets of this company to the
Stanolind Oil & Gas Co. and Standard Oil Co. of Indiana.
Male employees under 45 and female employees under 35, regardless of
length of service, will receive one-half month's salary plus one week's
salary for each year of service. Male employees 45 and over and female
employees 35 and over having 10 years or more of service will receive onehalf month's salary plus two weeks' salary for each year of service. Male
employees 45 and over and female employees 35 and over having less than
10 years' service will receive one-half month's salary plus one week's
salary for each year of service. As many employees as possible will be
taken care of, either by the Stanolind or Standard companies, but there will
be no openings for a considerable number. The Midwest company will
-V. 135. p. 2183.
disburse about $200,000 in the plan.
Monsanto Chemical Works.
-Sales 22% Higher.
Sales in the first 23 working days of September were 22% greater than in
the corresponding period of August and were only8% less than in September
1931, Preside' t Maar M. Queer y announced on Sept. 30. In JulY,
2503
sales were 24% behind the corresponding month of 1931. Sales in all
divisions had improved, Mr. Queeny said, but business with the textile
and rayon industries had made the most outstanding gains -V.
135, p. 1670.
(Robert) Mitchell Co., Ltd.
-Earnings.
-
Calendar YearsNet earnings
Other income
1931.
$130,981
1930.
$211,466
1929.
x$293,483
1928.
$216,798
6.089
Total income
Reserves
Depreciation
Tax reserve
$130,981
$211,466
4293,483
70.256
68.277
47.785
$222,887
7,530
42,059
8,356
$60,725
70,000
$143,189
70.000
$245.698
35,182
$164,941
27,828
Net income
Dividends
Net profit
def$9,275
$73,189
$137,113
$210.516
Aver, no. slis. outstand_
70.000
70,000
50,000
56,666
Earnings per share
$O 87
$2.04
$4.33
$3.46
s After expenses and reserves.
Consolidated Balance Sheet Dec. 31.
Assets-1931.
1930.
Liabilities-.
1931.
1930.
$1,586,693 $1,632,242 Capital stock
Property
$1,763,714 $1,763,714
Inventories
449,472
397,371 Accounts payable251,592
78,669
Accts.receivable
251,808
518,821 Accrued
13,344
31,580
5,484
Bills receivable_ __
6,344 Dividends payable
17,551
17,500
Empl.stk. subscrip
4,660
4,760 Minority interest_
3,873
4,082
24,055
charges__
Deferred
12,917 Capital surplus
288,098
325.317
Investment
53,047
58,240 Earned surplus___ 340,328
359,538
130,307
Cash
122,677
Total
$2,505,526 $2,753,375 Total
x Subject to income tax.
-V. 135.1p. 309.
$2,505,526 $2,753,375
Monarch Knitting Co., Ltd.
-Report.
--
Calendar YearsNet after charges, incl.
depreciation
Res. for depreciation- - _
Reserve for taxes
Preferred dividends_
1931.
1930.
1929.
1928.
452,511 xdef$59,614
35,000
35.000
1.628
52,500
$121,550
$123,140
7.023
39.375
9,898
$15,883 def$147,114
498,313
645,427
$75,152
570,274
$113,242
456.953
$514.196
P.& L.Burp. Dec.31_
$498313
x Before depreciation.
-V. 132, p. 1433.
$645,426
$570,274
Surplus
Previous surplus
Amt. overprov. for inc.
taxes in prey. year..,
79
Montgomery Ward & Co.
-September Sales.
Period Ended Sept. 30- 1932-2l.font'i-1931. 1932-9 Mos.-1931.
Sales
614,638,277 $17,505,467 $122657,041 $157024.734
-V.135, p. 2003.
Moore Corp., Ltd.(& Subs.).
-Earnings.
Calendar Years1930.
1931.
Total earnings after deducting all expenses incident
$1,056,095 $1,274,001
to operations
Interest on subsidiary companies' bonds
50,961
55,537
Provision for depreciation
396,461
367,764
Profit before providing for Federal taxes
Provision for Federal taxes
$637,370
69,420
$822,002
79,647
Net profit
Preferred class A dividends
Preferred class B dividends
Common dividends
$567.950
230.148
117,439
313,978
$742.355
229,873
117.692
313.548
def$93.615
535.825
$81.240
454.583
Balance of profit
Surplus brought forward Jan. 1
Surplus Dec. 31
$442,210
Shares common stock (no par)
313.979
Earnings per share
$0.70
Consolidated Balance Sheet Dec. 31.
Assets1931.
1930. 1 Liabilities1931.
Cash
$866,536 $533,6851 Accounts payable_ $175,197
Accounts and bills
Bond int. accrued..
11,056
receivable
1,193,822 1,542,854 Divs, payable on
Loans, secured by
pref. dr com.stk. 165.393
collateral
411,400 Fed, taxes payable
Inv. of mdse, and
in 1931 on 1930
892,192
77,786
946,555 earnings
supplies
Cash in hands of
Funded debt
724,000
turstee for sink7% pref. stock.,.., 3,287,900
leg fund
32,006 7% pref. B stock_ 1,677,700
673
y4,772,822 4,987,662 Common stock___x2,830,499
Fixed assets
Invest. in assoc.cos 1,214,973 1,182,543 Surplus
442,210
Loans re employees'
stock our. plan_ 379,500
1
1
Good-will& patents
Ins. dep. and exp.
71.226
65,676
paid in adv____
$535.824
313.971
$1.26
1930.
$244,628
13.178
165,340
85.455
864,500
3,287,100
1,675.900
2,830,459
535,824
$9,391,744 $9,702,385
Total
Total
89,391,744 $9,702,385
x Represented by 313.979 shares of no par value. y Less reserve for
$1,130,115.-V. 135, p. 143.
depreciation of
Motor Wheel Corp.-Heater Division Sales Higher.
Sales of the heater division in the first eight months of 102 were 58%
greater than in the 1931 period, according to M. F. Cotes, sales director.
The corporation makes oil burners and automatic weather control units in
Its heating division.
-V. 135. p. 1835.
(G. C.) Murphy Co.
-September Sales.
-1931.
1932-Sept.
$1.418,572 $1,489,686
-V. 135, p. 2003.
Decrease.I 1932-9 Mos.-1931.
$71,1141$12,459,453 $12,945,678
Decrease.
$486,225
National Bellas Hess, Inc.
-Balance Sheet Sept.2 1932.Assets
Cash in banks
$289,252
Petty cash
4,000
Deposit with referee for rent.,.,., _ 16,000
Deposit with New York Curb
Exchange
2,350
Customers mailing list.5,800,000
names
499,994
equip, and furniMachinery and
ture and fixtures
1
Packing material, Lox and stationery supplies
1
Catalogue in preparation
1
Trade mark and trade names...,
1
Leasehold at Kansas City
1
Name and good-will
1
Organization expenses
21,803
Prepaid catalogue costs
5,000
Total
-V. 135, p. 2347, 2004.
8838,405
Liabilities
Current liabilities, estimated___
Long term note payable. without
Interest
Reserve
Common stock
Total
National Biscuit Co.
-Injunction Denied.
-
$30,000
100,000
70,000
638,405
$838,405
Federal Judge Francis G. Caffey dismissed Oct. 4 the injunction action
In equity filed by the Kellogg Co. of Battle Creek, Mich against the
National Biscuit Co., alleging unfair competition in connection with the
manufacture and sale of shredded wheat.
The court dismissed the action on motion of the attorneys for the defendant. ruling that the bill of complaint contained "very slight indication.
if any, that the plaintiff predicates the suit on conduct of the defendant
condemned by the anti-trust laws."
Financial Chronicle
2504
The Kellogg Co. alleged restraint of trade on the part of the defendant
company in its control of 21 patents covering apparatus and processes
used in the manufacture of shredded wheat products. Another suit against
the defendant charging violation of the Sherman law is pending in New
York courts -V. 135. p. 1504.
National Breweries, Ltd.
-Earnings.
Calendar YearsProfits
Bond interest_
Depreciation
1928.
1929.
1931.
1930.
$1.981,630 $2,456,700 $2,346,410 $2,278,268
28,205
444,211
469,819
526.389
541,928
Net income
$1.439,702 $1,930.311 $1,876,592 $1,805,852
194,250
194,250
194,250
194,250
Preferred dive. (7%).._ _
721.372
721.372
1,154,195
1,154,195
Common dividends
$890.230
$960,970
$91,257
$581,866
3,677,031
4,838,001
5.219,866
5,311.123
Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
$
$
Assets$
7,209.421 6,917,649 Preferred stock_ __ 2,775,000 2.775,000
Property
4.345.491 4,286.601 Common stock__x 5,410,285 5,410.285
Plant,&4:
Good-will
1.500.000 1,500,000 Deprec. reserve.-- 3,883.415 3,341,487
500.000
114,731
114,839 General reserve--_ 500,000
Deferred charges
569,327
500,000 Accounts payab e_ 490,158
548,000
Call loan
5.311,123 5,219.866
416,008 Surplus
319,983
Cash
Accts. receivable.- 977,499 1.218.059
1.501.939 1,700,142
Inventories
1,036.417 1,162,665
Investments
766,501
Other invests
Surplus
Profit and loss surplus
18,369,981 17,815,988
18.369,981 17,815,966
Total
Totals
x Represented by 721,372 shares (no par).
-V.135, p. 1670.
National Guarantee & Finance Co., Columbus, 0.
Defers Dividend.
The directors recently voted to defer the quarterly dividends due Oct. 1
on the 7% cum. 1st and 2nd pref. stocks, par $100. Regular quarterly
payments of 1,i% were made on both issues on July 1.
-Sale.
National Harris Wire Co., Inc.
George W. Prentiss Co., Holyoke, Mass., has purchased the National
Harris Wire Co., Newark, N. J. The sale was made by the latter company's receiver ("Steel")
.-V. 131, p. 1268.
.National Shirt Shops Inc.-Bankruptcy.-
'
A petition in bankruptcy was filed in U. S. Dist,let Court at New York
Sept. 29 by the Shirnat Corp. which was known until Sept. 28 as the
National Shirt Shops, Inc., and which listed 71 stores in 32 cities all over
the country as operated by it. No statemex t of assets and iabilities was
filed with the petition.
The change of name was brought about by the filing on Sept. 28 of a
certificate approvel by the Secretary of State of New York State. The
company is a New York corporation, and is one of the largest chain haberdashers in the country -V. 134, p. 1594.
-Reduces Capital.
""-National Short Term Securities Corp.
-N. Y..
The corporation has certified to the Secretary of State at Albany. each
that the par value of its 10.000 preferred shares has been changed to 81
from $100. The value of its 10,000 common shares remains unchanged.
-V. 134, p. 687.
-Promotion.
National Title Guaranty Co.
Howard F. Sunshine, Assistant Secretary, has become Assistant to
Charles E. Warren,Executive Vice-President, and willserve also as Manager
-V.134, p. 1594.
of the Jamaica, L. I., office at 160-16 Jamaica Avenue.
Nation-Wide Securities Co. (Md.).-Investments.-
-to
In the first quarterly statement of securities held in its portfolio sent
holders of voting shares with the initial quarterly dividendof 12 cents per
share payable Oct. 1 1932. the company shows thatiatcot Sept. 23 1932,
of
its investments were distributed as follows: 35.51 %(' the fund was
invested in 16 public utilities: 8.22% in four railroads: 8.81Win six banks
and insurance companies, and 49.46% in 24 miscellaneous".industrials.
As of Sept. 23rd, regular dividends were being paid on 45 portfolio companies, while the remaining five, amounting to 5.507 of the company's
investments were not making regular payments. The 1)largest holdings as
of that date were: American Telephone, Consolidated Gas, duPont,
General Electric, National Biscuit, Norfolk & Western, Standard Oil of
New Jersey, Union Carbide, United Gas Improvement and Woolworth.
-V. 135, p. 2004.
-September Sales.
Neisner Brothers, Inc.
-1931.
-Sept.
1932
81,123,538 $1,185,734
-V.135. p. 1835.
Decrease.
$852,407
Decrease.1 1932-8 Mos.-1931.
$62,1961$10,193,446 $11,045,853
-September Sale8.7(J. J.) Newberry Co., Inc.
1932-Sept.-1931.
$2,694,790 $2,585,434
-V. 135. p. 1835.
Increase.
Increase.' 1932-9 Mos.-1932.
$109,3561322,094.939 $20,474.139 $1,620,800
-Obituary.
New Jersey Zinc Co.
Abraham Polhemus Cobb, Senior Vice-President of this company and
one of the founders and former President of the American Zinc Institute,
died at Tarrytown, N. Y. on Oct. 6.-V. 135, p. 1173.
-New Officers.
Newton Steel Co.
Following consummation of a plan for affiliation of this company and
the following officers of the Newton
the Corrigan McKinney Steel
Co.'
Steel Co. have been elected: E. T. Clark,formerly President, as Chairman
of the board: D. B. Gillies, President of the Corrigian McKinney company,
as President: C. H. Betts, Vice-President in charge of operations: H. E.
Robinson, Vice-President in charge of sales, and C. J. Kolesch, SecretaryTreasurer.
The following directors were elected: E. T. Clark, J. A. Brander,
D.T. Croxton, J. E. Ferris, D.B. Glilles, S. L. Mather,and R. T.Wilson.
-V. 135, p. 1339.
-Earnings.
North American Oil Consolidated.
1931.
$715,022
498,877
183.984
Net income
Dividends
1930.
$2,038,676
956,399
355.111
$32,162
84,948
Calendar YearsTotal revenues
Expenses, taxes, royalties, &c
Depreciation and depletion
$727,165
339.791
$387,375
def$52,785
Balance Sheet Dec. 31.
1930.
1931.
1930.
Liabilities1931.
374.771 $209,281 Accounts payable
301,074
$69,303 $124,376
(various)
111,477
Accts. pay. (F. E.
700
9,458
9,458
57,474
120,235
Dunlap
9,945
8,274
55,639 Audited payroll...
45,372
4,415,694 4,176,398 Cap. stk. (283,159
2,756,590 2,831,590
95,366
abs.)
68,027
1,929,889 1,982.675
Surplus
Balance,surplus
AssetsCash
Int. bearing depos.
Notes receivable...
Accts.receivable._
Advanced expenses
Land & wells
Impr.& equipm't.
$4,773.515 $4,958,043I
Total
-V. 125, p. 1505.
Total
14,773,515 $4,928,043
-Operating at 75% of Capacity.
Parker Pen Co.
To take care of the sharply increased business the company is operating
full force of
its Janesville, Wis.. plant at about 75% of capacity, with itsthe company
For some time
800 back on the jcb Chicago dispatches state. but expects to carry operahas been operating its plant on a stagger basis,
tions at the present level right through the holiday period. operations are
The company's Toronto plant, where full manufacturing
export
now being carried on. is running 24 hours a day to take care of
-V. 134, p. 4170: V. 133. p. 2610.
business.
Oct. 8 1932
-Resumes Preferred Dividend.
--Peaslee-Gaulbert Corp.
A quarterly payment of 1 3 % was made on the 7% pref. stock. par $100.
on Oct. 1 to holders of record Sept. 28. The last previous quarterly dividend of 13j% was paid on this issue on Oct. 1 1931.--V. 134. p. 1042.
-Coupon Paying Agent.
Penn Anthracite Collieries Co.
Manufacturers Trust Co. has been appointed coupon paying agent and
sinking fund paying agent for 31,000,000 1st mtge. 6% sinking fund gold
bonds due Jan. 11939. Interest payable Jan.and July 1.-V. 132,p. 1823.
-Control Passes to Consolidated Oil
Penn Mex Fuel Co.
-V.135, p. 2348.
Corp.
--See South Penn Oil Co. below.
Pennsylvania Co.for Insurances on Lives & Granting
Annuities-Balance Sheet Sept. 30.1932.
Assets
Cash & amt. on
dep. with Fed.
Reserve Bank 12.864,712
Clearing Ilse.Ex 3,765,537
Due from bks. &
Items in proc.
of collection__ 34,662,584
Loans upon col85,769,348
lateral
Invest. secur--- 76,680,506
Commerel paper 16,807,107
Res. fd. for protect'n of "cash
bal. in trust
6,070,002
accounts"
Misc.assets_ _ - 2,333,632
Interest accrued 1,731.434
Bank bldgs., &c) 4,011,451
Customers' liability account
letters of credit
Issued & acceptances exe385,040
cuted
1931.
13,435.643
6,258.520
23,369.214
101,190,497
85,753,517
22.481,887
9,609,319
1.693,607
2,178.826
4,282,885
1932.
1931.
Liabilities$
8,400,000 8,400,000
Capital
Surplus
27,000,000 27,000,000
Undivided prof_ 1,289.948
3,774,607
Res. for dive630,000
630,000
781,366
721,366
Res. for bldg.__
Res. for taxes
387,127
515,790
and expenses_
Res. for contingencies
6.777.351 6,801,257
'Treas.' checks
clearing house
due bills outstanding
825,995 2,679.795
Int. pay. don'ts
674.700
556,060
210,089
Misc. liabilities_
128,751
Bills pay. Fed.
7,500,000
Res. bank_
Letters of credit
& acceptances
executed for
customers.__
385,040 1,331,725
Deposits
197.919,718 211.346,313
1,331,725
245,081,356 271,585.642
Total
-V.135, p. 310.
Total
245,081,356 271,585,642
-Earnings.
Pennsylvania Salt Mfg. Co.
1920.
1931.
1932.
1930.
Years End. June 30--$1,637.019 $1,819.081 $2.688.060 $3,030,937
Gross earnings
529,937
469,462
442.231
568.843
Maint.of bldgs.& equip.
677,057
745.268
768.602
733.067
Deprec. & depletion_
20,000
100,000
20.000
Develop. & research ree228,004
70.222
63.038
170,153
Federal taxes (est.)
Net earnings
Previous surplus
Adjustments
8363,147
6,522,988
8514,129 $1,195.998 $1,495,940
5,622,954
6,628.680
6.348,151
7,057
86,886,135 87,142,809 $7,551.207 $7.118,893
Total surplus
600.000 (12)900,000 (10)750,000
450,000
Dividends (8%)
8,413
20,742
19,820
22,527
Insurance reserve
2,833
Adj. Federal income taxProfit & loss surplus__ $6,424.889 $6,522,988 $6.628.680 $6,348,151
Earns, per sh. on 150,000 she, of corn, stock
$3.43
$2.42
$9.97
87.97
outstanding (par $50)y Includes amount estimated for the 6 months ended June 30.
Balance Sheet June 30.
Consolidated
1932.
1931.
1932.
1931.
Liabilities$
$
3
AssetsCapital stock
7,500,000 7,500.000
Real estate, Inel.
710,014 Accounts payable_ 341,768
732,497
638,285
coal lands
104,288
Rides., mach.,&c_a9,137,879 9,443.333 Accrued taxes_ - 100,992
730,026 1,034,779 Divs. pay. July 15 112,500
112,500
Cash
446.190 Develop, and re'Fr. marks & pats_ 446,716
search reserve
61,957
18,904
BIls & accts. rec._ 1,073,176 1,122,278
223,130
2,036,523 1,763,033 Special MC res.__ 231,542
Inventory
420,434 Surplus & undiv.
%cur.of other cos. 373.648
profits
223,086
6,424,889 6,522.988
Prepd. Insur., &c_ 209,128
Total
14,739,595 15,163,147
14,739,595 15,163,147
Total
a Less depreciation of 38,632,898.-V. 135, P. 2185.
-August Sales.
Peoples Drug Stores, Inc.
-1931.
-August
1932
31,_224,489 $1.395,419
135, P. 1174.
Decrease. I 1932-8 Mo5.-1931.
$170.9301$l0.719.186 $11,452,434
Decrease.
$733,248
-9;25,000,000 Suit Filed-Noteholder
(Albert) Pick & Co.
Charges Fraud in Transfer of Securities to Firm Facing
Insolvency.
On the ground of alleged fraudulent financial manipulations of Albert
Pick & Co., Albert Pick Barth & Co., and the Pick-Barth Holding Co..
suit was filed in the New York Supreme Court Oct. 3 against persons
alleged to have been in control of the company and against a reorganization
committee of Albert Pick & Co., which went into the hands of a receiver
In Illinois last year, and against the Goldman Sachs Trading Corp. and
the Manufacturers Trust Co. The New York "Times," in reporting
the matter, further states:
The suit demands $25,000,000 damages,the appointment of a conservator
for the holding company, the removal of the Manufacturers Trust Co.
as trustee of an issue of securities, and an injunction against the reorganization plan for Albert Pick & Co.
The action is brought by Gertrude Krypnick of Cleveland, wife of a former
Vice-President of the holding company, who owns a $400 note of the holding
Company issued in 1930 and due in 1935. She sues in behalf of all the
debenture holders of the holding company, naming as individual defendant*
Nathan S. and Ralph Jonas, Louis S. Posner, James J. Newman and
Frederick Brown, and the reorganization committee, composed of Mr.
Newman, Max Englander and George F. Getz.
Defense Plans Not Announced.
Most of the defendants have already appeared in the case by counsel.
the suit, but not indication as to the nature of the defense
and will defend
was forthcoming on Oct. 3.
The complaint charges that the defendants Jonas, Posner and Newman
got control of the three companies and 37 subsidiary ccuporations through
the control by the Goldman Sachs Trading Corp. of the Manufacturers
Trust Co. beginning in 1927, and that the trust company subsequently
financed the Pick companies and sold their securities, and that up to Jan. 1
1931, and control was dominated by Ralph and Nathan Jonas and Posner.
The plaintiff alleges that in 1926 the controlling defendants caused
Albert Pick & Co. to issue $6,000.000 in debentures, with the Manufacturers
Trust Co. as trustee, and that in 1927 they conspired to have Albert
Pick &(7o. and Albert Pick Barth & Co. then making a substantial profit, to
pay $11.000,000 to Irving lin a^s and lien Lautersteln for companies they
controlled which were "Insolvent or likely to be so." It is charged that
they caused assets of the Pick companies amountiog to 315,000,000 to be
pledged for a loan to make the purchase, thereby "destroying the credit'
of those companies with financial institutions other than the Manufacturers
Trust Co. The plaintiff charges that the controlling defendants got the
benefit of this transaction without the knowledge of the debenture holders.
They are accused of organizing the holding company in 1929 to conceal
their acts.
Loss of 813.000,000 Charged.
The plaintiff charges that an exchange of $16,000,000 of securities
among the various corporations was then arranged, and that part of the
stock traded for newly issued securities of the holding company was $9,000,000 of Goldman Sachs stock now worth only 32,000,000. The holden
of senior securities of the holding company are alleged to have had a
loss of 313.000.000 by the exchange, and the holding cotnpanv is now
Financial Chronicle
Volume 135
asserted to have insufficient assets by at least $7,800,000 to pay its obligations under the transactions.
The defendants are accused of bringing about the receivership of Albert
Pick & Co. because of their expectation of concealing the facts from the
receiver, while it is charged that the reorganization plan would deprive
the Pick Barth Holding Corp. as the largest creditor of Albert Pick &
its right to enforce claims against the defendants alleged to have been
Co.,f
responsible for the losses.
The two parent companies and their subsidiaries manufactured and
sold supplies and equipment for hotels, restaurants and institutions.
-V.135, p. 2005.
Procter & Gamble Co.
-Plants on a Five-Day Week.
-
The adoption of the five-day week in all its plants in the United States
and Canada was announced on Oct. 4 by this company. The new time
schedule, which becomes effective Oct. 10 is in line with the nationwide
movement to spread available work over the greatest number of people,
'
as a definite means of relieving the unemployment situation.
Colonel William Cooper Procter, Chairman of the Board, declared that
the adoption of the short work-week was the most important action that
Industry can take at this time, for the welfare of the unemployed.
It was pointed out that the new plan would not affect the company's
-week employment guarantee, but that obviously the number of
48
hours constituting a work-week will be less.
An intensive study of the application of the shorter work-week to office
employees will be made immediately, as it is felt extremely desirable to
spread employment here as well as in the factory.
-V.135, p. 1174.
Progress Laundry Co.
-Dividend Omitted.
-
The directors have voted to omit the quarterly dividend normally payable about Oct. 1 on the no par common stock. A distribution of 20 cents
per share was made on July 1 last, as compared with 25 cents per share on
Jan. 2 and April 1 1931 and 35 cents per share previously each quarter.
V. 134. p. 4673.
Provincial Paper, Ltd.
-Earnings:
-
Calendar YearsTotal profit
Interest on bonds, bank loans, &c
Reserve for deprec. of bldg. & plant..
Reserve for doubtful accounts
Reserve for income tax
1931.
$782,784
207.645
250,000
1930.
1929.
$995,748 $1,136,088
229,559
251,620
250,000
250.000
10,000
40,000
Net income
Dividend on preferred stock
Common dividends
$325,139
245,000
$516,189
245,000
125.000
Balance, surplus
$80,139
$146,189
Earns, per share on 100,000 shares
common stock (no par)
$0.80
$2.71
Balance Sheet Dec. 31.
1931.
1930.
1931.
Assets$
$
Real estate, bidgs.
7% cum. pref. stk. 3,500,000
equipment. &c. 9,066,260 8.940,266 Common stock_ __ x100.000
Cash
492,171
334,400 Mortgage debt- _- 4,900,000
Accts. & bills rec. 851,871
770,006 Accounts payable.
Inventories
1,088.073 1,515,166
accrued charges
'Govt. deposits on
& reserve for Intimber limits.__
18,000
come tax
18,000
248,863
Investments
1,069,176
839,941 Div.on pref. stock
61,250
Bond int. accrued38,582
Res. for deprec. of
plant at MOH_ __ 1.500,000
General reserve_ ._ 1,484,286
752,570
Surplus
Total
12,585,552 12,417,779
Total
12,585,552
x Represented by 100,000 shares (no par).
-V. 132. p. 4257.
$584.468
245.000
8339.468
$3.39
1930.
s
3,500,000
100,000
5,000.000
310,144
61,250
39,669
1,250,000
1,484,286
672,431
12,417,779
Propper-McCallum Hosiery Co., Inc.
-Shipments.
r September shipments of stockings by this company totaled 46,300
dozen pairs, an increase of 84% in unit volume over the 25,500.dozen pairs
shipped in September 1931. This constitutes the largest September business
in the history of the present company.
Dollar volume of the units shipped in September increased 54% over a
year ago. Inventories on Oct. 1 were slightly less than the $546,671 shown
on Dec. 31 1931, it was stated.
All of the company's plants have been working at 100% of capacity since
Aug. 20, with volume of orders running ahead of production capacity and
shipments.
-V. 135, p. 145.
Public Service Trust Shares.
-Off List.
-
The New York Stock Exchange announced Oct. 6 that Public Service
Trust Shares, series A, maturing in 1950, had been removed from the list
of investment trusts of the fixed or management type found unobjectionable
as to association by members of the Exchange.
-
Public Service Trust.
-Balance Sheet April 16 1932.Assets
Liabilities
Cash
332,399 I Note pay. to Continental III.
Net receivables
331,815' Bank & Trust Co
$1,790,000
Hawthorn Investment Mad-.
8,186 Note payto Peabody Coal Co 1,250,000
Borrowed securities
156,221 Note pay. to Instill Utility
Securities owned
Investments, Ino
473,592
1,522,856
Invest, in real estate synd. _
13,750 Accrued interest
30,323
Securities sold to Middle
Liab. for borrowed securities_
156,221
West Utilities
50,000 Liab. under asreement with
Deficit
Middle West Utilities
5,464,777
750,000
Liab.to Russell,Brewster& Co
13,461
Due to syndicate particip17,827
Miscellaneous liability
51
Capital
x1,000,000
Total
$6,530,740
Total
$6,530,740
x 75% owned by Insult Utility Investments, Inc., and 25% by Corporation Securities Co.
Railways Corp.
-Stock Dividend.
The directors have declared a quarterly dividend of 2%, payable in no
par stock Oct. 15 to holders of record Sept. 30. A similar payment was
made on April 15 and on July 15 last.
-V. 135. P. 145.
Reo Motor Car Co.
-New Contract.
-
The company has developed for Aerocar Co. of Detroit a new commercial motive power unit suited to the latter's needs and to be designated
as the Reo-Aerocar. Contract has been placed ter a large number of these
units for delivery on weekly schedules during the four next monhts. The
The outside appearance of the new job, developed by Rao and Aerocar
engineers, is that of a standard coupe with the characteristic free-flowing
aerodynamic lines. These blend into those of the Aerocar In the complete
commercial unit.
Regarding the development of the now standard prime mover unit for
Aerocar, W. J. Parish, President of the company said: "In developing and
marketing high grade sales coaches of large size we have found most
standard high speed truck units satisfactory from the performance standpoint. But dissatisfaction of a certain class of buyers with the appearance
of these power units made increasingly apparent the neoci of creating a new
design. Rather than engineer and develop such unit we prepared specifications that could be met, if he felt disposed, by any manufacturer producing
both passenger and commercial vehicles. After inviting numerous motor
Car companies to bid we have awarded a contract to the Reo Motor Car
Co. for our requirements for the rest of 1932."-V. 135. P. 1340.
Richfield Oil Co. of Calif.
-Net Loss for Six Months
Book Charges in First Half 82,591,154
-New Gasoline Increases
Sales.
The "Wall Street Journal" Sept. 24 had the following:
Operating profit of Richfield Oil Co. of Calif., including Pan American
Petroleum Co. and the Los Angeles Midway Pipe Line, for the six months
ended June 30 1932 totaled 61,748,249, according to the report filed with
U. 8. District Court by William C. McDuffie, receiver. This operating
profit is before allowing for depletion, depreciation, loss of properties
2505
abandoned or sold, and loss of subsidiary companies. After the charges
the net loss for the period amounted to $1,187,144.
Provision for depreciation and depletion constituted by far the majority
of the charges which resulted in the reported deficit. Depletion and
depreciation on proven developed properties based on appraised values
amounted to $1,300.635, and the depreciation on pipe lines, refineries,
marketing facilities, marine equipment, &c., aggregated $1,290,519.
making total charges of $2,591,154 for these bookkeeping items. Losses
on operations of subsidiaries and from the sale or abandonment of properties amounted to only $344,239.
As a result of the introduction in May of a new gasoline and
special
advertising campaign instituted at that time, the company'sthe
gallonage
increased materially during May. June, July and August.
During this period 1,741 new outlets were added. Taxable gasoline
sales for the first six months of 1932 increased 14.46%, as compared with
the last half of 1931. Gasoline sales of the New York corporation showed
an increase of 11.56% over the corresponding period a year ago.
Selling expenses and general expenses of the Pacific Coast business
allocated to the marketing of gasoline for the first six menthe of 1932.
as compared with the first six months of 1931 show a decrease of 20.61%.
The report calls attention to this decrease in expense during a period
when sales were advancing.
Total payroll and operating expense for the first six months of the current
year were reduced $1,424,443, or 19.78%, as compared with the corresponding period a year ago. In the third report filed by the receiver.
it was stated the payroll for November 1931 was 40% less than the corresponding Figure for November a year previously. The present report
states that further reductions have been made. The payroll for June
1932 showed a decrease of 10.06% from November 1931.
At the time the receiver was appointed Richfield Oil Corp. of New
York, including losses incurred by the California company in shipping
gasoline East, was losing approximately $340.000 a month. Through
operation of contracts negotiated with the Arkansas Natural Gas Co.,
subsidiary of Cities Service Co., and a contract with Sinclair Refining
Co. this loss has been eliminated and the New York corporation now is
showing a profit after all charges.
The Richfield Building is operating at a small profit after all charges.
including interest on mortgages, according to the receiver's report. Occupancy of the building has run at approximately 95%, as compared with
average occupancy of 75.8% throughout the city.
Uipo to July 9 1932 a total of 6,095 claims were accepted by the receiver
for filing. Of these claims,
to July 31 1932. 5.664 have been heard
by W. A. Bowen, Special Master in Chancery of the Southern District
of California. The total claims heard amounted to $29,984,280. Of this
amount $14,780.035 was allowed, thus reducing the amount of the claims
by over 815,000,000.
The largest unsecured claim so far filed with the receiver was that of
John R. Sherwood, of Baltimore, Md., in the sum of $2.750.000 for purchase ofstock of Sherwood Bros.,Inc.. under contract made by the Richfield
Oil Co. after protracted negotiations this claim has been settled and withdrawn.
-V. 135. p. 1174.
Rio Grande Oil Co. of Delaware.
-Exchange of Ctfs.-
For the convenience of the stockholders, agents of this company, at 15
Exchange Place. Jersey City, N. J., will accept certificates of Rio Grande
Oil Co. stock for exchange for certificates of shares of Consolidated Oil
Corp., pursuant to the offer of the Consolidated corporation dated July 20
1932.
Delivery of Consolidated certificates will be made against window ticket
receipts or sent by registered mail, if so requested, as soon as practicalbe
after receipt of certificates of Rio Grande stock.
-V. 135, p. 2185.
"Rochester
& Pittsburgh Coal Co.-Hondo-Cal/4d,--
he Central Hover Bank & Trust Co., trustee, announces that there
an
hive been called for redemption at 110 and interest on Nov. 1 1932,through
the sinking fund, $30,000 of Rochester & Pittsburgh Coal di Iron Co.
bonds under the plchase money mortgage on the Helvetia property dated
as of May 1 1896 The bonds will be paid at the office of the trustee.
70 Broadway, N. .. City.
-V. 134, p. 2168.
Royalton Apartments, Philadelphia.
-Foreclosure Sale.
The committee for the protection of the holders of bonds sold through
the F. H. Smith Co. (George E. Roosevelt. Chairman), states:
The Royalton Apartments property will be sold at public auction on
Oct. 10. pursuant to the final decree entered in the proceedings Instituted
to foreclose the mortgage securing these bonds. The charges against
the property, prior to the bonds, amount to more than $123,000.
The foreclosure sale has been postponed from time to time at the committee's request in the hope that a loan might be obtained on the security
of the property in an amount sufficient to pay these prior charges. However, the committee's efforts to obtain a loan have been unsuccessful and
the trustee is no longer willing to agree to any further delay in selling
the property in view of the substantial advances which it has made and
in view of the continuing losses incurred in the operation of the property.
Because the committee has been unable to obtain a loan it will not be in
a position to bid for the property at the sale on behalf of depositors. It
is doubtful whether the property will be sold for more than the amount
of the prior charges, in which event the holders of these bonds will realize
nothing on their investment
Depositors have been informed in the Committee's previous notices
of the very unsatisfactory earning record of the property. According to
statements furnished to the committee the gross income for the period
from June 24 1930 to Aug. 31 1932 was $133,478. and the operating expenses, including insurance, current real estate taxes and trustee's commissions, were $143.012, leaving a net loss of $9,533 before State taxes.
Interest on trustee's advances, bond interest, amortization, depreciation,
or provision for the legal expenses of the temporary trustee and the suc-V. 134. p. 1597.
cessor trustee.
Sally Frocks, Inc.
-August Sales.
1932-Aug.
-1931
I.
$159,600
$303,389
-V. 135, p. 475.
Decreased 1932-8 Mos.-1931.
$143,789[$2,334,265 82.919,334
Decrease.
$585,069
Savoy-Plaza Corp.
-Committees Organized to Protect
Interests of Bondholders.
Announcement was made Oct. 6 of the formation of two committees
organized for the purpose of protecting the interests of the holders of bonds
of the corporation, one of which is headed by Hunter S. Marston and the
other by Arthur W. Loasby. Neither of the committees are soliciting
deposits of bonds, as such action, in the opinion of the committee, is unnecessary at the present time.
The committee of which Mr. Marston Is Chairman includes Frank
Callahan of Chase Securities Corp.: John R. Montgomery of BancamericaBlair Corp.: George T. Purves of Graham. Parsons & Co., and George E.
Quantrell. Edmond Carley of 44 Wall St., New York, is Secretary, and
Ilornblower, Miller, Miller & Boston will serve as counsel. This committee
will represent the holders of the first (closed) mortgage fee and leasehold
20
-year sinking fund 6% gold bonds, due Dec. 1 1945.
The committee of which Mr. Loasby is Chairman comprises George W.
Hodges, Charles G. Meyer and George McAneny. This committee represents the holders of realty extension 1st mtge. sinking fund 5A % gold loan
certificates due Dec. 1 1945. Breed. Abbott & Morgan are counsel and
Ralph E. Morton, Secretary, 22 William St., New York City.
The statement issued by the Marston and Loasby committees stated in substance:
The committee is advised that at the present time there is no default
and that no determination has been reached as to the payment of interest
due Dec. 1 1932. The committee, therefore, deems it unnecessary to ask
for deposit of the bonds at this time, with the usual expense involved, and
the committee likewise is of the opinion that deposits of bonds should not
be made with any other committee. Bondholders, however, are requested
to advise the Secretary of the committee of their ownership of bonds, giving
the names, addresses and amount of bonds held in order that the committee may communicate with them as to the developments.
Seabury Committee Asks .for Deposists of Bonds.-
The General Committee for the Protection of Real Estate Bondholders.
of which Samuel Seabury is chief counsel, announced Oct. 3 that, upon
requests by holders cf a substantial amcunt of the 1st mtge. 6s and realty
extersion 1st mtge.5s, Is requesting the deposit of these securities with
the Harriman National Bank & Trust Co., depositary, 59 Liberty St., N.Y.
City. This is the first action taken by the committee In connection with
any issue not issued by S. W. Straus & Co.
Financial Chronicle
2506
Retirement of Debentures.
The statement issued by the corporation as of Dec. 31 1931 showed a net
loss for the year of $1,064,831 before depreciation. Net operating income
before deduction for depreciation, interest and amortization was shown as
$279,549 and profit from bonds retired and other income was shown as
amounting to $129,198, a total of $408,748. The other side of the account
showed an allowance of $214,055 for depreciation on buildings, $50,282 for
depreciation on furnishings, interest and amortization on mortgages and
debentures of $1,466,765, ar.d franchise tax of $6,813, a total of $1,737,916,
leaving the net loss for the year after such allowances as 51,329,168.
On April 1 last,soon after the publication of this report,the United States
Realty St Improvement Co. offered to buy back debentures at $450 for each
$1,000. On May 3 a second offer was made to buy at par and accrued interest to Jux.e 1 the prircipal amourt being paid in 6% debenture notes,
with the $18.33 interest in cash. On July 29 a third offer was made of
$500 in cash and 8500 in debenture notes for each $1,000 of debentures.
On Aug. 16 the company offered to buy up to $1.000,000 of debentures
at par and int. On Sept.9 a fifth offer was made for $975,000 of debentures
at par and int. Finally, on Sept. 24, an offer was made for the redemption
of all debentures then outstanding. This offer is to expire on Oct. 26.
No reason was given for the debenture retirement project.
-V.135, p. 2349.
Schiff Co.
-September Sales.
1932
-Sept.
-1931.
$942.652
$818.383
-v.135, P. 2006, 1340.
Decrease.
Decrease.
1932-9 Mos.-1931.
$124,2691 $6,472,132 $7,491 682 $1,019,550
-Tenders.
(J.) Schoeneman, Inc.
The Safe Deposit & Trust Co. of Baltimore, trustee. 13 South St..
Baltimore, Md., will until 1 p. m. on Oct. 10 receive bids for the sale
to it of7% cum. 1st pref.stock to an amount sufficient to absorb $30,090.V. 124, p. 3645.
-Six Months Permit Granted.Seatrain Lines Inc.
The United States Shipping Board Oct. 6 announced it had granted a
permit to the Seatrain Lines, Inc., to operate vessels between New York,
Havana and New Orleans for 6 months beginning Oct. 6.
It explained that this "temporary permission" is to enable it to consider
"the effect of this operation with respect to present carriers and the development of new business." During this period mail compensation will not
be paid.
•
Inquiry Ordered by I.
-S. C. Commission.
-
The I.
-S. C. Commission upon its own initiative has ordered an investigation into the lawfulness of the operation of vessels and transportation of
property in inter-State commerce by Seatrain Lines, Inc., together with the
acquisition of control by the Car Ferry Co. of the Hoboken Manufacturers
RR. and the issuance of securities by Seatrain Linea.
Investigation will determine whether such operations, acquisition and
Issuance are in conformity or consistent with the provisions of Section 1,
Paragraph 18: Section 5, Paragraph 2, and Section 20A of the Inter-State
Commerce Act.
-V. 135, p. 2349.
Second National Investors Corp.
-Earnings.
For income statement for nine months ended Sept. 30 see' Earnings
Department" on a preceding page.
Portfolio.
-For portfolio Sept. 30 see under Fourth National Investors
Corp.
Balance Sheet Sept. 30.
1931.
1932.
1932.
1931.
$
3
8
Liabilities$
AssetsUnearned interest_
2,900
Securities owned,
1,300
1,100
d7,039,887 8,831.753 Accrued expenses_
at cost
400,000 Provision for N.Y.
Callloans
4,207
State taxes
400
423,230
221,262
Cash
100,000 Prov. for Federal
Time deposits_ _
4,800
4,801
800,000 income tax
75,000
Short term notes
1,278,073
470,917 $5 cony. pref. stk. el00,000 c1.000,000
U. S. Gov.()Wig
300,000
10,555 Common stock__ _ 6300,000
Interest recelvablei 29,3961
31,578 Capital surplus_ _a10,200,000 9,300,000
Dividends reedy_ _1
254,825
Earned surplus_ def1,962,683
Total
8,643,618 10,868,034
8,643,618 10,868,034
Total
a Representing the excess of paid in capital over the par or stated value
of capital stock. b Represented by 300,000 $1 par shares. c Represented by 100,000 no par shares. d Market value, 83,871,000. eReP-V. 135, p. 476.
resented by 100,000 Si par shares.
-Trust Off List.
Security Distributors Corp.
-V. 135. p. 2006.
See Public Service Trust Shares above.
-Earnings.
Selected Industries, Inc.
For income statement for 9 months ended Sept.'30 see "Earnings Department" on a preceding page.
Earle Bailie, Chairman of the board, states:
During the quarter important portfolio changes have beer made, involving substantial additional irvestments in both fixed-income securities and
common stocks. Since early July management has been of the opinion
that a changed outlook for American business made this policy advisable.
There has neen a notable strengthening of the dollar in the world's exchanges and in many important instances commodity prices have begun to
advance: bond prices have risen and July brought further evidence of a
change in sentiment on the part of business men, no longer dominated by
panic fears. For the first time since the spring of 1931 a seasonal expansion
of business was indicated.
Much that has happened in recent months points to the probability that
economic recovery, however halting it may prove to be, is slowly getting
under way. Management therefore entered upon a systematic rvestment program. utilizing a portion of the large holdings of cash reported in
the quarterly statement of June 30 last. The existence of the many difficulties which lie in the way of rapid or uninterrupted economic improvement is recognized and the program has been entered into with full realization that rapid improvement in business may still be some distance away.
Recognizing, however, that real buying opportunities are most likely to
appear when the business future is not yet clear, but when the period of
acute financial panic is over, it seemed the part of sound policy to purchase
securities in spite of the continuance of low corporate earnings and small
business volume.
The present statement shows that holdings of cash and Liberty bonds are
now in excess of $2,800,000, an amount which leaves corporation in position to make further investments in the event either that prices recede
materially from present levels or that the business outlook so improves
that such further investments appear wise. Bond purchases have been
chiefly in issues which yield a high return and also offer good possibilities
of enhancement in value. The commor stocks recently purchased have
been principally those of companies possessed of liquid resources ample to
sustain them in the face of a continuation of depressed earnings, and occupying a trade position sufficiently strong to ensure that earnings will respond to an improvement of general business.
Approximately 10% of the assets are held in cash or its equivalent and
Liberty bonds, with 23% invested in bonds or preferred stocks and 67% in
common stocks. The net assets of corporation on Sept.30 1932 were equal
to $73.85 per share of prior stock, or, if the prior stock held by the corporation were retired, to $75.77 per share.
Balance Sheet Sept. 30.
1931.
1932.
1931.
Liabilities1932.
Assets$5.50 cum. prior
banks, on
Cash in
c10,761,975
hand & at call_ _82,074,421 $4,310,442 stock
U. S. Govt. secure a746,480 5,244,844 $5 cum. cony. stk.d2,126,515 b
75,908 Common stock_ _ _e2,117,944 28.818.770
68,663
Short term notes_ _
Reserves for exp.,
Invest. (incl. 8301130,292
53,352
taxes, &c
clicate particips)B41,148,44839,121,978
595,145
Dividends payable 600,805
Corp's. own stocks
935,731 Due for sec. loaned
held-at cost_ _ _ 1,320,886
226,700
71,875
azanst cash_ _ _ 605,700
Subscrip. recelv_ _
434,121 Due for securities
Int.& divs. rec., das 377,256
344,105
23,829
13,122
purchased
Red.for sec.sold _ _
53,105
Particip. In emir_
52,267
For exch. contracts
For. exch. contr__
52,267
Special deposits to:
595,145 Surplus
30,006,856 20,677,031
diva. (contra)_ _ 600,805
Total
46,402,349 50,790,043
46,402,349 50,790,043
Total
a Investments owned on March 31 1931 are carried at the lower of cost
Subsequent purchases are carried at cost. The
or market at that date.
market value of investments and U. S. Govt. Securities on Sept. 30 1932
Oct. 8 1932
was $13,218,634 less than the amounts shown above, the value of inves
ments not readily marketable having been determined by appraisal by the
corporation. b Represented by (1) 430,827 shares (no par) $5.50 dividend
prior stock, entitled in voluntary and involuntary liquidation to $110 and
$100 per share
(2) 426,328 shares (no par) convertible stock,
entitled in voluntary and involuntary liquidation to $30 per share and
respectively''
(3) 2,115,217 shares common stock (no par). c Par value $25. d Par
value $5. e Par value $1. In addition there are reserved unissued shares
of common stock as follows: 1,275,909 for conversion of convertible stock,
335,212 for exercise of purchase warrants. 200.000 for option at $15 Per
share, and 20,000 for option at $8 per share, total 1.831,121 shares.
Note.
-Included in the outstanding stock are the shares underlying allotment certificates for 335,212 units, each unit representing one share of
$5.50 dividend prior stock, one share of common stock, and a warrant to
purchase at any time one share of common stock at $15.-V. 135, p. 643.
Shirnat Corp.
-Bankruptcy, &c..
See National Shirt Shops, Inc., above.
Silica Gel Corp.
-About 75% of Notes Deposited.
The interest due Oct. 1 on the $1,700,000 5
-year 6% gold notes has
not been paid. Bankers identified with the company announced that
holders of about 75% of the notes have accepted or pledged to accept the
proposal to exchange for a new issue of Davison Chemical 5
-year 63i%
notes on a par-for-par basis. The bankers, however, are urging further
deposits so that the plan can be promptly put into effect.
The depositary for the notes is Equitable Trust Co., Baltimore, Md.
The Chemical company proposes to issue $3,400.0011 of its new notes
altogether, and to exchange half of this issue for the $1,700.000 outstanding
Silica Gel notes. The other half of the new Davison issue is to be placed
with the company's bank creditors in lieu of an equal principal amount of
the present obligations to the banks.
Each new Davison note is to have attached to it a detachable warrant
entitling the holder at any time up to Oct. 1 1937 to purchase at $15 a share
40 shares of Davison common stock for each $1,990 principal amount of
the notes.
Warrants Expire.
The Committee on Securities of the New York Curb Exchange has ruled
that the 5
-year 634% notes of this corporation shall be dealt in without
warrants, as tha warrants entitling tha noteholders to acquire common
stock on or before Oct. 1 have expired.
-V. 135. P. 1837.
(A. 0.) Smith Corp.
-Earnings.
Years End. July 311932.
1931.
1930.
1929.
Profits for period_ _ _ _ ydef$1.859,999 43,971,911 46,599,329 49,175,247
Interest
218,326
235,430
266.324
251,680
Reserve for Federal &
State income taxes_
502.042
1,599,960
922,000
Deprec. on prop
2.798,225
See x
See x
See x
Net income
def$4,876.550 $3.234,439 $5,425,649 $7,308,962
Pref. dividends(7%) -94,080
94,080
94,439
94,080
Common dividends
1.000,000
1,000.000
600,000
Rate
($2.00)
($2.00)
($1.20)
Balance, surplus__ _def$4,970.830 $2,140,359 $4,331,569 $6,614,523
Shs.com.stk.out.
(no par)
500,000
500.000
500,000
500,000
Earnings per share
Nil
$6.28
$10.66
$14.43
x After depreciation. 3 Includes nonrecurring income of $206,594.
,
Comparative Balance Sheet July 31.
1932.
1931.
1932.
1931.
Assets$
Liabilities
$
Cash
3,185,729 5,274,893 Preferred stock_ _ 1,344,000 1,344,000
2,221,751 2,221,751 Common stock - _ _x4,000,000 4,000,000
Good-will
Marketable securs a4,792,767 8,034,543 18t M.63% bonds 3,181,500 3,497,000
Accts az notes ref), y446,430 1,681,181 Accounts payable_
800,909
123,101
Inventories
2,437,304 2,839,099 Payroll
197,742
35,461
484,010 Dividends payable
Other assets
508,307
23,520
273,520
Accrued items
Cash in hands or
518,878 1,088,557
61,877
trustees
Res. for contini
611,494
503,670
187,192 Surplus
Investments
809,840
20,256,574 25,227,204
Land, Wigs., &c_x15,540,795 18,148.706
Deferred charges
89,729
56,227
Total
30,094,529 38,927,602
Total
30,094,529 36,927,602
a Market value, 82,179,123. x After deducting reserve for depreciation
and amortization of $15,912,217. y After reserve for doubtful accounts
of $53,026. a Represented by 500,000 shares of no par value.
-V. 134.
D. 3653.
-Sells Holdings in Penn Mex Fuel
South Penn Oil Co.
-It was announced on Oct. 1
Co. to Consolidated Oil Corp.
that the company has agreed to sell the Penn Mex Fuel Co.
stock owned by it to the Consolidated Oil Corp. Through
this transaction, the latter will own a majority of the stock
of the Penn Mex Fuel Co.
L. W. Young Jr., P. H. Curry, and F. J. Huffman,
directors of the South Penn Oil Co., in a letter to the stockholders of the Penn Mex Fuel Co., states in part:
Realizing that there are among the present holders of Penn Mex atock,
those who may have made their investments in that stock to some extent
due to its control by South Penn Oil Co., it was understood between the
latter and Consolidated Oil Corp. that such other stockholders of Penn
Mex Fuel Co., who so desired, would have the privilege of seining their
Penn Mex stock to the Consolidated company on the same terms as the
South Penn company sold its Penn Mex stock, providing such other stockholders exercise this privilege within 30 days from the date of this letter
(Oct. 1). and such other stockholders authorized the above directors to
act as their agents and trustees in effecting such sale.
The terms on which the South Penn Oil Co. sold its Penn Mex stock are
substantially as follows:
1. Upon the transfer and delivery of the Penn Mex stock, Consolidated
will pay an amount equal to 400,000/394,391 sts of one dollar for each share
so delivered:
2. As soon after June 30 1932 as the present producing properties of
Penn Mex shall have produced a gross amount of 1.400,000 barrels of
commercial oil, Consolidated will pay such proportion of 30 cents per
barrell on the next 1,000,000 barrels of commercial oil produced as the
number of shares of Penn Mex stock delivered to it bears to 394,391. In
computing the amount of oil produced one barrel of oil having a gravity
of less than 18 degrees Beaume ahall be considered as one-half a barrel and
any oil of that gravity produced from the present producing wells on the
"Paciencia" property shall be excluded:
3. As soon after June 30 1932 as such present producing properties have
produced a gross amount of 2,400,000 barrels of commercial oil, computed
on the same basis as provided in the preceding paragraph, Consolidated
will pay such proportion of 20 cents per barrel on the production thereafter
obtained as the number of shares of Penn Mex stock delivered to it bears
to 394,391 until there shall have been paid an amount equal to 400 000/394 391 sts of $17 for each share ofstock delivered which payment is in addition
to the payments provided for in paragraphs 1 and 2 above.
4. In case production is obtained from any Penn Mex properties which
are not producing at this time. Consolidated will pay an amount of money
equal to such proportion of 5% of the value at the well of the oil so produced
as the number of shares of Penn Mex stock delivered bears to 394,391.
Payments on this basis are lobe a credit against any amounts payable under
paragraph 3 above:
5. All payments required under paragraph 2, 3 and 4 above are to be
made quarterly'
6. In the event the reserve funds set aside by Penn Mex for the payment
of certain contingent claims and liabilities, which were known to the officers
of Penn Mex to exist prior to July 1 1932 is in excess of the amount required
to settle such claims and liabilities. Consolidated will pay an amount of
money equal to such proportion of such excess in the reserve fund as the
,391.-V. 135. p. 1311.
number of shares delivered bears to
Standard Fire Insurance Co. of N. J.
-Larger Dividend.
A quarterly dividend of 37;ic. per share has been declared on the capital
stock, par $25, payable Oct.23 to holders of record Oct. 16. A distribution
of 25c. per E hire was made on July 23 last, compared with 75c, per share
-V. 135, p. 312.
previously each quarter.
Volume 135
Financial Chronicle
Steel & Tubes, Inc.
-Decision Affirmed.
-
The U. S. Circuit Court of Appeals at Philadelphia, Pa., on Oct. 4
sustained the validity of patents for electrically welding thin gauge tubing,
owned by Steel & Tubes, Inc., of Cleveland. The decision affirmed injunctions ordered by the U. S. District Court of New Jersey against the
General Tube Co. of Newark, N. J., for infringement of the patents.
The Court, however, broadened the decrees of the New Jersey
In favor of the Cleveland company. The New Jersey court held court
that
the patents were valid only if the tubing were produced at the rate of
30 feet a minute under the process which is known as the Johnson patent,
but the Appellate Court ruled o Oct. 4 that the patents were good, regardless a the speed or footage.
-V. 129, p. 3980.
Cosmetics Co., Inc.
-Defers Preferred Dividend.
-
The directors have voted to defer the quarterly dividend due Oct. 1 on
the $2 cum. cony, preference stock, no par value.
From April 1 1929 to and incl. July 11932,regular quarterly distributions
of 50 Cents per share were made on this issue.
-V. 130. p. 3733.
Sugar Estates of Oriente, Inc.
-Judicial Sale.
-
The property will be offered for foreclosure sale. Oct.26,at Palma Soriano.
Province of Oriente, Republic of Cuba. The mortgaged properties to be
sold
are constituted by a group of estates denominated Centrales Unidos
de
Oriente," situated in the Municipal Districts of Palma Soriano. San Luis,
Holguin, Mayan. Santiago de Cuba and Jiguani, all in the
Oriente. Republic of Cuba, the group being formed by sugar Province of
Palma, Alto Cedro and Cupey, together with their factories for mills called
the making
ofsugar, and other buildings,railroads,fixed and rolling stock, machineries,
plantations, fences, crops, easements and other annexities and improvements existing thereon, as well as 49 estates annexed thereto and all
exists on these: the group of estates having a superficies of 3,604 andthat
47100ths caballerias, equivalent to 48,372 hectares, 73 arts,62 centares
and 20
decimillares, and there are likewise included in the group 55
rights-of-way
over estates of third parties, in favor of estates in the group. The
properties
to be auctioned were appraised in the indenture creating the mortgage
dated
Sept. 29 1922 at $12,000,000, American gold. The auction will be held
without subjection to a price, but no bids shall be admitted not covering
the amount of the preferred encumbrances, amounting to $3,526,351.
Bidders shall deposit with the Court before whom the auction
will be held
or with the Fiscal Zone of Santiago de Cuba, in order to be permitted
to
bid, $900,000, to guarar tee their offers.
-V.134. p. 1780.
Sun Insurance Office, Ltd. of London,
Acquisition.
-
England.-
See Canadian National Fire Insurance Co. above.
Sweets Co. of America, Inc.
-Earnings.-
For income statement for month and 8 months ended
Aug. 31 see "Earnings Department" on a preceding page.
-V. 135, p. 1507.
Tobacco Products Corp. of N. J.
-Definitive Debs.-
The Guaranty Trust Co. of New York are now prepared
to
definitive
% collateral trust debentures, due Nov. 1 2022, in deliver
exchange
for outstanding temporary debentures.
-V. 134, p. 2547.
Transamerica Corp.
-Subsidiary Reports Increased Sales.
A noticeable increase in inquiries
for
Eastern and Midwestern land buyers, California acreage coming from
reported by E. D. Woodruff,
recently elected President of CaliforniaisLands,
Inc., a subsidiary, and
holder of extensive acreage in the Far West.
To date, during the year 1932, California Lands,
placed in escrow more than 177 real estate deals at Inc. has closed or
a
than $875.000. Deals are now pending which will, he sales price of more
said,
up to approximately $1,000,000 within the next 60 days. bring this total
-V. 135. p.1176.
Tr -Continental Corp.
-Earnings.
2507
on or before March 1 1939 at $24 per share. c 295,854 no par shares.
d Includes accrued interest.
-V. 135, p. 645.
Third National Investors Corp.
-Earnings.
-
For income statement for nine months ended Sept. 30 see
"Earnings
Department" on a preceding page.
Portfolio.
-For portfolio Sept. 30 see under Fourth National Investors
Corp.
Balance Sheet Sept. 30.
1932.
1931.
1932.
1931.
Ands$
Liabilities
$
Securities owned at
Provision for N.Y.
cost
116,698,085 8,641,150
State taxes
220
Call loans
300,000 Accrued expenses_
1,900
1,900
Cash
195,338
242,125 Unearned interest_
2,156
Time deposits100,000 Prov. for Fed. tax
13,981
14.255
Short term notes
75,000
600,000 Common stock_ _ _ a220,000
220,000
U. S. Liberty bds_ 1.027,419
366,268 Capital surplus_ _c10,148,502 10,148,502
Int.receivable_ _ _ _1 27,6971
8,417 Earned surplus def2,361,065 def93,974
Divs.receivable 1
29,716
Prepd. N.Y.State
franchise tax_
5,162
Total
8.023,538 10,292,839
Total
8,023,538 10,292,839
a Represented by 220,000 $1 par shares. b Market
value $3,389.563.
C Representing the excess in paid in capital over the par
value of capital
stock after deducting organization expenses.
-V. 135, p. 476.
Union Carbide & Carbon Corp.
-Stockholders
The corporation,in connection with its dividend distribution Gain.-,
on Sept. 30 announced tnat it now has 53.221 stockholdersof$2,700,252
, an increase
of approximately 10,000 since Sept. 2 1931. Two years
ago it had only
38;404 stockholders.
-V. 135, p. 1673.
Union Oil Co. of California.
-Earnings.
-
For income statement for 9 months ended Sept. 30
see "Earnings Department" on a preceding page.
s.4
As of Sept. 30, last, current assets totaled $51,350,000 against
,
current
liabilities of $4,750,000. Cash, government bonds and
treasury certificates
other bonds and demand loans totaled $14.800,000.
The capital outlay during the first three quarters ofthis year
approximated
$4,750,000,consisting principally of expenditures for oil territory,
marketing
facilities, additional refinery equipment and necessary field
development.
Purchase obligation notes for $1,300.000 were paid off during
the nine
months and additional notes for $1,775,000 were issued,
maMng a net
Increase of $475.000 in purchase obligations. Total indebtedness
decreased
$1.112,000 since Dec. 31 1931.
Production, subject to royalty, of crude oil and natural
first three quarters of this year approximated 11,800,000 gasoline for the
barrels as
pared with 11,200,000 barrels in the corresponding period last year. comThe
quantity sold decreased 3,400,000 barrels to 22,850,000 barrels as compared with 26,250,000 a year ago.
-V.135, p. 1674.
United Aircraft & Transport Corp.-Fuei Contract.
-
The United Air Lines, Inc., a subsidiary, has entered contracts with the
Standard Oil Co. of Indiana and California for the delivery of approximately 7,000,000 gallons of aviation gasoline. Gallonage contracted for
constitutes about one year's supply and two-thirds of the total will be
In the New York-Chicago-Pacific Coast route. A cross-country flightused
of a
tri-motored plane calls for about 2,500 gallons of gasoline and 350 quarts
oil
.-V. 135. p. 2187
of
United.Gasoline Corp.
-To Purchase Notes.
-
The Shell Union Oil Corp. having given notice it will on Oct.
13
make anticipated payment of $2,000,000, the principal amount, 1932
plus
accrued interest to Oct. 13 1932, on said principal amount, of
deposited note. No. 3, due July 1 1933. deposited with Chicago its 5%
Trust Co., as trustee, as security for the purchase money notes, Title &
series S.
due July 1 1933 of the United Gasoline Corp., the latter intends, on
Oct.
1932. to make anticipated payment with such moneys in said amount 13
of
$2.000.000, together with interest accrued on said amount to
Oct. 13
of its said purchase money notes. The holders of said purchase 1932.
money
notes should present their notes on Oct. 13 1932, or as soon
thereafter as
Possible at the Chicago Title & Trust Co., Chicago, Ill.,
the amounts of the principal of, and interest on,said notes. for payment'of
-V.135, p.2007.'
For income statement for 9 months ended Sept. 30
see "Earnings Department" on a preceding page.
Earle Bailie, Chairman of the board, states:
During the quarter impbrtant portfolio changes have
been
ing substantial additional investments in both fixed-income made, involvcommon stocks. Since early July management has been securities and
of the opinion
that a changed outlook for American business made this policy
There has been a notable strengthening of the dollar in the advisable.
changes, and in many important instances commodity prices world's exto advance; bond prices have risen and July brought further have begun
change in sentiment on the part of business men, no longer evidence of a
United Linen Supply Co.
dominated by
-Class B Div. Increased.
panic fears. For the first time since the spring of
1931 a seasonal expansion
The directors have declared a quarterly dividend of 75c.
of business was indicated.
the class B stock, no par value, payable Oct. 20 to nolders of per share on
Much that has happened in recent months points to the
A distribution of 50c. per share was made on this issue onrecord Oct. 1:
probability that
economic recovery, however halting it may prove to
be, is slowly getting
as compared with $1.50 per share each quarter from April July 20 last,
under way. Management therefore entered upon a systematic
20 1929 to and
incl. April 201932.-V. 135, p. 314.
investment
13roge m ,uaugeliAlyngstaatirmrteinotn f ree 3 la
n
a
f in large hgdinageofz nre
T
ex e c
h
to you
of
Virginia-Carolina Chemical Corp.
e of the
-Four New Directors
difficulties which lie in the way of rapid or uninterrupted
economic improve?:
ment is recognized and the program has
Proposed.
tion that rapid improvement in businessbeen entered into with full realizaBryan, Kemp & Co., of Richmond, Va., in a letter to
may still be some distance away.
Recognizing, however, that real buying opportunities are
stockholders of the above corporation, on Oct. 1, stated inprior preference
part:
most likely to
appear when the business future is not yet clear, but
On Sept. 16 1932, the directors of the Virginia-Carolina Chemical Corp.
acute financial panic is over, it seemed the part of soundwhen the period of
announced in the press their negotiations with Armour Fertilizer Works,
policy to purchase
securities in spite of the continuance of low corporate
relative to the proposed merger, had been abandoned.
earnings and small
business volume.
On Sept. 23 1932 at special meeting of the stockholders, Charles G. WilThe present statement shows that holdings of cash and
son announced he would not stand for re-election either as director or
Liberty bonds are
now in excess of $4,700,000, an amount which leaves corporation in
President at the annual meeting to be held on Oct. 12 1932.
position
to make further substantial investments in
Having accomplished, largely through the efforts and co-operation of
recede materially from present levels or thatthe event either that prices
certain stockholders, the defeat of the merger with Armour Fertilizer
the
proves that such further investments appear wise.business outlook so imWorks, and believing that a large preponderance of the prior preferred
Bond purchases have
been chiefly in issues which yield a high return and also
shareholders are looking to us, and our associates who are large stockholders
bilities of enhancement in value. The common stocks offer good possiin the company, for assistance in having dividends restored on their stock,
recently
have been principally those of companies possessed of liquid purchased
as well as the accumulated dividends paid thereon, we have been negotiating
resources
ample to sustain them in the face of a continuation of depressed
for several days with a majority of the members of the board of directors
earnings,
and occupying a trade position sufficiently strong to insure
who were selected to represent your prior preference stock. We are pleased
that earnings
will respond to an improvement of general business.
to report we have reason, to believe that your interests will be represented
The corporation's net assets at the recent high prices
in a manner satisfactory to you.
amounted to approximately $38.405,000 as compared with for securities
It has been mutually agreed that the board of directors is to be increased
net assets of
approximately $25,612,000 at the low point of the
to 15, eight of whom will represent the prior preference stock and the other
summer, an increase
of $12,793,000, or nearly 50%•
seven to represent the 6% participating preferred and common stocks.
Approximately 147 of the assets are held in cash or its equivalent
Those members who were selected to represent your prior preference stock
and
Liberty bonds, with 30% invested in bonds or preferred stocks
have agreed to allow us and those associated with us the right to name
in common stocks. The $4,523,100 Investors Equity debentures and 56%
four directors who will, with four members of their group, represent the
heretofore
held by the corporation have been canceled by directors' action.
prior preference stock.
The net
assets of corporation on Sept. 30 1932 were equal to $6,923.98
The following
per $1.000 'Taylor, director gentlemen will be named as our directors: Jacquelin P.
of assumed debentures. $102.66 per share of preferred stock, and 34
of Universal Leaf Tobacco Co., and P. Lorillard
cents
Co.:
per share of common stock. lithe preferred stock held by the
Thomas B. Scott, President of Palmetto Fertilizer Co.; Leon M. Nelson
corporation
were retired, these values would be $6,572.08 per $1,000 of assumed
and George S. Kemp, all of Richmond. Va.-V. 135, p. 2352.
debentures, $109.37 per share of preferred stock and $1.05 per share of
corn.stock.
Vortex Cup Co.
-Estimated Earnings.
Balance Sheet Sept. 30.
Net earnings for the fiscal year ending Sept. 30 1932
1932.
1931.
1932.
of El a share on the common stock, it is estimated in awill be in excess
1931.
Assetsletter
t
holders. In the preceding year net earnings amounted to to stockCash in banks, on
Res've for expenses
$605,805,
equal after dividends on the class A stock to $4.12 a share on the
hand and at call 2,426,556 6,368,267
and taxes
101,50$
48,898
shares of no par value common stock.
56,082
U.S. Govt. securiDividends payable d556,763
President R. C. Fenner ascribed the decline in
592,491
ties (at cost)._ ..a2,290,899 1,560,703 Duefor sees.loaned
unemployment in offices, factories, &c., and earnings to cooler weather,
137,326
curtailment of the soda
Short term ado's __
157,290
against cash_ _ _ _ 765,000 1,345,500
fountain trade.
Invest,at coat_ - _a48,184,679 50,013,030 Due for sec. purch.
17,543
The company has more than $600,000 of cash and short-term
2,108
Co.'s own stock
Participations in
United
States certificates, and current assets are more than five
held (at cost). - 1,804,134
times current
syndicates
106,210
liabilities, Mr. Fenner pointed out.
-V. 135, p. 1342.
Receivable for seForeign exch. con9,364
curities
_
tracts (contra).- 104,533
Waldorf System, Inc.
-August Sales.
Int. & dividends
Invest. Equity Co.,
1932-August--1931.
Decrease. 1932-8 Mos.-1931.
441,357
556,969
rec., &c
Decrease'.
Inc., 5% debs 5,126,900
$1,045.282 $1,248,296
$203.014 1$9,439,116 $10,288,429
Special depos. for
6% cum. pref.stk_c7,396,350 29,585,400
$849,313
-V.135. p. 646; V. 134,P. 4338.
592,491 Common stock
dive. (contra)_ _ 509,508
b2,326,318 5,050,395
Foreign exchange
General reserve__
Walgreen Co.
1,662,866
-September Sales.
104,533
contracts
Surplus
39,459,840 20,953,915
1932
-Sept.
-1931.
Decrease.' 1932-9 Mos.-1931.
Decrease.
$3.647.254 $4.342,133
$694.879 I $34,597,783 $41,052,271 $6,454,488
55,908,356 59,248,756
Total
Total
55,908,356 59,248,756
-T.135, p. 1893.
a The market value of investments and U. S. Govt.securities on Sept. 30
1932 was $18,810,873 less than cost, the value of investments not readily
Wardman Realty & Construction Co., Washington,
marketable having been determined by appraisal by the corporation.
D. C.
-Bankers Accused in Sale of Bonds.
b Represented by 2,326,318 no par shares. There are reserved unissued a
Harold L. Stuart, President of Halsey, Stuart & Co..investment bankers,
total of 1,212.325 shares for the exercise of warrants or options to subscribe
surrendered at the Federal Building at Chicago Oct. Sand a warrant chargto common stock as follows: 1,149.852 shares at any time at $19.72 per
ing use of the mails to defraud was served upon him. Mr. Stuart and two
share, 3,159 shares on or before April 1 1948 at $45 per share, 59.310 shares
other Chicago officials of the company,E.Hill Leith and Daniel Upp, posted
2508
Oct. 8 1932
Financial Chronicle
"bail of $5,C00 each in United States bonds for appearance during the present
•term of Federal Court at Milwaukee, where they are under indictment.
The Chicago defendants, together with three New York officers of the
•company, are charged with selling gold debentures of the Wardman Realty
& Construction Co. of Washington, D. C., in the amount of $2,500,000, a
large portion of which were purchased in Milwaukee, hence the indictment
there.
The indictment charges that the debentures were secured by the capital
common stock and $2.500,000 in general mortgage bonds of the Wardman
Real Estate Properties, Inc., a subsidiary of the other Wardman concern.
Purchasers of the securities, according to the indictment, were led to
believe by pamphlets and circulars and by statements of salesmen that the
earnings of 13 hotel and office buildings in the District of Columbia would
pay the operating expenses, the 63i% interest on the debentures, and leave
"a substantial profit."
It was represented that the general mortgage bonds were secured by
mortgages and trust deeds on these properties, but the indictment charges
that these mortgages were subject to prior liens totaling more than $16.,000 and that the common stock was "of little value."
"Said defendants well knew that the Wardman Realty & Construction
Co. was, and had been from its beginning, a losing venture and would produce no bona fide profits sufficient to pay the underlying encumbrances
nor to pay anything on the common stock," the indictment stated.
009
The following statement was issued by Halsey, Stuart
& Co.:
that the
Such information as we have been able to obtain indicates
Milwaukee indictments were based upon an assumed violation of the
Federal "Mail Fraud" Act in connection with sales of securities of the
Wardman real estate enterprises of Washington, D. C. Wisconsin was
strangely selected as the venue of the proceedings by its Washington
sponsors, although the properties involved, the issuing companies and
the Department of Justice (which occupies one of the mortgaged Wardman
properties) are all in Washington. where the properties are well known
and where many of these securities were sold.
Senator Blaine, of Wisconsin, was the Chairman of a Senate Committee
which last year undertook an investigation of real estate financing in the
District of Columbia. The report of the Blaine Committee (which indicates a complete misunderstanding of the Wardman financing) was the
forerunner of the Department of Justice activities culminating in the
Milwaukee proceedings.
The Government's representatives apparently mean to contend that
the bonds secured on these properties are virtually worthless. Taxes
on the mortgaged properties are being collected by the Government on
the basis of its own assessed valuation of approximately $15,000,000.
These properties constitute one of the large hotel situations in the United
States which throughout the depression have earned operating expenses.
taxes and (before depreciation) a substantial amount applicable to interest
charges.
More than 250 investment houses, institutions and dealers joined in the
distribution of these securities throughout the United States. Halsey.
fact
Stuart & Co.'s good faith in this transaction is indicated by thetheir that
own
they purchased their share of these securities outright with
funds. The facts filrnish no basis for these indictments. They could
have been founded only upon a wholly-prejudiced misconception of what
actually occurred. We are confident that the ensuing litigation will
result in our complete vindication.
-September
Wil-Low Cafeterias, Inc.
1932.
Month of September$249.021
Sales
V. 133, p. 3802.
-
Sales.
1931.
$258,493
Decrease.
$9,472
-Tenders.
Wilson & Co., Inc.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
-year
10 a.m. on Oct. 17 receive bids for the sale to it a 1st mtge. 6% 25
s. f. gold bonds due April 1 1941, series A, to an amount sufficient to exhaust $169,763, at a price not exceeding 10711 and int.-V. 135. p. 2008:
V. 134, p. 2741.
-September Sale8.(F. W.) Woolworth Co.
1932.
1931.
1930.
819,463.169 $21,732,156 $22,353,063
174,100,234 194.794.692 196,460,281
Month of September
First nine months
V.
- 135, p. 1839, 1009.
-New Directors, &c..
Worumbo Manufacturing Co.
At the annual meeting recently held, the stockholders were informed
that the company is in a much stronger position that it was six months ago.
Inventories have been largely reduced, and bank loans sharply cut The
mill is now running on both a day and night shift, the business office at
Bath. Me., has been closed and the work transferred to the mill office.
Action has also been taken to cut unnecessary operation costs in the New
York office of the company.
The board of directors has been increased by four members, from six to
ten, to give preferred shareholders greater representation. A complete
list of present officers and directors follows: President. Walter U. Gutmann; Treasurer, Oliver Moses; Clerk. Walter E. Plununer; Philip J.
Deering, William C. Hill. Sewall C. Strout, Rupert H. Baxter, Galen M.
-V. 133. p. 1778
Harris, Harry Rounds and R. A. Julia.
CURRENT
NOTICES.
-Donald McVickar and Jules R. Gimbernat Jr., announce the formation of the New York Curb Exchange firm of McVickar & Gimbernat, with
offices at Beer & Co., members of the New York Stock Exchange,60 Broad
Street, New York City. Mr. McVickar was formerly associated with F. B.
Reach & Co. and more recently has been a partner of Buck & Co. Mr.
Gimbernat has been associated with Bradley, Boyle & Wilson, prior to
which he was a partner in Maddox & Gimbernat.
-J. Goodrum Norris and Julian R. Hirshberg, both formerly with the
Trust Company of Georgia, have formed the firm of Norris & Hirshberg,
Inc., at 1303 Citizens' & Southern Bark Building, Atlanta. They will
conduct a general investment business, specializing in Southern municipals.
Mrs. Ettalon C. Brenner, formerly manager of the municipal bond department of the Trust Company of Georgia. will be associated with the new firm
in a like capacity.
Announcement is made of the formation of General Securities Corp..
Rhodes-Haverty Building, Atlanta, Ga., for the transaction of a general
John W. Davis, when shown the statement made by investment business, specializing in Georgia municiplas. The officers are
Halsey, Stuart & Co. concerning the Milwaukee indict- F. S. Bachler, President, and Scott D. Blanchard, Vice-President, Mr.
ments, said:
Bachler was formerly with G. L. Ohlstrom & Co. and Mr. Blanchard has
I have been retained in this matter by Halsey, Stuart & Co. and have
been sales manager in the Atlanta district for the Hibernia Securities Co.
gone Into the facts with care. I am not in the habit of making public
of New Orleans.
statements concerning cases in which I am employed,but I do not hesitate
to say in this instance that I think the confidence of Halsey, Stuart & Co.
-The firm of Brooke, Tindall & Co. has been formed by Byron Brooke,
complete vindication is fully justified. There is, in my opinion.
In a
formerly manager of the municipal department of the Atlanta office of
-V. 132, p. 1442.
no basis for these Indictments.
Citizens' & Southern Co., and .1. W. Tindall, formerly Vico-President of
-Receiver Sells Company to
------7--Warren Tool & Forge Co.
J. H. Hillman & Co., Inc., of Atlanta. The new firm are located in the
Group for $75,000.Bondholders'
Citizens' & Southern Bank Building. Atlanta, and will specialize in Georgia
0 The company has been sold to the bondholders' protective committee and South Carolina municipals.
receiver. The company, with a plant at Warren, 0. manufactures
by the
William H. English Jr., Vice-President and Chairman of the executive
railroad track tools and contractors' equipment. The purchase price was
$75,000, the committee being the only bidder.
committee of the New York Coffee and Sugar Exchange, has become a
include the raising of new capital
Plans for reorganization of the oompany
partner in C. D. Halsey & Co. Mr. English was formerly with Arbuckle
•through sale of preferred stock at $100 and common stock at $1 in unBrothers and later became a member of the firm of W. R. Craig & Co.
•determlned amounts. Approximately $75,000 of stock already has been
creditors in
He was recently elected a member of the New York Cocoa Exchange.
,sold, it is said. Interests of former stockholders and general
-V. 135. p. 1839.
the company are wiped out by the transaction.
-Announcement has been made by Lawrence Stern and Company.
investment bankers of Chicago and New York. that John C. Marshall is
-Earnings.
Western Grain Co., Ltd.(& Subs.).
now associated with their organization. Mr. Marshall was associated with
1929.
y1931.
1930.
y1932.
Year Ended July 31Bonbright & Co. of Chicago for many years, in which connection he was
$811,707
$77,455
$340.241
Net earns. after oper.en) $265,137
105.000
180,000
177,830
201.236
active in both the wholesale and retail distribution of securities.
Bond interest
175,497
Depreciation
-A. L. McClellan, Jr., has been appointed Baltimore representative of
Dominion Securities Corp. of New York and will make his headquarters
$162,411 def$102.545 4531,210
863.901
Net profit
65,000
130,000
97,500
at 715 Mercantile Trust Building. Mr. McClellan since 1926 has been
Preferred dividend
connected with Dillon, Read & Co. and for the past two years has been
$466,210
$64,911 def$232,545
$63.901
for year
Surplus
manager of their Baltimore office.
466.210
z199.538
263,372
Previous surplus
Dr44,716
Drl,077
Income tax
-Appointment of George W.Swinburne as manager for the Pacific Coast
Bal. of prof. for year
of the wholesale department of Hartley Rogers & Co., Inc. was announced
appllc. to deprec. on
recently by Hartley Rogers, head of the firm. Mr. Swinburne has been
63,901
country & term. prop_
actively identified for the past 10 years with wholesaling of investment
$466,210
$188,949
$263,372
Balance forward
$263,372
securities on the Pacific Coast.
x Subject to income tax. y Consolidated statement. z Includes surplus
-Emmet A. Kirkwood, formerly manager of the Philadelphia office
of subsidiary companies.
of Sutro Bros. & Co., and for the past 15 years prominent in Philadelphia
Consolidated Balance Sheet July 31.
[Including Mutua Grain Co., Ltd.]
financial circles, has been appointed Associate Manager of the Philadelphia
1931.
1932.
Liabilities1931.
office of W. E. Hutton & Co., members of the New York Stock Exchange.
Assets
-1932.
29,807 Bank loans (sec.).21,360,000 2679,000
$2,925
Cash
Parrish & Co., members of New York Stock Exchange, announce that
Cash tickets,orders,
Cash in hands of
48,418
John Atkins Payne, formerly with Kuhn, Loeb & Co., has become asso58,060
11,558 &c
11,792
paying agents_ _
21,599 Accts. Payable, ac35,540
Notes & accts. rec_
ciated with them in charge of their Bond Department with headquarters in
crued liabilities
Adv.,freight, accr.
New York.
& cust. margin
storage & other
357,173
187,909
accounts
-A. F. Miller, Jr., and R. .1. McCutcheon have formed the firm of
charges on grain
2,859,500 2,938,000,
259,424 Bonds
144.243
store
In
McCutcheon-Miller Corp., 33 Fourth St., S., St. Petersburg, Fla. They
Bond redemption
Inventories ofgrain
will deal in Florida municipal issues and local real estate bonds.
12,400
40,910
reserve
1,879,119 1.212,695
& coal
3,566 Preferred stock__ 1.900,000 1,900,000
5,194
-George S. Goodspeed, formerly sales manager of North American
Prepaid expenses_
775,229
y775,229
Common stock
Bonds purch. in
Securities Co., New York, has become associated with Ross Beason & Co..
263,372
263,372
Profit & loss aeet
anticipation of
Inc., New York, as Vice-President in charge of sales.
sink, fund payment due Dec.
James Talcott, Inc.. has been appointed factor for William J. Schepp.
22,810
31 1931-at cost
Inc., New York City, manufacturers of broad silks, and Shurr Silk Corp.'
Sal. of sink. fund
New York City, distributors of silks.
m
In the - inds of
trusteesfor bond-H. C. Yeager & Co.. Inc., announce that W. W.Zachary has become
400
400
holders
associated with them as Vice-President and will specialize in bank and
Sundry loans,
insurance stocks.
mtges. & agree16,288
13,581
ments of sale_ _
-Hemphill, Noyes & Co. announce the removal of their Boston office
Memberships & infrom 185 Devonshire St. to the Atlantic National Bank Building, 10 Post
243.585
250,299
vestments
11‘,
Office Square.
5,171,8.58
x5,101,886
Fixed assets
-Hemphill, Noyes & Co., members of the New York Stock Exchange.
$7,444,981 26,973,359
Total
$7,444,981 26,973,593
announce that E. H. Marrett has become associated with their Boston
Total
office.
z Less depreciation of$221,345. y Represented by 200,000 no par shares.
-V.133. p. 3269.
Tobey & Co., 25 Broadway, New York, members of the New York
Stock Exchange, have prepared a circular on Allied Chemical & Dye Corp.
-Expansion.
Western Grocers Ltd.
wholesale fruit interests
-Ewart & Bond, Inc., announce the opening of a Boston office at 82
Purchase of the assets of the Nash-Simington
Devonshire Street, under the management of Charles R. Carney.
Alberta by Western Grocers. Ltd., in a
In Manitoba, Saskatchewan and
recently by W. P. Riley, Presi-Schmeltzer, Clifford & Co. 1 Wall St., New York, in their current
deal involving $1,250,000. was announced Grocers.
review discuss the outlook for the stock and bond markets.
dent and Managing Director of Western company acquires ten wholesale
By virtue of the transaction the latter
Manitoba and seven firms in Albetra.
-Wallace, Sanderson & Co., 57 William Street, New York, have issued
fruit houses in Saskatchewan,seven in
Grocers will carry on under their present
a list of municipal bonds yielding from 3.60 to 4.60% •
The new subsidiaries of Western changes for the present, at least, it was
staff
-Kenneth W.Alford is now associated with Dunne & Co. of this city.
names, and there will be no
-V. 135. p. 148.
.announced ("Monetary Times").
Financial Chronicle
Volume 135
2509
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. 7 1932.
COFFEE on the spot was quiet with Santos 4s 123/ic.;
Rio 7s, 9c. and Victoria 7-8s, 8301. Maracaibo, Trujillo,
/
12 to 12Xe.; Omuta, fair to good, 12% to 133(c.; prime to
choice, 13 to 1334c.; washed,13 to 1334c. Colombian-Ocana,
11%e. Bucarmanga, Natural, 123 to 133.c.; Honda,
Tolima and Giradot, 13 to 13%e.; Medellin, 13% to 14c.;
Mandheling,26 to 33c.; Genuine Java,22 to 233/2c.; Robusta,
washed, 11c.; Mocha, 1434 to 15e.; Horror, 1334 to 14c.;
Armenia, 133 to 1334c.; Mantzales, 13 to 133c.; Mexican,
washed, 1334 to 14o.; Liberian, Surinam, 10c.; East India,
Ankola, 26 to 35e. Guatemala, Bourbon, 12% to 12%c.
On the 3rd inst. cable communications with Santos and Sao
Paulo were resumed following declaration of peace in Brazil.
Only a few offerings were reported in the cost and freight
market. Early in the day from Santos a type coffee said to
grade about 6-7s was offered at 9.40e. for prompt shipment
and later 4s were offered at 9.60e. for shipment as soon as
possible. On the 4th inst. cost and freight offers from Brazil
were in rather larger supply with nearly all shippers who
made quotations including Santos Bourbon 4s in their lists.
For prompt shipment, Santos Bourbon 2s were available at
10.900.; 3s at 10.50c.; 34s at 10.25c. to 10.500.; 3-5s at
10.15 to 10.50c.; 4-5s at 10.25c.; 6s at 9.30c. and 7-8s at 9c.
Rio 7-8s were available at 7.85c. On the 5th inst. despite
the announcement by the Brazilian government that it will
take steps to control the coffee market in order that prices
may not break suddenly through unrestricted selling and
would place an embargo on coffee shipments from the Port
of Santos until an investigation of conditions can be made,
cost and freight offers from Brazil were received in moderately
large supply and quotations were about unchanged. There
was, however, a lowering in the prices quoted by a few shippers. Santos Bourbon 2s were offered at 11.50c.; 2-38 at
11.25c.; 3s at 10.50c. to 11.50c.; 3-4s at 10.30c. to 10.35c.;
3-5s at 10.15e. to 10.25c.; 5-68 at 9.95e.; Rio, 7-8s at 7.85c.
On the 6th inst. owing to the Brazilian government's
decision to place an embargo on coffee shipments through
the port of Santos until such time as the government is
assured that there will be no collapse in coffee prices as a
result of unrestricted shippings, cost and freight offers from
Brazil were somewhat scarcer than on the preceding day and
prices were slightly higher. For prompt shipment, Santos
Bourbon 3s were available at 10.65c.;3-4s at 10.45e. and 3-5s
at 10.30c. Rio 7-8s were offered at 7.850. On the 1st
futures declined again, making a drop of 301 points on three
days, all due to the sudden ending of hostihties in Brazil.
On the 3rd December Santos declined 50 points making 3340.
since last Wednesday with sales abnormally large of that
delivery. Spot Santos 4s were nominally 13%c. to 14e. and
Rio 78, 93,e. George S. Minor, President of the Grain
Stabilization Corporation said of the policy of the Corporation
with regard to coffee released for sale on Oct. 3rd:"In selling
coffee Friday no bids below 11 Mc. per pound were accepted.
Uncertainty regarding accuracy of reports from Brazil made
it seem advisable to withhold a part of our October allotment
for later sale. We, of course, have no wish to break prices,
which would be detrimental to the best interests of those
who have made recent purchases. Bids will be opened
Tuesday on 38,500 bags. In view of the fact that the disturbance in Brazil seems to have abated I do not believe
further negotiations with Brazil are necessary in regard to
obtaining a release of larger quantities of coffee."
On the 4th futures closed 5 to 11 points higher. Farm
Board coffee sold at 10.56 to 11.55c. The Port of Santos
will not be opened at once. On the 5th inst. futures rose
3 to 26 points on the temporary closing of the port of Santos.
The sales were 27,000 bags of Santos and 7,000 bags of Rio.
On the 6th futures were extremely dull and closed 6 points
lower to 4 points higher. The sales were only 8,250 bags of
Santos. There is a disposition on the part of traders to
await further action by the Brazilian Government regarding the port of Santos. The general feeling is that it will
be opened before long. Spot coffee was dull. To-day
futures closed here with Santos 1 to 7 points lower and Rio
3 points off to 2 points up with sales of 11,000 bags of Santos
and 1,000 bags of Rio. Final prices show a decline of 9
points on September Rio and 64 points on September
Santos but March deliveries are up 15 to 17 points for the
week. Rio coffee prices closed as follows:
Snot (unofficial)
December
March
84
May
6.e5 nom.I July
6 11 nom. September
5.961nom.
5.88 nom.
5.80 nom.
Santos coffee prices closed as follows:
kpot (unofficial)
December
March
123
May
9.55
July
8.88§ 8.90 September
8.
8.
8.38
lii
COCOA to-day ended 3 to 5 points higher on covering of
hedges against actual sales. Commission house selling was
readily absorbed. Final prices show a decline for the week
of 12 to 13 points.
SUGAR.
-On the 1st spot raws dropped 2 points to 1.16
to 3.16e. Futures closed unchanged to 1 point lower with
sales of 3,600 tons. A cargo of 4,100 tons of Porto
Rico,
Oct. 9th loading, sold also. The Sugar Institute reports the
melt of 14 United States refiners for the week ended Sept. 24
amounted to 90,000 tons, unchanged as compared with the
same week last year. Deliveries, however, were off approximately 5,000 tons, this year amounting to 85,025 tons as
compared to 91,401 tons last year in the same week. Themelt and delivery figures since Jan. 1, all figures in long tons,.
raw sugar value, are as follows: Meltings, Jan. 1 to Sept. 24.
1932, 2,925,000; Jan. 1 to Sept. 26 1931, 3,300,000. Deliveries, Jan. 1 to Sept. 24 1932, 3,005,464; Jan. 1 to Sept. 261931, 3,306,548 and refined, 4.25e. On the 3rd Refined'
declined 10 points to 4.15c., futures closed unchanged to1 point lower. Wall Street bought December. The trade
bought May and July. The loss in Porto Rico from thehurricane is estimated at 20% and has apparently been discounted. Spot sugar sold at 3.16c. There was a sale of
2,000 tons Philippines at 3.03c., March-Apr. and 1,000 tons'
at 3.080. for June and July shipment. The sales of futures
at the Exchange were 11,050 tons. The International sugar
conference opened at Brussels yesterday. Cuba's proposal
for a modification of the Chadburne plan to meet the necessities of Cuban producers was submitted. According to
reports it appeared that the plan would not meet with general
approval. Cuba is represented at the conference by Luis.
Marino Perez, Cuban commercial attache at London. Cuba's:
proposal calls for an increase in the 1933 export quota. Advices from the Department of Commerce in Washington.
place the damage to Puerto Rican cane crop at 20%. In
the main storm zone the loss to the cane crop is put at 50%.
Havana cabled figures of the Cuban movement for the week
ended Oct. 1 as follows: Arrivals, 23,842; exports, 38,936;
stock, 779,461. Exports were: To New York, 7,768; Philadelphia, 1,441; Boston,3,555; Baltimore,6,393; New Orleans,
6,190; Norfolk, 480; Miami, 231; interior United States, 127;
United Kingdom, 8,956; France, 3,795.
On the 4th futures sold freely at a decline of 1 to 4 points,
the total being 29,800 tons. Fifteen hundred tons of cash
sugar sold at 3.15 ex store and 6,000 Philippines at 3.03
May-June. On the 5th inst. futures closed 1 point up to-i.
point off with sales of only 2,350 tons. Spot prices 1.15 to
3.15c.; refined, 4.15c. but concessions were believed to
have been made. On the 6th futures closed unchanged to
'
2 points higher. Spot sugar was off to 1.14 to 3.14c. Some
2,000 tons of Cuban sold at 3.14e. To-day futures ended
1 to 2 points higher on reports that refiners' -tocks of raw
sugar are at a low point and buying by commission houses.
Raw sugar was quoted at 1.200 with refiners reported
interested at 1.14e. Final prices for the week are 2 pointslower to 1 point higher. Closing quotations follows:
Spot (unofficial)
December
January
March
1.14
iMay
1.09
July
1.06(i1.07 September
1.01
1.05§ --1.08 1.06V
1.i2@
LARD.
-On the 3rd futures closed unchanged to 7 pants
lower but better than the lows, owing to the steadiness in'
hogs. Demand was lacking throughout the session and
no trades were recorded until about noon. The Liverpool
lard market closed easy, unchanged on spot, while distant
positions were 6d. to Is. 9d. lower. Lard exports
over
week-end amounted to 1,396,265 pounds. The monthly the
lard
stocks issued late Saturday showed a decrease of 21,000,00
01
pounds, compared with a decrease of only 10,000,00
0 pound"
for the same time last year. Chicago, refined
to Continent
quoted at 6c., delivered in New York; South America,
63o.•
Brazil in kegs, 7o. On the 4th futures cloied
unchanged to
2 points higher. On the 5th inst. futures broke
20 to 35
points; cash prime 5 to 5.100.• refined,
63/i
6th futures closed unchanged to 2 points up. to 7e. On the
To-day futures
ended 5 points lower to 2 points higher. Final prices
show
a decline for the week of 27 to 30 points.
DAILY CLOSING PRICES OP LARD FUTURES
IN CHICAGO..
Sat.
Mon. Tues.
Wed. Thurs.
PH'.
October
4.70
4.70
4.70
4.50
4.50
4.50
Januar',
4.47
4.40
4.40
4.15
4.17
4.20
May
4.57
4.50
4.52
4.25
4.27
4.32
Season's MO and When MadeSeason's
October
6.42 June 17 1932 October Low and When Made
3.77 June 2 1932'
January
5.30
January
3.75
May
5.42
May
4.25
BEEF quiet; Mess nominal; packet, nominal;
$14.12 to $14.62; extra India mess nominal; No. 1 family,
canned
corned beef $1.973/i; No.2,$3.90;six pounds,South America,
$12; pickled tongues, $33 to $35. Pork quiet; Mess, $18.25;
family, $19.25; fat backs, $12.50 to $14. Ribs, Chicago
dull; nominal; cut meats off; pickled hams, 18 to 20 lbs..
Financial Chronicle
2510
93c.; 14 to 16 lbs., 93c.; 10 to 12 lbs., 10c.; pickled bellies,
clear, 10 to 12 lbs., 83'c.; 6 to 10 lbs., 9c.; bellies, clear,
dry salted, boxed, 18 to 20 lbs. 7Mc.; 14 to 16 lbs. 73/20.c.
s
Butter, 17 to 213/c. Cheese, ' to 173/2c. Eggs, ' to
13
173/i
32c.
-Linseed was quiet and weaker with flaxseed and
OILS.
grains lower. It is generally conceded that 6.2e. carlot can
be shaded 1 to 2 points. Linseed meal prices at Buffalo and
Philadelphia were about 50c. a ton lower than last -week.
Cocoanut, Manila coast tanks,3Mc.; tanks, New York spot,
SMo. Corn, crude, tanks, f.o.b. Western mills, 43o.
Olive, denatured, spot, drums, 57 to 59c.; shipment, 54 to
3
550. China wood, New York, drums-carlots, 5% to 53/se.;
tanks,spot,5Mc.;shipment, 53/sc.;Pacific Coast, tanks,5 to
.53'c. Soya bean, tank, cars, f.o.b. Western mills, 3.20 to
3.25c.; carlot, delivered, drums, New York, 4M to 43 o.;
4
L.C.L. 53c. Edible Olive, $1.25 to $1.40. Lard, prime,
9c.; extra strained winter, 73c. Cod, Newfoundland, 230.
'
3
Turpentine, 45% to 50%c: Rosin,$3.65 to $6.85. Cottonseed oil sales to-day, including switches, 12 contracts.
Crude S. E., 3% bid. Prices closed as follows:
Spot
October
November
December
January
4.10 Bid
4.19@4.28
4.2O(4.35
4.21 4.30
4.27(54.31
February
March
April
May
4.304.45
4.37544.42
4.40 4.50
4.48i4.52
PETROLEUM.-The demand for spot gasoline recently
fell off and was slightly easier owing to the unfavorable
weather conditions. Below 65 octane, in tank cars, at
refineries, was quoted at 53c. to consumers and 53/Ic. to
the trade. Above 65 octane was 5%c. In Baltimore and
Philadelphia 53c. could be done. The proration meeting
of the Texas Railroad Commission which will take place on
Saturday is awaited with much interest. Fuel oils were
easier. Grade C bunker fuel oil was also easier, although
the price is still 75c. Diesel oil was still quoted at $1.65.
Kerosene demand improved somewhat. Refiners are looking for a big increase in consumption before very long.
For 41-43 water white the quotation was 53'c. tank cars
at refineries.
Tables of prices usually appearing here will be found on an earlier page in
our department of •'Business Indications," in an article entitled "Petroleum
and Its Products."
RUBBER.
-On the 1st prices advanced 11 to 16 points
with London up 1-32 to 3-32d, Singapore 1-16d and some
support on this side. The Malayan gross export figures for
September were not here but Ceylon shipments showed a
decrease from August which may have helped the use here.
Ceylon's shipments were 4,361 tons, against 5,585 tons in
August, of which America received 3,003 tons against
3,604 tons during the previous month. The Ceylon total
was 4,195 tons during September, 1931, also the Malayan
probably was in the hands of some factors here with foreign
connections. The closing prices after sales of 330 tons were
4.10c for May No. 1B, for B 3.81 to 3.83 for December No.
1 Standard, 3.90 to 4c for March and 33 c for spot and
%
October plantation R. S. sheets. London on the 1st inst.
closed 1-32 to 3-32d higher; October 2Md; Dec. 2 21-32d;
%
San-March 23 d; April-June 2 27-32d; July-Sept. 2 15-16d.
Singapore ended 1-16d up; Oct. 2 9-32d; Jan-March 2
11-32d and April-June 2 13-32d. On the 3rd prices declined
16 to 22 points on larger Malayan shipments and liquidation
with sales of 480 tons. Gross September exports from
Malaya, 41,973 tons, were the largest since February and
exceeded those of August by 2,636 tons. The showing was
more favorable compared with September last year, when
the total was 44,336 tons. Nine months' shipments were
brought to 362,946 tons, compared with 390,184 tons during
the same time last year,a decline of about 7 per cent. London
was Md lower.
On the 3rd inst. London ended 1-16 to Md. lower; Oct.,
-March,2Md.; April-June,2%d.;
234d.;Dec.,2 19-32d.; Jan.
July-Sept. 2 13-16d. Singapore was unchanged to 1-16d.
%
-March, 23 d.; April-June, 2
up; Oct. 211-32d.; Jan.
-13-32d.
On the 4th futures closed 3 points off to 3 points up with
sales of 910 tons. The break in the Malayan September
shipments showed 22,387 tons shipped to the United States,
against 1,362 in August and 29,476 in September 1931. The
United Kingdom exported 5,925 tons, against 6,455 in
August; British possessions, 773 against 636; the Continent,
6,662 against 6,092, and other countries, 407 against 160
tons. Latex revertex shipments to all countries, 509 against
534 tons in August. Imports into Malaya, chiefly Dutch
native, were 8,869 tons against 7,371 in August and 8,369
tons in September 1931,closing with No.1 Standard October,
3.50 to 3.56; November, 3.57; December, 3.65; January,
3.72; February, 3.78; March, 3.85; April, 3.88; No. 1 B
Standard May, 3.91; June, 3.95; July, 4.00; August, 4.05;
September, 4.10. Sales, tons, 910. Outside prices: Spot
-Dec., 3 11-16, 1933; Jan.
-March,
and October, 3M; Nov.
37 a; April-June, 4 1-16; Spot First latex crepe, 43 to 45/s.
/
Thin pale latex, 43.( to 4 5-16. Clean thin brown, 33;
rolled brown crepe, 33. No. 2 Amber, 3%; No. 3 Amber,
3 5-16; No. 4 Amber, 33-i. On the 4th inst. London closed
1-32d. lower to 1-32d. higher; Oct., 23'd.; Dec., 2 9-16d.;
-March, 2Md.; April-June, 2 23-32d.•, July-Sept.,
Jan.
227-32d. Singapore ended Md.to 3-16d. off; Oct., 2 5-32d.;
-March, 23d.; April-June, 2 9-32d. On the 5th inst.
Jan.
with stocks off 2 to 8 points and commodities generally
lower rubber gave way 10 to 17 points with selling up to
2,890 tons. Wall Street and foreign selling told heavily.
Oct. 8 1932
Londob. declined 1-32 to 3-32d. New York closed with No. 1
standard Oct., 3.40 to 3.44c.• Nov., 3.450.; Dec., 3.50c.;
Jan., 3.560.; Feb., 3.62c.; March, 3.68 to 3.710.; No. 1
"B" May, 3.78 to 3.800.; June, 3.81c.; July, 3.85 to 3.88c.;
Aug. 3.90c.; Sept., 3.95c. Outside prices: Spot and Oct.,
-March, 3 13-160.; April.
3 9-16e.; Nov.
-Dec., 3Mc.; Jan.
June, 4e.; Spot, first latex crepe, 43c.
On the 5th inst. London closed 1-32 to 1-16d. off; Oct.,
2 15-32d.; Dec. 2Md. Jan.-March, 2 19-32d.; Apr.-June,
,
•
2 21-32d.; July-Sept., 2 id. Singapore ended unchanged to
/
3
-March 23.d.; Apr.
:
1-32 higher; Oct. 2 3-16d.; Jan.
-June,
2 9-32d. On the 6th futures closed 1 point off to 4 up with
'
London firmer. The sales here were 540 tons, No. 1 Standard
Dec. closed at 3.49 to 3.51c.; No. 1 B May at 3.80c. On
the 6th inst. London ended unchanged to 1-32d. higher;
-March, 2 19-32d.;
Oct., 2 15-32d.; Dec., 2 15-32d.; Jan.
Apr.
-June, 2 11-16d. and July-Sept. 2 25-32d. Singapore
2
closed 1-16 to 3-32d. lower; Oct.,' 3-32d.; Jan.
-March,
2 5-32d.; Apr.
-June, 2 7-32d. To-day futures closed 6 to
7 points lower despite a better trade demand. Private
estimates placed the consumption in the United States this
year at around 320,000 tons against 348,000 tons last year and
377,000 in 1930. No. 1 standard, Oct., 3.33c.; Dec., 3.42c.;
March, 3.66 to 3.67c. Final prices are 21 to 23 points lower
for the week. To-day London closed quiet, unchanged to
1-32d. higher; Oct., 2 15-32d.; Dec. 2 17-32d.; Jan.
-March,
2 19-32d.; Apr.
-Sept., 2 13-16d. Sin-June, 2 23-32d.; July
gapore closed 1-32d. to 1-16d. advance; Oct., 2 5-32d.
Jan.
-March,2 7-32d.; Apr.
-June, 23.d. Unofficial estimate
of stocks in Great Britain for the week ending Oct. 8 1932
shows: London 400 tons decrease and Liverpool 50 tons.
HIDES.
-On the 1st prices opened unchanged to 20 points
lower closing unchanged to 10 points off, with sales of
560,000 lbs., closing with Sept. new,8.400.; Dec. old, 6.35c.;
new, 6.40e.; June new, 7.90c.; spot frigerificos, 73'c. On
the 3rd closed 5 to 20 points lower with sales of 560,000
ending with new Sept., 8.35 to 8.50; New March at 7.15
to 7.2004 new June at 7.80 to 7.85. On the 4th prices
closed 5 to 10 points higher. Spot sales were 6,000, including native cows Oct. at 60., heavy native steers Oct. at 7c.,
extra light at 63'c. Futures closed with March new, 7.20
to 7.250.; June new, 7.90c.; Sept., 6.40c.; N. Y. calfskins
9-12s, 1.30e.; 7-9s, 1.00e. On the 5th inst prices ended
15 to 25 points lower with sales of 1,640,000 lbs.; also 8,000
lbs.; Sept. frigerifico at 63 0. Futures closed here with
/
Sept. new,8.20c.; Dec. old, 6.15 to 6.25e.; Dec. new, 6.10c.;
March old, 6.50c.; new, 6.95c.; June new, 7.66 to 7.700.
On the 6th futures declined 6 to 15 points with sales of
1,240,000 lbs.; also 4,500 Sept. light frigerifico steers at
7 9-16c.; closing with Sept. new, 8.050. To-day prices
closed 15 to 35 points lower with sales of 52 lots. Oct.
ended at 5.550.; March at 6.50c.; June at 7.25 to 7.35c.,
and July at 7.45c. Final prices are 75 to 76 points lower
for the week.
-There was a larger trade.
OCEAN FREIGHTS.
CHARTERS included: Grain, Greek steamer, 6,000 tons, second half
October, Baltimore-Rio, 10s. 6d: Santos, Ils, Foreign Mail, Coal, Cardiff,
West Italy, 5s. 734d. for 10,500 tons: Grain, Black Sea, four steamers,
6,000 to 6,500 tons each, October, United Kingdom-Continent, 9s. 9d. to
10s. Darube, 5,700 tons, first half October Antwerp-Hamburg range, 145.
A.R., 13s. 6d.
Ter Montreal cugoes were "fixed" for London. Private cables from
London without details reputed ten charters, Montreal, November.
United Kingdom-Cortinent, at Ui ited Kingdom base of 2s. 3d., six of
them for account, of Canadiar co-operatives. Grain booked, included a few
loads Montreal
-Rotterdam at 7c. and some New York-Hamburg at 6c.
-Las Palmas, 4,800 tons, 6s. Pd., and 5,390 tons
Foreign Mail Coal Cardiff
same and Teneriffe,7s, Grain Two Itallar, 8,0(0 tons, Black Sea-United
Kingdom-Continent, Oct. 5. 9s. 4J4d. Fele°, 7,400 tons. Capetowr-United
-Dec.
Kingdom-Continent, 145., Nov.
-Havana cabled the U. S. Tobacco Journal
TOBACCO.
that trading was quite active with sales of 4,305 bales mostly
Vuelta Abajo. Richmond, N.
markets were as follows:
$16;
Lemon leaf, B41, $21.60; B51, C., B61, $10; Lemon lugs,
X31, $13.40. Priming lugs, $8.50. L mon sides medium
to low leaf grades averaged 11% higher than the orange sides.
In comparison with the day before, prices were firm. On
the Farmville market sales lasted until 3 p. m. Offerings
were principally of medium to common quality leaf and included a larger percentage of low grade leaf. Cutter and lug
grades decreased in volume. San Juan,Porto Rico, cabled
that although the great storm had killed 200 human beings
it had done comparatively little damage to the tobacco and
other crops. Danville, Va., wired that tobacco markets in
the "Old Belt" of Virginia and North Carolina opened a new
selling season to-day with a keen air of expectancy over the
price range, which was partly justified. Danville sold
256,169 pounds at an average price of 9.3c. a pound agaisnt
337,000 pounds a year ago at 7.30. per pound. Hundreds
of farmers gathered here to witness the opening, many of
them greatly impoverished after months of depression, and
were cheered by the knowledge that the crop, despite the
Summer drought, is good in quality and greatly below the
average in size and will sell better as the better grades come.
-The seasonal trade is disappointing. F.o.b. run
COAL.
of the mine bituminous prices current follow: Southern
Illinois, $2.; central Illinois No. 5, $1.50 to $1.65; central
Illinois No. 6, same; Danville, $1.75; Belleville, $1.20 to
$1.50; Pocahontas, $1.15 to $1.75; Sewell the same; Beckley,
$1.25 to $1.75; Eagle, $1 to $1.50; Indiana fourth vein,
$1.40 to $1.60; Indiana fifth vein, $1 to $1.30; Brazil, $1.60
to $1.75; western Kentucky, 75 to 800. Rail rates on the
foregoing range from $1.41 at Danville to $3.35 at Sewell,
Volume 135
Financial Chronicle
2511
Pocahontas and Beckley. Anthracite, N.Y., mine, broken, three months and in the Mahoning Valley 22 out of 83 fur$6.75; egg, $7.00; stove, 467.25; chestnut, p7.00; pea, $5.15; naces are in blast.
buckwheat, $3.25.
PIG IRON.
-Better reports came from Cleveland. In
SILVER.
-On the 1st inst. prices closed 16 to 27 points New York most of the business has been in car lots.
off; sales 200,000 ounces. Closing prices: October 27.50e;
WOOL.
-Boston, wired a U. S. Government report as
Dee. 27.73e; March 28.09c; May 28.30e. On the 3rd inst. follows: Current quotations on domestic wools are being
futures ended 1 to 12 points higher with sales of 1,100,000 fully maintained and despite a slow demand, repeat orders
ounces; October 27.55c; Dec. 27.85c; Jan. 27.95e; March on goods occasion the purchase of some fair quantities,
28.100; May 28.34e. On the 4th inst. the closing was un- but most sales are of small volume to piece out stocks.
changed to 8 points higher with sales of 50,000 ounces; Receipts of domestic wool at Boston during the week ended
Dec. 27.85 to 27.92c; March 28.18 to 28.20e; May 28.42c; Oct. 1, estimated by the Boston Grain and Flour Exchange,
July 28.66c and Sept. 28.900. On the 5th inst. prices dropped amounted to 3,469,500 lbs., as compared with 2,121,900
5 to 10 points; sales 625,000 ounces; Dec. 27.750; March lbs. during the previous week. Receipts for the year, to
28.130; May 28.37c; July 28.61c; Sept. 28.85e. On the date, amounted to 180,577,900 lbs., as compared with
6th inst.futures closed 16 points lower to 2points higher with 237,227,800 lbs. for the corresponding period last year.
sales of 825,000 ounces. Oct.closed at 27.52c; Dec. at 27.72e;
In London on Sept. 30th offerings were 9,4.20 bales;
Jan. at 27.81c; Mar. at 27.97 to 28.08c; May at 28.25e. firm prices. Details:
and July at 28.49e. Today prices ended 5 to 15 points
Sydney. 830 bales merino, Including greasy. 8% to 13d.: Queensland,
bales scoured, 11
.
7%
lower with sales of 1,125,000 ounces. Final prices are 12 to 1.592 scoured, 14 to 18;to 18%el.; greasy,14d.; to 11%d.; Victoria, 527
bales;
scoured crossbreds, 9 to
greasy, 12 to
19 points lower for the week. October ended at 27.63c; 16%d.; West Australia, 4d.• bales; greasy, 911 to 1010.; New Zealand,
354
'
l83
id.;
Dec. at 27.83 to 27.87e; Jan. at 27.930; Feb. at 27.950; 6,030 bales; 13 to 11% scourcd crossbreds,(Ito 17d.:greasy,5% to 10%d.
Cape, 66 bales,
to WO.; greasy, 7 to 83el.; New Zealand slipe
March at 28.06c; May at 28.400 and July at 28.64c.
ranged from 4% to 121el.; latter halfbred lambs. At the Adelaide sales
to-day 31,500 bales were offered and 27.250 sold. There was a good
COPPER was easier. Generally 6 Wic. is quoted but a selection. Buyers operated freely. Prices firm.
well-known dealer was said to be offering at 5/sc. provided
In London on Oct. 3rd, offerings of 9,210 bales, included
7
payment is made by Oct. 10. For the first quarter he was 4,425 bales of Puntas greasy crossbreds, the bulk of which
offering at 6%c. and for the second quarter at 6Mc. Some were sold to the Continent on the firm basis. Details:
Sydney. 1,652 bales merino, including scoured, 10 to 16c.; greasy 8 to
2,000,000 lbs. was said to be available to this dealer. But
to 11%c.
it was hard to determine whether this is first or second-hand 14c.; Queensland, 1.120 bales: scoured, 13 to 1734c.; greasy. 9% Australia
Victoria, 571 bales;scoured, 10% to 15c.; greasy, 12 to 13c.; West
copper. The foreign quotation was lower. The Katanaga 200 bales; greasy, 1011 to 11;4c.; New Zealand, 613 bales crossbreds
10%c.; Cape, 173 bales: scoured, 12 to 14c.; greasy, 7 to 811c.
to
company was offering abroad at as low as 5.75c., while greasy, 5221 bales; greasy, 54 to 614c.; Falk's Ids, 204 bales crossbreds
Kemya,
others were asking 5.80 to 5.82%c. Copper Exporters, Inc., greasy, 6 to 83.ic.; Puntas, 4,425 bales crossbreds, greasy, 6 to 12;4c.
was quoting 6Xc. In London on the 6th inst. spot standard
In London on Oct. 5th, offerings 8,906 bales. Both
dropped 18s. 9d. to £32 13s. 9d.; futures off 17s. 6d. to merinos and crossbred selections were readily distributed to
£32 16s. 3d.; sales, 150 tons spot and 1,150 tons of futures. Yorkshire and the Continent at full current rates. Details:
Sydney. 334 bales; greasy merinos, 911 to 11%d.; Queensland, 958
The bid price of electrolytic declined 10s. to £37 5s. and the
bales; scoured merinos, 18 to 21d.• greasy. 7% to gf4d.: Victoria,
asked price was down 5s. to £37 15s.; at the second session bales; scoured merinos, 13 to 19d.• greasy, 11% to 13%fd.; greasy, 11425
'
DO
standard advanced is. 3d. on sales of 200 tons of futures. 14d.; West Australia. 292 bales; greasy merinos,9% to 11 %d.; New Zealard,
to 19%.d.; scoured crossbreds, 8 to 17d.;
On the let inst. American futures closed 5 points lower to 6,763 bales; scoured merinos. 14%slip° ranged from 414d. to 1211d.; latter
greasy. 4 to 10%d.: New Zealand
5 points higher with sales of 25 tons; Oct., 4.75c.; Dec., halfbred lambs. Cape offerings of 84 bales were withdrawn.
4.90c.; March, 5 to 5.060.; May, 5.05c.; standard no sales;
In London on the 6th inst., offerings 8,370 bales; brisk
Oct., 4.65c.; Dec., 4.75c.; March, 4.850. and May, 4.95c. sales; prices firm. Details:
Sydney. 1,689 bales Merinos, greasy, 914 to 1214d.; Queensland, 1,225
On the 3rd inst. American ended 5 to 20 points higher; no
'
bales
1834d.; greasy, 814 to
sales; Oct., 4.95c.; Dec., 4.95c.; March, 5.05c.; May,5.110., 1.189 Merinos, scoured, 13 to 13 to 15d.; greasy, 11111030.; Victoria,
bales Merinos, scoured,
to 144.; greasy
and July, 5.200.; standard ended 15 to 25 points higher; no crossbreds, 11 13d.: South Australia, 61 bales Merinos, greasy, 1011 to
1140.; West Australia. 220 bales Merinos, greasy.
sales; Oct. and Dec., 4.90c.; March, 5.05c.; May, 5.15c. 3,656 bales, scoured crossbreds, 7 15d.; greasy, 4 10 11d.; New Zealard,
to 10%d.; Cape, 330
On the 4th inst. American closed unchanged; no sales; bales Merinos, greasy, 614 to 8d.: New Zealard slipe ranged from 514 to
11%d.
halfbred
Oct. and Dec., 4.95c.; March, 5.05c.; May, 5.11c.; July, drawr'latter limits. lambs. Most of the Cape offerings were withat firm
5.20c.; Sept., 5.300.; standard unchanged; no sales. Oct.
WOOL TOPS futures today closed unchanged with Oct.,
and Dec., 4.900.; March, 5.05c.; May, 5.15c. On the
'
5th inst. American ended unchanged to 15 points lower; 55.50c; Nov., 55.300; Dec., 55.500; Jan. and Feb., 55.50c;
no sales; Dec., 4.900.; March, 5c.; May, 5.11c.; July, 5.20c.; March, 56c; April, 56.200; May, 56.700; and June, July,
Sept., 5.30c.• standard 10 points lower no sales; Dec., 4.80c.; and August, 57c.
March, 4.95e.; May, 5.05c. On the 6th inst. American
SILK
-On the ist inst. futures closed 2 points lower to
copper futures closed 5 to 10 points off with sales of 25 tons; 1 point higher with sales of 80 bales; Oct., $1.62 to $1.68;
Dec., 4.85c.; March, 4.94c.; April, 5c. and July, 5.150.; Nov., $1.63; Dec. $1.63 to $1.64 and Jan. Feb., March,
Standard 5 points lower; no sales; Dec., 4.75c.; March, April and May, $1.65. On the 3rd inst. ' closing was
the
4.90c.; April, 4.95c., and May,Sc. American copper futures unchanged to 4 points lower with sales of 1,150 bales;
to-day ended with Oct., 4.70c.• Dec., 4.80c.; May, 5c., and Oct., $1.62 to $1.63; Nov., $1.62; Dec. $1.61 to $1.63;
Jan., $1.61 to $1.62; Feb. $1.61 to $1.63; March, 31.62;
July, 5.10o. with sales of 250 toils.
TIN declined to 24c. on the 6th inst. with London prices April, $1.62 to $1.63 and May, $1.62. On the 4th inst.
sharply lower and continued weakness in stocks. At the prices wound up unchanged to 3 points higher with sales of
close on that day spot Straits was quoted at 24.100. London 1,490 bales; Oct., $1.62 to $1.64; Nov., $1.63; Dec., $1.62
on the 6th inst. declined £2 2s. 6d. on all descriptions at the to $1.64; Jan., $1.64 to $1.65: Feb., $1.64; March, $1.64
first session but advanced 7s.6d. to 10s. of the second session. to $1.65; April and May, $1.64. On the 5th inst. futures
On the 1st inst. futures closed unchanged with no sales. On closed 4 to 6 points lower with sales of 2,470 bales; Oct.,
the 3rd inst. futures ended 60 to 70 points lower; sales 10 tons; $1.58 to $1.59; Nov. and Dec. $1.57 to $1.58; Jan., Feb.,
Dec., 23.350.; March, 23.70c.; May, 24c.; July, 24.300. and and March,. $1.58; April, 31.58 to $1.59 and May, $1.58.
Sept., 24.60c. On the 4th inst. the ending was 30 points On the 6th inst. futures closed unchanged to 2 points higher
higher; sales 25 tons; Dec., 23.650.; March, 24c.• May, with sales of 1,050 bales. Oct. and Nov. ended at $1.58 to
24.30c.; July,24.60c.; Sept.,24.90c. On the 5th inst.futures $1.60; Jan. to May inclusive $1.59 to $1.62. Today prices
'
ended 20 to 25 points lower; sales 45 tons; Nov., 23.350.; ended 1 point lower to 1 point higher with sales of 1,420 bales.
Dec.,23.45c.;Jan.,23.550.; March,23.75c. and May,24.050. Oct. ended at $1.57 to $1.60; Nov., $1.59 to $1.60; Dec.,
On the 6th inst. futures closed 15 points lower with no sales; $1.58 to $1.60; and January to May inclusive, $1.58. Final
Dec.,23.300.; March,23.60c.; May,23.90c. and July,24.200. prices are 7 to 8 points lower than a week ago.
To-day futures closed with Oct., 23c.; Dec., 23.200.; March,
23.500.; May, 23.800. and July, 24.100. There were no
COTTON
sales.
Friday Night, Oct. 7 1932.
LEAD demand has slowed up considerably with prices
THE MOVEMENT OF THE CROP, as indicated by
unchanged at 3.25o. New York and 3.10c. East St. Louis. our telegrams from the
South to-night, is given below.
There was a fair demand early in the week however. Sales For the week ending
of lead for September shipment are said to have totaled reached 311,264 bales,this evening the total receipts have
against 322,464 bales last week and
28,000 tons. In London on the 6th inst. spot declined 5s. to 255,127 bales the previous
week, making the total receipts
£128s. 9d.;futures fell 3s.9d. to £12 13s. 9d.;sales 300 tons of since Aug. 1 1932 1,817,530
bales, against 1,989,752 bales
spot and 900 tons of futures. Today the American Smelting for the same period of
1931-32, showing a decrease since
& Refining Co.reduced the price 10 points to 3.150. N.Y.
Aug. 1 1932 of 172,222 bales.
ZINC was quiet and lower at 3.05 to 3.10e. East St. Louis.
Receipts atSat.
Mon. Tues.
Wed. Thurs. Fri.
Total.
In London on the 6th inst.spot zinc fell 7s.6d.to £14 17s.6d.•
futures off 68. 3d.to £15 2s. 6d.; sales 100 tons spot and 500 Galveston
17.331 16,285 36,917 10,588 11.372 10.763 103.256
4,732 4.732
tons of futures; at the second session prices advanced is.3d. Texas City
Houston
12.511 10.286 9- 4- 9 7,.30
. 6 -468 6.121 61.752 107.446
Corpus Christi
on sales of 150 tons of spot and 500 tons of futures.
1,023 1.318 1,265
732 1,702 6.506
New Orleans_,.__
2,004 8,131 13,115 9,931 4,564 3,101 40,846
-The total September output of ingots gained Mobile
STEEL.
2.016 2,970 2 181
555 3,600 12.118
796
____
__
:
____
____
710
710
21.6%, the first important increase since last February. Jacksonville
Savannah
1,354 1,432 1,257
384 1,064 1.322 6,813
Cleveland wired that reports from steel centres this past week Charleston
2,231
525 5,056 10.003
544
609 1,038
____
____
_ ___
____
____ 11,178 11,178
showed a greater than seasonal expansion in operations, and Lake Charles
Wilmington
421
481
690
203 3,165
878
492
the output generally was estimated to be the highest since Norfolk
556
693
857
567
873 4.196
650
132
last June. The Brier Hill plant of the Youngstown Sheet Baltimore
and Tube Co. is resuming operations after a shut-down of Totals this week_ 39.673 42.255 553191 31.589 25.970 105.153311.264
Financial Chronicle
2512
The following table shows the week's total receipts, the
tatal since Aug. 1 1932 and the stocks to-night, compared
with last year:
1932.
Receipts to
Oct. 7.
Stock.
1931.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
1931.
1932.
Galveston
103,256 316.322 118,057 381,201 588,666 665.604
22,808
18,574
22.667
4,732
23,259 7,676
Texas City
107,446 577,660 257,377 887,665 1,189,284 1,219.898
Houston
6,508 215,635 25,743 289,727 110,396 167,812
Corpus Christi
16,008
349
2,362
14,326
Beaumont
40,846 296,317 45,338 114.595 930,224 553,936
New Orleans
Gulfport
57,827 167,654 234,664
12,118
68,882 13,385
Mobile
3.170
37,536
977
8.536
Pensacola
14,043
19,868
Jacksonville
3,940 2,251
13,572
710
69,981 20,567 132.865 207,598 385,752
Savannah
6,813
12,050
Brunswick
41,638
94,563 170,952
Charleston
10,003
71,276 12,584
3,488
91,945
79,210 3,488
Lake Charles _ _ _ 11,178
.
8,526
15,998
8,687
Wilmington
3,165
11,567 3,107
53,856
4,196
13,039 5,981
50,180
Norfolk
17,231
Newport News,&c
204,014 229,648
New York
2,554
10,155
60
Boston
782
1,750
Baltimore
4.848
841
7.491
293
5,293
5,389
Philadelphia
311.264 1.817.530 517.721 1.989.752 3.723.754 3.725,987
Totals
In order that comparison may be made with other years,
we give below the totals at leading parts for six seasons:
1932.
Receipts at-
1928.
1927.
101,019
216.512
69,100
18,953
32.862
127,783
213,822
84,475
24,639
18,487
170,273
188,142
60,913
10,550
25,687
103,964
120,402
57,197
18,562
27,934
22.794
3,556
14,673
8,763
4,845
2,118
20,211
9,548
11.614
13,134
7.945
16,148
1931.
1930.
1929.
Galveston_ _ ..
Houston
New Orleans..
Mobile
Savannah
Brunswick..
Charleston..._
Wilmington
Norfolk
Newport News
All others _ _ _ _
103,956
107,443
40,846
12.118
6,813
118.057
257,377
45,338
13,385
20,567
10,003
3.165
4,196
12,584
3.107
5.981
23,421
41.325
30,459
28,051
24,899
26,353
Total this wk_
311,264
517,721
509,927
512,983
521,837
391,639
Rine.; An. 1
1 517 530 1050.752 3.115.529 2.581.773 2.514.177 2.752,655
The exports for the week ending this evening reach a
total of 225,629 bales, of which 24,583 were to Great Britain,
36,175 to France, 74,390 to Germany, 24,470 to Italy,
nil to Russia, 30,050 to Japan and China, and 35,961 to
other destinations. In the corresponding week last year
total exports were 89,794 bales. For the season to date
aggregate exports have been 1,337,250 bales, against 910,282
bales in the same period of the previous season. Below are
the exports for the week.
Exported to
GerGreat
Oct. 7 1932.
Exportsfrom- Britain. France. many.
Japan& •
Italy. Russia. China. Other.
Total.
--- 5,751 10,541 56,308
8,692 14,260 12,009 5,055
Galveston
_--_ 11,266 16,398 67,374
1,600 13,302 14,325 10,483
Houston.
-----------------2,339
2.339
Texas City
-------4,915 9,95
_
250
1,473 3,337
Corpus Christi
____ 4,449 2,875 57,094
New Orleans_ __ _ 9,647 5,276 25,915 8,932
------------782 2,312
1,530
Mobile
------------200 7,658
7,458
Pensacola
------------50 5,917
5,867
Savannah
Charleston
----------------1,300
212
____
1,088
Norfolk
-___ 2,123
---------1,800
100
____
223
Los Angeles_ _
100
100
-----,.-. ___--San Francisco_ _
100 7,634
--------6,784
750
--____
Lake Charles- _
24,583 36,175 74,390 24,470
Total
---- 30,050 35,961 225,629
____ 45,931 14,223 89,794
Total 1931- 17,383 1,950 5,517 4,790
____ 38.168 8,011 169,492
24.119 35.775 47.531 15.888
mnt.i 1 win
Exported to
From
GerOct. 7 1932. Great I
Exports from- Britain. 'France. many.
18,979 32,095
1Japan &
Italy. Russia China. Other. I Total.
42,624 40,450 191,378
____
69,484 63,321 434,685
6,610
564
5,892
56,810 29,633 176,495
27.013 14,102 __ 1,682
100
1,463
6,376
___
3,876
45,123 21,181 236,217
60,740 52:199 ____
7,716 3,493 56,139
27.422 1,878 __
1,066
____
1.041
714 27.990
402
25,976
33,886 --------3,547 2,767 63,858
12,050
700
11,350
45,359 --------2,000 2,213 72.693
1,123
1,000
38
•
5.463
1,685
169
169
4,645
77
4,004
____
100
4,344
200
3,895
__
50
6,784 3,470 34.267
.
9,340 4,700
43.104 16,126
Galveston.....,
Houston_ _ _ Texas Clty-
39,532101,097 127.296 33,95. ----
Corp. Christi
10,370, 38,587
Beaumont_ _ _
1191 ___
___
2.5001
36,380, 20:594
13,986! 1,644
____
25
50
848
22,308 1,350
Panama City
New Orleans_
Mobile
Jacksonville..
Pensacola _ _.
Savannah ...-
I
154
Brunswick _
Charleston....
Wilmington _
Norfolk
New York.
Los Angeles..
San Francisco
Lake Charles
23,121
85
3,728
____
____
50
__
484
.
199_ _
997 8,976
171,641204,577 425.800123,462
Total
Total 1931....
7'
Mal ---._
1930
____
241.987169,7831.337,250
56,660 37.042 168,112 74,303___ 442,583 131,582 910,282
208.508250.889 524.996 94,138 15,959 241,883 139,737 1.482.110
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports namei:
On Shipboard Not Cleared for
Oct. 7
at
-
Galveston
New Orleans
Savannah
Charleston.. _
Mobile
Norfolk
Other ports*....
Great
Britain. France
2,000
11.770
10.000
2.536
2.000
5.583
GerOther Coastmany. Foreign wise.
6.000 17,000
1,304 17,966
3.8e6
2:060 1:666 2.666 30:666
Total.
Leaving
Stock.
560.666
893.071
197.598
94.403
161.358
50.180
35:666 1,649.869
1,000 28.000
530 37.153
10,000
160
160
200 6,296
28.306 8.553 9,304 68.526 1,890 116.609 3,607,145
Total 1932
17.393
Total 1931... 17,712 6.669 32.198 107,621 13,413 162.808 3.563.179
70.779 3,106 139.954 2.912.272
16,814 17.057
Total 1930
* Estimated.
Oct. 8 1932
Cotton has shown a tendency to decline or to react from
advances, despite bad weather and reduced crop estimates.
The influence of the depression of grain and of the
hesitant stock markets has also been unmistakable. On
the 1st inst. prices declined 20 to 30 points due to a combination of a weaker technical position, good weather,
depressed cables, a less active trade demand and some
profit taking. Under the circumstances the closing prices
were generally the lowest of the day. On the 3rd prices
advanced 2 to 8 points on small trading with hedge pressure.
A private crop estimate put the American yield at 11,215,000
bales against 17,095,000 last year, the Egyptian at 563,000
bales of 760 lbs. each against 861,000 last year, the Chinese
at 2,300,000 bales of 500 lbs. each against another recent
estimate of 2,700,000, 1,750,000 last year and 2,350,000 two
years ago. The weevil is recognized as a serious menace
in the United States this year. The spot situation was
strong awaiting the United States Government crop estimate
which will appear on the 8th inst. Worth Street in the
meantime was quiet.
The New York Cotton Exchange Service said: "The
large bookings by the mills in July and August have resulted
in a greatly increased rate of mill activity which may be
expected to continue well into the fall regardless of the
volume of cloth sales in the next few weeks. It is not
improbable that domestic mill activity will average higher
this fall than last fall, which would represent a sharp reversal
of the situation prevailing early this summer. An encouraging feature of the situation is that business has held up
better on finished fabrics than on unfinished goods, reflecting a relatively good movement in distributing and consuming channels. Cutters, wholesalers and retailers are
doing more business than they anticipated. Primary markets have been encouraged by good reports of business received from various wholesale and retail centers where
distribution has been aided by the offering of many standard
goods at the lowest prices In years. The volume of consumer-buying has varied considerably, however, from one
section of the country to another, reflecting the fact that
some sections have felt the benefits of greater industrial
activity or higher commodity prices while others have
felt little or no relief from the rigours of the depression.
Substantial purchases by the Red Cross have left the market
bare of spot goods on some lines. The English cotton
Industry was relieved this week by the termination of the
weavers' strike, which had crippled the weaving section
of Lancashire, but at this writing it faces the threat of
a spinners' standstill. The ending of the weavers' strike
did not bring a marked revival of cloth sales at Manchester.
There was a good inquiry, but actual sales were limited
since buyers and sellers were far apart on prices. Japanese
goods continue to undersell British products in the big
Indian markets. Sales of cloth by domestic mills were
in smaller volume last week than previously and were
probably below current outputs in the aggregate. They have
been considerably smaller this past month than during
August. However, sales in August were so extremely
heavy that the mills could not expect to continue to sell
at that rate. It is probable that the ratio of sales to production for September was quite satisfactory, considering the
large volume of forward business which mills had on their
books at the beginning of the month."
On the 4th inst. prices advanced 25 to 27 points on bad
weather, reduced crop estimates and short covering. Later
In the day prices lost most of their initial advance on profittaking. Many look for a bullish Government report on the
8th inst. One private statement puts the condition at
51.2%, with an indicated yield of 10,883,000 bales compared
with an estimate of 11,098,000 bales from the same quarter
last month. Another report placed the crop at 10,750,000
bales against 17,095,000 last year. Montgomery, Ala., advices said: "Marketing of the cotton is exceptionally slow
for this time of the year. Especially is this true in the Eastern belt, where sales by farmers are extremely light. No
cotton is pushed for sale, and the farmers find no trouble
at all in holding off the market. Much cotton is being
turned over to governmental agencies to apply on seed and
fertilizer loans. From the standpoint of the farmer it is
distinctly a seller's market. The interior basis has advanced
to the highest level of the season and continues very strong.
Domestic mills continue to Show a keen interest in cotton
for both nearby and forward shipment, with much business
being put through. Mills in this country seem to be in a
much improved position, with a large volume of goods sold
ahead. While the demand from Europe is not as large as
from domestic mills, there is a continual inquiry. However,
export sales are not large."
On the 5th inst. the market was largely under the influence of a drop in stocks of 2 to 7 points, despite rather bad
weather and the persistence of poor crop reports. Liquidation, short selling and hedge selling told plainly, wiping out
early gains of 10 to 15 points and losing about 30 points,
closing 6 to 11 points off. Cold weather, rains and a hint
of frost in the end had no effect. The summary of the
Government weekly report said: "Picking and ginning were
interrupted by rains to some extent in the central States
of the cotton belt and harvesting made only fair progress
In the Western section. There was considerable damp,
cloudy weather, and temperatures were relatively low, which
favored weevil activity. In western Texas and southern
Financial Chronicle
Volume 135
New Mexico heavy rains were unfavorable, and some harm
was done, while in Oklahoma progress varied from fair to
good, with late bolls opening slowly. In the central States
of the belt rains the first and the latter part of the week
were unfavorable, but otherwise conditions were mostly
satisfactory. Green bolls are still developing in some central northern sections. In the most eastern States weekly
progress was fairly good and picking is well advanced, with
only slight interruption by rainfall." Memphis estimated
the crop at 10,839,000 bales; another forecast made it
11,099,000, and a third put the prospect at 11,521,000. Eight
private reports have been published, their average indicating 11,139,000 bales. The New York Cotton Exchange members' average guess was around 10,985,000 bales compared
with the Government's estimate of 11,310,000 bales last
month. Cable reports attributed the steadiness in Liverpool to general buying and trade calling because of the unfavorable crop messages from the South. The basis in the
South was reported still very high.
On the 6th inst. prices advanced 13 to 17 points on a wet
map, covering and trade buying. Then followed a slump
which left the close 3 points off to 1 point up. The decline
in grain to the lowest prices of the season had a depressing
effect, and the action of the stock market was not satisfactory. Freezing temperatures in the Southwest and Central sections of the belt had in the end no effect nor did
rains in the Eastern belt. Frost is apparently several weeks
earlier than usual in parts of the Southwest, notably in Oklahoma and Arkansas. Selling is what told, and this was
partly for hedge account on the eve of the Government report.
To-day prices ended unchanged to 3 points 'higher. Fluctuations moved within narrow range. Early prices were 9 to
11 points higher, but this was soon lost as stocks and grain
declined. These factors offset the firmness of Liverpool,
better reports from Manchester, heavy frosts in the Valley
States, Alabama and upper portions of Georgia and the
Carolinas, and an unfavorable Dallas "News" report showing
that freezing weather in western Oklahoma had caused widespread injury. The trade, Liverpool, Wall Street and local
professionals bought early, while the South, New Orleans,
wire houses and the Far East sold. There was some preBureau covering. Final prices are 16 to 29 points lower than
a week ago. Spot cotton ended at 7.05c. for middling, a
decline for the week of 20 points.
Staple Premiums!
Differences between grades established
60% of average of,
for deliveries on contract Oct. 14 1932
six markets quoting
for deliveries on I are the average quotations of the
ten
Oct. 14 1932.
markets designated by the Secretary of
.
15-16 1-Ineh
Agriculture.
longer.
inch.
.25
.25
.21.
.25
.25
.22
.19
!Middling Fair
White
63 on Mid.
.Strict Good Middling-- do
50
do
Good Middling
do
38
do
Strict Middling
do
25
do
Middling
do
Basis
Strict Low Middling
do
29 off Mid.
Low Middling
do
58
do
*Strict Good Ordinary
do
92
do
*Good Ordinary
do
127
do
Good Middling
Extra White
38 on
do
Strict Middling
do
do
25
do
Middling
do
do
Even
do
Strict Low Middling..., do
do
29 off
do
Low Middling
do
do
58
do
.10
.25
Good Middling
Spotted
20 on
do
.10
.25
Strict Middling
do
do
Even
.09
Middling
.22
do
.27 off
do
*Strict Low Middling._ do
.56
do
*Low Middling
do
90
do
.10
.22
Strict Good Middling-Yellow Tinged
.02 on
do
.10
.22
Good Middling
do
do
.26 off
do
.10
.22
Strict Middling
do
do
.40
do
*Middling
do
do
56
do
*Strict Low Middling-- do
do
do
*Low Middling
do
do
1.30
do
.09
.21
Good Middling
Light Yellow Stained- .38 off
do
*Strict Middling
do
do
do - .61
do
*Middling
do
do
do -- .93
,to
.21
Good Middling
.09
Yellow Stained
.5e off
do
*Strict Middling
do
do
.90
do
*Middling
do
do
1.28
do
.22
Good Middling
.09
Gray
17 off
do
.22
Strict Middling
.09
do
89
do
*Middling
do
62
40
*Good Middling
Blue Stained
58 off
do
*Strict Middling
do
do
.91
do
*Middling
do
do
1 23
do
*Not deliverable on future contracts.
.10
.10
.10
,10
.10
.09
.09
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Oct. 1 to Oct. 7Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
7.05 7.15 7.15 7.10 7.05 7.05
NEW YORK QUOTATIONS FOR 32 YEARS:
1932
1931
1930
1929
1928
1927
1926
1925
7.05c.
5.750.
10.15c.
19.00c.
19.050.
21.25c.
13.60c.
23.10c.
1924
1923
1922
1921
1920
1919
1918
1917
26.35c.
28.55c.
21.55c.
20.35c.
25.25c.
32.70c.
33.15c.
27.00c.
1916
1915
1914
1913
1912
1911
1910
1909
17.10c. 1908
12.55c. 1907
1906
13.90c. 1905
11.10c. 1904
9.950. 1903
14.50c. 1902
13.60c. 1901
9.150.
11.90c.
10.80c.
10.10c.
10.45c.
9.60c.
8.850.
8.38c.
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday___
Monday _ _ _
Tuesday _ _ _
Wednesday_
Thursday
Friday
Wet.20 pts dec_ _ _
Wet. 10 pts. adv_ _
Wet,unchanged _ _
uiet,5 pts. dec_ _
uiet,5 pis. dee_ _
Futures
Market
Closed.
Barely stead y- Steady
Barely steady-Steady
Barely steady..iliet, unchanged - Steady
Total week_
Since Aug. 1
Sales.
Spot. Contr 't. Total.
2:666 56.900 58:666
452
3.000
1,000
600
1.700
4.000
1,052
1.700
7.000
1.000
6.452 63.200 69.652
18.976 65.300 84.276
2513
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Oct. 1.
Monday,
Oct. 3.
Tuesday, Wednesday, Thursday,
Oct. 4.
Oct. 5.
Oct. 6.
Friday.
Oct. 7.
Oct.
Range _ 6.90- 7.00 6.87- 6.98 7.03- 7.15 6.88- 7.09 6.90- 7.02 6.94- 7.03
Clotting. 6.90 ---- 6.98 ---- 6.99 ---- 6.93 ---- 6.93 ---- 6.94 ---Nor.RangeClosing_ 6.94- 7.00- 7.04- 6.96- 6.95 --- 6.96Dec.
Range__ 6.99- 7.15 6.93- 7.06 7.08- 7.28 6.90- 7.21 6.94- 7.14 6.98- 7.09
Closing_ 6.99- 7.00 7.02- 7.03 7.08- 7.09 6.99- 7.01 6.99- 7.00 6.99- 7.01
Jan. 1933 _ Range- 7.04- 7.18 6.96- 7.11 7.13- 7.32 6.97- 7.26 7.00- 7.18 7.02- 7.11
Closing_ 7.04- 7.09- 7.10 7.13- 7.05- 7.04- 7.05 7.05Feb.•
Range.7.15
Closing_ 7.09 ---- 7.12 ---- 7.18 ---- 7.09 ---- 7.10 ---- 7.09 ---MarchRange.. 7.14- 7.31 7.07- 7.21 7.24- 7.43 7.07- 7.38 7.08- 7.30 7.11- 7.24
Closing. 7.14- 7.15 7.16- 7.18 7.24- 7.13- 7.14 7.14- 7.14- 7.11
AprilRangeClosing_ 7.19- 7.21- 7.29- 7.19- 7.18 -- 7.18 May
-Range__ 7.24- 7.40 7.18- 7.31 7.34- 7.54 7.15- 7.46 7.19- 7.39 7.20- 7.31
awing. 7.24 ---- 7.27- 7.28 7.34 -- 7.25- 7.26 7.22- 7.23 7.23- 7.21
JuneRange-7.42, 7.41
Closing_ 7.29 ---- 7.31 ---- 7.37 ---- 7.28 ---- 7.26 ---- 7.33July
Range __ 7.33- 7.50 7.26- 7.40 7.40- 7.62 7.25- 7.55 7.27- 7.47 7.29- 7.4(
Closing. 7.33- 7.34 7.35- 7.37 7.40- 7.41 7.32- 7.34 7.30- 7.33- 7.31
Aug.Range- Closing_ 7.34- 7.40- 7.44- 7.35- 7.34- 7.36 Sept.
Range_ 7.34- 7.42
7.46- 7.41
elnatna
7.34- 7.42- 7.47- 7.20- 737- 7 en -
Range of future prices at New York for week ending
Oct. 7 1932 and since trading began on each option:
Range for Week.
Option forSept.1932_
Oct. 1932_
Nov. 1932
Dec. 1932._
Jan. 1933._
Feb. 1933._
Mar. 1933._
April 1933
May 1933June 1933_
July 1933._
Aug. 1933
Q4nt f022
6.87 Oct. 3
6.90
6.96
7.15
7.07
Oct.
Oct.
Oct.
Oct.
5
3
6
3
Range Since Beginning of Option.
5.32
7.15 Oct. 4 5.15
5.35
7.28 Oct. 4 5.30
7.32 Oct. 4 5.36
7.15 Oct. 6
7.43 Oct. 4 5.54
June
June
Juno
June
June
23 1932
9 1932
13 1932
8 1932
8 1932
9.00
9.48
8.75
9.66
9.72
Aug. 29 1931
Aug. 29 1931
Aug. 30 1932
Aug. 29 1932
Aug. 29 1932
June 8 1932 9.84 Aug. 29 1932
7.15 Oct. 5 7.54 Oct. 4 5.69 June 8 1932 9.93 Aug. 29 1932
7.42 Oct. 7 7.42 Oct. 7
7.25 Oct. 5 7.62 Oct. 4 6.32 July 25 1932 10.00 Aug. 29 1932
734 ()et
1
745 Ant
7 730 Rant nn 1039 720 Rant
31111059
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. 7Stock at Liverpool
Stock at London
Stock at Manchester
1932.
bales_ 642,000
1931.
624,000
121.000
131,000
115,000
52,000
763,000
755,000
709,000
671,000
317.000
164,000
17,000
61,000
59.000
210,000
217,000
6,000
62,000
34,000
273,000
182,000
10,000
88,000
11,000
207.000
108.000
6,000
54,000
32.000
618,000
529,000
564.000
407.000
Total Great Britain
tock at Hamburg-tock at Bremen
tock at Havre
tock at Rotterdam
tock at Barcelona
tock at Genoa
tock at Ghent
tock at Antwerp
Total Continental stocks
1930.
594,000
1929.
619,000
Total European stocks
India cotton afloat for Europe
1,381.000 1,284,000 1.273.000 1.078,000
58,000
26,000
72,000 104.000
American cotton afloat for Europe 468,000 246,000 566,000 532,0®
Egypt, Brazil,&c.,afl't for Europe 90,000
95,000 108,000 149.000
Stock in Alexandria, Egypt
448,000 573,000 517,000 240,000
Stock in Bombay, India
664,000 530,000 514,000 705.000
Stock in U. S. ports
3,723,754 3,725,987 3,052.226 1,596.884
Stock in U. S. interior towns_ _- _1,695,492 1,141,662 1,098,865 881,000
U. S. exports to-day
30,444
26,764
400
Total visible supply
8,558.690 7,648,413 7.201,491 5,286.742
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U.S.interior stocks
U. S. exports to-day
Total American
East Indian, Brazil, cte.-
Liverpool
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock In Bombay, India
294,000 234,111
197.000 205,000
35,11.
64,000
47,000
29,000
564,000 440.000 448,000 317,000
468,000 246.000 566,000 532,000
3,723.754 3,725.987 3,052,226 1,596,884
1,695.492 1.141,662 1,098,865 881,858
30,444
26,764
400
6,839,690 5,849,413 5,409.491 3.561,742
348.000 390.000 397.000 414.000
57,000
54,000
58,000
90,000
448,000
664,000
96,000
89.000
26,000
95,000
573,000
530,000
68,000
116,000
72,000
108,000
517.000
514,000
23.000
90,000
104.000
149.000
240,000
705,000
Total East India, &c
Total American
1,719.000 1,799,000 1,792,000 1,725,000
6,839,690 5,849,413 5,409,491 3,561,742
Total visible supply
8,558.690 7,648.413 7,201,491 5,286;742
Middling uplands, Liverpool_
5.79d.
4.56d.
5.54d. 10.28d.
Middling uplands, New York_ 7.05c.
5.80c.
10.30c. 18.55c.
Egypt,good Sakel, Liverpool
9.400. 8.30d. 10.50d. 16.45d.
Peruvian. rough good, Liverpool14.50d.
Broach, fine, Liverpool
5.51d.
8.55d.
4.061.
4.2(36.
Tinnevelly, good. Liverpool
5.64d.
9.68d.
4.51d.
5.35d.
Continental imports for past week have been 140,000 bales.
The above figures for 1932 show an increase over last
week of 307,938 bales, a gain of 910,277 over 1931, an
increase of 1,357,199 bales over 1930, and a gain of
3,271,948 bales over 1929.
AT THE INTERIOR TOWNS the movement
-thatis,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
2514
Financial Chronicle
corresponding period of the previous year-is set out in
detail below:
Movement to Oct. 7 1932.
Towns.
Movement to Oct. 9 1931.
Receipts.
Ship- Stocks
meats. Oct.
Week. Season. Week.
7.
Receipts.
Week. Season.
Ship- Stocks
meats. Oct.
Week.
9.
Ala.,Birming'm 1,639
5,045 1,362 7,268 4,543
6,605 2,276 28,366
Eufaula
460
3,334
313 6,590 1.408
5,771
960 8.153
Montgomery. 2.207
13,084
612 48,966 5,027 17.480
612 59.041
Selma
4.653 26,066 1,176 54,097 8.168
28,544
521 59,084
Ark.,BlythevIlle 8,050 54,812 4,068 62,526 8,942 21,287 3,141 23.710
Forest City
1,69
5,065
562 16,681 1,538
2,049
178 3,669
Helena_
4,174
17,122 1,154 34,176 3.636
5,775
544 11,246
Hope
4,958 24,185
742 27,039 8,226 21,106 2,741 14.916
Jonesboro
91
1,764
96 2,283 1,657
2,391
728 1,690
Little Rock
8,622 23,630 3,729 52,672 11,664 21,751 3,863 25,158
Newport
3,767
12,145 1,046 19.837 2,815
4,833
4,90: 1,03
Pine Bluff
10,378
29,25
3,689 52,625 6,748
11,666 2.188 13,420
Walnut Ridge 5.501
13,190 1,547 13,827 1,931 .2.923
3,351
56
Ga., Albany
129
734
31 2,945
134 3.574
32
3,510
Athens
1,14
6,755
70 44,370
935
3,421
475 23,712
Atlanta
11,003 1,897 128,892 1,528
1,92
7,913 5,781138.419
Augusta- - - - 6,636 42,433 3,038110,337 11,60
72.597 2.079101.297
Columbus
1,304
3,787
5
22,217
.II
2,441
2001 6,741
Macon
1,185
9,851
449 40,080 1,848
8,316 1,084 29,020
Rome
49
1,216
300 8,467
230
1001 3,948
596
La., Shreveport 7.62
35,869 3,606 74.05'. 10,11'
27,060 2,000 77,321
Miss..Clarksdale 8,629 41,903 7,533 70,421 14,85
32,531 1,55 35,088
Columbus
2,765
8
__ - _ 7,454
748
1,186
---- 3.733
Greenwood_ _ 7,877 48,174 3,140 91,800 16,36
41,766 1,646 52,054
Jackson
2,587
15,063 1,212 28,113 1,866
5,533
288 18,783
Natchez
45
3,102
77 6,070
1,951
334 5,546
768
Vicksburg1,775
15,357
969 19,085 3,234
9,245
461 9,866
Yazoo City
13,996
2,449
683 24,541 4,45.
324 12,181
11,180
Mo., St. Louts: 3,768
18,151 3,892
124 2,863
13,347 2,633
480
N.C.,Greensb'ro
491
1.135
191 12,802
333 32,865
81
7,477
Oklahoma
15 towns._ 51,579 127.502 30,059 80,671 64,18
123,256 40,461 60,233
S. C., Greenville 4,111
17,281 3,121 67,175 2.48
17,176 1.644 24,711
Tenn.,Memphis 75,643 308,327 41,954384,522 83,182 170,051 27.769166,292
Texas, Abilene_
618
2,212
504
295 4,81
15,833 4.522 1,418
Austin
1,210
10,611 1,193 4,089 1,842
11,509 1.588 2,268
Brenham
1,208
9,190
605 7,885 1.216
11.764
742 7.272
Dallas
7,485 24.087 4.647 12,746 14.197 45,635 5,154 25,381
Paris
4,779
19,145 3,210 12,378 3,888
15,311 2,228 6,791
Robstown_ _
.
66
6,148
302 1,933 1,69:
24,780 1,242 7,031
San Antonio_
257
7,866
307
976 1,185
8,911 1,542 2.596
Texarkana __ 4,353
17,325 1,696 19,956 3,210
6,083 1,172 5,205
Waco
22,968 4,527 12,524 8,811
7.471
44.588 5,379 21,219
Total, AR towns 965 AA 1 1.072,652 140
.439 1695492 329,630
1107 929 122 212 1141662
*Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 123,581 bales and are to-night
553,830 bales more than at the same period last year. The
receipt3 at all towns have been 64,569 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are al follows:.
-----1932
• Oct. 7ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-----1931
Since
Week. Aug. 1.
3,892
18,818
52
466
Since
Week. Aug. 1.
2,633
16,469
2,437
453
33
1,009
146
38,747
3.841
5,660
35,848
150
3.293
3,000
1.242
33,229
25,000
Total gross overland
10,387
Deduct ShipmentsOverland to N. Y., Boston. acc..-293
Between interior towns
198
Inland, &c., from South
2,659
78,755
12,673
94.543
4.838
1,753
26,149
841
276
5,383
7,551
2,364
62.718
Total to be deducted
3,150
32,740
6,500
62.633
Leaving total net overland*__- 7.237
46.015
6.173
31,910
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has bean 7,237 bales, against 6,173 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 14,105 bales.
1931
1932
In Sight and Spinners'
Week.
Takings.
Receipts at ports to Oct. 7
311,264
Net overland to Oct. 7
7,237
Southern consumption to Oct. 7
85,000
Since
Aug. 1.
1,817,530
46.015
785,000
Week.
517.721
6.173
100,000
Since
Aug. 1.
1,989,752
31.910
905,000
• Total marketed
403,501
Interior stocks in excess
123,581
Excess of Southern mill takings
over consumption to Sept. 1_-____
2.648.545
346,787
623,894
195,979
2,926,662
350.775
*121,424
--__
*47,231
Came into sight during week
Total in sight Oct. 7
819,873
--- 3.230.206
2.873.908
527,082
North.spinn's's takings to Oct. 7_ 12.165
157,370
10.160
128.325
• Decrease.
Movement into sight in previous years:
Week-Oct. 10
1930
-Oct. 11
1929
-Oct. 12
1928
Bales,
4,430,321
4,21h,493
3,847,352
Bales.
Since Aug.1750.620 1930
789.901 1929
730.350 1928
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Week Ended
Oct. 7.
Galveston
New Orleans..
Mobile
Savannah
Norfolk
Montgomery__ _
Augusta
Memphis
Houston
Little Rock.._ _ _
Dallas
Fort Worth_ -
Closing Quotationsfor Middling Cotton on
Saturday. Monday. Tuesday, Wed'day. Thursd'y. Friday.
6.90
7.00
6.80
6.95
7.15
6.65
7.10
6.65
6.90
6.49
6.65
6.55
6.90
7.04
6.8.5
6.98
7.15
6.75
7.13
6.65
6.95
6.57
'6.60
6.60
Oct. 8 1932
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orlean-I cotton
market for the past week have been as fcllows:
6.95
7.10
6.90
7.03
7.23
6.80
7.18
6.75
7.00
6.63
6.65
6.65
6.85
6.97
6.85
6.94
7.15
6.75
7.10
6.65
6.90
6.59
6.55
8.55
6.85
6.97
6.85
6.95
7.15
6.75
7.10
6.70
6.90
6.59
6.55
6.55
6.85
6.97
6.85
8.95
735
6.85
7.10
6.70
6.90
6.59
6.55
6.55
Saturday,
Oct. 1.
Dctober __ 6.91- 6.94
November
December_ 7.00- 7.01
Ian.(1933) 7.04- 7.05
February ..
March__ 7.14- 7.15
April
May
7.25- 7.26
June
July
7.35 Bid.
august
3eptember
Dctober _ _
Tone3pot
Steady.
pinions
Barely stdy
Monday,
Oct. 3.
Tuesday, Wednesday, Thursday,
Oct. 4.
Oct. 5.
Oct. 6.
Friday,
Oct. 7.
6.96- 7.00- 7.02 6.88 Bid. 6.89 Bid. 6.84 Bid,
7.04- 7.05 7.10- 7.11 6.97- 6.98 6.98- 7.00 6.96- 6.97
7.08 Bid. 7.16- 7.01- 7.02 6.03 Bid. 6.99- 7.00
7.21- 7.22 7.25- 7.13- 7.12 --- 7.11- 7.13
7.31- 7.32 7.35- 7.23 Bid. 7.22- 7.227.41- 7.42 7.46 Bid
Steady.
Steady.
7.32- 7.34 7.34- 7.35 7.31 131d,
Steady.
BarelV stay
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
AMORY COOLIDGE ELECTED MEMBER OF NEW
YORK COTTON EXCHANGE.
-Amory Coolidge of the
Pepperell Mfg. Co. of Boston was elected on Oct. 6 to
membership in the New York Cotton Exchange. The
Pepperell Mfg. Co. is one of the leading cotton manufacturing companies of the country.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that temperatures
have been low and picking and ginning have been interrupted by rains in many parts of the belt.
Texas.
-Heavy rains in the western portion of this State
have been unfavorable, otherwise conditions have been
mostly satisfactory.
Memphis, Tenn.
-Picking and ginning are making good
progress.
Rain. Rainfall.
2 days 0.92 in.
1 day
0.01 in.
1 day
0.30 in.
2 days 1.04 in.
1 day
0.22 in.
3 days 0.80 in.
3 days 0.96 in.
dry
dry
2 days 0.94 in.
1 day
0.18 in.
2 days 1.12 in.
2 days 1.08 in.
1 day
0.88 in.
1 day
0.381n.
dry
3 days 1.00 in.
2 days 0.76 in.
1 day
0.10 in.
3 days 3.40 in.
2 days 0.40 in.
2 days 1.88 in.
2 days 0.67 in.
2 days 1.14 in.
2 days 1.66 in.
2 days 3.20 in.
2 days 0.31 in.
3 days 0.68 in.
3 days 0.18 in.
2 days 0.83 in.
2 days 0.55 in.
2 days 0.16 in.
3 days 0.22 in.
2 days 0.72 in.
2 days 0.36 in.
3 days 0.46 in.
3 days 1.26 in.
4 days 0.70 in.
2 days 0.70 in.
2 days 1.44 in.
2 days 0.26 in.
3 days 1.73 in.
2 days 1.04 in.
2 days 2.02 in.
4 days 2.48 in,
1 day
1.30 in.
3 days 1.76 in.
3 days 2.38 in.
2 days 1.07 in.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ada, Okla
Hollis
Okmulgee
Oklahoma City
Helena. Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orelans
Shreveport
Columbus, Miss
Greenville
Vicksburg
Mobile, Ala
Birmingham
Montgomery
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston, S. 0
Greenwood
Columbia
Conway
Charlotte, N.0
Newbern
Weldon
Memphis. Tenn
Thermometer
high 84 low 57 mean 71
high 86 low 40 mean 63
high 90 low 46 mean 68
high 90 low 56 mean 73
high 82 low 54 mean 68
high 84 low 44 mean 64
high 86 low 40 mean 63
high 82 low 34 mean 58
high 88 low 36 mean 62
high 84 low 36 mean 60
high 88 low 44 mean 66
high 80 low 34 mean 57
high 84 low 42 mean 63
high 84 low 40 mean 62
high 88 low 50 mean 69
high 88 low 44 mean 66
high 86 low 42 mean 64
high 88 low 37 mean 64
high 87 low 35 mean 61
high 79 low 32 mean 55
high 87 low 38 mean 64
high 76 low 34 mean 55
high 87 low 37 mean 62
high 80 low 39 mean 59
high 86 low 35 mean 60
high 84 low 41 mean 64
high 87 low 33 mean 60
high 84 low 51 mean 71
high 83 low 41 mean 62
high 82 low 38 mean 60
high 80 low 36 mean 58
high 78 low 42 mean 60
high 87 low 42 mean 69
high 78 low 38 mean 58
high 82 low 42 mean 62
high 91 low 47 mean 69
high 83 low 44 mean 63
high 83 low 50 mean 68
high 84 low 38 mean 61
high 82 low 44 mean 63
high 84 low 40 moan 62
high 81 low 51 mean 66
high 80 low 38 mean 59
high 82 low 52 moan 67
high 84 low 42 mean 63
high 82 low 40 mean 61
high 84 low 44 mean 64
high 83 low 36 mean 59
high 77 low 42 mean 61
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. 71932.
feet.
1.9
4.8
8.9
3.6
7.2
Oct. 91931.
feet.
1.5
4.8
6.9
2.9
7.6
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.
Week
Ended
Receipts at Ports.
1932.
July
8- 34.435
15- 31,2051
22.., 31.530
29.- 62,4681
Aug.
5.- 98,6381
12._ 75.602
19._ 85,716
26_ 111,142
Sept.
1931. 1930.
Stocks at Interior Towns. 'Receiptsfrom Plantations
1931.
1930. 1 1932 1931. 1930.
.
1932.
10.89- 1.409.172
13.998 1.388,864
12,297 1,381,854
34.308 1,352.270
854,340
833,586
818.425
795,241j
619,981 13,
-599.179 10,98
579,770 4,5201 1.14
560,25 52.8841 20,74
12,9861 62.5091.332.9
24.023 117,8411.313.467
49.406 203.157 1.203,783
80,809 250.299 1.289,52
776,0151
755,510
743.005
734.805
548,7841
541,959
543,948
559,024
13,1521
16.1701
16.3041
40.9271
14,792
7.
79,36
--- 51,039
58.07
3.518 111.022
66,032 06,901205.146
86,882 72,009285,875
2- 154,553 128.062277,852 1,281,49 725,430 591,79514r..:251117.587 310.623
-183.676167.441 382.547 .2 .7
728.548 648.873193.016 170,559,419,625
16_ 35,434 241,800 389.481 1,344.300 749,994 714.784307.999 263,240455,892
23_ _ 255.127,322.6881385,693 1.452,801 811,978 818,124 856,22 384.
61t21489 3
.03
8
555,848,1,571,911 945,683 949,334 441,574,579,611 687,058
30_ 322.484,445,906,
Oct.
I
I
I
I
7__ 311.264517.721509.927 1.695.492 1.141,662 L098,8651123,581.713,700659,458
Financial Chronicle
Volume 135
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 1,798,149 bales;
in 1931 were 2,342,413 bales, and in 1930 were 3,653,771
bales. (2) That, although the receipts at the outports the
past week were 311,264 bales, the actual movement from
plantations was 434,845 bales, stock at interior towns
having increased 123,581 bales during the week. Last year
receipts from the plantations for the week were 713,700
bales and for 1930 they were 659,458 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1932.
Cotton Takings,
Week and Season.
Week.
1931.
Season.
Week.
Season.
8,250,752
Visible supply Sept. 30
7,112,824
7,791,048
Visible supply Aug. 1
6.892,094
527,082 2,873,908 819,873 3
American in sight to Oct. 7
.230.200
251,000
13,000
Bombay receipts to Oct. 6
7,000
119,000
21,000
68,000
1.000
Other India ship'ts to Oct.6
70,000
79,000
33,000
Alexandria receipts to Oct. 5-_ _
189,000
100,000
10,000
Other supply to Oct. 5*b
119,000
8,000
8,855,834 11,162,956 7,981,697 10.619,300
Total supply
Deduct
Visible supply Oct. 7
8,558,690 8,558.690 7.648,413 7,648.413
297,144 2,604,266 333,284 2,970,887
Total takings to Oct. 7 a
221,144 1,932,266 245,284 2.048.887
Of which American
76.000
Of which other
672,000
88,000
922,000
. Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
1,
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 785,000 bales in 1932 and 905,000 bales in 1931-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners. 1,819.266 bales in 1932 and 2,065,887 bales in 1931, of
which 1,147,266 bales and 1,143,887 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1932.
1931.
Since
Week. Aug. 1.
Oct. 6.
Receipts at-
Since
Week. !Aug. 1.
13,000
Sambas-
251,000
7,000
Since
Aug. 7.
Week.
119.000 24,000
For the Week.
Esparta
from.-
1930.
128,000
Since Aug. 1.
Great I Conti- Wayancti
Great
Britain., sent. 'China. Total. Britain.
Conti- ;Japan &
sent. I China. I Total.
Bombay
12,0001 15,0001 27,000
1932
1931
7,000 10,000 17,000
1930
10,000' 29,000 39,000
Oilier India
1932
21,000
1931
1,000
20.11.11 13;000
9
1 30
15,000
3.!!! 1 .23
1
18,00
25,000
13,00
Total all1932
1931
1930
3,000 30,0001 15,000 48,000
- 8,000 10,000 18,000,
2,000 23,000 29,000 54,000
I
21,000
29,000
25,000 213.000 335,000 513,000
3,000 39,000 121,000 163,000
4.000 39,000 248,000 291,000
12,00 137,000 335,000 484,000
50,000
45,000
76,000
68,000
70,000
89,000
2= RIZ IN=
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
6,090 bales. Exports for all India ports record an increase
of 30,000 bales during the week, and since Aug. 1 show a
decrease of 130,000 bales.
• ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Oct. 5.
1932.
1930.
170.000
393.287
Receipts, (Cantors).This week
Since Aug. 1
1931.
165,000
945,975
240,000
787,043
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. I. Week. Aug. 1.
Exports (Bales)
-
To Liverpool
12,769 4,000 19.498
To Manchester, &c
4.000 12.217 4,000 16.758
To continent and India- _ 15,000 72,696 7,000 94,769
To America
2,642
4,023
4,000 11,902
12.091
51,919
40
13;666
Total exports
19,000 101.707 15,000133,667 17,000 75,952
Note.
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended Oct. 5 were
170,000 canters and the foreign shipments 19.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for both yarn
and cloth is improving. We give prices to-day below and
leave those of previous weeks of this and last year for
comparison:
1932.
d.
d.
.8.
814 I 9%
8 0 9%
7780 914,
74145 914
7%931 9/
4
1334(4110k4
19---- 844@i0
9;448111i
Sept.
-
2
a
7
7
3
3
3
Oct.-
94011
3
s.d.
0 00000 0000 DCVO
32.1 Cop
Twist.
1931.
83j Lbs. Shirt- Cotton
ing*, Common AMCg
to Finest.
Upl'its.
d.
4
4
4
4
4.69
5.51
5.76
8.45
d.
d.
4.87
4.66
4.86
4.67
4
328 Cop
Twist.
81.1 Lbs. Shirt C01104
!nos, Common
to Finest.
UM*da.
e. d.
e. d.
d.
81
80
80
80
@85
@ 84
O84
ell 8 4
5.05
5.17
4.98
4.82
71445) 9
7 (8814
6141g 834
7
815
,
76
74
72
72
@82
og 8 0
@74
@ 74
4.29
8.80
3.70
3.83
7 (8834
7140 834
7 (8834
Si4
6ii
8 0 934
72
72
72
76
76
74
6
6
6.57
6.38
5.88
607
5.73
74
82
82
3.71
3.70
3.74
5.19
4.31
6
5.79
734(17 931 76 @ 8 2
0
4.56
2
(4) 74
2515
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 225,629 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
-Sept. 29
-To Liverpool
-Colonial.817
CORPUS CHRISTI
656
-Colonial, 656
To Manchester-Sept. 29
3.237
-Winston-Salem, 3,237
To Havre-Sept. 26
-Winston-Salem, 1,501
1,501
To Rotterdam-Sept. 26
-Winston-Salem, 100
100
To Dunkirk-Sept. 26
100
-Winston-Salem, 100
To Antwerp-Sept.26
760
-Sept.26
-Winston-Salem, 760
To Ghent
2,554
-Mar Cantabrico, 2,554
To Barcelona-Oct. 5
-Planet. 250
250
To Bremen-Oct.4
-West Harshaw, 6.736;
HOUSTON-To Bremen-Sept. 30
Kenilworth, 2,090_ _ _Oct. 5-Trifels. 4.883
13,709
-West Harshaw, 200; Kenilworth, 2.625
To Gdynia-Sept. 30
Oct. 3-Sparreholrn, 1,580
4.405
-Sept.30
-West Harshaw,616
To Hamburg
616
To Gothenburg-Sept. 30
-Kenilworth, 3,400---Oct. 3Sparreholm, 250
3,650
To Venice-Sept.30
1.985
-Giulia, 1.985
To Trieste-Sept.30
2,560
--Giulia,2,560
To Fiume-Sept.30
-Giulia, 142
142
To Havre-Sept. 30
-Alabama, 6.733; Patricia, 328-Oct.
-Lowther Castle, 2,276
5
9.337
To Bordeaux-Sept.30
-Alabama,215
215
To Dunkirk-Sept. 30
-Alabama. 1,730; Patricia, 900._.
Oct. 3-Spaareholm, 1,120
3,750
-Sept. 30
To Ghent
-Alabama, 711___Oct. 5
-Lowther Castle. 2,735
3.446
To Genoa-Oct. 1-Jomar, 1,000; Montello, 4,546
5,546
To Barcelona-Oct. 1-Jomar, 2.166
2.166
To Tarragona-Oct. 1-Jomar. 25
25
-Oct.1-Montelle.250
To Naples
250
-Cape Town Maru, 6,784___Oct. 6To Japan-Oct. 4
Silversandal, 2.758
9,542
To China-Oct.6-Silversandal, 1,724
1.724
To India-Oct. 1-Montello,7
7
To London-Sept. 30
-Patricia, 50
50
To Lisbon-Oct. 3-0gontz, 150
150
-Oct.3-0gontz,150
To Leixoes
150
To Oporto-Oct. 3-0gontz, 1.550
1.550
-Oct.3-0gontz,200
To Passages
200
To Corunna-Oct.3-0gontz,250
250
To Santander-Oct. 3-0gontz, 25
25
To Oslo-Oct.3-Sparreholm,50
50
To Copenhagen-Oct.3-Sparreholm,324
324
-Colonial, 1.285
To Liverpool-Oct. 5
1,285
-Colonial, 265
To Manchester-Oct. 5
265
-To Liverpopl-Sept. 24
-Custodian. 5,088_ _
NEW ORLEANS
Sept. 30
-West Cohas,2,789
7,877
-,Custodian, 1,398-Sept. 31)
To Manchester-Sept. 24
West Cohas,372
1 770
To Genoa-Sept.22-Montello,4,723__Oct.5-Montkemmel,
3,900
8.632
To Naples-Sept. 22-Montello,300
300
To Ghent
-Sept.30
-City of Omaha,900
900
To Dunkirk-Sept. 30
-City of Omaha, 400..__Oct. 1-Stureholm,300
700
To Havre-Sept.30
-City of Omaha,4,576
4.576
To Antwerp-Sept.30
-City of Omaha.50
50
. -City of Omaha.850
To Rotterdam-Sept 30
850
To Oslo-Oct. 1-Stureholm,100
100
-Oct. 1-Stureholm, 200
To Gothenburg
200
To Gdnyia-Oct.1-Stureholm,475_ __Sept.30-Raimund,50
525
To Oporto-Sept.30-Raimund,150
150
To Hamburg-Sept.30-Raimund.24; Endicott,250
274
To Bremen-Sept.30-Raimund,10,771;Endicott, 14,87025,641
To Japan-Sept.30-Kirishima Maru,4,349
4,349
To China-Sept.30-Kirishima Maru,100
100
To Lapaz-Oct. 1-Tela, 100
100
MOBILE-To Bremen-Sept. 26-Veerhaven.1,530
1,530
To Rotterdam-Sept. 26-Veerhaven• 782
782
PENSACOLA-To Bremen-Sept.30-Veerhaven,7,458
7,458
To Rotterdam-Sept. 30-Veerhaven, 200
200
CHARLESTON-To Liverpool
-Sept.30-Dakotian,580
580
To Manchester-Sept.30-Dakotian,1,280
1,280
To Bremen-Sept. 30-Llanwern, 2,386
2,386
To Hamburg-Sept.30-Llanwern,1,249
1,249
-To Liverpool
NORFOLK
-Oct.1-Artigas,177
177
To Manchester-Oct. 1-Artigas,911
911
-West Cohas,212
212
•
To Bremen-Oct.1
SAVANNAH-To Bremen-Oct. 1-Llanwern, 5,550
5,550
To Hamburg-Oct. 1-Llanwern,317
317
50
To Lisbon-Oct. 1-Llanwern, 51)
-To Manila
-Y-7-100
100
SAN FRANCISCO
Liverpool-Sept. 23-Sunnanvik,223
-To
223
LOS ANGELES
-San Francisco, 100
To Bremen-Sept.30
100
-President
To Japan-Sept. 22-Taiyo Maru, 100_ _ _Sept. 27
Adams,450___Oct. 1-President Jackson, 1,250
1.800
GALVESTON-To Liverpool-Sept. 30
-Lucille de Larrinaga,
3,442; Nortonian, 1,105
4,547
-Lucille de Larrinaga, 3,311;
To Manchester-Sept. 30
Nortonian,834
4,145
-Deer Lodge, 3,795: Patricia, 2,372:
To Havre-Sept. 30
Winston-Salem, 4.190_ __Oct. 1-Alabama, 2,611
12,968
-Deer Lodge, 200: Patricia, 370._
To Dunkirk-Sept. 30
Oct. 1-Dunkirk, 220_ _Oct. 5-Sparreholm, 502
1.292
To Bremen-Sept. 30-Kelkheim, 3,405_ Sept. 29
_Sept.
-West
Harshaw, 3,243_ _ _Oct. 4-Trifels, 5,361
12,009
Barcelona-Sept. 30
To
-Mar Caribe, 5,749; Jomar, 1.034
6,783
•
To Malaga-Sept. 30
-Mar Caribe. 537
537
To Genoa-Sept.30-Montello,3,097: Chester Valley, 1,658_ 4,755
To Naples-Sept. 30-Montello, 100; Chester Valley, 200
300
To Lisbon-Sept. 30-0gontz,'150
150
To Oporto-Sept. 30-0gontz, 688
688
To Gdynia-Oct. 5-Sparreholm,349
349
To Corunna-Sept. 30-0gontz, 150
150
To Passages-Sept.30-0gontz, 100
100
-Oct. 1-Alabama, 189_ _ _Sept. 30
• To Ghent
-WinstonSalem, 150
339
To Rotterdam-Sept.30
-Winston-Salem, 969
969
To Gothenburg-Oct. 5-Sparreholm, 476
476
To Japan-Oct. 4-Silversandal, 5,751
5,751
TEXAS CITY
-To Bremen-Sept. 30-Kelkheim, 2,339
2,339
LAKE CHARLES
-To Bremen-Oct.1-Ansgir,750
750
To Antwerp-Oct.4-Phrygia,100
100
To Japan-Oct. 1-Dryden, 2,100___Oct. 3-Silversandal,
2.403
4,503
To China-Oct. 1
-Dryden,950_ _ _Oct. 3-Silversandal. 1,331 2,281
Total
225.629
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High
Density.
Liverpool .45c.
Manehester.450.
Antwerp .350.
Havre
.270.
Rotterdam .35c.
Genoa
.40c.
.40c.
Oslo
Stockholm .400.
*Rate Is open.
StandHigh
StandHigh
and.
Density. aid.
Density.
.500. Trieste
.50c. .65c. Hamburg .35c.
.50c. Plume
.50c. .650. Piraeus
.75c.
.500,
Lisbon
.45c.
.60e. Saionica .75c.
.420.
Barcelona .35c. .55c.
Venice
.50c.
• •
.500.
Japan
Copenh'gen.40c.
•
*
.Mc. Shanghai
Naples
.400.
.55c.
Bombay t .40c.
.550. Leghorn .400.
.550.
Bremen
.35c. .500.
Gothenberg.40c.
t Only small lots.
Standcol.
.90e.
.900.
.650.
.550.
.550.
.550.
Financial Chronicle
2516
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, Etocks, &c.,at that port:
Sept. 16. Sept. 23. Sept. 30.
33.000
656,000
305,000
27,000
5.000
127,000
44,000
37,000
663.000
315,000
39,000
31,000
124,000
34.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
36,000
658,000
301,000
35,000
12,000
122,000
54,000
Oct. 7.
49,000
642,000
291,000
31,000
19,000
122,000
60,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market, f
Moderate
12:15
demand,
P.M.
A fair
business
doing.
A fair
business
doing.
5.87d.
5.73d.
Spot.
Mid.UpYds
Friday.
Good
Inquiry.
Good
inquiry.
Good
demand.
5.86d.
5.79d.
5.795.
5.88d.
Sales
Steady.
Steady,
Steady, Quiet but
Steady,
Firm,
Futures.(
15 to 18 pts 1 to 6 pts. 8 to 9 pts. st'dy,2 to 55 to 7 pts 1 t,o 2 pts.
Market
advance.
decline.
decline,
advance. pis. dec.
advance,
opened
Steady.
Steady,
Steady. Quiet but
Market, I Barely stdy Steady,
710 12 pts. 101013 pts 1410 17 pts st'dy,5to 73 to 4 pm. 5 to 8 Pt&
4
advance.
decline.
decline.
advance. pts. dec.
advance.
P. M.
Prices of futures at Liverpool for each day are given below:
Oct. 1
to
Oct. 7.
I
Sat.
I
Mon.
I
Tues.
I
Wed.
Thurs.
Fri.
112.1512.30 12.15 4.0012.15 4.0012.15' 4.0012.15 4.0012.15 4.00
p. m.
ID. m.P. m.p. m.p. m.p. m.p. m.p. m.'p. m.p. m.p. m.p.
New Contract. d.
October
November_ _ _ _
December
January (1933)
February
March
April
May
June
July
August
September
October
d. I
5.59
5.56
5.55
5.54
d.
5.48
5.45
5.44
5.43
5.58 5.45
5.57; 5.48
5.581 5.47
5.58! 5.47
5.59 5.48
5.59 5.48
5.591 5.48
5.60 5.48
d.
5.61
5.57
5.56
5.58
d.
5.66
5.62
5.61
5.60
5.45 5.58
5.48 5.56
5.47 5.56
5.47 5.57
5.48 5.57
5.47i 5.56
5.47; 5.58
5.47, 5.58
5.60
5.61
5.62
5.62
5.62
5.61
5.81
5.61
d.
5.49,
5.49
5.45
5.44
d.
5.81
5.57
5.58
5.55
5.55
5.55
5.58
5.57
5.57
5.57
5.58
5.58
5.58
d.
5.8
5.57
5.55
5.54
5.54
5.54
5.55
5.58
5.58
5.58
5.55
5.55
5.54
d.
5.54
5.51
5.50
5.48
5.48
5.48
5.49
5.50
5.50
5.50
5.49
5.49
5.48
d. I d.
5.59
5.58
5.54
5.54
5.52
5.50
5.50
5.50
5.51
5.52
5.52
5.52
5.51
5.51
5.50
S.
5.82
5.80
5.57
2:23 2:2:
5.53 5.56
5.53 5.56
2:27
7
2:21 5.57
5.54
2:23 2:2:
5.52 5.50
BREADSTUFFS
Friday Night, Oct. 7 1932.
FLOUR was quiet here but business has been done at mill
points in the Northwest and the Southeast at attractive
prices. Later in the week prices here were a little lower
with local trade small. On the 5th inst. prices here dropped
5 to 100. On the 6th prices were weak in 'conjunction with
new lows in wheat.
-The tendency has been downward, new lows
WHEAT.
having been reached for the season lately. This has been
attributed partly to weakness in Winnipeg, declines in other
commodities and slumps of as much as 2 to 8 points in stocks
in a single day. On Oct. 1 prices advanced 32c. with the
trading light. Shorts covered. There was a disposition to
even up and await a new cue of some sort. The export
demand for Canadian of late has fallen off materially.
Sales for the day were finally placed at around 600,000
bushels. It is understood that considerable unsold wheat is
being shipped from the head of the Great Lakes, which tends
to reduce the new demand from exporters.
On the 3rd prices declined Mc. net after showing a greater
decline earlier in the day. The trading was light and there
was a general disposition on the part of operators to await
President Hoover's speech at Des Moines. Scattered selling
early found support lacking. Prices dropped about a cent
from Saturday's close but buying against bids absorbed the
surplus and a fair rally followed. Winnipeg received commission-house support for December at around 5134c., which
is regarded as the pegged price. The close there was unchanged to %c. lower. Liverpool was % to %c. higher.
Most of the trading there was local. Pit traders reported
its operations are greatly hampered by the heavy tax on
grain futures. On the 4th prices closed M to lc. higher in
expectation of President Hoover's speech at Des Moines.
Trading was light and a comparatively small volume swung
prices upward as there was no apparent pressure to sell.
On the 5th inst. prices declined 2 to 23,40. on general
liquidation with stocks off 2 to 7 points and cotton also
lower. Chicago traders were not stimulated to bullish
activity by the President's speech at Des Moines. Pressure
on wheat was pronounced and included some selling credited
to the East. The finish in the wheat pit was at the bottom,
the May future coming within %c. of the lowest level of the
season. Buying against sales of Winnipeg tended to restrict
the local selling. The Canadian market, however, was easy
and closed %c. lower despite aggressive buying of the class
that has been in evidence for nearly a week, the December
and May being taken on scale orders. The October dropped
under 490. for the first time in the history of the Canadian
exchange. On the 6th prices fell to a new low except for the
December option of % to Mc. Liquidation was the order
of the day. December oats were the lowest on record. Cash
wheat in Kansas City fell 5c. in two days. The "peg" was
out in Winnipeg. "Stand from Under" was the watchword.
Oct. 8 1932
Reports from Winnipeg said the withdrawal of support at
5134 cents for the active future there was not surprising, as
Canada could not afford to hold up the market while prices
in other countries were declining. As the Dominion ha, a
,
tremendous amount of grain to sell abroad, to hold the price
at the so-called pegged figure would give other exporters a
chance to obtain most of the export business, it was added.
However,it is understood that the Canadian market will not
be permittel to break badly.
To-day prices ended % to %a.lower with the stock market
down, the cables disappointing, and considerable liquidation.
Prices went to new low levels. Offerings of Argentine wheat
were larger. At one time prices were down 1340. Abetter
technical position, covering of shorts and general buying
brought about some recovery. A better foreign demand
was reported. The United Kingdom was a good buyer.
Export sales in all positions were estimated at 2,000,000
bushels. Final prices show a decline for the week of 334 to
4%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
693.1 69
6931 6731 66
6331
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
50q 50
December
54
531 5431 52
5934 57
May
584 58
55
55
59
60% 58
56
NM
July
Season's Low and When Made
and When MadeSeason's High
494 Oct. 7 1932
December
664 Apr. 26 1932 December
Aug. 10 1932 May
544 Oct. 7 1932
65
May
554 Oct. 7 1932
July
6034 Oct. 4 1932 July
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. MM. Tues. Wed. Thurs. Fri.
494 491 49$ 4831 45314831
October
11/
51
51
51
51
51
SOtt
December
56
May
5634 56
5631 5634 55
-On Oct. 1st closed unchanged to 34c.
INDIAN CORN.
higher. The country sold only 80,000 bushels of old corn to
arrive, but the season's first car of new grain was received.
It came from Illinois, graded sample yellow and sold at 20o.,
having 25.8% moisture. Peoria also received a car of new
sample grade from Illinois, which sold at 1934c. Picking of
corn has started in Iowa. Primary receipts were 917,000
bushels; a week ago 571,000, and a year ago, 696,000. Shipments, respectively were 843,000, 449,000 and 266,000
bushels. On the 3rd inst. corn felt liquidation and other
selling and closed Mc. lower. Country purchases were not
large, that is 111,000 bushels. The Eastern demand was
slow. On the 4th professional buying was mainly instru3
mental in advancing prices 4 to lc. at the close. At one
time during the session there was a falling off but later on
corn prices rallied with wheat.
On the 5th inst. prices fell 134 to Uic. at the close.
Cash corn and futures dropped to new low marks for the
season as did oats. No. 2 mixed sold in the sample market
3
at 263 0. or within 4c. of the inside figure paid in 1898.
4
On the 6th followed the trend of wheat downward, touching
the lowest price of the season with December at 2573c.
To-day prices ended3443. lower to 3/sc. higher. Early prices
were lower and July touched a new low for the season.
Later, however, there was a rally on reports of buying by
exporters, and a better shipping demand. Country offerings were smaller. Final prices show a decline for the week
of 13% to 13/c.
2
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
4334 4234 43
No.2 yellow
4134 4134 4154
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
2731 274 284 2631 268 2634
December
3231 324 33
May
31
31
31
33
3434 33
July
32
324
Season's High and When Made- I Season's Low and When Made
2531 Oct. 6 1932
394 Apr. 26 1932IDeceanber
December
304 Oct. 6 1932
May
404 Aug. 8 1932 May
July
32
3431 Oct. 4 1932 July
Oct. 7 1932
OATS have fallen to the lowest prices ever recorded under
pressure of the law of supply and demand. On the 1st
oats closed unchanged to 340. higher. Cash houses both
bought and sold. On the 3rd prices declined 340. and
December oats, like December corn, touched a new low for
ic.
the season. On the 4th prices closed % to W higher in
sympathy with corn. The buying was attributed principally
to commission houses. On the 5th inst. prices declined %o.
due to the fall in other grain. No.2 white oats sold at 763%0.,
only 2c. above the lowest price recorded in 1896, while the
3
December came within 4c. of the inside figure known for
that delivery on the local exchange. On the 6th, dropped to
1590. for December, the lowest price recorded, on general
liquidation. To-day prices closed unchanged. Final prices
are 1% to 1%0. lower for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon. Tues.
Wed.
Sal.
Thurs.
Fri.
No. 2 white _- 28-284 28-284 28-284 274-2731 264-27 264-2631
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
174 174 174 164 1531 1554
December
May
193.4 1934 204 194 1831 1834
Season's High and When Made- I Season's Low and WheriMadeApr. 26 1932 December
December
25
Oct.6 1932
1534
Aug. 8 1932 May
234
May
Oct.6 1932
1831
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
2431 2331.
October
231 2334
24
December
23
23% 22
22
22X
May
2531
RYE has dropped to the lowest point of the season OE
wheat steadily declining and no particular demand for rye.
On the 1st after declining 34 to Wic. early prices railed and
Volume 135
2517
Financial Chronicle
On the 3rd
closed with a better demand % to %c. higher.
declined tHic. with little business. Prices on the 4th ended
with other grains. There
% to Mc. higher in sympathy
the
was also reported to be considerable short covering. On
the
4
5th inst prices dropped 13' to 17 e. with other grain
telling factor. On the 6th declined 1 to 323jc., a new low
for the season. To-day prices ended 3ic. net lower with
December touching a new season's low of 323,(c. Final
%
prices are 1% to 23 c.lower for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
32%
35% 35% 35% 3331 33
December
38% 38% 38% 37% 363 36
May
Season's High and When Made- I Season's Low and When Made
Oct. 7 1932
323(
June 3 1932I1)ecember
45%
December
Oct. 7 1932
35%
Aug. 10 1932 May
42%
May
Closing quotations were as follows:
GRAIN,
Oats, New York
Wheat, New YorkNo. 2 white
26%®26%
No.2 red, c.i.f.. domestic_ 65%
No. 3 white
f.o.b. N. Y593
2544263,(
Manitoba No.1.
Rye No.2.f.o.b. bond N.Y. 403j
nom
Chicago, No. 2
corn,New York41% Barley
No.2 yellow, all rail
3534
N. Y.. c.i.f.. domestic
40%
No.3 yellow, all rail
24(8o6
I
Chicago. cash
Barley,
Rye.
Oats.
Corn.
Wheat,
bush.
bush.
bush,
bush,
bush,
187.521.000 18,458.000 26,330,000 8,660,000 6,616,000
2,822,000 3,699,000 2,314,000
'100,886,000
Total Oct. 1 1932.._-288,407,000 18,458,000 29,152,000 12,359.000 8,930,000
8,316,000
Total Sept.24 1932......278,040,000 17,850,000 29,266.000 13,032,000 13.968,000
Total Oct. 3 1931_282,413,000 5.362,000 20,012,000 19,575,000
The worla's shipments of wheat ana corn, as furnishea by
Broomhall to the New York Produce Exchange,for the week
are
ended Friday, Sept. 30, and since July 2 1932 and 1931
shown in the following:
SummaryAmerican
Canadian
Corn.
Wheat.
Exports
North Amer_
Black Sea.....
Argentina_ _ _
Australia ___
India
0th. countr's
Total
Week
Sept. 30
1932.
Since
July 2
1932.
Since
July 1
1931.
Week
Sept. 30
1932.
Bushels. I Bushels. Bushels.
60.000
74,566.000, 82.527.000
6,920,000, 53,896,000 578.000
10,271,000 21,627,000 3,808,000
19,771,000 31,789,000
560.000
1.200.000 10,629,000 11,992,000 1,139.000
Bushels.
8,426,000
1,912,000
769,000
1,402,000
Since
July 2
1932.
Since
July 1
1931.
Bushels.
Bushels.
604.000
663.000
630.000
7,915,000
76,022.000 127,484,000
6,692,000
5.866,000
13,709,000 122,157.000202.3917(7100 5,585.000 91,292,000 134,584,000
WEATHER REPORT FOR THE WEEK ENDED
OCT. 5. The general summary of the weather bulletin
FLOUR.
ssued by the Department of Agriculture, indicating the
23.40(853.70
spring pat. high protein34.10 34.40 Rye flour patents
influence of the weather for the week ended Oct. 5, follows:
4.80
4.10 Seminole. bbl .Nos.1-3 4.25
3.80
Spring patents
East of the Rocky Mountains, the week was cool in central and southern
1.45
1 50
clears. Firstspring- __ _ 3-75@ 4 05 Oats goods
most northern sections:
States and moderately warm for the season in than normal. Freezing
1 25
1.20
_ 3.20 3 45 Corn flour
Soft winter
west of the Rockies, it was decidedly warmer
straights-Hard winter straights_ 3 30(8 3 45 Barley goods
occurred over a limited northwestern area and in the interior of
weather
3.20(8 ___ _
Coarse
Hard winter patents... 3.45@ 3.60
locally from
the Northeast, with temperatures as low as 32 deg. reportedcentral AppaFancy pearl. Nos. 2.
.
Hard winter clears.. _ _ 3.101 3 25
-order stations as far south as northern Iowa and to the
first
6.15(8 6.50
4 and 7
5.751
Fancy Minn. patents_ 5.10
districts.
lachian Mountain
5.75
5.10
City mills
The table shows that the weekly mean temperatures were 1 deg. or 2 deg.
eastward,
For other tables usually given here see page 2450.
above normal rather generally from the Dakotas and Nebraska Ohio, and
and were 2 deg. to 4 deg. below normal south of the Potomac,
The exports from the several seaboard ports for the week
lower Missouri Valleys. The relatively coolest weather occurred in western
Texas and southern New Mexico where the temperatures averaged 6 deg.
ended Saturday, Oct. 1 1932, are shown in the annexed
or 7 deg, below normal. West of the Rocky Mountains, the departures
normal the
statement:
from normal temperature ranged from 2 deg. or 3 deg. aboveinterior in the
of
south to as much as 12 deg. or 13 deg. above normal in the
Pacific Northwest.
Barley.
Oats.
Flour.
Rye.
Corn.
frontWheat.
Exports
shows also that precipitation during the week was light to
The table
Generous to heavy falls
only moderate in most sections of the country. extreme southern Florida.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
10,485
were reported from the lower Mississippi Valley,
54,000
751.000
New York
rains in the last-named area were especially
and the Rio Grande Valley:
Philadelphia
75,000
to nearly 4
heavy, ranging from about 2 inches in southern New Mexico,light in the
1.000
Baltimore
91,000
inches in some lower valley districts. Rainfall was generally the Rocky
3,000
Newport News
while west of
4.000
central and northern sections of the country, experienced.
8,000
New Orleans
27.000
Mountains, another practically rainless week was of the country are all
1.000
Galveston
80,000
Field crops In the central and northern portions
60,000 411,000
21.000
3,975.000
Montreal
small amount of
now practically mature, and there has been an unusually occurred during
820,000
Sorel
damage by frost. Freezing temperatures, or heavy frost,
24,000
Quebec
localities, and a moderate amount
the past week in a good many northern
Churchill
564,000
especially in
of harm resulted to some late gardens and tender vegetation, is reported.
80,000
83.485 442,000
Wisconsin, Minnesota.and Iowa;otherwise, no material damage but most
21,000
54,000
Total week 1932,... 6,300,000
usual time,
25001
18.000
3 000 167.021 157.000
Frosts in the North this fall occurred at about the largely out of danger.
Same week 1931_ _ 4.050 000
crops were further advanced than normally and were
Showers during the past week, while mostly light and inadequate to give
The destination of these exports for the week and since
substantial relief in the extremely dry eastern area, were sufficient to revive
July 1 1932 is as below:
late vegetation and grass to some extent, and improve the soil for germination of fall crops. The eastern seaboard States, however, are still extremely
Corn.
Wheat.
Flour.
dry and need a good, soaking rain. In the central valleys, additional
for
Esports for Week
showers were helpful, and the soil there continues in favorable condition has
Week
Since
Since
Week.
Since
and Since
Week
seeding and germination, while further moisture in moderate amounts
Oct. 1
growing in most of the Lake region.
July 1
July 1
Oct. 1
July 1
Oct. 1
July 1 tokept fall grains and grass green and
1932.
1932.
1932,
1932.
1932.
1932.
The North-Central States and the western Great Plains, from Oklahoma
very
northward, remain much too dry, with relief during the past week West
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
local, though the soil in Montana continues in fairly good condition.
the drouth.
192,000
491,379 3.150.000 19,658.000
of the Rocky Mountains, another rainless week intensified possible is in
United Kingdom_ 52,000
324.000
53,000
229,894 2,997,000 25,863.000
24,485
Continent
especially in the northern wheat belt where the only seeding
2.000
150,000 3,072.000
39,000
So.& Cent. Amer- 3,000
beds of dust.
52,000
17,000
-The weather continued generally dry, with fall plow3,000
Indies
86,000
4,000
West
SMALL GRAINS.
too dry
1.000
3.000
5,001)
____
Brit.No.Am. Cols
ing and seeding delayed, in the Middle Atlantic States. It was also
of the Great Plains, and
289,999
____
45,206
Other countries___
for this work in the western Lake region, muchfavorable in the Ohio and
Conditions were rather
many western sections.
rains beneficial in the
54,000
538,000
Totals 1932...._ 83,485 896,479 6.300,000 48,934,000
central Mississippi Valleys, with light to moderate Southeast. In central
36.000
3.000
Totals 1931..__ 167.021 1.993.707 4.050.000 46.710.000
eastern part, while sufficient rain occurred In the completed and the crop
largely
and eastern Kansas seeding winter wheat is
continues in the
is germinating and growing satisfactorily; dry weather
The visible supply of grain, comprising the .tocks in
dust has
western third. In the Pacific Northwest considerable seeding in plowing
at lake ano
granary at principal points of accumulation
been done, with rain seriously needed for germination and further
follows:
and seeding.
seaboard ports Saturday, Oct. 1, was .ts
-The corn crop is now practically safe from frost in all sections
CORN.
small
GRAIN STOCKS.
where it is liable to be damaged at this season, and an unusually was
Rye,
Barley,
Oats,
amount of harm occurred. In most sections of the belt the week
Corn,
Wheal,
some complaints
bush.
bush,
bush.
bush,
rather favorable for drying the crop, though there were In Iowa, husking
bush,
United States5,000
of dampness causing molding in parts of the Ohio Valley.
552,000
Boston
23,000
3.000
50.000
has begun in the north, but it is mostly too moist for cribbing.
1,267.000
New York
COTTON.-Picking and ginning were interrupted by rains to some extent
24,000
" afloat
2,000
8,000
38,000
39,000
in the central States of the Cotton Belt, and harvest made only fair progress
2.596,000
Philadelphia
38,000
30,000
28,000
in the western section. There was considerable damp,cloudy weather, and
3.000
8,316,000
Baltimore
temperatures were relatively low, which favored weevil activity.
326,000
Newport News
6,000
25,000
In western Texas and southern New Mexico,heavy rains were unfavorable
46,000
916.000
New Orleans
and some harm was done, while in Oklahoma, progress varied from fair to
44,000
Galveston
1,847,000
2,000
52.000 1,245,000
good, with late bolls opening slowly. In the central States of the belt,
85.000
6,765 000
Fort Worth
rains the first and the latter parts of the week were unfavorable, but other2,243,000
Wichita
wise conditions were mostly satisfactory. Green bolls are still developing
9,000
Hutchinson
6.214.000
384,000
81,000
in some central-northern sections. In the more eastern States, weekly
7,961,000
St. Joseph
32,000
45.000
76.000
progress was fairly good, and picking is well advanced, with only slight
91,000
40,980,000
KIMEL8 City
30,000
448,000 1,367,000
Interruption by rainfall.
7,000
Omaha
19,480.000
-Pastures continue poor and need rain
S o
1
2 000
,:
167.000 •
MISCELLANEOUS CROPS.
20.000
gr
1,920.000
ioux City
678.000
generally in the Middle Atlantic States, the western Lake region, and the
748.000
6,838.000
St. Louis
454.000 1,989,000
Pacific area; only locally elsewhere is there a serious need of rain. General
--1,575.000
Indianapolis
676.000
improvement was noted in the Ohio and central Mississippi Valleys and in
59.000
34.000
Peoria
5,753,000 1,288,000
624,6643
many sections to the southeastward. In the great western grazing sections,
16,800.000 9,199,000
Chicago
854,000
ranges are fairly. good, except locally, and livestock are in satisfactory
1,318.000
" afloat
77,000
condition.
1,125.000
764.000
On Lakes
814,000
105.000
995,000
Heavy to killing frosts were reported from many northern sections, but
763,000
5,985000
Milwaukee
damage was generally slight and was confined to tender garden truck.
651,000 8.505.000 4.126,000 3,575.000
24,042.000
Minneapolis
2,009,000 1,445,000
Moisture is needed in the West for digging sugar beets; harvest is progressing
979,000
20,686.000
Duluth
37,000
58.000
56,000
6,000
well generally. Late tobacco needs more warmth in,,Kentucky for proper
185,000
Detroit
No report
ripening and curing Apple picking is quite general, while citrus continue
Toledo
601,000
satisfactory development
326.000
10,942,000 3,533,000 2,348,000
Buffalo
581,000
1.969,000
" 'afloat
The Weather Bureau furnishes the following resume of
108,000
263,000
On Canal
the conditions in the different States:
Total Oct. 1 1932-__187.521.000 18,458,000 26.330,000 8.660,000 6,616,000
-Richmond: Temperatures near normal; precipitation light:
Virginia.
Total Sept. 24 1932_ _185,972,000 17,850,000 26,342,000 9,035,000 6,382,000
except in a few scattered localities. Picking cotton continues and most
Total Oct. 3 1931...233.109,000 5,362,000 15,933,000 9,312,000 4,129,000
corn now cut. About.70% of tobacco cut. Late truck in southeast
-Bonded grain not included above: Barley, Duluth, 27,000 bushels: total,
up and looking good. Meadows and pastures improving in many localities.
Note.
Apples reported under-sized; picking well started in southwest. Some
37,000 bushels, against 4,000 bushels in 1931. Wheat, New York, 464.000 bushels;
afloat, 5.842,000: Duluth.
plowing and seeding wheat during week, but most ground too dry.
New York afloat, 221.000; Buffalo, 2,510,000; Buffalo11.446,000
bushels, against
Drouthy conditions still acute over most of State.
45,000; on Lakes, 1,099,000; Canal, 1,265,000; total,
1031.
North Carolina.-Italeigh: Rather cool: sufficient rainfall for late sum10,387,000 bushels In
Rye,
Barley,
Oats.
mer crops and sowing wheat, rye and barley, with good progress in west.
Corn,
Wheat,
bush.
bush,
but streams and many wells continue low. Progress Of cotton fairly good;
bush.
bush,
bush,
Canadianpicking well advanced; some interruption by rain.
943,000
589,000
358,000
8,869,000
Montreal
South Carolina.-Columbla: Rather cool, with intermittent showers:
1,451,000 2,644,000 1,486,000
Ft. William:4z Pt. Arthur 56,957,000
unfavorable for cutting and curing forage, but soil was improved for fall
112,000
782,000
472,000
35,060,000
Other Canadian
plowing and oat sowing, which are progressing. Much sorghum molasses
2,822,000 3,699,000 2,314,000
being made. Major portion of cotton crop now open, but picking and
Total:Oct. 1 1932-100,886,000
2.024,000 3,997,000 1,934,000
ginning checked somewhat by unfavorable moisture conditions. Fall
92.068,000
Total Sept. 24 1932_
4.079.000 10,263,000 7,739,000
truck and pasturage improved.
.304,000
Total Oct. 31931.
•
2518
Financial Chronicle
Georgia.—Atlanta: Averaged slightly cool over most of State; scattered
showers, mostly in south and central. Practically all cotton open and
picking and ginning generally good progress, with harvest nearing completion in many sections; no top crop. Sweet potatoes, corn, peanuts,
and cane good in most places; harvesting progressing. Pastures and
meadows generally good.
Florida.—Jacksonville: Little or no rainfall, except in extreme south and
extreme northwest, where moderate to heavy; considerable cloudiness extreme north, but sunshine abundant elsewhere. Crops and farm work
made satisfactory progress, but soil moisture in most sections of the Peninsula becoming inadequate and rain needed. Too wet in some localities
of extreme northwest. Citrus continue to show favorable development,
but cooler weather would improve fruit.
Alabama.—Montgomery: Cool Friday, otherwise temperatures averaged near normal; rainfall general and locally heavy. Oats being sown
locally. Progress and condition of corn, potatoes, sweet potatoes, truck,
vegetables, ranges, pastures and miscellaneous crops mostly fair to good.
Cotton opening rapidly; condition very poor to good, but mostly poor to
fair; progress in picking generally good, but delayed by rain locally; this
work finished in some areas of south, well advanced in central, and nearly
half finished locally in extreme north; weather mostly favored weevil
.
activity
.
Mississippi.—Vicksburg: Moderate rains general. Corn practically
matured; fair progress in housing. Cotton opening fairly well in north
and nearing completion in south; staple slightly injured account prevailing weather; progress of picking and ginning poor to only fair; approaching
completion in extreme south. Progress of gardens, pastures and truck
fair to good.
Louisiana.—New Orleans: Dry and cool first part; somewhat warmer
and cloudy latter part, with light to heavy rains at close. Mostly favorable,for growing crops, and harvesting sweet potatoes and corn. Some interruption to cotton picking, with only fair progress, except fairly good in
northwest where gathering mostly nearing completion. Harvesting rice
delayed locally. Preliminary tests of sugar cane promising.
Texas—Houston: Generally about normal temperatures in coast and
central districts, but cool elsewhere. Heavy to excessive rains in extreme
west and south and parts of northeast; mostly light and scattered elsewhere with considerable cloudiness. Cotton generally continues poor or
only fair, with bolls rotting and conditions favorable for insect activity;
crops damaged by rain in west; picking still progressing; little prospect of
top crop. Grain sorghums and hay damaged by rain in north-central.
Conditions generally favorable for ranges and vegetables; livestock good.
Flood in Rio Grande causing only slight crop damage, mostly to small
citrus acreage.
Oklahoma.—Oklahoma City: Cool and mostly cloudy; light rains in
west, but moderate to heavy in east; more moisture needed. Progress
and condition of cotton ranges from poor to fairly good; late opening slowly
as too cool;favorable for insect activity;fair progress in picking and ginning.
Satisfactory progress in harvesting corn. Preparation of ground and seeding winter grains advancing slowly account dry soil; probably less than
50% of wheat planted.
Arkansas.—Little Rock: Cotton made rapid progress, except the first
and last days of the week, when opening of bolls retarded and picking and
ginning delayed by rainy, cloudy weather; green bolls still developing on
lowlands, but nearly all now open elsewhere. Progress of late corn very
good except where too badly damaged by previously dry weather. Favorable for sweet potatoes, late truck, meadows, pastures and forage crops.
Tennessee—Nashville: Heavy rains at beginning of week damaged
cotton locally, but picking and ginning made mostly good progress, except in the early days. Rain benefited late corn, pastures and truck.
Considerable hay saved, although dampness damaged some.
Kentucky.—Louisville:Too cool, but dryness and sunshine morefavorable.
Late corn safe; better progress in cutting. Late tobacco needs more
warmth for proper ripening and curing; small amount still out. Fall
plowing advanced and considerable barley and rye and some wheat sown.
Pastures and late potatoes improved.
THE DRY GOODS TRADE
New York, Friday Night, Oct. 7 1932.
The textile trade, while distinctly quieter, began the new
month in a spirit of prevalent though qualified cheerfulness.
The volume of business this week was fairly substantial, notwithstanding the deterring effect of the forthcoming Government cotton crop report, and less favorable developments
in Wall Street, where securities staged a rather unaccountable slump on Wednesday in the face of a substantial budget
of constructive industrial news. This is the time of year
when a seasonal autumn upturn in general business activity
usually is approaching its peak, and many commentators
ascribed the decline in stocks partly to apprehension that
the customary winter recession is almost due. Predictions
that the major industrial indexes, especially carloadings and
steel operations, which have been improving for a number of
consecutive weeks, will be turning down again soon, were
especially prevalent in Wall Street after stocks slumped
on Wednesday, and the near future of the textile trade was
not excluded from such "bearish" comment. However, the
trade itself is not yet disposed to take a great deal of stock
In such prophecies, believing in most cases that a good deal
of potential business remains to be done before a real lull
sets in again, always provided that statistical conditions in
cloths and the tone of the raw markets do not undergo drastic
adverse change in coming weeks. Prospective overproduction, with which buyers in particular contend that all divisions of textiles are again being threatened, is the most
discussed current problem among dry goods men. Other
dry goods men, however, mostly take confidence from the
fact that inventories, not yet materially increased by higher
production rates in mills, are similarly restricted in wholesale and retail channels. If there is danger of overproduction, they contend,it is many weeks ahead of the present,
and while there is sense in the dictum that such dangers
should be anticipated there is also reason in the belief
that the call for goods in the interim may very well fully
absorb the higher output now current. The Presidential
election is stressed as a factor making for great uncertainty
by some sources, but more and more observers are adopting
the opinion that it will not greatly matter to business which
candidate is successful. The broad silk market is reported
in a "between-season" lull against which the trade is well
fortified by the well-sold-ahead condition which is characteristic of a number of mills, with care being taken to avoid
accumulations in quarters where there is not a substantial
back-log of orders. Stocks of staple fabrics are said to be
meagre, with popular novelties practically unobtainable.
Canton crepes are reported to be rapidly gaining in favor
with buyers, to the point of sale leadership. Rapid fluctuation in raw silk is the chief source of immediate worry to
the goods trade. Scarcity of yarns still features the rayon
situation, mills being reported as being forced to turn down
Oct. 8
1932
considerable business in cloths owing to late deliveries of
yarns. These are unobtainable for spot and nearby requirements, there being none available for delivery before December, and probably very late in that month.
DOMESTIC COTTON GOODS.—Cotton gray goods have
registered a smaller total of aggregate activity this week,
but occasional spurts of buying, which Included a number of
payments of premiums over contract prices for spot goods,
occurred between periods of lethargy when minor lots for
quick shipment comprised the business. Trading was restrained chiefly by the prevalent disposition to await the
Government crop estimate which will be published to-morrow, and which, it is hoped, will show a material decrease
though there is no assurance of that. The opinion is held
in many quarters that a very definite need exists among
manufacturers of replenishment of gray goods stocks, and
some portion of that, it is thought, may very well occur in
a last-moment spurt of buying to-morrow morning before
the crop estimate is made known. Prices have held encouragingly firm, and a good deal of business in gray goods has
been refused lately because buyers would not pay the full
market prices. Spot goods are meanwhile by no means
plentiful, and the current trend seems to be in the direction
of increasing scarcity. Shipments of goods previously
ordered continue at an active pace, and in many instances
mills are having difficulty in making deliveries on schedule.
A relatively full demand for finished goods remains in evidence and is particularly gratifying on the score of its
breadth, which covers a wide range of offerings. Work
clothing is in an especially favorable position, with Southern
overall and shirt factories reported to have booked the
heaviest business in several years. The retail situation,
and the amount of goods moving into consumption continues
constructive. Recent increases in employment are believed
to be beginning to have some effect on the public demand.
The election prospects are being minimized on the theory that
no essential change in the business picture is to be expected
whatever the outcome. With regard to overproduction
threats, mills in most cases stress the existence of heavy
hack-logs of orders, and the fact that most mills have literally been forced to step up production in order to be able
to make deliveries on time. At the same time mill men are
generally of the opinion that the trade is still very much
alive to the danger of losing the relatively strong position
they now occupy and will readily retrench when it is seen
that real danger threatens them. Print cloths 27-inch 64x60's
constructions are quoted at 2%c., and 28-inch 64x60's at 3c.
Gray goods 39-inch 68x72's constructions are quoted at 414c.,
/
and 39-inch 80x80's at 5%c.
WOOLEN GOODS.—The sustained brisk demand for
men's wear suitings which featured woolens and worsteds
markets in recent weeks has quieted down materially. However, this is regarded as a temporary lull, and not as the
definite end of fall buying, as a good volume of belated
ordering of goods is expected once the retail season gets
properly under way. While some mills, principally those
producing overcoatings and types of woolen suitings which
have not happened to take well with buyers, have not done
a satisfactory fall business to date, the majority express
satisfaction with the volume of orders Which have been
placed with them. The statistical position continues
sound.
Wool goods stocks, except in the case of a few constructions
of women's wear cloakings, are reported to be generally
at
the lowest level in 14 years. Buyers say that the current
scarcity of desirable men's suitings is the largest in their
memory. Even staples such as cheviots and serges can
many cases only be had on deliveries specifying a late in
date
in the current month. Overcoatings sales in
recent days
resulted in a virtual clean-out of the majority of available
lines. To some extent the lateness of deliveries is
attributable to the difficulty mills are having in getting deliveries
themselves, of yarns and tops. Meanwhile, in the new spring
lines, competition is very keen, and it is thus
feared that
prices will not reach a parity with the advances
by raw wool and worsted yarns. It is, however, registered
likely that spring fabrics will show advances ofconsidered
to 20c. over the levels which ruled early in the from 15c.
lull in orders for cloakings has resulted in a summer. A
tendency
force goods onto the market, but it is reported available to
supplies are only sufficient to meet a week's good
demand, and
sellers are being urged to refuse to do business at
on the theory that buyers have only taken a concessions,
small percentage of their requirements of these fabrics, and that
further substantial ordering is thus to be expected. It is
pointed out that the promotion of sports garments has been
preoccupying the trade and that with this phase about
over greater attention to dressy cloakings is just
about due.
FOREIGN DRY GOODS.—Linen markets are about to
enter a new season, and with flax prices firmer
abroad,
and the general textile outlook appreciably brighter
since
the last active movement of linens, the prospects
are
auspicious. Importers are now beginning to show new
lines of dress goods and suitings for the winter-resort
season. No notable change in actual volume of goods moved
has yet taken place. Burlaps were dull and without
special feature as holidays at Calcutta cut off the main
source of information to the trade, which accotilinglY
temporarily lost interest. Prices eased slightly. Light
weights are quoted at 3.50e. and heavies at 4.70c.
Volume
135
Financial Chronicle
Statement of the Ownership, Management, &a., required by the Act of Congress
of Aug. 24 1912, of Commercial & Financial Chronicle, published weekly
at New York, N. Y., for October 1 1932.
State 01 New York, County of New York, as.: Before me, a notary Pubic, In
and for the State and County aforesaid, personally appeared Jacob Seibert, who
having been duly sworn according to law, deposed and says that he Is the editor of
the Commercial & Financial Chronicle and that the following Is, to the best of his
knowledge and belief, a true statement of the ownership, management, &c., of the
aforesaid publication for the date shown in the above caption, required by the Act
of Aug. 24 1912,embodied in Section 411, Postal Laws and Regulations, printed on
the reverse side of this form, to wit:
(1) That the names and addresses of the publisher, editor, managing editor
and business managers are:
Publisher, William B. Dana Company, 25 Spruce St., New York.
Editor, Jacob Seibert, 25 Spruce St.. New York.
Managing Editor, Jacob Seibert, 25 Spruce St., New York.
Business Manager. William D. Riggs, 25 Spruce St.. New York.
(2) That the owner is (If owned by a corporation, its name and address must be
stated, and also immediately thereunder the,names and addresses of stockholders
owning or holding 1% or more of the total amount of stock. If not owned by a
eorporation, the names and addresses of the individual owners must be given. If
owned by a firm, company, or other unincorporated concern. Its name and address
as well as those of each Individual member, must be given):
Owner, William B. Dana Company, 25 Spruce St., New York.
Stockholders: Jacob Seibert, 25 Spruce St., New York.
(3) That the known bondholders, mortgagees and other security holders owning
or holding 1% or more of the total amount of bonds, mortgages or other securities
are: (If there are none, so state) None.
(4) That the two paragraphs next above, giving the names of the owners, stockholders and security holders, if any, contain not only the list of stockholders and
security holders as they appear upon the books of the company, but also, In cases
where the stockholder or security holder appears upon the books of the company
as trustee or in any other fiduciary relation, the name of the person or corporation
for whom such trustee Is acting, is given: also that the said two paragraphs contain
statements embracing affiant's full knowledge and belief as to the circumstances
and conditions under which stockholders and security holders who do not appear
upon the books of the company as trustees, hold stock and securities in a capacity
other than that of a bona fide owner, and this affiant has no reason to believe that
any other person, association or corporation has any interest, direct or Indirect, in
the said stock, bonds or other securities than as so stated by him.
(Signed) Jacob Seibert, Editor. Sworn to and subscribed before me this 29th
day of Sept. 1932. Thomas A. Creegan, Notary Public, Kings County, New
York. County Clerk's No. 55, New York County Register No. 3C24. (My
commission expires March 30 1933.)
,*tate and. Txtg peparintent
MUNICIPAL BOND FINANCING IN SEPTEMBER.
The volume of long-term State and municipal bond
financing negotiatad during September was considerably in
excess of the total of sales in August as a result of the disposition in the month just passed of several large bond issues.
The total for September stands at $66,513,801, as compared
with $34,566,789 in the previous month but with $117,
083,951 for September 1931. The aggregate of such borrowings for the nine months of 1932 has reached $654,352,777,
which compar3s with $1,140,002,546 in the corresponding
period of 1931, $1,056,321,229 in 1930, $936,398,760 in
1929, $994,840,978 in 1928 and $1,178,508,094 in the first
nine months of 1927.
The following is a list of the bond awards of $1,000,000
or over completed during September:
$12,982,900 Philadelphia, Pa. 5% bonds, representing the total of subo
scriptions received during September to the issue of $20.000,000
bonds which was unsuccessfully offered on June 3 1932 and
since that time has been on sale at a price of par at the City
Treasurer's office. The $12,982,900 bonds sold during September raised the total of the issue subscribed for to $16.037,000.
The original issue of $20,000.000 bonds was offered bearing
date of June 1 1932 with maturities of $12,900,000 in 1982,
$3,600,000 in 1962 and 93,500,000 in 1947. Bonds of the
1962 and 1982 maturities can be called at par and interest.
upon 60 days' published notice, after 20 years from date of
issue.—V. 134, p. 4195.
6,000,000 Golden Gate Bridge and Highway Dist., Calif., 431% bonds
sold at a 'price of 92.30 to the Bankamerica Co., of San Francisco, and associates. The bonds are part of a total authorization of $35,000,000 and it is understood that the remaining
929,000,000 may be offered for purchase by the Reconstruction
Finance Corporation.
5,363,000 Boston, Mass., 4% bonds, comprising a single issue of
$2,000,000 traffic tunnel bonds, due Sept. 1 1982 and optional
on and after Sept. 1 1952, at par and accrued Interest, and
various other issues of improvement bonds totaling $3,363,000
and due serially from 1933 to 1952, incl. Award was made
to Halsey, Stuart & Co.,
of New York and associates,
at 100.614, a basis of about 4.18% •
4,554,000 San Francisco (City and County), Calif., 414% bonds, comprising four issues and due serially from 1936 to 1953, incl.,
Purchased by the Bankamerica Co., of San Francisco. and
associates, at 100.22, a basis of about 4.47% •
3,879.000 Baltimore, Md., 4% coupon bonds and registered stock,
comprising five issues of coupon bonds aggregating $2,963,000,
due serially from 1936 to 1964. incl. and an issue of $916,000
.
registered stock, due $449,000 in 1962 and $467.000 in 1963.
Award was made to the Bancamerica-Blair Corp., of New
York, and associates, at 101.95, a basis of about 3.87%.
3.052,323 Los Angeles, Calif., 5% bonds, comprising three issues, due
serially from 1932 to 1972, incl., awarded to a syndicate
headed by the Chase Harris Forbes Corp., of New York, at
100.60, a basis of about 4.95% •
2,800,000 Mississippi (State of) 6% deficit bonds sold at a price of 96
as follows: A block of $2,000,000 to Stranahan, Harris & Co.,
of Toledo, and associates, who also obtained an option to
purchase an additional $3,000,000 worth at 96 up until Jan.
1 1933. The remaining $800,000 was sold to George T,
Carter, Inc., of Meridian, with an option on an additional
$200,000 until Jan. 1 1933.
1,536,000 Los Angeles School District, Calif., bonds purchased at a
price of par by the Bank of America, of San Francisco.
1,500,000 Maine (State of) 4% highway and bridge bonds, due from
1954 to 1957. incl., sold to a group headed by the First National
Bank, of New York, at 102.19, a basis of about 3.86%.
1,500,000 Springfield, Mass., 4%% water bonds, due serially from
1936 to 1950, incl., purchased by a group managed by the
Guaranty Company of New York, at 103.33, a basis of about
1,350,000 Cuyahoga Co., Ohio, 6% refunding bonds, comprising two
Issues, due from 1934 to 1943, incl., purchased at a price of
par by the McDonald-Callahan-Richards Co., of Cleveland,
and associates.
1,000,000 Jackson Co., Mo.. 4%% court house bonds, due serially from
1937 to 1952, incl. purchased by the Bankers Trust Co.. of
'
New York, and associates, at 101.93, a basis of about 4.29%.
1,000.000 Lancaster, Pa., 41f% sewer and water system bonds, due from
1933 to 1952, incl.. awarded to a syndicate headed by the
First of Boston Corp., at 103.826, a basis of about 3.83%.
2519
The inability of numerous municipalities to dispose of
their issues continued a feature of the municipal bond market
in September. Our records show such failures numbered 73
issues with a par value of $43,824,551 against 73 with a
par value of $16,318,656 in August, while in July such issues
numbered 69 and the aggregate amount was $11,327,092.
The figure for September was considerably swollen as a
result of the rejection of the syndicate bid submitted for
$32,000,000 Delaware River Joint Commission, N.J., bonds.
Such abortive offerings during the nine months of this year
according to our records, involved 530 separate issues
totaling $215,522,730. Some of the larger issues unsuccessfully offered in that period in addition to the $32,000,000
Delaware River Joint Commission issue in September,
include that of ,000,000 Chicago, Ill., in August,$20,000,000 by Philadelphia, Pa., in June, $12,500,000 State of
Mississippi, in May, and $20,000,000 of unsold State of
Louisiana bonds in March. The monthly totals of these
unsuccessful offerings show $43,824,551 in September,
$16,318,656 in August, $11,327,092 in July, $28,870,469 in
June, $30,794,586 in May,$18,600,155 in April, $28,100,637
in March, $24,247,291 in February, and in January the
amount was $13,439,293.
In the table which follows we furnish a list of the unsuccessful September offerings, showing the name of the municipality, the amount and rate of interest named in the issue,
together with the reason, if any, assigned for the non-sale
of the bonds:
RECORD OF ISSUES THAT FAILED OF SALE DURING
SEPTEMBER.
Name.
Interest Rate. Amount.
Report.
Page.
6%
No bids.
$1.846.096
2199 aAlmon, Ohio (4 issues)
No bids.
33,500
5%
2199 Alliance, Ohio
6
148,000
No bids.
2522 Avalon, N. J
69.194
No bids.
6T
2200 Barberton S. D.. Ohio
110:000
No bids.
5
2365 Bell Co. R.D.No.9-A,Tex.
454%
140,000 Bids rejected
2020 bButler Co., Ohio
No bids
6.750
6
1854 Centerburg, Ohio
No bids
5.400
1686 Clay Co., Ind
4% •
No bids
470,000
6
2(121 Cleveland, Ohio
No bids
100,000
not exc.° %
6
2366 Cliffside Park, N. J
No bids
x
3,000
2201 Corwin Twp. S. D.. Iowa
No bids
98,000
2021 Cranford Twp.,N.J.(2 iss.)not exc.6%
No bids
1.000,000
6%
2366 cCuyahoga Co.. Ohio
2201 Cuyahoga Falls City, S. D.,
No bids
Ohio
22,000
6%
2201 dDelaware River Joint Commission, N. J
32,000,000 Bid rejected
No bids
26.200
1854 East Fork Irrig. Dist., Ore
50
;
59
2366 cEast Jefferson W. W.Dist..
No bids
La
500.000
not exc.6%
No bids
566,000
2524 Euclid, Ohio (2 issues)
6%
No bids
224,524
64
2201 Garfield Heights, Ohio
No bids
n
223.000
4 6
24: %%
2201 fHackensack, N.J.(2 issues)not exc 6%
No bids
93,000
2202 Hamtramck S. D., Mich_ _ _
No bids
855,000
2022 Hillside Twp.,N.J
No bids
5;
9
89,000
1855 Hood River. Ore
No bids
ds
67.120
6 o
2202 Hudson. Ohio (2 issues)
22j2 Jay, Kenna, Chesterfield,
Not sold
&c., S. D.No. 1, N.Y__ _not exc.6%
312,000
2202 Lakeside S. D. No. 32, N.
No bids
Dak
1,800
No bids
563.000
6
2023 Lucas Co., Ohio
No bids
17,000
6
2023 Maple Heights S. D. Ohio_ No bids
78,000
1856 Marion, Ohio
2368 Middleburgh,Fulton,Broome
350,000 Tentat'e offer
&c., S. D.No. 1, N.Y__ _not exc.6%
2369 Mountrail Co. S. D.No.150
No bids
not exc. 7%
1.500
N. Dak
2369 Northstar S. D. No. 2, N.
No bids
2,000
Dak
No bids
15.000
not exc.6%
2204 Norton Twp.. Mich
Not sold
40,500
2526 Oconee Co., S. C
2024 Parsippany-Troy Hills Twp.,
No bids
110.000
not exc.6
N. J
No bids
198.000
2204 Perth Amboy. N.J.(4 iss.)_not exc.6
No bids
48,000
4
2024 Potter Co. Poor Dist., Pa
No bids
5,800
4
1857 Ripley Co., Ind
No bids
16,744
6
2024 Rittman, Ohio (2 issues)__ _
Postponed
163,000
2370 Saddle River Twp.. N.J
6
Not sold
118,000
2370 St. Landry Parish, La
2205 Schoolcraft Co., Mich. (3
Not sold
68.000
issues)
6%
2205 Scotch Plains Twp., N. J.
No bids
130.500
6%
(2 issues)
No bids
1,500.000
2527 South Dakota (State of)_ _ _
No bids
62,800
2371 Struthers, Ohio(2 issues) _ _ _
6%
No bids
744,125
2527 Sununit Co., Ohio (5 issues)
6%
• Not sold
2025 University Park,Tex
25,000
54%
Not sold
6.000
1858 Vigo Co., Ind
Re-offered
161.075
2371 gWarren, Ohio (2 issues)_ _
6
2371 Washington Co., Miss
133.500 Bids rejected
6%
Re-offered
2025 hWayne Co., Ind
92.000
6%
2206 1West New York, N. J. (3
Re-offered
not exc.6%
115,423
No bids
1858 Williams Co.. N. Dak
50,000
x Rate of interest was optional with the bidder.
a City is now planning to ask holders of bonds maturing in October.
November and December of 1932 to accept payment partly in cash and the,
remainder in refunding bonds.—V. 135. P. 2365. b Issue is being reoffered for award on Oct. 7.—V. 135, p. 2200. c Further bids for the bonds
have been invited until Oct. 19.—V. 135, p. 2366. d The bid rejected was
based on the syndicate purchasing immediately a block of $15,000,000
5% bonds at a price of 97, with an option of 90 days on the balance of
$17.000,000. The bankers, however, stipulated that should difficulty be
experienced in distributing the Initial $15,000,000 bonds, they would not
be obliged to take up the option on the further amount of $17,000,000.
e Failure to receive a bid was attributed to litigation involving validity of
the issue. f Bonds were unsuccessfully offered on Sept. 7 and on Sept.
19. g Bonds are being re-offered for award on Oct. 10. g Award of issues
on Sept. 19 was not consummated, and further bids are being solicited
until Oct. 14. h Issue of $92,000 5% bonds is being offered for sale on
Oct. 15. 1 Date of award was postponed from Sept. 27 to Oct. 11.
Record of Municipal Loans Made by the Reconstruction
Finance Corporation.
The Reconstruction Finance Corporation has been very
active in the matter of advancing funds to the various
States for direct poor relief and work relief purposes. These
loans, made in accordance with Title I,Section 1,Subsections
2520
Financial Chronicle
(43) and (e),and,in the case of so-called self-liquidating loans,
under Section 201 (a),of the Emergency Relief and Construction Act of 1932are granted following a thorough investigation
of the applications for such aid made by the Governors of
the individual States.
In the following table we present a list of these municipal
loans aggregating $35,455,171, reported to have been made
by the Reconstruction Finance Corporation since the start
of its activities on July 21 to Sept. 30, inclusive. This total
includes $3,000,000 of such loans made in the month of
July, $13,931,669 in August, and $18,523,502 in September.
We wish to state that we do not include these loans in our
totals of either permanent or temporary financing by States
and municipalities as compiled by us from month to month:
Amount
Date
Pape.
Name—
Granted.
Loaned.
1525 Alabama (Jefferson County)
Aug. 24
$225,000
2019 Arizona (State of)
Sept. 2
250,000
2199 Arkansas (State of)
Sept. 22
502,500
2021 Colorado (State of)
250,000
Sept. 12
2366 Colorado (State of)
597,600
Sept.28
1687 Florida (State of)
500,000
Sept. 2
2367 Georgia (Fulton County)
Sept.27
345,093
1855 Idaho (State of)
300,000
Sept. 2
843 Illinois (State of)
July 27
3,000,000
1355 Illinois State of)
6,000,000
Aug. 18
2367 Illinois State of)
Sept. 24
5,000,000
2368 Kentucky (State of)
672,550
Sept.24
1355 Louisiana (State of)
1,096,084
Aug. 16
2388 Louisiana (State of)
1.008.844
Sept.30
1027 Michigan (Detroit)
1,800.000
Aug. 4
2368 Michigan (State of)
Sept. 24
316,000
2023 Missouri (State of)
628,930
Sept. 12
2368 Missouri (State of)
225,023
Sept.24
2203 Montana (State of)
Sept. 16
300,000
2369 Nevada (State of)
47.200
Sept.30
2369 New Mexico (State of)
90,800
Sept.30
1528 North Dakota (Ward County)
50.000
Aug. 25
1028 Ohio (State of)
842,845
Aug. 2
1355 Ohio (State of)
768,000
Aug. 18
2370 Ohio (State of)
Sept. 24
2,337,000
2370 Ohio (State of)
Sept.24
470,000
2368 Oregon (Klamath County)
Sept.27
86,160
2198 Pennsylvania (State of)
2,500,000
Sept. 22
1528 South Dakota (State of)
Aug. 25
150.000
1 858 Utah (State of)
.
390,000
Sept. 2
2205 Virginia (State of)
Sept.19
283,367
2025 Washington (State of)
Sept. 12
675,000
2025 West Virginia (State of)
440,000
Sept. 12
1522 Wisconsin (State of)
Aug. 20
3,000,000
2367 Hawaii (Territory of)
Sept.30
307,435
In addition to the above loans actually granted, the R. P. C. also has
agreed to bid for $10.000.000 Los Angeles Metropolitan Water Dist., Calif.,
bonds for the Colorado River Aqueduct, which action is being opposed in
the District of Columbia Supreme Court by Southern California property
owners—V. 135. p. 2198, also to bid for 813.000.000 bonds of the State of
Louisiana and the New Orleans Public Belt Railroad Commission fOf bridge
construction purposes—V. 135, p. 2363; also to bid for $105,000 Madison.
South Dakota.light and power plant improvement bonds—V. 135. P. 2368.
Short-term financing by States and political sub-divisions
during the month of September aggregated $67,784,773.
The City of New York contributed $48,350,000 to that
total, mainly as a result of borrowings from the $151,000,000
revolving credit fund established by the Clearing House
banks of the city to finance municipal operations pending
November 1932 tax collections. The city made arrangements on Sept.29 for an additional withdrawal of $10,000,000
which increased the total of loans against the credit to
3135,000,000—V. 135, p. 2369.
The principal feature of the Canadian municipal bond
activities in September was the underwriting of an issue of
$60,000,000 Dominion of Canada 4% notes by the Chase
Harris Forbes Corp., of New York, and associates. This
issue, dated Oct. 1 1932 and due Oct. 1 1933, was offered
for subscription, at par and accrued interest, in New York
at 10 a. m. on Sept. 27, and, according to the bankers, was
all sold within the next 15 minutes. Proceeds of the issue
will be applied to the payment of $40,000,000 4% 2
-year
Treasury notes maturing in New York on Dec. 1 1932 and
to the payment of $13,000,000 Treasury notes presently
callable. The balance of $7,000,000 will be expended for
general purposes of the Government. The loan, which is
callable at par on July 1 1933 and thereafter, on 30 days'
published notice, constituted the largest single Canadian
municipal issue placed in the United States since Great
Britain suspended gold payment in September 1931.
In addition to the Dominion loan, there was a total of
$9,502,211 Canadian municipal bonds sold during September,
all of which was placed in Canada. No United States
Possession financing was done in September.
A comparison is given in the table below of all the various
forms of securities placed in September of the last five years:
1932.
1931.
1930.
1920.
1928.
Perm.loans (U.S.). 66,513,801 117,083,951 80,358,117 100,028,167 66,704,334
•Temp.lies(U.5.)_ 67,784,773 101,015,541 66.760,534 93.475,000 98,461,002
Oan.loans(permo—
Placed ln Canada- 9,502.211
701,300 6,389,384 9,457,163 3,212,282
None
Placed in U. 8—x60.000,000
1.000,000
3,000,000
1,750,000
None
500,000
Bds. of U.S. poss'ns
None
None
None
General fund bonds
None
None 8,250,000 4,600,000
(New York City).
None
203,800,785 219,300,792 163,508,035 208,560,330 171,377,618
Total
•Including temporary securities issued by New York City, $48,350,000 in Sept.
1932. 177.000.000 in Sept. 1931, $17,700,000 in Sept. 1930. 350,850,000 in Sept.
1929. and 886,038,000 in 1928.
if Representing a $60,000,000 Dominion of Canada 4% note issue, due Oct. 1
1033. optional July 1 1933, underwritten In the United States.
Oct. 8 1932
The number of municipalities emitting permanent bonds
and the number of separate issues made during September
1932 were 185 and 273, respectively. This contrasts with
171 and 215 for August 1932 and with 244 and 324 for
September 1931.
For comparative purposes we add the following table,
showing the aggregates, excluding temporary loans and also
Canadian issues, for September and the nine months for a
series of years:
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
Month of
September.
$58,513,801
117,083,951
80.358,117
100.028.167
66,704,334
117,571,822
136.795,778
115,290,336
124,336.682
56,398,075
99,770,656
88,656,257
49,820,768
70,839,634
24,732.420
31.175,017
22,174,179
26,707,493
13,378,480
26,025,969
25,469,043
For the
Nine Months.
$654,352,777 1911
1,140,002,546 1910
1,056,321,229 1909
936,398.760 1908
994.840,978 1907
1.178,508,094 1906
1,046,221,618 1905
1,095,486,400 1904
1,138,425 601 1903
765,963.785 1902
918,854.893 1901
754,294,623 1900
480.716.223 1899
519,669,754 1898
238.179,833 1897
328,078,924 1896
308,388.101 1895
406.496,817 1894
408,044,823 1893
288,024.714 1892
317,912,921
Month of
September.
$26,487,290
18,364,021
23.001,771
34,531,814
47.947.077
8,980,418
9,825,200
10,694,671
8,762,079
9,179.654
14,408,056
4,033,899
7,201,593
6,173,665
9,272,691
3,693,457
11,423,212
8,240.347
3,885,137
6.242,952
For the
Nine Months.
$314,503,570
231,921,042
272,389,451
243,241,117
199,722,964
153.152,345
141,021,727
197,921,657
111,745,993
117,678,355
99,324,001
97,194,441
95,028,487
83,150.559
106,387,463
56,229,416
92,253,916
90,454,836
40,072,566
63.583.834
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
Alabama.—Legislature Ratifies "Lame Duck" Amendment.—News dispatches from Montgomery on Sept. 29
report that the Legislature has adopted resolutions ratifying
the 20th Amendment to the Federal Constitution, known
as the "Lame Duck" Amendment. Alabama is said to be
the 17th State which has ratified this amendment to date,
the others being Arkansas, Illinois, Indiana, Kentucky,
Louisiana, Maine, Michigan, Mississippi, New Jersey,
New York, Pennsylvania, Rhode Island, South Carolina,
Texas, Virginia and West Virginia.
Las Animas, Colo.—Default Reported on Special Assessment Bonds.—In response to our inquiry regarding a report
that the above city had defaulted in the payment of some
of its obligations we are advised as follows, in a letter dated
Sept. 26, by Newton E. Crist, a dealer in investment securities of Pueblo, Colo., who is interested in the bonds
of the city:
William B. Dana Co., New York.
Gentlemen: Answering your letter of Sept. 23, relative to the defaulted
special assessment bonds of the city of Las Animas. Colo.,
that there are two Side Walk and Grading districts in default; wish to say
No. 3,issued September 1907. due in 1927, and one, District one, District
in July 1908, due in 1928; also Sanitary Sewer District No. No. 4, issued
1, July 11909.
due in 1929.
These bonds are guaranteed by act of ordinance of the city of
and it is the intention of the writer to bring suit for payment on Las Animas.
this guarantee. At the same time establish the enforcibility of the city's
guarantee
on special improvement bonds. There has been much
discussion regarding this question for many years and I am very anxious to make
a
test case of these bonds for future reference.
Any information we can obtain through the efforts of your magazine
would be greatly appreciated.
Yours very truly,
N. E. CRIST.
Maine.—Addition to List of Legal Investments for Savings
Banks.—News dispatches from Augusta on Oct. 4 report
that Bank Commissioner Annis has added the following to
the list of investments considered legal for savings banks
in this State: Southern Indiana Gas & Electric Co. 1st
53's of 1957.
Massachusetts.—Aadition to List of Savings Banks' Legal
Investments.—A bulletin was issued on Oct. 4 by the State
Bank Commissioner showing that Long Island Lighting Co.
additional $1,658,000 first and refunding mtge. senes B
5% bonds due in 1955, has been added to the list of investments considered legal for savings banks in this State.
New York City.—Court of Appeals Sustains Ruling of
Appellate Division in Ordering Mayoralty Election for Nov.8.—
In an opinion handed down on Oct. 6 the New York Court
of Appeals held that a Mayoralty election must be held
in New York City on Nov. 8, next, the day of the annual
general election. The ruling of the high court was based
on a precedent set about six years ago, when a vacancy
occurred in the office of the Mayor of Albany, due to death,
and the court held it must 130 filled by election. The
decision was given on an appeal from an order of the Appellate
Division reversing the action of Supreme Court Justice
John E. McGeehan, who had granted a motion for a writ
of mandamus to restrain the New York City Board of
Elections from holding the Mayoralty election—V. 135,
.
seven judges of the Court of Appeals
p. 2363. Six of the .
concurred in the opinion.. Judge Lehman did not vote.
The proceedings had been instituted as a taxpayer's action,
based on the contention that Mr. McKee had succeeded to
the entire unexpired term of Mayor Walker.
Financial Chronicle
Volume 135
New York City.—Tentative Tax Rolls Show Decrease
of $719,151,858 from 1932 Figure.—James J. Sexton, President of the Department of Taxes and Assessments, on
Oct. 1 issued the annual qtatement bearing on the assessed
valuation of the city property for the year 1933. The new
tax rolls show a tentative total of $18,225,064,709, which
creates a precedent by giving a tentative decrease in the
taxable real estate in this city of $719,151,858, a cut of
about 4% under the figure for the preceding year. The
official statement on the tentative assessment roll reads
as follows:
The tentative assessment of taxable real estate for the year 1933 in the
City of New York is 618,225.064,709. This amount is $719.151,858 less
than the final real estate assessment for 1932, being therefore a net reduction of that amount. This is the first time since consolidation of
Greater New York that the tentative assessment of taxable real estate
has been less than for the previous year.
The gross amount of the reductions in the entire city is 6894,889.742
distributed as follows:
Manhattan
$506,772,400
The Bronx
127,530,907
Brooklyn
163.066.810
Queens
87.676,725
Richmond
9,842,900
Total
$891,889,742
From this gross reduction is deducted $175.737,884. representing the
increase for improvements and equalization, leaving the net reduction
6719,151,858, as previously stated.
Reductions have been made of the assessed valuations during the past
three ymars of approximately 6970,000,000, so that since the depression
started, nearly $1,865,000,000 has been reduced from the total taxable
real estate valuation.
The Department has had a difficult problem this year to equalize and
assess property at a figure that would be fair to the taxpayer and not
jeopardize the interests of the city. I believe it has done the work as
well as it is humanly possible to do it.
The Department realizes the serious plight of some of the owners of
real estate and no matter what relief it could give them it would be of
slight help in reducing their burden. The taxpayer has no complaint
with the Department if his assessment is equitable, because after all the
amount of his tax bill is fixed by the amount of the budget.
The assessment of personal property amounts to $790.741,166 for 1933.
Special franchise assessment will not be completed until January next
and will probably be about $675,000,000.
In the Borough of Manhattan increases were made in various sections,
such as Radio City, where the increase amounts to 64,868.000. and in
the financial district, where increases were made because of the completion of several new buildings, amounting to about $
7,000,000.
In the Borough of Brooklyn there was an increase of 616.000,000 on
one parcel alone, owned by the Brooklyn Edison Co., which is assessed
at $49,900,000 for 1933, as against $33,900,000 for 1932.
In the Borough of the Bronx the United Electric Light & Power Co.'s
plant is assessed at $56,500,000, being an increase of $1,750,000 over
last year, and the Consolidated Gas Co.'s plant was increased $3,160,000,
the 1933 valuation being 627.150,000.
It appears from these increases that the public service corporations
have to proceed with the development and expansion of their plants,
irrespective of any depression.
On several occasions during the past two years I have directed the
attention of taxpayers and civic organizations to an evil which should be
repugnant to everyone, and ought to be stamped out. This is the practice
of some so-called tax experts, who, anticipating the action of this Department to make reductions of assessments during the Field period
have solicited retainers from taxpayers in order to secure a fee for such
reductions, intimating that they could be influential in having such reduCtions made. Despite the warnings and admonitions previously given,
a number of taxpayers have drawn my attention to bills rendered for
such supposed services. I have advised them that there was no one responsible for these reductions except the Commissioners and the Deputies
of this Department, and that no one was entitled to any compensation
for such reductions, and that they should refuse to pay them.
The same vicious practice is being resorted to with greater energy this
year in anticipation of further reductions for the year 1933 which were
expected, owing to the economic conditions not confined to real estate
alone. I most emphatically reiterate what I said last year; namely, that
property owners should repudiate any agreement entered into under false
assurances of influence with either the Deputies or the Commissioners,
because the assessments are made without fear, favor or influence, and
to refuse to pay any fee for reductions of assessment which will appear
on our record on Oct. 1.
Any taxpayer feeling aggrieved at the assessment placed upon his property
,
has the right, under the law, to file objections to the assessment, and
may engage anyone he desires to represent him. However, the same
consideration is given to an application whether filed by the owner or
by his representative. Objections must be filed between Oct. 1 and Nov. 15
The total number of separately assessed parcels of real estate and new
buildings are:
Borough—
Parcels.
New Buildings.
Manhattan
79
78.384
The Bronx
93,556
772
Brooklyn
293.048
979
Queens
268.948
2,261
Richmond
74,082
347
Total..
804.018
4,438
The total exemption of property of every kind and class for the year
1932 that is exempted by law now reaches the sum of $4,625,544,604,
die'ributed as follows:
United States Government
$184,564,700
State of New York
56,641,875
City of New York
3,416.618,670
Churches, asylums, homes, hospitals, patriotic, benevolent,
charitable associations, pensioners, parsonages, &c
961,129,359
State Housing Law exemptions
6,550.000
Total
$4,625,544,604
Recapitulation 1933.
New
Increase for
Borough—
Buildings. 1932 Asst. Roll. Improrements.
Manhattan—
79 $9.597,305,165 $54,416,800
Real estate
Real estate of corporation
233,558.950
614,100
Total
79 39,830,864,115 655,030,900
The Bronx—
772
Real estate
2,027,852,446
17,070,800
Real estate of corporation
59,540,950
Total
Brooklyn—
Real estate
Real estate of corporation
772
$2,087,393,396
$17,070,800
979
4,317,138,791
60,978.800
40,321,779
979
84,378,117,591
540,321,779
2,261
2,261,269.920
58,446,550
19,523,020
660,000
Total
Richmond—
Real estate
Real estate of corporation
2,261
$2,319,716,470
520,183,020
347
321,147.095
6,977,900
2,736,145
Total
Grand Recapitulation—
Real estate
Real estate of corporation
347
$328,124,995
$2,736,145
4,438
18,524,713,417
419,503,150
134,068,544
1,274,100
Total
Queens—
Real estate
Real estate of corporation
Total
4,438 818,944,216.567 $135,342,644
Borough—
Manhattan
Real estate
Real estate of corporation
2521
Decrease.
$501,500,450
5,271,950
Net Decrease.
1933
Tent. Ann'l Record
On. 1 1932,
$420,902,900
4,657,850
Total
The Bronx—
Real estate
Real estate of corporation
$506,772,400
126,807,907
723,000
108.703.422
inc.215,200
1,919,149,024
59,756.150
Total
Brooklyn—
Real estate
Real estate of corporation
$127,530,907
6108.488.222
61.978,905.174
162,265,810
801,000
118,238.831
612,500
4,108,899,960
60,366,300
Total
Queens—
Real estate
Real estate of corporation
$163,066,810
$118,851,331
$4,259,266.260
86.483,875
1,192.850
59,326.546
432.850
2.201,943,375
58,013.700
Total
Richmond—
Real estate
Real estate of corporation
$87,676,725
559,759.395
$2,259,957,075
9,576.400
266,500
6,225,660
266.500
314,921,436
6.711.400
89,842,600
Total
Grand Recapitulation—All Boroughs—
Real estate
886.634.442
8,255.300
Real estate of corporation
$6,492,160
$321.632,835
713.397,358
5,754.500
17,811,316,059
413,748.650
Total
1932 assessment roll
Net decrease
$894.889,742
1933 tentative annual record. Oct. 1 1932
$425,560,750
$0,176,402,265
228,901.100
69,405.303,385
$719,151,858 618,225,064.709
618,044.216.567
719351.856
618,225,064,700
New York State.—Herbert H. Lehman and William J.
Donovan Nominated As Gubernatorial Candidates at Party
Conventions.—On the night of Oct. 4 at the Democratic,
State Convention in Albany, Lieutenant-Governor Herbert
H. Lehman, the choice of Governor Roosevelt and former
Governor Alfred E. Smith, was nominated by acclamation
for the Governorship. M.William Bray of Utica,former State
Chairman, was accorded the nomination for Lieutenant
Governor on the Democratic ticket. These nominations
were the outcome after several internal clashes among the
different factions in the party, the Tammany chief in particular, John F. Curry, having sought the nomination to
the Governor's chair for Mayor John Boyd Thacher of
Albany, but having been obliged finally to yield to the wishes
of Governor Roosevelt and Mr. Smith. In Buffalo on the
same date the Republican State Convention came to an end
after nom;nating Colonel William J. Donovan of Erie County
as candidate for Governor, with F. Trubee Davison of
Nassau County as his running mate on the ticket. Colonel
Donovan was formerly assistant to the Attorney-General of
the United States but holds no political position at the
present time. Mr. Davison is now the Assistant Secretary
of War. All of the candidates on both the Democratic and
Republican tickets are said to have been nominated by
acclamation.
Pennsylvania.—Reconstruction Finance Corporation Grants.
Additional Loan of $3,342,183.—On Oct. 4 a second grant
was made to this State by the Reconstruction Finance
Corporation, the new loan being $3,342,183 for relieving
distress in 64 of the 67 counties in the State during October,
according to news dispatches from Washington on that date.
A loan of $2,500,000 was granted to Pennsylvania by the
Corporation on Sept. 22—V. 135, p. 2198. The newspaper
reports gave the announcement of the loan as follows:
In makii g these funds available it is recognized that the responsibility
of the local communities and the State of Pennsylvania to make every effort
to develop their resources for relief is in no way diminished.
Under date of Sept. 22 the Corporation made $2,500,000 available for
three other counties of the State—Allegheny, Northampton and Philadelphia—for the period Sept. 1 to Oct. 31.
Supporting data for 64 counties received Sept. 26 state that the minimum
need for the period Sept. 1 to Jan. 1 next is $20,073.279. To meet this
need it was estimated that $4,922,694 would be available from State and
local sources. The figure of estimated need has since been revised by
representatives of the Governor, in view of additional data, to aggregate
$18,148.471.
According to the supporting data. 252,322 families monthly will require
relief during the remainder of the calendar year 1932.
BOND PROPOSALS AND NEGOTIATIONS
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.—BOND SALE.—
The 6925,000 4% coupon or registered bonds offered on Oct. 4—v. 135.
p. 2019—were awarded to Graham, Parsons & Co., of New York and
Philadelphia; the N. W. Harris Co., Inc., and the First Detroit Co., Inc.,
both of New York, and E. W. Clark & Co. of Philadelphia, at par plus
a premium of $9.805, equal to 101.06, a basis of about 3.90%. The sale
comprised:
$500,999 road bonds, series 34-A-8. Due Oct. 1 as follows: $16,000 from
1933 to 1961 Incl., and $36,000 in 1962. These bonds are Part
of an issue of $6,550,000 authorized at an election on June 26
1928. of which $4,844,000 were sold previously.
425,000 bridge bonds, series 19-G. Due Oct. 1 as follows: $14,000 from
1933 to 1961 incl., and $19,000 in 1962. These bonds are Part
of an issue of 63,540.000 authorized at an election on June 26
1928. of which $3,150,000 were sold previously.
Both of the above issues are dated Oct. 11932. Prin. and semi-ann. int.
(A. & 0.) are payable at the office of the County Controller. Legality
to be approved by Reed, Smith, Shaw & McClay of Pittsburgh.
BONDS PUBLICLY OFFERED—Public re-offering of the bonds i
being made at prices to yield 2.50% for the 1933 maturity; 1934. 3.00%:
1935. 3.50%; 1936 to 1942 incl.. 3.75%; 1943 to 1952 incl., 3.80%, and
3.85% for the maturities from 1953 to 1962 incl. Legal investment for
savings banks and trust funds in Pennsylvania, New York and other States,
according to the bankers, in addition to being a direct and general obligation
of the County, payable from unlimited ad valorem taxes.
Financial Statement (As Officially Reported Aug. 31 1932, But Including
This Issue).
Assessed valuation
$2,306,271,240.00
Gross bonded debt
110,186,000.00
Gross floating debt
7,222,045.70
Gross indebtedness
Lesssinking fund
117.408.045.70
16,458,385.34
Net indebtedness
100,949.660.36
Population: 1930 census, 1,374,622.
Under Pennsylvania laws there may be deducted from above debt $14,516.236.35, which includes estimated revenue applicable to the reduction
2522
Financial Chronicle
of the above debt, outstanding solvent debts and all other cash, leaving
the net indebtedness of the County $86,433,424.01.
The following is an official list o the bids received at the sale:
Bidder
Premium.
Graham. Parsons & Co. and associates (successful group)
National City Co.. New York; Peoples-Pittsburgh Trust Co., $9,805.00
Pittsburgh, and the First National Bank, of Pittsburgh. jointly 8,544.23
Lehman Bros., Foster & Co., G. M.
-P. Murphy & Co., and
Moncure, Biddle & Co., jointly
6,475.00
Guaranty Co. of New York and the Bankers Trust Co., jointly 6,196.58
Brown Bros. Harriman & Co.; Kidder, Peabody & Co. and
Janney & Co., jointly
5,663.78
Edward B. Smith & Co.and Phelps, Fenn & Co.,jointly
5,269.72
Union Trust Co. of Pittsburgh
5,272.50
ALBANY, Albany County, N. Y.
-BOND OFFERING.
-Lawrence J.
Ehrhardt, City Comptroller, will receive sealed bids until 2 p. m. on Oct.
17for the purchase of$765,000 not to exceed 5% interest coupon or registered
bonds, divided as follows:
$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 from 1933 to
1942 incl.
75,000 local improvement bonds. Due Nov.1 as follows: $10,000 from
1933 to 1937 incl., and 55,000 from 1938 to 1942 incl.
All of the bonds will be dated Nov. 1 1932. Rate of interest to be
expressed in a multiple of Y, of 1% and must be the same for all of the
bonds. Principal and interest (May and Nov.) are payable at the First
Trust Co., Albany. A certified check for $15,300, payable to the order
ofthe city, must accompany each proposal. The purchaser will be furnished
with the opinion of Hon. George A. Reilly, Corporation Counsel for the
city, and of Reed, Hoyt & Washburn, of New York. that the bonds are
valid and binding obligations of the city, for the payment of which a
general ad valorem tax may be levied on all the taxable property of the
city without limitation of rate or amount.
Financial Statement as of Sept. 26 1932.
General bonds
$17,260,165.00
Water bonds
12.636,200.00
Street improvement bonds
3.269.600.00
Gross bonded debt
$33,165.965.00
Less
Exempted water debt
$12,636,200.00
Cash and sinking funds (including 1932
levies) provided for payment of debt
other than exempted debt
2.281,677.60
14.917.877.60
Net debt
$18,248.087.40
New water supply debt sinking fund (not used as a deduction on above) $225,655.67.
Assessed valuation (1932-officially determined to be 96
of actual) real property (equalized for county taxes
-90 0
of actual-5219,925,448.45)
235,377,562.00
Special franchises (equalized for county taxes
$7,771.120.00)
8,348,8.32.00
3243.726,394.00
Constitutional 10% debt limit
Net debt subject to such limit
Net constitutional debt margin
$24,372,639.40
18,248,087.40
$6.124.552.00
The above statement does not include the $765,000.00 bonds now offered.
5500.000.00 of which constitute exempt debt.
The city has no floating or temporary debt of any kind and no delinquent
taxes.
All emergency relief work, so far, has been financed out of surpluses.
Albany city bonds are accepted by the Secretary of the Treasury as
security for Government deposits, by the State Superintendent of Insurance
to secure policyholders, by the State Superintendent of Banks in trust for
trust companies, and are legal investments for savings banks and trustfunds.
Population, 1930 Census, 127,412.
Tax Collections.
Total Levy (City.
Collected
A
d
1by
Uncollected at Close
YearCounty and Stale).
31.
of Year of Levy
1928
57,064.290.84
$295.060.48
$5,240,893.23
1929
7,478,852.43
5.272,827.80
449,139.63
1930
8,160,308.25
616,810.68
5,420.675.06
1931
8.597,382.36„ .
702,420.26
1932
8.680,450.14
5.554,747.21
At the end of the calendar fiscal year, the delinquent tax rolls are returned
to the county, all city taxes having been paid in full.
ALGER COUNTY (P. 0. Munising), Mich.
-BOND REPORT.
-In
connection with the offering on Sept. 14 of $47.600 bonds, as reported in
V. 135, p. 1685. we are advised that two offers for a 10
-day option on the
bonds as 6s, at a price of par, were received. The offering comprised:
$27.600 refunding bonds. Due July 15 as follows: $3,600 in 1936, and
$4,000 from 1937 to 1942, inclusive.
20,000 general obligation calamity bonds. Due 55.000 on Oct. 1 from
1933 to 1936, inclusive.
Each issue is dated Oct. 1 1932.
ANNAPOLIS, Md.-BOND OFFERING.
-J. Garland Healy, Chairman
of the Annapolis Metropolitan Sewerage Commission, will receive sealed
bids until 8 p. m. (Eastern standard time) on Oct. 11 for the purchase of
$100.000 series B,4,4 %,issue of 1932. coupon sewerage bonds, previously
offered on April 12 ion, at which time the failure to receive a bid was
attributed to court litigation regarding the issue. In this connection, we
are advised by James H. Ellis. member of the Board of Commissioners,
that the constitutionality of Chapter 144, Acts of the General Assembly
of Maryland of 1931. under which the bonds are being issued, was recently
tested by several residents of the Districts involved and a decision favorable
to the Commission handed down by the Circuit Court of Anne Arundel
County.
The bonds now offered will be dated Oct. 1 1932 and mature Oct. 1 as
follows: $20,000 in each of the years 1942, 1947, 1952, 1957 and 1962.
Prin. and int. (A. & 0.) are payable at the Annapolis Banking & Trust
Co.. Annapolis. A certified check for 27 of the amount bid, payable
to the Annapolis Metropolitan Sewerage Commission, must accompany
each proposal. The offering notice states that the bonds are exempt
from all State. county and municipal taxation in the State of' Maryland,
and are issued by the Commission "upon the faith and credit of the City
of' Annapolis and Anne Arundel County and each bond will be guaranteed
for payment both as to prin. and int. by the Mayor. Counsellor and Aldermen of the City of Annapolis and County Commissioners of Anne Arundel
County by endorsement on each bond in the manner authorized and required by the provisions of said Act.'
Financial Statement of Anne Arundel County.
Valuation of real property based on 70% of actual, and as of Dec. 31
1931. $45.942,637; all other taxables, $20,579,348; total, $66.521,985.
Bonded indebtedness-water and sewer bonds, $576,000; all other bonds,
$3,393,000; total bonded Indebtedness (exclusive of this issue), $3,969,000.
Tax rate per $100,000 (1932), $2.50. Sinking funds. $643,166.65.
Floating debt (in anticipation of taxes), $600,000.
Population: 1920 census (county and city), 43,408: present (est.). 53,000.
ARKANSAS, State of (P. 0. Little Rock).
-BOND EXCHANGE
-Approximately 532.000.000 of the 517,000.000 road district
REPORT.
bonds outstanding have been exchanged for State revenue 4ji% bonds.
according to State Treasurer Leonard-V. 135, p. 1853. He Is reported
to have said that the bonds are being exchanged at a rate of $2130,000 to
$250,000 daily and at the same time interest is being paid on the district
bonds.
ATLANTA, Fulton County, Ga.-BOND SALE.
-An $8,000 issue
of 434% semi-ann. street impt. bonds is reported to have been purchased
recently by the Robinson-Humphrey Co. of Atlanta, for a premium of
$151, equal to 101.88.
-BOND SALE.
ATHENS COUNTY (P. 0. Athens,) Ohio.
-The
issue of 556.200 poor relief bonds offered on Sept. 30-V. 135, p. 2019
Surplus fiscal year 1930-1931
was awarded as 51.s to the BancOhlo Securities Co., of Columbus, at par
Surplus current funds this year to date
plus a premium of$ 28.80, equal to 100.22, a basis of about 5.18%. Dated
Oct. 8 1932
Sept. 11932. Due March 1 as follows: $10.000 in 1934. $10,500 in
1935,
$11,200 in 1936, 512,000 in 1937 and $12,500 in 1938.
dereceived at the sale were as follows:
rBidderInt Rate. Premium.
BancOhlo Securities Co. (successful bidder)
$128.80
5 %
Seasongood & Mayer,Cincinnati
63.85
Provident Savings Bank & Trust Co., Cincinnati
203.32
ATLANTIC CITY, Atlantic County, N. J.
-STATE SINKING
FUND REFUSES TO PURCHASE CITY BONDS.
-Renewed efforts by
Mayor Harry Bacharach and Enocn L. Johnson. Treasurer of Atlantic
County, to obtain the approval of State Treasurer Albert C. Middleton
to a plan whereby the State Sinking Fund Commission would purchase
$1.200,00 long-term municipal auditorium bonds of the city failed on
Oct. 4 when the Treasurer reiterated his opposition to the proposal, which
was first made several months ago. The proposal, it is
the selling of $1,200,000 of Somerset County, South Orangestated, involves
and Maplewood
bonds, held in the sinking fund, in order to purchase the shore resort's
obligations. The other members of the Commission, in addition to Mr.
Middleton. are Governor A. Harry Moore and State Comptroller John
McCutcheon. The city, according to report, is pressed for funds to
meet current obligations and owes more than $1,000,000 in back taxes
to the State.
AUDUBON, Camden County, N. J.
-BOND OFFERING.
-Erwin 0.
Hand, Borough Clerk, will receive sealed bids until 8.30
m.(Standard
time) on Oct. 11 for the purchase of 520.0005, 53 534, 5 or 6% coupon
or registered emergency relief bonds. Dated Oct. 15 1932. Denom.
$500. Due $2,500 on Oct. 15 from 1933 to 1940 incl. Prin. and int.
(A. O. 15) are payable at the Audubon National Bank, Audubon. A
certified check for 2% of the bonds bid for, payable to the order of the
Borough, must accompany each proposal. The
kins, Delafield & Longfellow, of New York, will approving opinion of Hawbe
bidder. (At the offering on July 19 of $39,000 furnished the successful
not to
6% int.
street and bridge bonds and assessment bonds, no bidsexceed received.
were
-V. 135, P. 659.)
AVALON,Cape May County, N. J.
-BONDS NOT SOLD.
-The $148.000 6% coupon or registered bonds offered on Sept. 28-V. 135, p. 2020
were not sold, as'no bids were received. The offering comprised $90.000
tax title lien bonds and 558.000 local impt, assessment refund
bonds,
dated Sept. 1 1932 and due in 2 years.
ARANSAS PASS INDEPENDENT SCHOOL DISTRICT (P. 0.
Aransas Pass), San Patricio County,Tex.
-The $13,000
issue of school bonds that was purchased -MATURITY.
by the State Department of
Education,$11.000 as 53is, and 52,000 bonds as 6s, at par
-V.135, p. 2199
-is due on May 1 as follows: $300, 1933 to 1936: 5400, 1937 to 1940;
5500, 1941 to 1944; 3600, 1945 to 1949; $700. 1950 to 1953, and $800, 1954
to 1956, all incl.
BALTIMORE, Md.-LOAN OF $1,000.000
-Mayor
Jackson on Sept. 29 obtained a loan of $1,000.000OBTAINED.
from
% hit., for a period of 30 days. pending receipt of the local banks, at
proceeds of the
award on Sept. 29 of $3,879,000 4 couponbonds and registered
to the Bancamerica-Blair Corp. of New York, and associates, at stock
101.95,
a basis of about 3.87%.-V. 135, p. 2365.
BEACHWOOD (P. 0. Cleveland), Cuyahoga County, Ohio.
BOND OFFERING.
-Frank C. Marous, Village Clerk, will receivesealed
bids until 12 M. on Oct. 25 for the purchase of $48,684.44 6% bonds,
divided as follows:
$39,597.48 special assessment impt. bonds. Due Oct. 1, as follows:
$4,097.48 in 1934; $4,500 from 1935 to 1937 incl.; $4,000 in
1938, and $4.500 from 1939 to 1942 incl.
9,086.96 special assessment imps. bonds. Due Oct. 1, as follows:
$1,086.96 in 1934; $1,000 in 1935 and 1936; $1,500 in 1937:
$1.000 from 1938 to 1940 incl., and $1.500 in
Each issue is dated Oct. 11932. Principal and interest1941. and
(April
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
of 1%, will also be considered. A certified check for 5%
of the bonds bid for, unconditionally payable to the order of the Village
Treasurer, is required. Separate bids must be made for each issue.
BEAVER RURAL SCHOOL DISTRICT, Pike County, Ohio.
BOND ELECTION.
-At the general election on Nov. 8, the voters will
consider a proposal to issue $20,000 school building improvement bonds.
to mature in from 1 to 25 years.
BELL COUNTY ROAD DISTRICT NO. 9-A (P. 0. Belton), Tex.
BOND SALE.
-We are informed that an issue of $147.000 5% semi-annual
road bonds has been pourchased at par by the Security Trust Co. of Austin
Due from 1932 to 1943. (These are the bonds that were contracted for
in April 1931, the sale of which was not consummated-V. 134. p. 4523.)
It is also stated that nothing definite has as yet been done on the
5%
semi-ann. road bonds in blocks of 525,000. $35,000. and $50.000, that
were offered without success on Sept. 22-V. 135, IL 2365.
BELOIT Rock County, Wis.-BOND OFFERING.
-Sealed bids
will be received until 8 p. m. on Oct. 31 by T. D. Corcoran, President of
the City Council, for the purchase of an issue of $100,000 4 % coupon
storm sewer bonds. Denom. $1,000. Dated Nov. 1 1932.
from Nov. 1 1938 to 1947 incl. Bids will be received for allDue $10,000
or any
of said bonds. The successful bidder shall pay the int. accrued on part
said
bonds at the time same are delivered and will be expected to furnish a
printed form of bond ready for signatures.
Prin. and int. (M. &
payable at the office of the City Treasurer. Said bonds shall be in the form
and in all respects as provided in Section 6705 of the 1931 Statutes. A
certified check for $100 must accompany the bid.
BERNARDSVILLE, Somerset County, N. J.
-BOND OFFERING.
S. Willard Smith, Borough Clerk, will receive sealed bids until 8 p. m.Oct. 17 for the purchase of $110.000 coupon or registered sewer bonds,on
to
bear interest at one of the following rates: 44,43(.5,54.5%.5% or
6%•
Dated Dec. 1 1932. Denom. $1,000. Due $5,000 on Dec. 1 from 1934 to
1955 incl. Prin. and int. (J. & D.) are payable at the Central Hanover
Bank & Trust Co., New York, or at the office of the Borough Collector
Treasurer. The bonds will not be sold at less than a price of 99 and the sum
required to be obtained at the sale is $108.900. No more bonds are to be
awarded than will produce a premium of $1.000 over $110,000. A certified
check for 2% of the bonds bid for, payable to the order of the Borough,
must accompany each proposal. The approving opinion of Hawkins,
Delafield & Longfellow of New York, will be furnished the successful bidder
(Previous mention of this offering was made in -V.135, p. 2365.)
BERNE UNION SCHOOL DISTRICT, Fairfield County, Ohio.
BOND ELECTION.
-At the general election on Nov. 8. the voters will
consider a proposed $75,000 school building construction bonds, to mature
in from 1 to 20 years.
BEXAR COUNTY (P. 0. San Antonio), Tex.
-PROPOSED BOND
ISSUE.
-It is stated that the county has advertised its intention to issue
$136,000 in 5ji% road and bridge fudning, Series I bonds Dated Oct. 20
1932. Due from 1934 to 1952.
BIRMINGHAM, Jefferson County, Ala.
-BONDS OFFERED FOR
INVESTMENT-The 5280.000 issue of coupon refunding bonds that was
Purchased by Ward, Sterne & Co. of Birmingham, and the Well, Roth &
Irving Co. of Cincinnati. and associates as 6SO at 95.00, a basis of about
7.43%-V. 135. P. 2200
-is being offered for public subscription by the
successful bidders. Dated Oct. 1 1932. Due from Oct. 1 1935 to 1942
incl. Legality approved by Thomson, Wood & Hoffman of New York city.
Financial Statement.
Assessed valuation 1931 (60%)
$
Real valuation _
__
22 32:827..01
37
8
49 7 0
5
Total bonded indebtedness
25,028.000.00
Less:Public improvement bonds
066,000.00
Water bon
fundsds
5,100,000.00
Sinking
1,425,932.23
Net bonded debt
18,436,067.77
Population: 1930. 259.657.
Tax Collections and Budget.
Percentage tax collections 1929 levy collected through Aug. 22 1932-99.7%
Percentage tax collections 1930 levy collected through Aug. 22 1932.-98%
Percentage tax collections 1931 levy collected through Aug.22 1932-.88.5%
Total current revenue 1930-1931 fiscal year.
57,583,981.22
Total current expenditure 1930-1931 fiscal year
7,570,323.57
$13,657.65
40,042.80
Volume 135
Financial Chronicle
BOULDER, Boulder County, Colo.
-BOND SALE.
-The 8131,000
issue of refunding water bonds offered for sale on Oct. 3-V. 135, P.2366was jointly purchased by Brown, Schlessman, Owen & Co. and the U. S.
National Co., both of Denver, as 4s, at a price of 99.17, a basis of about
4.10%. Dated Jan. 1 1933. Due on Jan. 1 as follows: $7,000, 1934
and 1935, and $8,000, 1936 to 1950, all incl.
The other bids and bidders (all of Denver) were as follows:
-Price BidBidder4s.
4 Xs.
Sidlo Simons Day & Co., Amos C. Sudler & Co., M. E.
Traylor & Co. and Geo. W. VaRory & Co
x98.82
x100.35
Bosworth Chanute Loughridge & Co., Boettcher Newton
& Co. and Gray B. Gray
y98.61
y100.86
0. F. Benwell, Sullivan & Co. and Garrett, Bromfield
& Co
x98.34
International Co
y98.15
y100.05
x Bonds to be dated Oct. 1 1932. y Bonds to be dated Jan. 1 1933.
BOWLING GREEN, Wood County, Ohio.
-BOND SALE.
-The issue
of $16,989 coupon refunding bonds offered on Oct. 1-V. 135, P. 2020
was awarded as 5s.to Ryan, Sutherland & Co. of Toledo, at par plus a
premium of $34, equal to 100.20. Dated Sept. 1 1932. One bond for
$989, others for $1,000. Due semi-annually on March and Sept. 1 from
1934 to 1941 incl. Interest is payable in March and Sept.
BOWMAN,Bowman County, N. Dak.-CERTIFICATE NOT SOLD.
The $3,000 issue of 7% semi-ann. certificates of indebtedness offered on
Oct.1-V.135, p. 2200
-was not sold as there were no bids received,according to the Village Clerk. Due in two years.
BOWMAN COUNTY (P. 0. Bowman), N. Dak.-CERTIFICATES
OFFERED.
-Sealed bids were received until 2 p. m. on Oct. 8 by Sue V.
McIntyre, County Auditor, for the purchase of a $25,000 issue of certificates of indebtedness. Int, rate not to exceed 7%, payable semi-annually.
Due on April 8 1934.
BRISTOL, Washington County, Va.-BOND SALE.
-The $25,000
issue of refunding water works impt. bonds offered for sale on Oct. 4-was jointly purchased by the Dominion National Bank.and
V.135, p.2366
the Washington Trust & Savings Bank, both of Bristol, as 6s, at par
There were no other bidders.
Coupon bonds dated Nov. 1 1932. Denom. $1,000. Due Nov. 1 1942.
Interest payable May and Nov.
BRISTOL Hartford County, Conn.
-BOND ELECTION.
-At the
general election on Nov. 8 the voters will consider a proposal to issue
$1,000,000 bonds for note funding purposes. Legislative approval of
the issue is also needed.
BUFFALO, Erie County, N. Y.
-BOND SALE.
-The $4,000,000
coupon or registered refunding gold bonds offered on Oct.5-V.135. p. 2366
-were awarded as 3.808 to a syndicate composed of the First National
Bank; First Detroit Co., Inc.; George B. Gibbons & Co.. Inc.; Roosevelt &
Son; Stone & Webster and Illodget, Inc.; Darby & Co.; Phelps, Fenn & Co..
and Dewey, Bacon & Co., all of New York, also Vietor, Common & Co.,
of Buffalo, at par plus a premium of $8,001, equal to 100.20, a basis a
about 3.78%. Dated Nov. 1 1932 and due on Nov. 1 as follows: $80,000
from 1933 to 1937 incl., and 5240.000 from 1938 to 1952 incl. Public reoffering of the bonds is being made at prices to yield 2.00% for the 1933
maturity: 1934, 2.50%; 1935, 3.00%; 1936, 3.25%; 1937. 3.50%; 1938 and
19311. 3.60%; 1940 to 1942 incl., 3°65%; 1943 to 1947 incl., 3.70%,
3.75% for the bonds due from 1948 to 1952 incl. Legal investmentand
for
savings banks and trust finds la New York State and direct and general
obligations of the entire city, payable from unlimited ad valorem taxes
levied against all the taxable property therein.
The following is an official list of the bids received at the sale:
BidderRate of Int. Amount Bid.
First National Bank of New York; First Detroit
Co., Inc.; Geo. B. Gibbons & Co.,Inc.; Roosevelt
& Son; Stone & Webster and Blodget, Inc
Phelps, Fenn & Co.; Darby & Co.: Dewey.
Bacon & Co.. and Victor, Common & Co., Inc.,
jointly
3.80%
$4,008,001
Dillon, Read & Co.; Bancamerica-Blair Corp., and
Barr Bros.&
jointly
3.80%
4,003,240
Chase Harris Forbes Corp.; First of Boston Corp.;
Kidder, Peabody & Co. Estabrook & Co.; Sal•
omon Bros. & Hutzler; N. W. Harris Co., and
'
Foster & Co., Inc., jointly
3.90%
4,021.748
Guaranty Co. of New York; National City Co. of
New York; M. & T. Trust Co. of Buffalo; L. F.
Rothschild & Co., New York; Schoellkapf,
Hutton & Pomeroy, Buffalo; Bankers Trust
Co., New York; Marine Trust Co. of Buffalo;
R. L. Day & Co., New York, and Wallace, Sanderson, New York, jointly
3.90%
4,019.196
Chemical Bank & Trust Co.; Hallgarten & Co.;
Kean, Taylor & Co.; Hemphill, Noyes & Co.:
E. H. Rollins & Sons, Inc.; Graham, Parsons &
Co.: R. H. Moulton & Co.; Otis & Co., and
Schaumburg, Rebhan & Osborne, jointly
3.90%
4,016,477
Halsey. Stuart & Co.; Brown Bros. Harriman &
Co.; Lehman Brothers; R. W. Preisprich & Co.:
F. S. Moseley & Co.;Blyth & Co., Inc.; E. B.
Smith & Co.;Stranah'an, Harris & Co.•. G. M-P.
Murphy & Co.: Wertheim & Co., and Hannah.,
Bailin & Lee,jointly
3.90%
4,015,600
CALHOUN COUNTY (P. 0. Hardin), 111.
-BOND ELECTION.
-At
the general election on Nov. 8 the voters will consider a proposed $25,000
8% improvement issue, to mature in from 1 to 5 years.
•
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
Charles G. Johnson, State Treasurer, will offer for sale at public auction
on Oct. 27, at 11 a. m.,a $250,000 issue of 4% harbor impt. bonds. Denom.
$1,000. Dated July 2 1915. Due on July 2 1989, subject to redemption
by lot after 1954 Prin. and Mt.(J. & J.) payable at the State Treasurer's
office, or at the fiscal agency of the State in New York. These bonds
are issued pursuant to the San Francisco Harbor Improvement Act of
1913, approved June 16 1913. Bids for less than par and accrued int.
cannot be entertained.
Bonds aro registerable as to principal and interest jointly and are
exchangeable for coupon bonds. No legal opinions will be furnished. not
No
special blanks for bids will be furnished by the State. Delivery of the bonds
will be made at the office of the State Treasurer in Sacramento.
Official Financial Statement.
Recapitulation of Itonds
Tota authorized
$177.105,000
Total sold
162,947,000
Total unsold
$14.158,000
Total redeemed
22,372,500
Total outstanding
140,574,500
Assessed valuation, 1931
$9,397,909,983
Estimated population
5 398,457
CAMDEN COUNTY (P. 0. Camden), N. J.
-FINANCIAL STATEiENT.-The following information regarding the financial condition of
the county has been sent to us by the County Treasurer:
Total bonded debt Jan. 1 1932
$10,520,100
Temporary debt( nc .)
2,000,000
Assessed valuation 1932
-Real estate
307,671,834
2d class railroad property
6,755,566
Personal estate
31.911.909
Less exemptione
7,562,425
Net taxable value 1932
338.776,884
and county tax (per $1,000) 1932
state
9.6589
Population: 1930, 252,312: 1920, 190,508.
CAMERON COUNTY (P. 0. Brownsville) Tex.
-CORRECTION:
We are now informed that the report given in Ni. 135, p. 2371
-ofa $524 000issue of 5% refunding bonds being approved by the Attorney-Generai,
was erroneous.
CASS COUNTY (P. 0. Atlantic), lowa.-BOND ELECTION.
-It is
stated that at the regular election in November the voters wil )be asked to
pass upon the proposed issuance of $85,000 in court house bonds. (This
corrects the report given in V. 135, p. 2366.)
2523
CHATTANOOGA, Hamilton County
Tenn.-BOND SALE
AUTHORIZED.
-At a meeting of the City Commission on Oct. 4 a resolution was passed authorizing the sale of $100,000 in Brainerd sewer bonds.
the second block of a total authorized issue of $200,000, the first $100,000
of which was sold on May 3-V. 134. p. 3503.
CHICAGO, Cook County, Ill.
-WARRANTS CALLED FOR REDEMPTION.
-M. S. Szymczak, City Comptroller, announced on Oct. 4
that the tax anticipation warrants listed below will be paid on presentation
through any bank, on or before Oct. 11, at the office of the City Treasurer,
or the Guaranty Trust Co., New York:
Issued account 1930 taxes, corporate purposes. Nos. 343 to 346, and 348
to 351, for $25,000 each, dated Aug. 8 1930.
Firemen's pension fund. No. 13, for $25,000, dated Oct. 15 1930.
Lewis E. Myers. President of the Board of Education, has called for
redemption, on or before Oct. 11, upon presentation through any bank
at the office of the City Treasurer; Halsey, Stuart & Co., of Chicago, or
at the Guaranty Trust Co., of New York, the following described school
building tax anticipation warrants:
Building fund, 1930, Nos. B-2075 to B-2083, for 810,000 each. 5M%,
dated Nov. 1 1930.
CHIPPEWA COUNTY(P.O.Sault Ste. Marie), Mich.
-BONDS NOT
-The issue of 425,000 coupon poor relief bonds, offered at not to
SOLD.
exceed 6% interest on Oct. 1-V. 135, p. 2021
-was not sold, as the bids
received were rejected. Dated Oct. 15 1932. Due Oct. 15 as follows:
$5,000 in 1935 and 1936, and $15,000 in 1937.
CLEVELAND, Cuyahoga County, Ohio.
-BOND SALE NOT CONSUMMATED
-ADDITIONAL BONDS OFFERED.
-We now learn that
the sale of $100,000 coupon or registered lodging and storage house bonds
on Sept. 9 as 5s to the Provident Savings Bank & Trust Co., of Cincinnati, at 101.25, a basis of about 5.32%, was not consummated-V. 135,
p. 202
ADDITIONAL BONDS OFFERED.
L
-A call has now been issued for
sealed bids to be received by Ray L. Lamb, Director of Finance, until
12 M. on Oct. 28 for the purchase of $808.000 6% coupon or registered
bonds, which total includes the aforementioned issue of $100,000 bonds
and the issue of $470,000 poor relief bonds, previously offered on Sept. 9.
The sale of the bonds was not made because of the ruling of Robert F.
Denison, of Squire, Sanders & Dempsey. of Cleveland, that the notice
for the special city council meeting at which the bonds were authorized
should have been served at the homes of the council members, and not
at their offices, as the city charter provides. The present offering of
mergeny
r
$$847°80:018 emergency poor relief bonds. Dated as of the date of issue.
Due Sept. 1 as follows: 367,000 from 1934 to 1939 incl., and
$68,000 in 1940. Int, is payable in M. & S. Issued under
authority of Section 7 of Amended Senate Bill No. 4.
135,000 grade crossing bonds, authorized at the November 1926 election
and payable from taxed levied outside of tax limitations. Dated
Nov. 1 1932. Due Sept. 1 as follows: $4,000 from 1934 to
1948 incl., and $5,000 from 1949 to 1963 incl.
100.000 lodging and storage house bonds. Dated Nov. 1 1932. Due
Sept. 1 as follows: $7,600 from 1934 to 1945 incl., and $8,000
in 1946 and 1947. Interest is payable in M. & S.
90,000 property's portion paving bonds. Dated Oct. 1 1932. Due
510.000 on Nov. 1 from 1934 to 1942 incl. Int. is payable in
M. ,Sr N.
13,000 property's portion paving and sewer bonds. Dated Oct. 1 1932.
Dime Nov. 1 as follows: $1.000 from 1934 to 1938 incl. and
$2,000 from 1939 to 1942 incl. Int. is payable in M. & N.
Prin. and semi-ann. int. are payable at the Irving Trust Co., New York.
Denom. $1,000. Bids may be made separately for each lot or for all
or none.' Bids for the bonds to bear interest at a rate other than 6%.
expressed in a multiple of M of 1%, will also be considered. Split rate
bids will not be considered on any single issue, but different interest rates
may be bid for different issues. A certified check for 3% of the bonds
bid for, payable to the order of the treasury of the city of Cleveland,
must accompany each proposal. The favorable legal opinion of Squire,
Sanders & Dempsey, of Cleveland, with d full transcript of the proceedings,
will be furnished the successful bidder.
COBLESKILL, CARLISLE, SEWARD, MIDDLEBURGH, FULTON,
RICHMONDVILLE, DECATUR AND ROSEBOOM CENTRAL
SCHOOL DISTRICT NO. 1 (P. 0. Cobleskill), N. Y.
-BOND OFFER-Sealed bids addressed to George D. Ryder. District Clerk, will be
/NO.
received until 2 P.M. Oct. 25 for the purchase of $70,000 not to exceed 6%
interest coupon or registered school bonds. Dated Nov. 1 1932. Due Nov.
1 as follows: 88,000 in 1935; 51.000, 1936 to 1947 incl.; $3,000. 1948; $1,000
from 1949 to 1951 incl.; 83.000,1952; $1,000 from 1953 to 1955 incl.; $3,000
in 1956; 51.000 from 1957 to 1966 incl., and $25,000 in 1967. Rate of
interest to be expressed Ins multiple of M or 1-10th of 1% and must be the
same for all of the bonds. Principal and interest(May and Nov.) are payable at the First National Bank, Cobleskill. A certified check for $1,500.
payable to Stanley B. Crounse, Treasurer, must accompany each proposal.
The approving opinion of Clay. Dillon & Vandewater, of New York, will
be furnished the successful bidder.
COLORADO SPRINGS,El Paso County, Colo.
-BONDS CALLED.
It is reported that a $42,000 issue of gas plant bonds was called for retirement on Oct. 1.
COLUMBUS, Franklin County, Ohio.
-The issues
-BOND SALE.
of $256,000 coupon or registered bonds offered on Sept.30-V. 135. p. 2200
-were awarded to the BancOhio Securities Co. of Columbus, as follows:
$206,000 emergency poor relief bonds sold as 4 Ms,at par plus a premium of
$721. equal to 100.35, a basis of about 4.67%. Due Feb. 1 as
follows: $34,000 from 1935 to 1939 incl., and $36,000 in 1940.
50,000 electric light plant extension bonds sold as 4)45. at par plus a
premium of $175, equal to 100.35. a basis of about 4.45%. Due
Feb. 1 as follows: $3,000 from 193500 1944 incl., and $4,000from
1945 to 1949 incl.
Each issue is dated Oct. 11932. The Provident Savings Bank & Trust
Co.of Cincinnati. bidding for the bonds as 4 Xs,offered par plus a premium
of $435.30.
• COOK COUNTY (P. 0. Chicago), 111.
-PLAN SALE OF BONDS TO
RECONSTRUCTION FINANCE CORPORATION.
-The County Board
has authorized Joshua d'Esposito, engineer and head of its Advisory Committ° for the Nurses' Home, to try to sell the entire issue of 52.150,000
construction bonds to the Reconstruction Finance Corporation, or, as
an alternative, to petition the Reconstruction Finance Corporation to loan
up to 90% of the issue with the bonds as collateral. At the offering on
Sept. 3 1931 of $4.150,000 4% bonds, comprising the $2,150.000 nurses'
home issue and a $2.000,000 poor relief issue, the county failed to receive
-V. 133. p. 1645.
a bid.
COTTLE COUNTY(P.O. Paducah),Tex. BONDS REGISTERED.
The State Comptroller registered on Sept. 30 a $2.000 issue of 5%% road,
series B bonds. Denom.$1,000. Due on April 10 1934 and 1935.
COTTONWOOD COUNTY (P. 0. Windon), Minn.
-BONDS AUTHORIZED.
-At a meeting on Sept.7 of the County Board a resolution was
pawed providing for the issuance of $50.000 in 4)4% refunding bonds.
Due $10,000from July 1 1942 to 1946 incl.
COUNCIL BLUFFS,Pottawattamie County,lowa.-BONDSALE.The $94.000 issue of funding bonds offered for sale at public auction on
-was purchased by Geo. M. Bechtel & Co. of
Oct. 3-V. 135. p. 1687
Davenport,as 4 Ms,at par. Due from Sept. 1 1934 to 1951 incl.
The following bids (all for 5s) were also received:
Btel erPremium.
Geo. M.Bechtel & Co. of Davenport
°teapot!, Vieth & Duncan of Davenport
White-Phillips Co. of Davenport
215
Carleton D. Beh Co. of Des Moines
210
County Bluffs Savings Bank
185
DALLAS, Dallas County, Tex.
-It is
SALE PROPOSED.
-BOND
announced by John N. Edy, City Manager, that an issue of $1,200,000
in storm and sanitary sewer bonds will be offered for sale some time in
October, divided as follows: 8900,000 storm and $300,000 Sanitary sewer
bonds. Bids may be received on both 434 and 4Si% bonds, the rate has
not as yet been determined. It is said that the bonds may mature over a
-year period.
30
DANIEL CHAPEL COMMON SCHOOL DISTRICT NO.46 (p. 0.
Boston), Bowie County, Tex.
-The 52.000 issue of 5%
-BOND SALE.
school bonds that was recently approved by the Attorney-General-V. 135.
-is said to have been purchased by the State Board of Education.
P. 2205
2524
Financial Chronicle
Oct. 8 1932
DEARBORN, Wayne County, Mich.
of the bonds may be procured by the purchaser at his own expense, and
-TO VOTE ON CHARTER
AMENDMENT.
only bids conditioned so, or wholly unconditional bids will be considered.
-At the general election on Nov. 8 the voters will pass
upon four amendments to the city charter, one of which, pertaining to
FRANKLIN COUNTY (P. 0. Winchester), Tenn.
municipal taxation, provides for the payment of taxes in four equal annual
-TEMPORARY
LOAN AUTHORIZED.
-At a meeting held on Oct. 3 the County Court
installments, instead of in a lump sum as at present, and for the reduction
is reported to have authorized the Board of Education to borrow $30.000
of the penalty on delinquent taxes from 9 to 6% a year.
In anticipation of the receipt of State funds in January, although it had
DEARBORN COUNTY (P. 0. Lawrenceburg), Ind.
refused to approve a $50.000 bond issue for schools.
-BONDS NOT
SOLD.
-The issue of $4.600 4g % road construction bonds offered on
GAINESBORO, Jackson County, Tenn.
-BONDS NOT SOLD.Oct. 4-V. 135, P. 2021-was not sold, as a 5
-year moratorium has been
The $4,500 issue of6% semi-ann,street bonds offered on Sept. 30-V. 135.
declared on road building,according to Charles W.Fitch,County Treasurer.
p. 1854
-was not sold as there were no bids received, according to the
DEER LODGE, Powell County, Mont.
Mayor. Dated Oct. 1 1932. Due in 15 years and optional after 10 years;
-BOND EXCHANOE.-It is
stated by the City Clerk that the $40,532.81 issue of not to exceed 2%
GRAY COUNTY (P.O. Pampa), Tex.
-BOND SALE POSTPONED:
semi-annual warrant funding bonds offered for sale on Oct. 3-V. 135,
We are informed by the County Auditor that the offering previously schedp. 2021-is now being exchanged with registered warrant holders at 2%
uled for Oct. 15 of the $350,000 issue of road bonds
-V. 135. p. 2367
for their registered warrants. Dated Oct. 1 1932. Interest payable J. & J.
-has
been indefinitely postponed.
DEER LODGE, Powell County, Mont.
-It is
-BOND OFFERING.
GULFPORT, Harrison County, Miss.
-BONDS VALIDATED.
reported that sealed bids will be received until 8 p. in. on Oct. 24 by R.
The following report of the validation of the $150,000 port development
Midtlyng, City Clerk, for the purchase of a $200,000 issue of water works
bonds that were voted on Aug. 27-V. 135. p. 1687
-is taken from the
bonds. Interest rate Is not to exceed 6%, payable semi-annually. Dated
Jackson "News" of Sept. 29:
Nov. 1 1932. Bonds are to be either serial or amortization in form, with
Chancellor D. M.Russell has signed the validation of the $150,000 bonds
the latter as the first choice. A certified check for $5.000 must accopmPanY
with which improvement will be made to the local port, by the erection of
the bid. (These are the bonds that were offered for sale without success
warehouse and compress to be used in the future shipment of cotton.
on June 6.-V. 135, p. 4524.)
Funds will be secured through the Reconstruction Finanace Corporation
DELAWARE Delaware County, Ohio.
at Washington and will weedy aid the development of the Mississippi coast.
-F. D.
-BOND OFFERING.
King, City Auditor, will receive sealed bids until 12 M.on Oct. 31 for the
HADDONFIELD, Camden County, N. J.
chase of $30,000 6% refunding bonds. Dated Sept. 11932. Denom.
-BONDS NOT SOLD.
The four issues of coupon or registered bonds aggregating $239.000. offered
500. Due Sept. 1, as follows: $2,000 in 1934, and $3,500 from 1935 to
to bear interest at 6% on Oct. 4-V. 135, p. 2201-were not sold, as no
942, incl. Principal and semi-annual Interest are payable at the deposibids were received.
tory of the Sinking Fund in Delaware. Previous mention of this issue
was made in V. 135, p. 2201.
HAMILTON, Butler County, Ohio.
-BOND OFFERING.
-Harry H.
DEL NORTE, Rio Grande County, Colo.
- Schuster, Director of Finance, will receive sealed bids until 1 p. m.(Eastern
-BONDS AUTHORIZED.
The Town Council recently passed an ordinance providing for the issuance
standard time) on Oct. 27 for the purchase of $14,189.32 5% property
of $11,000 in 6% water works impt. bonds. Denoms. $1,000 and $500.
owners' portion boulevard lighting bonds, comprising issues of $10,873.29
Dated Sept. 1 1932. Due on Sept. 1 1947.
and $3,316.03. All of the bonds will be dated Oct. 1 1932 and will mature
as follows:
DE WITT COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 16
$10,873.29 bonds. due Oct. 1 as follows: $1,090.29 in 1934, and $1.087
(P.0. Cuero), Tex.
-BOND SALE.
-The $1,000 issue of 5% serial school
from 1935 to 1943 incl.
bonds that was appro.ed recently by the Attorney-General
-V. 135.
3,316.03 bonds, due Oct. 1 as follows: $337.03 in 1934. and $331 from
p.2371-has been purchased by a local investor. Denom.$50.
1935 to 1943 incl.
DICKINSON COUNTY (P. 0. Iron Mountain), Mich.
-BOND
Prin. and int. (A. & 0.) are payable at the office of the Director of
OFFERING.
-Sealed bids addressed to William S. Cudllp, County Clerk,
Finance, or at the Citizens Savings Bank & Trust Co.. Hamilton. Bids
will be received until 10 a. m. on Oct. 10 for the purchase of $75,000 5%
for the bonds to boar int. at a rate other than 5%, expressed in a multiple
calamity bonds. Dated Oct. 1 1932. Denom. $1,000. Due $25,000 on
of g of 1%, will also be considered. A certified check for 5% of the
Oct. 1 from 1935 to 1937 incl. Interest is payable in April and Oct. A
amount of the issue, payable to the Director of Finance, must accompany
certified check for 31.000, payable to the order of the County Clerk, is
'
each proposal. The !sonde now offered for sale are general obligations
required. Bonds will be sold on the approving opinion of Chapman &
of the City and the full faith, revenue and credit thereof has been irreCutler, of Chicago. Bonds are being issued in accordance with Act No. 12,
vocably pledged for the prompt payment of both principal and interest of
of the Public Acts of 1932. Special session.
said bonds, as same fall due.
DOBBS FERRY, Westchester County, N. Y.
Financial Statement As of Sept. 1 1932.
-BOND OFFERING.
Walter G. Warman, Village Clerk, will receive sealed bids until 8:15 P. in.
Actual value of property (estimated)
$100,000,000.00
on Oct. 10 for the purchase of $163,000 434% coupon or registered bonds,
Assessed valuation for taxes year 1931
70,222,120.00
Total bonded debt including this issue_
divided as follows •
2,862,532.88
Less: Water works bonds
$125,000 sewer bonds. Denom. $1,000. Due Oct. 1 as follows: $3,000
290,000.00
Sinking fund
from 1937 to 1955 incLand $4,000 from 1956 to 1972 incl.
517,948.87
Special assessment included
38,000 street impt. bonds. Due Oct. 1 as follows: $3,000 in 1933;
606,157.44
Total debt
$4,000 from 1934 to 1937 incl.; $,..500 in 1938; $2,000 from 1939
1,448,426.57
Population: 1930 census, 52,176; 1932 (estimated), 55,000.
to 1946 Ind., and $100 from 1947 to 1951 incl.
Each issue is dated Oct. 1 1932. In the event that no acceptable bin Is
Date incorporated: 1854.
Tax rate per MOW:$21.73.
submitted for the bonds at 4 % interest, bids will be considered based upon
a higher Interest rate, expressed in a multiple of g of 1%. Prin. and int.
Taxes collected December and June.
(A.& 0.) are payable at the Dobbs Ferry Bank, Dobbs Ferry. A certified
Bonds registered as to principal only. Income from all utilities is sufficheck for 2% of the bonds bid for, payable to the order of the Village, must
cient to cover all operating expenses and sinking fund requirements.
accompany each proposal. The approving opinion of Thomson, Wood &
Issued under Uniform Bond Act.
Hoffman of New York, will be furnished the successful bidder. Unless
otherwise agreed upon,bonds are to be taken up and paid for on Oct. 20 1932.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-BOND SALE.The issue of $600,000 coupon emergency poor relief bonds offered on Sept.
A DULUTH, St. Louis County, Minn.
-BONDS AUTHORIZED.
-At a
30-V. 135. p. 2022
-was awarded as 430 to N. W. Harris & Co., Inc.,
meeting on Sept. 26 the City Council is reported to have authorized the
of Chicago and Breed & Harrison, Inc., of Cincinnati, jointly, at par plus
Issuance of $115,000 in refunding bonds.
a premium of $1,259.40, equal to 100.209, a basis of about 4.20%. Dated
Sept. 1 1932 and due on Sept. 1 as follows: $86,000 from 1934 to 1938
EASTCHESTER (P. 0. Tuckahoe), Westchester County, N. Y.
Ind. and $85,000 in 1939 and 1940. Public re-offering of the bonds is
BOND SALE.
-The $213,000 coupon or registered bonds offered on Oct.
being made at prices to yield from 3.50% for the 1934 maturity; 1935,
5-V. 135, p. 2201-were awarded as 4s to Lehman Bros., of New York,
3.75%; 1936, 3.807,,.; 1937, 3.90%. to 4% for the maturities from 1938
and the M.& T. Trust Co., of Buffalo, jointly, at par plus a premium of
to 1940 incl. The bonds, according to the bankers, are offered subject
$1,676.31, equal to 100.78, a basis of about 4.64%. The sale comprised:
to the opinion of Squire. Sanders & Dempsey of Cleveland, that they will
$132.000 highway bonds. Due Nov. 1 as follows: $2,000 in 1934. and
be direct general obligations of the entire County. payable from taxes levied
$10,000 from 1935 to 1947 incl.
against all the taxable property therein within the limits imposed by law.
43.000 Series A highway bonds. Due Nov. 1 as follows: $3,000 in 1942,
and $5,000 from 1943 to 1950 incl.
The following is an official list of the bids received at the sale:
38,000 Series B street improvement bonds. Due Nov. 1 as follows:
BidderInt. Rate, Amount Bid.
The N. W. Harris Co., Chicago, and Breed &
$3,000 in 1934. and $5,000 from 1935 to 1941 incl.
Each issue Is dated Nov. 1 1932. Bids received at the sale were as follows:
Harrison, Inc., Cincinnati, jointly
3601,259.40
43.1%
BidderPremium.
N. II. Hill & Co., Cincinnati
Int. Rate
43' %
604,560.00
Lehman Bros.and the M.& T.Trust Co.(purchasers) 4
Assel, Goetz & Moerlein, Inc., Cincinnati; Provi$1,676.31
B.J. Van Ingen & Co
dent Savings Bank & Trust Co., Cincinnati; the
1,128.90
49%
George B. Gibbons & Co.,Inc
Well, Roth & Irving Co., Cincinnati; Fifth-Third
3,109.80
5
Rutter & Co.and Batchelder & Co.. jointly
Securities Co., Cincinnatil Van Lahr, Doll &
2,513.40
5
Wachsman & Wassall
Isphording, Inc., Cincinnati, and Seasongood &
2,428.20
5 %
Mayer,Cincinnati,jointly
4g%
603,610.00
EAST PROVIDENCE, Providence County, R. I.
-BOND SALE.Grau & Co., Cincinnati; the Western Bank & Trust
Estabrook &
of Boston, are reported to have purchased on Sept. 30.
Co., Cincinnati, and Widman, Holzmann &
as 4%s, at par, $210,000 bonds. comprising a $180,000 fire department
Co..
Katz,Cincinnati,jointly
4g%
601,800.00
funding Issue and a $30,000 Washington Bridge land damage issue.
Financial Statement As Officially Reported Sept. 10 1932.
ELY, St. Louis County, Minn.
-It is stated
-BOND ELECTION.
Assessed valuation for taxation
$1,251,131,000
that a special election will be held on Oct. 18 in order to have the voters
Total debt (this issue included)
18,707.731
paw on the proposed issuance of $200,000 in 44% bonds, divided as folLess sinking fund
3,689,688
lows:$100,00 water and light plant, $50,000 park maintenance and $50,000
0
Net debt
15,018,043
cemetery maintenance bonds. (A similar election was scheduled for
Population: 1930 census. 589.356.
Aug. 16. but was later cancelled-V. 135. P. 1357.)
HARRIS COUNTY (P. 0. Houston), Tex.
-BONDS OFFERED.
ENGLEWOOD, Arapahoe County, Colo.
-It
-BOND HEARING.
Sealed bids are to be received until 11 a. m. on Oct. 8 by H. L. Washburn,
Is stated that a hearing was held on Oct. 3 on the injunction suit brought
County Auditor, for the purchase of a $300,000 issue of 59' coupon county
by the Colorado Central Power Co., to restrain the city from issuing the
road bonds. Dated Aug. 10 1931. Due on Aug. 10 as follows: S62,000.
$750,000 power plant bonds.
-V. 135. p. 2201.
1947; $67.000. 1948 to 1950, and $37,000 in 1951. Prin. and Int.(F. & A.
ERIE, Weld County, Colo.
payable at the County Treasurer's office or at the Chase National Bank
-BOND CALL CANCELLED.
-It Is
reported that the call for the entire issue of 6% water works bonds, dated
In New York City. The approving opinions of the Attorney-General and
Oct. 1 1922-V. 135. p. 2367
of Thomson, Wood & Hoffman of New York will be furnished. No bid
-has been cancelled.
for less than par and accrued, interest will be considered. The bonds are
ERLANGER, Kenton County, Ky.-BOND DETAILS.
-The $10,000
Issued under authority of Article 3. Section 52 of the Constitution of Texas,
Issue of 6% fire equipment bonds that was purchased by Magnin; & Co.
and Title 22, Chapter 3, Revised Statutes of 1925, as amended at the first
of Cincinnati
-V. 135. p. 2367
-was awarded for a premium of $25 (plus
called session of the 39th Legislature, Chapter 16. These bonds were
expenses), equal to 100.25, a basis of about 5.975%. Denom. $1,000.
voted at an election held on March 22 1930. A certified check for $3,000
Coupon bonds dated Dee. 15 1931. Due on Dec.15 1946. Interest payable
must accompany the bid.
J. & D.
MATURITY.
-A $2,000.000 issue of coupon road bonds was offered
ESSEX FELLS, Essex County, N. J.
for sale on Nov. 18 1931, of which only one-half was sold, the $1,000,000
-BONDS AUTHORIZED.
-The
Borough Council recently adopted an ordinance providing for an issue of
block being purchased by the National Bank of Commerce of Houston as
$115.000 not to exceed 6% interest coupon or registered water bonds of
55 at par
-V. 133, p. 3493. We are now informed that these bonds mature
1932. Dated Oct. 15 1932 and to mature Oct. 15 as follows: $3000 from
on Aug. 10 as follows: $65.000. 1932 to 1936; $67,000, 1937 to 1946, and
1933 to 195:3, incl., and $4.000 from 1954 to 1966, inc. Interest is payable
$5,000 in 1947.
OD April and Oct. 15.
HILLSIDE TOWNSHIP(P.O. Hillside), N.J.
-BOND REFUNDING.
EUCLID, Cu3rahoga County, Ohio.
-BONDS NOT SOLD.
-The
-Negotiations have been completed by H. L. Allen & Co. of New York,
Issues of $530.000 6% refunding special assessment bonds and $36,000 6%
acting for the township, for the exchange of $30,000 bonds of an original
refunding general obligation bonds, aggregating $566,000 offered on Sept. 30
$250,000 temporary issue which matured on Oct. 11933, for obligations of
-V. 135, p. 2021-were not sold, as no bids were received. Due serially
later maturity date. Previously, a block of$100,000 bonds of the temporary
on Oct. 1 from 193410 1942 incl.
issue had been refunded.
FAIRFIELD, Jefferson County, Iowa.
-BOND REPORT-We are
HUDSON,Summit County, Ohio.
-BOND OFFERING.
-Franklin H.
Informed that as yet no action has been taken to re-offer the $20,000 issue
Jones, Village Clerk, will receive sealed bids until 12 M.(central standard
of 4g% semi-ann. water works funding bonds that was unsuccessfully
time) on Oct. 22 for the purchase of*5,704758% bonds, divided as follows:
offered on Aug. 5-V. 135. p. 1191. Due on Aug. 15 1952 and optional
$3,269.89 sidewalk construction bonds. Due Oct. 1 as follows: $219,89
on Aug. 15 1937.
In 1934; $250 in 1935, and $350 from 1936 to 1943 Inch
2,434,86 road impt. bonds. Due Oct. 1 as follows: $234.86 In 1934:
FINDLAY, Hancock County, Ohio.
-BOND OFFERING.
-R. C.
$200 from 1935 to 1939 incl., and $300 from 1940 to 1943 Incl.
Shontlemlre, City Auditor, will receive sealed bids until 12 M. (Eastern
Each issue is dated Aug. 1 1932. Interest is payable in April and Oct.
standard time) on Oct. 24 for the purchase of $63.000 6% refunding bonds.
Bids for the bonds to bear interest at a rate other than 6%. expressed in a
Dated Oct. 1 1932. Denom. $1,000. Due $7,000 on Oct. 1 from 1934
multiple of 31 of 1%, will also be considered. Certified checks for $350
incl. Principal and interest (April and Oct.) are payable at
to 1942,
and $250 for the issues, respectively, payable to the order of the village,
the First National Bank & Trust Co.. Findlay. Bids for the bonds to
must accompany each proposal.
bear interest at a rate other than 6%. expressed in a multiple of g of 1%.
ISABEL SCHOOL DISTRICT NO. 23 (P. 0. Esmond), Benson
will also be considered. A certified check for $1,000. payable to the order
County, N. Dak.-CERTIFICATES NOT SOLD.
the City Auditor, must accompany each propowl. All proceedings
-The $1,000 Issue of
of
certificates of indebtedness offered on Sept. 28-V. 135, P. 2022
incident to the proper authorization of this issue of bonds may be approved
-was not
sold as there were no bids received, reports Peter Stadum. District Clerk.
by Squire, Sanders & Dempsey of Cleveland. whose opinion as to legality
iur
Volume 133
Financial Chronicle
-BOND OFFERING.
JACKSON, Madison County, Tenn.
-It is
reported that bids will be received until 10 a. m. on Oct. 18, by R. L.
Balca, City Recorder,for the purchase of a $65.000 issue of B.& N. W.RR.
refunding bonds. Int, rate is not to exceed 6%. payable semi-annually.
Dated Feb. 15 1932. Due serially from 1934 to 1942. No sale will oe
made for less than par and accrued int. A certified check for $1,000 must
accompany the bid.
(These bonds were originally scheduled for sate on Feb. 11. but the offer-V. 134, p. 1408.)
ing was cancelled before time.
-NOTE SALE.
JACKSON, Jackson County, Mich.
-The $100,000
offered on Sept. 29-V. 135, p. 2202
-were awarded
tax anticipation notes
to the Union & Peoples National Bank, of Jackson, as 6s. at par plus a
premium of $100, equal to 100.10. The sale consisted of:
370.000 notes, issued against delinquent taxes for the fiscal year of July 1
1931 to June 30 1932. Due $20,000 Aug. 15 1933 and $50,000
Aug. 15 1934.
30,000 notes, issued against delinquent taxes for the fiscal period of Jan. 1
1931 to June 30 1931. Due $9,000 Aug. 15 1933 and $21,000
Aug. 15 1934.
All of the notes will be dated Aug. 15 1932.
JACKSON, Hinds County, Miss.
-BONDS AUTHORIZED.
-An
ordinance was passed by the City Council at a meeting held on Sept. 28
authorizing the issuance of $574,900 in refunding bonds.
-BONDS NOT SOLD.
JENNINGS, Decatur County, Kan.
-The
$16,000 issue of street impt. bonds offered on Sept. 1-V. 135, pl 1525
was not sold as there were no bids received, according to the City Clerk.
KALAMAZOO, Kalamazoo County, Mich.
-BONDS NOT SOLD.
The issue of $295,000 social service relief bonds of 1932-1933, offered to
bear interest at 4% on Oct. 3-V. 135, p. 2368
-was not sold, because of an
Irregularity in the proceedings. Dated Oct. 15 1932 and due $59,000 on
Oct. 15from 1933 to 1937 incl.
A call has now been issued for sealed bids to be received by City Clerk
C. Ray Howard, until 7.30 P. m. on Oct. 14,for the purchase of the above
mentioned bonds. Details of offering remain as previously given in V.
135, p. 2368.
KANSAS, State of (P. 0. Topeka).
-LOAN GRANTED.
-On Oct. 4
the Reconstruction Finance Corporation made available $450.000 for meeting the State's emergency relief needs from Oct. 1 to Nov. 15, according
to Washington news dispatches. The application for relief by Kansas
la reported to have said that although political subdivisions had tried
In the past to meet their own requirements, this is no longer possible.
Under its Constitution, this State can contract debts only by action of its
Legislature and not to exceed $1,000,000 without a vote of the people.
The Legislature will next convene in January.
sew,
KENT, King County, Wash.
-BONDS NOT SOLD.
-The $15,000
Issue of not to exceed 6 semi-ann. main trunk sewer bonds offered on
Sept. 19-V. 135, p. 168k-was not sold
-Sealed bids will again be received for the purchase
BONDS OFFERED.
of the above bonds 13y L. E. Price, City Clerk, until 8 p. m. on Oct. 17.
Denonur. between $100 and $1,000. The bonds shall mature commencing
with the second year after the date of issue in such annual amounts (as
nearly as practicable) as will be met by an annual tax levy upon all of the
property subject to taxation n such city, the last maturity to be 20 years
after the date of issue. A certified check for 5% of the amount bid is
required.
KLAMATH FALLS, Klamath County, Ore.
-BOND OFFERING.Sealed bide will be received until 7:30 p. m. on Oct. 24, by Roy N. Pouch,
Police Judge, for the purchase of a $4,560.43 issue of street impt. bonds.
Interest rate is not to exceed 6%, payable J. & J. Dated July 1 1932.
Due in 10 years and optional in 1. year. Prin. and int. payable at the fiscal
agency of the State in New York. A certified check for 5% must accompany the bid.
KNOX COUNTY (p. o. Vincennes), Ind.
-BOND OFFERING.
Sealed bids addressed to Henley C. Sloan. County Auditor, will be received
until 2 p. m. on Oct. 25 for the purchase of $112.000 not to exceed 6%
Interest township poor relief funding bonds. Dated Sept. 21 1932. Delwin. $1,000. Due $12,000 on Jan. and July 15 1934, and $11,000, Jan.
and July 15 from 1935 to 1938 incl.
LA CROSSE COUNTY (P. 0. La Crosse), Wis.-BOND SALE.
A $300.000 issue of coupon county series B bonds offered foe sale recently
was purchased by the Harris Trust & Savings Bank of Chicago as 448,
paying a premium of $33,120. equal to 101.04. a basis of about 4.09%.
Denom. 31.000. Dated Oct. 1 1932. Due $20,000 from Oct. 1 1933 to
1847. incl. Authority for issuance is Subsection 6704 of the Wisconsin
Statutes as amended by Chapter 9 of the Laws of the Special Session of
1931.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.
Herman L. Center, County Treasurer, will receive sealed bids until 10 a. an.
on Oct. 10 for the purchase of $12,000 44% North Twp. highway impt.
bonds. Dated Nov. 15 1931. Denom. $600. Due one bond each six
months from July 15 1933 to Jan. 15 1943. Transcript with approved
opinion of Matson, Ross, McCord & Clifford of Indianapolis, will accompany delivery of the bonds to the successful bidder.
LEXINGTON, Middlesex County, Mass.
-NOTE SALE.
-James J.
Carroll, Town Treasurer, informs us that the issue of $175,000 revenue
anticipation notes offered on Oct. 5 was awarded to Faxon, Gade & Co.,
of Boston, at 1.58% discount basis. Dated Oct. 5 1932 and payable on
April 14 1933. B ds received at the sale were as follows:
.BidderDiscount Basis.
Faxon, Gade & Co.(purchaser)
158
Merchants National Bank of Boston
1.63
Grafton Co
1.72
Second National Bank
2.09
Lexington Trust Co
2.73
LICKING COUNTY (P. 0. Newark), Ohio.
-BOND OFFERING.
Sealed bids addressed to J. B. Williams. Clerk of the Board of County
Commissioners, will received until 12 M. on Oct. 15 for the purchase of
2256% bonds, divided as follows:
$42.225 series A bonds. Dated Aug. 1 1932. Due March 1 as follows:
$7.500 In 1934; $8.000 In 1935; $8,400 in 1936. $9.000 in 1937.
and $9,325 in 1938.
16,000 series B bonds. Dated Sept. 1 1932. Due March 1 as follows:
$2,700 in 1934; $2.800 In 1935; $3.000 in 1936 $3,200 in 1937.
and $3,300 in 1938.
Int. is payable semi-annually in March and September. Bids for the
bonds to bear int. at a rate other than 6%. expressed In a multiple of
of
1%, will also be considered. A certified check for 2% of the amount of
bonds bid for, payable to the order of the County Treasurer, must accompany each proposal.
LINCOLN, Lancaster County, Neb.-BOND SALE.
-We are informed that a total of $23.780 in bonds was recently sold to an undisclosed
investor. The bonds are 88 follows: $20,125 5% paving district, and
$3,655 water district bonds. Dated July 11932. Due in from 1 to 10
years. These bonds were authorized last July-V. 135. p. 662.
LINDEN, Union County, N. J.
-BONDS NOT SOLD -The Issue
%
of $212,000 4j coupon or registered general improvement bonds offered
-was not sold, as no bids were received. An
on Oct. 4-V. 135, p. 2202
effort will be made to dispose of the issue over-the-counter. Dated March
1 1932 and due serially on March 1 from 1933 to 1959 incl.
LINNEUS SCHOOL DISTRICT (P. O. Linneus), Linn County,
Mo.-ADDITIONAL DETAILS.
-The $38,000 issue of 54% coupon
school building bonds that was sold to the Modern Woodmen of America,
of Rockford, 111.-V. 135, p. 2368-was awarded at par. Denom. $1.000.
Due in 1952 and optional after five years. Interest payable M. & N.
LONG PINE, Brown County, Neb.-BOND ELECTION.
-An election
Is reported to have been held on Oct. 7 in order to vote on the proposed
Issuance of $15,000 In not to exceed 54% water bonds. Due In 20 years,
optional in 5 years.
p LortaiN, Lorain County, Ohlo.-BONDS NOT SOLD.
-The issue
of 3153.000 6% refunding general and special assessment improvement
bonds offered on Oct. 3-V. 135, p. 2368-was not sold, as no bids were
Dated Sept. 15 1932. Due $8,000 March 15 and $9.000 Sept.
race ved.
15 from 1934 to 1942 incl.
LOS ANGELES COUNTY SCHOOL DISTRICTS(P.O.Los Angeles)
-The $1,536,000 school bonds that were purCallf.-BOND DETAILS.
2525
chased recently by the Bankamerica Co. of San Francisco, as 138, at par
V. 135, p. 2368
-are divided as follows: $1,056,000 Los Angeles City
High School District, and $480,000 Los Angeles City School District bonds.
(On May 2 the above school districts offered two issues of bonds aggregating
$1.600,00., without success
-V. 134, P. 3505. Of these bonds a block of
$64,000 was sold in June
-V. 134. P. 4358.)
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0.
Los Angeles), Calif.
-BONDS AUTHORIZED.
-It is reported that
the issuance of $2,016,000 in bonds for the construction of the Colorado
River aqueduct has been authorized. The coupon rate, it is said, will
not be determined until later. The law governing the rate on such bonds
places the maximum interest at 6%. It is also said that the maximum
maturities will be 50 years, with first maturities deferred 15 years from
Nov. 1.
McLEAN COUNTY (P. 0. Washburn), N. Dak.-CERTIFICATES
NOT SOLD.
-The $75,000 issue of 6% semi-ann. certificates of indebted-was not sold as there were no
ness offered on Oct. 5-V. 135. p. 2368
bide received, according to the County Auditor. Due on Nov. 1 1933.
McLENNAN COUNTY (P. 0. Waco), Tex.
-BOND OFFERING.
Sealed bids will be received until 10 a. in. on Oct. 11 by R. B. Stanford,
County Judge, for the purchase of an issue of $100,000 434% road bonds.
$1,000. Dated Oct. 10 1931. Due $10,000 from Oct. 10 1939 to
Denom.
1948 incl. Prin, and int.(A. & 0.) payable at the Chase National Bank in
New York City. The Countywill furnish free to the purchaser the approving opinions of the Attorney-General, and Thomson, Wood & Hoffman of
New'York. These bonds are stated to be part of a total issue of $4,791,500
authorized at an election held on Dec. 18 1928, by a vote of 6.711 "for" to
1,491 "against." Authority: Article 3, Section 52, Constitution of Texas,
including Chapter 16, General Laws enacted by the 39th Legislature at ita
first called session in 1926. A certified check for $2,000 Payable to the
County Judge, must accompany the bid. (These bonds are said to be part
of the $600,000 issue unsuccessfully offered for sale on Nov. 22 1931.)
McCIRACKEN COUNTY (P. 0. Paducah). Ky.-PURCHASER.We are now informed that the two blocks of 6% semi-annual funding
bonds aggregating $136,000, that have been sold out of the total issue of
-V.135, p. 2368
-were purchased at par by Stifel, Nicolaus
$185.000 bonds
& Co. of St. Louis.
MAPLEWOOD SCHOOL DISTRICT (P. 0. Maplewood), St. Louis
-The $152.000 issue of school bonds offered
County, Mo.-BOND SALE.
-was jointly purchased by the Misfor sale on Sept. 29-V. 135. p. 3203
sissippi Valley Co. and Smith, Moore & Co., both of St. Louis, as 4345,
paying a premium of $1,525. equal to 101.1103, a basis of about 4.13%•
Due serially from March 1 1937 to 1952,inclusive.
MARBLEHEAD, Essex County, Mass.
-BOND SALE.
-The $118,000
coupon bonds offered on Oct.4-V. 135, p. 2368
-were awarded to Newton,
Abbe & Co., of Boston, as 334s, at a price of 101.375, a basis of about
3.51%. The sale comprised:
gloom° sewerage bonds, Act of 1929. Due Oct. 1 as follows: 37.000
from 1933 to 1942 incl., and $6,000 from 1943 to 1947 incl.
18,000 macadam pavement bonds. Due 36.000 on Oct. 1 from 1933
to 1935 incl.
Each .ssue Is dated Oct. 1 1932. Re-offered for general investment
3 %
.40;
B
s
at prices to Yield from 2 to For 3 %TIlfollowing is an official list of
the other bids submitted at the sale:
Rate Bid.
Bidder101.21
Chase Harris Forbes Corp
Guaranty Co. of New York
101.11
Paine,'Webber & Co
100.568
Merchants National Bank, Boston
100.39
For 4% Bonds.
102.80
First of Boston Co p
Shawmut Corp
102.689
102.599
R. L. Day & Co
102.426
Arthur Perry & Co
102.35
Chase Harris Forbes Corp
Guaranty Co. of New York
102.33
Brown Bros. Harriman & Co
102.102
102.10
F. S. Moseley & Co
102.012
Paine, Webber & Co
Merchants National Bank, Boston
101.79
101.419
E. H. Rollins & Sons
100.566
City Co. of Massachusetts
For *18.0004% Bonds.
Faxon, Gade & Co
100.376
MARION, Marion County, Ohio.
-BOND SALE.
-The issue of
178,000 coupon refunding bonds unsuccessfully offered on Sept. 6-V.
135, p. 1856
-was purchased subsequently at private sae as 6s, at a price
of par, by Magnus & Co., of Cincinnati. Dated Sept. 1 1932. Due
on A. & 0. 1 from 1934 to 1941 incl.
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND SALE.
-The
-was
Issue of $76.090 refunding bonds offered on Sept. 28-V. 135, p. 2023
sold as 4345. at a price of par, to the Merchants National Bank and the
Indiana Trust Co., both of Indianapolis. jointly, whose bid was the only one
received. Dated Oct. 1 1932 and due July 15 as follows: $25,000 in 1934
and 1935, and $26,090 in 1936.
MARQUETTE COUNTY (P. 0. Marquette), Mich.
-ADDITIONAL
-In connection with the call for sealed bids to be reINFORMATION.
ceived by Frank G. Jenks, County Clerk, until Oct. 10 for the purchase of
3400.000 not to exceed 6% interest highway and bridge impt. bonds, previous notice of which was made in V. 135. p. 2203. we have been advised of the following additional details: Prin. and Int.(A.& 0.)are payable
at the County Treasurer's office. Legality approved by Chapman & Cutler
of Chicago. Bonds, as previously reported will be dated Oct. 1 1932 and
mature serially on Oct. 1 from 1933 to 19471ncl.
-BOND SALE.
MASSACHUSETTS (State of).
-The $3,465.000 34%
registered bonds offered on Oct. 4-V. 135. p. 2203
-were awarded to a
syndicate composed of Estabrook & Co., R. L. Day & Co.. Chase Harris
Forbes Corp.. First of Boston Corp. of Massachusetts. and Jackson &
Curtis, all of Boston, at a price of 102.28, the highest received for State
bonds in over 20 years,the net Int. cost of the financing being about 3.28%•
loo e o
sz sa, comP0
The 100 met :
r=
Iltan Additional Water Loan. Act of -1926. bonds.
Due $100,000 on July 1 from 1933 to 1962 Incl.
1345,000 Metropolitan Sewerage Loan, South System, bonds. Due
$23,000 on Sept. 1 from 1938 to 1952 Incl.
120,000 Metropolitan Sewerage Loan. South System, bonds. Due
c,,k $24.000 on Sept. 1 from 1933 to 1937 incl.
In addition to the sirccessful bid, an offer of 102.044 was made by a group
oomooaed of Brown Bros. Harriman & Co.; Kidder. Peabody & Co.; Stone
.
& Webster and Blodget. Inc.. and F. S. Moseley & Co., while a further
offer of 101.639 was submitted by a group composed of the National City
Co.. the Guaranty Co. of New York, and the Shavrrnu Corp. of Boston.
-Members of the succesfsul syndicate
TONDS PUBLICLY OFFERED.:
made public reoffering of the bonds at prices to yield 1% for the $100.000
July 1 1933 maturity and 1.125% for the $24.000 Sept. I 1933 maturity;
1934 maturity. 2.00%; 1935. 2.75%: 1936. 3.00%: 1937. 3 05%; 1938,
.20%;_and_3.25% for the bonds ma........._
3.10%: 1939. 3.15%; 1940 to 1942_. 3
turing from 1943 to 1962 Incl.
---aro
MASSILLON, Stark County, Ohic..-BOND SALE.
-The issues .
i"
-were sold as 6s, at a
$63,400 bonds offered on Sept. 24-V. 135. p. 2203
price of par, to W. 0. Gay & Co. of New York. The sale comprised:
$55,000 Property portion impt. bonds. Due Oct. 1. as follows: $7,000
from 1934 to 1938 incl.;$6.500in 1939 and 1940.and $7.000in 1941.
8,400 property portion Inapt. bonds. Due $2,100 on Oct 1 from 1934
to 1937 incl.
Each issue is dated April 1 1932E
MECKLENBURG COUNTY (P.O. Charlotte), N. C.
-BOND SALE.
-A $95.000 issue of 6% funding bonds Is reported to have recently been
purchased by R. 8. Dickson & Co. of Charlotte. at par. Dated Oct. 1
1932. Due on Oct. 1 as follows: 32.000. 1934 to 1944; $4.000, 1945 Co 1956.
and $5,000. 1957 to 1961. all Incl. Prin. and Int. (A. & 0.) payable in
New York. Legality approved by Masslich & Mitchell of New York.
MIDDLE RIO GRANDE FLOOD CONTROL DISTRICT (P. 0.
'
Albuquerque), N. Mex.-BONDS P URCH 4SED BY RECONSTRUCTION
-News dispatches from Washington on Oct.8
FINANCE CORPORATION.
report that on that date the Reconstuction Finance Corp. agreed to
2526
Financial Chronicle
Oct. 8 1932
purchase $5,784,000 of bonds of the above-named district,
$20,000,000 5%% revenue bills of 1932, due Dec.9 1932, issued on Sept. 7.
obtained to be used to construct levees, aid river protection the funds thus
developments,
17,000,000 54% special corporate stock notes, due March 15 1933,
replace antiquated irrigation canals with a comprehensive system and
issued
on Sept. 8.
diversion dams, and provide storage for the supply of water for irrigation
10,000,000 54% revenue pills of 1932, due Dec.9 1932, Issued on Sept. 27.
during dry seasons, thereby enabling the employment of 2,200 men to
850.000 5% special corporate stock notes, due Sept. 8 1933, issued
take part in the necessary improvement work.
on Sept. 8.
MILLV1LLE SCHOOL DISTRICT, Allegheny County, Pa.
500,000 0% specia6.
5n sepc 11 corporate stock not, due Sept. 10 1933, issued
es
-BOND
SALE.
-The Secretary of the Board of School Directors reports that two
issues of bonds aggregating $18,000 have been sold. This amount includes
ADDITIONAL $10,000,000 LOAN ARRANGED-CREDIT OF $74,000,000 AVAILABLE.
issues of $10,000 and 88,000.
-It was reported on Oct. 7 that
borrow an additional $10,000,000 of the $151,000,000 the city would
MILWAUKEE, Milwaukee County, Wis.-BOND SALE DETAILS.
credit
- fund, bringing the total of withdrawals to $145,000,000. revolvingfurther
We are informed that the 860,000 issue of 44% coupon semi-ann. park
stated that following the expenditure of the entire sum ofIt was
bonds that was reported sold-V. 135, p. 1526
$151,000,000,
the city can call upon the banks to furnish
-was disposed of to the
Public Debt Amortization Fund. Due $3,000from Jan. 1 1933 to 1962 incl.
also at 5%% interest, against delayed taxa further amount of $74,000,000,
collections due this year. This
MISSISSIPPI, State of (P. 0. Jackson).
-SALES TAX REPORT.
- additional borrowing, however, must be done in the two final weeks In
December, while repayment must be effected by April 30 1933, it
The following report on the sales tax collections for this State from May 1
was said.
when the tax became effective, is taken from the "United States Daily"
NORTH HEMPSTEAD UNION FREE
of Oct. 6:
(P. 0. Mineola), Nassau County, N. Y.SCHOOL DISTRICT NO. 10
-BOND SALE.
-The issue of
September sales tax collections exceeded estimates by more than $12,000.
$215,000 school bonds offered on Oct. 4-V. 135.
P. 2369
but fell nearly $20,000 short of the August yield, according to figures just
as 5s to Wachsman & Wassail of New York, at a price of -was awarded
released by the Mississippi Tax Commissioner.
of about 4.97%. Dated Oct. 1 1932 and due sserially on 100.329, a basis
The September collections were very satisfactory, according to Chairman
to 1955 incl. Bids received at the sale were as follows: Oct. 1 from 1934
All. H. Stone of the Commission. The usual slowing up in
Bidderduring
Int. Rate. Rate Bid.
that month had been expected to reduce the revenue from thebuying
Wachsman & Wassall(successful bidders)
tax below the
5%
estimate of 8166,000 a month.
110000:31729
George B. Gibbons & Co.,Inc
5.40
Total collections from the tax since the law went into effect May 1 amount
Batchelder & Co
5.25
to $702,314, which is at the rate of$2,800,000 per year, or $5,600.000 for the
100.81
Lehman Bros. and M.& T.Trust Co.,jointly
5.20i
biennium. The estimate for the biennium was $4,000,000.
100.22
OAK CREEK, Routt County, Colo.
-BONDS AUTHORIZED.
MITCHELL COUNTY (P. 0. Osage), Iowa.
It is reported that an ordinance was passed
-The
-BOND SALE.
providing for the issuance of
$300,000 issue of primary road bonds that was offered for sale at public
the $10,000 6% municipal light plant bonds that was
voted recently
auction on Sept. 29-V. 135, p. 2203
-was jointly purchased by the IowaP. 2370. Denom. $1,000. Due $2,000 from Oct. 1
1933 to 1937
Des Moines Co. of Des M01.1108 and the White-Phillips Co. of Davenport
L11.35
as 434s, paying a premium of $800, equal to 100.266, a basis of about
/
OAKWOOD (P. 0. Dayton), Montgomery County,
4.69%. Dated Oct. 1 1932. Due $25,000 from May 1 1934 to 1945 incl.
-BOND
Ohio.
OFFERING.
-A. C. Bergman, City
Optional after May 1 1938;
will
until 12 M.(Eastern standard time) onAuditor, for receive sealed bids
Oct. 24
MITCHELL, Scotts Bluff County Neb.-MUNICIPAL OWNER005.05 6% refunding general and special assessmentthe purchase of $115,bonds. Dated Sept.
SHIP APPRCVED.-The New York "Herald Tribune" of Oct. 5 carried
1 1932. One bond .for $1,005.05, others for $1,000.
Due as follows:
the following account of the approval given by the voters to the municipal
88,005.05 May 1 and 86,000 Nov. 1 1934: $6,000 May and
ownership of the town's power system: "Voters here in a special election
86,000 May 1 and $7,000 Nov. 1 from 1936 to 1942 incl. Nov. 1 1935:
Bids for the
to-day decided overwhelmingly in favor of municipal ownership of the
bonds to bear interest at a rate other
power system. On the question of acquiring the Western Public Service
of % of 1%, will also be considered. than 6%. expressed in a multiple
A certified
Co.'s electrical distribution system by right of eminent domain, 578 voted
bonds bid for, payable to the order of the City check for 1% of the
"yes," and 83 "no."
These refunding bonds are being issued for the Treasurer, is required.
purpose
"Whistles, sirens, auto horns and other noise-making devices greeted
the payment of a like amount of general and special of providing for
assessment issue
the announcement. A board of appraisers will be appointed to set a price
maturing in Sept., Oct., Nov. and Dec. In 1932 and in
Jan. 1933.
on the company's property, which does not include the generating pliant.
OCEAN COUNTY (P. 0. Toms River), N. J.
It is estimated the purchase will involve between $30,000 and $50,000.
-NOTE SALE.
-The
county has sold a total of 175,660 6% tax anticipation
"An intensive campaign was waged by the power company against the
notes to local banks.
proposal."
OCONEE COUNTY (P. 0. Walhalla), S. C.
-BONDS NOT SOLD.
We are informed that on Sept. 15 a $40,500 issue of
MONTROSE COUNTY HIGH SCHOOL DISTRICT (P. 0. Montschool bonds was
offered for sale by the county, without success.
rose), Colo.
-BOND ELECTION.
-We are now informed that the $35,000
issue of 4% school emergency bonds purchased by the U. S. National Co.,
OGDEN, Weber County, Utah.
-BONDS PURCHASED BY RECONand Sullivan & Co., both of Denver, jointly
STRUCTION FINANCE CORPORATION.
-V. 135, p. 2369
-was sold
-It was announced on Oct. 6
to them subject to an election to be held on Oct. 20 at 96.00, a basis of
by the Reconstruction Finance Corp.that it had agreed to
purchase 8645,620
about 4.47%. Due from 1937 to 1946 incl.
of the revenue bonds of the above city, the proceeds to be
used in financing
improvements to the city's water supply,furnishing
MORAN INDEPENDENT SCHOOL DISTRICT (P. 0. Moran),
employment to 215 men
for one year. This loan is in the self-liquidating project
Shackelford County, Tex.
-BOND SALE.
-The $39,000 issue of 5%
class.
school bonds that was registered by the State Comptroller recently
ONEIDA, Madison County, N. Y.
-V. 135,
-BONDS
-The
-has been purchased at par by the State Board of Education,
p. 1856
city council has voted to issue 812,600 bonds for AUTHORIZED.
the purpose of paying
according to the Secretary of the Board of Education. Duo in 1983.
the city's portion of the cost of recent water line
construction work completed co-operatively with the village of Canastota.
MOUNTRAIL COUNTY SCHOOL DISTRICT NO. 148 (P. 0. Blaisdell), N. Dak.-CERTIFICATES OFFERED.
-It is reported that sealed
ORANGE VILLAGE SCHOOL DISTRICT (P. 0.
Chagrin Falls),
bids were received until 2 p. m. on Oct. 8, by Mrs. Oscar Wagner, District
Cuyahoga County, Ohio.
-BOND OFFERING.
-George Jones, Clerk
Clerk, for the purchase of an issue of $1,000 certificates of indebtedness.
of the Board of Education, will receive sealed bids
until 12 m.
Due in 1 year.
standard time) on Oct. 22 for the purchase of 86.000 6% coupon (Eastern
refunding
bonds. Dated Oct. 1 1932. Due 8500 April and Oct. 1
MULTNOMAH COUNTY (P. 0. Portland), Ore.
-WARRANT
from 1934 to
1939, incl. Principal and interest (April and Oct )are payable
RETIREMENT.
-J. M. Lewis, County Treasurer, is reported to have
at the office
of the above-mentioned Clerk. Bids for the bonds to
announced that warrants of all classes presented and endorsed "not paid
rate other than 6%,expressed in a multiple of id of 1 bear interest at a
for want of funds" from May 18 to May 31 1932 incl., will be paid on
sidered. A certified check for 5% of the bonds bid % will also be conpresentation Sept. 26.
for, payable to the
order of the Clerk of the Board of Education, mustaccompany
each proposal.
NASHWAUK, Itasca County, Minn.
-BOND SALE.
-The $25,000
ORRVILLE, Wayne County, Ohio.
-BOND OFFERING.-Frederiek
issue of 6% semi-ann. permanent impt. bonds offered for sale on Sept. 30Smucker, Village Clerk, will receive sealed bids until 12
-V. 135, p. 2369
-was purchased at par by the First National Bank of
for the purchase of 36,000 54% special assessment M. on Oct. 18
Nashwauk: Dated Sept. 151932, Due from Dec. 1 1934 to 1938. There
sewage disposal
works impt. bonds. Dated Oct. 1 1032. Denom. $500.
were no other bids received.
Due $1,000
on A. & O. 1 from 1934 to 1951 incl. Int. is payable in
for the bonds to bear interest at a rate other than 54% A. & 0. Bids
NASSAU COUNTY (P. 0. Mineola), N. Y.
-BOND SALE.
-The
expressed in a
$3.000,000 coupon or registered bonds offered on Oct.6-V. 135, p. 2369
- multiple of yi of 1%, will also be considered. A certified check for $360.
payable to the order of the Village, must accompany each
were awarded as 3%s and 4%s to a group composed of the Chase Harris
proposal.
Forbes Corp., Guaranty Company of New York, National City Co.,
OYSTER BAY COMMON SCHOOL DISTRICT NO.
14 (P.
Bankers Trust Co.. and F. S. Moseley & Co., all of New York. at par plus
Jericho), Nassau County, N. Y.
-BOND OFFERING.-W1111am 0.
a premium of $7,497. equal to 100.249. the net interest cost of the financing
G.
Underhill, District Clerk, will receide sealed bids until 8 p.
m.
to the County being about 3.906%. Award was made as follows:
for the purchase of $72,000 not to exceed 6% interest coupon on Oct. 13
or registered
81,820,000 emergency relief bonds sold as 4%s. Due Oct. 15 as follows: school ponds. Dated Oct. 1 1932. Denom.
$1,000. Due Oct. 1 as
$550,000 in 1935 and 1936, and $520,000 in 1937.
follows: $3,000 in 1933 and 1934: $4,000 from 1935 to 1937
1,130,000 series B land purchase bonds sold as 3%s. Due Oct. 15 as
from 1938 to 1943 incl., and 38,000 from 1944 to 1947 incl. incl.; $5,000
Rate of infollows: $130,000 in 1950, and 8100,000 from 1951 to 1960 incl.
terest to be expressed in a multiple of 3 or 1-10th of 1%.
Prin. and int.
150,000 series C county bridge bonds sold as 3%s. Due Oct. 15 1949. (A. & 0.) are payable in gold at the Bank of
100,000 East Rockaway Inlet impt bonds sold as 34s. Due Oct. 15 1948.
the Central Hanover Bank & Trust Co., NewHicksville of Hicksville, or at
York. A certified check for
Each issue is dated Oct. 15 1932. Public re-offering of the bonds is being
2% of the bonds bid for, payable to the order of the Board of
Trustees, must
made as follows: the issue of $1,620.000 43js is priced to yield 3.25% for the
accompany each proposal. The approving opinion of Hawldns,
Delafiled
1935 maturity: 1936, 3.50% , and 3.75% for that of 1937. The $1,380.000
& Longfellow of New York, will be furnished the successful
bidder.
3%s are priced to yield 3.90% for the 1948 to 1951 maturities, and 3.95%
PALM BEACH COUNTY (P. 0. West Palm Beach),
for those from 1952 to 1960 incl. The bonds, according to the bankers, are
Fla.
-LOAN
AUTHORI2ED.-It is reported that on Sept. 28 a loan of
legal investment for savings banks and trust funds in New York State and
County Board of Public Instruction was authorized by the 858,000 to the
constitute, in the opinion of counsel, direct general obligations of the
Florida Bank &
Trust Co. of West Palm Beach.
County, payable from unlimited ad valorem taxes levied on all the taxable
property therein.
PATERSON, Passaic County, N. J.
-BONDS PUBLICLY OFFERED.
-B. J. Van Ingen & Co. of New York, made public offering
NEBRASKA State of(P.O. Lincoln)
-TA X RATEINCREASED. The
on Oct. 5 of
$500,600 6% water bonds. dated May 1 1932 and
following report on a $500,000,000 decrease in the State's assessed valuation,
from 1938 to 1972 incl., at prices to yield 5.75%. due serially on May 1
with a consequent increase in the State tax levy of .33 of 1 mill, is taken
Legal investment for
savings banks and trust funds in the States of New York and
from the New York "Herald Tribune" of Oct. 2:
New Jersey
and eligible as security for Postal Savings Deposits,
"Due to a decrease of more than $500.000.000 in the assessed valuation
according to the
bankers.
of property in the state, the Nebraska State Board of Equalization announced last month an increase in the state tax levy of .33 of 1 mill. The
PHILADELPHIA, Pa.
-312.982.900 BONDS
rate will be 2.37 mills on the dollar, as compared with 2.04 mills last year.
-ENTIRE ISSUE SOLD. SUBSCRIBED FOR
DURING SEPTEMBER.
-Receipt
of orders for $2,036.000 bonds of the $20.000,000 5% issue on Sept. 30
The levy this year for the general fund is 2.25 mills. The increased levy is
at the City Treasurer's office at a price of par increased the being offered
expected to yield $221,148 less than last year.
.•
of the issue sold to $16.037.000, of which subscriptions total amount
"The new tax will apply to valuations in all counties. This year the
amounting to
counties received a reduction of 17% in land values. 15% in the value of
$12,982,900 were received during the month of September.
The block
Of 82.036.000 sold on Sept. 30 was taken by a local banking
lots, and 23% in the value of personal property. Both the state and county
house.
On Oct. 7 it was reported that the entire issue of
levies will be applied to the lowered valuations."
$20,000,000 had been
sold.
-BOND
NEWTON (P. 0. West Newton), Middlesex County, ass.
PHILLIPS COUNTY HIGH SCHOOL DISTRICT (P.
-Francis Newhall, City Treasurer, reports that the issue of $100.000
SALE.
0. Holyoke),
Colo.
-BOND SALE.
-A $.35,000 issue of 5% refundin_g bonds
31i% coupon sewer bonds offered on Oct. 6 was awarded to the Newton
purchased by Bosworth, Chanute, Loughridge & Co. of Denver. has been
Trust Co., of Newton, at a price of 101.31, a basis of about 3.38%. Dated
Denoms.
$1,000 and $500. Dated Nov. 15 1932. Due $2,500 from
Sept. 1 1932. Denom. $1,000. Due Sept. 1 as follows: $4,000 from 1933 to
Nov.
1946 incl. Prin, and int.(M.& N. 15) payable at the office of 15 1933 to
1942 incl., and $3.000 from 1943 to 1962 incl. Principal and interest (March
the
Treasurer. Legality to be approved by Pershing, Nye, Bosworth County
and Sept.) are payable at the First National Bank, of Boston. Legal
& Dick
of Denver.
opinion of Ropes, Gray, Boyden & Perkins, of Boston. Bids received at the
sale were as follows:
Financial Statement.
(As reported by the County Treasurer).
BtdderRate Bid.
Assessed valuation 1931 ________________________________ z
Newton Trust Co.(Purchaser)
101.31
Total bonded debt
-this issue only
Jackson & Curtis
101.089
Population, 1930, U. S. Census, 5.798.
Chase Harris Forbes Corp
100.91
The bonded debt of this high school district Is less than
F. S. Moseley & Co.
100.57
1-3 of 1% of
the assessed valuation.
NEWTON COUNTY (P. 0. Kentland), Ind.
-BONDS NOT SOLD.
PIERCE COUNTY SCHOOL DISTRICT NO. 10 (P. 0.
The issue of $10,772 5% Wash(.gton Township road construction bonds
Tacoma),
Wash.
-BOND ELECTION.
-It is stated that at the regular election in
offered on Sept. 29-V. 135, p. 2203
-was not sold, as no bids were reNovember the voters will be asked to pass on the proposed issuance of
ceived. Dated Sept. 1 1932. Due $532.60 each six months from July 15
$250,000 in school funding bonds.
1933 to Jan. 15 1943.
PLEASANTVILLE, Westchester County, N. Y.
-TEMPORARY FINANCING DURING SEPNEW YORK, N. Y.
-BONDS AUTHORIZED.
-The Board of Trustees is making preparations for an issue of
-The City of New York borrowed a total of $18.350,000 on
TEMBER.
$70,000 bonds to be used for general village purposes.
short-term securities during the month of September, of which $30,000,000
was obtained under the provisions of the $151,000,000
% revolving
PORT ARTHUR, Jefferson County, Tex.
-PROPOSED BOND
credit fund established by the Clearing House banks for general operating
ELECTION.
-It is reported that an election was to be
purposes pending November 1932 tax collections. The September financing
In order to vote on the proposed issuance of $100,000 inhold on Oct. 8
sea wall comwas made up of the following:
pletion bonds.
---17:
5g
Volume 135
Financial Chronicle
-DETAILS OF PROPORT OF NEW YORK AUTHORITY, N. Y.
POSED $90,000,000 RECONSTRUCTION FINANCE CORPORATION
-Conferences are being held between officials of the
LOAN DISCUSSED.
Port Authority and of the Reconstruction Finance Corporation at Washington, regarding details of the proposed financing by the Reconstruction
Finance Corporation of the $90,000,000 tunnel under the North River
from 38th St. New York City, to Weehawken, N. J. The Port Authority
is seeking an 'advance of $75,000,000 toward the project, to be repayable
in 10 years at 434% int.
-It was reported on Oct.4 that purchase
$1.300,000 PORT BONDSSOLD.
had been effected in this market on the previous day of $1,300000 Port
Authority bonds held by European interests. Two separate New York
banking groups purchased the securities, comprising $909,000 Holland
is. Re-offering of the
Tunnel 4%s and $310,000 Inland Terminal W
former block was then made at a price of par, while the latter amount
reached the market at a price to yield 5.20%.
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-The $300,000 issue of coupon public works bonds offered for sale on Oct. 5-V. 135.
-was jointly purchased by the Bancamerica-Blair Corp. of New
p, 2204
York and Jaxtheimer & Co. of Portland as 5s at a price of 100.27, a basis
ofabout4.97%. Dated Oct.1 1932. Duefrom Oct.1 1938 to 1952,incl.
-The successful bidders reBONDS OFFERED FOR INVESTMENT.
offered the above bonds for public subscription as follows: 1938 and 1939
maturities priced to yield 4.50%; 1940 to 1942, to yield 4.60%, and 1943
to 1952 to yield 4.75%. Prin. and int. (A. & 0.) payablein New York
and Portland. These bonds are reported to be legal investments for say
tags banks and trust funds in New York and Massachusetts.
PRESCOTT, Yavapai County, Ariz.
-BONDS PURCHASED BY
RECONSTRUCTION FINANCE CORPORATION.
-Funds were made
available to this city on Oct.6 by the Reconstruction Finance Corp. through
the purchase of $50,000 in 5% serial bonds, to be used to effect the completion of two dams for increasing the reservoir capacity of the water works
system. The loan comes under the heading of self-liquidating projects and
will provide short-time employment for 100 men for two months.
RAVENNA, Buffalo County, Neb.-BOND REFUNDING.
-It is
stated that two issues of bonds aggregating $100,000 are being refunded
through Wachob, Bender & Co. of Omaha. The issues are divided as
follows: $78,000 intersection paving, and $22,000 sewer bonds.
BONDS CALLED -It is announced by A.0.Skocdopole, City Treasurer,
that the following bonds are called for payment at the office of Wachob,
Bender Se Co. of Omaha. Oct. 1 and 15. and on Nov. 1:
$22,000.00 5% sewer bonds. Dated Oct. 1 1914. Due on Oct. 1 1934.
12,722.06 6% intersection paving of District No. 1 bonds. Dated Sept.
1 1922. Due on Sept. 1 1942.
14,845.39 6% intersection paving of Districts Nos. 6,8,9 and 11. Dated
Oct. 1 1922. Due on Oct. 1 1942.
2,000.00 5% refunding bonds. Dated Feb.1 1930. Due on Feb. 1 1935.
30,944.84 6% intersection paving of District No. 5 bonds. Dated
Oct. 15 1922. Due on Oct. 15 1942.
23,230.76 6% intersection paving of Districts Nos. 2. 7. 10. 12. 13 and 14
bonds.
RIO GRANDE COUNTY (P. 0. Del Norte), Colo.
-WARRANTS
CALLED.
-The County Treasurer is said to have stated that funds are on
hand to pay ordinary county revenue warrants registered up to and including warrant No. 1014, registered on Sept. 8 1932. Int. to cease on
Oct. 16.
ROBSTOWN INDEPENDENT SCHOOL DISTRICT (P. 0. Robstown), Nueces County, Tex.
-BOND DESCRIPTION.
-The $118.000
(not $125,000) issue of 5% refunding bonds that was reported sold
-was purchased at par by the State Board of Education.
V. 135. P. 2204
Denom. $1,000. Due serially. Int. payable J. & J.
ROCHESTER, Monroe County, N. Y.
-NOTE SALE.
-The issue
of $1,500,000 tax anticipation notes of 1932 offered on Oct. 3-V. 135,
-was awarded at par, at 3.30% interest, to a syndicate composed
p. 2370
of Sage, Wolcott & Steele, of Rochester, R. W. Presspick & Co.. of New
York, M. & T. Trust Co. and Barr Bros. & Co. Dated Oct. 6 1932 and
payable on June 6 1933. F. S. Moseley & Co.,of New York, bid an interest
rate of:3.32%. at par, plus a premium of $25. while a rate of 4%, plus $19,
constituted the bid of the Security Trust Co., of Rochester.
ROCHESTER, Olmsted County, Minn.
-BONDS AUTHORVED.At a meeting of the City Council on Sept. 26 an ordinance was passed
authorizing preparation of proceedings for the sale of $15,000 in repaving
bonds. It Is stated that the scheduled bond issue would be the first under
the State law which permits the governing body of a second-class city to
issue up to $200,000 in bonds for certain purposes, including repaving
and storm sewer installation, without calling a special election.
ROCK COUNTY (P. 0. Janesville), Wis.-BOND ISSUANCE CONTEMPLATED.
-The County Board is reported to have ordered on Sept. 28
the issuance of $400.000 in 43 % relief bonds. Due $40,000 from Nov. 1
,
4
1935 to 1944 incl..
ROSS TOWNSHIP (P. 0. Pittsburgh), Allegheny County, Pa.
BOND OFFERING.
-Wade Winner, Township Secretary. will receive
sealed hicks until 9:30 a. m. on Oct. 22 for the purchase of $70,000
township bonds. Dated July 1 1932. Denom. $1,000. Due July 1 %
as
follows: $16,000 in 1942, 1947. 1952 and 1957, and $6.000 in 1962. Int.
is payable in Jan. and July. A certified check for $1.000, payable to the
order of the Tonwship Treasurer, must accompany each proposal. The
bonds, according to the notice of sale, are free of all State tax and other
taxes levied pursuant to any law of the Commonwealth of Pennsylvania.
Sale is subject to approval of issue by the Department of Internal Affairs
of Pennsylvania.
ROTTERDAM (P. 0. Rotterdam), Schenectady County, N. Y.
BOND ELECTION.
-At an election to be held on Oct. 17 the voters will
consider a proposed $100,000 street impt. bond issue.
ROUTT COUNTY (P.O. Steamboat Springs), Colo.
-BOND SALE.
- $94.000 issue of 4 % refunding courthouse bonds was purchased
recently by Boettcher-Newton & Co., of Denver. Denom. $1.000. Dated
April 11932. Due on April 1, as follows: $7,000 1937 and 1938,and
1939 to 1948. all incl. Prin. and int. (April and Oct.) payable$8.000,
at the
office of the County Treasurer. Legality approved by Dines, Dines &
Holme of Denver. (The bonds which this issue refunds were called for
payment as of Oct. 1.-V. 135. P. 2204.)
Financial Statement (As Officially Reported).
Assessed valuation, 1931
$15.390,730
Total bonded debt, this issue only
94.000
Population, 1930 census 9,352
Bonded debt less than 7-10ths of 1% of assessed valuation.
ST. JOSEPH SCHOOL DISTRICT (P: 0. St. Joseph), Buchanan
County, Mo.-BONDS DEFEATED.
-At the election held on Sept.
- 135, p. 1857
V.
-the voters rejected the proposal to issue $160,000 27
in
high school equipment bonds.
SALINA UNION FREE SCHOOL DISTRICT NO.4(P.O.Syracuse),
-LIST OF BIDS.
-An official list of bids reOnondaga County, N. Y.
ceived at the offering on Sept. 13 of $145,000 coupon or registered school
bonds, awarded to the M.& T. Trust Co. of Buffalo-V. 135, p. 2024-i
s
as follows:
Int. Rate.
BidderRate Bid.
M.& T.Trust Co.(successful bidder)
5.20%
100.378
Wachsman & Wassail
5.60%
100.189
First Trust & Deposit Co., Syracuse
5.40%
100.70
B.J. Van Ingen & Co
5.40%
100.395
SAN FRANCISCO (City and County), Calif.
-BONDS OFFERED
FOR INVESTMENT.
-A group composed of the 13ancamerica-Blair Corp.:
Blyth & Co.. Inc.; the Bankamerica Co., and the Anglo California Co., all
of San Francisco, are offering for public subscription, five issues of 414%
coupon or registered bonds aggregating $2,537,000. divided as follows:
$1,075,000 hospital bonds. Due serially Jan. 1 1938 to 1953.
301,000 jail bonds. Due serially Jan. 1 1946 to 1952.
360.000 relief bonds. Due serially Sept. 1 1946 to 1947.
232,000 boulevard bonds. Due serially Nov. 11946 to 1951.
569,000 water bonds. Due serially July 1 1940 to 1968.
The bonds are priced as follows: 1938 maturity to yield 4.15%; 1939
maturity to yield 4.20%; 1940 and 1941 to yield 4.30%. and 1942 to 1968
to yield 4.35%. Denom. $1.000. Legal opinion of Thomson, Wood &
Hoffman of New York City. Prin. and semi-ann. int, payable in gold in
San Francisco, or at the city's fiscal agency in New York City.
SANDUSKY, Erie County, Ohio.
-BOND OFFERINO.-C. F. Brein
leg, City Treasurer, will receive sealed bids until 12 m. on Oct. 24 for the
2527
purchase of $19,000 5% city's portion paving bonds. Dated Oct. 1 1932.
Denom. 81,000. Due Oct. 1. as follows: $1,000 in 1934, and $2,000 from
1935 to 1943. incl. Principal and interest (April and Oct.) are payable
at the Third National Exchange Bank, Sandusky. Bids for the bonds to
bear interest at the rate other than 5%, expressed in a multiple of h' of
1%, will also be considered. A certified check for $500, payable to the
order of the city, must accompany each proposal.
SCOTT COUNTY (P. 0. Scottsburg), Ind.
-BOND OFFERING.
Stacy F. Coleman, County Treasurer, will receive sealed bids until
10 a. m. on Oct. 15, for the purchase of $9,200 5% road construction
bonds. Dated Oct. 15 1932. Denom. $460. Due one bond each six
months fom July 15 1934 to Jan. 15 1944.
SHEBOYGAN, Sheboygan County, Wis.-BOND SALE.
-The
$200,000 issue of 4;4% water works bonds offered for sale on Oct. 3-was jointly purchased by the Continental Illinois Co. of
V. 135, p. 2370
Chicago. and the Bank of Sheboygan, paying a premium of $8.200, equal
to 104.10, a basis of about 4.00%. Denom. 51,000. Dated Oct. 1 1932.
Due on Oct. 1 as follows: $13,000, 1935 to 1944, and $14,000, 1945 to
1919. all incl. Prin. and int. (A. & 0.) payable at the office of the City
Treasurer. The approving opinion of Chapman & Cutler, of Chicago,
will be furnished.
SHELBY COUNTY (P. 0. Center), Tex.
-BOND SUIT REPORT.
It is stated that a suit has been instituted against this county for the payment of $3,200 in delinquent interest on $65,000 bonds by the Union
Mutual Life Insurance Co. of Portland (Me.).
SMYTH COUNTY (P. 0. Marion), Va.-BONDS AUTHORIZED.
I us reported that the County School Board has been authorized to offer
for sale $150.000 in refunding bonds.
SNOHOMISH COUNTY(P.O. Everett), Wash.
-BONDS NOTSOLD.
-The $250,000 issue of not to exceed 6% semi-ann. emergency relief
bonds offered on Sept. 26-V. 135, p. 1691-was not sold as all the bids
received were returned unopened.
-OFFERED -Sealed bids will again be received until Oct. 16,
BONDS RE
by the County.Treasurer for the purchase of the above bonds, according
to report.
SOUTH DAKOTA, State of (P. 0. Pierre).
-BONDS NOT SOLD.
The 81.500.000 issue of rural credit refunding series C bonds offered on
-was not sold as there were no bids received,
Sept. 29-V. 135. p. 1857
according to the Secretary of the Rural Credit Board. Dated Oct. 15.1932.
Due on Oct. 151937.
SOUTH MIDDLETON TOWNSHIP (P. 0. Boiling Springs), Cum-BOND SALE.
berland County, Pa.
-The issue of $33,000 5% coupon
road funding bonds offered on Oct. 1-V. 135, p. 1857
-was awarded to
Leach Bros. Inc.. of Philadelphia. at a price of 101.80. a basis of abou.;
4.74%. Dated Sept. 1 1932 and due on Sept. 1 as follows: $2,000 from
1933 to 1947 incl., and $3,000 in 1948. Bids received at the sale were
as follows:
Bidder
Rate sod.
ior
Leach Bros., Inc. (successful bidder)
Farmers Trust Co., Carlisle
101.71
Singer, Doane & Scribner, Inc., Pittsburgh
.11011..2472
0
Graham, Parsons & Co.. Pittsburgh
C. C. Collings & Co., Philadelphia
100.61
Glover & MacGregor, Inc., Pittsburgh
100.31
SPOKANE, Spokane County, Wash.
-NOTE SALE.
-An issue of
$150,000 tax anticipation notes is reported to have been purchased recently
by the Spokane and. Eastern Trust Co. of Spokane. Dated Sept. 30 1932.
Due on Dec. 121932.
SPOKANE COUNTY (P. 0. Spokane), Wash.
-BOND SALE.
-The
$450.000 issue offunding,series A bonds offered for sale on Sept.29 V.135.
P. 2205-was awarded to a syndicate composed of the Spokene & Eastern
Trust Co., Murphy. Favre & Co.. Ferris & Hardgrove. and Richards &
Blum, all of Spokane, on a basis of 4.86%. Due serially in 20 years.
SPOKANE COUNTY (P. 0.Spokane), Wash.
-WARRANT SALE.
A $60,000 issue of warrants is reported to have been purchased by the
Spokane & Eastern Trust Co. of Spokane. Dated Sept. 30 1932.
STEUBENVILLE, Jefferson County, Ohio.
-BONDS NOT SOLD.
The issue of 88,211.28 6% final judgment bonds offered on Sept. 26V. 135, p. I858
-was not sold, as no bids were received. Dated Sept. 1
1932 and due on Sept. I from 1934 to 1938 incl.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-CERTIFICATE
OFFERING.
-Ellis T. Terry County Treasurer, will receive sealed
bids until 2 p. m. on Oct. 13. for the purchase of $50,000 series G. not to
exceed 6% int. certificates of indebtedness. Dated Oct. 1 1932. Denom.
$1,000. Due Oct. 1 1934. Rate of int. to be expressed in a multiple of
X or 1-10th of 1% and must be the same for all of the certificates. Prin.
and int. (A. & O.) are _payable at the County Treasurer's office, or at
the Irving Trust Co., New York City. A certified check for 81.000,
payable to the order of tne County, must accompany each proposal. The
approving opinion of Clay. Dillon & Vandewater, of New York, will be
furnished the successful bidder.
SUMMIT COUNTY (P. 0. Akron), Ohio.-BCNDS NOT SOLD.
The issue of $588.000 6% refunding bonds offered on Sept. 29-V. 135.
p. 2025
-was not sold, as no bids were received. Dated Oct. 1 1932 and
due $117,600 on Oct. 1 from 1934 to 1938 incl.
SYRACUSE, Onondaga County, N. Y.
-BOND SALE.
-Sealed bids
were received until 12 M.on Oct. 7 by N. W. Markson, City Comptroller.
for the purchase of $2,330,000 coupon or registered bonds, award of which
was made to a syndicate composed of the Chemical Bank & Trust Co.,
Hallgarten & Co., Hemphill, Noyes & Co., B.J. Van Ingen & Co.. Schaumburg, Rebnann & Osborne, and Otis & Co., all of New York, which bid
for $1,270.000 bonds as 4s and $1,060,000 as 334s, at a price of 100.019,
the net Interest cost basis being about 3.68%. The award comprised
the following issues:
$700,000 municipal impt. bonds. Due $35,000 annually on Nov. 1 from
1933 to 1952 incl.
530,000 street impt. bonds. Due $53,000 annually on Nov. 1 from 1933
to 1942 incl.
460,000 general impt. bonds. Due $46,000 annually on Nov. 1 from
1933 to 1942 incl.
320,000 school bonds. Due $16,000 annually on Nov. 1 from 1933
to 1952 incl.
240,000 local impt. bonds. Due $24,000 annually on Nov. 1 from 1933
to 1942 incl.
. 40,000 water bonds. Due $1,000 annually on Nov. 1 from 1933 to
72 bonds. Due 53.000 annually on Nov. 1 from 1933 to
30,000 sewerin
1942 incl.
10.000 local impt. (sidewalk) bonds. Due $2.000 annually on Nov. 1
from 1933 to 1937 incl.
Each issue is dated Nov. 11932. •Prin. and int.(M. & N.) are
payable
at the Chase National Bank, New York. Bonds are exempt from taxation
under Section 8, Chapter 24, of the Consolidated Laws, and
interest
thereon is exempt from Federal income tax and from
income tax. Legal opinion of Caldwell & Raymond, New York State
of New York.
Financial
Assessed valuation taxable property Statement.
$389,245.066.00
Actual valuation taxable property
500,000.000.00
Assessed valuation real property (estimated)
373,625.391.00
Assessed valuation special franchises
15,538,400.00
Bond debt, including above issues
Bonded
37,274.290.23
Water bonds, included in above (exempt
debt)
6,495,625.00
Local impt. bonds, included in above (exempt
4,116,000.00
debt)
Te
Temporary de 1
ion,bt
2.555,502.19
930 census. 209,326.
TALLAHATCHIE COUNTY (P. 0. Charleston), Miss.
-BOND
REPORT.
-We are informed that the $125,000 issue
unsuccessfully offered in Nov. 1931-V. 134, p. 1066 of refunding bonds
-has not as yet been
sold.
TAMPA, Hillsborough County, Fla.
-NOTE SALE.
-It is reported
that an issue of $170,000 notes was
at 6%
syndicate composed of' the Exchange purchased Bank, on Sept. 21 by a
National
Bank. and the First Savings & Trust Co., al of Tampa.the First National
Due on or before
Oct. 15 1932.
TEXAS COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 4
(P. 0. Houston), MO.
-BOND SALE.
-A
issue
bonds is reported to have been purchased by$15,000Gesslerof 6% school
E. A.
& Son of St.
2528
Financial Chronicle
Louis. Dated July 1 1932. Legality approved by Benj. H. Charles of
St. Louis.
TINICUM TOWNSHIP (P. 0. Essington), Delaware County Pa.NOTE SALE.-Willlam E. Dougherty, Secretary of the Board of Township
Supervisors, reports that an issue of $30.000 6% current expense notes has
been sold.
TONASKET, Okanogan County, Wash.
-BOND ELECTION.
On Oct. 25 an election will be held in order to vote on a proposal to issue
$31,000 in water system purchase bonds, according. to report. It is expected that the money can be obtained from the Reconstruction Finance
Corporation.
-The issue of $40,000
TROY, Orleans County, Vt.-BOND SALE.
5% coupon refunding bends offered on Oct. 7-V. 135, P. 237I-was
awarded to E. H. Rollins & Sons, of Boston, at a price of 101.267, a basis
of about 4.83%. Dated April 1 1932. Due $2,000 on Oct. 1 from 1933
to 1952 incl. .A bid of 98.15 was submitted by the Vermont Securities,
Inc., of Brattleboro.
-BOND OFFERING.
-Wilfred
UNION CITY, Hudson County, N. J.
G. Turner, City Clerk, will receive sealed bids until 11 A.M. on Oct. 20
for the purchase of $445,000 coupon or registered school bonds, to bear
Interest at one of the following rates: 5, 5Y,514, 5% or 6%. Dated April
11932. Denom. $1,000. Due April 1 as follows: $10,000 from 1934 to 1961
incl., and $15,000 from 1962 to 1972 incl. Principal and interest (April
and Oct.) are payable at the City Treasurer's office. No more bonds are
to be awarded than will produce a premium of $1,000 over $445,000.
Bonds are to be certified as to geniuneness by the Trust Company of New
Jersey. A certified check for 2% of the bonds bid for, payable to the order
of the City, must accompany each proposal. Approving opinion of Hawkins,
Delafield & Longfellow, of New York, will be furnished the successful
bidder. Bonds will be ready for delivery on or about Nov. 1 1932, but the
purchaser is privileged to take up a block of $75,000 bonds on that date,
and an amount of not less than $75,000 on the first date of each month
thereafter until the entire issue has been delivered.
•
-BONDS
UNIVERSITY PARK (P. 0. Dallas), Dallas County, Tex.
REGISTERED.
-The $25,000 issue of 514% park,series of 1932 bonds that
was recently sold-V. 135, p. 2371-was registered by the State Comptroller on Sept. 30. Denom. $1,000. Due from 1935 to 1951 incl.
-ADDITIONAL INVENTNOR CITY, Atlantic County, N. J.
FORMATION.
-In connection with the report of the sale of $160,000
temporary sewer bonds to the State Sinking Fund-V. 135, p. 2371-we
learn that the issue bears int. at 5% and was sold at a price of par. Dated
Aug. 26 1932 and due on Aug. 26 1938.
-In
WALLOWA, Wallowa County, Ore.
-BOND SALE REPORT.
connection with the sale of the $15,000 issue of funding bonds, reported in
V. 135. p. 336, we are now informed that the bonds were exchanged for an
Issue of oustanding sidewalk impt. bonds.
-H. W.
-BOND SALE.
WALTHAM, Middlesex County, Mass.
Cutter, City Treasurer, awarded on Oct.7 an issue of $20,000 coupon water
bonds as 41is to the Union Market National Bank, of Watertown, the
only bidder, at a price of 100.08,a basis of about 4.24%. Dated Oct. 11932.
Due Oct. 1 as follows: $2,000 from 1933 to 1937 incl., and $1,000 from 1938
to 1947 incl. Principal and interest (April and Oct.) are payable in Boston.
Legal opinion of Storey, Thorndtke, Palmer & Dodge, of Boston.
FINANCIAL STATEMENT. OCTOBER 1, 1932
$61,540,912.00
Assessed Valuation for Year 1931
3 2,791,000.00
Total Debt (including this issue)
$ 465,000.00
Water Debt,included in Total Debt
30,999.86
$
Sinking Funds other than Water
Population 39,425.
-OFFERING DEWAPELLO COUNTY (P. 0. Ottumwa), Iowa.
TAILS.
-We are now Informed that the $80,000 issue of not to exceed 5%
semi-ann. poor funding bonds that was offered for sale on Oct. 7-V. 135,
P. 2371-matures 64,000 on May and Nov. 1,from 1939 to 1948 incl., and
not from 1933 to 1942, as previously reported.
-Sealed bide
-BOND OFFERING.
WARREN, Warren County, Pa.
addressed to H. M. Miller, Chairman of the Finance Committee, will be
received until 7:30 p. m.on Oct. 24 for the purchase of $50,000 414% coupon
sewer and general impt. bonds. Dated Sept. 1 1932. Denom. $1,000.
Due Sept. 1 as follows: $4,000 in 1937 and 1938; $6,000 from 1939 to 1941
Incl., and 68,000 from 1942 to 1944 incl. Interest is payable in March
and Sept. Bonds are being offered subject to approval by the Department
of Internal Affairs of Pennsylvania.
.-The
-BOND SALE
WARREN COUNTY (P. 0. Vicksburg), Miss.
Oct. 3
$50,000 issue of bridge and road refunding bonds offered for sale on 8
-was purchased by an undisclosed investor, as 5%s, at
-17. 135, P. 2205
Per.
-The
WASHBURN, McLean County, N. Dak.-BOND DETAILS.
MOM Issue of 5% water works bonds that was purchased by the State
-was sold at par. Coupon bonds in
Department
-V. 135. p. 2206
Land
denom. a $300. Due $300 from 1933 to 1942, optional on 60 days' notice.
Int. payable J. & J.
WASHINGTON COUNTY (P. 0. Springfield), Ky.-BOND DETAILS.
-The $27.000 issue of 5% road bonds that was purchased at par
-V. 135. p. 2371- Is dated May 1 1927. Coupon
by local investors
semi-ann. bonds in denoms. of $500 each. Due In 30 years and optional
In 6 years.
-BOND
WASHINGTON SUBURBAN SANITARY DISTRICT, MD.
SALE-The $200,000 5% series "Z" coupon water bonds offered on
Oct. 5-V. 135, p. 2371- -were awarded to Y. E. Booker & Co., of Washington, at a price of 94.80, a basis of about 6.35%. Dated Oct. 1 1932.
Due In 50 years, optional In 30 years. Bids received at the sale were as
follows:
Rate Bid
Bidder94.80
V. E. Booker & Co. (Purchaser)
Mercantile Trust Co. of Baltimore and the Union Trust Co. of
94.037
Maryland, Jointly
93.355
Chase, Harris Forbes Corp
-BONDS NOT SOLD.
WAYNE COUNTY (P. 0. Detroit), Mich.
The issue of 13.100.000 welfare relief bonds, offered at not to exceed 6%
interest on Oct. 6--V. 135, p. 237I-was not sold, as no bids were received. it is believed that an effort will be made to sell the bonds to
the Reconstruction Finance Corporation. Issue was offered to mature
6620,000 ancually from 1933 to 1937 incl.
WEISER IRRIGATION DISTRICT (P. 0. Weiser), Washington
-BONDS VOTED -At the election held on Sept. 10-V. 135.
County,Ida.
p. 1528
-the voters approved the Issuance of 6111,000 in bonds, divided as
follows: $99.000 refunding, and $12,000 irrigation bonds. These bonds
-V. 135. p. 2371.
are now being offered for sale
-Sealed
-BOND OFFERING.
WELSH, Jefferson Davis Parish, La.
bids will be received until 8 p. m. on Oct. 19. by the City Clerk, for the
purchase of a 620.000 issue of street paving bonds. Interest rate Is not
to exceed 6%. payable semi-annually. Denom. $500. Dated Nov. 1
1932. Due from 1935 to 1957. (These bonds were voted at the election
held on Sept. 20-V. 135. P. 2371.)
WESTFIELD, Union County, N. J.
-The National
-NOTE SALE.
City Co. of New York purchased on Oct. 4 zn issue of 6250.000 temporary
loan notes at 514% interest. Dated Oct. 1 1932 and due In six months.
WEST POTTSGROVE SCHOOL DISTRICT (P. 0. Pottstown),
-ADDITIONAL INFORMATION.-The
Montgomery County, Pa.
Issue of $10,000 4fi % school bonds sold at a price of 101, a basis of about
-Is further de4.68%, to Joshua Lassie. of Pottstown-V. 135. p. 2372
scribed as follows: Dated Sept. 1 1932. Denom. 31.000. Due Sept. 1.
as follows: $3.000 in 1942: 65,000 in 1952, and $8,000 in 1982.
-BONDS REGISTERED.WHITE DEER, Carson County, Tex.
was recently
Tbe $14.865 Issue of 6% refunding bonds that registered by exchanged
the State
-V. 135. p. 2372-was
the original bonds
for
on Sept. 28. Denom. $500, one for $365. Due serially.
Comptroller
SCHOOL DISTRICT NO. 1 (P. 0. Milwaukee),
WHITEFISH BAY
-We are informed by the District Secretary that
.-BOND DETAILS.
0
the1250,00 Issue of high school bonds that was purchased by Hill, Joiner
Wis of chieag0-V. 134, p. 4362
-bears interest at 5% and matures on
it Co.
Sept. 1 1946.
Oct. 8 1932
-BOND SALE.
WILLIAMS COUNTY (P. 0. Bryan), Ohio.
-The
Issue of $21,668.85 road improvement bonds offered on Oct. 3-V. 135,
-was awarded as 5s to the BancOhlo Securities Co. of Columbus
P. 2026
at par plus a premium of $42.50, equal to 100.14, a basis of about 4.95%•
Dated Oct. 15 1932. Due $2,668.85 March and $3,000 Sept. 10 1934
and $2,000 March and Sept. 10 from 1935 to 1938 incl. Bids received at
the sale were as follows:
Int. Rate.
BidderPremium.
Seasongood & Mayer.Cincinnati
514
$27.00
Braun, Bosworth & Co., Toledo
51.4 0
63.00
Provident Savings Bank & Trust Co., Cindnnati
114.84
6 0
Van Lahr Doll Isphording, Cincinnati
5
6.50
N. S. Hill & Co., Cincinnati
5
2.10
*BancOhlo Securities Co., Columbus
42.50
Ryan,Sutherland Co., Toledo
5 %
114.00
Otis & Co., Cleveland
27.08
First National Bank, Bryan
415.80
6 0
*Successful bidder.
WILLOUGHBY, Lake County, Ohio.
-BONDS NOT SOLD.
-The
Issue of $80,000 6% refunding bonds offered on Sept. 26-V.135, p. 2026
was not sold, as no bids were received. Dated Oct. 1 1932. Due on April
and Oct. 1 from 1934 to 1942, incl.
WINONA, Montgomery County, Miss.
-NOTE SALE.
-A $20,000
Issue of 6% tax anticipation notes is stated to have been purchased at
par by the Union & Planters Trust Co. of Memphis. Dated Sept. 15
1932. Due on Feb. 15 1933. Legality approved by Benj. H. Charles of
St. Louis.
WOMELSDORF, Berks County Pa.-BOND SALE.
-The Womelsdorf Bank & Trust Co. pchasedduring September an issue of $10,000
Ban
purchased
414% funding bonds at a price of 101, a bads of about 4.21%. Due Oct. 1
as follows: $1,000 in 1933 and 1934. and $2,000from 1935 to 1938 incl.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
-BOND OFFER,
ING.-Sealed bids will be received until 2 p.m. on Oct. 24 by Norman
H. Nelson, County Treasurer, for the purchase of an issue a $100,000
funding bonds. Interest rate is not to exceed 5%, payable J. & D. Dated
Sept. 11932. Due on Dec. 1 as follows: $15,000. 1936 to 1940, and $25,000
in 1941. Open bids will also be considered. The County will furnish the
approving opinion of Chapman & Cutler. of Chicago, and all bids must be
so conditioned. A certified check for $2,500 payable to the County Treasurer, must accompany the bid.
WYOMING TOWNSHIP (P. 0. Grandville), Kent County, Mich.
BONDS NOT SOLD.
-The issue of $44,000 Troor relief bonds, offered at
not to exceed 6% interest on Oct. 5-V. 135, p. 2372
-was not sold, as
no bids were received. Dated Oct. 1 1932. Due $11,000 on Oct. 1.
from 1934 to 1937, incl.
YOUNGSTOWN, Mahoning County, Ohio.
-LEGAL OPINION.
The issue of $427.000 6% refunding bonds sold at a price of par on Sept. 7
to the Provident Savings Bank & Trust Co.of Cincinnati
-V.135, p.1858Is to be approved as to legality by Squire, Sanders & Dempsey of Cleveland.
Dated Aug. 15 1932 and due on Oct. 1 from 1934 to 1942 incl.
YPSILANTI SCHOOL DISTRICT, Washtenaw County, Mich.
NOTE OFFERING.
-Sealed bids addressed to S. Arnold Wiard Secretary
of the Board of Education, will be received until 4.30 p. m. on Oct. 10
for the purchase of $33.000 5% tax anticipation notes. Dated Oct. 15
1932. Due $5,000 April and Oct. 15 1933. $5,000 April 15 and $18.000
Oct. 15 1934.
CANADA, its Provinces and Municipalities
MANITOBA (Province of).
-PRICE PAID.
-The
% refunding bonds publicly offered in Canada on issue of $4,000,000
Sept. 21 by Wood.
Gundy & Co.. of Toronto and associates, at 96.75, a basis of about 5.75%
-V. 135, p. 2206
-was sold to the bankers at a price of 94.50, a basis of
5.94%, according to report. Dated Oct. 1 1932 and due on Oct.
about
1 1955.
MONTREAL CATHOLIC SCHOOL COMMISSION Que.-BOND
AWARD.
-R. Delcourt. Treasurer of the Commission, Informs us that
award was made on Sept. 30 of $700.000 5% coupon (registerable as to
principal) school bonds to a group composed of Wood, Gundy Sr Co., the
Royal Bank of Canada, Greenshields & Co., Inc.. and the Societe de
Placements du Canada. at a price of 99.679, a basis of about 5.02%. Dated
Nov. 1 1931 and due on Nov. 11981. Denom. $1,000. Principal and Int.
(May and November) are pay able at the chief office of the Banque Canadienne Nationale in the cities of Montreal or Quebec, or at the chief office
of the Bank of Montreal In Toronto, at the option of the holder. The bonds.
according to the official description are authorized by Statute 11, George
V. Chapter 49, and bearing the countersignature of the Treasurer of
the City of Montreal, are guaranteed unconditionally by the city. The
city Is obliged to set aside annually. out of the proceeds of the school taxes
In the municipality, a sufficient sum to pay the Interest and provide for
the redemption of the bonds Issued by the Commission.
The following Is an official list of the bids received at the sale:
BidderRate Bid.
Dyment, Anderson & Co., R. A. Daly & Co., Ltd., Cochran
Murray & CO., Ltd., Matthews & Co.. Ltd., and Griffis, Fairdough & Norsworthy, Ltd., jointly
Wood, Gundy & Co. Ltd., the Royal Bank of Canada. Greenshields & Co., Inc., and Societe de Placements du Canada,
jointly--- --------------------------- 499.679
-Ernest "Bayard -------- MM.Bell. Goulnlock & Co., Ltd., McLeod,
Young, Weir & Co., Ltd.. and Fry, Mills, Spence & Co.. Ltd..
_
%ow
jointly- 65- ------------------------------ _ -es
A. E. Am--- Co.. Hanson Bros., Inc.. the Dominion Securities
Corp., Ltd., Aank of Montreal, and Banque Canadienne Nationale, jointly----------------:sc
do., fid
------- and-Collier,Noiiie 98.63
The National City & Henderson, Ltd., jointly
McTaggart. Hannaford, Birks & Gordon, Ltd., and Harrison & 98 571
'
Co.. Ltd. Jointly'
---------------98.839
L. G. seaui•fen & Ole. Lid..
btirgees
A nglo-Francais, Ltd., jointly
Harris, Forbes & Co., Ltd.. and Roya,Securities Corp., Ltd.. Jointly 9 %7
7
8
Gairdner & Co., Ltd., and Nesbitt, Thomson & Co., Ltd..)°Indy
98.072
* Accepted bid.
The successful bidders are making public re-offering of the bonds at a
price of 101.50 and interest, yielding over 4.90%. Legal opinion of Brown
Montgomery & McMichael of Canada.
--BOND SALE.
-A syndicate composed
NOVA SCOTIA (Province of).
of the Bank of Montreal, Royal Securities Corp. Hanson Bros., McTag'
gart, Hannaford. Birks & Gordon and Harrison & Co.. all of Canada,
purchased an issue of 12.010,000 414% bonds at a price of 99.50, a basis
of about 4.75%. The bankers made public re-offering of the issue at a
price or 100.19, to yield 4.40%. Dated Oct. 15 1932 and due on Oct. 15
1934, Denom. 11.000. Principal and semi-ann. Interest are payable in
Halifax. Montreal or Toronto. Proceeds of the issue will be used to repay
bank loans made for highway construction and unemployment relief purposes.
-The issues of $30.000 waterworks
PRESTON, Ont.-BOND SALE
bonds due in from 1 to 20 Instalments and $27.000 unemployment relief
bonds due in from 1 to 10 instalments, offered on Oct. 3-V. 135, p. 2206
were awarded as 514s to Wood. Gundy & Co. of Toronto at a price of 101.61,
a basis of about 5.24%. The notice of sale indicated a rate of interest of
6% for the bonds.
ST. LAMBERT, Que.-BONDS AUTHORIZED.
-The Quebec Municipal Commission has granted the petition of the city to issue $300,000 bonds
for the purpose of paying off part of its Indebtedness to local banks.
SPRINGHILL, N. S.-ADTIITTONAL INFORMATION.
-The Issue
of $20.000 6% sidewalk construction bonds purchased by the contractor
V. 135. p. 2206-matures in 1952. The bonds were taken at a price
of 90, not par, as previously reported. Net interest cost baste about
6.91%. Coupon bonds in $1.000 denoma. Interest is payable In F. & A.
WELLAND, Ont.-BOND SALE-The 1138.585 514% coupon bonds
Issued for poor relief, sewers, sidewalks and street lighting purposes, offered on Oct. 4-V. 135. p. 2172-were awarded to Griffis, Fairclough &
Norsworthy of Toronto at a price of 101.07. Dated Sept. 11932. The sale
includes $107,865 bonds due In 20 instalments and $28,720 bonds due in
10 instalments. Interest is payable In March and September.
@FedFRASER